A Complete Meltdown Is Coming

Peter Schiff - 2026-06-13

Musk is worth $1 trillion with zero income. We're spending $1.6 trillion on interest. CPI is on pace for 6.2%. This is the peak of the bubble. - This episode is sponsored by Greenlight Metals. Research investing in Greenlight Metals copper and gold mine: resourcestockdigest.com/report/copper-gold-in-the-american-heartland/ - This episode is also sponsored by NetSuite. Download NetSuite's free business guide, Demystifying AI, at netsuite.com/gold SpaceX debuted as the biggest IPO in history, raising $75 billion at a $1.8 trillion valuation before closing above $2 trillion -- making Elon Musk the first person worth $1 trillion. Peter Schiff puts this in perspective: JD Rockefeller, the previous richest American ever adjusted for inflation, earned the equivalent of $2 billion per year in actual income from Standard Oil. Musk has essentially zero income -- SpaceX loses money and trades at 100x revenue -- making his trillion-dollar net worth entirely a function of bubble valuations driven by decades of monetary excess. Meanwhile, the May federal deficit exploded 32% year-over-year to $293 billion, with interest expense surging 44% to $133 billion in a single month -- $1.6 trillion annualized, consuming 30% of all tax revenue. That's the entire federal budget from 1997 spent on interest alone. CPI rose 0.5% in May, putting 2026 on pace for 6.2% annual inflation -- the highest since 2022 and potentially headed for 1981 levels. PPI came in at 1.1% for the second straight month, annualizing to 14%. Gold successfully retested its March low at $4,040 before recovering to $4,218, with mining stocks posting a positive divergence despite metal weakness. The Strategy death spiral deepened as Saylor diluted common shareholders to buy Bitcoin, destroying the 'Bitcoin yield' narrative he built the company on. Chapters: 00:00 Cold Open and Intro 01:23 SpaceX IPO Mania 03:18 Musk vs Rockefeller Wealth 06:31 Bubble Valuations Explained 09:59 Markets Week and Metals Drop 11:47 Gold Retest and War Narrative 17:20 Deficits and Interest Time Bomb 26:30 Inflation Data and Fed Boxed In 37:43 Other Markets Crypto and Wrap Up Follow @peterschiff X: twitter.com/peterschiff Instagram: instagram.com/peterschiff TikTok: tiktok.com/@peterschiffofficial Facebook: facebook.com/peterschiff Free Reports & Market Updates: europac.com Book Store: schiffradio.com/books Sign up for Peter's most valuable insights at schiffsovereign.com Schiff Gold News: schiffgold.com/news #PeterSchiffShow #SpaceXIPO #Inflation