I think it's complicated & I have a suspicion as to why.
Take a deep dive into the family, then you'll begin to understand why governments & the corporate media would want to take down his bank. His father was Irwin Schiff, author of the below book.
That book above (as well as others he wrote) details how the US government illegally steals wealth from its citizens by imposing an income tax. Why is it illegal? Because there's no law that states a US citizen must pay an income tax. As a result, that book was banned from sale for sometime. In the clip below, Peter makes a comment that several lawyers & even judges agree with Irwin Schiff (off the record) & that he's right. There is no law that states a US citizen must pay an income tax, but people are still jailed for not paying their tax.
It's at the 50 second mark in the interview below.
Peter, like his father, is a libertarian. He believes in small government, personal responsibility, a government that should follow the constitution & sound money (gold). That's a dangerous concept many organisations, mainly central banks, & governments don't want to spread around the world.
Peter's bank (before the Feds shut it down) was a unique bank, a one of a kind. Every bank in existence today operates under a fractional reserve system. Essentially, these banks increase the amount of money in circulation (inflation) by loaning money out whenever someone deposits money into their account. Peter's bank didn't do that, it didn't make loans or increase the money in circulation. It wasn't a fractional reserve bank, it kept 100% of the depositor's money.
Today, if there's a run on the bank, the vast majority of people would lose their money, because the bank doesn't have your money, it's gone! Loan out! Peter's bank was 100% reserve, so if every single customer rocked up on the same day to demand their entire holdings, Peter would be able to give everyone their cash. The problem is, Peter's banking model wouldn't work in our financial world, not if every bank operated under that same model, because we live in a debt based monetary system. The financial system needs debt, it's required to create money. That's how money is born, through debt. How's debt going to be created through a banking system that's 100% reserved? That's the problem with Peter's bank. Plus, governments & central banks wouldn't be able to steal your wealth through inflation with a bank that keeps 100% of its cash. Governments' need fractional reserve banks!
Peter is a giant critic of the US government & all governments in general, so it's probably within their interest to shut him down as much as possible, just like they did to his dad. You can understand why they went after him.
If you listen from the 1:16:40 mark it gives a background into central banking. The whole Zeitgeist series makes interesting viewing, lots of links on YouTube.
