Bond Yields Just Hit a 2007 High... Every Buyer Became a Seller

Peter Schiff on the fake jobs beat, Trump's trade ultimatum, yields at 2007 highs, a 162% tariff bill, and why the Fed is the last buyer.

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The government says 162,000 jobs is a boom. Peter Schiff says it's a miss, and the bond market agrees.

The August jobs report came in at 162,000 against a 55,000 consensus, and Peter Schiff walks through why the number is worse than it looks. The birth-death model supplied 74,000 of those jobs, 45% of the total, on the assumption that new businesses were hiring. More than a third of the rest were waiters and bartenders. JOLTS and ADP both pointed the other way, last month was revised down, and real wages are falling. Kevin Hassett called it a boom; by most measures the economy is weaker than the day Trump took over.

Then Trump raised the stakes. He declared that America deserves the lowest interest rates in the world, then threatened to terminate all trade with any surplus country if the Fed doesn't cut. Peter's answer: the United States has never been a worse credit risk than it is right now. The 10-year hit 4.81% and the 30-year 5.28%, the highest since 2007. Japan has sold its Treasury holdings down from $1.3 trillion to $1.1 trillion, everyone who was buying is now selling, and the Fed will end up the buyer of last resort, which means inflation.

Peter also covers the week's real data: the July trade deficit at $88.6 billion, the biggest since March 2025; the $283 part that cost him 162% of the tariff once FedEx added its fee; diesel at a record above $5.80; Lutnick on semiconductors and Bastiat's candlemakers; Waller's rate comments sending gold back above $4,400; and an update on TGold's coming gold debit and credit cards.

Chapters:

00:00 No Buyers Left

00:29 Back In Puerto Rico

00:47 Jobs Report Miss

05:36 Real Wages Falling

06:09 Waiters And Bartenders

08:00 JOLTS ADP Contradiction

09:10 Birth Death Model

10:23 Hassett Boom Claim

13:27 Trump Rate Demands

15:20 Worst Credit Risk Ever

17:24 Trump Trade Ultimatum

24:07 Bessent Kudlow Interview

27:27 Yields Hit 2007 Highs

28:24 Yen And Japan Selling

31:14 Oil Diesel Record

33:15 Stocks Gold Silver

39:16 Trade Deficit Widens

42:02 My 162% Tariff Bill

45:37 Lutnick Semiconductors

48:33 Bastiat Candlemakers

51:08 Waller Rate Comments

53:39 Gold Pullback Gift

54:03 TGold Cards Update

1:00:24 Bitcoin And EuroPac

1:02:12 Labor Day Sign Off

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