Trump Wants to Buy an Airline With Your Money — This Is Not Capitalism

Summary

The Peter Schiff Show Podcast: Trump Wants to Buy an Airline With Your Money — This Is Not Capitalism

Host: Peter Schiff

Date: April 30, 2026

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Episode Overview

In this episode, Peter Schiff delivers a wide-ranging, impassioned critique of recent Federal Reserve actions, the state of the U.S. economy, cryptocurrency speculation, and—most pointedly—the Trump administration's proposal to buy a struggling airline with taxpayer funds. Schiff argues that such a move is the antithesis of capitalism and uses it to illustrate broader governmental misconceptions about markets and economic freedom. The episode also reveals explosive details from Schiff's FOIA lawsuit against the IRS regarding the closure of his Puerto Rico-based Euro Pacific Bank, which Schiff frames as a political and public relations-driven injustice.

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Key Discussion Points & Insights

1. Federal Reserve Policy & Jerome Powell’s Exit

• Fed Rate Announcement & Internal Divisions
  • The Fed left its benchmark lending rate unchanged at 3.5-3.75% ([00:36]-[03:14]).
  • Four dissenters wanted to change the policy bias on future rate cuts, but the majority retained an outlook favoring cuts rather than hikes.
  • Peter notes, “Had the bias shifted that would have constituted a tightening of policy because that’s forward guidance…they use that to try to affect the markets with expectations.” ([01:55])
• Jerome Powell’s Legacy & Defense of the Fed
  • Powell will stay on the FOMC after his term as chair, purportedly to defend Fed independence from political interference, especially amid speculation about Trump’s influence.
  • Schiff challenges Powell’s claim that independent central banks are the hallmark of successful countries, citing U.S. pre-1913 as “the most prosperous years we ever had… far more successful as a country without a central bank.” ([05:06])
• Fed’s Narrative on Inflation
  • Schiff attacks Powell’s claim of “40 years of inflation under control” before COVID-19. He presents CPI data, demonstrating inflation routinely exceeded 2% throughout the 1980s, 1990s, and 2000s ([11:01]-[13:05]), with only the post-2008 recession providing the illusion of price stability:
    • “The ‘under control’ years were the 2010s—thanks to the Great Recession, not the Fed’s prudence.” ([13:00])
  • Schiff accuses Powell of either lying or not understanding economic history.

2. The Flawed Logic of Airline Bailouts

• Trump’s Plan to Buy Spirit Airlines
  • Schiff sharply criticizes the Trump administration’s willingness to rescue Spirit Airlines with public funds ([30:51]-[32:56]).
  • “Trump either doesn’t understand capitalism or doesn’t believe in capitalism,” Schiff argues, stressing that the goal of business is to serve customers profitably—not to act as a government jobs program.
  • He warns, “If the free market couldn’t operate Spirit Airlines at a profit, how can the government? …The government can’t even run the post office.”
  • The risk: a government-owned, loss-making airline distorts market competition, draws more bailouts, and incentivizes unhealthy business practices across the industry ([32:56]-[34:15]).

3. The Economy, Market Outlook, and Inflation Dynamics

• Fed Misjudging the Economy
  • Schiff believes the Fed misreads both inflation and economic health—viewing inflation as under control and the economy as strong. He says, “The Fed couldn’t be more wrong… We have a weak economy, it’s gonna get a lot weaker.” ([20:29])
  • Rising oil and bond yields (e.g., 10-year at 4.43%, 30-year at 5%) signal looming economic trouble.
• Risks to Housing, Stocks, and Bitcoin
  • Higher bond yields threaten the housing market via rising mortgage rates.
  • Stock and Bitcoin prices are “defying gravity” under the false hope the war in Iran will end soon, despite contrary indicators. “As stock investors realize they’ve got it wrong, it’s a long way down.” ([24:10]-[28:32])
• Commodities as Safe Haven
  • Schiff asserts that gold and silver are unjustly undervalued given the macro environment, advocating for continued investment in precious metals and overseas opportunities ([28:32]-[29:08]).

4. Critique of Bitcoin & the Cryptocurrency Industry

• Reflections on the Bitcoin 2026 Conference
  • Schiff reviews the 2026 Las Vegas Bitcoin conference, noting the sharp drop in Bitcoin’s price from $110K to $76K, and the collapse (>99% decline) of hyped projects like Nakomoto—a Bitcoin ‘treasury’ company ([35:20]-[36:36]).
  • On Michael Saylor & Bitcoin Credit Products:
    • Schiff singles out Michael Saylor’s keynote as a key example of misleading salesmanship.
    • Quote: “He says, ‘The expected annual return on Bitcoin is over 30%, and since Bitcoin has an expected return so high, we can afford to give 11% to the preferreds.’” ([39:37])
    • Schiff ridicules Saylor’s math: “Who the hell… how could you say over the last five years has it done 30%? No. Over the last year it’s done minus 30%.” ([40:05])
    • He labels Saylor’s Stretch/Strategy offerings as a “Ponzi,” calling out regulators for standing by.
• Investor Sentiment Shift
  • “Investors don’t want to buy strategy. They have no interest in bitcoin but are interested in a guaranteed 11.5% yield. That shows you how the interest in bitcoin has gone away.” ([46:59])
• Schiff warns: “If you’re buying these products hoping that the high yields continue, you’re the sucker at the table.”

5. Explosive FOIA Revelations About the Euro Pacific Bank Shutdown

• New Evidence of Government Conspiracy
  • Schiff reveals internal IRS and Puerto Rican government email communications he obtained in his FOIA lawsuit, showing collusion to shut down Euro Pacific Bank—months before regulators notified the bank ([47:30]-[53:06]).
  • Key Points from Emails:
    • Attempts to “debank” Euro Pacific were driven not by evidence of crimes, but by negative media (e.g., Australian ‘60 Minutes’), political optics, and public relations coordination.
    • The official reasons for closure never referenced money laundering or tax evasion, only administrative pretexts ([55:06]-[56:58]).
  • On Public Relations as Motive:
    • “This is all a PR stunt. …Not a single email says the bank did anything wrong, just that it’s going to look good for us to shut it down.” ([65:29])
    • Emails show the IRS and Puerto Rican regulators coordinated their press releases and actions for maximum PR effect ([73:31]-[75:25]).
• Personal and Economic Fallout
  • Schiff describes the impact on himself, employees, and thousands of depositors—few of whom have gotten their money back years later.
• Critique of U.S. and Puerto Rico Governance
  • Schiff laments endemic government corruption and inefficiency in both the U.S. and Puerto Rico, arguing that without it, Puerto Rico would be "Singapore and Dubai and Hong Kong all rolled into one and then double." ([86:18])
  • He claims his own advocacy for Puerto Rico economic freedom put him at odds with local officials and possibly contributed to the crackdown on his bank ([87:48]-[89:12]).
• Call to Action
  • “People should be outraged… This is not some conspiracy theory, this is fact. …We’ve got to shine a light on it, we can’t just let it alone or it’s gonna grow, it’s gonna expand.” ([90:22]-[91:14])

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Notable Quotes & Memorable Moments

• On the Fed’s Record:
  • “We were far more successful as a country without a central bank than we are with one.” ([05:06])
  • “For forty years before the pandemic, inflation was under control… That is complete bullshit. Again, it’s either a lie, or Powell doesn’t have any idea about inflation.” ([07:09])
• On Trump’s Airline Bailout:
  • “The purpose of a company is not to provide jobs, that’s a byproduct… If the free market couldn’t operate Spirit Airlines at a profit, how can the government? …This is another idiotic thing that Trump wants to do.” ([32:56])
• On Bitcoin and Crypto Hype:
  • “If you’re been buying bitcoin, you’re the sucker, because the smart people have been selling.” ([38:47])
  • “The fact that the SEC lets this guy promote an obvious ponzi… Regulator don’t trust anybody who doesn’t call this what it is. He’s a fraud and these things are scams.” ([40:43])
• On the Euro Pacific Shutdown:
  • “They took a bank that was completely innocent of money laundering and tax evasion, shut it down so that they could say that they’re tough on money laundering tax evasion.” ([65:42])
  • “My bank was closed solely as a publicity stunt for governments.” ([73:33])
  • “People should be outraged… If they do this to me and I can prove it, how much bad stuff are they doing to other people who can’t prove it?” ([90:22])
• On Corruption vs. Freedom:
  • “Do you want it to be a corrupt country or do you want your kids to grow up in a free country? I prefer freedom… If we allow corruption and the government knows they can get away with it, then it’s more, and more, and more.” ([90:55])

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Annotated Timeline of Important Segments

| Timestamp | Segment Description | |------------|------------------------------------------------------------------| | 00:36–06:08| Fed interest rate policy, internal divisions, Powell’s “Fed independence” mantra | | 06:08–15:03| Schiff refutes Powell’s inflation narrative with historical CPI data | | 16:33–24:10| Economic outlook: weak growth, rising oil/bond yields, housing market risks | | 24:10–30:51| Market divergence, gold/silver’s undervaluation, investment strategy | | 30:51–36:36| Trump’s airline bailout plan and critique of government interference | | 36:36–46:59| Bitcoin conference, Michael Saylor’s claims, critique of ‘Stretch’/crypto credit products | | 47:30–75:25| FOIA lawsuit findings: government collusion against Euro Pacific Bank | | 75:25–90:00| The aftermath, Puerto Rico’s lost opportunities, systemic government corruption, and call to action |

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Final Thoughts

Peter Schiff’s tone throughout the episode is combative, darkly humorous, and driven by a strong belief in sound money, free markets, and government accountability. He weaves current financial news and personal legal battles into a narrative about the dangers of state intervention and regulatory overreach, offering both detailed factual rebuttals and broad philosophical critiques.

Listeners who missed the episode will come away with:

• A critical reassessment of the Fed’s self-congratulatory story on inflation
• A clear argument against government corporate bailouts—regardless of which political party proposes them
• Stark warnings about speculative manias and the latest forms of crypto credit
• Insider revelations about how regulatory agencies use financial institutions as PR scapegoats
• A call for vigilance and civic action against government corruption

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For more evidence and documents from Schiff's FOIA case, he directs listeners to ninefraud.com.

Transcript

[Peter Schiff]

you make no friends in the pits and you take no prisoners one minute you're up half a million in soybeans and the next boom your kids don't go to college and they've repossessed your bentley are you with me the revolution starts now starts now we have to pass the bill so that you can

[Podcast Co-host or Guest]

find out what is in it turn

[Peter Schiff]

those machines back on you are about to enter the peter schiff show me the fighter if we lose freedom here there's no place to escape to this is the last stand on earth the peter schiff show is on know when they decided that they wanted to make

[Advertisement Voice 1]

a virtue out of selfishness your money

[Peter Schiff]

your stories your freedom the peter schiff show welcome everybody to the peter schiff show podcast and earlier today fed chair jerome powell chaired his last federal reserve conference and prior to that conference about a half hour before the federal reserve made an announcement that surprised nobody and and left the fed funds rate unchanged at three and a half and between it's a range between three and a half and three and three quarters percent now what might have surprised people was not that there was one dissent there was one lone vote out of eleven to lower rates by twenty five basis points but you had four dissents on the language of the bias you see the official statement maintains the bias towards cuts in the outlook that the fed is more likely to cut rates than hike rates but four members wanted to remove that bias i'm not sure if they wanted to go to a tightening bias or if they just wanted to have a kind of a neutral bias like we don't really know what we're going to do it could go either way but the majority of the board wanted to lean towards we're probably going to cut than hike and in fact had the bias shifted that would have constituted a tightening of policy because that's forward guidance they use that to try to affect the markets with expectations because the next time the fed meets there's gonna be a new chairman kevin warsh what did surprise some people is powell said that when his term is up he is not going to go quietly into the night and give speeches for a quarter million or half a million a pop he is going to stay on the fomc now that is a big sacrifice the best time to make money as a fed chair is when

[Podcast Co-host or Guest]

you step down and you're the last

[Peter Schiff]

fed chair that's when you have i think your highest market value to give speeches on wall street and they pay big bucks because of course they have big bucks and so i think the longer powell kind of sits out of the limelight as just a voting member i think his stock's going to go down a bit so you know maybe he's sincere because the reason he's giving for hanging around is that you know

[Podcast Co-host or Guest]

fed independence is in jeopardy and he

[Peter Schiff]

wants to protect the institution that he holds in such high regard right and when he talked to the reporters he made it clear that it's not about you know the name calling he's fine with trump saying he's an idiot he's a moron he's got a low iq you know kind of sticks and stones that's par for the course right he doesn't care if politicians want to beat him up about his decisions what bothers him is the lawfare is trying to get rid of fomc members by sicing you know government prosecutors on them

[Podcast Co-host or Guest]

and that's why he's there and not just

[Peter Schiff]

him lisa cook and so i guess he says he wants to stick around for a while i guess just to be a thorn in their side but i don't know what is he gonna vote not to cut rates when everybody else wants to cut them i mean he's i don't know you know he's pretty much of a dove himself so i don't really know what he's gonna do more than he's just you know trying to get back at trump any way he thinks he can but i think that's the reason that he's staying there although maybe he actually thinks he's gonna do something to preserve this fed independence that he thinks is so important in fact in the q and a one of the things that powell mentioned was how important fed independence was and he said that what separates the successful companies countries excuse me from the unsuccessful countries is an independent federal reserve well what about the fact that before nineteen thirteen we didn't have a federal reserve we went eighty years without any central bank and those were the most prosperous years we ever had we were far more successful as a country without a central bank than we are with one so maybe what separates the wildly successful countries from the modestly successful countries is the gold standard that's what we need sound constitutional money not a central bank but anyway one of the i think

[Podcast Co-host or Guest]

the biggest lies and i guess i hope it was a lie because if

[Peter Schiff]

it wasn't a lie then it's even worse is how powell described inflation prior to the pandemic because of course when they asked about inflation and again they kept saying what about your two percent mandate and powell's low no we are

[Podcast Co-host or Guest]

committed we are maintained to maintain that

[Peter Schiff]

is the holy grail i mean nothing is going to keep us from two percent inflation we are determined to get

[Podcast Co-host or Guest]

inflation to two percent now of course

[Peter Schiff]

inflation's been above two percent for six years doesn't sound like much of a commitment to me and if they're committed to two percent inflation and inflation is closer to four than two even the

[Podcast Co-host or Guest]

way the government measured it why are

[Peter Schiff]

they thinking about cutting rates if you're committed to two percent inflation and you're almost at four shouldn't you be hiking rates yes they should so the commitment

[Podcast Co-host or Guest]

is all bs right i mean he's got his fingers crossed making a commitment like that but he had to concede that inflation is you know above his mandate and he makes excuses he blames it on the supply shocks of the pandemic right not about the demand shock from all the money printing right the balance sheet blowing up zero percent rates you know massive qe no no that's got nothing to do with with prices soaring it was just the supply shock which of course was the result of idiot governments not letting people go to work right so that was also government but he said that you know this was kind of like something that came out of left field we really didn't know how to deal with this because he said for the forty years before the pandemic inflation was under control the fed did a good job of controlling inflation for forty years until the pandemic screwed it all up so cut me some slack because you know we were dealing with something crazy completely out of anybody's control and this ridiculous supply shock you know threw a monkey wrench in our great plans and so you know but for this supply shock everything would have been great so you know it's taking longer than we thought to get out of this mess that was created by this supply shock and of course now it's being complicated by tariffs by a war in iran and so you know we're doing our best but it's really not our fault and that is complete bullshit again it's either a lie or you know powell doesn't have any idea about inflation so i just got the exact numbers cuz you know i don't know exactly but i knew that was lie i knew we didn't have forty years of two percent inflation because when the fed said inflation was under control everybody takes that to mean two percent cuz that's what under control means that they are meeting their mandate now of course they didn't have a two percent mandate back then but nobody probably knows that but if the fed is saying we had inflation under control which would mean prices were stable there was no inflation and they've defined stable prices as prices that go up every year by two percent that's the inference that you would draw from his forty years of under control inflation was forty years of two percent inflation the fed did a great job now when he made

[Peter Schiff]

that statement the guy who asked him the question that he responded to didn't do a follow up and say what

[Podcast Co-host or Guest]

do you mean forty years of inflation under control right nobody else when they

[Peter Schiff]

had a question nobody else said by the way let me do a follow up you just said inflation was under control for forty years really do you

[Podcast Co-host or Guest]

know what the rates of inflation were

[Peter Schiff]

nobody said that because they probably haven't got a clue either it's not easy to get a job as a fed

[Podcast Co-host or Guest]

correspondent and get an invitation to be

[Peter Schiff]

in those press conference that's like the

[Podcast Co-host or Guest]

big thing you could get when you're a financial reporter to get that invite right you get to go to the

[Peter Schiff]

federal reserve and you get to sit

[Podcast Co-host or Guest]

down there with the chairman and you

[Peter Schiff]

get to ask a question right it's

[Podcast Co-host or Guest]

not easy in order to get selected

[Peter Schiff]

for that coveted opportunity they give you a test on economics you have to

[Podcast Co-host or Guest]

take this test on economics and then only the people who fail that test they get invited to participate in the

[Peter Schiff]

conference and so that's why powell probably knows he can say whatever the hell he wants cuz he's surrounded by a

[Podcast Co-host or Guest]

bunch of economic ignoramuses but anyway so let me look at the four decades

[Peter Schiff]

of under control inflation the nineteen eighties

[Podcast Co-host or Guest]

the average rate of inflation was five

[Peter Schiff]

point five percent per year and and this is measured by the cpi right five point five percent doesn't sound like

[Podcast Co-host or Guest]

they had inflation under control in the

[Peter Schiff]

eighties there was only one year in

[Podcast Co-host or Guest]

the entire decade where inflation was two

[Peter Schiff]

percent or less so ninety percent of the time it was more and it was way more nineteen nineties okay a little better the average rate of inflation was three percent in the nineteen nineties less fifty percent above the two percent target it doesn't really sound like it was under control if two percent is control in fact there was only one

[Podcast Co-host or Guest]

year again in the nineteen nineties where

[Peter Schiff]

inflation was two percent or less one

[Podcast Co-host or Guest]

year ninety percent of the years were

[Peter Schiff]

above two percent now in the two thousands it was a little better all right two thousand's average was two point six of course they changed the way

[Podcast Co-host or Guest]

they measured inflation in the late nineteen nineties so that's the main reason that

[Peter Schiff]

it went down to two point six not because inflation itself went down but because the government cheated and they changed the rules and they measured inflation wrong

[Podcast Co-host or Guest]

so my bet would be the two

[Peter Schiff]

thousands were probably actually higher than the nineteen nineties if you had left everything alone right but anyway but even the way the government measures it right two point six there were two years two years in the two thousands where inflation was two percent or lower twenty percent

[Podcast Co-host or Guest]

of the time still an f right

[Peter Schiff]

but a fifty percent or a double the prior two decades right we only had one year at two percent now they had two years of two percent

[Podcast Co-host or Guest]

but eighty percent of the time it

[Peter Schiff]

was over two percent there was only

[Podcast Co-host or Guest]

one decade that inflation was under control

[Peter Schiff]

the two thousand and tens so what powell should have said was for ten

[Podcast Co-host or Guest]

years we had inflation under control that's it but it wasn't the fed that

[Peter Schiff]

had it under control first a remember they're still not measuring it properly but why was inflation so low in the two thousand ten s was it because the fed did such a great job no it was because we had the

[Podcast Co-host or Guest]

two thousand eight financial crisis and the

[Peter Schiff]

great recession ahead of it and so they were not normal times so we had ten kind of years where the

[Podcast Co-host or Guest]

fed had an easy time even though

[Peter Schiff]

they print a lot of money because of that massive great recession and collapse they had some cover because prices should have gone down but all the inflation

[Podcast Co-host or Guest]

that they created prevented prices from going down which would have been healthy instead we didn't get that healthy price decline

[Peter Schiff]

we got inflation that prevented prices from

[Podcast Co-host or Guest]

going down but now the fed claims

[Peter Schiff]

that that's this great success right that

[Podcast Co-host or Guest]

we only had prices going up one point eight percent instead of down whatever they would have done but that was the reason now the financial crisis is well in the rearview mirror and we're back to normal times where inflation is

[Peter Schiff]

much higher than two percent except the fundamentals that we have now are way

[Podcast Co-host or Guest]

worse than the nineteen nineties and the nineteen eighties so if inflation was three percent in the nineties and five and a half percent in the eighties it's going to be a lot more than that now now does powell not have any idea how bad inflation was during those decades i mean does his economic

[Peter Schiff]

history only go back ten years before

[Podcast Co-host or Guest]

the pandemic does he not know anything

[Peter Schiff]

about what happened back then i mean i think he's about my age i

[Podcast Co-host or Guest]

mean he should know but again the

[Peter Schiff]

same economics test that you have to flunk to go to those fomc meetings that have questions you got to flunk that same chest test to be the fed chairman in fact you probably have to flunk that chest test to get

[Podcast Co-host or Guest]

on the fomc right they want to make sure nobody there really has an

[Peter Schiff]

understanding of basic economics anyway we got a quick commercial break stick around coming

[Advertisement Voice 2]

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[Peter Schiff]

ai for a free estimate so i'm talking about the q and a that followed the announcement by the fed that interest rates would stay unchanged another thing that powell was asked that i thought was interesting was to comment on the decisions that he's made while fed chair and i guess it's you know it's an appropriate question cuz it's kind of this is his last press conference so hey this is the end of your tenure here although he's still gonna be there again i mentioned that and powell did say look you know it's gonna be walsh's show i'm not gonna try to steal the limelight i'm gonna kind of sit quietly and just vote right i'm not going to try to undermine him i'm not gonna try to be a shadow fed chair i'm just gonna be just like any other governor i was a governor before and so i'll be a governor again in fact he was on the fomc when janet yellen was there and janet yellen made a lot of bad decisions that he supported he supported i'm pretty sure he supported all the bad decisions that yellen made i don't know this for a fact i don't know if he ever dissented but i have a feeling that he did not that he was pretty much a rubber stamp and everything she did was wrong but the question had nothing to do with chair yellen it had to do with his chairmanship and he was asked hey you know what's the best thing you did what's the decision you made that you thought was the best and which one would you do over with the benefit of hindsight and he didn't really answer it at all he said well you know i just we all do our best and you know if something turns out to be wrong you know you can't blame us because you know we made the right decision at the time with the information we had hindsight is always twenty twenty so you know we can't make decisions with the benefit of hindsight when you don't have hindsight so i basically said he didn't do anything wrong but he didn't point out any one thing in particular that he was particularly proud of but from my perspective he hasn't done anything right i mean everything they did was wrong which is par for the course when you're chair now yes he did resist trump at the end and he didn't cut rates the way trump wanted him but he should have been hiking rates the fed funds rate should not be as low as three point five percent it's too low policy is too loose so even if he didn't cut rates and make a bigger mistake he was already making a mistake by not by not hiking them so but you know of course fed members and chairmen never learn from their mistakes and they never learn from the mistakes of their predecessors that's another thing that's unique about being on the fed maybe you have to prove that you'll never learn from mistakes maybe that's another key qualification to be on the fed you have to repeat the same mistake over and over again and what expect different results right you gotta be crazy when it comes to monetary policy to be up there and i don't even think it makes a difference that powell's not gonna step down and trump's not gonna be able to handpick another person or pretty much you know parrot the same nonsense that powell is gonna do because what nobody seems to get is that the fed is wrong on both sides of its mandate it's wrong on inflation and it's wrong on the economy the fed thinks that inflation is a little bit hot but on its way back down to two percent it's not it's on fire it's headed way up the fed thinks that the economy is really good in fact if anything they think the economy may be too good they couldn't be more wrong there

[Podcast Co-host or Guest]

we have a

[Peter Schiff]

weak economy it's gonna get a lot weaker and so people who think the fed might hike because we have a really strong economy and too hot inflation they're wrong not that not that the fed shouldn't hike it should in fact inflation will be a lot hotter but the economy is going to be weak and the economy is going to trump no pun intended inflation and the political pressure on not just powell but everybody and again it won't be powell that will be the it'll be walsh but when the economy is really weak and the markets are really weak and the housing market which powell acknowledged he said the economy was good but he acknowledged weakness in the housing market the housing market is going to get much weaker it's already weak and it's going to get weaker so all that pressure is going to force the fed to cut now the markets think oh you know now they there's like no probability the probability now is that we get no rate cuts this year that we don't get rate cuts until next year they used to be at least people thought we would get one cut but now it's no cuts but they're still not leaning to hike but it's still possible that it could go from no cuts to a hike right that's still possible but the economy is going to tank in fact if you look at what was happening to the markets as powell was saying that there was no inflation the economy is great oil prices were soaring to new highs for the post iran war i think so i mean oil right now is almost one hundred and eight dollars a barrel in west texas it's over one hundred and twenty dollars a barrel in brent this is

[Podcast Co-host or Guest]

about as high as the oil prices

[Peter Schiff]

have gotten and there is no end in sight to the embargo closure of the strait of hormuz so i think oil is going higher i mean i think if this war continues which it likely will we could be one hundred twenty to one hundred and fifty dollars a barrel easy by mid summer or late summer early fall coming into election time also as oil prices are rising so too are bond yields they are

[Podcast Co-host or Guest]

about as high as they've been the

[Peter Schiff]

yield on a ten year is four point four three i think the highest i saw it maybe was four point four five or six i think we

[Podcast Co-host or Guest]

got just above four point five in the week that followed liberation day we're almost back there the thirty year yield is spot on five percent i think it might have got to like five point zero one or five point zero two something like that right after liberation day but this is the highest it's been since the liberation day sell off in bonds so this is as high i've never seen a five percent handle on the thirty year since the war broke out so i believe these rates are headed much higher we could be at five percent on the ten year or more and five and a half to six percent on the thirty

[Peter Schiff]

before

[Podcast Co-host or Guest]

the elections that's going to crush the housing market that's going to send mortgage rates to new highs even though fannie and freddie are buying them right and

[Peter Schiff]

higher fuel prices are going to be recessionary they're not inflationary and powell did kind of get that right he said that hey when oil prices go up people have less money to spend so spending goes down other places that's true and if demand goes down for some things because the money isn't there because it's spent on food and energy then the people who sell those things have to cut prices and so higher energy prices can result in lower other prices overall the consumer is spending the same amount of money he's just not getting as much stuff and of course those are the kind of consumers that vote to get to throw the bums out because they don't like spending most of their money on food and energy they like to have a little money left over to have fun and if all their fun money disappears into their utility bills and into their gas tank they're not gonna be happy but also the pressure on mortgage rates gonna crush the housing market so this economy's gonna go down and the stock market the stock market has been denied defying gravity even though the market was down a bit today and the nasdaq was actually up i mean people are still buying tech stocks despite the news that rattled the markets a little bit on ai and openai yesterday you know we're you know near record highs in the stock market now that's a divergence from what we had a few weeks ago where stocks were going down with bonds now stocks are going down and bonds are not but bonds bonds are going down and stocks are going up and before stocks were doing the opposite of oil if oil went up stocks went down now the stock market doesn't seem to care about oil prices going up so what does that tell you that tells you that stock market investors don't believe that these high oil prices and high bond prices are here to stay they believe that the war is going to end any day and that when it does interest rates and oil prices are going to come crashing down there's a lot of ifs priced into the stock market it's most likely that they're wrong the war ain't ending quickly and even if it does oil prices aren't crashing and neither are bond yields so that means as stock investors realize they've got it wrong it's a long way down and that's also going to put a lot of pressure on the on the stock market now it's also a long way down for bitcoin too bitcoin is also diverged despite the sell off in bonds and rise in oil prices bitcoin's still about seventy six thousand a coin it's you know it was a lot lower earlier in the war so bitcoin also i think just like stocks has a long way to drop now gold and silver prices they've also pulled back as a result of this they're rallying a bit tonight gold's up about twenty two bucks it was down well at one point today it was down like seventy but i think it only closed down maybe fifty i think and now it's up twenty so it's got back most of what it lost forty five sixty five now up twenty two sixty that's a live price silver is back above seventy two barely up eighty one it closed down over a buck today about seventy one thirty five and it was down over two bucks in a day that is the buy buy gold and silver that's being mispriced the war is going to continue but that's bullish for gold it means higher inflation bigger budget deficits a weaker economy qe all this bad stuff is actually good for gold right bad news is not good news for the stock market but it's good news for the precious metals market it always has been because the bad news means more inflation the government gets bigger they print more money they create more inflation so be buying that the gold and silver mining stocks continue to correct so i would continue to look at those and look at the opportunities overseas all of the funds that we manage all of the individuals investment strategies are crafted specifically for the market environment that i anticipate so make sure that you don't get suckered into the us stock market look at the overseas investments look at commodities look at precious metals contact the representatives at europacific asset management europact dot com on the other side of this commercial break that's coming up in a minute or seconds i'm going to talk about bitcoin the bitcoin conference that i did not go to this year and the michael saylor keynote and stretch so stick around coming right back every

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[Peter Schiff]

okay before i get into bitcoin and the bitcoin conference i want to mention something that the trump administration is doing that again i disagree with and also let everybody know that when i finish talking about bitcoin i am going to talk about the information i got yesterday from the irs explosive information that i got by winning my foia lawsuit against the irs so you don't wanna miss this stuff this is some great stuff i mean it's not great it's horrible it's just great that i got it it's just horrible that the government did it but anyway another horrible thing i guess that the trump administration wants to do is buy spirit airlines out of bankruptcy and donald trump said that if he can get a good deal he'll do it to save jobs in other words so the people who work there can keep working there and what that proves is that trump either doesn't understand capitalism or doesn't believe in capitalism you know and if you want somebody who doesn't believe in capitalism or doesn't understand it you could vote for bernie sanders or you could vote for aoc instead of donald trump right he's supposed to be a capitalist right but he's not i mean he's a businessman but that doesn't mean he understands capitalism the purpose of a company is not to provide jobs that's a byproduct of a company the purpose of a company is to satisfy the needs of the customers but in order for a company to stay in business it has to generate a profit and it only does that if it can satisfy the needs of customers at a cost that is less than what the customers value those goods or services so you have to be able to give people what they want at a price they can afford and then make a profit in the process that's capitalism now if the free market couldn't operate spirit airlines at a profit how can the government obviously it can't so the government would operate it at a loss taxpayers would foot the bill but now what's going to happen once you have a government owned airline that's operating at a loss and and it doesn't give a damn if it makes a profit it can lower prices cuz who cares how much they lose that screws up the market now that makes it harder for actual businessmen who were providing services at a profit now maybe they can't do it anymore and now they go out of business it's a bad deal and in fact after trump indicated that he would use taxpayer money to buy an airline two more airlines asked for bailouts they said hey we we need some money why don't you buy some stock in our airline this is the last thing we need is the government trying to run the airlines i mean the government can't even run the post office i mentioned how high the price of a stamp is now why do we wanna put them in charge of the airlines anyway this is another idiotic thing that trump wants to do and where are all the republican free market republicans oh they're afraid to criticize him because you know he rules over the republican party but but anyway from the republican party let's talk about the bitcoin party the bitcoin the big conference in las vegas i was there last year when bitcoin was one hundred ten thousand a coin i remember that and now it is seventy six thousand it is thirty percent down i tell you every person at that conference if you polled them and said you know where will bitcoin be next year's conference nobody other than maybe me could have said seventy six thousand i mean you could have got one hundred to one odds i mean even below eighty thousand you know just over under in fact if they did an over under it probably would have been like one hundred fifty thousand and half the people would have been over right and they were crazy bullish at that conference now i don't even know if the attendance is as high was huge i don't know how many people are there i doubt in fact my guess would be the attendance is down you know from from where it was a year ago but the big pump that everybody was talking about the big hype were bitcoin treasury companies right everybody wanted to be the next strategy i don't even they hadn't changed the name to strategy it might have still been microstrategy i forget a year ago but that was the big talk all these companies in fact the guy david bailey who runs bitcoin magazine who's a nice guy and he you know he lives here in puerto rico so that's how i ended up going to the conference because i know the guy but he started a company called nakamoto right after satoshi and that was a bitcoin treasury company and that was all the rage everybody was talking about this you know the stock is down since then cause people were buying it people were buying it from the conference right they were going on their machine their devices and they were buying this stock it's down over ninety nine percent over ninety nine percent pretty much means if you bought this stock at last year's bitcoin conference if you didn't sell it and you still own it you've basically lost all your money what is the hot stock today or this conference stretch bitcoin credit is the hot topic right because people don't really want bitcoin anymore they just want bitcoin credit they don't want the unlimited upside of bitcoin they they wanted eleven and a half percent yield right that's what saylor has created but i watched his keynote speech i guess this time he didn't talk about me last year in his keynote he mentioned me twice i guess that's because i was there and so i'm not on his mind there i guess although i'm sure he was thinking about me i don't know how he could not

[Podcast Co-host or Guest]

but anyway it's not just out of sight out of mind i guess but

[Peter Schiff]

anyway so in his speech he talked

[Podcast Co-host or Guest]

about this unique thing that he invented

[Peter Schiff]

digital credit and how it's like the

[Podcast Co-host or Guest]

hottest product because there's so much demand so many people want to buy it yet they're a bunch of fools who want to buy it but i think the supply of those fools is going to run out quickly but he also said it was a great deal for

[Peter Schiff]

the customers and a lousy deal for

[Podcast Co-host or Guest]

strategy like he said the reason it's so popular is because we're giving the customer such a good deal all right well why are you screwing over your shareholders but i know that i've heard him interviewed where he says how great it is for shareholders because we can just stop paying the dividend whenever we

[Peter Schiff]

want ha ha there's nothing they can do about it right so it's not

[Podcast Co-host or Guest]

such a great deal but he's trying to say how great it is because he wants people to buy stretch he doesn't really want people to buy strategy because if you buy strategy right now you're just buying it from somebody who's getting out the stretch a lot of that is new issuance and what is he doing with the money he gets sell and stretch he's buying more bitcoin he's the main buyer in fact bitcoin has gone down thirty percent in the last year despite all these companies i

[Peter Schiff]

don't know how many there are like

[Podcast Co-host or Guest]

a hundred i mean there's dozens at least of copycat mini microstrategies mini strategies that are doing exactly the same thing yet bitcoin is still down thirty percent we know who's buying who's selling ask yourself that question where are all these

[Peter Schiff]

bitcoin coming from because they're not just

[Podcast Co-host or Guest]

coming from the new mined bitcoin there's not that many of those right where's all the selling come from ask yourself that you know there's an old saying

[Peter Schiff]

you know at a poker table you

[Podcast Co-host or Guest]

know you don't know who the sucker is it's you if you're been buying bitcoin you're the sucker because the smart people have been selling everything these idiot treasury companies and etf buyers are willing are willing to take but he's talking about how great it is and how demand is and he conceded conceded that you can create credit out of any asset he said you could do the same thing that he's doing with bitcoin you could do it with the s and p five hundred you could do it with gold right he said you could do any asset but he said the best asset to create credit out of thin air is with bitcoin and he said the reason is bitcoin has the highest expected return he said the expected annual return on bitcoin is over thirty percent and since bitcoin has an expected return so high we can afford to give eleven percent to the preferreds right we can give up eleven because we're going to get the other twenty and you can't do that with stocks or gold or real estate because they

[Peter Schiff]

don't go up as much as bitcoin

[Podcast Co-host or Guest]

says who bitcoin has a thirty percent

[Peter Schiff]

expected return expected by whom who the

[Podcast Co-host or Guest]

hell how could you say over the

[Peter Schiff]

last five years has it done thirty

[Podcast Co-host or Guest]

percent no over the last year it's done minus thirty percent how could you say yes if you go back to when bitcoin was zero and compare it

[Peter Schiff]

to today sure but who cares you

[Podcast Co-host or Guest]

gotta throw out the first ten years no it was an afterthought back then this is a con there is no expected return that's the return he hopes for it has a hoped return the difference between bitcoin and stocks and gold

[Peter Schiff]

is the people who are buying bitcoin are dumb enough to think it's gonna

[Podcast Co-host or Guest]

go up thirty percent a year that's not a legitimate forecast look the fact that the sec lets this guy promote an obvious ponzi hardly anybody in the investment community calls this guy out nobody in financial media calls him out regulator don't trust anybody who doesn't call this what it is he's a fraud and these things are scams strategy's a scam stretch is a scam again i think that a year from now remember people who bought nakamoto lost everything between conferences the same thing might happen to the people who have stretch now maybe they may not lose at all maybe it might not maybe it won't go down ninety nine percent but it's probably gonna go down it could go down a lot depending on where bitcoin is because saylor may have to call off the dividend and if he doesn't call off the dividend strategy is gonna get killed so one of those two stocks has to get killed stretch or strategy

[Peter Schiff]

so

[Podcast Co-host or Guest]

we'll see what happens i was right to tell people not to buy bitcoin at the conference last year now of course they didn't have me this year now maybe one reason is they were fine letting me come and rain on the parade when bitcoin was one hundred ten thousand dollars and everybody could laugh at me because it was record highs you know the shoe's on the other foot right now right i would have a lot of fun i guess saying i told you so at that conference so i guess they thought hey let's not let's not invite schiff we don't need to remind people how bad bitcoin is doing in fact the reason that strategy has to pay people eleven point five percent to get money to buy bitcoin remember a year ago people were giving him money to buy bitcoin for zero percent they were buying convertible preferreds with a zero percent people were so excited to have exposure to bitcoin they were willing to lend strategy money for

[Peter Schiff]

no interest most people approach their health

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[Podcast Co-host or Guest]

investors don't want to buy strategy they have no interest in bitcoin but they are interested in a guaranteed eleven point five percent yield so that shows you how the interest in bitcoin has gone away now of course the people who think they're gonna get a guaranteed eleven and a half percent you know they got another thing coming they're not gonna get it they may get it for a little while but in the end they're going to lose money if they don't sell before the music stops anyway i want to spend the rest of

[Peter Schiff]

this podcast on the information i got yesterday from the irs you know and i had to sue the irs to get this extra information now i didn't get everything because they're still refusing they're appealing they filed their appealing well first they filed a motion to reconsider with the trial court judge where they lost

[Podcast Co-host or Guest]

and if they lose which they should

[Peter Schiff]

because i doubt the judge is just going to change his mind i mean he had a very thoughtful opinion then they can appeal to the appeals court but in the meantime they conceded some stuff and so they gave me some

[Podcast Co-host or Guest]

of the stuff that they need to

[Peter Schiff]

give me they still have a lot

[Podcast Co-host or Guest]

more and even in what they gave

[Peter Schiff]

me i got some more explosive information to prove everything that i alleged in my civil rights lawsuit that was dismissed

[Podcast Co-host or Guest]

with prejudice against every defendant i named meaning like i can't even sue them again even though they dismissed it without even addressing the merits of my case

[Peter Schiff]

and one of the things the judge

[Podcast Co-host or Guest]

said is well we're not gonna consider your foia evidence because you waited too

[Peter Schiff]

long to produce it and it's like whoa wait a minute the only reason it took me so long to produce it was because the irs illegally refused to provide it the irs is who i'm suing and they were covering up

[Podcast Co-host or Guest]

the information that proved what i was

[Peter Schiff]

accusing them of doing they did and

[Podcast Co-host or Guest]

so now you're going to reward the

[Peter Schiff]

irs for obstructing justice and covering up

[Podcast Co-host or Guest]

and violating foia by also giving all those agents who broke these laws a

[Peter Schiff]

with prejudice dismissal so we'll see i'm

[Podcast Co-host or Guest]

gonna add this new information that's more

[Peter Schiff]

damning to my appeal to the appellate court to overrule the lower court's decision and to allow my lawsuit that will

[Podcast Co-host or Guest]

win if it gets to be heard it's a winning lawsuit if anybody rules

[Peter Schiff]

on the merits to let it go to court now i got i put all this new stuff that i thought was most important up on the nine fraud website so after you do this podcast you can go to nine fraud and look at the exhibits and the most recent one on this newest foia foia evidence but let me let me find it i've got it i got it here so i'm going to look at two two emails look i'm drinking a lot of water because i'm trying to get over this cough i've had it for so long i finally went to the doctor this morning and he gave me a steroid shot in the ass and i've been taking some meds and so i'm not coughing as much but whatever i took i mean it's i it's making me feel kind of sick or tired so i'm drinking a lot of water but anyway just bear through it but i'm a trooper right i had to do this podcast anyway so this is an email from christina mazzella who's an irs agent and she's emailing the chief jim lee he's the chief of criminal investigation at the irs and she's copied the the pr director of criminal investigation at the irs the subject of the email is j five operating atlantis osef update that's the subject right now remember in my lawsuit i alleged that the irs the j five and osef illegally conspired to shut down my bank well here here's all the conspirators write in the subject of this email exactly what i alleged them of doing now when was this email mailed april sixth two and a half months before my bank was shut down so they're conspiring to shut down my bank two and a half months before it was shut down right exactly what i said this is not legal they cannot do that anyway i'm just going to read this here so per our conversation this morning the following points apply to the debanking of euro pacific by osif debanking so two and a half months before they shut down my bank and we're operating our bank under the assumption that everything is cool they've already decided that they're debanking us right now osef conducted an examination based on their normal examination procedures and annual renewal process now we didn't even know about this examination cuz we submitted our renewal and i guess they did an investigation to decide whether they wanted to accept our renewal

[Podcast Co-host or Guest]

they didn't they rejected it but they

[Peter Schiff]

did that in secret and and they didn't tell us and then when they shut the bank down in june they fined me a million dollars for operating a bank without a license and it was like five thousand dollars a day we got that reduced to three hundred thousand but people always want to say oh schiff paid this three hundred thousand dollars fine i didn't pay the fine the bank paid the fine but the fine was for operating without a license only we thought we had a license in fact not only did they not tell us that our renewal application was not approved they kept the money it was five thousand dollars they never sent it back they didn't say hey because we rejected your application and by the way when they rejected our renewal application why didn't they call the bank up and say hey you guys have to stop operating we didn't renew your license they let us continue to operate for another three or four months and then came back and said hey by the

[Podcast Co-host or Guest]

way i know we didn't tell you

[Peter Schiff]

this but for the last four months we let you operate even though we talk to you guys like every day you didn't even have a license so haha you owe us a million dollars right this is how these guys roll right but anyway so they did this examination and it said oh it says they did the examination and annual review

[Podcast Co-host or Guest]

process coupled with the negative media attention the bank was receiving including the australian sixty minutes piece the findings of the

[Peter Schiff]

exam included so they're admitting that i was under a microscope because of sixty minutes because of a defamatory broadcast that

[Podcast Co-host or Guest]

accused me of masterminding crimes that never

[Peter Schiff]

even took place right but it obviously did a lot of damage and it made osif feel whole you know we're under pressure right we gotta look at

[Podcast Co-host or Guest]

this bank here are the six findings that supposedly led to to my bank being shut down one failure of the bank to take corrective actions required by osef in the consent order that's a lie and i can prove that i have so much stuff we did every single thing that osef required us to do in that consent order and it was a big order and we did it all two failure of the bank to provide financial statements we couldn't provide the statements because our auditor quit the auditor quit because of the bad publicity and because of the bad publicity most auditors wouldn't take the job nobody wanted to be guilty by association who wants to audit a bank that's you know money laundering for the mob right that's what i was accused of but osef knew this they were working with us they were approving extensions to get the financials and it even says in here twenty twenty and twenty twenty one financial statements and have not been provided as the bank is unable to engage with an auditing firm yes whose fault was that right but they were giving us extensions so we didn't do anything wrong

[Peter Schiff]

three main principle of the bank which is me right did not provide requested documents and misrepresented facts in meetings with osef i had one meeting with osef and during that meeting i didn't misrepresent anything and every document they asked for was provided so that's another lie four capitalization was negative yes that's true it wasn't negative it was under what the legal minimum was it was still positive capital it wasn't positive enough but in that very meeting where she said i misrepresented stuff i offered to add seven million dollars out of my own account i said i will write a check for seven million dollars and put it into the bank right now to make sure we have more capital and she said you don't need to do that you're fine the way you are even though it's under you're okay until we finish reviewing the change of control and stuff like that

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[Peter Schiff]

a couple of weeks later my lawyer was on the phone with their lawyer and she said this is just to confirm we're good with capital we don't need to add any capital and they said yeah you got plenty of capital so to say that hey we're going to shut them down because they don't have enough capital give me a call hey peter you remember i told you you didn't have to put any more capital why don't you put some more in because otherwise we're going to shut you down no they wanted to shut us down right but i'll get to that in a minute then five determined ownership did not have knowledge or experience to operate a financial institution who's the owner me so somehow she determined that i didn't have enough experience or knowledge to operate a financial institution so what did she do she appointed a receiver who had no experience whatsoever the person she put in charge of the bank had never worked for a bank had never in any capacity whatsoever and i talked to this guy he is clueless about banking now i'm not saying i was a banking god but next to this guy i was so let's get rid of peter schiff and appoint somebody who knows even less about banking than he does but the fact that i the ownership even if i didn't know a lot about banking the people running the bank did the people that i hired to run it for me did i wasn't running the bank myself i was a shareholder i was the only shareholder by the time the thing was shut down but i was a shareholder and director i was not running the bank i didn't have a desk i didn't even have an email address at the bank so it didn't matter if i didn't know about banking the people who were actually running the bank on a day to day basis they knew a lot about banking that's why they were working there then the last thing was false representations to osef by whom nobody made a false representation to osef all the false representations were made by osef or by the irs nothing i said or anybody at my bank ever said was false so this is all a bunch of lies but what's significant about this list of six things is what's not on that list there's nothing on the list about lax aml compliance lacks kyc money laundering tax evasion none of the things that the irs and the j five claimed my bank was shut down for doing none of those things are actually on the list of what we were doing so it didn't even make it now here's also another part this is part of a press release too how many employees will lose their job if europack is the banked right here's what they wrote this was a priority point for osef and it was determined meaning like maybe initially osef didn't want to shut down the bank because they didn't want to put people out of work right it was determined that there were very few employees in puerto rico potentially only one full time employee that's a lie there was probably about ten that worked in puerto rico now the rest of the worked

[Podcast Co-host or Guest]

outside

[Peter Schiff]

of puerto rico but during the time the bank was shut down most of those ten employees were working from home so maybe on the one day they came to the office for the six there was one or two people there because they were working from home because it was during COVID and the lockdown was particularly brutal here in puerto rico but we had workers but this implies that the osive commissioner was like the irs probably said to the osive commissioner we want you to shut down this bank and she said well what about the jobs we don't want to what about the people that work there right so they had to convince her that there was no one working there and so she would agree to do it and then number two on this list the most important point to make this is about how to frame it with the press the most important point to make is concerning this question or this is the point is that osef as the financial institutional regulator decided on its own and in consultation with their governor secretary of the treasury and secretary of state to debank the financial institution so apparently this was a joint decision made by osef the governor the secretary of the treasury and the secretary of the state why did all four of these people have to decide if my bank really needed to be shut down why'd they have all why'd she have to go to the governor to do it why did she just do it herself the whole thing was bullshit that's why the question was hey the irs wants us to shut down this innocent bank that's done you know that provides jobs should we do it right cuz if it was an easy call she wouldn't have needed to consult with the secretary of the treasury and the secretary of state they believe the risk posed by allowing continued operation outraged the impact of loss of employment what risk there was no risk to let my bank continue to operate especially if they let me put in more capital look what look what's happened look at the risk they shut the bank down four years ago and hardly anybody's got their money maybe a dozen or two people out of three thousand five hundred customers the risk was shutting it down not leaving it open but here's one of the most important points a point that needs to be made here is the positive impact the j five investigation has on our j five partners and the reputations of the us and the irs the criminal and civil impact on taxpayers in the us may be minimal get that minimal meaning there's no crimes going on but the importance of this investigation was that we the irs were proactively investigating an area defined as high risk and or a tax haven jurisdiction by our j five partners and other foreign partners so the important part is not that the bank actually did anything wrong and that they actually put a stop to criminal wrongdoing the important part was that they investigated not what they found the important thing was hey at least we investigated the fact that it was a complete waste of time and the bank was completely innocent that's beside the point right our collaboration with osef since around december twenty twenty one that's the first time i learned the date they started talking december twenty twenty one six or seven months before the bank was shut down one month less than one month i'd say well no it doesn't say what day so about one month after my meeting where i offered to put in some seven million and where the osu commissioner said this is great we love the deal i hope peter schiff doesn't leave puerto rico she was everything was great she went a complete one hundred eighty from everything is great we love this bank to you know we gotta shut you down what changed the irs changed that's what happened anyway it says since december twenty first will aid osef in projecting their oversight responsibilities to other puerto rican ifes almost certainly increasing voluntary compliance with puerto rico laws and standards the action by osef and the public collaboration with the irs will have a positive impact overall in puerto rico by displaying their commitment to to prove strong oversight increasing confidence in the puerto rico financial industry the puerto rico governor secretary of state and secretary of the treasury also agree when the crs countries and or oecd countries list puerto rico as a high risk tax haven jurisdiction in the future the us department of treasury will be able to recall this action as proof that there are strong regulators there and that the appropriate inappropriate conduct will not be permitted there you have it they're saying that the important thing is not that my bank was innocent or guilty who cares about that the importance is what this does to our reputation and it's gonna help puerto rico because in the future if somebody wants to say hey puerto rico is high risk is a tax haven the government

[Podcast Co-host or Guest]

they can say look no look what

[Peter Schiff]

we did to euro pacific bank they were suspected of tax evasion and money laundering and we shut them down so in other words they took a bank that was completely innocent of money laundering and tax evasion shut it down so that they could say that they're tough on money laundering tax evasion now for all i know there are a lot of other banks in puerto rico that are helping their customers launder money and and evade taxes and nothing happens to them right cuz they went after the one bank that didn't do it and you know it's ironic too because you got this controversy with the southern poverty law group you know and what the trump administration is alleging there is that southern poverty law basically was funding the very insta the very you know extremist organizations you know whatever they call them fascist far right you know racist ku klux klan nazis whatever all these groups that they were saying look how bad these groups are they're coming after you send us some money and we'll put a stop to it right while they were fundraising off of these groups they were funding those groups they were giving these groups money so they could go out there and make these protests that would scare the shit to out of people who would then donate to the southern poverty law that's exactly what the irs and the j five did with my bank they took a completely innocent bank and shut it down and then said hey we have to protect you from banks like this you know we yes we're a good organization we're good regulators because look what we did see see how we put a stop to money laundering and tax evasion in puerto rico by shutting down a bank that that probably had the best aml and kyc on the island you know incredible but then okay then i got this other email but before i get to this i mean i read through all these pages and they're up on the website and there's one thing you can see in all the communications where the irs agents the ato agents in australia they're all talking for months and months about shutting down my bank all of it is how great this is for their public relations image none of it is like hey we're actually putting a stop to money laundering isn't it good that we're putting this bank out of business because these are all the bad things it's doing and this is why it deserves to be put out of business not a single email about that it's all about this is gonna be great publicity for us here's how we maximize the public relations benefit of this bank that we suspected laundered money and help people evade their taxes was shut down nothing about how the bank actually did it like hey here's the bank that is laundering money and is helping people evade taxes and we're gonna shut them down and that's great because that's gonna stop that activity not one mention in five hundred twenty pages not one page says that this bank did anything wrong all it says is we're gonna take credit for all the bad things that we thought they were doing right that should prove it there but anyway the other thing they kept saying is

[Podcast Co-host or Guest]

now we got a message make sure we say that osef did this on

[Peter Schiff]

their own we had nothing to do with the decision to shut down the

[Podcast Co-host or Guest]

bank just a coincidence we were running our investigation they were running theirs and you know before we had a chance to indict anybody or charge anybody osef just beat us to the punch and they shut the bank down and all we're doing is supporting their action we had nothing to do with it because if they told the truth that they had something to do with it well it would be obvious well wait a

[Peter Schiff]

minute if you had something to do

[Podcast Co-host or Guest]

with it why didn't you just indict him why didn't you indict somebody at the bank you had a criminal investigation

[Peter Schiff]

for two years you know i've heard that you know grand juries will indict a ham sandwich why couldn't you indict schiff why couldn't you indict a single person at the bank right well because they didn't do anything wrong okay well then why are you going over to puerto rico and trying to get osef to shut down the bank right well they were doing it because they couldn't do anything about the bank as the bank did nothing wrong so they had to somehow convince osef that despite the jobs that would be lost or whatever else that the pr benefits of shutting down this bank were worth it not just the pr benefits to the irs and the j five but the pr benefits to puerto rico hey puerto rico you'll win if you shut down this bank you'll be able to look good to the international community you'll be able to get off the list of high risk jurisdictions because you could show how tough you were on euro pacific bank and apparently they bought it right now

[Podcast Co-host or Guest]

this lie that they had to make

[Peter Schiff]

key to their plan which was the big part of my lawsuit this lie was carried out by the chief of the irs jim lee and natalia zachariah the osef commissioner at the staged coordinated press conference the osef j five irs press conference right the jim lee said the osu commissioner came to this decision this action completely on our own we had nothing to do with it right we support it but we had nothing to do with it and zachariah basically said the same thing right now i knew that i always thought well how could that be how did they have nothing to do with it i mean this press conference just spontaneously organized and they just showed up no they were planning this thing for three months but i got a letter finally provided to me by the irs after my lawsuit against them they didn't give me this letter until my lawsuit alleging that they did exactly what this letter proves they did was dismissed with prejudice now they finally give it to me right you know i wonder anyway you know i

[Podcast Co-host or Guest]

wonder if the reason they gave it

[Peter Schiff]

to me was because you know what i should do a foia request on that you know because they said that oh they mentioned that there was an investigation that was over now and so they were free to publish information i

[Podcast Co-host or Guest]

didn't know what that investigation was maybe

[Peter Schiff]

that was my lawsuit maybe they deliberately withheld this information because they knew i would use it against them in my lawsuit and now they don't care because the lawsuit's dismissed with prejudice but anyway

[Podcast Co-host or Guest]

cuz i sued zacharia and i sued

[Peter Schiff]

what's his name jim lee but jim lee i couldn't serve jim lee so because i wasn't able to serve him

[Podcast Co-host or Guest]

because he avoided service he got a

[Peter Schiff]

wiz prejudice dismissal how do you dismiss a guy with prejudice that was never even served right anyway so here is the letter you could see it it's from june twenty second so a week before the press conference natalia zacharia writes it to gary sharply or shapley irs agent and justin cole who is the pr guy for the irs and he's on pretty much every email it's either to justin cole or copying justin cole so that shows you right there if the irs head of public relations is on every goddamn email that has to do with shutting down my bank what does that tell you about the purpose of shutting down my bank it's public

[Podcast Co-host or Guest]

relations it is a pr stunt not

[Peter Schiff]

a legitimate regulatory action all of my customers my employees all of my own

[Podcast Co-host or Guest]

money in the bank was all sacrificed as a pr stunt for governments right

[Peter Schiff]

but anyway let me read this email in coordination and preparation for next week's enforcement action and press conference i have copied in this email mister francisco simadevia osef public relations consultant all right so more pr right showing you why are we doing this it's publicity mister chimedavia was debriefed this morning regarding osef's enforcement action against euro pacific international and irs

[Podcast Co-host or Guest]

ci collaboration in such action there it is smoking gun this says that the

[Peter Schiff]

irs collaborated with osef in the action the enforcement action against my bank i'll

[Podcast Co-host or Guest]

read it again we debriefed him regarding osef's enforcement action against my bank and the collaboration with the irs in that

[Peter Schiff]

action in the enforcement action the very action that the irs said osef decided

[Podcast Co-host or Guest]

on independently without any influence and here's proof that that was a lie but of course it also proves without the intervention of the irs my bank never would have been shut down there was no legitimate purpose for shutting it down

[Peter Schiff]

the irs wanted it shut down and the irs convinced osef to do it

[Podcast Co-host or Guest]

and that's all in these emails i'm not making this up this isn't a theory this is a fact that is

[Peter Schiff]

documented in their own emails and these are the emails i've seen god knows what's in the ones they're still hiding anyway he will also be drafting a press release for the enforcement action which as we previously discussed should be aligned with the irs press release so they want to align their own press release with the irs press release that doesn't sound like they're not working together they're aligning their press releases to agree with each other and now she asks kim adava right who cc'd he's the osf pr guy please reach out to mister cole irs director of communications to further coordinate the details of the press release and the press conference working together doesn't sound like they're totally separate they are working together the press conference is scheduled for thursday june thirtieth at three pm at osef's office additionally i wish to confirm that there will be it resources for our australian counterpart to present via video conference you know because if you look through all the emails australia was the country that was most involved uk a little bit and australia why australia that's where nick mckenzie is nick mckenzie's name is mentioned a couple of times in these foia requests now i saw his name for the first time of course he was also defended in my lawsuit that got dismissed saw his name but australia was heavily involved because that's where the sixty minutes broadcast was dato and so they were heavily involved in trying to smear my bank to try to validate the stories that have been written in australia and the sixty minutes piece but anyway so sharply replies and he says commissioner thank you for the call this morning concerning the press coordination that needs to take place in advance i have copied justin cole in this email a director of communications for irci he will be handling communications piece for our perspective and would benefit greatly from speaking to your public relations contact as soon as possible if you can reply back to us with your contacts that would be great i'm available anytime if you need anything from us so there you have it guys and gals i have all the evidence and i have a lot more evidence from the foia documents i already got that irs agents osef commissioner lied committed crimes closed my bank solely as a publicity stunt the only reason that they wanted to do this the only reason that puerto rico agreed to do this was because it would help puerto rico banking to pretend they shut down a bank that was laundering money and evading taxes because they would look good and of course the irs needed it there was no negatives for the irs they had to convince puerto rico to do something that they otherwise would not have done because they were the main benefits irs and the j five cuz they said it they want the j five to look tough they want to be able to tell people we are cracking down on tax evasion money laundering wherever it is we will go all the way to puerto rico to stop tax evasion money laundering what they didn't say is there was no tax evasion money laundering happening in puerto rico i mean maybe there was but none of it was happening at my bank so shutting down my bank did nothing to stop money laundering or tax pay now did it scare some people out of doing it i don't know i doubt it but what i do know is puerto rico's image has been harmed because look at the fiasco with my bank based on what's happened to my bank and the customers of my bank nobody in their right mind should have a bank account in puerto rico the regulators are corrupt look what they did look what they're continuing to to do what kind of message does that send you put your money in a bank in puerto rico that's completely solvent and has no debt it says one hundred percent reserve bank the government claims they've got to shut it down to protect you when you don't need any protection and then four years later you haven't got any of your money what kind of publicity is that what kind of message does that send to potential customers of puerto rican banks since my bank was shut down several people several i mean more than three i forget the amount contacted me because they wanted to open banks in puerto rico and they're like hey peter schiff had a bank in puerto rico let me give him a call every single one of these people i talked out of doing it i said you gotta be crazy to open up a bank here and i told them why i i told them what happened to me and they said all right thanks for the warning we'll open up a bank someplace else so it backfired right they got in bed with the irs and they got screwed you know i wish osef would come clean right and just say yeah you know we feel bad we never should have let the irs bully us around you know blame it on zakaria she's not the she's not the commissioner anymore you know say hey you know she was a young girl gal lady i don't want to be sexist here but hey she didn't have much experience either and these big gringos pushed her around blame it on the gringos taking advantage of her all these big guys came in and beat up this poor woman but apparently though the governor bought into it too and the secretary of this treasury and the secretary of the state but here's all the information now i know there are some people that are saying well peter why do you keep talking about about your bank why are you beating a dead horse well the horse ain't dead yet but this is important stuff this is massive criminality in the united states at the highest levels and i have all the proof this is not some conspiracy theory this is fact people should be outraged not just because i'm the victim but because of who the perpetrators are the government if they do this to me and i can prove it how much bad stuff are they doing to other people who can't prove it this is the problem we need to be up in arms that the us government could do this that there are some corrupt judges like the judge sitting on the bench that threw my lawsuit out what about all the corruption in the media what about the new york times nobody is covering this story nobody cares about true corruption in government yeah they care about fake corruption but what the media mainly does with real corruption real lawlessness on the part of the government they don't expose it they cover it up freedom of the press is about exposing government corruption not about covering it up not about protecting the government from the people it's about protecting the people from the government and that's what the courts

[Podcast Co-host or Guest]

are supposed to be doing too and

[Peter Schiff]

they're not doing that so people should be outraged by what's going on you know i wish i had a good discussion about this when i did the tucker carlson show and some reason the mic went bad during my entire discussion of this and it didn't make it into the interview if you saw my tucker carlson interview and you wonder why it ended abruptly there was like another three quarters of an hour of discussion that's why but in that discussion was all the stuff about my bank and

[Podcast Co-host or Guest]

the illegal things the government did i

[Peter Schiff]

hope i get another opportunity to be on tucker but i should be on all these podcasts right all the popular podcasts joe rogan should have me on to discuss this candace owen who's got a big podcast now should have me on anybody who's got a big podcast should be having me on to expose this corruption and if donald trump really cared about government corruption about cleaning a swamp he should start with the irs that swamp is deeper than anything so i've got all the evidence and if you go to nine fraud com you got all the evidence too so tell people about it but post about it you know when anyone's talking about government corruption you know especially if our government wants to talk about how corrupt iran is right if you live in a glass white house don't throw stones right we can't call other governments corrupt when we are corrupt right let's get our own house in order first that's what i'm worried about you know i don't even care too much about corruption in iran i'm not iranian i don't live there the iranian government doesn't do anything to me i care about corruption in the us government i'm an american and that's what directly impacts me and that's what directly impacts every american and by the way if you're an australian your government's corrupt too right there's a lot of evidence there but it's the us government and the puerto rican government i live in puerto rico i wish the puerto rican government wasn't corrupt imagine how successful this country would be or island imagine we don't have to pay the federal income tax what a massive benefit that is can you imagine what florida would be like today if it didn't have to pay any income taxes if you could go to florida and not have to pay any federal income taxes and not have to pay any capital gains taxes if that's what florida was like and the only thing that you gave up was florida no longer had any senators and no longer had any representatives but you had no income tax could you imagine the standard the booming florida would be truly the hottest place on earth not like you know trump describes you wouldn't even recognize it the wealth that would be every company every company in america would be headquartered in florida i mean it is such an advantage the corporate tax rate if you look at the corporate tax rate in most states now florida doesn't have a state corporate but when i was living in connecticut the combined federal and state corporate tax rate was about sixty percent you pay twenty one percent corporate tax then when you pay yourself a dividend you pay thirty seven percent federal tax and seven percent state tax so the effective tax rate on corporate income was about sixty percent you know what the effective tax rate on corporate income is in puerto rico four percent four percent versus sixty percent how much more successful would a corporation be if it could pay four percent tax instead of sixty percent just imagine so the reason that this place is not experiencing the boom of all economic booms the reason we're not singapore and dubai and hong kong all rolled into one and then double is because of the puerto rican government yes they get a little help from the jones act that that makes things worse but if we just had a smaller efficient non corrupt government the sky would be the limit for puerto rico and it breaks my heart that it's not happening i really wish this place could experience the type of economic boom that is only denied because of its government and the government tries to make believe that the reason is because we're not a state that's what's screwing us up no that's the best thing we got going for us not being a state if we became a state that would make it even worse anyway and apparently because i said something like that at a conference here in puerto rico i got the former governor really mad at me because he was a pro statehood guy and so apparently that also might have been why they wanted to

[Podcast Co-host or Guest]

shut my bank down to get back

[Peter Schiff]

at me for telling the truth to people but by the way i told that at a conference where people were considering moving to puerto rico and i only said that in response to a question somebody asked a question after i was telling everybody how great it is in puerto rico and how you should move here and move your business here and and hire people here and i was there for free promoting puerto rico somebody says well what if they become a state cuz he was worried that he would come down here they'd make a state and then it would blow the whole thing up and i explained why it wasn't gonna be a state and i went over the benefit of not being a state and i said and that got written up in the newspaper here and then the governor called me out and started saying this gringo this is terrible you know he got rich in the us with the benefit of statehood and he wants to deny the benefit of statehood to people here you know what i may have gotten rich in a state but i would have got even richer had i been

[Podcast Co-host or Guest]

in puerto rico the entire time with

[Peter Schiff]

those tax breaks oh and by the way i chose to move from connecticut to puerto rico i chose to give up statehood to live in a territory why did i do that cuz i thought it was better right so the whole thing was ridiculous but that got the governor you know i got on

[Podcast Co-host or Guest]

his bad side even though i was

[Peter Schiff]

helping the country i mean or puerto rico and in fact so many people ask him why do you live in puerto rico peter schiff peter schiff now a lot of it was because i talked about it several times on the

[Podcast Co-host or Guest]

joe rogan show back in the day when i used to go on the

[Peter Schiff]

show i talked about puerto rico and a lot of people who are fans of joe rogan and me but you know but they heard these discussions they ended up moving to puerto rico so i've done a lot of good i've

[Podcast Co-host or Guest]

done nothing but good things for puerto rico and they repaid me by knifing

[Peter Schiff]

me in the back anyway and i'm still fighting like hell to protect the customers of that bank that we now know for sure the fraud with respect

[Podcast Co-host or Guest]

to the way it was shut down

[Peter Schiff]

anyway this has been a long podcast

[Podcast Co-host or Guest]

i had no idea i'd be doing

[Peter Schiff]

it this long hopefully some people are still are still watching it cause this is you know maybe i'll have to

[Podcast Co-host or Guest]

make a new podcast just with this stuff about the bank a special video

[Peter Schiff]

so people will see it for all the people who did stick around because

[Podcast Co-host or Guest]

i think it's important and we gotta spread the word not only do we

[Peter Schiff]

gotta spread the word about the economy

[Podcast Co-host or Guest]

and about the dollar and about gold

[Peter Schiff]

and about how people can protect themselves but we gotta spread the word about this corruption because we gotta bring it to the surface we gotta shine a

[Podcast Co-host or Guest]

light on it we can't just let it alone or it's gonna grow it's gonna expand right we gotta cut it

[Peter Schiff]

off if we can and so you

[Podcast Co-host or Guest]

know we just gotta yell from the rooftops and when anybody tells me hey peter stop talking about this i can't stop talking about it because it's not just about me it's about the country it's about the country that my kids are gonna grow up in and your kids are gonna grow up in what kind of country do you want it

[Peter Schiff]

to be do you want it to

[Podcast Co-host or Guest]

be a corrupt country or do you want your kids to grow up in a free country right i prefer freedom and we're not gonna have freedom if we give it up and if we allow corruption and the government knows they can get away with it then it's more and more and more you've gotta defend it it's not free right you've

[Peter Schiff]

got to protect it or you will lose it that's it for now i

[Podcast Co-host or Guest]

think my next podcast this time i said it last time and i didn't do it but this time the next one i'm going to do is on friday the shift gold friday market wrap

[Peter Schiff]

so don't forget about that if you're not a subscriber to the shift gold youtube channel go and subscribe subscribe to

[Podcast Co-host or Guest]

this one hey by the way my x account this week topped one point four million so if you're not following me on x follow me i gotta catch michael saylor because he just hit five million so more people should be paying attention to me than him so if you're not following me on x

[Peter Schiff]

add yourself to the group and tell

[Podcast Co-host or Guest]

your friends and again if you like this podcast like it give it a

[Peter Schiff]

thumbs up leave me a comment bye for now

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