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On June 30, 2022, the Office of the Commissioner of Financial Institutions of Puerto Rico suspended Euro Pacific Bank, which is owned by contrarian investor Peter Schiff.
The agency responsible for this move is also known in Spanish as Oficina del Comisionado de Instituciones Financieras (OCIF). Schiff was adamant about how his bank was not breaking any laws. On July 3, 2022, Schiff tweeted : Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues … As a result accounts are frozen and customers may lose money. According to Kevin Helms of Bitcoin.com , the OCIF announced on June 30 that it issued a “Complaint and Cease and Desist Order” and a “Temporary Order Designating Trustee” against Euro Pacific Intl. Bank Inc.
“The order mandates the suspension of Euro Pacific’s operations … due to its crass noncompliance with the minimum capital requirements,” the OCIF outlined. “Further, the order imposes on Euro Pacific administrative fines totaling $765,000.00 for various violations to the laws and regulations administered by OCIF.” The Puerto Rican regulatory agency stated the following:
“Euro Pacific’s serious insolvency situation constitutes sufficient legal justification for OCIF to undertake the administrative action announced today.”
On its website, Euro Pacific Bank posted this statement: We are complying by pausing transactions until at least July 7, 2022, in order to review their request. Schiff has recently been attempting to sell Euro Pacific Bank. However, the financial commentator claims that OCIF has halted the sale.
“I have a buyer for the bank. But regulators won’t let me sell it,” In a tweet, Schiff asserted that the buyer is “highly qualified” and has vowed to “inject capital far in excess of regulatory minimums.”
Schiff continued: “They want to liquidate it so the media, the IRS, and the J5 can pretend it’s being shut down […]
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Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker