Peter Schiff, persistent critic of Monetary Policy, advocate for Gold, fund manager, and entrepreneur, gets shut by policy. Will cryptos come to his aid... https://twitter.com/PeterSchiff/status/1544001330242543621 Criminal investigations are supposed to be kept secret to protect the innocent in case no evidence is found to bring charges. In my case the IRS illegally leaked the investigation to the media, which then convicted me of crimes there was no evidence to charge me with committing. Here's another headline you won't read. Peter Schiff's bank falsely accused by the media of facilitating tax evasion and money laundering is being closed, because even though it's innocent, it's premature conviction by the media ruined its reputation and crippled it financially. Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money. The reason regulators gave for tuning down the sale is that post sale I would own 4% of the company buying the bank. They said that due to the bad press about me, they did not want me owning 4% of a bank, even though the know first hand the allegations in the media are false. They never let me know they objected. I found out in C&D order to shut down the bank. Had they ever told the 4% stake was a problem I would have restructured the deal. I just wanted out. I had to put in $7 million in the last 2 years to cover operating losses due to bad press. Also it costs a fortune to run a small bank. That's why I never really made any money. The compliance costs are outrageous. Where are these news headlines? Peter Schiff vindicated. After a 2.5 year investigation authorities of 5 nations found absolutely no evidence that Euro Pacific Bank or Peter Schiff facilitated tax evasion or money laundering. Those who reported guilt prior to charges were wrong. https://twitter.com/PeterSchiff/status/1280257955787661315 America was founded by rugged individuals who created government to secure their rights and leave them alone. Americans today want government to violate other people's rights, steal their stuff, and give it to them. The home of the free has become the land of the freeloader. https://schiffradio.com/atlanta-fed-finally-forecasts-recession/ https://www.newsweek.com/us-economy-recession-joe-biden-peter-schiff-1720372 Chief Economist & Global Strategist: Europac.com, Founder: SchiffGold.com, Owner and Founder: EpacFunds.com, Host: SchiffRadio.com, Owner: Europacbank.com Puerto Rico amzn.to/1nDylDr Joined July 2009 Tweets 22,217 Following 269 Followers 776,998 Likes 193 If the U.S. economy is already in a #recession with historically low unemployment, imagine how much worse this recession will become once employers react to the recession with mass layoffs. Plus, as #unemployment surges, consumer prices, rents and interest rates will keep rising. The #Fed hiking rates too much, causing a #recession isn't a policy error. The errors were thinking it could hike without causing a severe recession, waiting too long to hike, not hiking enough, lowering rates too much in the first place, and leaving rates too low for too long. The Atlanta #Fed lowered its Q2 GDP forecast to -1%. If they're right, all year as #Powell insisted the strong economy could easily withstand rate hikes, it was already in a #recession. Without rate cuts and QE5 the recession gets much worse. With them #inflation gets much worse. Everyone is counting on consumers to keep the #economy out of #recession. But everyone is also counting on the #Fed to successfully fight #inflation by reducing demand. Since 70% of #GDP is consumer spending, unless investment increases substantially, this necessitates recession. If @Sonnenshein really wanted to close $GBTC's 30% discount to NAV he would't file a doomed lawsuit against the SEC, he'd sell #Bitcoin owned by #GBTC and use the proceeds to buy-back shares. That would reduce his AUM and lower his fees. Fees are more important than shareholders. Biden will have to admit the economy is in a recession: Economist Economist Peter Schiff said the economic turmoil in the U.S. is worse than what is being described, saying it will hurt much more than the Great Recession. It's a huge mistake for U.S retailers stuck with inventory they can't sell to slash prices to clear the shelves, only to restock with more expensive products their customers will be even less able to afford. Better not to buy new merchandise and sell current stock at full price. The final read on Q1 GDP is now minus 1.6%. Since Q2 will likely be negative too, the #Fed and @JoeBiden will soon be forced to admit that Amercia's red hot economy has actually been in a #recession all year, which will only get far worse with high #inflation and more rate hikes. Today's outside reversal day likely means the bear-market rally is over and that #stocks will soon hit new lows. Investors are bracing for #recession and higher short-term interest rates than previously expected. But they're not bracing for #inflation remaining high despite both. Every time the economy enters #recession it takes a larger dose of monetary stimulus to get it out. That's because the stimulus prevents real solutions from taking place and sows the seeds of a worse recession to come. This recession will now require a fatal overdose of stimulus. Actually, current real rates are closer to negative 6.5%. If Williams is correct, then to reduce #inflation the #Fed needs to immediately raise interest rates to 9.5%. Since it's not even close, inflation in 2023 is likely to rise from its current 8.6%, not collapse down to 2.5%.