WATCH FULL VIDEO: https://youtu.be/wK9bX1Yast0 Subscribe Here: @JulianDoreyDaily PETER's LINKS - YT: https://www.youtube.com/c/peterschiff - IG: https://www.instagram.com/peterschiff/reels/ - X: https://x.com/peterschiff Newsletter: https://juliandoreypodcast.beehiiv.com/get-julians-top-10-books CLIPPERS DISCORD: https://discord.com/invite/8QmWEKJ3BT --- Peter Schiff — the economist who called the 2008 housing crash before virtually every mainstream forecaster — sits down with Julian Dorey for the most comprehensive and most alarming economic conversation this podcast has produced. When you are inside a bubble you cannot see it. That is the central analytical insight that drives everything Schiff examines in this segment — the stock bubble that is now worse than 2000, the bond bubble that has already popped, the market that is the most expensive it has ever been in all of history, the $40 trillion national debt that is just the tip of the iceberg, the $100 trillion in unfunded liabilities that represent the real number, and the Big Beautiful Bill that was a lie from the moment it was passed. The bubble worse than 2000 thread is the episode's most historically significant and most immediately alarming contribution. The current bubble is not just a housing bubble. It spans more than just housing — it is a stock bubble a bond bubble a real estate bubble and a government debt bubble all simultaneously inflated by the same mechanism of cheap money and credit expansion that produced 2008. The stock bubble now is worse than 2000. The market is the most expensive it has ever been in all of history — prices divorced from fundamentals in ways that cannot be sustained. When Peter realized real estate was a bubble in 2006 the comparison between renting and buying was the diagnostic tool — the value comes from rental income not from price appreciation and when that relationship breaks down the bubble has been identified. The same diagnostic applied today produces the same conclusion across every major asset class simultaneously. The bond bubble thread is the episode's most technically specific and most immediately consequential contribution. The bond bubble has already popped. The yield on the 30-year US Treasury traded to 5.18% — the highest yield since 2006. But the debt in 2006 was significantly less. The specific relationship between yield and debt is the most important and most consistently ignored dimension of the Treasury market — when yields rise on a debt load that is orders of magnitude larger than it was the last time yields were this high the fiscal math produces a specific and documented conclusion. This is not sustainable. The Fed overlooks this because acknowledging it would require acknowledging the specific mechanism through which the entire financial system has been sustained. The $40 trillion iceberg thread is the episode's most practically significant and most personally alarming contribution. The national debt is $40 trillion. But that is just the tip. Student loans pensions mortgages and all the other obligations that sit below the waterline add up to well over $100 trillion in unfunded liabilities. They borrow our taxes. We are on the hook for every dollar they spend. And the Big Beautiful Bill — the legislation that was presented as fiscal responsibility — was a lie. It was borrowed and printed not cut. The specific mechanism through which the bill added to rather than reduced the fiscal burden is the most important and most consistently underreported dimension of the entire debt story. **Inside This Clip:** - When you are inside a bubble you cannot see it — the central analytical framework - The current bubble spans more than just housing — stock bond real estate and government debt simultaneously - The stock bubble is now worse than 2000 and the market is the most expensive in history - How Peter uses the term bubble — prices divorced from fundamentals - The bond bubble has already popped — the 5.18% 30-year yield highest since 2006 - Why the debt being so much larger now makes that yield level categorically more alarming - This is not sustainable — what the Fed overlooks and why - Comparing renting to buying in 2006 — when Peter realized real estate was a bubble - The value comes from rental income not price appreciation — the diagnostic tool - The $40 trillion national debt is just the tip of the iceberg - Student loans pensions mortgages — well over $100 trillion in unfunded liabilities - They borrow our taxes and we are on the hook for every dollar they spend - Why the Big Beautiful Bill was a lie — borrowed and printed not cut -- ***TIMESTAMPS*** 0:00 - Peter Called the 2008 Bubble Before Anyone 10:20 - This Bubble Is WORSE Than 2008 20:34 - The Bond Bubble & Redefining Inflation 35:49 - Why We NEED a Severe Crash 45:09 - China's Economy Is Freer Than Ours 54:20 - Government CREATES Poverty by Design @JulianDoreyDaily