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Printing money was the cure. Now it's the disease, and the next crisis arrives with no medicine left.

Peter Schiff explains why the Fed won't hike this week despite inflation that keeps rising: the decision is political, not economic, and rates are still far too low. Brazil just showed what happens when voters choose socialism, with Brazilian stocks down 23% in dollars in one day, roughly a Black Monday, and Peter argues Americans are about to make the same choice in the midterms. He takes apart the record $55.4 billion in farm welfare, the rent-seeking behind it, and why the consumer pays twice: once at the grocery store and again in the subsidy.

Peter also explains why the Republican "tax cuts" are no cut at all when the deficit is financed by inflation and 7.5% mortgages, why California's "one-time" billionaire wealth tax is the camel's nose under the tent, and why the air coming out of the AI bubble matters more than Wall Street admits: when it pops, governments and companies are fighting over the same scarce credit, and there is no bailout money left. Gold at $4,000 is the floor, not the ceiling, and the gold sell-off is happening for the wrong reason.

Chapters:

00:00 Debt Crisis Warning

00:38 Podcast Setup and Fed Week

01:45 Why the Fed Won’t Hike

02:35 Politics Behind Rates

04:40 Fed Still Inflating

05:18 Brazil Election Shock

08:16 Bolsonaro vs Lula Framing

11:02 Democracy and Socialism

13:25 Farm Subsidy Blowup

18:46 Subsidies Raise Food Costs

21:10 Tobacco Subsidy Contradictions

23:38 Free Market Farming Case

24:12 Protectionism and Imports

27:47 Seen vs Unseen Politics

30:10 Republicans Becoming Democrats

32:00 Farm Subsidy Reality Check

32:54 Why Energy Subsidies Backfire

34:59 Tax Cuts vs Spending Truth

38:25 Medicare Politics Flip

40:44 Obamacare Insurance Logic

42:53 How Government Warps Markets

46:34 AI Bubble Loses Air

48:11 California Wealth Tax Playbook

53:44 Debt Crisis and Inflation Spiral

54:56 Gold and Silver Selloff Opportunity

57:45 Conference Mood and Buy the Dip

59:36 Fed Talk and Final Signoff

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Producer prices just annualized to 17%. Banks sit on $2 trillion in mortgage losses. Peter Schiff explains why 2008 and 2021 are both hitting at once.

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Producer prices just annualized to 17%, and banks are sitting on $2 trillion in mortgage losses before a single default.

Peter Schiff says the data looks like late 2020 and early 2021 all over again. September PPI rose 1.3% in one month, core PPI annualizes to 9%, import prices are up 8.1% year over year and export prices 11.6%. These are the leading indicators of consumer prices, and the CPI is already up 4% in the first nine months of 2026. Peter forecasts CPI above 7% in 2027, worse than any year under Biden, while Fed Chair Kevin Warsh has delivered a single 25 basis point hike.

Housing looks like 2007. Pending home sales just hit the lowest level in the index's history, builder confidence is the weakest since 2012, and new homes now sell for less than existing ones. Lenders hold $8.5 trillion in fixed-rate mortgages at an average 4.6% coupon, about $2 trillion underwater, four times the realized losses of the 2008 crisis. Peter explains why the Fed cannot bail out housing with QE while inflation is this hot, why Fannie and Freddie will need another bailout, and why the dollar sits at the center of what comes next.

Chapters:

00:00 Inflation and Housing Collide

02:42 Fed Averaging Target Nonsense

05:45 COVID Stimulus Fueled Inflation

09:36 PPP Fraud and Fed Balance Sheet

14:31 Transitory to Political Fallout

18:08 2026 CPI Surge and Weak Growth

22:42 Polls Turn on Trump Economy

26:17 Energy Shock and PPI Warning

29:30 Fed Behind Inflation

32:05 Import Export Price Shock

34:27 Gold Silver Mispricing

35:00 Housing Crash Parallels

39:07 Builders Slash Prices

42:32 Affordability Math Breaks

43:53 Banks Mortgage Loss Trap

51:05 Defaults And Bailouts Ahead

54:18 Fed Cornered By Inflation

56:54 Protect Wealth And Diversify

58:19 Politics Deficits And Dollar

01:00:22 Closing And Subscribe

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Book Store: https://schiffradio.com/books

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Schiff Gold News: https://www.schiffgold.com/news

Producer prices rose 1.3% in one month, 17% annualized. Gold and silver fell anyway, and that is a gift.

Peter Schiff wraps a week of hotter-than-expected inflation data: September CPI up 0.6%, PPI up 1.3% against 0.5% expected with core up 0.7%, import prices up 1.1%, and export prices up 2.2% in a single month and 11.6% year over year. Traders sold gold, silver and bonds on the idea that the Fed will get tougher, but the numbers show the Fed has already lost. Fed Chair Kevin Warsh is a dove in hawk's clothing, with one 25 basis point hike in five months while the balance sheet and money supply keep growing. Gold ended near $4,145 and silver near $56.85, a buying opportunity for anyone who understands what comes next.

He explains why a mortgage crisis is brewing: $8 trillion of fixed-rate mortgages averaging 4.6% with rates at 7.5% means $2 trillion in unrealized losses before a single default, more than four times the losses of the 2008 crisis. Plus inflation under Trump versus Biden, oil above $101 as the Strategic Petroleum Reserve drains, $1.4 trillion in annual interest on the national debt, and why Peter is dressed as Goldmember.