$112 Oil, Crashing Wages, and the War Nobody Can Afford

Peter Schiff delivers a stark warning in this episode of The Peter Schiff Show, framing the current economic and geopolitical crisis as a perfect storm of stagflation, escalating war, and systemic financial fragility. He begins by dissecting the March jobs report, highlighting its misleading nature due to a massive downward revision of February's data and a labor force participation rate at a five-year low. Despite a headline beat, Schiff argues the economy is weak, with wage growth stagnant and 43% of new jobs in healthcare—a sign of societal decline rather than prosperity. The real catalyst for economic deterioration, he asserts, is the ongoing war, which has driven oil prices to $112 a barrel, fueling inflation and depressing all other asset classes. Schiff explains that markets are now pricing in a prolonged war, with gold and silver surging as a result. He criticizes Donald Trump's recent speech for inflaming tensions by vowing to bomb Iran 'back to the Stone Age' and abandoning allies in the Middle East, calling it a strategic blunder that undermines U.S. global credibility and accelerates de-dollarization. Schiff also highlights a growing financial crisis: multiple funds have halted redemptions, creating a self-fulfilling panic and distorting market pricing. He contrasts this with Warren Buffett’s flawed view of the Fed’s pandemic response, arguing that the Fed’s easy money policies caused the very crisis it claimed to prevent. Ultimately, Schiff urges listeners to prepare for a collapse of the U.S. dollar and financial system by diversifying into gold and silver, warning that the next Democratic administration will further damage capitalism’s reputation and that real money—gold—will be essential for survival.