June 9, 2026
Last week Peter joined Shannon Joy on her podcast to warn listeners that runaway government spending and a corrupting alliance between state and corporate power are eating away at living standards. He connects collapsing consumer confidence, rising interest rates, and a political media culture that shields power to make the case that savers need sound money as insurance against policy failure.
He starts by explaining what the fiscal trajectory signals to foreign creditors and how recent tax-and-spend bills betray their name, not the voters:
Well, I think the message that we send to our creditors is that there is no possibility that the US is ever going to do anything to stop runaway deficit spending, and that you should stop lending money to the United States. You should not buy any US Treasuries because inflation is going to wipe you out over time, because I think the main reason that the Trump administration targeted Massie was his opposition to his spending. He was the only Republican to oppose the big beautiful bill, and they really used that opposition against him to portray him as a Democrat, a rhino.
Next he points to the hard data: consumer confidence and inflation expectations have cratered, and that shows people already feel poorer because prices are rising:
The consumer sentiment numbers that came out last week, there was another confidence number that came out this week that weren't nearly as bad as that one was. But that was the lowest ever in the history of that index. And what was driving it was inflation. That is the number one problem. It's rising prices, and the expectation, the consumer expectation for inflation over the next 12 months was something like 5%, but over the next 10 years, consumers were averaging or expecting inflation of almost 4%, 3.9%. Which is double what the Fed claims everybody expects.
Peter frames the modern economy as something that looks nothing like free markets. Instead, he argues, the state and a few giant firms cooperate to extract wealth from ordinary people through inflation and regulatory capture:
This isn't capitalism in any way, shape or form. This is a new type of, I would liken it most to fascism where you have an unholy alliance between a massive all controlling government and a handful of massive corporations who then work together to rig the markets, create monopolies, fleece the people using the hidden tax of inflation. They pick your pocket with one hand. They say they're going to lower your taxes by this much, but then they print an ungodly amount of money which raises the cost of everything by this much.
He gets blunt about the political stakes and calls for a revival of the revolutionary spirit, arguing that current governance is less liberty friendly than the old imperial Crown:
We need to see, we're gonna be celebrating 250 years since the American Revolution, July 4th. And we need to have a resurrection of that spirit.... Because we need a revolution more now than we needed it in 1776. I mean, I would love to trade the government we have now for King George.... We are so much less free today governing ourselves than we were as colonies of the British monarch.
Finally, Peter walks through the arithmetic that should frighten savers: long-term yields are at multi-decade highs while the debt load is far larger, which forces a choice between higher taxes, default, or more money printing. His prescription for private people is simple-hedge with hard money:
And of course, 20 years ago, the national debt was, I don't know, 6 trillion, something like that, now it's almost 40 trillion, so we have a much bigger debt that we need to service at these 20 year high interest rates, which are going to continue to go up. The problem is we don't, we can't afford to pay it unless we print it, but if we print it, that means more and more inflation, and people have to do something about it, they need to hedge, they need to buy gold and silver.
This article was originally published on SchiffGold.com.