Cryptocurrency: Peter Schiff's Bank CensorBanned by Regulators

[grarpamp]

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
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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%.