Steve Forbes, editor-in-chief of Forbes magazine and CEO of Forbes Inc., has endorsed Peter Schiff's bid for U.S. Senate in Connecticut.

"I have known Peter Schiff for several years. He has a deep knowledge of finance and economics," said Forbes.

"He had long warned of the troubles we now face. As your citizen-Senator he will be a fierce fighter for cutting spending, cutting taxes and repealing Obamacare."

Forbes has only endorsed three other candidates for U.S. Senate running in the 2010 election cycle: John McCain, Marco Rubio and Rand Paul, the Schiff campaign said.

"Steve Forbes understands the massive strains the American economy is under, and to have his backing and trust means a great deal to me," said Schiff, a high-profile Wall Street investment banker and president of Euro-Pacific Capital.

"We need to restore free-market principles, get government out of the way and put people back to work. Steve's understanding of my vision, coupled with his backing, will help me get to Washington to make sure we grow the economy, not the government," said Schiff, who predicted the economic collapse.

The state primary is Aug. 10.