Thursday, August 9, 2012

Peter Schiff Opens Hard-Money Bank

You can open accounts in dollars or gold bullion at the new Euro Pacific Bank Ltd, launched by Peter Schiff. this is an awesome idea

You can even get a “gold debit card” that you can use anywhere in the world. It’s backed by actual gold, which converts to whatever currency you’re needing at the time you visit an ATM.

There's one catch if you are an American: you can’t open an account at this bank if you’re a U.S. citizen.

U.S. security laws have become so intrusive, burdensome, and expensive to comply with, that it made it difficult for Schiff to offer the services in the U.S. So, Schiff opened his bank offshore, in St. Vincents and the Grenadines. It operates outside the jurisdiction of U.S. security regulations, and does not accept accounts from American citizens or residents.




68 comments:

  1. American's forbidden from opening accounts....did I miss something? I thought We were the Land of the Free?

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    1. BAhahahahahahahahahaha

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    2. LMAO. I hope that was a joke. The USA is the land of the prisons. No other country on earth has a higher percentage of its population in jail...did you really not know that?

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    3. It appears to be Schiff who forbids you from opening an account if you are an American, not the US itself. He finds the restrictions too onerous (he's probably right), but there's no implication that it's impossible.

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    4. Many foreign banks are refusing to take on American customers because the US banking laws are cumbersome intrusive and the US starts demanding to see how much which American citizen has, transactions, dividends, interest and so on. It's a major headache. Peter is just doing what many foreign banks are already doing.

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    5. Americans are fast becoming persona non grata in international finance thanks to their greedy, imperial government. My advice to Americans would be to try and get some sort of official documentation that would allow you to pass yourself off as a Canadian, even if it's just in case.

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    6. Hey Goldhoarder....yeah, it was a joke, I hope you know that...lol If not then just take a look at my blog Militantjeffersonian which, is banned on federal servers as being potentially seditious.

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    7. A police state is a small price to pay for living in the freest country on earth.

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    8. Holy crap, "imperial" now means "taxing your own citizens?" I can't keep up with the shifting goalposts.

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    9. Holy crap, "imperial" now means "taxing your own people?" I can't keep up with the shifting goalposts.

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    10. "taxing your own people," i.e. theft

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  2. Yeah... I've been talking about it for years. If only they would now offer a possibility to keep my trading account in gold too. That's the money I worry about 24/7.

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    1. BBH - we (Euro Pac Bank) offer a free brokerage account - you only pay when you buy/sell. You can buy gold related securities with the brokerage account, and we also allow you to purchase Perth Mint gold directly through our internet banking system. Feel free to email me if you have questions - zack at europacbank dot com.

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  3. Here is a link to Schiff's bank: http://www.europacbank.com/index.php?page=home-pass

    Mr. Wenzel, from the limited amount of information that I could find about this bank, I was unable to confirm that it is a 100% reserve bank. I emailed the bank but did not receive an answer. Could you contact the bank and have them state clearly if it is a 100% reserve bank or not?

    Readers might also be interested in the Free Lakota Bank: https://www.freelakotabank.com. It is operated by the Lakota Nation in South Dakota. It has two parts: a 100% reserve silver deposit bank and a separate silver loan bank.

    Augustus Van Dusen

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    1. Augustus,
      We are a 100% reserve bank. You'll notice from our website that we do not advertise loans. We also do not engage in any funny business with client funds (MF Global, etc.)

      You can email me if you have further questions

      zack at europacbank dot com

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  4. I was all excited until I got to the end.

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  5. what about dual citizens??

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    1. Sure, as long as neither of the countries is the USSA.

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    2. If you use your "other" passport and don't tell them you're a US citizen then it gets them legally off the hook.

      Just don't utter a word about being dual....

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    3. Zack from Euro Pac Bank here. We really cannot have US citizens, residents or US corporations as clients - even if you are a dual citizen. You can email me if you have further questions - zack at europacbank dot com.

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  6. Where can I sign up? Oh...

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  7. I actually work at Euro Pacific Bank. I read EPJ religiously of course, and was pleasantly surprised to see that Bob wrote about our bank. If anyone has any general questions I can answer them here. You can also write me - zack at europacbank dot com.

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    1. What is the minimum amount in USD which you can invest in gold? If I sell the gold I buy through your services, can i transfer the cash into another bank's account? I am not an US citizen but i have a bank account in the US. Can the cash be transfered there whenever i please?

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    2. Owning gold securities is not the same as owning physical gold. There is not enough physical gold to honor all the paper people hold SAYING they own gold. If you can't buy physical, don't bother.

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    3. vincent.le@europacbank.comAugust 10, 2012 at 12:08 PM

      Leandro - minimum gold purchase is $100 USD. You can sell the gold 24/7 and wire the USD proceeds to any bank in the world, granted you are not a US citizen.

      Wire transfers are sent the following business day. Conversely, you can wire funds into Euro Pac Bank from any bank in the world, including US banks.

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    4. You can own physical gold with Euro Pacific and they will store it and when you want it, gold or silver coin will be delivered to you.

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  8. So how does that work with Peter himself? Can he not have an account at his own bank?

    I assume he's still a citizen of the US, no? (I know he had to have been to run for Senate a few years ago, and I feel like it would have made news if he renounced.)

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  9. keep your money with you. No need to send it overseas.

    - signed, Barry Soetero

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  10. Hi Joe,
    Peter is the owner of the bank, but you are correct in that he cannot have his own account with the bank. We have to be strict with our policy on refusing US citizen accounts. Zack at europacbank dot com if you have more questions.

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  11. I would love to open an account at Mr. Schiff's bank. Thanks America! Thank you for protecting me from this otherwise awesome choice I could have made. "Freedom" is the only way yeah!

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  12. I was saddened until I read the last paragraph explaining that this would be an offshore bank, because we all know that banks like these that are based in the USSA will eventually fail or be looted and shut down by the "Government".

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  13. I got into a big argument (http://hotair.com/headlines/archives/2012/07/25/house-passes-ron-pauls-audit-the-fed-bill-327-98/#commentform) with some FedRes cultist a couple of weeks ago. He kept averring rather strenuously that one could, in fact, start a private currency without any interference from the FedGov.

    I guess that's not the case, after all.

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  14. I have double citizenship. Can I open one?

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    1. vincent.le@europacbank.comAugust 10, 2012 at 11:42 AM

      Leandro - minimum gold purchase is $100 USD. You can sell the gold 24/7 and wire the USD proceeds to any bank in the world, granted you are not a US citizen.

      Wire transfers are sent the following business day. Conversely, you can wire funds into Euro Pac Bank from any bank in the world, including US banks.

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  15. Will that bank function as 100% Reserve Bank or as Fractional Reserve Bank?

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    1. vincent.le@europacbank.comAugust 10, 2012 at 11:32 AM

      1:1. Euro Pacific Bank has a no-lending policy and engages in no proprietary trading of client funds. It is a transaction-based bank.

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  16. Good for Peter Schiff! And love it he will not open accounts for U.S. Citizens. This highlights the stifling system the U.S. 'State' has developed. Based on interest I read here, I predict it is only a matter of time before 'the smart people' find a way around this, and either the U.S. 'State' lightens up, or continues to decline. Check out the end scene in the movie Scarface with Al Pacino, where he is doing so much Coke he is oblivious to everything. His face falls into a pile of the white stuff, and his end is near. The Fed, The State is the coke addict.

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  17. USSA = should read U-ASS - United American Socialist States

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  18. What about foreign corporations owned and managed by US citizens?

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    1. vincent.le@europacbank.comAugust 10, 2012 at 11:28 AM

      Unfortunately no, the beneficial owners/managers cannot be US citizens.

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  19. You can't open an account if you are an American citizen. New firepower for the idiotic "freest country" nonsense.

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  20. Can non-US corporations open accounts?

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    1. vincent.le@europacbank.comAugust 10, 2012 at 11:27 AM

      As long as the beneficial owner(s) are not US citizens or residents.

      Best,

      Vincent

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    2. Anonymous bearer share corporations?

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  21. No surprise, really. Honest banking has been illegal in the U.S. for a century now.

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    1. True, but now the US government even bans banking outside the US.

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  22. I don't understand, from the FAQ's section is says: In order to use your debit card, it must be funded with cash. In additional to your initial minimum deposit, more cash can be placed into your Euro Pacific Bank Account at any time via wire transfers. You then fund your debit card from monies held within your Euro Pacific Bank Account and use the debit card to make any purchases you wish world-wide. You can also increase the balance in your Euro Pacific Bank Account by selling the gold reserves you hold in your gold portfolio. All transactions for gold trading are denominated in USD and charges apply to both the buying & selling of gold.


    So if you have to fund it in cash, what's the point?

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    1. vincent.le@europacbank.comAugust 10, 2012 at 11:23 AM

      Let me clarify - the gold account and bank account are separate.

      When account holders want to spend some of their gold holdings, they first liquidate some of it online and then the proceeds become available in the USD bank account to spend using the debit card.

      This way, cardholders can safely spend only what they authorize.

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    2. So how is this different than buying gold online and selling it when you need the funds? Is liquidation guaranteed immediate and transfer of cash done within minutes?

      I own gold. I sell it when I need cash. This takes me all of one day. Why would I need to open an account at Schiff's bank?

      I love Schiff and just want to understand this issue better.

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    3. vincent.le@europacbank.comAugust 12, 2012 at 1:20 PM

      For convenience - gold to cash conversion is done online and within minutes.

      Second, having assets in a jurisdiction other than your own that can supplement your current holdings.

      Feel free to e-mail me if you have any more questions.

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  23. This is like handing your ice cream for safekeeping, to a fat chick at the fair.

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  24. But, hard money is legal in Utah!

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  25. Wait - why can't US Citizens partake in this?

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    1. Vincent at europacbank dot comAugust 10, 2012 at 9:33 AM

      Peter explains in more detail here: http://youtu.be/VDi7FLcH7iY

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    2. Vincent at europacbank dot comAugust 10, 2012 at 9:36 AM

      Peter explains in detail on his YouTube webinar: youtube .com/watch?v=VDi7FLcH7iY

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    3. vincent.le@europacbank.comAugust 10, 2012 at 11:47 AM

      e-mail correction: vincent.le@europacbank.com

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  26. Is there a list of which countries are excluded? Is it only US citizens or are there others?

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    1. vincent.le@europacbank.comAugust 10, 2012 at 11:13 AM

      Exclusions include the US, all Organization of Eastern Caribbean States (OECS), and OFAC sanctioned countries.

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  27. Technically, most Americans AREN'T "US Citizens" under the statutory definition (most are not domiciled in D.C. or federal territories, and are not public officers receiving federal privileges). But most people use and sign standard IRS and various government forms prejudicially worded to say that they are, thus creating the paper trail can be used to presume they are. Conforming to paperwork and procedures that are hardwired to have the tax code misapplied to them, puts them under that onerous jurisdiction. In America, the modern slave puts their own chains on.

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  28. I couldn't agree more with your statement, but try to live and work in this country without paying homage to the thugs who control our government (Fed Reserve via IRS) and you will get prison time and have your assets siezed. But hey, at least you won't have to pay for your room and board anymore. Leave the USSA. Its the only option that I know of. Know a better way? I would truly like to hear about it.

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  29. This is a perfect example of the U.S. destroying itself. Despicable.

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  30. Where the Money Lives

    Little noticed in the academic discussions of financialization is the role of offshore tax havens, one of the big reasons the financial sector has become so powerful. In 1966, Michael Hudson, a young Chase Manhattan balance-of-payments economist, was in a company elevator when he was handed a memo by a former State Department operative. The memo came from the U.S. government, and Hudson was tasked with figuring out how much foreign money the U.S. might attract. “They were saying, ‘We want to replace Switzerland,’ ” Hudson explains. “All this money will come here if we make this the criminal center of the world. We wanted foreign criminal money, which was patriotic, but not American criminal money.”
    The money sucked into Tax Haven U.S.A., often via the “feeder” tax havens, is frequently tax-evading and other criminal foreign money, in the spirit of Hudson’s 1966 memo, and it is predominantly channeled not into productive investment but into real estate and financial business.
    http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts

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  31. I bet they do not want U.S. citizen account holders because the government will confiscate citizens' gold in the event of martial law.

    Am I right?

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  32. I am not surprised that peter wants to help americans. He is making every effort to do just that. Ran for the senate appears on many internet and other shows giving the truth out. PETER for president!!! :)

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  33. Funny how China is becoming more like America USED to be and how America is not becoming a CONTROLLING STATE more like China used to be... Money / Debt makes governments and its citizens even change their values and priorities... how sad... From your Canadian neighbour who is not that much better off either.

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  34. Schiff is serving a 13-plus year sentence for tax crimes with his location listed as the Federal Correctional Institution at Fort Worth, Texas. His projected release date has been changed from October 7, 2016 to July 26, 2017.[1] Schiff is the father of former United States Senate candidate Peter Schiff.

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