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John Pilger
Born	9 October 1939[1] Sydney, Australia
Residence	United Kingdom
Nationality	Australian
Occupation	Journalist, writer, documentary filmmaker
Website
johnpilger.com

John Richard Pilger (born 9 October 1939)^[1] is an Australian journalist and documentary maker, based in London.

Since his early years as a war correspondent in Vietnam, Pilger has been a strong critic of American and British foreign policy, which he considers to be driven by an imperialist agenda. Pilger has also criticised his native country's treatment of Indigenous Australians and the practices of the mainstream media. In the UK print media, he has had a long association with the Daily Mirror, and writes a fortnightly columnn for the New Statesman magazine.

Pilger has twice won Britain's Journalist of the Year Award, and his documentaries, screened internationally, have gained awards in Britain and worldwide, and the journalist has received several honorary doctorates.^[2][3]

Early life and career[link]

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Pilger was born and raised in Bondi, a suburb of Sydney.^[2] He attended Sydney Boys High School,^[2] where he started a student newspaper, The Messenger, and later joined a four-year journalist trainee scheme with the Australian Consolidated Press.^[2] Beginning his career in 1958 as a copy boy with the Sydney Sun, he later moved to the city's Daily Telegraph where he was a reporter, sports writer and sub-editor.^[2] He also freelanced and worked for the Sydney Sunday Telegraph, the daily paper's sister title. After moving to Europe, he was for a year a freelance correspondent in Italy.^[4]

Settling in the UK in 1962, working as a sub-editor, Pilger joined British United Press and then Reuters in London on their middle-east desk,^[4] and was recruited by the English Daily Mirror in 1963, again as a sub-editor at first.^[4] Later, he was a reporter, a feature writer and Chief Foreign Correspondent for the title. Working in the United States, on 5 June 1968 he witnessed the assassination of Robert F. Kennedy.^[5][6] During the next twenty years, Pilger became the Daily Mirror's star reporter, particularly on social issues. He was a war correspondent in Vietnam, Cambodia, Egypt, India, Bangladesh and Biafra. Nearly eighteen months after Robert Maxwell bought the Mirror (on 12 July 1984), Pilger was sacked by Richard Stott, the newspaper's editor, on 31 December 1985.^[7]

Early television work[link]

His career on television began on World in Action (Granada Television) in 1969, for whom he made two documentaries broadcast in 1970 and 1971, the earliest of more than fifty involving Pilger. The Quiet Mutiny in 1970 was the first of these. Filmed at Camp Snuffy, the film presented a character study of the common US soldier during the Vietnam War, revealing the shifting morale and open rebellion of Western troops. Pilger described the film as "something of a scoop" - it was the first documentary to show the open rebellion within the drafted ranks of the US military that led to the withdrawal of the land army in 1973.^{[citation needed]} "When I flew to New York and showed it to Mike Wallace, the star reporter of CBS' 60 Minutes, he agreed. "Real shame we can't show it here"", Pilger said in an interview with the New Statesman.^[8] Later films about Vietnam followed The Quiet Mutiny, Vietnam: Still America's War (1974), Do You Remember Vietnam? (1978) and Vietnam: The Last Battle (1995).

Following a brief unhappy period on the BBC's Midweek television series during 1972-73,^[9] five reports were completed, but only two were broadcast, the journalist was given a regular television outlet at ATV. The Pilger half-hour documentary series was commissioned by Charles Denton, then a producer with ATV, for screening on the British ITV network. The series ran for five series from 1974 until 1977,^[9] at first runnng in the UK on Sunday afternoons after Weekend World; later it was scheduled in a weekday peak-time evening slot. The last series included "A Faraway Country" (broadcast in September 1977) about dissidents in Czechoslavakia, then part of the Communist Soviet bloc. Pilger and his team interviewed members of Charter 77, and others, secretly using domestic film equipment. In the documentary Pilger praises the courage and commitment to freedom of Charter 77 and describes the communist totalitarianism as "fascism disguised as socialism".^[10]

Pilger's programmes were then extended to fill an hour, placed in the 9pm slot before News at Ten, and gained the journalist a high profile in Britain. After ATV lost its franchise in 1981, he has continued to make documentaries for screening on ITV, initially for Central, and later via Carlton Television.

Documentaries and career: 1978-2000[link]

Cambodia[link]

In 1979, Pilger and two colleagues with whom he collaborated for many years, documentary film-maker David Munro and photographer Eric Piper, entered Cambodia in the wake of the overthrow of the Pol Pot regime. The result was a series of world exclusives, the first of which occupied almost an entire Daily Mirror, which sold out. This was followed by an ITV documentary, Year Zero: the Silent Death of Cambodia, which brought to people's living rooms the suffering of the Khmer people. Some $45 million was raised, unsolicited, in mostly small donations following the showing of Year Zero, including almost £4 million raised by schoolchildren in the UK. This funded the first substantial relief to Cambodia, including life saving drugs like penicillin and the manufacture of clothes to replace the black uniforms people had been forced to wear. According to Brian Walker, director of Oxfam, "a solidarity and compassion surged across our nation" from the broadcast of Year Zero.^[11] Pilger and Munro made four later films about Cambodia. During the filming of Cambodia Year One, they were warned that Pilger was on a Khmer Rouge 'death list' and, in one incident, they narrowly escaped an ambush. The British Film Institute (BFI) has described Year Zero as one of the ten most influential documentary films of the 20th century.^{[citation needed]}

Pilger himself described the British reaction to Year Zero in 2006:

The documentary as a television "event" can send ripples far and wide... Year Zero not only revealed the horror of the Pol Pot years, it showed how Richard Nixon's and Henry Kissinger's 'secret' bombing of that country had provided a critical catalyst for the rise of the Khmer Rouge. It also exposed how the west, led by the United States and Britain, was imposing an embargo, like a medieval siege, on the most stricken country on earth. This was a reaction to the fact that Cambodia's liberator was Vietnam - a country that had come from the wrong side of the Cold War and that had recently defeated the US. Cambodia's suffering was a wilful revenge. Britain and the US even backed Pol Pot's demand that his man continue to occupy Cambodia's seat at the UN, while Margaret Thatcher stopped children's milk going to the survivors of his nightmare regime. Little of this was reported. Had Year Zero simply described the monster that Pol Pot was, it would have been quickly forgotten. By reporting the collusion of "our" governments, it told a wider truth about how the world was run... Within two days of Year Zero going to air, 40 sacks of post arrived at ATV ... in Birmingham - 26,000 first-class letters in the first post alone. The station quickly amassed £1m, almost all of it in small amounts. "This is for Cambodia," wrote a Bristol bus driver, enclosing his week's wage. Entire pensions were sent, along with entire savings. Petitions arrived at Downing Street, one after the other, for weeks. MPs received hundreds of thousands of letters, demanding that British policy change (which it did, eventually). And none of it was asked for. For me, the public response to Year Zero gave the lie to clichés about "compassion fatigue", an excuse that some broadcasters and television executives use to justify the current descent into the cynicism and passivity of Big Brotherland. Above all, I learned that a documentary could reclaim shared historical and political memories, and present their hidden truths. The reward then was a compassionate and an informed public; and it still is."^[12]

In a 2007 speech, "Freedom Next Time: Resisting the Empire", Pilger described his experience with executives of the American Public Broadcasting Service (PBS) who refused to screen Year Zero, which, according to Pilger, has never been broadcast in the USA.^[13]

A claim in one of those later Pilger documentaries, Cambodia - The Betrayal (1990), led to a libel case. The Times of 6 July 1991 reported:

Two men who claimed that a television documentary accused them of being SAS members who trained Pol Pot's Khmer Rouge to lay mines, accepted "very substantial" libel damages in the High Court yesterday. Christopher Geidt and Anthony De Normann settled their action against the journalist John Pilger and Central Television on the third day of the hearing. Desmond Browne, QC, for Mr Pilger and Central Television, said his clients had not intended to allege the two men trained the Khmer Rouge to lay mines, but they accepted that was how the program had been understood.^[14]

Australia's indigenous population[link]

Pilger has long been a critic of Australian government policy, particularly of what he regards as its inherent racism and the poor treatment of its indigenous population. He has made several documentaroes on this subject, such as The Secret Country-The First Australians Fight Back (1985), and has wriiten the book A Secret Country published in 1989.

Pilger wrote in 2000 that the 1998 legislation that removed the common law rights of Indigenous Australians "is just one of the disgraces that has given Australia the distinction of being the only developed country whose government has been condemned as racist by the United Nations Committee on the Elimination of Racial Discrimination."^[15]

East Timor[link]

In 1993 Pilger slipped into East Timor and shot Death of a Nation: The Timor Conspiracy. The revelations of this film alerted the British public to the horror of the Indonesian occupation of East Timor, which began in 1975. Death of a Nation prompted an international outcry which ultimately led to Indonesian withdrawal from East Timor and eventual independence in 2000. When Death of a Nation was screened in Britain it was the highest rating documentary in 15 years and 5,000 telephone calls per minute were made to the programme's action line.^[16] When Death of a Nation was screened in Australia in June 1994, Foreign Minister Gareth Evans declared that Pilger "had a track record of distorted sensationalism mixed with sanctimony."^[17]

Documentaries and career since 2000[link]

Later newspaper career[link]

In 1987 Pilger was a founder of News on Sunday in London, and titular Editor-in-Chief, but resigned before publication. Pilger has a fortnightly column in New Statesman, his most frequent outlet, which began in 1991 while Steve Platt was editor of the magazine.^[18] Reportedly, Pilger has described his role at the Statesman as a "fig leaf".^[19] In 2001, while Piers Morgan was editor of the Mirror, he returned to his old paper in 2001, after the 9/11 attacks.^[20]

[edit] Palestine Is Still the Issue

Following broadcast on ITV in the UK, Pilger's documentary Palestine Is Still the Issue (2002) was alleged by the UK press to be inaccurate and biased. The UK television regulator, the Independent Television Commission (ITC), ordered an investigation. Based on the results of the investigation, the ITC rejected the complaints made about the film, stating:

The ITC raised with Carlton all the significant areas of inaccuracy critics of the programme alleged and the broadcaster answered them by reference to a range of historical texts. The ITC is not a tribunal of fact and is particularly aware of the difficulties of verifying 'historical fact' but the comprehensiveness and authority of Carlton's sources were persuasive, not least because many appeared to be of Israeli origin.

Pilger's documentary, the ITC added, "was not in breach of the ITC Programme Code... Adequate opportunity was given to a pro-Israeli government perspective."^[21]

In 2010, Pilger endorsed the Canadian Boat to Gaza ^[22], part of the Freedom Flotilla 2 ^[23] which aims to end the Israeli blockade imposed on the Gaza Strip.

Diego Garcia[link]

Pilger's 2004 film Stealing a Nation told the story of the people of the Chagos Islands in the Indian Ocean. In the 1960s and 70s, British governments expelled the entire population of the Chagos Archipelago, dumping them in the slums of Mauritius. The aim was to give the principal island of this Crown Colony, Diego Garcia, to the Americans who wanted it as a major military base, from where US planes have since bombed Afghanistan and Iraq. The International Criminal Court later described this act as "a crime against humanity". Pilger strongly criticised Tony Blair for not making any real response to the 2000 High Court ruling that the British expulsion of the island's natives to Mauritius in order to make way for a United States Air Force base had been illegal.^[24]

In March 2005, Stealing a Nation was awarded Britain's most prestigious documentary prize, the Royal Television Society Award.

In May 2006, the UK High Court ruled in favour of the Chagossians in their battle to prove they were illegally removed by the UK government during the depopulation of Diego Garcia, paving the way for a return to their homeland. The leader of the Chagos Refugee Group, Olivier Bancoult, described it as a "special day, a day to remember". In May 2007, the UK Government's appeal against the 2006 High Court ruling was dismissed and they took the matter to the House of Lords. In October 2008, the House of Lords ruled in favour of the Government, overturning the original High Court ruling.

Latin America[link]

His 2007 film The War on Democracy was Pilger's first cinema release and was named Best Documentary at the 2008 One World Media Awards.^[25] The film explores the historic and current relationship of Washington with Latin American countries such as Venezuela, Bolivia and Chile. Using, among other sources, archive footage sourced by Michael Moore's archivist Carl Deal, the film explores the role of US intervention, overt and covert, in toppling a series of governments in the region since the 1950s. This includes, for example, discussing reports of US involvement in the overthrow of the democratically elected Chilean government of Salvador Allende in 1973 and its replacement by the military dictatorship of General Pinochet. Pilger interviews several ex-CIA agents who purportedly took part in secret campaigns against democratic countries. He investigates the School of the Americas in the US state of Georgia, where Pinochet’s torture squads were reportedly trained along with tyrants and death squad leaders in Haiti, El Salvador, Brazil and Argentina.

The film also explores the attempted overthrow of Venezuela's President Hugo Chávez in 2002 and how the people of Caracas rose up to force his return to power. It looks at the wider rise of populist governments across South America led by figures calling for loosening ties with Washington and a fairer redistribution of the continent's natural wealth. "[The film]" says Pilger, "is about the struggle of people to free themselves from a modern form of slavery". These people, he says, "describe a world not as American presidents like to see it as useful or expendable, they describe the power of courage and humanity among people with next to nothing. They reclaim noble words like democracy, freedom, liberation, justice, and in doing so they are defending the most basic human rights of all of us in a war being waged against all of us".^[26]

In May 2007, Pilger co-signed and put forward a letter supporting the refusal of the government of Venezuela under Hugo Chavez to renew the broadcasting licence of Venezuela's largest television network Radio Caracas Televisión (RCTV), as they openly supported a 2002 coup attempt against the democratically elected government. Pilger and other signatories suggest that if the BBC or ITV used their news broadcasts to publicly support a coup against the British government, they would suffer similar consequences.^[27] Human rights groups including Human Rights Watch, Reporters Without Borders and the Committee to Protect Journalists have described the RCTV decision as an effort to stifle freedom of expression.^[28]

Western leaders[link]

In addition to criticizing the policies of former United States President George W. Bush, Pilger has also taken aim at former British Prime Minister Tony Blair, whom he believes to be just as culpable as President Bush for the invasion and occupation of Iraq.

On 25 July 2005, Pilger ascribed blame for the 2005 London bombings that took place the same month to Blair, whose decision to follow Bush helped to generate the rage that he maintains precipitated those bombings.^[29]

In the same column a year later, Pilger described Blair as a war criminal for supporting Israel's actions during the 2006 Israel-Lebanon conflict. He also asserted that Blair gave permission to Israeli Prime Minister Ariel Sharon in 2001 to initiate what would ultimately become Operation Defensive Shield.^[30]

Pilger has also criticised United States President Barack Obama, describing him as "a glossy Uncle Tom who would bomb Pakistan."^[31] and whose theme "was the renewal of America as a dominant, avaricious bully." Pilger asserts, "In his first 100 days, Obama has excused torture, opposed habeas corpus and demanded more secret government." ^[32]

He is a member of the International Organization for a Participatory Society, other leading members include Noam Chomsky and David Graeber,^[33] launched in 2012.^[34]

Other issues[link]

Critic of mainstream media[link]

He is a strong critic of the institutions and economic forces that structure 'mainstream' journalism. In an address at Columbia University on 14 April 2006, he said:

During the Cold War, a group of Russian journalists toured the United States. On the final day of their visit, they were asked by their hosts for their impressions. 'I have to tell you,' said their spokesman, 'that we were astonished to find after reading all the newspapers and watching TV, that all the opinions on all the vital issues were by and large, the same. To get that result in our country, we imprison people, we tear out their fingernails. Here, you don't have that. What's the secret? How do you do it?'

Pilger said, while speaking to journalism students at the University of Lincoln, that mainstream journalism means corporate journalism, and as such represents vested corporate interests over those of the public.^[35]

He is particularly scornful of pro-Iraq war commentators on the liberal left, or 'liberal interventionists', such as Nick Cohen and David Aaronovitch.

In 2003 he was interviewed by the New Zealand journalist Kim Hill on her television show Face to Face With Kim Hill. The interview became infamous in New Zealand. Pilger, being interviewed via a live-cross, complained that Hill had not researched him before the interview, saying "You waste my time because you have not prepared for this interview, as any journalist does, and I've done many interviews. The one thing is to prepare for them and this interview, frankly, is a disgrace." Hill, who had commenced the interview by proposing that the Iraq war was "a just war", eventually threw Pilger's book at his image on the screen.

Honours and awards[link]

Pilger has received human rights and journalism awards, including the Richard Dimbleby Award for factual reporting at the 1990 BAFTA Awards, as well as many honorary doctorates.^[2] The jury’s citation reads as follows: "For work as an author, film-maker and journalist as well as for courage as a foreign and war correspondent in enabling the voices of the powerless to be heard. For commitment to peace with justice by exposing and holding governments to account for human rights abuses and for fearless challenges to censorship in any form."^[36]

Other awards include:

• One World Media Awards - TV Documentary Award for his ITV1 film The War on Democracy, on the role of Washington in Latin American politics. (2008)^[37]
• The Grierson Trust Award, UK (2011)^[38]

Praise and criticism[link]

Praise[link]

• In Breaking the Silence: The Television Reporting of John Pilger, his appraisal of the journalist's documentaries, Anthony Hayward wrote, "For more than a generation, he has been an ever stronger voice for those without a voice and a thorn in the side of authority, the Establishment. His work, particularly his television documentaries, has also made him rare in being a journalist who is universally known, a champion of those for whom he fights and the scourge of politicians and others whose actions he exposes."^[39]
• Noam Chomsky said of Pilger: "John Pilger's work has been a beacon of light in often dark times. The realities he has brought to light have been a revelation, over and over again, and his courage and insight a constant inspiration."^[40]
• According to Harold Pinter, Nobel Laureate and member of the Stop the War Coalition, "John Pilger is fearless. He unearths, with steely attention to facts, the filthy truth, and tells it as it is... I salute him."^[3]
• Martha Gellhorn, the American novelist, journalist and war correspondent, said that "[John Pilger] has taken on the great theme of justice and injustice... He documents and proclaims the official lies that we are told and that most people accept or don't bother to think about. [He] belongs to an old and unending worldwide company, the men and women of conscience. Some are as famous as Tom Paine and William Wilberforce, some as unknown as a tiny group calling itself Grandmothers Against The Bomb.... If they win, it is slowly; but they never entirely lose. To my mind, they are the blessed proof of the dignity of man. John has an assured place among them. I'd say he is a charter member for his generation."^[41]
• John Simpson, the BBC's world affairs editor, has said, "A country that does not have a John Pilger in its journalism is a very feeble place indeed."^[42]

Criticism[link]

• The English writer Auberon Waugh, writing in The Spectator in the 1970s in response to an article Pilger had written alleging Thai complicity in child trafficking (whose research was challenged), coined the verb "to pilger", defined as: to present information in a sensationalist manner to reach a foregone conclusion.^[43] The word was included in the Oxford Dictionary of New Words in 1991, but removed from the subsequent edition after Pilger complained^[44] and, according to some sources, threatened legal action.^[45] Noam Chomsky responded to Waugh's neologism by stating that "pilgerize" was "invented by journalists furious about his incisive and courageous reporting, and knowing that the only response they are capable of is ridicule."^[46]
• The writer William Shawcross, considers him "one of the worst journalists writing in the English language".^[47]
• The Anglo-American writer Christopher Hitchens said of Pilger: "I remember thinking that his work from Vietnam was very good at the time. I dare say if I went back and read it again I’d probably still admire quite a lot of it. But there is a word that gets overused and can be misused – namely, anti-American – and it has to be used about him. So that for me sort of spoils it... even when I’m inclined to agree."^[48]
• Gerard Henderson, a Conservative Australian newspaper columnist, has accused him of "engaging in hyperbole against western democracies."^[49]
• The Economist's Lexington columnist commented on Pilger's account of the Arab uprising:

Next up is the egregious John Pilger, who thinks the Arab revolts show that the West in general and the United States in particular are "fascist":

The revolt in the Arab world is against not merely a resident dictator, but a worldwide economic tyranny, designed by the US Treasury and imposed by the US Agency for International Development, the IMF and the World Bank, which have ensured that rich countries such as Egypt are reduced to vast sweatshops, with 40 per cent of the population earning less than $2 a day. The people's triumph in Cairo was the first blow against what Benito Mussolini called corporatism, a word that appears in his definition of fascism.

... Maybe he hasn't noticed, but what most of the Arab protesters say they want are the very freedoms that they know full well, even if Pilger doesn't, to be available in the West. No doubt he believes they are labouring under some massive mind-control delusion engineered by the CIA.^[50]

Bibliography[link]

Books[link]

Plays[link]

• The Last Day (1983)

Selected documentaries[link]

References[link]

See also[link]

• Media Lens

External links[link]

Wikiquote has a collection of quotations related to: John Pilger

• John Pilger - official website
• John Pilger Videos - documentaries online, official website
• John Pilger at IMDb
• Freedom Next Time: Filmmaker & Journalist John Pilger on Propaganda, the Press, Censorship and Resisting the American Empire, Democracy Now!, 7 August 2007.
  Listen and Watch.
• John Pilger at Random House Australia
• John Pilger: There Is a War on Journalism - video interview by Democracy Now!
• John Pilger: Global Support for WikiLeaks is "Rebellion" Against U.S. Militarism - video report by Democracy Now!
• Desert Island Discs - John Pilger, BBC Radio 4, 18 February 1990 - Download page

Peter Schiff

Austrian School
Born	(1963-03-23) March 23, 1963 (age 49)
Nationality	United States
Field	Financial Economics
Alma mater	U.C. Berkeley (B.B.A.), 1987[1]
Opposed	John Maynard Keynes,[2] Alan Greenspan,[3][4][5] Ben Bernanke,[6][7][8] Paul Krugman,[9] Christopher Dodd,[10] Barack Obama,[11]
Influences	Irwin Schiff, Ludwig von Mises, F.A. Hayek, Murray Rothbard

Peter David Schiff (pronounced /ˈʃɪf/; born March 23, 1963) is an American businessman, investment broker, author and financial commentator. Schiff is CEO and chief global strategist^[1] of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut^[12] and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York City.^[13]

Schiff frequently appears as a guest on financial television and is often quoted in major financial publications. He is host of The Peter Schiff Show, a radio show broadcast on terrestrial and internet radio. He is a frequent guest on internet radio^[14][15][16] as well as the host of the former podcast Wall Street Unspun.^[14][17] In 2010 Schiff ran as a candidate in the Republican primary for the United States Senate seat from Connecticut.^[18]

Schiff is known for his bearish views on the dollar and dollar denominated assets, while bullish on investment in tangible assets as well as foreign stocks and currencies.

Early life and education[link]

Peter Schiff was born and raised in New Haven, Connecticut. His father, Irwin Schiff, is a prominent figure in the U.S. tax protester movement, currently serving a 13-year sentence for tax evasion.^[19] Peter Schiff attended Beverly Hills High School in California,^[20] and graduated from the University of California, Berkeley in 1987 with a Bachelor's degree in finance and accounting.^[1]

Financial career[link]

Schiff began his career as a financial consultant at a Shearson Lehman Brothers brokerage.^[1] In 1996 Schiff and a partner acquired a small brokerage firm that had been founded in 1980, reincorporated it in California and renamed it Euro Pacific Capital.^[21][22] The company today has more than 15,000 clients^{[citation needed]} and six offices nationwide, with its headquarters in Westport, Connecticut.^[12][21][23]

According to a 2005 article in The Advocate of Stamford, Connecticut Schiff relocated the firm to Darien, Connecticut to find brokers "who think like him". The New York Metropolitan Area, Schiff says, has the biggest concentration of brokers in the country, making it easier to recruit employees.^[24] The company has offices in Newport Beach, California as well as in Scottsdale, Arizona, Palm Beach, Florida, Los Angeles and New York City. Euro Pacific Capital also holds the exclusive rights to broker some Perth Mint gold products in the United States.^[25]

Economic forecasts[link]

Peter Schiff voices strong support for the Austrian School of economic thought, first introduced to him by his father.^{[26][27][28][29]}

2002–2008[link]

In his 2007 book Crash Proof, Schiff wrote that United States economic policies were fundamentally unsound, and predicted that the United States dollar would lose much of its value.^[3] Schiff believed that the imbalance between the amount of goods the U.S. consumed and what it produced would eventually lead to problems for the U.S. economy.^[30][31] As a remedy Schiff favored increased personal savings and production which he said would stimulate economic growth.^[32] Schiff cited the U.S.'s low personal savings rate as one of the causes of its transformation from the world's largest creditor nation in the 1970s to the largest debtor nation in the year 2000.^[33] Schiff attributed the low savings rate to higher inflation and the artificially low interest rates set by the Federal Reserve.^[34]

In a May 2002 interview with Southland Today, Schiff predicted that the economic downturn triggered by the bursting of the dot-com stock market bubble, an event that he had also forecast well in advance, would lead to a bear market likely to last "another 5 to 10 years."^[35][36] Later that year, following a 30% decline in the Dow Jones, Schiff reversed his call, and became bullish on U.S. stocks in nominal terms. However, he remained bearish in gold terms. In November 2002, as Schiff predicted, US stock indexes began a nominal bull market uptrend that held steady for five years,^[37] until reversing course in 2008, when they began a decline to less than half of their peak 2008 values,^[38] followed in 2009 by the Dow climbing 61% from its low point over the following year.^[39] However, priced in gold, U.S. stocks remained in a bear market the entire time. In May of 2002, the date of the Southland Today interview,^[40] the Dow Jones was worth over 34 ounces of gold. By 2011 the Dow fell below 6 ounces of gold, a nine-year decline of over 80%, in line with Schiff’s 2002 forecast.^[41]

In an August 2006 interview he said: "The United States economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship... I see a real financial crisis coming for the United States."^[42] On December 31, 2006 in debate on Fox News, Schiff forecast that "what's going to happen in 2007" is that "real estate prices are going to come crashing back down to Earth".^[42]

As part of these exchanges on Fox News and his repeated appearances on financial news network CNBC, Schiff had mentioned factors such as speculators and "the absence of lending standards" which are now seen by many^[43][44] to indeed be contributing factors to the housing crisis which began in 2007. On December 13, 2007 in a Bloomberg interview on the show Open Exchange, Schiff further added that he felt that the crisis would extend to the credit card lending industry.^[45] Following this observation, it was soon reported on December 23, 2007 by the Associated Press that "The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP... At the same time, defaults -- when lenders essentially give up hope of ever being repaid and write off the debt -- rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission."^[46]

Since 2007, Schiff has stated many times that if the government doesn't change course there will be hyperinflation in the US.^[3] Schiff is one of a minority of economists credited with accurately predicting the financial crisis of 2007–2010 while "nearly all [macroeconomists] failed to foresee the recession despite plenty of warning signs".^[47][48] In his book Crash Proof, he described several aspects of the U.S. economy that would lead to a recession.^[3]

A YouTube video entitled "Peter Schiff was right" became popular in late 2008 and 2009.^[49][50] The video consists of a compilation of clips of his many appearances on various financial news programs from networks including CNBC, Fox News, MSNBC and Bloomberg, most of which took place from 2005 to 2007. In the video segments Schiff explains the fundamental problems he saw with the United States economy at that time. Schiff's warnings of a coming economic collapse earned him the moniker "Dr. Doom."^[22][51][52]

2009–present[link]

Despite predictions regarding the housing bubble and automotive industry difficulties coming to fruition, as early as 2009 Schiff was receiving criticism due to the performance of some of his client's accounts in 2008, as well as controversies over the predictions themselves. In January 2009, economic blogger and investment adviser Michael Shedlock reported, "I have talked with many who claim they have invested with Schiff and are down anywhere from 40% to 70% in 2008."^[53] Later that week an article appeared in the Wall Street Journal reporting that Schiff's broker-dealer firm, Euro Pacific Capital Inc., "advised its clients to bet that the dollar would weaken significantly and that foreign stocks would outpace their U.S. peers" and that instead, the dollar advanced against most currencies, "magnifying the losses from foreign stocks Mr. Schiff steered his investors into."^[54]

The Director of Communications at Schiff's investment firm responded to the original Shedlock piece by saying, "While it is true, that our accounts have suffered badly in 2008, a fact that we have never disputed or ran from, [Shedlock's] estimates for the size of our typical client losses are exaggerated and unfair."^[55][56] Schiff personally responded to Shedlock's criticism by saying, "to examine the effectiveness of my investment strategy immediately following a major correction by looking only at those accounts who adopted the strategy at the previous peak is unfair and distortive" and called Shedlock's blog entry "nothing more than an overt advertisement (and a highly deceptive one at that) to use my popularity to advance his career," adding that losses were felt mostly by recent clients and not by others.^[57]

Schiff responded similarly to criticisms made by Wade Slome of Sidoxia Capital Management, LLC. in a September 2009 blog entry entitled, "The Emperor Schiff Has No Clothes."^[36] Schiff stated not only were the losses suffered by his clients in 2008 highly exaggerated, but also that most of those losses have already been recouped, stating that many who were down then are now up, and most long-term clients were never down at all, but merely temporarily lost some of the profits they had earned over the years.^[36]

The January 2009 Wall Street Journal article discussed the value of Schiff's predictions, and stated how deficiencies "made mincemeat of investors who took his advice in 2008."^[54] In an interview the following week Schiff likened himself to billionaire investor Warren Buffett, saying they were both "buy and hold" long-term investors. Contrasting his negative press he compared claims about accounts managed under Schiff's firm to the stock market value of Buffett's company, saying: "His approach is you buy stocks and you never sell them—you hope to never sell them—and Berkshire Hathaway is down 40% in the last thirteen months; I don't see the Wall Street Journal saying 'Warren Buffett made mincemeat out of his clients.'"^[58] The Wall Street Journal also published a letter written by Schiff in response to his critics saying: "My central investing premise, a weakening dollar and safety in gold, commodities and foreign stocks, didn't materialize in 2008. But all the ingredients were (and remain) present for those movements to occur. Over the past year, market reactions that I didn't foresee—massive global deleveraging, a knee-jerk 'flight to quality' into U.S. Treasuries and a sharp counter trend rally in the U.S. dollar—have kept the scenario from playing out."^[59]

In a November 2009 videoblog, Schiff said that five stocks he picked for Fortune Magazine in January 2009 had gained a total of 360%.^[60][61]

In a March 2009 speech Schiff said that it would be impossible for the U.S. debt to China to be repaid unless the U.S. dollar's value is substantially diluted through inflation. In September 2009 Schiff said that "I would not be surprised to see [gold] at $5,000 over the next several years" and that the 2009 stock market rally was a "bear market rally".^[62]

According to economist Paul Krugman, Schiff's Austrian approach to economics led him to incorrectly predict hyperinflation in the United States.^[63]

Political career[link]

Schiff was an economic adviser to Ron Paul's 2008 presidential campaign. In support of Paul's economic revitalization plan, he said: "We need a plan that stimulates savings and production, not more of the reckless borrowing and consumption that got us into this mess in the first place. Ron Paul's plan is the only one that amounts to a step in the right direction. If you want meaningful change—for the better that is—Ron Paul is the only candidate capable of delivering it."^[64]

In 2008, Schiff also endorsed Murray Sabrin for the U.S. Senate seat in New Jersey.^[65]

In an interview in February 2009, Schiff's position was summarized as a nonpartisan critique of American policymakers, comparing former presidents George W. Bush to Herbert Hoover and President Barack Obama to former president Franklin D. Roosevelt, with neither of the more recent incumbents comparing favorably to the earlier ones.^[66]

Schiff supports the reduction of government economic regulation, and is concerned that President Obama's administration may increase such regulation.^[67] Schiff says that the economic crisis of the late-2000s provides an opportunity to transition from borrowing and spending, to saving and producing. He is critical of the U.S. government's efforts to "ease the pain" with economic stimulus packages and bailouts. According to Schiff, the U.S. government's approach of replacing "legitimate savings with a printing press" could result in hyperinflation.^[68]

2010 U.S. Senate campaign[link]

In December 2008, Connecticut citizens created a website encouraging Schiff to campaign against the incumbent Senator Christopher Dodd.^[69][70] Approximately 5,000 people made campaign contributions using the web site.^[69] On February 21, 2009, a moneybomb raised over $20,000 for Schiff's campaign.^[71] In a May 2009 video blog, Schiff said that he was seriously considering a run for the senate and when questioned by a Washington Post reporter, he said the chance of him entering politics was "better than 50-50".^[72] In June 2009 Schiff commissioned a poll of likely voters which indicated that he trailed Dodd in popularity by four percentage points.^[73] On July 9, 2009, Schiff launched an exploratory committee and an official campaign website.^[69] He began accepting donations in an attempt to see if "people who really believe in freedom, liberty, sound money and the constitution are prepared to support that with an actual political contribution or to volunteer their services and work on this campaign." He received over 10,000 donations and many e-mails from around the world.^[69]

After giving some hints on The Daily Show^[74] Schiff officially announced his candidacy for the Republican nomination on September 17, 2009, during the MSNBC Morning Joe show.^[18][75][76] By October 2009 Schiff had received more than 10,000 telephone calls and letters^[69] and raised over $1,960,000 (USD) in campaign contributions.

At the May 2010 Republican convention, Linda McMahon received the most delegate votes but not enough to prevent an August primary election. U.S. Rep. Rob Simmons received more than the required 15 percent of the total votes necessary to force the primary. Schiff then collected the signatures necessary to earn a position on the August 2010 GOP primary ballot, submitting at least 400 signatures over the state requirement.

In July 2010, Schiff's campaign received endorsements from Steve Forbes and Ron Paul.^[77][78]

In the Republican primary, held on August 10, 2010, Schiff lost the nomination to Linda McMahon.^[79] McMahon collected 49% of the vote, with Simmons on 28% and Schiff 23%.^[80]

Ultimately, the election was won by the Democratic Party primary winner, Richard Blumenthal.^[81]

Broadcasting[link]

From 2005 to 2010 Schiff hosted a weekly podcast named Wall Street Unspun. In October 2010 Schiff began hosting a new radio show named The Peter Schiff Show. The show is broadcast weekdays from 10am-noon ET on internet and terrestrial radio. The show has featured guests such as Ron Paul, Rand Paul, Niall Ferguson, Dennis Kucinich, Rick Santelli, and others.^[82]

Books[link]

Peter Schiff is the author of six books published by John Wiley & Sons. His book, Crash Proof 2.0, appeared on both the New York Times and Wall Street Journal bestseller lists.

• Crash Proof: How to Profit From the Coming Economic Collapse, February 2007, ISBN 978-0-470-04360-8 1
• The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down, 2008, ISBN 978-0-470-38378-0 2
• Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition, September 2009, ISBN 978-0-470-47453-2 3
• The Little Book of Bull Moves, Updated and Expanded: How to Keep Your Portfolio Up When the Market Is Up, Down, Or Sideways, 2010, ISBN 0-470-64399-4 4
• How an Economy Grows and Why it Crashes, 2010, ISBN 978-0-470-52670-5 5
• The Real Crash: America's Coming Bankruptcy---How to Save Yourself and Your Country, 2012, ISBN 978-1-250-00447-5

References[link]

External links[link]

Wikimedia Commons has media related to: Peter Schiff

Wikiquote has a collection of quotations related to: Peter Schiff

• Euro Pacific Capital US Brokerage Firm Website
• Euro Pacific Precious Metals Coin Company Website
• Schiff for Senate Official Campaign Website
• Peter Schiff Online, Official book site for Peter Schiff
• Peter Schiff radio, Schiff's daily radio show
• Peter Schiff's Official YouTube channel

The neutrality of this article is disputed. Please see the discussion on the talk page. Please do not remove this message until the dispute is resolved. (December 2011)

Gerald Celente (born November 29, 1946) is an American trend forecaster,^[1][2] publisher of the Trends Journal, business consultant^[3] and author who makes predictions about the global financial markets and other events of historical importance. Celente has described himself as a "political atheist" and "citizen of the world".^[4] He has appeared as a guest on television news shows such as The Oprah Winfrey Show, The Today Show, Good Morning America, CBS Morning News, The Glenn Beck Show, NBC Nightly News, The Alex Jones Show and Russia Today.^[5][6][7]

Background[link]

Celente was born in The Bronx, New York City, New York. He had early political experience running a mayoral campaign in Yonkers, New York and served as executive assistant to the secretary of the New York State Senate, which Celente called the worst job he ever had.^[8] From 1973 to 1979 Celente traveled between Chicago and Washington D.C. as a government affairs specialist.^[8] In 1980 Celente founded The Trends Research Institute (at first called the Socio-Economic Research Institute of America), now located in Kingston, New York, publisher of the Trends Journal which forecasts and analyzes business, socioeconomic, political, and other trends.^[9]

Forecasting[link]

His forecasts since 1993 ^[10] have included predictions about terrorism, economic collapses and war. More recent forecasts involve fascism in the United States, food riots and tax revolts.^{[3][11][12][13][14][15]} Celente has long predicted global anti-Americanism, a failing economy and immigration woes in the U.S.^[11] In December 2007 Celente wrote, "Failing banks, busted brokerages, toppled corporate giants, bankrupt cities, states in default, foreign creditors cashing out of US securities ... whatever the spark, the stage is set for panic in the streets" and "Just as the Twin Towers collapsed from the top down, so too will the U.S. economy ... when the giant firms fall, they’ll crush the man on the street." He has also predicted tax revolts.^[16][17] In November 2008 Celente appeared on Fox Business Network and predicted economic depression, tax rebellions and food riots in the United States by 2012.^[18] Celente also predicted an "economic 9/11" and a "panic of 2008."^[19]

In 2009 Celente predicted turmoil which he described as "Obamageddon" and he was a popular guest on conservative cable-TV shows such as Fox News Sunday and Glenn Beck's television program.^[6] In April 2009 Celente wrote, "Wall Street controls our financial lives; the media manipulates our minds. These systems cannot be changed from within. There is no alternative. Without a revolution, these institutions will bankrupt the country, keep fighting failed wars, start new ones, and hold us in perpetual intellectual subjugation."^[20] He appeared on the Glenn Beck show and criticized the U.S. stimulus plan of 2009, calling government controlled capitalism "fascism" and saying shopping malls in the U.S. would become "ghost malls."^[21] Celente has said, "smaller communities, the smaller groups, the smaller states, the more self-sustaining communities, will 'weather the crisis in style' as big cities and hypertrophic suburbias descend into misery and conflict," and forecasts "a downsizing of America."^[14]

Revolution in the USA[link]

On Russia Today, he predicted that the USA would face a revolution.^[22]

Neosurvivalism[link]

Celente's website has stated that:

Predictions[link]