The Peter Schiff Show Podcast

The household survey says we've lost jobs every month of 2026. The establishment survey says record highs. One of them is lying.

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The April jobs report showed 115,000 jobs created against expectations of 63,000 — but 391,000 of those came from the birth-death model, meaning without statistical assumptions the economy actually lost jobs. The household survey confirms this: employment declined 226,000 in April alone, with net job losses every month of 2026 averaging 343,000 per month. Full-time jobs collapsed by 424,000 in a single month, dragging the total to its lowest since December 2024. Labor force participation fell to 61.8%, the lowest since October 2021.

Markets rallied to record highs on ceasefire optimism, with the Nasdaq up 4.5% and silver surging 9.4% on the week. Peter Schiff argues the AI spending driving GDP is a bubble comparable to dot-com — the technology is real but the stocks are wildly overvalued and most will go to zero. He dismantles Bernie Sanders' criticism of Jeff Bezos for layoffs, pointing out Bezos employs 1.5 million while Sanders has created zero private-sector jobs. On the debt, Schiff debunks the claim that $31.8 trillion in US government assets offset the national debt — most of it is illiquid land, national parks, and defaulting student loans that cannot service a single dollar of interest payments.

Chapters:
00:00 Show Cold Open
00:56 Podcast Intro
01:20 April Jobs Beat
03:19 Job Quality Concerns
04:58 Participation Rate Drop
07:22 Household Survey Reality
07:52 Birth Death Model Critique
12:26 Full Time Collapse
14:57 War Talk Tease
15:29 Sponsor Odoo Ad
17:31 Markets Rally on Peace Hopes
21:48 AI Bubble Warning
25:03 Bezos vs Sanders Debate
30:34 Sponsor Hims Ad
31:16 Telehealth Weight Loss Setup
31:57 Metals Rally Recap
32:30 Copper and AI Demand
33:56 Miners and Physical Buying
36:12 Oil Dollar and War Fallout
37:10 War Narrative and Objectives
40:22 Bond Yields and Default Risk
45:10 Debt Math and Interest Spiral
50:31 Fake Asset Claims Debunked
57:05 Preparing Investors for Crisis
59:34 Final Sign Off

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The dollar erased every war gain, oil's back above $102, yields are at 4.5%, and mining stocks just gave you the buying opportunity of the year.
Gold settled the week at $4,612 with silver at $75.33, both drifting lower as investor attention shifted to record-high stock indexes. Mining stocks took the hardest hit with GDX down 6.25% — a buying opportunity Peter Schiff says is being created by the same complacency that preceded every major gold breakout.
The dollar index fell to 97.7, erasing every penny gained since the Iran war began — a historically weak bounce for a supposed safe haven currency. Oil climbed back above $102 while 30-year Treasury yields touched 4.5%, recreating the exact conditions that forced Trump to reverse Liberation Day tariffs. Schiff revisits Powell's claim of 40 years of controlled inflation, breaking it down decade by decade to show average CPI of 5.5% in the '80s, 3% in the '90s, and 2.6% in the 2000s — with only the post-crisis 2010s near the 2% target. He also highlights the Bitcoin conference where last year's darling Nakamoto is down 99% between conferences, while this year's pitch of "digital credit" is even worse than subprime.

Chapters:
00:00 Welcome and Subscribe
00:25 Gold Silver Weekly Recap
01:08 Mining Stocks and Fund Plug
02:00 Why Gold Bullish Now
03:14 Stocks High Oil Yields Rising
06:27 Fed Presser and Powell Exit
10:05 Money Supply Inflation Reality
17:32 Debt Deficits and Fed Failure
19:54 Tariffs Cars and Stagflation
22:48 Bitcoin Strategy Ponzi Talk
24:30 Dollar Weak Bonds to Gold
27:19 Gold Targets and Crypto Risks
29:15 Schiff Gold App Call to Buy
30:58 Wrap Up and Where to Follow

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Trump wants to buy Spirit Airlines at bankruptcy with taxpayer money to "save jobs." That's not capitalism — that's Bernie Sanders with a red tie.

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Jerome Powell's final press conference as Fed Chair featured a claim that inflation was "under control" for 40 years before the pandemic — a statement Peter Schiff demolishes decade by decade, showing average CPI of 5.5% in the 1980s, 3% in the 1990s, and 2.6% in the 2000s, with only the post-crisis 2010s anywhere near the 2% target.

The Fed held rates at 3.5% while oil surged past $108 WTI and $120 Brent, bond yields pushed back toward post-Liberation Day highs with the 30-year hitting 5%, and four FOMC members dissented on the dovish bias. Powell announced he'll stay on the board to protect "Fed independence," but Schiff argues he'll be irrelevant. The episode also covers Trump's plan to buy Spirit Airlines at bankruptcy — proof he doesn't understand capitalism — Michael Saylor's Bitcoin conference keynote pushing Stretch preferred stock as a thinly veiled Ponzi, and explosive IRS FOIA documents proving the agency collaborated with Puerto Rico's SIF to shut down Euro Pacific Bank as a PR stunt, with every email focused on publicity strategy rather than any actual wrongdoing.

Chapters:
00:00 Cold Open Montage
00:58 Fed Holds Rates
02:47 Powell Stays On
05:07 Fed Independence Debate
06:17 Inflation Mandate Critique
09:38 Reporters And Data
11:04 Decades Of CPI Reality
15:01 Ad Break Pebble
16:43 Powell On His Record
20:04 Inflation Fire Economy Weak
21:59 Oil Yields And Markets
27:18 Gold Silver And EPAM Pitch
29:15 Ad Break NetSuite
31:05 Trump Spirit Bailout
34:10 Bitcoin Conference Reality Check
37:21 Saylor Stretch Digital Credit
39:44 Ponzi Claims And Warning
42:57 Yield Over Bitcoin
43:26 IRS FOIA Fight
45:58 Explosive Email Evidence
47:02 Debanking Timeline
49:55 SIF Findings Breakdown
57:42 PR Motive Revealed
01:06:47 Press Conference Coordination
01:16:43 Why This Matters
01:20:08 Puerto Rico Potential
01:25:12 Final Call To Action

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Newmont is earning $11/share at 10x PE with 132% growth — half the S&P's multiple. Wall Street is asleep at the wheel.

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Newmont Mining just posted 132% earnings growth with five-to-one margins and a stock trading at 10x earnings — half the S&P multiple — and Wall Street barely noticed. Peter Schiff breaks down why gold miners are the most undervalued sector in the market and why he's been accumulating positions in companies like Newmont, Franco-Nevada, and Wheaton for over 20 years without selling a share.

The episode also covers Trump's Iran war pivoting from threatened annihilation to an economic blockade that's keeping oil above $94, the DOJ dropping its criminal investigation into Jerome Powell's Fed building remodel as an olive branch to clear the way for Kevin Warsh, Schiff's own six-year experience with leaked government investigations that were never officially closed, Michael Saylor's Strategy preferred stock as a self-described Ponzi scheme the SEC refuses to touch, and a new cottage industry of mass tort lawyers helping businesses claim tariff refunds — proof that Americans, not foreigners, paid every cent of those tariffs.

Chapters:
00:00 Cold Open Montage
00:57 Show Intro Puerto Rico
01:28 War Drags On Markets Shrug
04:27 Blockade Strait Oil Spike
08:18 Election Pressure Inflation Risks
13:22 Commercial AI Mastermind Ad
15:54 Post Office Hikes Inflation
16:41 Powell Probe Fed Incentives
22:31 Schiff Investigation Story
30:00 Commercial ExpressVPN Pitch
31:37 Gold Friday Market Wrap
34:35 Newmont Earnings Surge
36:52 Gold Miner Margins Explained
38:20 Buybacks and M&A Signals
39:27 West Red Lake Pullback
40:19 Buying Bad News Strategy
42:38 Position Sizing and Risk
45:04 Gold Fund and Active Picks
46:40 Bitcoin Yield Ponzi Rant
53:18 Tariff Refund Fallout
56:50 Debt Deficits and War
01:02:01 Wrap Up and Subscribe

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Warsh won't say Trump lost in 2020, won't name one policy he disagrees with, and can't explain what 1% rates would do. This is our next Fed Chair.

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Donald Trump's Fed Chair nominee Kevin Warsh spent two hours dodging every meaningful question in his Senate confirmation hearing, and Peter Schiff watched the whole thing so you didn't have to. Warsh refused to say whether Trump lost the 2020 election, wouldn't name a single Trump policy he disagreed with, and couldn't answer the obvious question of what 1% interest rates would do to consumer prices — even though he'd already admitted inflation comes from government spending and money printing.

Before breaking down the hearing, Schiff delivers a history of the Federal Reserve that most economics PhDs have never learned: why the Fed was created as a private bank to issue superior banknotes backed by 40% gold, how the original act prohibited the Fed from owning treasuries, and how World War I opened the door to everything wrong with monetary policy today. He also takes aim at MicroStrategy's Strategy preferred stock as a textbook Ponzi scheme — Saylor can only pay the 11.5% yield by selling new shares, and the fine print lets him stop paying whenever he wants.

Chapters:
00:00 Cold Open and Intro
00:57 Warsh Nomination Stakes
02:34 InvestingPro Sponsor Demo
07:32 Why Fed History Matters
08:08 Before the Fed Era
11:12 Fed Independence and Constitution
14:00 Superior Banknotes Explained
17:40 Outskill Sponsor Break
21:47 Elastic Money Supply Myth
25:49 War Finance and Treasuries
32:16 Hearing Reactions Begin
33:05 Trump Spending And Inflation
34:02 Warren Attacks And Rate Cuts
35:17 Warsh Denies Being Puppet
36:34 Fed Praise And Wealth
38:16 Price Stability Redefined
41:15 Dodging Trump Questions
43:45 One Percent Rates And QE
46:06 Inflation Tax And Deficits
47:00 Fed Chair And The Dollar
49:54 No CBDC Crypto Pandering
50:46 MicroStrategy Ponzi Rant
54:20 Lawyer Evasions And Politics
57:34 Warsh Verdict And Gold Pitch
01:02:11 Final Wrap And Signoff

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