The Peter Schiff Show Podcast

A new housing law just passed that guarantees prices go higher. Bonds are breaking. And every bank bullish on Bitcoin refuses to buy Stretch.

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The Iran peace deal collapsed and the war is back on, yet US stock markets barely reacted — the AI bubble powering tech kept the S&P and Nasdaq positive while gold and silver sold off, with gold closing at $4,019 and silver falling 3.5% below $60. Bond yields climbed back to cycle highs with the 10-year at 4.56% and the 30-year at 5.06%, and Peter Schiff sees a major breakdown ahead that will hit stocks, housing, and crypto simultaneously.

The 21st Century Road to Housing Bill became law without Trump's signature, and Schiff argues it will make housing worse, not better. Nine decades of government housing policy — every program sold as making homes more affordable — have produced the least affordable housing in American history, because subsidizing demand raises prices and the money ends up in sellers' pockets. Trump has openly said he wants home prices to rise, in the middle of an affordability crisis. Meanwhile SpaceX fell 36% from its highs in under two weeks with every open-market buyer underwater and lockup expirations still ahead. Every Wall Street firm covering Bitcoin is bullish — Citi at $82K, Standard Chartered at $100K, Bernstein at $150K, JP Morgan at $170K — yet not one is buying Stretch at $87.48, where a 13.7% yield proves the market doesn't believe Bitcoin can appreciate 12% a year. They don't believe their own forecasts.

Chapters:
00:00 Markets Defy Bad News
01:38 War Tensions and Metals
05:11 Bond Yields Warning Signs
06:57 AI Bubble and IPO Mania
11:42 Bitcoin Hype and Wall Street
17:07 Dollar Flat Oil Rising
18:09 Housing Bill Political Fight
19:54 Affordability Crisis Explained
24:16 How Subsidies Inflate Prices
32:03 Bubble Collateral Trap
32:58 Jobs Report Media Spin
34:40 Housing Supply Not Subsidies
37:20 Save America Act Debate
41:25 Voting Rights Republic Critique
52:49 Democracy Incentives Corruption
57:12 Two Party No Choice
58:42 Podcast Wrap Up

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Iran deal dead. DOGE dead. Saylor selling at a loss. Medieval serfs kept more of their income than you do. I warned you about all of it.

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The Iran peace deal collapsed and the war is back on, with Trump acknowledging he was "two weeks from a depression" when he agreed to the MOU — a confession Peter Schiff says handed Iran all the leverage. Oil jumped 6% to $75, but the real story is bond yields: the 10-year hit 4.58% and the 30-year 5.07% — nearly at cycle highs despite oil being 25% below its peak, proving the debt, not the war, is driving yields higher.

FOMC minutes revealed that 9 of 13 members now support rate hikes after zero did just 90 days ago — theatrics Schiff says Warsh is orchestrating to appear hawkish without ever delivering. The May goods trade deficit exploded to $106.5 billion despite Trump's tariffs, continuing the pattern from his first term. DOGE was officially shut down with zero spending cuts achieved. Strategy sold 3,588 Bitcoin at a $15,000 per coin loss while Stretch sank to $86, and Trump's new savings accounts give kids $1,000 in borrowed money they'll repay through inflation. Schiff closes by noting that medieval serfs kept 75% of their output — more than the average American keeps today — making modern taxpayers lower in status than feudal peasants.

Chapters:
00:00 Freedom Versus Slavery
00:46 Iran Deal Collapses
05:04 Markets React to War
07:15 Oil Bonds and AI Bubble
16:17 Fed Minutes Rate Hike Theater
21:28 Tariffs Inflation Excuses
26:10 Real Rates and Debt Trap
27:41 Trade Deficit Reality Check
30:03 AI Threat to Services Surplus
32:32 Democracy Deficits and Rights
34:59 Rights And Healthcare
36:28 Housing And Free Markets
40:08 Tax Cuts And Wealth Theft
45:55 Taxes And Modern Slavery
48:25 DOGE Shutdown And Bitcoin Crash

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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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