The household survey says we've lost jobs every month of 2026. The establishment survey says record highs. One of them is lying.

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The April jobs report showed 115,000 jobs created against expectations of 63,000 — but 391,000 of those came from the birth-death model, meaning without statistical assumptions the economy actually lost jobs. The household survey confirms this: employment declined 226,000 in April alone, with net job losses every month of 2026 averaging 343,000 per month. Full-time jobs collapsed by 424,000 in a single month, dragging the total to its lowest since December 2024. Labor force participation fell to 61.8%, the lowest since October 2021.

Markets rallied to record highs on ceasefire optimism, with the Nasdaq up 4.5% and silver surging 9.4% on the week. Peter Schiff argues the AI spending driving GDP is a bubble comparable to dot-com — the technology is real but the stocks are wildly overvalued and most will go to zero. He dismantles Bernie Sanders' criticism of Jeff Bezos for layoffs, pointing out Bezos employs 1.5 million while Sanders has created zero private-sector jobs. On the debt, Schiff debunks the claim that $31.8 trillion in US government assets offset the national debt — most of it is illiquid land, national parks, and defaulting student loans that cannot service a single dollar of interest payments.

Chapters:

00:00 Show Cold Open

00:56 Podcast Intro

01:20 April Jobs Beat

03:19 Job Quality Concerns

04:58 Participation Rate Drop

07:22 Household Survey Reality

07:52 Birth Death Model Critique

12:26 Full Time Collapse

14:57 War Talk Tease

15:29 Sponsor Odoo Ad

17:31 Markets Rally on Peace Hopes

21:48 AI Bubble Warning

25:03 Bezos vs Sanders Debate

30:34 Sponsor Hims Ad

31:16 Telehealth Weight Loss Setup

31:57 Metals Rally Recap

32:30 Copper and AI Demand

33:56 Miners and Physical Buying

36:12 Oil Dollar and War Fallout

37:10 War Narrative and Objectives

40:22 Bond Yields and Default Risk

45:10 Debt Math and Interest Spiral

50:31 Fake Asset Claims Debunked

57:05 Preparing Investors for Crisis

59:34 Final Sign Off

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