[edit] Guide Note
Peter Schiff is a financial strategist and analyst frequently consulted by the news media. He is the president and chief global strategist of financial company Euro Pacific Capital.
[edit] Fast Facts
- Education: University of California, Berkley1
- Company: Euro Pacific Capital
- Title: President and chief global strategist
- Economic adviser: Ron Paul 2008 presidential campaign (January 25, 2008 - June 12, 2008)
- Market view: Bear2
- Predicted: Dow will match price of gold3
[edit] Ron Paul Endorsement
Peter Schiff endorsed Ron Paul in the 2008 Republican presidential primaries.4 He launched an e-mail campaign to encourage both his clients and business acquaintances to contribute to the fundraising effort.5 On January 25, 2008, Schiff was named economic adviser for the Ron Paul presidential campaign.6 Ron Paul's presidential run was officially suspended on June 12, 2008.7
[edit] Dire Predictions
Schiff is known for his bearish views on the market.2 Schiff predicted the Dow Jones index will fall to the value of one ounce of gold, but he did not commit to a value for the intersection.3. Schiff is skeptical of the U.S. Treasury department, claiming the U.S. market value appears to be manufactured based on inaccurately adjusted inflation numbers.3
[edit] Quotes
"The problem with our deficit is that we import consumer goods we can not afford to pay for with either exports or foreign earnings. As such we accumulate external liabilities that we will never be able to repay and our nation's future productive capacity continues to deteriorate. We are de-industrializing and are condemning ourselves and future generations to falling standards of living."8
"The whole science of economics, as I see it, is how do you satisfy unlimited demand with limited resources?"9
"I don't see a way for the U.S. economy to avoid a major retrenchment. There's no way that U.S. assets are not going to be marked down relative to foreign assets. Therefore, I would rather invest in the rest of the world."9
