The 30-year yield hit a 19-year high on 4x the debt, Japan's bonds are imploding, and Trump just purged the one congressman trying to stop it.

Bond yields are surging to multi-decade highs across every major economy and Peter Schiff argues this is the beginning of the sovereign debt crisis he's been warning about for years. The US 30-year Treasury hit 5.19% - a 19-year high - while Japan's 30-year bond reached 4% for the first time ever, a level that would consume 50% of all Japanese tax revenue just to service the interest. Germany's 10-year bund broke its multi-decade downtrend. With US debt at $39 trillion versus $9 trillion the last time yields were this high, the math is catastrophic.

The other major story: Thomas Massie lost his Republican primary after Donald Trump waged an all-out campaign to remove him. Schiff calls it the death of fiscal conservatism in the Republican Party. Massie was the only congressman who voted against every deficit-expanding bill, opposed the tariffs as tax hikes, and tried to force transparency on the Epstein files. Trump called him the worst congressman in history - but Schiff argues he was the only one trying to prevent the crisis that is now unfolding in bond markets worldwide. With Massie gone, Schiff says no Republican will dare oppose reckless spending again, which is itself a signal to bond markets that the US will never voluntarily address its fiscal crisis.

Chapters:

00:00 Show Opens and Two Stories

00:54 Sovereign Debt Warning

04:02 Why Debt Raises Rates

07:48 Markets Wake Up Again

08:25 US Treasury Trend Break

12:57 Yield Curve Signals Shift

14:39 Japan Bond Crisis Builds

17:09 Europe Joins the Selloff

17:58 Commodities and Inflation Surge

20:25 War Blame and Dollar Risk

23:02 Gold as Real Hedge

25:04 No Volcker Option Today

26:45 Massey and Paulson Alarm

29:18 Sponsor Plug and Break

30:19 Back From Break Reckoning

31:30 Trump Attacks Massey

33:17 Regrets Supporting Trump

34:01 Massey Voting Record Facts

35:38 Big Beautiful Bill Explained

37:51 Tariffs And Tax Hikes

39:52 Iran War Party Politics

43:24 Two Socialist Parties Warning

44:37 Inflation And Election Fallout

48:20 Markets To Watch Now

49:53 Reserve Currency Collapse Thesis

51:43 Epstein Files And Swamp

53:05 Portfolio Moves And Wrap Up