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Peter Schiff, CEO and chief global strategist of Euro Pacific Capital, notes that the 10-year Japanese government bond (JGB) yield has climbed above 2.8 percent, reaching its highest level in 29 years.
Schiff also points out that the 30-year JGB yield has surpassed 4 percent for the first time ever, calling this a real crash in the making. He adds that the shockwaves from these yield moves are likely to be felt well beyond Japan, suggesting major fiscal consequences ahead.
Schiff has previously warned about risks tied to government debt levels, criticizing a CNBC reporter for downplaying the dangers of the $39.2 trillion U.S. national debt. He has also commented on investor sentiment during global tensions, after gold and silver rallied sharply amid the Iran conflict. Schiff’s recent remarks on Japanese bond yields follow a series of alerts on fiscal and market risks.