Jobs Report “Beat” Is Another Lie: 1.1 Million Jobs Erased
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 12 February 2026
⏱️ 64 minutes
🧾️ Download transcript
Summary
Peter Schiff explains why today’s “better than expected” jobs report is meaningless—and why the real story is the massive downward revisions. The government erased roughly 2.5 million jobs going back to 2019, including about 1.1 million from 2025 and over 800,000 from 2024. That means many of the celebrated “beats” from the past two years were actually misses, and markets were trading on bad data.
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Schiff breaks down how automated trading reacts to jobs prints (strong jobs = buy dollars/sell gold), why the birth/death model distorted reality, and why gold and the dollar are no longer reacting the way they used to. He also covers rising oil and oil stocks, why gold and silver miners may hit new highs before the metals, why foreign markets are crushing U.S. stocks year-to-date, and why the dollar index looks set up for a sharper decline.
Finally, Schiff argues the crypto crash is the first bubble to pop—an early warning for broader asset bubbles—and explains why tokenized gold is becoming the real “digital money” narrative as Bitcoin’s “digital gold” claim fails in real time.
Chapters:
00:00 Introduction and Opening Remarks
00:56 Analyzing the Employment Report
03:06 Revisions and Job Market Realities
07:17 Impact on Markets and Currency
11:41 Oil and Energy Market Trends
16:24 Stock Market Performance and Predictions
26:06 Economic Data and Debt Discussion
31:04 Inflation and Its Consequences
34:11 Understanding Poverty and Supply
35:52 The Role of the US Dollar in Global Trade
37:07 Impact of Dollar Collapse on Global Markets
40:11 Trump Administration's Economic Policies
41:51 Bitcoin's Decline and Market Bubbles
52:21 The Future of Gold and Tokenization
58:34 Preparing for Economic Crisis
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Transcript
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| 0:00.0 | The pits and you take no prisoners. One minute, you're up half a million in soybeans and the next boom. |
| 0:04.0 | Your kids don't go to college and they've repossessed your vent. Are you with me? |
| 0:06.6 | The revolution starts now. |
| 0:09.0 | Starts now. |
| 0:10.3 | We have to pass the bill so that you can find out what is in it. |
| 0:14.6 | Turn those machines back on. |
| 0:16.9 | You are about to enter The Peter Schiff's show. |
| 0:20.5 | Show me the money! If we lose freedom here, there's no place to escape to. |
| 0:24.9 | This is the last stand on Earth. |
| 0:26.3 | The Peter Schiff Show is on. |
| 0:28.2 | I don't know when they decided that they wanted to make a virtue out of selfishness. |
| 0:32.1 | Your money. |
| 0:33.2 | Your stories. |
| 0:34.3 | Your freedom. |
| 0:35.4 | The Peter Ships Show. |
| 0:51.3 | The show. Welcome, everybody. |
| 0:53.3 | Another live edition of the Peter Schiff show. I am going to discuss today's |
| 0:59.1 | meaningless employment report, which normally this report would have come out last week, but due to |
| 1:07.2 | ongoing government shutdowns, it was delayed, and so we got it this morning. |
| 1:13.8 | This is the January number, so it's the first report for 2026, highly anticipated. |
| 1:21.5 | And of course, just like almost every job's report that comes out, it beat estimates. |
| 1:30.5 | It was a low bar, not that we were looking for a lot of jobs, but the report beat that. |
... |
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