The Peter Schiff Show Podcast

Saylor authorized $1.25B in Bitcoin sales. 514K full-time jobs vanished. Trump made $2.2B selling access. 250 years later, we need another revolution.

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The June jobs report came in at 57,000 — half of the lowest estimate — with May revised down from 172,000 to 129,000. Full-time employment collapsed by 514,000 in a single month, bringing total full-time job losses since Trump took office to 2.24 million. The labor force participation rate dropped to 61.5% as 700,000 workers simply gave up, and manufacturing has lost 73,000 jobs despite Trump's tariff promises.

Michael Saylor officially surrendered the "never sell Bitcoin" thesis, establishing a "Bitcoin monetization fund" authorizing up to $1.25 billion in Bitcoin sales to maintain dollar reserves, buy back common stock, and repurchase Stretch preferreds trading at $87.80. He raised the Stretch dividend to 12% with mandatory increases ahead. Peter Schiff argues this transforms Strategy from the market's biggest buyer into its biggest seller, removing the bid that underpinned Bitcoin's price. Trump's financial disclosure revealed $2.2 billion in income — $1.4 billion from meme coins and tokens alone — while Mar-a-Lago membership hit $1 million and the Executive Club charges $500,000 for a restaurant seat next to cabinet members. Peter closes with a 250th Independence Day reflection, arguing Americans today face more tyranny than the colonists ever did under King George, and that the revolution we need now must happen at the ballot box.

Chapters:
00:00 Holiday Intro and July 4th Tease
00:37 Jobs Report Shock and Revisions
03:43 Full-Time Jobs Slide and Tariff Reality
07:29 Fed Rate Hike Theater and Gold Bounce
16:28 Bitcoin Strategy Turns Seller
29:57 Meme Coins as Bribes
31:09 Paying for Trump Access
34:26 Debt Gimmicks and Deficits
35:38 Independence Day and Founding Ideals
45:45 Modern Tyranny and Peaceful Revolution

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Stretch hit $71 intraday. Strategy down 85% from peak. The first lawsuit just landed. And CNBC has gone completely silent.

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The Strategy death spiral accelerated dramatically this week. Stretch preferred stock plunged 18% to close at $79 after hitting an intraday low of $71 — a 29% loss from par that wiped out more than two years of dividend income in weeks. Strategy common stock crashed 30% in a single week and is now down 85% from its peak, trading at a massive discount to its Bitcoin NAV. The first class action lawsuit was filed against Strategy, and Schiff expects tens of billions in total legal liability from both Stretch and common equity holders.

Saylor continued selling common stock to buy Bitcoin despite each purchase destroying shareholder value — diluting Bitcoin per share at the current discount. Schiff argues this is done solely to maintain the illusion that Strategy is still a buyer, propping up Bitcoin's price at shareholders' expense. Bitcoin fell 8.3% to below $60,000 but is only the beginning — with Strategy sidelined as a buyer and ETF holders sitting on losses, there is no marginal buyer left. Gold traded below $4,000 and silver dropped to $56 intraday before recovering, but Schiff sees this as the likely bottom of the correction and the buying opportunity of the cycle. Alan Greenspan died at 100, and Schiff eulogized him as the architect of modern monetary inflation who proved that even a gold bug will choose inflation when given the power of the printing press.

Chapters:
00:00 Death Spiral Warning
01:50 Stretch Ponzi Explained
09:36 Why It Must Collapse
18:41 This Week’s Crash Data
28:57 Lawsuits and Market Fallout
33:14 Gold and Silver Bottoming
34:43 Fed Hype and Inflation Reality
39:11 Greenspan Legacy and Gold Signal
43:21 Dump Crypto Buy Metals
52:43 Ford Wage Myth and Wrap Up

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Iran's regime survived, got $300B, and we reopened what we closed. Adam Schiff wants to steal Musk's trillion. Japan is about to blow.

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The Iran MOU is being celebrated as a great victory, but Peter Schiff argues it achieved nothing more than returning to pre-war conditions: no fighting and the Strait of Hormuz open — both of which were true before the war started. Iran's regime survived, got immediate sanctions relief, access to a $300 billion investment fund, and frozen assets returned. The only concession is a promise not to develop nuclear weapons — the same promise they were making before the war that Trump said wasn't good enough.

Schiff dismantles Adam Schiff's viral video calling for confiscation of Elon Musk's trillion-dollar wealth, showing that dumping that much stock would crash the price to a fraction of its value, destroy two companies, eliminate the incentive for future entrepreneurs, and give each household a one-time $7,500 check they'd spend in a week — the communist promise that has failed every time it's been tried. California's billionaire wealth tax made the ballot, threatening a 5% annual levy that would trigger a mass exodus. Meanwhile, Japan's debt crisis is accelerating with the yen breaking down past 160, 10-year JGBs at 2.65%, and a debt-to-GDP ratio of 250% — at 4% interest rates, two-thirds of Japanese tax revenue would go to interest alone. Schiff calls it a preview of America's future.

Chapters:
00:00 Crisis Without a Plan
00:48 Father’s Day Intro
02:21 Iran MOU Reality Check
09:40 Who Really Wins the Deal
17:10 Wealth Inequality and Billionaire Taxes
31:16 Why Capital Matters
32:29 Panama Wealth Conference
33:47 Schiff vs Billionaires
35:00 Confiscation Fallout
42:43 Japan Yen Crisis
50:58 Gold Fed Reality Check
54:23 Accountability and Wrap Up

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Warsh set up 5 task forces to study inflation. You only study a problem when you don't want to solve it. Same game, new players.

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Kevin Warsh's first FOMC meeting delivered a hawkish surprise — rates held at 3.5-3.75% unanimously, forward guidance was eliminated, and dot plots now project two rate hikes by year-end. But Peter Schiff argues it's all theater. Instead of actually fighting inflation, Warsh announced five new task forces to "study" the Fed's balance sheet, communications, data sources, jobs, and inflation itself — the classic government move of establishing committees to avoid solving problems.

Warsh acknowledged inflation is a choice, and Schiff agrees — the Fed has chosen inflation over the alternative of crashing markets and forcing fiscal responsibility since the Greenspan era. The question is whether Warsh will break that tradition when push comes to shove. Schiff says no: Trump won't tolerate a bear market, the Treasury Secretary is having weekly breakfasts with the Fed Chair, and the political pressure to print will overwhelm any hawkish posturing. Meanwhile, Strategy's death spiral accelerated with Stretch falling to $89 — wiping out the entire annual yield in one month — while Saylor continues diluting common shareholders to fund dividends he can't sustain. SpaceX soared past $3 trillion on a 4% float, sucking speculative capital away from crypto and accelerating Bitcoin's decline to $64,000.

Chapters:
00:00 Warsh Shocks Markets
00:45 Rates Hold Steady
01:26 Trump Versus Powell
03:42 Shortest Fed Statement
06:01 Ample Reserves Contradiction
07:13 Five Task Forces Announced
32:18 Term Insurance Not Investing
33:40 Fed Task Forces Skepticism
39:56 Inflation Tax And Politics
44:37 SpaceX IPO Mania
47:23 Bitcoin Strategy Death Spiral
55:37 Gold Silver Buy The Dip
56:29 Same Fed Same Game Wrap Up
58:29 Closing And Follow Me

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Musk is worth $1 trillion with zero income. We're spending $1.6 trillion on interest. CPI is on pace for 6.2%. This is the peak of the bubble.

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SpaceX debuted as the biggest IPO in history, raising $75 billion at a $1.8 trillion valuation before closing above $2 trillion — making Elon Musk the first person worth $1 trillion. Peter Schiff puts this in perspective: JD Rockefeller, the previous richest American ever adjusted for inflation, earned the equivalent of $2 billion per year in actual income from Standard Oil. Musk has essentially zero income — SpaceX loses money and trades at 100x revenue — making his trillion-dollar net worth entirely a function of bubble valuations driven by decades of monetary excess.
Meanwhile, the May federal deficit exploded 32% year-over-year to $293 billion, with interest expense surging 44% to $133 billion in a single month — $1.6 trillion annualized, consuming 30% of all tax revenue. That's the entire federal budget from 1997 spent on interest alone. CPI rose 0.5% in May, putting 2026 on pace for 6.2% annual inflation — the highest since 2022 and potentially headed for 1981 levels. PPI came in at 1.1% for the second straight month, annualizing to 14%. Gold successfully retested its March low at $4,040 before recovering to $4,218, with mining stocks posting a positive divergence despite metal weakness. The Strategy death spiral deepened as Saylor diluted common shareholders to buy Bitcoin, destroying the "Bitcoin yield" narrative he built the company on.

Chapters:
00:00 Cold Open and Intro
01:23 SpaceX IPO Mania
03:18 Musk vs Rockefeller Wealth
06:31 Bubble Valuations Explained
09:59 Markets Week and Metals Drop
11:47 Gold Retest and War Narrative
17:20 Deficits and Interest Time Bomb
26:30 Inflation Data and Fed Boxed In
37:43 Other Markets Crypto and Wrap Up

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