Peter Schiff (economist)

Peter Schiff

Peter David Schiff (born March 23, 1963 ) is an American economist, business commentator, author and stockbroker. He is president of Euro Pacific Capital Inc. , a Darien-based investment firm , and was a 2010 Senate candidate.

He is best known for his apt analysis of the future of the US economy; in particular, he predicted the financial crisis from 2007 onwards .

Life

After graduating from the University of California, Berkeley , Schiff began his career as a stockbroker with Lehman Brothers .

Schiff later acquired Euro Pacific Capital, a brokerage firm founded in 1980 with no clients or revenue. Today the company has thousands of customers and six offices across the country. The headquarters have been in Westport (Connecticut) since 2003 .

According to an article published in The Advocate of Stamford in 2005 , Schiff relocated the company to Darien, Connecticut, in search of brokers who "think like him." The New York Metropolitan Area has the highest concentration of brokers in the country, which, according to Schiff, makes it easier to find employees. The firm has offices in Newport Beach, California, and Scottsdale, Arizona, Palm Beach, Florida, Los Angeles, and New York. Euro Pacific Capital also has exclusive rights to broker Perth Mint Gold products in the United States.

Schiff is a returning guest on American television news and operates an Internet radio .

For his book How an Economy Grows ... and Why It Crashes , he was awarded the Corine International Literature Prize in 2011 .

politics

Peter Schiff was Ron Paul's economic policy advisor during his candidacy for the 2008 presidential election in the United States . He strongly supported Ron Paul's economic plans, saying, “We need a plan that stimulates savings and production, rather than the reckless borrowing and consumption that has led us into this mess. Ron Paul's plan is the only one that points in the right direction. If you want a meaningful move, Ron Paul is the only candidate. "

Candidate for the US Senate in 2010

In December 2008, some California supporters of Schiff created a website to encourage Peter Schiff to challenge incumbent Connecticut Senator Chris Dodd . On February 21, 2009, donations of US $ 20,000 were raised for the campaign.

In May 2009, Schiff announced on his video blog that he was seriously considering running for the Senate. On May 26, when asked by the Washington Post about his candidacy, he replied that it was "better than 50-50" and that he would make a decision shortly.

A poll commissioned by Schiff among voters in Connecticut in June 2009 showed that he was only four percent behind incumbent Chris Dodd. On July 9, 2009, Schiff posted a video blog calling for donations to be made for his campaign. According to his own statements, in order to find out in this way whether people who really care about freedom, solid money and the constitution are ready to get involved in his campaign. He then received over 10,000 donations and a lot of electronic mail from all over the world.

As a result, Schiff indicated his possible candidacy on The Daily Show on June 9, 2009. On September 17, 2009, he officially announced his candidacy on the MSNBC Morning Joe show . He is trying to get a nomination as a Republican candidate.

In response, he received over 10,000 phone calls and letters from supporters and raised over $ 1,950,000 in donations. Peter Schiff says he intends to contribute his dedication and experience to the Connecticut taxpayer. He may make mistakes in this campaign, but he will not make mistakes in representation in the Senate. He is looking forward to an exciting election campaign in which he wants to bring his vision closer to the people of Connecticut.

A spokeswoman for the Democratic Party, Colleen Flanagan, commented on this by stating that, despite his groupie-like supporters, Peter Schiff hardly has any qualifications to run for the US Senate. He even publicly admitted that he could no longer remember when he last voted. In response, Schiff replied that the fact that he had no experience in running down the land and the banking system was his greatest quality.

In the primaries on August 30, 2010, Schiff lost 23% of the vote to Linda McMahon (49%) and Rob Simmons (28%).

Economic Policy Opinions

In a 2002 interview with Southland Today , Schiff stated that the dot-com bubble money is moving on and he foresees much bigger problems in the future.

In an interview in August 2006, Schiff said, "The United States economy is like the Titanic and I'm here with the lifeboat trying to convince people to leave the ship, I see a real financial crisis approaching the US." December 2006, in a debate on Fox News , Schiff predicted that house prices would plummet.

During these appearances on Fox News or on CNBC's financial news , Schiff criticized worrying factors such as the lack of guidelines for lending and property speculation. In a television interview with Bloomberg on December 13, 2007, Schiff added that he believed the crisis would spread to the credit card industry.

Schiff also addresses the role of US consumers, many of whom think they are doing the world a favor by consuming the things the rest of the world produces. He makes it clear that this relationship will come to an end faster than many think - with negative consequences for the United States. Schiff is quoted as saying: "Consumption is the reward of production" - by which it is meant that the United States cannot afford further consumption without its own production. Like other well-known supporters of the Austrian School of Economics , Schiff takes the view that it is not consumption, but saving and production that promote sustainable economic growth.

In an interview published on the website of the Ludwig von Mises Institute , Schiff reports that it was his father, Irwin Schiff , who introduced him to the Austrian School of Economics.

At the end of 2008, Peter Schiff also took the view that the financial crisis would not be the problem, but the solution, if the American government did not try with all its might to prevent this crisis from occurring, which would only delay it and increase national debt immensely. He said the transition from the old practice of lending and consuming to saving and producing could not happen without a deep recession, given the current imbalance in the US economy. On this move, Schiff criticizes the government's efforts to "alleviate the pain" through economic stimulus programs and financial aid. According to Peter Schiff, this will only make the situation worse and could even result in hyperinflation if the government continues with its policies.

Schiff supports the dismantling of economic regulation. He is concerned that Barack Obama's administration might even tighten this regulation.

He criticizes the low savings rate in the United States as a deep-seated evil and refers to the transformation of the USA from the largest creditor nation in the world in 1970 to the largest debtor nation in 2000. According to Schiff, the low savings rate can be attributed to inflation and artificially low Reduce interest rates through the Federal Reserve Bank .

During a speech in Omaha , Nebraska, in March 2009 , Schiff stated that it would be impossible for the US to repay its huge debt to China until the US dollar was significantly devalued by inflation. Schiff believed that the price of gold would climb to $ 5,000 within a few years and that the US stock market recovery in 2009 would be short-lived. Since 2007, Peter Schiff has reiterated several times that the US government will cause hyperinflation if you stay on course.

Works

Schiff is author / co-author of the following books:

• 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. 2008, ISBN 978-0-470-38378-0 .
• Crash Proof 2.0: How to Profit From the Economic Collapse. 2009, ISBN 978-0-470-47453-2 .
• How an Economy Grows and Why It Crashes. 2010, ISBN 978-0-470-52670-5 .
  • German: How an economy grows ... and why it crashes. BörsenbuchVerlag, Kulmbach 2011, ISBN 978-3-941493-75-9 .
• The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country. 2012, ISBN 978-1-250-00447-5 .

Web links

Commons : Peter Schiff  - Collection of images, videos and audio files

• Euro Pacific Capital Inc.
• "Financial expert Peter Schiff: Keynes is nonsense". Interview in: Handelsblatt . June 24, 2010.

Individual evidence

1. ↑ myspace.com
2. ↑ cnbc.com
3. ↑ money.cnn.com
4. ↑ schiffforsenate.com ( Memento of the original from April 7, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
5. ↑ Julie Fishman-Lapin: Prophet of Doom? Darien market bear says US investors' ship is sinking. In: The Advocate of Stamford. August 6, 2006, pp. F1, F6.
6. ↑ europac.net ( Memento of the original from June 25, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
7. ↑ europac.net ( Memento of the original from March 4, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
8. ↑ schiffradio.com
9. ↑ reuters.com
10. ↑ schiff2010.com ( Memento of the original from January 16, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
11. ↑ dailypaul.com ( Memento of the original from February 25, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
12. ↑ theplumline.whorunsgov.com ( Memento of the original from June 1, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
13. ↑ wrs.com ( Memento of the original from January 5, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
14. ↑ washingtonpost.com
15. ↑ blogs.cqpolitics.com ( Memento of the original from April 20, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
16. ↑ youtube.com
17. ↑ schiffforsenate.com ( Memento of the original dated November 29, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
18. ↑ courant.com ( Memento of the original from October 6, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. 
19. ↑ tpmdc.talkingpointsmemo.com
20. ↑ cbourne: Peter Schiff for US Senate Primary Electrion Results. (No longer available online.) Daily Paul, Aug 10, 2010, archived from the original on Aug 15, 2010 ; Retrieved August 11, 2010 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
21. ↑ video.google.com ( Memento of the original from June 29, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
22. ↑ youtube.com
23. ↑ blog.mises.org
24. ↑ Wall Street Unspun. November 5, 2008 Archived copy ( memento of the original from March 13, 2010 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
25. ↑ europac.net ( Memento of the original from May 12, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
26. ↑ businessinsider.com
27. ^ Peter D. Schiff, John Downes: Crash Proof: How to Profit from the Coming Economic Collapse. John Wiley & Sons, New Jersey 2007, ISBN 978-0-470-04360-8 .