Peter Schiff says we are early in the biggest bond market crash in U.S. history

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As I've been warning, we are still early in the biggest #bond market crash in U.S. history. Every government, corporation, landlord, and family that has been relying on cheap debt to survive will die. When the #Fed tries to save their lives, it will kill them with #inflation.

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Investors still don't get that long-term bond yields are out of the Fed's control. Even if the #Fed decides to pivot to prevent yields from rising too much, rate cuts and a return to QE will cause the #dollar to sink and #inflation to soar. That scenario is bearish for #bonds.

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10-Year Treasury yields closed just below 4.7%. Soon the yield will be above 5%, its highest level since 2001. Once that level is taken out, the move up to 7.5%, the 1994 high, should be very quick. After that the next resistance level is the 1987 high yield of just under 10%.

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#Gold is down again as clueless traders cling to the false narrative that rising bond yields are bearish. In contrast, they ensure not only a hard landing, but a financial crisis, skyrocketing federal budget deficits, soaring unemployment, and massive QE. #Inflation is bullish!

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We are still early in what will become the biggest bond market crash in U.S. history. Given that the U.S. economy is more levered now then at any time in history (governments, corporations, and individuals,) the coming economic and financial crisis will be unprecedented in size.

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The financial crisis we are about to experience will be much worse than anything that happened in 2008, yet Wall Street and the #Fed are even more clueless now than the were then. If they had any clue as to the magnitude of the impending disaster, #gold prices would be soaring.

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Are mainstream investors finally figuring out just how screwed everyone is? After years of the kicking the can down the road, the #Fed has arrived at an ominous fork. No matter which path it takes, it leads to imminent disaster. It's just a matter of which poison the Fed picks.

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When the #economy weakens significantly, including large monthly #job losses, rate cuts will be inappropriate, as this will likely coincide with a pick up in #inflation. Any attempt to stimulate the economy with rate cuts or QE will backfire, as it will also stimulate inflation.

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When the #Fed eventually returns to continuous QE to artificially suppress borrowing costs for the Federal Government, this time the extra #inflation created will raise borrowing costs for just about everyone else, crushing the private sector and state and local governments.

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The Prime Rate is now 8.5%, the highest since it hit 9% in 2001. Prime hasn't exceeded 10% since the 1980s. Many loans are set at prime plus a premium. From 2008 to 2022 Prime was mostly 3.5%. The record high was 19.5% in 1981. I believe that the high this cycle will exceed 20%.

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Corrupt Governments and the media destroyed my bank with lies. The truth will come out in court. I'll then be able to fully expose this fraud so the entire world will be able to see how fake news is manufactured. You can't believe anything that comes out of the mainstream media.

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