Peter Schiff

50 months ago, when Puerto Rican banking regulators put my totally solvent bank into receivership, every customer could have withdrawn 100% of their deposits. But due to rampant corruption, only a tiny fraction have been repaid. Never open an offshore bank account in Puerto Rico.

It's been 50 months since my totally solvent bank was illegally seized by corrupt Puerto Rican regulators working in conspiracy with corrupt IRS agents. Customers still waiting for their money, were sacrificed as a PR stunt to turn a failed J5 Investigation into a fake success.

The Bond Buybacks Just Doubled... And Now There's a Military Option https://t.co/GD1Xj2FDqJ

My latest podcast explains the dynamics of the boom and bust the Fed created in the boat market and how used boat prices are sinking as rising interest rates, diesel, insurance, slip & spare parts prices left borrowers underwater, causing loan defaults and industry bankruptcies.

The Bond Buybacks Just Doubled... And Now There's a Military Option New Episode. https://t.co/S6hf208Krp

Markets are reacting to Warsh's hawkish Jackson Hole speech. But how does that speech change anything? Warsh has been talking tough about fighting inflation since before his confirmation, yet has repeatedly failed to hike rates, and continues to expand M2 and the balance sheet.

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Gold traders are once again being fooled by the Kevin Warsh show. His "hawkish" talk has raised expectations of a Sept. rate hike the Fed likely has no intention of delivering. Also, Trump's failure to criticize Warsh is a scripted part of the same show to feign Fed independence.

Warsh claimed that he holds an unorthodox view that money matters to monetary policy. Not only does it matter, but when it comes to inflation it’s all that matters, as it’s the money supply that gets inflated to fund government deficit spending. That’s what causes prices to rise.

Warsh admitted 65 months of high inflation are the Fed’s fault, yet failed to acknowledge the Govt.'s shared responsibility. Despite tough talk on inflation, his failure to mention the soaring national debt or Treasury's Operation Twist shows he won't do anything to rein it in.

The Chicago PMI unexpectedly collapsed to 47.1 in August from 57.6 in July. Analysts had expected a rise to 59. This is the lowest reading since December 2025, but more significantly the biggest downside surprise since February 2015. The economy is far weaker than most believe.

That wasn't a Bitcoin whale we encountered off the coast of Massachusetts. https://t.co/n7nVdceWxr As it turned out this was the first of several whales we ended up encountering on our journey.

Instead of changing the name of Lake Ontario to Lake America, the president should focus on actually doing something constructive to deliver on his campaign promise to make America great again. The problem isn't branding, but too much government spending. Do something about that!

Not sure what's behind today's sharp $MSTR rally, though I suspect short-covering has a lot to do with it. Nonetheless, I stand by my "death spiral" thesis, even if Strategy's life expectancy has been extended a bit by the temporary Bitcoin rally.

The U.S. goods trade deficit swelled 18% in July to $118.8 billion, the largest since tariff front-running in March 2025, as imports jumped 3.7% and exports fell 2.9%. Excluding tariff-distorted months, it's the biggest since COVID reopening demand boosted imports in March 2022.

Rising bond yields are the market's way of telling the U.S. government it has a debt problem that needs to be solved before a crisis hits. Just as pain lets you know there is a medical problem that needs attention, if you simply numb the pain so you don't have to feel it, the underlying condition gets worse. If it gets bad enough, it can be fatal. Numbing the pain is precisely what the Trump administration is trying to do now with Operation Twist. As a result, the eventual sovereign debt crisis may be fatal for the dollar and the U.S. economy.

In Warsh’s first two months as Fed chair, M2 has grown about 0.9%, an annualized pace of nearly 6%. Properly defined, inflation is the expansion of the money supply; higher prices are the consequence. A 6% monetary inflation rate is hardly consistent with the Fed's 2% CPI target.

Because Trump decided to hit Americans with 50% tariffs on certain goods they buy from Canada, Carney retaliated by hitting Canadians with tariffs of 50, 25, and 15 percent on roughly 700 U.S. products. This may be good politics for Carney, but it's bad economics for Canada.

$NEM, the world's largest gold mining company, hit a new record high today, despite the gold price needing to rise another 20% to match its record high. This shows investors are finally pricing in sustained higher gold prices and a lasting increase in miners' future earnings.

Bessent said the reason Trump is only threatening secondary economic sanctions and not actually imposing them now is that he does not want to "blow up the global financial system." Since the U.S. is the primary beneficiary of that system, no one will take this threat seriously.

The Trump administration's further weaponization of the U.S. dollar to advance its Iran policy will only hasten the speed with which the world de-dollarizes. This transition couldn't happen at a worse time, as the last thing we need now is more Treasuries to buy back or monetize.

Because Trump failed to achieve his objective in Iran using military force, he has pivoted to using economic sanctions instead. However, Operation Economic Outcast will not only fail, but the economic noose that actually tightens may end up being the one wrapped around our neck.

Trump stated he may use military intervention if Treasury's attempt to use bond buybacks fails to lower long-term yields. Does this mean the U.S. will threaten to bomb other countries unless their governments buy long-term Treasuries? I doubt extortion will prove to be viable.

Even with the huge Bitcoin rally and STRC buybacks, STRC is barely trading above $95. That means without raising the dividend again Saylor can't issue any more to fund future Bitcoin buys. In fact, he'll likely keep destroying Bitcoin per common share to buy back more preferreds.

Trump is hitting Americans hard with 50% tariffs on Canadian autos, trucks, auto parts and steel. Americans purchase a lot of those goods from Canada, and those goods will now be vastly more expensive for Americans to buy, worsening the government-created cost of living crisis.

Bessent’s plan to use the TGA to fund Treasury buybacks makes possible exactly what I warned would happen. This reckless plan will substantially shorten the average maturity of the national debt, increasing our exposure to rising short-term rates and making it even harder for the Fed to hike rates without exploding federal interest expense and budget deficits. It’s a recipe for massive QE and runaway inflation. Got gold?

Bitcoin pumpers are trying to hitch Bitcoin to the AI wagon, hoping investors will see it as part of the AI trade. They have it backwards. AI isn’t bullish for Bitcoin; it’s a threat to it. AI competes with Bitcoin for speculative capital, electricity, and data-center infrastructure. Plus, as AI becomes more powerful, it could discover vulnerabilities in Bitcoin’s code, cryptography, wallets, or network that humans have missed. Bitcoin’s security and protocol-enforced scarcity ultimately depend on software remaining secure.

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Set a reminder for my upcoming Space! https://t.co/glqn26jk6e having trouble starting the spaces

If you think gold prices and Treasury yields are rising fast now, wait until the dollar starts to drop sharply against its major fiat currency counterparts. Dollar weakness is the missing piece that will complete the puzzle necessary for a full-blown U.S. sovereign debt crisis.