Last Week Was the Warning... What Comes Next Is Bigger

A record $432B July deficit, $40 trillion in debt days away, gold above $4,400... last week's fireworks were just the opening act.This episode is sponsored by Odoo. Sign up for free at https://www.odoo.com/r/peterThis episode is also sponsored by Pebl. Go to https://hipebl.ai to get a free estimate.This episode is also sponsored by Rockwell Automation. Download their 11th Annual State of Smart Manufacturing Report at https://rok.auto/sosmThe CPI came in tame. Hours later the Treasury reported a $432 billion July deficit... the worst single month in US history.Peter breaks down why the benign 0.1% July CPI is an accounting illusion: the BLS compares monthly averages, so June's oil collapse masked July's crude rebound, and August is set up to run hot. The real inflation news came later that day from the Treasury: a record $432 billion July deficit, $1.8 trillion in just ten months, and a national debt now less than $150 billion from $40 trillion. Bigger deficits mean more pressure on the Fed to choose inflation, which is exactly why the bond market refused to rally on the "good" CPI number.Gold holds above $4,400 and silver above $65 as heavy Asian buying signals the de-dollarization trade is back on, while Bitcoin sits dead at $63,500 and misses the entire rally. Peter also covers the yen back above 159 and the Fed's swap-line backdoor QE for Japan, both parties drifting left after the latest primaries, Trump family corruption from Truth Social premium access to Barron's $150 million, and the Iran endgame: no deal, a closed Strait of Hormuz, and a president claiming victory in a war America clearly lost.Chapters:00:00 Inflation Signals Not Prices01:22 CPI Print And Market Bets04:24 CPI Math Masks Energy Surge10:37 Deficits The Real Inflation Driver19:54 Gold Surge Debt And Yen QE31:09 Radical Left Wins Primaries32:00 Both Parties Shift Left34:17 Trump Corruption Claims37:51 Bitcoin Stalls vs Gold44:13 Iran War Reality CheckFollow @peterschiffX: https://twitter.com/peterschiffInstagram: https://instagram.com/peterschiffTikTok: https://tiktok.com/@peterschiffofficialFacebook: https://facebook.com/peterschiffOur Sponsors:* Check out Blinds.com and use my code GOLD for a great deal: https://www.blinds.com* Check out Chilipad and use my code GOLD for $255 off: https://sleep.me* Check out Factor and use my code gold50off for a great deal: https://www.factor75.com* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com* Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai* Check out Quince and use my code quince.com/GOLD for a great deal: https://www.quince.com* Check out TruDiagnostic and use my code GOLD for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy