Tariffs failed, imports hit a record, and France is rioting. Peter Schiff explains why America's sovereign debt crisis is next.
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Imports hit a record in August, the tariffs failed, and France just showed America where runaway debt ends.
Peter Schiff opens with the August trade deficit: $105.6 billion against a $99 billion forecast, with total imports at a record high despite Trump's tariffs. The tariffs did not reduce buying; they only made imports more expensive. Prices paid in the ISM services survey rose to 74, the highest since July 2022. Peter argues Republicans squandered two years of control and that Trump could have forced a balanced budget by vetoing debt ceiling increases, but pushed to abolish the ceiling instead.
France is the preview. Its 10-year yield of 4.75% now sits below America's 5.28%, its government spends 57% of GDP, and even timid proposals to slow spending growth are meeting protests in the streets. Peter explains why the eurozone failed exactly as he warned in the 1990s, then makes the case that keeping America out of World War I would have prevented World War II. With gold below $4,200 and silver near $60, he argues precious metals are the last safe haven as sovereign debt crises spread.
Chapters:
00:00 Global Debt Unrest
00:42 Stocks Hit Records
02:37 Trade Deficit Shock
07:40 Tariffs Backfire
10:48 Inflation Signals Rising
12:51 GOP Spending Failure
16:28 Veto Power Missed
18:25 MAGA Loyalty Machine
25:09 France Bond Spread Alarm
30:47 France Cuts Spark Protests
32:55 Welfare State Backlash
33:41 Pension Changes Explained
34:40 Healthcare and Sick Pay Tweaks
36:27 Freezes and Token Cuts
38:24 Debt Crisis and ECB Limits
39:18 Eurozone Moral Hazard
43:23 ECB Bailouts and Inflation
44:26 France as US Warning
45:11 Brazil Election Market Reaction
47:38 Tucker Interview on War
49:31 Why WWI Led to WWII
55:13 Unintended War Consequences
01:00:09 Wrap Up and Gold Pitch
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