Show Notes
Peter Schiff breaks down July's negative jobs report, Japan's yen crisis, and the Fed's stealth QE bailout as gold and silver surge.
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Recording from his boat in Rhode Island, Peter Schiff covers a week that vindicated his forecasts. The July jobs report showed a loss of 23,000 jobs, with prior months revised down another 105,000 and labor force participation falling to 61.4%, a level unseen outside COVID lockdowns in 50 years. Full-time jobs have declined in six of the last seven months while wages lag inflation, confirming the stagflation Peter has long warned about. The bigger story is Japan: with the yen at a 40-year low and JGB yields at record highs, the US executed its first yen intervention since 1998, roughly ten times larger, using euros instead of dollars and blindsiding the ECB. The Fed also took Japan's Treasuries via repo and printed the dollars, a stealth form of quantitative easing that contradicts its inflation-fighting rhetoric. Markets got the message: gold jumped 7.8% to 4,341, silver surged 12.3% to 63.46 after holding above the old $50 ceiling, and GDX rocketed 22% in one week, all far outpacing Bitcoin's 3.7% gain. Peter argues the intervention is just the beginning, the Fed will not hike before the midterms, and a currency and sovereign debt crisis is approaching. He urges listeners to prepare with gold, silver, miners, and foreign stocks, and to understand the coming crisis is caused by government, not capitalism.
Chapters: 00:00 Fed Japan Bond Backstop 01:11 Back At Sea Intro 01:59 Week Ahead Jobs Japan 03:23 Stocks Metals Surge 06:23 Bitcoin Strategy Warning 09:15 Bonds Dollar Fed Odds 14:00 July Jobs Shock 15:33 Revisions Participation Drop 19:51 Wages Inflation Stagflation 24:09 Trump Ballroom Rant 26:49 Japan Crisis Tease 29:24 Japan Yen Breakdown 31:30 Debt Trap And Rates 32:23 Treasury Selling Threat 34:35 Fed And BOJ Coordination 36:08 Swap Line QE Explained 41:15 Euro Intervention Twist 44:29 Inflation Signals And Metals 47:51 Storm Warning Ahead 49:18 Blame Government Not Markets 52:07 Prepare And Spread The Word
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