Peter David Schiff (born March 23, 1963) is a stockbroker, financial commentator, and personality of American radio. He is CEO and chief global strategist of Euro Pacific Capital Inc., a Westport, Connecticut-based broker-dealer. He is the founder of Euro Pacific Canada Inc., now known as Echelon Wealth Partners Inc., headquartered in Toronto, with offices in Burlington, Ontario; Montreal; Vancouver; and Tokyo. He is also the founder and chairman of the Euro Pacific Bank, a foreign bank founded in St. Petersburg. Vincent and the Grenadines, moved to San Juan, Puerto Rico in 2017; founder, CEO, and chairman of Euro Pacific Asset Management, LLC, an asset management company founded in Newport Beach, is currently moving to Dorado, Puerto Rico, since 2013; and founder and chairman of SchiffGold, a precious metals dealer based in Manhattan.
Schiff is the main host of the Peter Schiff Show podcast, previously aired on terrestrial radio and the Internet, and he used to host Internet podcasts called Wall Street Unspun, now archived as a podcast. He has emerged as a guest on various business and financial television events and has been cited in major print publications as a financial analyst.
Schiff has repeatedly held a bullish view on long-term investments in stocks and foreign currencies in countries with good fiscal and monetary policies, as well as global commodities including precious metals and has expressed a bearish outlook on the US economy and the US dollar. Schiff voiced strong support for the economic thinking of the Austrian School, which was introduced to him by his father, Irwin Schiff. In 2010, Schiff ran in the main Republican for the United States Senate seat in Connecticut, but he lost to Linda McMahon and finished third.
Video Peter Schiff
Personal life
Schiff was born to a middle-class Jewish family in New Haven, Connecticut. His father, Irwin, son of a Jewish immigrant from Poland, served in the US Army during World War II. Irwin is a prominent figure in the US tax protector movement, who died in federal prison in October 2015 when he served a 13-year sentence for tax evasion.
His parents divorced when he was young, and he moved to a country with his mother and brother, Andrew, from Connecticut to Manhattan to Florida and finally Southern California. He praised his father for introducing himself to the Austrian School of Economic thought.
Schiff was educated at Beverly Hills High School and obtained a Bachelor of Science majoring in finance and accounting from the University of California, Berkeley, in 1987.
On October 20, 2015, The Tax Records reported that Schiff accused the Federal Bureau of treating his father inhumanely, who had died in prison four days earlier, and did not allow the usual humanitarian relief.
Maps Peter Schiff
Business career
Schiff began his career as a stock broker at Shearson Lehman Brothers brokerage in the early 1990s.
In 1996, Schiff and partners acquired an inactive brokerage firm, renamed it with Euro Pacific Capital, and began operating from a small office in Los Angeles, relocating the company to Darien, Connecticut, in 2005. The company is currently headquartered in Dorado, Puerto Rico has since expanded with offices in Scottsdale, Arizona, Boca Raton, Florida, Newport Beach, California, Los Angeles, and New York City. It specializes in non-US markets and securities.
Schiff founded the Euro Pacific Bank, licensed at St. Vincent and the Grenadines. The bank operates on a full reserve basis.
Views of economic and public policies
Predicted financial crisis
In an August 2006 interview, Schiff said, "The United States is like
In his 2007 Crash Proof, Schiff wrote that US economic policy is basically unhealthy. Since then, he has stated many times that without a change in the economic policy of the US government, there will be hyperinflation and that the imbalance between the quantity of goods consumed by the US and what it produces will eventually cause problems for the US economy. As a medicine, he likes an increase in savings and personal production to stimulate economic growth. Schiff cites the low level of US personal savings as one of the causes of the transformation of the world's largest creditor country in the 1970s into the largest debtor country in 2000. He attributes low savings rates to what he claims to be high inflation and artificially low interest. tariffs set by the Federal Reserve.
In 2008 and 2010 appearing on Fox News and the CNBC financial news network, Schiff cited factors such as speculation and "the absence of lending standards" as a factor that has 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 "cancer in the free market economy." Schiff said that the tribe interest will rise, that the dollar will "collapse," and that all classes of dollar-denominated assets will fall in value relative to non-US assets. He predicted the "massive crisis" and "credit card credit explosion" in 2008, with the result that consumer credit card spending limits will be "trimmed" by card issuers. He added that Americans will no longer be able to make purchases using their credit card lines. Eight years later in 2016, these predictions are still unrealized. Referring to the housing market, Schiff went on to criticize the Bush administration's policy of "vilifying and threatening lenders" to borrow carelessly.
In a speech in March 2009, Schiff said that it is impossible for US public debt to China to be paid back unless the value of the US dollar is substantially diluted through inflation. In September 2009, with gold below $ 1,000 an ounce, Schiff said that he forecast gold at more than $ 5,000 an ounce over the next few years and that the stock market rally that started that year was a "rally in the bear market." By 2016, the price of an ounce of gold is always less than $ 2,200 and is usually under $ 1,500.
Minimum wage
Schiff believes that there should be no minimum wage. According to him, minimum wage laws harm the poorest and least skilled by setting their prices outside the job market and reducing their chances of acquiring skills that will make them more employable.
Speaking at the Yale Political Union in September 2017, Schiff says "[minimum wage] limits the ability of workers to sell their workforce... the government imposes arbitrary prices - and let's say the minimum wage is $ 10 an hour - what the government says is if You can not sell your workforce more than $ 10 per hour is illegal for you to take the job. "
He believes that raising the minimum wage to $ 15 per hour would have devastating economic consequences and destroy employment opportunities for poor and low-skilled workers. Schiff stated "it's not a matter of having a job at $ 7 per hour versus $ 15 per hour, that you can be hired at $ 7 per hour or unemployed at $ 15 per hour.What's the point of being idle at $ 15 per hour? not necessarily for the job, but knocking the bottom rung of the work ladder. because if you take many of these youngsters, and you permanently ban them from the labor market, and they never get on the first rung, then they can never climb, they can never get a higher amount of money ".
During the January 2014 appearance on The Daily Show , correspondent Samantha Bee asked Schiff to give an example of "someone whose work will be worth $ 2 an hour." Schiff says that some "mentally retarded" people are happy to find jobs, even for just $ 2 an hour. Despite the fact that mentally handicapped people are not subject to minimum wage laws making up as little as $ 2 per hour, Schiff is heavily criticized for what his opponents consider as a suggestion rather than an explanation of the reality that exists. He claims that his remarks were taken out of context by combining different sections of the four-hour interview, which included criticisms about the unpaid apprenticeship of The Daily Show and the release of the US Department of Labor. the developmental disability of the minimum wage.
Taxation
In March 2011, Schiff stated that the national sales tax should reimburse personal and corporate income taxes, as he believes that the latter does not work as opposed to the consumption tax. Schiff's second option is the fixed tax rate, which will remove all deductions including a very popular home tax credit cut, because Schiff believes that the state should not subsidize buying a house rather than renting.
Trade deficit
On February 12, 2015, Schiff stated, "The level of debt we have, our degree depends on the obviously unsustainable artificial low interest rate and the massive trade deficit we have chronically year after year... This is a problem that continues to grow, which will ultimately lead to a US dollar crisis. "
Medicare
In August 2012, Schiff criticized Paul Path to Prosperity by saying that it was "too little, too late." Referring to Ryan's plan to save Medicare, Schiff said, "Why do we want to preserve it? This is a Ponzi scheme... What we need is a real Medicare cut today for people already in the system."
Gold and silver
Schiff is known primarily for his persistence in gold and his conviction that gold will protect investors against the prolonged decline of the US dollar. He introduced 100% first physically supported gold/silver accounts integrated with the global debit card system in 2011 through Euro Pacific Bank Ltd., his foreign bank.
Bitcoin
Schiff is rare among libertarians who are very visible that he is not interested in Bitcoin and has been referred to as a "Bitcoin skeptic." He originally claimed that cryptocurrency has no intrinsic value, and has since maintained that cryptocurrency has no significant competitive advantage over other cryptocurrencies, and therefore can not be an effective long-term saver. Sometimes he says that he sees it not as a golden alternative, but rather resembles a tulip mania bubble. Schiff considers it a method of payment rather than a currency, the latter of which must withhold its value.
However, he understands "the value of technology as a payment platform," and his Euro Pacific Precious Metals fund partnered with BitPay in May 2014 because "fiat fund transfers can be slow and costly for customers."
Feedback
Schiff's warnings about the impending economic collapse earned him the moniker "Dr. Doom," but the next article in Business Week and other business journals reported that Schiff was "more or less accurate" predicting the 2007-2010 financial crisis while "The easiest criticism of macroeconomics is that almost all fail to forecast a recession despite many warning signs." The YouTube fan video, "Peter Schiff is right," became popular at the end of 2008 and 2009. It contains a compilation of appearances on various financial TV news programs between 2005 and 2007.
Depending on the point at which they adopt the strategy, Schiff's followers may have strong, average, or bad returns. In January 2009, economic blogger and investment adviser Michael Shedlock wrote, "I have spoken to many people who claim they have invested with Schiff and dropped anywhere from 40% to 70% in 2008." Later that week, an article appeared in the Wall Street Journal reporting that Schiff's broker-dealer company had "advised his clients to bet that the dollar will weaken significantly and that foreign stocks will exceed their US counterparts" but the dollar then strengthened against most currencies, "magnifying losses from foreign stocks." In response to Shedlock's criticism, Schiff wrote that "to check the effectiveness of my investment strategy immediately after a major correction by just looking at accounts that adopt the previous peak strategy are unfair and distorted." In December 2012 Schiff wrote an article entitled "Mish Shedlock Exposed" in which he criticized Shedlock for the selective use of short-term data in the financial crisis and argued that his investment strategy has made a strong return in the long run.
Schiff's view has been criticized several times by economist Paul Krugman, who defines inflation very differently from Schiff, focusing on raising the CPI, rather than inflation in monetary and asset prices, which Schiff believes ultimately leads to an increase in consumer prices after an unlimited waiting period. In October 2010, Krugman wrote, "I am constantly told that Peter Schiff is right about everything, so how does hyperinflation occur?" In December 2011, Krugman quoted Peter Schiff's statement from December 2009: "I know inflation will worsen in 2010. Whether it will run out of control or it will last until 2011 or 2012, but I know we will to have a major currency crisis coming soon This will dwarf the financial crisis and it will send a truly ballistic consumer price, as well as interest rates and unemployment. "Krugman noted that inflation on the contrary remained low and concluded that the type of" economic model "Schiff is wrong" because it predicts that three times the base monetary, as has just happened, should lead to "terrible effects on the price level. "
In January 2012, Schiff stated that the US debt crisis and high consumer price inflation have been delayed only by government policy. In November 2012 and again in November 2014, Krugman repeated his criticism of Schiff's prediction of high consumer price inflation and rising interest rates in America.
In November 2008, Schiff said he supported the reduction of government economic regulation and worried the Obama administration would even improve the regulation. Schiff said that the financial crisis of the late 2000s provided an opportunity for the transition from lending and spending to savings and production. He is critical of the US government's efforts to "ease the pain" with economic stimulus packages and bailouts, as he believes that replacing "legitimate savings with the printing press" will result in asset price inflation, ultimate consumer price inflation, and if left unchecked, resulting in hyperinflation.
For example, in 2009, Schiff estimated "a protracted period of economic downturn accompanied by rapid consumer price increases." Schiff's critics point out that although asset price inflation has been significant, the consumer price inflation rate has remained very low in the five years that followed despite predictions.
When the Fed terminates the Quantitative easing program in October 2014, the general opinion is that the Fed will raise interest rates by 2015. By contrast, Schiff predicts that the market can not withstand a small interest rate hike, so the Fed announces a higher rate would be highly unlikely. However, it opens up the possibility of raising interest rates on several basis points but it is anticipated that it will have a major impact on equity markets and will bring the US into recession, therefore the Fed will be forced to reverse its policy of continuing the QE Program.
Political career
Ron Paul 2008 presidential campaign
Schiff is an economic adviser for Ron Paul's 2008 presidential campaign. In support of Paul's economic revitalization plan, Schiff said, "We need a plan that stimulates savings and production, not any of the reckless lending and consumption that brought us into this mess in the first place. Ron Paul's plan is the only one to step in the right direction.If you want a meaningful change - for the better - Ron Paul is the only candidate capable of delivering it. "
US Senate Campaign 2010
In December 2008, some Connecticut residents created a website that encouraged Schiff to campaign against incumbent Sen. Christopher Dodd. About 5000 people make campaign contributions using the website. On February 21, 2009, a moneybomb collected more than $ 20,000 for the Schiff campaign.
In a May 2009 video blog, Schiff said that he seriously considered running the Senate election, and when asked by a Washington Post reporter, he said that his chances of entering politics were "better than 50-50." in June 2009, Schiff commissioned a poll of potential voters indicating that he trailed the popularity of Dodd with just four percentage points. On July 9, 2009, Schiff launched an exploration committee and an official campaign website.
In a campaign speech in Hamden, Connecticut, on December 3, 2009, Schiff said, "Unlike others, I pretty much predict everything that will happen in 2008 with specific and definite details.... Someone must be in Washington to prevent the next round of [government] stimulus going on, because that would be the end of it.It would be a poison that really destroys the economy. "
After giving a few hints on The Daily Show, Schiff officially announced his candidacy for Republican nomination on September 17, 2009 during the MSNBC Morning Joe event . In October 2009, Schiff has received over 10,000 donations and numerous e-mails from around the world. The Schiff campaign received support from Ron Paul and Steve Forbes.
At the May Republic 2010 convention, Linda McMahon received the most votes of delegates but not enough to prevent August's primary elections from Rob Simmons. Schiff failed to qualify for a primary at the convention but became the only Republican candidate to successfully file a petition to the ballot. McMahon won the primary with 49% of the vote. Simmons came second with 28% of the vote, and Schiff was third with 23%.
The general election was won by the main Democratic Party winner, Richard Blumenthal.
More support
In April 2008, Schiff supported Murray Sabrin for the US Senate seat in New Jersey.
Schiff does not support McMahon in the Republican primary of 2012 but instead his opponent, former Representative Christopher Shays. Shays lost a primer to McMahon, who lost the election to Democrat Chris Murphy.
Media career
Radio
From 2005 to 2010 Schiff hosted a weekly shortwave radio show called Wall Street Unspun , featuring comments on financial market activity. From October 2010 to September 2014, he hosted the "The Peter Schiff Show" broadcast on the Internet and terrestrial radio. This show displays comments on market activity, current events, and economic philosophy; there are many famous guests including Ron Paul, Rand Paul, Niall Ferguson, Dennis Kucinich, Rick Santelli, and John McCain. The guest-hosted Peter Schiff Show included Thomas Woods, Neeraj Chaudhary, Stefan Molyneux, Larry Elder, and Andrew Schiff, brother of Peter Schiff.
According to his brother and public relations director, Andrew, Peter often appeared on CNBC, Fox News and Bloomberg to voice his opinions on the US economy and financial markets. However, after the financial crisis, bookings are down 75 to 85% on this network.
In August 2012, Peter Schiff replaces G. Gordon Liddy at 10 am to 12 am. time slots on Internet radio network radio broadcasts.
Schiff no longer hosts radio programs.
Webcast
Schiff is also a video blogger on the internet and distributes his medium through YouTube, Euro Pacific Capital, and iTunes. Peter Schiff has twice appeared as a guest on the YouTube Joe series and podcasts.
Television
Schiff is often a commentator on CNBC and Fox Business.
Schiff is often a guest at Boom Bust.
Criticism
Schiff has been the subject of criticism in terms of predictions he has made, and in particular for his repeated claims that in forecasting the stock market crash of 2008-2009, he "positioned his clients accordingly"
Testimony before the US Congress
Schiff has testified before Congress twice, in September 2011 and June 2012.
Books
Peter Schiff is the author of six books published by John Wiley & amp; Children. His book, Crash Proof 2.0 , appeared on the New York Times and the Wall Street Journal's bestseller list .
- Evidence of Damage: The Profit of the Crippled Economic Collapse , February 2007, ISBN 978-0-470-04360-8 [1]
- Bull Book Moving in Bear Market: How to Maintain Your Portfolio Until Market Drops , 2008, ISBN 978-0-470-38378-0 [2]
- Accident Evidence 2.0: How Profit Of The Economic Collapse, Second Edition , September 2009, ISBN 978-0-470-47453-2 [3]
- Small Book of Mobile Moves, Updated and Expanded: How to Maintain Your Portfolio Until When Markets Rise, Go Down, Or Pass Through , 2010, ISBNÃ, 0-470-64399-4 [4]
- How the Economy Grows and Why Explodes , 2010, ISBNÃ, 978-0-470-52670-5 [5]
- Real Damage: Bankruptcy Coming America - How to Save Yourself and Your Country , 2012, ISBN 978-1-250-00447-5
References
External links
- SchiffGold
- Appearance in C-SPAN
- Peter Schiff at IMDb Peter Schiff's
- channel on YouTube
Source of the article : Wikipedia
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