Peter Schiff
Peter Schiff | |
|---|---|
| Born | March 23, 1963 New Haven, Connecticut, U.S. |
| Occupation(s) | Stockbroker, financial analyst, radio host |
| Known for | Co-founder of Echelon Wealth Partners; founder of Euro Pacific Capital; economic predictions |
Peter David Schiff (; born March 23, 1963; commonly known as "Dr. Doom") is an American stockbroker, financial analyst, and radio host. He co-established Echelon Wealth Partners in Canada, previously known as Euro Pacific Canada. Additionally, he participates in various financial enterprises such as Euro Pacific Asset Management, where he serves as an independent investment advisor, and Schiff Gold, formerly Euro Pacific Precious Metals. Schiff has frequently voiced strong criticism regarding the banking and credit systems in the United States.
Personal life
Born into a middle-class Jewish household in New Haven, Connecticut, Schiff’s father, Irwin Schiff, was the son of Jewish immigrants from Poland and served in the US Army during World War II. Following his parents' separation, Peter relocated with his mother and brother multiple times across states including Connecticut, Manhattan, Florida, and Southern California. He credits his father with introducing him to the principles of the Austrian School of economics.
Irwin Schiff was a notable figure within the US tax protester movement and passed away in federal prison in October 2015 while serving a sentence exceeding 13 years for tax evasion. Unlike his father, Peter did not adopt these extreme views and by 1980 had urged him to discontinue his tax protest activities, considering them "futile resistance." Although he acknowledged his father's intellectual arguments as "compelling," he dismissed his approach as impractical, stating, "The problem with my father is that he's not practical. He was always going to lose." Four days after Irwin Schiff’s death, Peter accused the Federal Bureau of Prisons of mistreating his father and denying him humanitarian release.
Business career
In the early 1990s, Schiff commenced his professional journey working as a stockbroker at Shearson Lehman Brothers.
Together with a partner in 1996, he purchased a dormant broker-dealer firm which they rebranded as Euro Pacific Capital, initially operating out of a modest office in Los Angeles. The company relocated to Darien, Connecticut in 2005 before establishing its current headquarters in Westport, Connecticut. It maintains additional offices throughout the US, including locations in Scottsdale, Arizona; Boca Raton, Florida; Newport Beach and Manhattan Beach in California; and New York City. Eventually, Schiff divested Euro Pacific Capital, which has since been renamed Alliance Global Partners.
He also launched Euro Pacific Bank, a full-reserve banking institution originally headquartered in St. Vincent and the Grenadines.
Investigation and lawsuit
On June 30, 2022, operations at Schiff’s Puerto Rico-based Euro Pacific International Bank were suspended by the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) amid allegations involving money laundering and tax evasion. The Commissioner referenced numerous regulatory breaches and failures to comply with requirements. The bank was subsequently liquidated by regulators, with Schiff incurring fines totaling $300,000.
Schiff attributed OCIF’s intervention to claims made by 60 Minutes Australia and The Age, asserting that these accusations were unfounded but nonetheless led to the bank’s collapse. In response, he initiated a defamation lawsuit against Nine Network and The Age concerning the 60 Minutes Australia segment and related publications. An Australian court later determined that 60 Minutes had defamed Schiff while ruling that The Age had not.
By December 2023, this civil litigation concluded with Schiff receiving $360,000 in damages alongside the removal of all versions of the contested 60 Minutes broadcast. Schiff disclosed that he suffered multimillion-dollar losses as a result of the investigation.
2008 financial crisis
In August 2006, Schiff compared the American economy to the Titanic, cautioning about a looming financial meltdown. By December of the same year, he predicted a significant drop in housing prices, which had reached their peak in December 2005.
In his 2007 publication Crash Proof, Schiff argued that US economic strategies were inherently flawed. He consistently warned that without adjustments in policy, hyperinflation was a probable outcome due to the disparity between American consumption and production levels. He recommended boosting personal savings and increasing production as essential steps for economic growth, highlighting the nation’s low savings rate as a primary reason for its transformation from the largest global creditor in the 1970s to the biggest debtor by 2000. Schiff linked this diminished savings rate to elevated inflation and artificially suppressed interest rates set by the Federal Reserve.
Throughout 2008 and 2010 interviews on Fox News and CNBC, Schiff pointed to speculative behavior and relaxed lending criteria as key factors fueling the housing market collapse that began in 2007.
On December 13, 2007, during an appearance on Bloomberg TV's "Open Exchange," Schiff predicted that the financial turmoil would extend into credit card lending, describing consumer credit as "a cancer on the free-market economy." He anticipated increases in interest rates, a weakening US dollar, and a decline in the value of dollar-denominated assets relative to foreign assets. He foresaw a severe crisis in credit card financing with drastic reductions in spending limits—a forecast that ultimately did not come to pass. Additionally, he criticized the Bush administration for condemning lenders while ignoring reckless borrowing behaviors.
In March 2009, Schiff asserted that repayment of US debt held by China would only be feasible if inflation significantly devalued the dollar. By September 2009, when gold prices were below $1,000 per ounce, he projected gold climbing beyond $5,000 per ounce and described the ongoing stock market upswing as merely a "rally in a bear market."
Taxation
In March 2011, Schiff proposed abolishing both personal and corporate income taxes in favor of a national sales tax, contending that income taxes discourage labor more than consumption taxes do. His alternative suggestion included implementing a flat tax rate without any deductions, explicitly removing popular incentives like the home mortgage interest deduction since he opposed government support favoring homeownership over renting.
Medicare
In August 2012, Schiff criticized Paul Ryan's Path to Prosperity Medicare reform plan as insufficient and overdue. He labeled Medicare itself a "Ponzi scheme" and advocated for immediate benefit reductions for current recipients rather than attempts to preserve the program long-term.
Bitcoin
Schiff has been an outspoken critic of Bitcoin, likening it to the speculative tulip mania bubble. On January 19, 2020, he claimed his Bitcoin wallet became corrupted, resulting in loss of access to all his bitcoin assets, describing Bitcoin as "intrinsically worthless." This statement was challenged by Erik Voorhees, who confirmed assisting Schiff with wallet setup but noted Schiff had forgotten both his password and recovery phrase. Voorhees also questioned whether Schiff would similarly dismiss gold if it were physically lost.
Responses
Peter Schiff’s predictions of an impending economic collapse earned him the nickname "Dr. Doom". A widely viewed YouTube compilation titled "Peter Schiff was right" showcased his financial television appearances from 2005 to 2007, significantly raising his public profile during late 2008 and 2009.
The results of following Schiff’s investment methods varied depending on the timing. In January 2009, investment advisor Michael Shedlock noted that some clients faced losses ranging from 40% to 70% throughout 2008. An article in The Wall Street Journal highlighted that Schiff’s firm had recommended clients position themselves for a declining dollar and stronger foreign equities; however, the dollar actually appreciated, exacerbating losses. Schiff argued that evaluating his strategy immediately after a major market correction was unjust. By December 2012, he criticized Shedlock for focusing on selective short-term data and defended his approach as robust over the long haul.
Economist Paul Krugman has repeatedly challenged Schiff’s perspectives, particularly concerning inflation. While Krugman concentrates on increases in the Consumer Price Index (CPI), Schiff stresses inflation in monetary supply and asset prices that eventually translates into consumer price inflation. In 2010 and subsequent years, Krugman disputed Schiff’s forecasts of hyperinflation and rising interest rates, pointing out that inflation remained subdued despite the monetary base tripling.
In January 2012, Schiff claimed that government interventions had only postponed a US debt crisis and elevated inflation. Krugman continued to dispute Schiff’s economic assumptions and inflation predictions in both 2012 and 2014.
In November 2008, Schiff called for scaling back government economic regulation and voiced concerns about potential regulatory increases under the Obama administration. He regarded the Great Recession as a chance to transition from borrowing toward saving and production. He opposed stimulus measures and bailouts, warning that replacing savings with money creation would first inflate asset prices followed by consumer price inflation or even hyperinflation.
For instance, in 2009 Schiff forecasted an extended economic downturn accompanied by rapid rises in consumer prices. Critics noted that although asset prices surged substantially, consumer inflation remained low for five years afterward.
When the Federal Reserve concluded quantitative easing in October 2014, most analysts anticipated several interest rate hikes in 2015. Schiff predicted that markets would be unable to absorb even small rate increases; any hike could severely damage equities and trigger a recession, compelling the Fed to restart QE. While he allowed for a minor rate rise, he expected significant market turmoil if it occurred.
2008 Ron Paul presidential campaign
Schiff acted as an economic advisor during Ron Paul's 2008 bid for the presidency.
2010 US Senate campaign
In December 2008, a grassroots movement in Connecticut launched a website urging Schiff to challenge incumbent senator Christopher Dodd, generating roughly 5,000 individual contributions. A February 2009 fundraising event raised more than $20,000 for his prospective campaign.
By May 2009, Schiff was seriously contemplating a Senate run, with June polls indicating he was trailing Dodd by only four points. He formed an exploratory committee and created an official campaign website in July 2009. Following hints on The Daily Show, Schiff formally declared his Republican candidacy in September 2009 during an appearance on MSNBC's Morning Joe. By October, he had attracted over 10,000 donors along with international support. His campaign received endorsements from both Ron Paul and Steve Forbes.
At the May 2010 Republican convention, Schiff failed to meet the threshold to appear on the primary ballot but secured ballot access through petitioning. In the August primary election, Linda McMahon won with 49%, Rob Simmons came second with 28%, while Schiff finished third with 23%.
The general election was ultimately won by Democrat Richard Blumenthal.
Additional Political Support
In April 2008, Schiff publicly backed Murray Sabrin in his bid for the U.S. Senate seat representing New Jersey. During the 2012 Republican primary, Schiff did not endorse Linda McMahon; instead, he supported former congressman Christopher Shays, who was ultimately defeated by McMahon. McMahon then lost the general election to Democrat Chris Murphy.
On July 18, 2025, Schiff openly condemned Elon Musk and his initiative to establish the America Party, labeling Musk's attempt to unite Republicans and Democrats as a fools errand.
Radio
Prior to the onset of the 2008 financial crisis, Schiff regularly appeared on networks such as CNBC, Fox News, and Bloomberg News, where he offered insights into the U.S. economy and financial markets. However, following the crisis, his frequency of appearances on these channels decreased dramatically by approximately 75 to 85%.
In August 2012, Schiff assumed the 10 a.m. to 12 p.m. slot on the Internet broadcast of the Radio America network, succeeding G. Gordon Liddy.
Online Video Content
Schiff creates video materials that are distributed through platforms including YouTube, Euro Pacific Capital, and iTunes. He has been featured as a guest on Joe Rogan's YouTube show and podcast on four occasions.
Television Appearances
Schiff has contributed as a commentator for both CNBC and Fox Business networks.
Published Works
- 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