I wonder what he himself is invested in, if he even has any investments outside his operating companies? Index funds? BTC? lol
https://www.nytimes.com/2022/08/09/business/euro-pacific-peter-schiff.html Two months after regulators there suspended the boutique online bank, the outspoken libertarian economist said he had agreed to return $66.7 million in deposits.
1-Peter Schiff is perma-bull on Gold, perma-bear on US$ and perma-bear on BTC. His son is/was bullish/long BTC. Not much value to follow him if he never changes his mind regardless of changes in the economy. 2-Peter was found innocent of money laundering charges at his bank. 3-Peter sued Australia media outlets for defamation (re bank accusations) and won >$500K. 4-Peter recently sued the IRS for withholding evidence which caused him to shut down his bank. 5-Peter lost a decent payday when he had a buyer set up to buy the bank but the regulators refused the sale. Harmed Peter and the bank customers as their money was tied up until the investigation was over. ***I followed Peter daily on X during this fiasco. Dirty government deal. Believe his net worth is around $100M so he's done something right or just lucky. https://www.dailywire.com/news/cour...onomist-orders-them-to-pay-massive-settlement
He settled the defamation suit for $360K. He absconded with depositor's funds. He filed false and wildly exaggerated disclosures during his Senate run.
That was his mistake all along. He thought the Fed would just sit there and allow a deflationary depression to occur like what happened after the Banking holiday in 1932. Bernanke was the perfect chairman at the time of the GFC since he was a scholar of the Depression at Princeton. The mistake of the Fed, according to Bernanke, was raising rates in 1937 which led to another collapse in 1938. That is the reason he never once wavered from his endless QE and his subsequent Operation Twist (to lower long term rates). He was afraid of the Ghost of 1937 past. Schiff & his ilk along with the permabears on ZeroHedge had a static view of the Oligarchs and what they were willing to do to combat a potential Depression. Every permabear I ever encountered online was a value investor who already made their money & just wanted to preserve it so it made sense for them. They were all Austrian hard money people as well, but the time of Gold reserve isn't coming back. This included Gonzalo Lira, Of Two Minds, the guy who ran The Ticker, blogger named George Washington, the Calculated Risk blog & most of the ZeroHedge commentators.
Schiff stole depositor's funds and promised them back within months. It took him years to cover the debit. He's a POS.