Scott Bessent Hearing: Tariffs Under Fire

Peter Schiff examines the economic fallout from tariffs, critiques Bitcoin's poor performance, and forecasts the implications for upcoming elections.

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Gold and silver are stabilizing after last week’s historic paper-market smash, and the real story is what’s coming next: a weaker jobs trend, rising energy, and a tariff regime that’s functionally a tax on everyday Americans.

Peter breaks down the ugly ADP print (and the downward revision), why the “strongest economy ever” narrative doesn’t pass the smell test, and why oil’s turn higher undermines the administration’s last clean talking point on inflation.

Then Peter walks through Scott Bessent’s testimony and why tariffs are politically toxic: officials can’t claim tariffs don’t raise prices while simultaneously admitting removing tariffs lowers prices. That contradiction is the whole game.

Finally, Peter covers the optics and incentives of open graft and self-dealing, why it’s setting a precedent both parties will exploit, and why this mix of affordability pain, weak labor signals, and policy doublespeak is tailor-made to punish the incumbents in the midterms.

Chapters:

00:00 Introduction and Opening Remarks

00:55 Market Analysis: Gold and Silver

06:30 Bitcoin and Cryptocurrency Critique

19:40 Economic Indicators and Job Numbers

26:30 Political Commentary and Election Predictions

29:45 Midterm Election Predictions

30:08 Scott Bessett's Testimony

31:20 Republican Strategies and Challenges

33:00 Economic Concerns and Tariffs

33:59 Calci Sponsorship

35:27 Tariffs and Affordability Issues

43:23 Trump's Conflicts of Interest

54:13 Housing Affordability Debate

57:33 Conclusion and Upcoming Content

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