Peter Schiff: Biden’s Bank Bailout ‘Only Applies to the Banks They Like’

BONGINO I thought they ░░░░░░░░ t like big banks ░░░░░░░░ Democrats Ha You fell ░░░░░░░░ that That s really ░░░░░░░░ Talking about the libs ░░░░░░░░ the way they are ░░░░░░░░ suckers They fall for ░░░░░░░░ Oh we re in ░░░░░░░░ for the little guy ░░░░░░░░ You mean like the ░░░░░░░░ banks Because they just ░░░░░░░░ all the risk off ░░░░░░░░ big banks and put ░░░░░░░░ on your back the ░░░░░░░░ Listen we all know ░░░░░░░░ this is going The ░░░░░░░░ wants nothing more than ░░░░░░░░ replace our paper dollar ░░░░░░░░ a centralized bank digital ░░░░░░░░ But it can t ░░░░░░░░ overnight they need a ░░░░░░░░ first of course First ░░░░░░░░ government has to back ░░░░░░░░ banks after the crisis ░░░░░░░░ effectively take them over ░░░░░░░░ they can become the ░░░░░░░░ You see see how ░░░░░░░░ works So just a ░░░░░░░░ recap for you major ░░░░░░░░ goes under government swoops ░░░░░░░░ and rescues it eliminates ░░░░░░░░ risk for the investors ░░░░░░░░ depositors at the bank ░░░░░░░░ it on the taxpayer ░░░░░░░░ effectively nationalizes the banks ░░░░░░░░ once they have complete ░░░░░░░░ of our money they ░░░░░░░░ complete control of us ░░░░░░░░ it becomes kind of ░░░░░░░░ turnkey tyranny Just like ░░░░░░░░ China You can stop ░░░░░░░░ but you gotta vote ░░░░░░░░ me now is chief ░░░░░░░░ at Euro Pacific Peter ░░░░░░░░ Peter you heard the ░░░░░░░░ Am I being hyperbolic ░░░░░░░░ we just effectively de ░░░░░░░░ nationalize our banks with ░░░░░░░░ implicit guarantee Schiff Well ░░░░░░░░ And you know the ░░░░░░░░ guarantee only applies to ░░░░░░░░ banks that they like ░░░░░░░░ the ones that they ░░░░░░░░ systemically important or too ░░░░░░░░ to fail You know ░░░░░░░░ the U S government ░░░░░░░░ is they created a ░░░░░░░░ on all the smaller ░░░░░░░░ banks because they don ░░░░░░░░ have the implicit guarantee ░░░░░░░░ deposit is at risk ░░░░░░░░ those banks if you ░░░░░░░░ more than 250 000 ░░░░░░░░ so now perversely what ░░░░░░░░ happening is people are ░░░░░░░░ to pull their money ░░░░░░░░ of sounder solvent banks ░░░░░░░░ to put their money ░░░░░░░░ insolvent banks so the ░░░░░░░░ of what would happen ░░░░░░░░ a free market BONGINO ░░░░░░░░ Peter I mean it ░░░░░░░░ just kind of odd ░░░░░░░░ they keep claiming to ░░░░░░░░ against big business and ░░░░░░░░ big banks while making ░░░░░░░░ business bigger and big ░░░░░░░░ bigger I mean Bank ░░░░░░░░ America just got 15 ░░░░░░░░