Peter Schiff Blames Regulation For Banking Crisis
Amid economic turmoil and banking instability, economist Peter Schiff has offered his sage advice: blame the government.
According to Schiff, the root cause of the current financial crisis is “too much government regulation.” Because, of course, if there’s one thing that’s never caused problems in the financial world, it’s a lack of regulation.
Although the housing market’s collapse primarily drove the 2008 financial crisis, Schiff seems convinced that the real culprit was government meddling.
The rest of the world is scrambling to identify the most effective ways to safeguard their economies. However, Schiff is busy blaming regulators for shutting down his bank due to non-compliance.
Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money.
— Peter Schiff (@PeterSchiff) July 3, 2022
Meanwhile, in the wild world of cryptocurrency, former Coinbase chief technology officer Balaji Srinivasan is making some bold predictions about Bitcoin’s future.
According to Srinivasan, the beleaguered cryptocurrency is set for an “epic comeback,” with prices predicted to hit $1 million within 90 days.
Of course, this prediction is based on the assumption that the US dollar is about to face catastrophic deflation. That would lead investors to flock to the relative safety of Bitcoin.
Who needs facts when you’ve got blind optimism? Surpassing $30,000 will pose a challenge for Bitcoin, let alone achieving a seven-figure status.
So there you have it. Some people blame the government for everything from banking collapses to bad weather.
Others believe in a digital currency that can change the world but lacks mainstream adoption.
Peter Schiff undoubtedly would use both as an excuse for gold not peaking at new all-time highs.
It’s enough to make you wonder if anyone actually knows what they’re doing.
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