The Wolf Of All Streets · Oct 11, 2026 · 54m · 37m saved
With Peter Schiff, Chief Economist and Global Strategist at Euro Pacific Asset Management
Bitcoin rose from about 60,000 to 85,000 after the Treasury said it would step into the bond market, and Peter Schiff said he was surprised it has kept the gain.
Gold rallied on the same news and then gave back nearly all of it. Peter, a longtime bitcoin skeptic who also runs a gold and silver dealer, said he still expects bitcoin to fall.
"I do expect it to go down. I do expect it to make new lows." — Peter Schiff
Peter Schiff, Chief Economist and Global Strategist at Euro Pacific Asset Management, on The Wolf Of All Streets, chairs the firm's investment committee and said on the show that he runs five mutual funds. His firm's biography says he was one of the few economists to warn of the 2008 financial crisis.
The full interview is covered here so you can skip it. 54 minutes of audio, 17 minutes of reading.
Here are the 14 calls that matter.
Key Takeaways
US bonds are in a bear market that began in 2020, ending a 40-year bull market
Cash-out refinancing, a big source of consumer spending, is gone now that mortgage rates are rising
High debt combined with high interest rates is a combination the US economy cannot survive, in his view
The only way out he sees is an AI boom large enough to dwarf the debt
The AI build-out needs tens of trillions of dollars the US has already spent
US housing can only recover through a crash in existing home prices, which would mean another Fannie and Freddie bailout
Bitcoin kept its gains from the Treasury's bond-market announcement while gold lost them, and he still expects new lows
The midterms could turn Congress against bitcoin, because Republicans made it a partisan asset
His advice to families: stock up on goods, buy gold and silver, and move money out of US bonds
1. Government Data Is Spin
Scott Melker, who hosts The Wolf Of All Streets and trades crypto, opened by saying the numbers the Fed needs seem to appear whenever it needs them. Inflation printed soft right after the Fed hiked, he said, the PCE price index had been recalculated, and jobs data came in well below expectations, with the previous three months revised down. He asked how anyone can trust the data the Fed uses.
The first jobs number is almost always revised lower
Peter said nobody should trust government figures. If the revisions were random errors, half would go up and half down.
"But I'd say at least 80% of the revisions, if not more, are down." — Peter Schiff
The consumer price index no longer measures what it once did
"The CPI has been changed so much over the years, over the decades that it no longer has any relationship to the CPI of the past, and it probably has very little relationship to actual consumer prices." — Peter Schiff
The unemployment rate has been redefined the same way, he said, so people counted as unemployed decades ago no longer are. Measured the old way, today's jobless rate would be nowhere near a 50-year low. He said Donald Trump called the numbers fake during the 2016 campaign, then cited the same numbers as proof his policies worked once he was in office. Peter said he does not trust the Fed either, and that investors should look to non-government measures.
