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Peter D. Schiff Quotes

Peter David Schiff is an American businessman, investor, author, financial commentator, and radio personality.

Schiff is CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Dorado, Puerto Rico. He is founder of Euro Pacific Canada Inc., a Canadian registered global brokerage firm headquartered in Toronto, with offices in Burlington, Ontario; Montreal; Vancouver; and Tokyo. He is also founder and chairman of Euro Pacific Bank Ltd., offshore bank based in St. Vincent and the Grenadines; founder, CEO, and chairman of Euro Pacific Asset Management, LLC., an asset management company founded in Newport Beach, currently relocated to San Juan, Puerto Rico, since 2013; and founder and chairman of SchiffGold, a precious metals dealer based in Manhattan.

Schiff is the principal host of The Peter Schiff Show podcast, which was formerly broadcast on terrestrial and Internet radio, and he was formerly host of an Internet podcast called Wall Street Unspun, now archived as podcasts. He has appeared as a guest on numerous business and financial television shows and has been quoted in major print publications as a financial analyst.

He has repeatedly held bullish views on long-term investments in foreign stocks and currencies in countries with sound fiscal and monetary policies, as well as global commodities including physical precious metals and has expressed bearish views on the US economy and the US dollar.

Schiff voices strong support for the Austrian School of economic thought, which was introduced to him by his father, Irwin Schiff. In 2010, Schiff ran in the Republican primary for the United States Senate seat in Connecticut, but he lost to Linda McMahon and came in third.

✵ 23. March 1963
Peter D. Schiff photo
Peter D. Schiff: 40   quotes 0   likes

Famous Peter D. Schiff Quotes

“The Constitution denies the states the power to make anything other than gold or silver coins legal tender in payment of debts.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“If you think mutual funds aren’t a flagrant enough example of conflict of interest, try hedge funds.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“There are no checks and balances if the gov is wrong, if a private entrepreneur makes a mistake, he goes bankrupt, the losses are cut, if he bets wrong, he loses, if the gov bets wrong, they just get bigger, they just appropriate more money, it's a bottomless pit, because they either get it from the tax payers or run it off a printing press.”

Peter D. Schiff

Authors@Google: Peter Schiff (2009)

“It is a common misconception that low wages are the main factor influencing prices. The reality is that low capital costs, and the absence of taxation and regulation, are far more important.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“Here’s why I would recommend against [selling the U. S. stock markets short]…. Retail brokers normally require investors to hold any short-sale proceeds in U. S. dollars, usually earning no interest. The dollar, seen through my famously jaundiced eye, could lose more purchasing power than the security you sold short lost value…. I’ve got a much better idea, which is to borrow dollars and spend them to acquire foreign income-producing assets, using the income to pay the interest.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“And the reason the federal government wasn’t given that power [to create paper money or issue bills of credit] was because the framers didn’t want it to have the power to create inflation. They had just experienced it firsthand with the Continental dollar, which ended up being worth around 10 cents and gave rise to the expression “not worth a Continental.””

Peter D. Schiff

Quotes from Crash Proof (2006)

Peter D. Schiff Quotes about thinking

“Nobody is entitled to someone else's money, that is the bottom line. People think they are entitled to it because they think they paid into it, nobody paid into anything, it was a fraud. Every single dollar that the gov collected in social security taxes, has already been spent, there is nothing there, there is no money, so the only money the government gets to make current payment is the money it can take from people who are still working. Its a transfer from the working poor in many cases to the retired rich. We don't have the money, I feel bad for the fact people made promises we can't keep, I feel bad for the people that invested with Bernie Madoff and lost their money, but its the same principle, its the same Ponzi scheme. We have to put an end to it, we have to find real solution to these problems because if we keep on denying that they exist and keep on spending money, we're going to destroy the value of everyone's benefits.”

Peter D. Schiff

RTC, Avon, CT, 10th May 2010

“The Founding Fathers, those who wrote the Constitution and founded the American Republic, they understood the benefits of sound money and the evils of paper money. They’ve put America on a gold standard from the very birth of the republic and we should heed their wise - they were very learned men. I think they were much more educated and understanding about economics then the people who lead the U. S. today. So, to try to suggest that we will have less robust economy if we went back to gold standard - mostly, that’s propaganda from Central Bankers and politicians, who want to scare us from going back to something that works, because when you go back to free market, the politicians and bankers will lose their power, and they want to maintain their power by scaring people into thinking that if we just go back to freedom and market forces, that’s somehow is going to be bad and we have to surrender our freedoms to politicians and bankers because they know much better than the market. They can define the proper rate of interest and they can manage the money supplier, centrally planning the economy, and it’s going to be more effective than free market capitalism - and that is just not the case.”

Peter D. Schiff

http://blogcritics.org/politics/article/peter-schiff-for-us-senate/http://rt.com/shows/sophieco/190800-economy-dollar-financial-armageddon/
Economic Views

“Existing regulators had all the powers they needed, and more, and they failed miserably to foresee and prevent this crisis. Chris Dodd is now asking us to put all our eggs in one basket and trust a "super regulatory agency." He should know better than to centralize power in the hands of Washington bureaucrats - it's precisely the arrangement that caused our current problems. I think most Connecticut voters know that we need fewer czars in Washington, not more. As long as Fannie and Freddie and Congress are meddling with the economy, changing the structure of the regulators is basically rearranging deck chairs on the Titanic.”

Peter D. Schiff

2010 Senate Campaign, Remarks regarding Christopher Dodd

“I'm interrupting my career. It's not like I want my new career in politics. But I'm willing to interrupt it the same way that somebody interrupted their career and joined World War II and went off to fight the Nazis. I don't think that I'm that heroic, and I don't think I'm risking as much as a soldier. But it's the same principle.”

Peter D. Schiff

2010 Senate Campaign
Source: Hard-Core Free-Marketeer A Conversation With Peter Schiff: Investor, Critic, Candidate, Ahran, Frank, Sunday, October 4, 2009, Outlook & Opinions, 2009-10-03 http://www.washingtonpost.com/wp-dyn/content/article/2009/10/01/AR2009100103890.html,

“Think about all the rules and regulations American businesses have to deal with. How can we compete with nations that don’t impose those excessive burdens? Does anyone think that the United States could ever have become a great power with all the rules, regulations, and taxation that exist today?”

Peter D. Schiff

Quotes from Crash Proof (2006)

Peter D. Schiff Quotes

“While we’ve been buying time, things have gone from bad to worse. We have debased our currency so much it is already beyond control. We just haven’t felt the full impact yet because we have had massive artificial support from abroad.”

Peter D. Schiff

Quotes from Crash Proof (2006)

Support , Time

“When private industry makes a mistake, it gets corrected and goes away. As governments make mistakes, it gets bigger, bigger and bigger and they make more, more and more because as they run out of money, they just ask for more and so they get rewarded for making mistakes. In the meantime that is exactly what we are doing by subsidizing companies which are failing, we have a reverse Darwinism, we've got survival of the unfittest, the companies and people that have made terrible mistakes are being rewarded and other people are being punished and being taxed.”

Peter D. Schiff

Authors@Google: Peter Schiff (2009)

Money , People

“By historical standards and given the gloomy corporate profits outlook in an environment of high corporate debt and rising interest rates, the Dow Jones Industrial Average is considerably overvalued at late-2006 levels and should be avoided. I say that, even setting aside the imminent prospect of a collapsed dollar and the recession and hyperinflation that would accompany it.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“It can be argued that the U. S. brokerage and investment banking industry has transformed the modern American stock market into nothing more than a mechanism for transferring wealth from shareholders to management.”

Peter D. Schiff

Quotes from Crash Proof (2006)

Wealth

“Today, of course, our current inflation problem is firmly rooted in the irresponsible monetary policies of maestro Greenspan.”

Peter D. Schiff

Quotes from Crash Proof (2006)

Problem

“The real bubble in China is in US Treasuries, in US dollars.”

Peter D. Schiff

Wall Street Unspun, 3 March 2010

“Borrowing to build factories is not the economic equivalent of borrowing to buy television sets, and it’s amazing just how few modern economists can see the difference…Borrowing to produce is the way poor countries become rich. Borrowing to consume is the way rich countries become poor. A vivid example of the latter is the stream of container ships unloading at U. S. ports and going back empty because we have nothing to ship.”

Peter D. Schiff

Quotes from Crash Proof (2006)

Way , Country

“Real economic growth emanates from increased productivity, which tends to hold prices down.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“Paying attention to the CPI and the others is like leaving your house on a rainy day without carrying an umbrella because a government weather report told you it was sunny.”

Peter D. Schiff

Quotes from Crash Proof (2006)

Housing , Weather

“Transferring regulatory authority from one unaccountable agency to another will not solve any problems.”

Peter D. Schiff

2010 Senate Campaign, Remarks regarding Christopher Dodd
Source: Peter Schiff criticizes Chris Dodd's plan to overhaul financial regulators, Altimari, Daniela, September 22, 2009 11:26 AM, Capitol Watch Blog, Courant, 2009-09-23 http://blogs.courant.com/capitol_watch/2009/09/peter-schiff-criticizes-chris.html,

Problem

“Inflation is the unhappy result of our monetary mismanagement and the ultimate cause of the coming economic collapse.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“Schiff likes to say he 'predicted' the financial collapse, but with ludicrous theories like these, we're predicting that he'll never be a U. S. Senator.”

Peter D. Schiff

2010 Senate Campaign, Quotes made by Connecticut Democratic Party spokeswoman Colleen Flanagan

“Non-dividend-paying growth stocks can be attractive but should be viewed as speculation rather than investing.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“In the long run, the euro as a fiat currency may very well fail like the U. S. dollar. (2006, before Greece)”

Peter D. Schiff

Quotes from Crash Proof (2006)

“…it is the natural tendency of market economies to lower prices that makes them so successful.”

Peter D. Schiff

Quotes from Crash Proof (2006)

Nature , Success

“While it's refreshing to see Chris Dodd finally realize that we need to end the politicization of the Federal Reserve, his latest proposal merely repeats the mistakes that have created this crisis.”

Peter D. Schiff

2010 Senate Campaign, Remarks regarding Christopher Dodd

“If anyone was questioning whether or not Peter Schiff was truly a Republican, he's certainly made it clear today. After eight years of the Bush Administration's lax regulation and market-first mentality, the last thing we need is to further reduce regulation and allow Wall Street to run the show. Chris Dodd is leading the way to put a balance back into a system that for years has been too far out of whack and ensure that consumers are protected first and foremost.”

Peter D. Schiff

2010 Senate Campaign, Quotes made by Connecticut Democratic Party spokeswoman Colleen Flanagan

Way , Question

“… it is precisely because it is not a democracy that China will likely be so successful…What is of vital importance for economic success is economic freedom, meaning the protection of private property, the rule of law, and minimal regulation and taxation, not the right to vote.”

Peter D. Schiff

Quotes from Crash Proof (2006)

Law , Democracy , Freedom , Success

“If Enron had been forced to pay cash dividends, it could never have pulled that caper off!”

Peter D. Schiff

Quotes from Crash Proof (2006)

“The process of dumbing people down so they’ll buy official figures showing inflation “under control” at levels of 1 to 2 percent or so (when it is actually more like 8 to 9 percent) is actually a fairly recent development.”

Peter D. Schiff

Quotes from Crash Proof (2006)

People

“[Consumer credit] is like giving yourself a blood transfusion from your left arm to your right. Nothing is accomplished, except the possibility of spilling blood on the floor. But it's not even that benign.”

Peter D. Schiff

Debt is No Salvation http://www.europac.com/commentaries/debt_no_salvation

“Stocks that are selected conservatively and pay high cash dividends [higher than bonds] are, in fact, my favorite investment alternative, especially where there is the prospect of currency profits….”

Peter D. Schiff

Quotes from Crash Proof (2006)

“Dodd's proposal takes regulatory authority away from one unaccountable institution and gives it to another even bigger one. This will not solve our problems.”

Peter D. Schiff

2010 Senate Campaign, Remarks regarding Christopher Dodd

Problem

“Too many people in Connecticut are struggling right now, and the last thing we need is meddling politicians making things worse. Only by cutting deficit spending, reducing burdensome regulations, and letting people keep more of their hard-earned dollars will we get our economy back on track.”

Peter D. Schiff

2010 Senate Campaign

People

“Legitimate economic expansions, financed by actual savings, do not need busts. It is only the inflation-induced varieties that sow the seeds of their own destruction.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“What America has succeeded in creating is not an economy impervious to shocks, but merely one which enables their consequences to be postponed to a later date.”

Peter D. Schiff

http://blogcritics.org/politics/article/peter-schiff-for-us-senate/ [http://news.bbc.co.uk/2/hi/business/4206656.stm
Economic Views

“In the perspective of previous bear markets, notably those of the 1930s and the 1970s, the prospects look even worse. Economic conditions now are as bad as or worse than what existed then.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“One of the biggest attractions of the euro is that it is seen as the most likely candidate to replace the dollar as the reserve currency.”

Peter D. Schiff

Quotes from Crash Proof (2006)

“Mutual funds are an overrated investment heavily promoted by Wall Street.”

Peter D. Schiff

Quotes from Crash Proof (2006)

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