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Wikipedia

Peter Schiff

Peter David Schiff (/ʃɪf/; born March 23, 1963; nicknamed "Dr. Doom")[2][3][4] is an American stock broker, financial commentator, and radio personality. He is CEO and chief global strategist[5] of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut. He is also involved in various roles in other financial services companies including Euro Pacific Asset Management, an independent investment advisor;[6] Schiff Gold (formerly Euro Pacific Precious Metals);[7] a precious metals dealer; and Euro Pacific Bank, a full-reserve bank.[8] He forecast the 2008 financial crisis.

Peter Schiff
Schiff in 2016
BornPeter David Schiff
(1963-03-23) March 23, 1963 (age 60)
New Haven, Connecticut, U.S.
OccupationStock broker, financial commentator, radio personality, author
Alma materUniversity of California, Berkeley (BS)
SubjectBusiness
Investing
Economics
Personal finance
SpouseLauren Schiff[1]
Children3
ParentIrwin Schiff (father)
Website
schiffradio.com

Personal life Edit

Schiff was born to a middle-class Jewish family[9] in New Haven, Connecticut. His father, Irwin, who was the son of Jewish immigrants from Poland, served in the US Army during World War II. Schiff's parents divorced when he was young and he moved around the country with his mother and his brother, Andrew, from Connecticut to Manhattan to Florida and finally to Southern California.[9] Peter Schiff credits his father for introducing him to the Austrian School of economic thought.[10]

Irwin Schiff was a prominent figure in the US tax protester movement. He died in federal prison in October 2015 while he was serving a sentence of at least 13 years for tax evasion.[11][12] Peter Schiff did not share his father's radical stance and by 1980, had urged him to stop his tax protest activities which he saw as "futile resistance". He later stated that while he had come to find his father's intellectual case "compelling", he was disinclined to follow his methods and his "idealism". Schiff commented, "The problem with my father is that he's not practical. He was always going to lose".[13] On October 20, 2015, four days after the death of his father, Schiff accused the Federal Bureau of Prisons of inhumanely treating his father and not allowing the usual humanitarian release.[14]

Business career Edit

Schiff began his career as a stockbroker at a Shearson Lehman Brothers brokerage in the early 1990s.[5]

In 1996, Schiff and a partner acquired an inactive brokerage firm and renamed it Euro Pacific Capital, and began operating it from a small office in Los Angeles.[15] They relocated the firm to Darien, Connecticut, in 2005,[16] and later to Westport, Connecticut, where it is currently headquartered with branch offices across the US in Scottsdale, Arizona; Boca Raton, Newport Beach, Manhattan Beach, California; and New York City.[17]

Schiff founded Euro Pacific Bank, a full reserve banking operation originally in St. Vincent and the Grenadines.[18]

Investigation Edit

In October 2020, a joint collaboration by the Australian newspaper The Age, the Australian version of 60 Minutes, and The New York Times reported that a team of international investigators were scrutinizing Euro Pacific Bank.[19] On October 18, 2020, the 60 Minutes Australia episode "Offshore bank at the centre of enormous worldwide tax evasion investigation" said that tax authorities in Australia, the United Kingdom, Canada, America, and the Netherlands believed Euro Pacific Bank was facilitating tax evasion and serious organized crime.[20] The Age reported that Euro Pacific Bank became the target of Operation Atlantis, the world's largest tax evasion probe. Asked why the US Internal Revenue Service visited him on January 24, Schiff refused to elaborate, saying, “I've already answered the question that we're not involved in any illegal activity,” and adding the bank “turns down far more accounts than we approve because our compliance is so rigorous". The Age reported that "Schiff threatened to sue the publication, ripped off his microphone and stormed out of his own living room."[21]

In June 2022, the Puerto Rico Office of the Commissioner of Financial Institutions ordered Euro Pacific Bank to be shut down due to insufficient capital.[22] Schiff claimed this was due to the allegations by 60 Minutes Australia and the subsequent investigations, saying, "There was no way those allegations were true, but once those stories broke, the bank's business imploded."

Operation Atlantis yielded no charges of money laundering or any other illegal activity, which Schiff views as a vindication.[23]

In 2022 Schiff successfully sued the Nine Network and The Age newspaper for defamation over the 60 minutes interview and subsequent Age articles. [24] [25] The 60 Minutes program has been removed from the 2020 archive.[26]

Economic and public policy views Edit

Financial crisis forecast Edit

In an August 2006 interview, Schiff said, "The United States is like the Titanic and I am here with the lifeboat trying to get people to leave the ship.... I see a real financial crisis coming for the United States."[27] On December 31, 2006, in a telecast debate on Fox News, Schiff forecast that "what's going to happen in 2007 is that real estate prices," which had peaked in December 2005,[28] "are going to come crashing back down to Earth."

In his 2007 book Crash Proof, Schiff wrote that US economic policies were fundamentally unsound.[29] Since then he has said many times that without a change in US government economic policy, there will be hyperinflation[29][30] and that the imbalance between the number of goods the US consumed and what it produced would eventually lead to problems for the US economy. As a remedy, he favored increased personal savings and production to stimulate economic growth.[31] Schiff cited the US's low personal savings rate as one of the causes of its transformation from the world's largest creditor nation in the 1970s to the largest debtor nation in 2000.[32] He attributed the low savings rate to what he asserts are high inflation and artificially low interest rates set by the Federal Reserve.[33]

In 2008 and 2010 appearances on Fox News and financial news network CNBC, Schiff mentioned factors such as speculation and "the absence of lending standards"[34][35] as factors that had contributed to the housing crisis, which began in 2007.

On December 13, 2007, in an interview on the Bloomberg TV show "Open Exchange," Schiff added that he felt that the crisis would extend to the credit card lending industry, and he called consumer credit "a cancer on the free-market economy." Schiff said that interest rates would rise, that the dollar would "collapse," and that all classes of dollar-denominated assets would fall in value relative to non-US assets. He predicted "a huge crisis" and "the blow-up of credit card finance" in 2008, with the result that consumer credit card spending limits would be "slashed" by card issuers. He added that Americans would no longer be able to make purchases using their credit card lines. This prediction went unrealized. Referring to the housing market, Schiff went on to criticize the policy of the Bush administration to "vilify and threaten the lenders" for reckless borrowing.[36]

In a March 2009 speech, Schiff said that it would be impossible for the US public debt to China to be repaid unless the US dollar's value is substantially diluted through inflation. In September 2009, with gold below $1,000 per ounce, Schiff said that he foresaw gold at over $5,000 per ounce in the future, and that the stock market rally which began that year was a "rally in a bear market."[37]

Taxation Edit

In March 2011, Schiff stated that a national sales tax should replace both personal and corporate income taxes, as he believes that the latter discourages work as opposed to a consumption tax. His second choice is a flat tax rate, which would abolish all deductions including the very popular home mortgage tax deduction, as he believes that the state should not subsidize buying homes as opposed to renting.[38]

Medicare Edit

In August 2012, Schiff criticized Paul Ryan's Path to Prosperity by saying that it is "too little, too late." Referring to Ryan's plan to reform Medicare, Schiff said, "Why would we want to preserve it? It's a Ponzi scheme... What we really need is real Medicare cuts today for people who are already on the system."[39]

Bitcoin Edit

Schiff is a vocal Bitcoin sceptic. At times he has remarked that he sees Bitcoin as resembling the tulip mania bubble.[40]

On January 19, 2020, Schiff claimed that his Bitcoin wallet got 'corrupted' and that he had therefore lost all the bitcoin he ever owned, through no fault of his own. "My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad."[41] This claim turned out to be false as later explained by Erik Voorhees, as he confirmed that he had, indeed, helped Schiff to set up his Bitcoin wallet, and wrote that Schiff "forgot (the) pw, and never recorded (his recovery) phrase". "If I gave him an ounce of gold and he dropped it on the sidewalk would he similarly condemn the precious metal as a foolish monetary system?"[42][43]

Responses Edit

Schiff's warnings of a coming economic collapse earned him the moniker "Dr. Doom",[15][44][45] but later articles in Business Week and other business news journals reported that Schiff "more or less accurately" predicted the financial crisis of 2007–2010 while the "easiest criticism of macroeconomists is that nearly all failed to foresee the recession despite plenty of warning signs."[46] A YouTube fan video, "Peter Schiff was right," became popular in late 2008 and 2009.[47][48] It contained a compilation of his appearances on various financial TV news programs between 2005 and 2007.

Depending on the point at which they adopted his strategies, followers of Schiff may have had strong, average or poor returns. In January 2009, economic blogger and investment adviser Michael Shedlock wrote, "I have talked with many who claim they have invested with Schiff and are down anywhere from 40% to 70% in 2008."[49] Later that week, an article appeared in The Wall Street Journal reporting that Schiff's broker-dealer firm had "advised its clients to bet that the dollar would weaken significantly and that foreign stocks would outpace their U.S. peers" but the dollar later advanced against most currencies, "magnifying the losses from foreign stocks."[50] In response to Shedlock's criticism, Schiff wrote that "to examine the effectiveness of my investment strategy immediately following a major correction by looking only at those accounts who adopted the strategy at the previous peak is unfair and distortive."[51][52][53][54] In December 2012 Schiff wrote an article entitled "Mish Shedlock exposed" in which he criticized Shedlock for selective use of short-term data in the financial crisis and argued that his investment strategy had made strong returns over the long-run.[55]

Schiff's views have been criticized several times by economist Paul Krugman, who defines inflation very differently from Schiff, focusing on CPI increases rather than monetary and asset price inflation. Schiff believes inflation eventually leads to increases in consumer prices after an indefinite waiting period. In October 2010, Krugman wrote, "I keep being told that Peter Schiff has been right about everything; so, how's that hyperinflation thing going?"[56] In December 2011, Krugman quoted Peter Schiff's statement from December 2009: "I know inflation is going to get worse in 2010. Whether it's going to run out of control or it's going to take until 2011 or 2012, but I know we're going to have a major currency crisis coming soon. It's going to dwarf the financial crisis and it's going to send consumer prices absolutely ballistic, as well as interest rates and unemployment." Krugman noted that inflation had instead remained low and concluded that Schiff's type of economic "model is all wrong" since it predicts that a tripling of the monetary base, such as had just occurred, must lead to "dire effects on the price level."[57]

In January 2012, Schiff stated that a US debt crisis and high consumer price inflation had been delayed merely by government policy.[58] In November 2012 and again in November 2014, Krugman repeated his criticisms of Schiff's predictions of eventual high consumer price inflation and rising interest rates in America.[59][60]

In November 2008, Schiff said he supported the reduction of government economic regulation and was concerned that the Obama administration might instead increase such regulation.[61] He said that the late-2000s financial crisis provided an opportunity to transition from borrowing and spending to saving and producing. He was critical of the US government's efforts to "ease the pain" with economic stimulus packages and bailout, as he believed that replacing "legitimate savings with a printing press" would result in asset price inflation, eventual consumer price inflation, and if left unchecked potentially hyperinflation.[62][non-primary source needed]

For example, in 2009, Schiff predicted a "protracted period of economic decline accompanied by rapid increases in consumer prices." Schiff's critics pointed out that although asset price inflation has been significant, consumer price inflation rates remained very low in the five years that followed despite his predictions.[63]

When the Fed ended the quantitative easing program in October 2014, the general opinion was the Fed would conduct multiple rate hikes in the year 2015. In contrast, Schiff predicted that the market could not withstand even a minor interest rate increase, thus the Fed announcing a higher rate would be very unlikely. However, he did open up the possibility of a few basis point rate hike but anticipated that it would have major impact on the equity market and would lead the US into recession, therefore the Fed would be forced to reverse its policy and resume the QE program.[64][non-primary source needed]

Political career Edit

2008 Ron Paul presidential campaign Edit

Schiff was an economic adviser to Ron Paul's 2008 presidential campaign.[65]

2010 US Senate campaign Edit

In December 2008, some Connecticut citizens created a website encouraging Schiff to campaign against incumbent senator Christopher Dodd.[66][67] Approximately 5,000 people made campaign contributions using the website.[66] On February 21, 2009, a moneybomb raised over $20,000 for Schiff's campaign.[68]

In a May 2009 video blog, Schiff said that he was seriously considering a run for the US Senate, and when questioned by a Washington Post reporter, he said the chance of him entering politics was "better than 50-50."[69] In June 2009, Schiff commissioned a poll of likely voters which indicated that he trailed Dodd in popularity by only four percentage points.[70] On July 9, 2009, Schiff launched an exploratory committee and an official campaign website.[66]

After giving some hints he would run on The Daily Show,[71] Schiff officially announced his candidacy for the Republican nomination on September 17, 2009, during the MSNBC Morning Joe show.[72][73] By October 2009, Schiff had received more than 10,000 donations and many e-mails from around the world.[66] Schiff's campaign received endorsements from Ron Paul and Steve Forbes.[74][75]

At the May 2010 Republican convention, Linda McMahon received the most delegate votes but not enough to prevent an August primary election challenge from Rob Simmons. Schiff failed to qualify for the primary at the convention but became the only Republican candidate to successfully petition on to the ballot.[76] McMahon won the primary with 49% of the vote. Simmons came in second with 28% of the vote, and Schiff came in third with 23% of the vote.[77]

The general election was won by the Democratic Party primary winner, Richard Blumenthal.[78]

Other endorsements Edit

In April 2008, Schiff endorsed Murray Sabrin for the U.S. Senate seat in New Jersey.[79]

Schiff did not endorse McMahon in the 2012 Republican primary but rather her opponent, former representative Christopher Shays.[80] Shays lost in the primary to McMahon,[81] who lost in the general election to Democrat Chris Murphy.

Media career Edit

Radio Edit

 
Schiff broadcasting his radio show from Washington, D.C. in March 2013

Prior to the financial crisis, Schiff frequently appeared on CNBC, Fox News and Bloomberg to voice his opinions on the US economy and financial markets. However, after the financial crisis, his bookings dropped by 75 to 85% on these networks.[82]

In August 2012, Schiff replaced G. Gordon Liddy in the 10 a.m.–12 p.m. time slot on the Radio America network Internet broadcast.[83]

Webcast Edit

Schiff is also a video blogger in the internet and distributes his media through YouTube,[84] Euro Pacific Capital,[85] and iTunes. He has appeared four[86] times as a guest on Joe Rogan's YouTube series and podcast.[87]

Television Edit

Schiff has been a commentator on CNBC and Fox Business.[88]

Books Edit

  • Crash Proof: How to Profit From the Coming Economic Collapse, 2007, ISBN 978-0-470-04360-8
  • The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down, 2008, ISBN 978-0-470-38378-0
  • Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition, 2009, ISBN 978-0-470-47453-2
  • The Little Book of Bull Moves, Updated and Expanded: How to Keep Your Portfolio Up When the Market Is Up, Down, Or Sideways, 2010, ISBN 0-470-64399-4 澳门威尼斯人官网开户
  • How an Economy Grows and Why It Crashes, 2010, ISBN 978-0-470-52670-5 How an Economy Grows and Why It Crashes | Wiley
  • The Real Crash: America's Coming Bankruptcy – How to Save Yourself and Your Country, 2012, ISBN 978-1-250-00447-5 Book details

References Edit

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  42. ^ Voorhees, Erik [@erikvoorhees] (January 19, 2020). "Here's what happened: after debate in 2018, we went to dinner. Peter had never used bitcoin before (!) I helped him set up wallet on his phone (Edge or BRD?), told him to secure it if he ever held significant value on it, gave him $50. He forgot pw, and never recorded phrase" (Tweet). Retrieved April 13, 2021 – via Twitter.
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External links Edit

  • SchiffGold
  • Appearances on C-SPAN
  • Peter Schiff at IMDb
  • Peter Schiff's channel on YouTube
  • Appearances on The Joe Rogan Experience (#445 Jan 22, 2014, #1002 Aug 23, 2017, #1145 Jul 17, 2018, #1508 Jul 15, 2020)

peter, schiff, peter, david, schiff, born, march, 1963, nicknamed, doom, american, stock, broker, financial, commentator, radio, personality, chief, global, strategist, euro, pacific, capital, broker, dealer, based, westport, connecticut, also, involved, vario. Peter David Schiff ʃ ɪ f born March 23 1963 nicknamed Dr Doom 2 3 4 is an American stock broker financial commentator and radio personality He is CEO and chief global strategist 5 of Euro Pacific Capital Inc a broker dealer based in Westport Connecticut He is also involved in various roles in other financial services companies including Euro Pacific Asset Management an independent investment advisor 6 Schiff Gold formerly Euro Pacific Precious Metals 7 a precious metals dealer and Euro Pacific Bank a full reserve bank 8 He forecast the 2008 financial crisis Peter SchiffSchiff in 2016BornPeter David Schiff 1963 03 23 March 23 1963 age 60 New Haven Connecticut U S OccupationStock broker financial commentator radio personality authorAlma materUniversity of California Berkeley BS SubjectBusinessInvestingEconomicsPersonal financeSpouseLauren Schiff 1 Children3ParentIrwin Schiff father Websiteschiffradio wbr com Contents 1 Personal life 2 Business career 2 1 Investigation 3 Economic and public policy views 3 1 Financial crisis forecast 3 2 Taxation 3 3 Medicare 3 4 Bitcoin 3 5 Responses 4 Political career 4 1 2008 Ron Paul presidential campaign 4 2 2010 US Senate campaign 4 3 Other endorsements 5 Media career 5 1 Radio 5 2 Webcast 5 3 Television 6 Books 7 References 8 External linksPersonal life EditSchiff was born to a middle class Jewish family 9 in New Haven Connecticut His father Irwin who was the son of Jewish immigrants from Poland served in the US Army during World War II Schiff s parents divorced when he was young and he moved around the country with his mother and his brother Andrew from Connecticut to Manhattan to Florida and finally to Southern California 9 Peter Schiff credits his father for introducing him to the Austrian School of economic thought 10 Irwin Schiff was a prominent figure in the US tax protester movement He died in federal prison in October 2015 while he was serving a sentence of at least 13 years for tax evasion 11 12 Peter Schiff did not share his father s radical stance and by 1980 had urged him to stop his tax protest activities which he saw as futile resistance He later stated that while he had come to find his father s intellectual case compelling he was disinclined to follow his methods and his idealism Schiff commented The problem with my father is that he s not practical He was always going to lose 13 On October 20 2015 four days after the death of his father Schiff accused the Federal Bureau of Prisons of inhumanely treating his father and not allowing the usual humanitarian release 14 Business career EditSchiff began his career as a stockbroker at a Shearson Lehman Brothers brokerage in the early 1990s 5 In 1996 Schiff and a partner acquired an inactive brokerage firm and renamed it Euro Pacific Capital and began operating it from a small office in Los Angeles 15 They relocated the firm to Darien Connecticut in 2005 16 and later to Westport Connecticut where it is currently headquartered with branch offices across the US in Scottsdale Arizona Boca Raton Newport Beach Manhattan Beach California and New York City 17 Schiff founded Euro Pacific Bank a full reserve banking operation originally in St Vincent and the Grenadines 18 Investigation Edit In October 2020 a joint collaboration by the Australian newspaper The Age the Australian version of 60 Minutes and The New York Times reported that a team of international investigators were scrutinizing Euro Pacific Bank 19 On October 18 2020 the 60 Minutes Australia episode Offshore bank at the centre of enormous worldwide tax evasion investigation said that tax authorities in Australia the United Kingdom Canada America and the Netherlands believed Euro Pacific Bank was facilitating tax evasion and serious organized crime 20 The Age reported that Euro Pacific Bank became the target of Operation Atlantis the world s largest tax evasion probe Asked why the US Internal Revenue Service visited him on January 24 Schiff refused to elaborate saying I ve already answered the question that we re not involved in any illegal activity and adding the bank turns down far more accounts than we approve because our compliance is so rigorous The Age reported that Schiff threatened to sue the publication ripped off his microphone and stormed out of his own living room 21 In June 2022 the Puerto Rico Office of the Commissioner of Financial Institutions ordered Euro Pacific Bank to be shut down due to insufficient capital 22 Schiff claimed this was due to the allegations by 60 Minutes Australia and the subsequent investigations saying There was no way those allegations were true but once those stories broke the bank s business imploded Operation Atlantis yielded no charges of money laundering or any other illegal activity which Schiff views as a vindication 23 In 2022 Schiff successfully sued the Nine Network and The Age newspaper for defamation over the 60 minutes interview and subsequent Age articles 24 25 The 60 Minutes program has been removed from the 2020 archive 26 Economic and public policy views EditFinancial crisis forecast Edit In an August 2006 interview Schiff said The United States is like the Titanic and I am here with the lifeboat trying to get people to leave the ship I see a real financial crisis coming for the United States 27 On December 31 2006 in a telecast debate on Fox News Schiff forecast that what s going to happen in 2007 is that real estate prices which had peaked in December 2005 28 are going to come crashing back down to Earth In his 2007 book Crash Proof Schiff wrote that US economic policies were fundamentally unsound 29 Since then he has said many times that without a change in US government economic policy there will be hyperinflation 29 30 and that the imbalance between the number of goods the US consumed and what it produced would eventually lead to problems for the US economy As a remedy he favored increased personal savings and production to stimulate economic growth 31 Schiff cited the US s low personal savings rate as one of the causes of its transformation from the world s largest creditor nation in the 1970s to the largest debtor nation in 2000 32 He attributed the low savings rate to what he asserts are high inflation and artificially low interest rates set by the Federal Reserve 33 In 2008 and 2010 appearances on Fox News and financial news network CNBC Schiff mentioned factors such as speculation and the absence of lending standards 34 35 as factors that had contributed to the housing crisis which began in 2007 On December 13 2007 in an interview on the Bloomberg TV show Open Exchange Schiff added that he felt that the crisis would extend to the credit card lending industry and he called consumer credit a cancer on the free market economy Schiff said that interest rates would rise that the dollar would collapse and that all classes of dollar denominated assets would fall in value relative to non US assets He predicted a huge crisis and the blow up of credit card finance in 2008 with the result that consumer credit card spending limits would be slashed by card issuers He added that Americans would no longer be able to make purchases using their credit card lines This prediction went unrealized Referring to the housing market Schiff went on to criticize the policy of the Bush administration to vilify and threaten the lenders for reckless borrowing 36 In a March 2009 speech Schiff said that it would be impossible for the US public debt to China to be repaid unless the US dollar s value is substantially diluted through inflation In September 2009 with gold below 1 000 per ounce Schiff said that he foresaw gold at over 5 000 per ounce in the future and that the stock market rally which began that year was a rally in a bear market 37 Taxation Edit In March 2011 Schiff stated that a national sales tax should replace both personal and corporate income taxes as he believes that the latter discourages work as opposed to a consumption tax His second choice is a flat tax rate which would abolish all deductions including the very popular home mortgage tax deduction as he believes that the state should not subsidize buying homes as opposed to renting 38 Medicare Edit In August 2012 Schiff criticized Paul Ryan s Path to Prosperity by saying that it is too little too late Referring to Ryan s plan to reform Medicare Schiff said Why would we want to preserve it It s a Ponzi scheme What we really need is real Medicare cuts today for people who are already on the system 39 Bitcoin Edit Schiff is a vocal Bitcoin sceptic At times he has remarked that he sees Bitcoin as resembling the tulip mania bubble 40 On January 19 2020 Schiff claimed that his Bitcoin wallet got corrupted and that he had therefore lost all the bitcoin he ever owned through no fault of his own My wallet got corrupted somehow and my password is no longer valid So now not only is my Bitcoin intrinsically worthless it has no market value either I knew owning Bitcoin was a bad idea I just never realized it was this bad 41 This claim turned out to be false as later explained by Erik Voorhees as he confirmed that he had indeed helped Schiff to set up his Bitcoin wallet and wrote that Schiff forgot the pw and never recorded his recovery phrase If I gave him an ounce of gold and he dropped it on the sidewalk would he similarly condemn the precious metal as a foolish monetary system 42 43 Responses Edit Schiff s warnings of a coming economic collapse earned him the moniker Dr Doom 15 44 45 but later articles in Business Week and other business news journals reported that Schiff more or less accurately predicted the financial crisis of 2007 2010 while the easiest criticism of macroeconomists is that nearly all failed to foresee the recession despite plenty of warning signs 46 A YouTube fan video Peter Schiff was right became popular in late 2008 and 2009 47 48 It contained a compilation of his appearances on various financial TV news programs between 2005 and 2007 Depending on the point at which they adopted his strategies followers of Schiff may have had strong average or poor returns In January 2009 economic blogger and investment adviser Michael Shedlock wrote I have talked with many who claim they have invested with Schiff and are down anywhere from 40 to 70 in 2008 49 Later that week an article appeared in The Wall Street Journal reporting that Schiff s broker dealer firm had advised its clients to bet that the dollar would weaken significantly and that foreign stocks would outpace their U S peers but the dollar later advanced against most currencies magnifying the losses from foreign stocks 50 In response to Shedlock s criticism Schiff wrote that to examine the effectiveness of my investment strategy immediately following a major correction by looking only at those accounts who adopted the strategy at the previous peak is unfair and distortive 51 52 53 54 In December 2012 Schiff wrote an article entitled Mish Shedlock exposed in which he criticized Shedlock for selective use of short term data in the financial crisis and argued that his investment strategy had made strong returns over the long run 55 Schiff s views have been criticized several times by economist Paul Krugman who defines inflation very differently from Schiff focusing on CPI increases rather than monetary and asset price inflation Schiff believes inflation eventually leads to increases in consumer prices after an indefinite waiting period In October 2010 Krugman wrote I keep being told that Peter Schiff has been right about everything so how s that hyperinflation thing going 56 In December 2011 Krugman quoted Peter Schiff s statement from December 2009 I know inflation is going to get worse in 2010 Whether it s going to run out of control or it s going to take until 2011 or 2012 but I know we re going to have a major currency crisis coming soon It s going to dwarf the financial crisis and it s going to send consumer prices absolutely ballistic as well as interest rates and unemployment Krugman noted that inflation had instead remained low and concluded that Schiff s type of economic model is all wrong since it predicts that a tripling of the monetary base such as had just occurred must lead to dire effects on the price level 57 In January 2012 Schiff stated that a US debt crisis and high consumer price inflation had been delayed merely by government policy 58 In November 2012 and again in November 2014 Krugman repeated his criticisms of Schiff s predictions of eventual high consumer price inflation and rising interest rates in America 59 60 In November 2008 Schiff said he supported the reduction of government economic regulation and was concerned that the Obama administration might instead increase such regulation 61 He said that the late 2000s financial crisis provided an opportunity to transition from borrowing and spending to saving and producing He was critical of the US government s efforts to ease the pain with economic stimulus packages and bailout as he believed that replacing legitimate savings with a printing press would result in asset price inflation eventual consumer price inflation and if left unchecked potentially hyperinflation 62 non primary source needed For example in 2009 Schiff predicted a protracted period of economic decline accompanied by rapid increases in consumer prices Schiff s critics pointed out that although asset price inflation has been significant consumer price inflation rates remained very low in the five years that followed despite his predictions 63 When the Fed ended the quantitative easing program in October 2014 the general opinion was the Fed would conduct multiple rate hikes in the year 2015 In contrast Schiff predicted that the market could not withstand even a minor interest rate increase thus the Fed announcing a higher rate would be very unlikely However he did open up the possibility of a few basis point rate hike but anticipated that it would have major impact on the equity market and would lead the US into recession therefore the Fed would be forced to reverse its policy and resume the QE program 64 non primary source needed Political career Edit2008 Ron Paul presidential campaign Edit Schiff was an economic adviser to Ron Paul s 2008 presidential campaign 65 2010 US Senate campaign Edit Main article United States Senate election in Connecticut 2010 In December 2008 some Connecticut citizens created a website encouraging Schiff to campaign against incumbent senator Christopher Dodd 66 67 Approximately 5 000 people made campaign contributions using the website 66 On February 21 2009 a moneybomb raised over 20 000 for Schiff s campaign 68 In a May 2009 video blog Schiff said that he was seriously considering a run for the US Senate and when questioned by a Washington Post reporter he said the chance of him entering politics was better than 50 50 69 In June 2009 Schiff commissioned a poll of likely voters which indicated that he trailed Dodd in popularity by only four percentage points 70 On July 9 2009 Schiff launched an exploratory committee and an official campaign website 66 After giving some hints he would run on The Daily Show 71 Schiff officially announced his candidacy for the Republican nomination on September 17 2009 during the MSNBC Morning Joe show 72 73 By October 2009 Schiff had received more than 10 000 donations and many e mails from around the world 66 Schiff s campaign received endorsements from Ron Paul and Steve Forbes 74 75 At the May 2010 Republican convention Linda McMahon received the most delegate votes but not enough to prevent an August primary election challenge from Rob Simmons Schiff failed to qualify for the primary at the convention but became the only Republican candidate to successfully petition on to the ballot 76 McMahon won the primary with 49 of the vote Simmons came in second with 28 of the vote and Schiff came in third with 23 of the vote 77 The general election was won by the Democratic Party primary winner Richard Blumenthal 78 Other endorsements Edit In April 2008 Schiff endorsed Murray Sabrin for the U S Senate seat in New Jersey 79 Schiff did not endorse McMahon in the 2012 Republican primary but rather her opponent former representative Christopher Shays 80 Shays lost in the primary to McMahon 81 who lost in the general election to Democrat Chris Murphy Media career EditRadio Edit nbsp Schiff broadcasting his radio show from Washington D C in March 2013Prior to the financial crisis Schiff frequently appeared on CNBC Fox News and Bloomberg to voice his opinions on the US economy and financial markets However after the financial crisis his bookings dropped by 75 to 85 on these networks 82 In August 2012 Schiff replaced G Gordon Liddy in the 10 a m 12 p m time slot on the Radio America network Internet broadcast 83 Webcast Edit Schiff is also a video blogger in the internet and distributes his media through YouTube 84 Euro Pacific Capital 85 and iTunes He has appeared four 86 times as a guest on Joe Rogan s YouTube series and podcast 87 Television Edit Schiff has been a commentator on CNBC and Fox Business 88 Books EditCrash Proof How to Profit From the Coming Economic Collapse 2007 ISBN 978 0 470 04360 8 The Little Book of Bull Moves in Bear Markets How to Keep your Portfolio Up When the Market is Down 2008 ISBN 978 0 470 38378 0 Crash Proof 2 0 How to Profit From the Economic Collapse 2nd Edition 2009 ISBN 978 0 470 47453 2 The Little Book of Bull Moves Updated and Expanded How to Keep Your Portfolio Up When the Market Is Up Down Or Sideways 2010 ISBN 0 470 64399 4 澳门威尼斯人官网开户 How an Economy Grows and Why It Crashes 2010 ISBN 978 0 470 52670 5 How an Economy Grows and Why It Crashes Wiley The Real Crash America s Coming Bankruptcy How to Save Yourself and Your Country 2012 ISBN 978 1 250 00447 5 Book detailsReferences Edit About Peter Schiff Schiff Radio Archived from the original on January 8 2015 Retrieved November 22 2014 Dr Doom Zeroes in on Inflation February 22 2008 Dr Doom Peter Schiff Goes off the Air August 5 2014 The Man Who Predicted The Economic Meltdown NPR December 4 2008 a b Europac net Peter Schiff Archived August 6 2011 at the Wayback Machine Retrieved November 3 2010 The Company Euro Pacific Asset Management About SchiffGold April 16 2015 International Banking amp Investing europacbank com a b The American Conservative Dr Doom Runs for Senate By Michael Brendan Dougherty Archived April 2 2015 at the Wayback Machine October 1 2009 Swanson Tim April 21 2008 Interview with Peter Schiff Ludwig von Mises Institute Archived from the original on June 26 2015 Retrieved April 11 2010 Anti Tax Advocate Receives 13 Years The New York Times February 25 2006 Archived from the original on September 27 2017 Retrieved July 23 2013 Peter Schiff Announces Bid for US Senate Press release Peter Schiff for Senate 2010 September 17 2009 Archived from the original on June 26 2015 Retrieved November 17 2009 Hevesi Dennis October 19 2015 Irwin Schiff Fervent Opponent of Federal Income Taxes Dies at 87 The New York Times Gattoni Celli Luca October 2015 Tax Protester Irwin Dies in Prison at 87 Tax Notes Today 2015 TNT 202 4 a b O Keefe Brian January 23 2009 Oh he saw it coming Fortune Archived from the original on April 13 2010 Retrieved April 14 2010 1 Archived February 1 2014 at the Wayback Machine Prophet of Doom Darien market bear says U S investors ship is sinking article by Julie Fishman Lapin in The Advocate of Stamford Business section August 6 2006 pp F1 F6 Company Profile Euro Pacific Capital www europac com March 27 2018 Archived from the original on July 21 2018 Retrieved July 21 2018 Peter Schiff s Euro Pacific Bank Introduces a Silver Backed Debit Card DGC Magazine DGC Magazine August 16 2016 Archived from the original on February 12 2017 Retrieved August 2 2018 Goldstein Matthew Cave Damien October 19 2020 Chasing Illicit Money Global Officials Circle a Puerto Rican Firm The New York Times Offshore bank at the centre of enormous worldwide tax evasion investigation 60 Minutes Australia retrieved September 25 2021 Grieve Charlotte McKenzie Nick Tozer Joel October 18 2020 The day the international tax authorities came knocking The Age Goldstein Matthew June 30 2022 Regulator in Puerto Rico suspends operations of Euro Pacific Bank The New York Times ISSN 0362 4331 Retrieved October 4 2022 Robles Frances August 9 2022 Peter Schiff Has a Deal With Puerto Rico to Liquidate His Euro Pacific Bank He Says The New York Times ISSN 0362 4331 Retrieved October 4 2022 Schiff v Nine Network Australia Pty Ltd No 5 2023 FCA 753 Australian Federal Court finds that Australian Nine Network s 60 Minutes its reporter and two producers published and conveyed seven defamatory imputations about financial expert and banker Pet 9now archive of 2020 programs Expansion Continues Euro Pacific Capital europac net Archived from the original on December 2 2011 Retrieved September 28 2012 Reinhart Carmen M Rogoff Kenneth S 2009 This Time Is Different Eight Centuries of Financial Folly New Jersey Princeton University Press p 160 see table 10 8 ISBN 978 0 691 14216 6 a b Schiff Peter D Downes John 2007 Crash Proof How to Profit from the Coming Economic Collapse New Jersey John Wiley amp Sons ISBN 978 0 470 04360 8 Schiff Peter 2009 Crash Proof 2 0 John Wiley amp Sons p 316 ISBN 978 0 470 47453 2 Crash Proof 2 0 p 7 Crash Proof 2 0 p 76 Crash Proof 2 0 p 39 Wallison PeterJ December 9 2008 What Got Us Here Aei org Archived from the original on April 18 2009 Retrieved May 1 2010 This American Life May 1 2010 NPR The Giant Pool of Money Pri org Archived from the original on April 15 2010 Peter Schiff s accurate forecast of credit card market trouble Archived from the original on June 29 2011 Retrieved May 14 2012 Blodget Henry September 25 2009 Peter Schiff U S Stock Rally And Dollar Doomed Gold Going To 5 000 Business Insider Business Insider Inc Archived from the original on November 17 2014 Retrieved March 6 2014 Peter Gorenstein March 28 2011 Peter Schiff The US Should Abolish Corporate And Personal Income Taxes Business Insider Archived from the original on May 1 2013 Retrieved September 27 2012 Schiff Ryan Budget Doesn t Go Far Enough Fox Business Network August 14 2012 Archived from the original on August 31 2012 Retrieved September 28 2012 Alex Rosenberg November 12 2013 Bitcoin is tulip mania 2 0 not gold 2 0 Schiff CNBC Futures Now CNBC LLC Archived from the original on September 2 2014 Retrieved December 12 2014 Schiff Peter peterschiff January 19 2020 I just lost all the Bitcoin I have ever owned My wallet got corrupted somehow and my password is no longer valid So now not only is my Bitcoin intrinsically worthless it has no market value either I knew owning Bitcoin was a bad idea I just never realized it was this bad Tweet Retrieved April 13 2021 via Twitter Voorhees Erik erikvoorhees January 19 2020 Here s what happened after debate in 2018 we went to dinner Peter had never used bitcoin before I helped him set up wallet on his phone Edge or BRD told him to secure it if he ever held significant value on it gave him 50 He forgot pw and never recorded phrase Tweet Retrieved April 13 2021 via Twitter Peter Schiff Lost Bitcoin Password Claims are Fake News Finance Magnates January 20 2020 Retrieved April 13 2021 Peter Schiff February 20 2009 Peter Schiff was right 2006 2007 CNBC edition Flash Television production clip compilation Archived from the original on August 27 2009 Retrieved April 14 2010 Peter Schiff November 2 2008 Peter Schiff Was Right 2006 2007 2nd Edition Flash Television production clip compilation Archived from the original on July 8 2011 Retrieved April 14 2010 Coy Peter June 2009 What Good Are Economists Anyway Bloomberg News Archived from the original on July 21 2015 Retrieved April 22 2010 Task Aaron November 24 2008 Crisis Only Just Beginning Right About the Crash Peter Schiff Sees More Pain Ahead Yahoo Finance Archived from the original on April 28 2011 Retrieved April 14 2010 Pressler Jessica September 17 2009 Financial Pundit Peter Schiff Launches Senate Run New York Magazine Archived from the original on September 22 2009 Retrieved April 16 2010 Shedlock Michael January 25 2009 Peter Schiff Was Wrong Archived from the original on February 7 2010 Retrieved May 21 2010 Patterson Scott Slater Joanna Karmin Craig January 30 2009 Right Forecast by Schiff Wrong Plan The Wall Street Journal Archived from the original on August 27 2017 Retrieved August 8 2017 Shinkle Kirk Peter Schiff Responds Archived May 6 2009 at the Wayback Machine U S News January 30 2009 Retrieved September 5 2009 Task Aaron February 6 2009 Peter Schiff Why I m Right and My Critics Are All Wrong Yahoo Finance Tech Ticker Archived from the original on February 8 2009 Retrieved May 21 2010 Schiff Peter February 10 2009 Our Investing Plan Is Right if Slightly Ahead of the Times The Wall Street Journal Archived from the original on August 5 2016 Scott Patterson Joanna Slater and Craig Karmin January 30 2009 Right Forecast by Schiff Wrong Plan The Wall Street Journal Peter Schiff Mish Shedlock Exposed Market Playground Archived from the original on December 16 2012 Retrieved December 17 2012 Paul Krugman October 4 2010 Math Models and Mystification The New York Times Archived from the original on September 27 2017 Retrieved February 7 2017 Paul Krugman December 15 2011 Inflation Predictions The Conscience of a Liberal NYTimes com Archived from the original on April 24 2012 Retrieved April 21 2012 Blodget Henry January 3 2012 Peter Schiff The Debt And Inflation Crisis Is Taking Longer Than I Thought But We re Still In Trouble Daily Ticker Yahoo Finance Archived from the original on May 20 2012 Retrieved September 26 2012 Paul Krugman November 29 2012 Varieties of Error The New York Times Archived from the original on September 12 2017 Retrieved February 7 2017 Paul Krugman November 22 2014 The Wisdom of Peter Schiff The New York Times Archived from the original on September 26 2017 Retrieved February 7 2017 The Reagan Counterrevolution Euro Pacific Capital europac net Archived from the original on May 12 2010 Retrieved November 15 2008 5 November 2008 Wall Street Unspun November 5 2008 permanent dead link Vinik Danny November 20 2014 Inflation Paranoia Will Never Die No Matter What the Evidence Says The New Republic Archived from the original on September 21 2015 Retrieved June 23 2015 Schiff Peter July 16 2015 CNBC Futures Now Retrieved February 27 2016 Peter Schiff Named Economic Advisor to the Ron Paul 2008 Presidential Campaign Reuters com Online News Reuters January 25 2008 Archived from the original on October 15 2008 Retrieved October 8 2008 a b c d Ahran Frank October 4 2009 Hard Core Free Marketeer A Conversation With Peter Schiff Investor Critic Candidate Outlook amp Opinions Archived from the original on November 8 2012 Retrieved October 3 2009 Peter Schiff for Connecticut Senator 2010 Archived from the original on January 16 2009 Peter Schiff Money Bomb a Success Dailypaul com Archived from the original on February 25 2009 Retrieved May 14 2012 Analyst Who Predicted Meltdown Leaning Towards Challenging Chris Dodd theplumline whorunsgov com May 26 2009 Archived from the original on May 30 2009 Retrieved May 29 2009 Survey Peter Schiff Competitive With Chris Dodd Rob Simmons Press release Wilson Research Strategies July 1 2009 Archived from the original on January 5 2010 Retrieved November 17 2009 Cadei Emily June 10 2009 Schiff Discusses Potential Dodd Challenge on Daily Show Congressional Quarterly Archived from the original on April 20 2010 Retrieved February 5 2010 Peter Schiff Joe Scarborough host September 17 2009 Peter Schiff formally announces his candidacy for U S Senate Television production New York City MSNBC Archived from the original Flash on August 14 2013 Retrieved April 11 2010 Peter Schiff September 17 2009 It s official I m in Flash Video blog SchiffReport Archived from the original on October 22 2010 Retrieved September 20 2009 Ron Paul Endorses Peter Schiff and Rick Torres ronpaul com Archived from the original on July 31 2013 Retrieved December 15 2012 Peter Schiff snags a big name endorsement courant com Archived from the original on July 8 2012 Retrieved July 31 2010 Lauretti to petition potentially forcing 7 way GOP primary The CT Mirror May 13 2018 Archived from the original on May 13 2018 Retrieved May 13 2018 Neil Vigdor and Brian Lockhart August 11 2010 McMahon sweeps to victory in GOP Senate race Connecticut Post Archived from the original on August 17 2010 Retrieved August 11 2010 Democrat Blumenthal wins Conn Senate seat The Washington Post November 3 2010 Archived from the original on September 19 2018 Retrieved September 8 2017 Paul stumps for Sabrin in Newark PolitickerNJ com April 28 2008 Archived from the original on July 8 2008 Retrieved October 17 2008 Peter Schiff Endorses Chris Shays for Senate Wilton Connecticut Patch May 4 2012 Archived from the original on May 18 2012 Retrieved October 26 2012 Grynbaum Michael M August 14 2012 Linda E McMahon Wins Connecticut Senate Primary The New York Times Archived from the original on January 29 2017 Retrieved February 7 2017 Justin Fox June 1 2009 Why We Should Listen to Peter Schiff s Bad News Time Archived from the original on December 21 2014 Retrieved December 1 2014 http rbr com g gordon liddy retiring peter schiff replacing Archived August 11 2012 at the Wayback Machine Radio America press release Schiff Peter SchiffReport Youtube Archived from the original on July 19 2015 Retrieved September 4 2016 Schiff Peter Multimedia Euro Pacific Capital Archived from the original on July 17 2015 Retrieved September 4 2016 Peter Schiff Joe Rogan Experience 1508 Youtube Peter Schiff August 23 2017 Joe Rogan Experience 1002 via PowerfulJRE YouTube Diaz Amanda March 17 2015 Forget patience QE4 is coming Peter Schiff CNBC Archived from the original on June 30 2015 Retrieved September 10 2017 External links Edit nbsp Wikimedia Commons has media related to Peter Schiff nbsp Wikiquote has quotations related to Peter Schiff SchiffGold Appearances on C SPAN Peter Schiff at IMDb Peter Schiff s channel on YouTube Appearances on The Joe Rogan Experience 445 Jan 22 2014 1002 Aug 23 2017 1145 Jul 17 2018 1508 Jul 15 2020 Retrieved from https en wikipedia org w index php title Peter Schiff amp oldid 1179008061, wikipedia, wiki, book, books, library,

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