Peter Schiff: Difference between revisions

| caption = Schiff in 2016

| birth_name = Peter David Schiff

| birth_place = [[New Haven, Connecticut]], U.S.

| alma_mater = [[Haas School of Business|University of California, Berkeley]] ([[B.S.|BS]])

| box_width =

}}

 

==Personal life==

 

 

==Business career==

Schiff began his career as a stockbroker at a [[Shearson#Shearson Lehman Brothers|Shearson Lehman Brothers]] brokerage in the early 1990s.<ref>[http://www.europac.net/members/peter_schiff Europac.net – Peter Schiff] {{Webarchive|url=https://web.archive.org/web/20110806105628/http://www.europac.net/members/peter_schiff |date=August 6, 2011 }}. Retrieved November 3, 2010.</ref>

 

 

 

===Investigation and lawsuit===

 

 

==Economic and public policy views==

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."<ref>{{cite web |url=http://www.europac.net/press_release/expansion_continues |title=Expansion Continues – Euro Pacific Capital|work=europac.net |access-date=September 28, 2012 |archive-url=https://web.archive.org/web/20111202210014/http://www.europac.net/press_release/expansion_continues |archive-date=December 2, 2011 |url-status=live}}</ref> 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,<ref>{{Cite book|last1=Reinhart|first1=Carmen M.|author-link1=Carmen Reinhart|last2=Rogoff|first2=Kenneth S.|author-link2=Kenneth Rogoff|year=2009|title=This Time Is Different: Eight Centuries of Financial Folly|location=New Jersey|publisher=[[Princeton University Press]]|isbn=978-0-691-14216-6|page=[https://archive.org/details/thistimeisdiffer00rein_0/page/160 160 (see table 10.8)]|url=https://archive.org/details/thistimeisdiffer00rein_0/page/160}}</ref> "are going to come crashing back down to Earth."

 

 

===Bitcoin===

 

 

===Responses===

A [[YouTube]] fan video, "Peter Schiff was right," became popular in late 2008 and 2009.<ref>{{Cite news|last=Task|first=Aaron|title='Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead|newspaper=[[Yahoo! Finance]]|date=November 24, 2008|url=https://finance.yahoo.com/tech-ticker/article/134633/%27Crisis-Only-Just-Beginning%27-Right-About-the-Crash-Peter-Schiff-Sees-More-Pain-Ahead?tickers=^dji,^gspc,^ixic,SPY,DIA,QQQQ,GLD|access-date=April 14, 2010|archive-url=https://web.archive.org/web/20110428095723/http://finance.yahoo.com/tech-ticker/article/134633/%27Crisis-Only-Just-Beginning%27-Right-About-the-Crash-Peter-Schiff-Sees-More-Pain-Ahead?tickers=%5Edji,%5Egspc,%5Eixic,SPY,DIA,QQQQ,GLD|archive-date=April 28, 2011|url-status=live}}</ref><ref>{{Cite news|last=Pressler|first=Jessica|title=Financial Pundit Peter Schiff Launches Senate Run|newspaper=[[New York Magazine]]|date=September 17, 2009|url=https://nymag.com/daily/intel/2009/09/doomsdaying_economist_peter_sc.html|access-date=April 16, 2010|archive-url=https://web.archive.org/web/20090922195726/http://nymag.com/daily/intel/2009/09/doomsdaying_economist_peter_sc.html|archive-date=September 22, 2009|url-status=live}}</ref> 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."<ref>{{Cite web|last=Shedlock|first=Michael|title=Peter Schiff Was Wrong|date=January 25, 2009|url=http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html|access-date=May 21, 2010|archive-url=https://web.archive.org/web/20100207120243/http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html|archive-date=February 7, 2010|url-status=live}}</ref> 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."<ref>{{Cite news|last1=Patterson|first1=Scott|last2=Slater|first2=Joanna|last3=Karmin|first3=Craig|title=Right Forecast by Schiff, Wrong Plan?|date=January 30, 2009|work=[[The Wall Street Journal]]|url=https://www.wsj.com/articles/SB123327685671031439|url-access=subscription|access-date=August 8, 2017|archive-url=https://web.archive.org/web/20170827172840/https://www.wsj.com/articles/SB123327685671031439|archive-date=August 27, 2017|url-status=live}}</ref> 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."<ref>Shinkle, Kirk. [https://www.usnews.com/blogs/the-ticker/2009/01/30/peter-schiff-responds.html Peter Schiff Responds] {{Webarchive|url=https://web.archive.org/web/20090506001950/http://www.usnews.com/blogs/the-ticker/2009/01/30/peter-schiff-responds.html |date=May 6, 2009 }}, ''U.S. News'', January 30, 2009. Retrieved September 5, 2009.</ref><ref>

{{Cite news|last=Task|first=Aaron|title=Peter Schiff: Why I'm Right and My Critics Are All Wrong|newspaper=[[Yahoo! Finance]] Tech Ticker|date=February 6, 2009|url=https://finance.yahoo.com/tech-ticker/article/169961/Peter-Schiff-Why-I%27m-Right-and-My-Critics-Are-All-Wrong?tickers=^dji,^gspc,QQQQ,SPY,DIA,SHV,UDN

 

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?"<ref>{{Cite news|url=https://krugman.blogs.nytimes.com/2010/10/04/math-models-and-mystification|title=Math, Models, and Mystification|author=Paul Krugman|work=[[The New York Times]]|date=October 4, 2010|access-date=February 7, 2017|archive-url=https://web.archive.org/web/20170927000246/https://krugman.blogs.nytimes.com/2010/10/04/math-models-and-mystification/|archive-date=September 27, 2017|url-status=live}}</ref> 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."<ref>{{Cite news|url=https://krugman.blogs.nytimes.com/2011/12/15/inflation-predictions/|title=Inflation Predictions|author=Paul Krugman|author-link=Paul Krugman|date=December 15, 2011|work=The Conscience of a Liberal|publisher=NYTimes.com|access-date=April 21, 2012|archive-url=https://web.archive.org/web/20120424145112/http://krugman.blogs.nytimes.com/2011/12/15/inflation-predictions/|archive-date=April 24, 2012|url-status=live}}</ref>

In January 2012, Schiff stated that a [[History of the United States debt ceiling|US debt crisis]] and high consumer price inflation had been delayed merely by government policy.<ref>{{Cite web|last=Blodget|first=Henry|title=Peter Schiff: The Debt-And-Inflation Crisis Is Taking Longer Than I Thought, But We're Still In Trouble|url=https://finance.yahoo.com/blogs/daily-ticker/peter-schiff-debt-inflation-crisis-taking-longer-thought-170901661.html|work=Daily Ticker|date=January 3, 2012 |publisher=Yahoo Finance|access-date=September 26, 2012|archive-url=https://web.archive.org/web/20120520000051/http://finance.yahoo.com/blogs/daily-ticker/peter-schiff-debt-inflation-crisis-taking-longer-thought-170901661.html|archive-date=May 20, 2012|url-status=live}}</ref> 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.<ref>{{Cite news|url=https://krugman.blogs.nytimes.com/2012/11/29/varieties-of-error|title=Varieties of Error|author=Paul Krugman|work=[[The New York Times]]|date=November 29, 2012|access-date=February 7, 2017|archive-url=https://web.archive.org/web/20170912184922/https://krugman.blogs.nytimes.com/2012/11/29/varieties-of-error/|archive-date=September 12, 2017|url-status=live}}</ref><ref>{{Cite news|url=https://krugman.blogs.nytimes.com/2014/11/22/the-wisdom-of-peter-schiff|title=The Wisdom of Peter Schiff|author=Paul Krugman|work=[[The New York Times]]|date=November 22, 2014|access-date=February 7, 2017|archive-url=https://web.archive.org/web/20170926191019/https://krugman.blogs.nytimes.com/2014/11/22/the-wisdom-of-peter-schiff/|archive-date=September 26, 2017|url-status=live}}</ref>

 

 

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.<ref>{{cite magazine|last =Vinik|first =Danny|title =Inflation Paranoia Will Never Die, No Matter What the Evidence Says|newspaper =[[The New Republic]]|date =November 20, 2014|url =https://newrepublic.com/article/120354/peter-schiff-my-inflation-prediction-was-correct-stats-are-lying|access-date =June 23, 2015|archive-url =https://web.archive.org/web/20150921213611/http://www.newrepublic.com/article/120354/peter-schiff-my-inflation-prediction-was-correct-stats-are-lying|archive-date =September 21, 2015|url-status =live}}</ref>

 

 

==Political career==

After giving some hints he would run on ''[[The Daily Show]]'',<ref>{{Cite news|last=Cadei|first=Emily|title=Schiff Discusses Potential Dodd Challenge on Daily Show|newspaper=[[Congressional Quarterly]]|date=June 10, 2009|url=http://blogs.cqpolitics.com/eyeon2010/2009/06/investor-and-financial-comment.html|access-date=February 5, 2010|url-status=dead|archive-url=https://web.archive.org/web/20100420011050/http://blogs.cqpolitics.com/eyeon2010/2009/06/investor-and-financial-comment.html|archive-date=April 20, 2010|df=mdy-all}}</ref> Schiff officially announced his candidacy for the Republican nomination on September 17, 2009, during the [[MSNBC]] ''[[Morning Joe]]'' show.<ref>{{Cite AV media|people=Peter Schiff, [[Joe Scarborough]] (host)|date=September 17, 2009|title=Peter Schiff formally announces his candidacy for U.S. Senate|url=https://www.youtube.com/watch?v=usVyfMyitHc|format=Flash|medium=Television production|publisher=[[MSNBC]]|location=[[New York City]]|archive-url=https://web.archive.org/web/20130814182142/http://www.youtube.com/watch?v=usVyfMyitHc|archive-date=2013-08-14|url-status=dead|access-date=April 11, 2010}}</ref><ref>{{Cite AV media|people=Peter Schiff|date=September 17, 2009|title=It's official, I'm in.|url=https://www.youtube.com/watch?v=Lm4Ya-LRuu0|format=Flash|medium=Video blog|publisher=SchiffReport|access-date=September 20, 2009|archive-url=https://web.archive.org/web/20101022164007/http://www.youtube.com//watch?v=Lm4Ya-LRuu0|archive-date=October 22, 2010|url-status=live}}</ref> By October 2009, Schiff had received more than 10,000 donations and many e-mails from around the world.<ref name="Ahran-2009"/> Schiff's campaign received endorsements from [[Ron Paul]] and [[Steve Forbes]].<ref>{{cite web|url=http://www.ronpaul.com/2010-07-29/ron-paul-endorses-peter-schiff-and-rick-torres/|title=Ron Paul Endorses Peter Schiff and Rick Torres|work=ronpaul.com|access-date=December 15, 2012|archive-url=https://web.archive.org/web/20130731024833/http://www.ronpaul.com/2010-07-29/ron-paul-endorses-peter-schiff-and-rick-torres/|archive-date=July 31, 2013|url-status=live}}</ref><ref>{{cite web|url=http://blogs.courant.com/capitol_watch/2010/07/peter-schiff-snags-a-bigname-e.html|title=Peter Schiff snags a big-name endorsement|work=courant.com|access-date=July 31, 2010|archive-url=https://archive.today/20120708075021/http://blogs.courant.com/capitol_watch/2010/07/peter-schiff-snags-a-bigname-e.html|archive-date=July 8, 2012|url-status=dead}}</ref>

 

 

The general election was won by the [[Democratic Party (US)|Democratic Party]] primary winner, [[Richard Blumenthal]].<ref>{{Cite news|url=https://www.washingtonpost.com/wp-dyn/content/video/2010/11/02/VI2010110208394.html|newspaper=The Washington Post|title=Democrat Blumenthal wins Conn. Senate seat|date=November 3, 2010|access-date=September 8, 2017|archive-url=https://web.archive.org/web/20180919140222/http://www.washingtonpost.com/wp-dyn/content/video/2010/11/02/VI2010110208394.html|archive-date=September 19, 2018|url-status=live}}</ref>

[[File:Peter Schiff by Gage Skidmore 2.jpg|right|thumb|Schiff broadcasting his radio show from Washington, D.C. in March 2013]]

 

 

In August 2012, Schiff replaced [[G. Gordon Liddy]] in the 10 a.m.–12 p.m. time slot on the [[Radio America (United States)|Radio America]] network Internet broadcast.<ref>http://rbr.com/g-gordon-liddy-retiring-peter-schiff-replacing/ {{Webarchive|url=https://web.archive.org/web/20120811144231/http://rbr.com/g-gordon-liddy-retiring-peter-schiff-replacing/ |date=August 11, 2012 }} Radio America press release</ref>

===Webcast===

Schiff is also a video blogger in the internet and distributes his media through [[YouTube]],<ref>{{cite web|last1=Schiff|first1=Peter|title=SchiffReport|url=https://www.youtube.com/user/SchiffReport|website=Youtube|access-date=4 September 2016|archive-url=https://web.archive.org/web/20150719145439/https://www.youtube.com/user/SchiffReport|archive-date=July 19, 2015|url-status=live}}</ref> Euro Pacific Capital,<ref>{{cite web|title=Multimedia|last1=Schiff|first1=Peter|url=http://www.europac.com/media|website=Euro Pacific Capital|access-date=4 September 2016|archive-url=https://web.archive.org/web/20150717051149/http://www.europac.com/media|archive-date=July 17, 2015|url-status=live}}</ref> and [[iTunes]].

 

===Television===

 

==Books==

{{Commons category}}

{{Wikiquote}}

* {{C-SPAN|62792}}

* {{IMDb name|3383440}}

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