In this interview the duo covers executive overreach, unreliable government jobs data, a weakening dollar, and why persistent inflation will keep the Federal Reserve from cutting rates. Peter ties all of these threads to a larger theme — loss of confidence in fiat money and the growing logic for holding sound money.

He opens by calling out a recent deal struck by President Trump and Nvidia that oversteps constitutional authority and functions like an export tax. Peter sees it as another example of presidential power expanding at the expense of constitutional limits and ordinary commerce:

Trump doesn't have the authority to do this. And also, it amounts to an export tax, which is completely unconstitutional because the Constitution doesn't even give the government the power to tax exports. They can tax imports, but those are supposed to originate in the House of Representatives, not with the White House. So Trump is making a mockery of the Constitution. He is dramatically expanding the power of the government, particularly the presidency.

He follows that up by questioning the motives behind a recent politically-motivated firing and connects it to what he sees as a systematic problem with jobs numbers. Peter thinks the administration has been misreading — and taking credit for — data that is often revised substantially after the fact:

The crazy part about the fact that he fired her was why. He didn't fire her because all six of the last jobs numbers have been wrong, right, because everyone was revised way down. Meanwhile, every time one of these jobs reports came out better than expected, Trump was taking credit, even though we now know that every single jobs report that he took credit for wasn't a beat, but it was a miss. In fact, the last two reports were revised down by the most in 50 years. So the job creation record so far on Trump's watch has been dismal.

From domestic statistics he moves to international consequences. Peter warns that if the United States keeps treating its fiscal position as flexible — relying on inflation to erode real debt burdens — foreign holders of dollars and government debt will lose faith and reduce their holdings. He expects this to accelerate a shift away from the dollar and into hard assets: