Peter Schiff facts for kids
Quick facts for kids
Peter Schiff
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Schiff in 2016
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| Born | Peter David Schiff March 23, 1962 New Haven, Connecticut, U.S. |
| Occupation | Stock broker, financial commentator, radio personality, author |
| Alma mater | University of California, Berkeley (BS) |
| Subject | Business Investing Economics Personal finance |
| Spouse | Lauren Schiff |
| Children | 3 |
| Parent | Irwin Schiff (father) |
Peter David Schiff (born March 23, 1963) is an American expert in money and business. He is known as a stockbroker, someone who helps people buy and sell stocks. He also shares his ideas about money on radio and TV.
Peter helped start a company called Echelon Wealth Partners in Canada. He is also involved with other financial companies. These include Euro Pacific Asset Management and Schiff Gold. He often talks about how the US handles its money and loans.
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About Peter Schiff's Life
Peter Schiff was born in New Haven, Connecticut. His family was Jewish and middle-class. His father, Irwin Schiff, served in the US Army during World War II. Peter's parents divorced when he was young. He moved around the country with his mother and brother, Andrew. They lived in Connecticut, Manhattan, Florida, and Southern California.
Peter Schiff says his father taught him about a way of thinking called the Austrian School of economics. This school of thought focuses on how people make choices and how markets work.
Peter Schiff's Business Journey
Peter Schiff started his career as a stockbroker in the early 1990s. He worked at a company called Shearson Lehman Brothers.
In 1996, Peter and a friend bought a small company that helped people trade stocks. They named it Euro Pacific Capital. They started it in Los Angeles. Later, they moved the company to Darien, Connecticut, and then to Westport, Connecticut. It still has offices in other US cities. Peter later sold Euro Pacific Capital. It is now called Alliance Global Partners.
Schiff also started a bank called Euro Pacific Bank. This bank was set up in Saint Vincent and the Grenadines.
Peter Schiff's Economic Ideas
Peter Schiff is known for his strong opinions on the economy. He has often warned about problems he sees coming.
Views on the 2008 Financial Crisis
In 2006, Peter Schiff said that the United States was like the Titanic. He felt a big financial crisis was coming. He predicted that real estate prices would fall sharply in 2007.
In his 2007 book, Crash Proof, Schiff wrote that US money policies were not good. He has often said that without changes, the US could face very high inflation. This means money would lose its value quickly. He believed the US was buying too much and making too little.
He suggested that people should save more money and that the US should produce more goods. He pointed out that the US used to be a country that lent money to others. But by 2000, it became a country that owed the most money. He thought low savings were due to high inflation and low interest rates set by the Federal Reserve.
In 2008, Schiff said that easy lending rules caused the housing crisis. He also thought the crisis would spread to credit card loans. He called consumer credit "a cancer" on the economy. He predicted that interest rates would go up and the dollar would lose value.
In 2009, Schiff said that the US debt to China could only be paid back if the US dollar became much weaker. He also predicted that gold prices would go very high.
Ideas on Taxes
In 2011, Peter Schiff suggested that a national sales tax should replace income taxes. He believes income taxes discourage people from working. His second choice was a flat tax. This would remove all tax breaks, even for home loans. He thinks the government should not encourage buying homes over renting.
Thoughts on Medicare
In 2012, Schiff talked about Medicare, a health program for older people. He said it was like a "Ponzi scheme". He believed it needed big changes for people already using the system.
Views on Bitcoin
Peter Schiff is not a fan of Bitcoin. He has compared it to the "tulip mania" bubble from history. This was a time when tulip prices went crazy high and then crashed.
In 2020, he claimed he lost all his Bitcoin because his digital wallet got "corrupted." However, someone who helped him set up the wallet said Peter had just forgotten his password.
How People React to Peter Schiff
Because of his warnings about economic problems, Peter Schiff was nicknamed "Dr. Doom."
A video called "Peter Schiff was right" became popular online. It showed clips of him predicting the 2008 financial crisis.
Some people who followed Schiff's investment advice had different results. Some lost money in 2008, while others did well over a longer time. Schiff said it was unfair to judge his strategy only by those who started investing right before a big market drop.
Economist Paul Krugman has often disagreed with Schiff. Krugman believes inflation is about consumer prices going up. Schiff thinks inflation also includes money supply and asset prices. Krugman pointed out that consumer prices stayed low even after Schiff predicted high inflation.
In 2008, Schiff supported less government control over the economy. He thought the Great Recession was a chance for the US to save and produce more. He was against government help packages. He believed printing more money would cause asset prices to rise and eventually lead to high consumer prices.
Peter Schiff's Political Efforts
Working with Ron Paul in 2008
Peter Schiff was an economic advisor for Ron Paul's campaign for president in 2008.
Running for US Senate in 2010
In 2008, some people in Connecticut wanted Schiff to run for the US Senate. They made a website to encourage him. Many people donated money to his possible campaign.
In 2009, Schiff said he was seriously thinking about running. He even did a poll that showed he was close in popularity to the current senator. On September 17, 2009, Schiff officially announced he would seek the Republican nomination. He received support from Ron Paul and Steve Forbes.
At the Republican meeting in May 2010, another candidate, Linda McMahon, got the most votes. Schiff did not get enough votes there to qualify for the primary election. But he was the only Republican to get on the ballot by collecting signatures. McMahon won the primary election. Schiff came in third place. The main election was won by a Democrat, Richard Blumenthal.
Other Political Support
In 2008, Schiff supported Murray Sabrin for a US Senate seat in New Jersey. In 2012, he supported Christopher Shays instead of Linda McMahon in another Republican primary.
Peter Schiff in the Media
Radio Shows
Before the 2008 financial crisis, Schiff often appeared on TV news channels like CNBC and Fox News. He shared his ideas about the US economy. After the crisis, he appeared less often on these networks.
In 2012, Schiff started hosting a radio show on the Radio America network.
Online Videos
Peter Schiff also makes videos online. He shares his ideas on YouTube, his company's website, and iTunes. He has also been a guest on Joe Rogan's popular podcast and video series.
Television Appearances
Schiff has been a commentator on TV channels like CNBC and Fox Business.
Books by Peter Schiff
- Crash Proof: How to Profit From the Coming Economic Collapse, 2007
- The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down, 2008
- Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition, 2009
- The Little Book of Bull Moves, Updated and Expanded: How to Keep Your Portfolio Up When the Market Is Up, Down, Or Sideways, 2010
- How an Economy Grows and Why It Crashes, 2010
- The Real Crash: America's Coming Bankruptcy – How to Save Yourself and Your Country, 2012
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See also
In Spanish: Peter Schiff para niños
