$112 Oil, Crashing Wages, and the War Nobody Can Afford
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 4 April 2026
⏱️ 63 minutes
🧾️ Download transcript
Summary
Oil hits $112 as Trump vows to bomb Iran into the Stone Age — and the jobs data everyone's celebrating is hiding a collapsing labor market.
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Peter Schiff records from the British Virgin Islands, breaking down the latest economic data against the backdrop of the escalating Iran war. The March jobs report showed 178,000 jobs added — well above the 51,000 estimate — but Schiff argues the number is misleading, noting that 43% of new jobs were in healthcare, a sign of a sicker nation rather than a stronger economy. He highlights the weakest wage growth in five years at 3.5% year-over-year and the lowest labor force participation in five years at 61.9%.
Oil prices surged to $112 per barrel amid Trump's pledge to "bomb Iran back to the Stone Age" over the next two to three weeks, with the service sector PMI falling into contraction at 49.8. Schiff warns that stagflation is now undeniable and that oil-driven inflation will force massive government spending and money printing, ultimately crushing the dollar and sending gold well above $5,000. He criticizes Trump's economic lies, the Supreme Court's ruling striking down Liberation Day tariffs as unconstitutional, Warren Buffett's Fed praise, and growing redemption freezes across investment funds as signs of a brewing financial crisis.
Chapters:
00:00 Cold Open and Intro
00:54 Vacation Setup and Holiday Markets
01:52 March Jobs Report Breakdown
06:44 Stagflation Signals in PMI and JOLTS
08:53 Oil Spike and Fed Policy Link
17:02 Weekly Market Wrap Gold Silver Miners
21:33 Trump Speech War Escalation Fears
30:18 Aftermath Leaving Strait to Allies
32:27 NATO Exit Debate
33:39 Dollar Risks and Metals
34:11 Springsteen Boycott Rant
36:27 Liberation Day Reality Check
37:47 Tariffs Ruled Unconstitutional
40:52 Funds Freeze Redemptions
43:39 Buffett on Inflation Targets
47:05 Fed Enabled Covid Policy
51:31 Trump Polls and Midterms
57:55 Prepare and Buy Gold
01:00:30 Podcast Wrap and Travel
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Transcript
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| 0:00.0 | I make no friends in the pits and you take no prisoners. |
| 0:05.0 | One minute, you're up half a million in soybeans and the next boom. |
| 0:07.4 | Your kids don't go to college and they've repossessed your Bentley. |
| 0:09.3 | Are you with me? |
| 0:09.9 | The revolution starts now. |
| 0:12.3 | Starts now. |
| 0:13.6 | We have to pass the bill so that you can find out what is in it. |
| 0:17.9 | Turn those machines back on. |
| 0:20.2 | You are about to enter The Peter Schiff Show. |
| 0:23.8 | Show me the money! |
| 0:25.6 | If we lose freedom here, there's no place to escape to. |
| 0:28.2 | This is the last stand on Earth. |
| 0:29.6 | The Peter Schiff Show is on. |
| 0:31.1 | I don't know when they decided that they wanted to make a virtue out of selfishness. |
| 0:35.5 | Your money. |
| 0:36.6 | Your stories. |
| 0:38.6 | Your freedom. The stories, your freedom. |
| 0:40.2 | The Peter Schiff's show. Hi, everybody. This is Peter Schiff, and I am recording today's podcast from the British Virgin Islands. |
| 1:01.1 | I am here for the week on a family vacation. We're celebrating Passover and Easter, I guess, on Sunday. |
| 1:08.8 | We had our first ever Passover Seder, a brief version on the boat on April 1st, April Fool's Day. |
| 1:18.5 | The U.S. markets are closed in observance of the Good Friday holiday today. |
| 1:24.3 | But we did get some economic data that came out earlier today. It wasn't really able |
... |
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