Teacher

Classroom at a secondary school in Pendembu, Sierra Leone.
Occupation
Names	Teacher, schoolteacher
Activity sectors	Education
Description
Competencies	Teaching abilities, pleasant disposition, patience
Education required	Teaching certification

Jewish children with their teacher in Samarkand, the beginning of the 20th century

A teacher or schoolteacher is a person who provides education for pupils (children) and students (adults). The role of teacher is often formal and ongoing, carried out at a school or other place of formal education. In many countries, a person who wishes to become a teacher must first obtain specified professional qualifications or credentials from a university or college. These professional qualifications may include the study of pedagogy, the science of teaching. Teachers, like other professionals, may have to continue their education after they qualify, a process known as continuing professional development. Teachers may use a lesson plan to facilitate student learning, providing a course of study which is called the curriculum.

A teacher's role may vary among cultures. Teachers may provide instruction in literacy and numeracy, craftsmanship or vocational training, the arts, religion, civics, community roles, or life skills.

A teacher who facilitates education for an individual may also be described as a personal tutor, or, largely historically, a governess.

In some countries, formal education can take place through home schooling. Informal learning may be assisted by a teacher occupying a transient or ongoing role, such as a family member, or by anyone with knowledge or skills in the wider community setting.

Religious and spiritual teachers, such as gurus, mullahs, rabbis, pastors/youth pastors and lamas, may teach religious texts such as the Quran, Torah or Bible.

Professional educators[link]

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A teacher of a Latin school and two students, 1487

Teaching may be carried out informally, within the family which is called home schooling (see Homeschooling) or the wider community. Formal teaching may be carried out by paid professionals. Such professionals enjoy a status in some societies on a par with physicians, lawyers, engineers, and accountants (Chartered or CPA).

A teacher's professional duties may extend beyond formal teaching. Outside of the classroom teachers may accompany students on field trips, supervise study halls, help with the organization of school functions, and serve as supervisors for extracurricular activities. In some education systems, teachers may have responsibility for student discipline.

Around the world teachers are often required to obtain specialized education, knowledge, codes of ethics and internal monitoring.

There are a variety of bodies designed to instill, preserve and update the knowledge and professional standing of teachers. Around the world many governments operate teacher's colleges, which are generally established to serve and protect the public interest through certifying, governing and enforcing the standards of practice for the teaching profession.

The functions of the teacher's colleges may include setting out clear standards of practice, providing for the ongoing education of teachers, investigating complaints involving members, conducting hearings into allegations of professional misconduct and taking appropriate disciplinary action and accrediting teacher education programs. In many situations teachers in publicly funded schools must be members in good standing with the college, and private schools may also require their teachers to be college peoples. In other areas these roles may belong to the State Board of Education, the Superintendent of Public Instruction, the State Education Agency or other governmental bodies. In still other areas Teaching Unions may be responsible for some or all of these duties.

Pedagogy and teaching[link]

Dutch schoolmaster and children, 1662

A primary school teacher in northern Laos

The teacher-student-monument in Rostock, Germany, honours teachers

In education, teachers facilitate student learning, often in a school or academy or perhaps in another environment such as outdoors. A teacher who teaches on an individual basis may be described as a tutor.

GDR "village teacher", a teacher teaching students of all age groups in one class in 1951

The objective is typically accomplished through either an informal or formal approach to learning, including a course of study and lesson plan that teaches skills, knowledge and/or thinking skills. Different ways to teach are often referred to as pedagogy. When deciding what teaching method to use teachers consider students' background knowledge, environment, and their learning goals as well as standardized curricula as determined by the relevant authority. Many times, teachers assist in learning outside of the classroom by accompanying students on field trips. The increasing use of technology, specifically the rise of the internet over the past decade, has begun to shape the way teachers approach their roles in the classroom.

The objective is typically a course of study, lesson plan, or a practical skill. A teacher may follow standardized curricula as determined by the relevant authority. The teacher may interact with students of different ages, from infants to adults, students with different abilities and students with learning disabilities.

Teaching using pedagogy also involve assessing the educational levels of the students on particular skills. Understanding the pedagogy of the students in a classroom involves using differentiated instruction as well as supervision to meet the needs of all students in the classroom. Pedagogy can be thought of in two manners. First, teaching itself can be taught in many different ways, hence, using a pedagogy of teaching styles. Second, the pedagogy of the learners comes into play when a teacher assesses the pedagogic diversity of his/her students and differentiates for the individual students accordingly.

Perhaps the most significant difference between primary school and secondary school teaching is the relationship between teachers and children. In primary schools each class has a teacher who stays with them for most of the week and will teach them the whole curriculum. In secondary schools they will be taught by different subject specialists each session during the week and may have 10 or more different teachers. The relationship between children and their teachers tends to be closer in the primary school where they act as form tutor, specialist teacher and surrogate parent during the course of the day.

This is true throughout most of the United States as well. However, alternative approaches for primary education do exist. One of these, sometimes referred to as a "platoon" system, involves placing a group of students together in one class that moves from one specialist to another for every subject. The advantage here is that students learn from teachers who specialize in one subject and who tend to be more knowledgeable in that one area than a teacher who teaches many subjects. Students still derive a strong sense of security by staying with the same group of peers for all classes.

Co-teaching has also become a new trend amongst educational institutions. Co-teaching is defined as two or more teachers working harmoniously to fulfill the needs of every student in the classroom. Co-teaching focuses the student on learning by providing a social networking support that allows them to reach their full cognitive potential. Co-teachers work in sync with one another to create a climate of learning.

Rights to enforce school discipline[link]

Throughout the history of education the most common form of school discipline was corporal punishment. While a child was in school, a teacher was expected to act as a substitute parent, with all the normal forms of parental discipline open to them.

Medieval schoolboy birched on the bare buttocks

In past times, corporal punishment (spanking or paddling or caning or strapping or birching the student in order to cause physical pain) was one of the most common forms of school discipline throughout much of the world. Most Western countries, and some others, have now banned it, but it remains lawful in the United States following a US Supreme Court decision in 1977 which held that paddling did not violate the US Constitution.^[1]

30 US states have banned corporal punishment, the others (mostly in the South) have not. It is still used to a significant (though declining) degree in some public schools in Alabama, Arkansas, Georgia, Louisiana, Mississippi, Oklahoma, Tennessee and Texas. Private schools in these and most other states may also use it. Corporal punishment in American schools is administered to the seat of the student's trousers or skirt with a specially made wooden paddle. This often used to take place in the classroom or hallway, but nowadays the punishment is usually given privately in the principal's office.

Official corporal punishment, often by caning, remains commonplace in schools in some Asian, African and Caribbean countries. For details of individual countries see School corporal punishment.

Currently detention is one of the most common punishments in schools in the United States, the UK, Ireland, Singapore and other countries. It requires the pupil to remain in school at a given time in the school day (such as lunch, recess or after school); or even to attend school on a non-school day, e.g. "Saturday detention" held at some US schools. During detention, students normally have to sit in a classroom and do work, write lines or a punishment essay, or sit quietly.

A modern example of school discipline in North America and Western Europe relies upon the idea of an assertive teacher who is prepared to impose their will upon a class. Positive reinforcement is balanced with immediate and fair punishment for misbehavior and firm, clear boundaries define what is appropriate and inappropriate behavior. Teachers are expected to respect their students; sarcasm and attempts to humiliate pupils are seen as falling outside of what constitutes reasonable discipline.^{[verification needed]}

Whilst this is the consensus viewpoint amongst the majority of academics, some teachers and parents advocate a more assertive and confrontational style of discipline.^{[citation needed]} Such individuals claim that many problems with modern schooling stem from the weakness in school discipline and if teachers exercised firm control over the classroom they would be able to teach more efficiently. This viewpoint is supported by the educational attainment of countries—in East Asia for instance—that combine strict discipline with high standards of education.^{[citation needed]}

It's not clear, however that this stereotypical view reflects the reality of East Asian classrooms or that the educational goals in these countries are commensurable with those in Western countries. In Japan, for example, although average attainment on standardized tests may exceed those in Western countries, classroom discipline and behavior is highly problematic. Although, officially, schools have extremely rigid codes of behavior, in practice many teachers find the students unmanageable and do not enforce discipline at all.

Where school class sizes are typically 40 to 50 students, maintaining order in the classroom can divert the teacher from instruction, leaving little opportunity for concentration and focus on what is being taught. In response, teachers may concentrate their attention on motivated students, ignoring attention-seeking and disruptive students. The result of this is that motivated students, facing demanding university entrance examinations, receive disproportionate resources. Given the emphasis on attainment of university places, administrators and governors may regard this policy as appropriate.

Obligation to honor students rights[link]

Sudbury model democratic schools claim that popularly based authority can maintain order more effectively than dictatorial authority for governments and schools alike. They also claim that in these schools the preservation of public order is easier and more efficient than anywhere else. Primarily because rules and regulations are made by the community as a whole, thence the school atmosphere is one of persuasion and negotiation, rather than confrontation since there is no one to confront. Sudbury model democratic schools' proponents argue that a school that has good, clear laws, fairly and democratically passed by the entire school community, and a good judicial system for enforcing these laws, is a school in which community discipline prevails, and in which an increasingly sophisticated concept of law and order develops, against other schools today, where rules are arbitrary, authority is absolute, punishment is capricious, and due process of law is unknown.^[2][3]

Teacher enthusiasm[link]

A teacher and young pupils at The British Museum Duveen Gallery

Since teachers can affect how students perceive the course materials, it has been found that teachers who showed enthusiasm towards the course materials and students can affect a positive learning experience towards the course materials. On teacher/course evaluations, it was found that teachers who have a positive disposition towards the course content tend to transfer their passion to receptive students.^[4] These teachers do not teach by rote but attempt to find new invigoration for the course materials on a daily basis.^[5] One of the difficulties in this approach is that teachers may have repeatedly covered a curriculum until they begin to feel bored with the subject which in turn bores the students as well. Students who had enthusiastic teachers tend to rate them higher than teachers who didn’t show much enthusiasm for the course materials.^{[citation needed]}

Teachers that exhibit enthusiasm can lead to students who are more likely to be engaged, interested, energetic, and curious about learning the subject matter. Recent research has found a correlation between teacher enthusiasm and students’ intrinsic motivation to learn and vitality in the classroom.^[6] Controlled, experimental studies exploring intrinsic motivation of college students has shown that nonverbal expressions of enthusiasm, such as demonstrative gesturing, dramatic movements which are varied, and emotional facial expressions, result in college students reporting higher levels of intrinsic motivation to learn.^{[citation needed]} Students who experienced a very enthusiastic teacher were more likely to read lecture material outside of the classroom.

There are various mechanisms by which teacher enthusiasm may facilitate higher levels of intrinsic motivation. Teacher enthusiasm may contribute to a classroom atmosphere full of energy and enthusiasm which feed student interest and excitement in learning the subject matter.^{[citation needed]} Enthusiastic teachers may also lead to students becoming more self-determined in their own learning process. The concept of mere exposure indicates that the teacher’s enthusiasm may contribute to the student’s expectations about intrinsic motivation in the context of learning. Also, enthusiasm may act as a “motivational embellishment”; increasing a student’s interest by the variety, novelty, and surprise of the enthusiastic teacher’s presentation of the material. Finally, the concept of emotional contagion, may also apply. Students may become more intrinsically motivated by catching onto the enthusiasm and energy of the teacher.^{[citation needed]}

Research shows that student motivation and attitudes towards school are closely linked to student-teacher relationships. Enthusiastic teachers are particularly good at creating beneficial relations with their students. Their ability to create effective learning environments that foster student achievement depends on the kind of relationship they build with their students.^{[7][8][9][10]} Useful teacher-to-student interactions are crucial in linking academic success with personal achievement.^[11] Here, personal success is a student's internal goal of improving himself, whereas academic success includes the goals he receives from his superior. A teacher must guide his student in aligning his personal goals with his academic goals. Students who receive this positive influence show stronger self-confidence and greater personal and academic success than those without these teacher interactions.^[10][12][13]

Students are likely to build stronger relations with teachers who are friendly and supportive and will show more interest in courses taught by these teachers.^[11][12] Teachers that spend more time interacting and working directly with students are perceived as supportive and effective teachers. Effective teachers have been shown to invite student participation and decision making, allow humor into their classroom, and demonstrate a willingness to play.^[8]

The way a teacher promotes the course they are teaching, the more the student will get out of the subject matter. The three most important aspects of teacher enthusiasm are enthusiasm about teaching, enthusiasm about the students, and enthusiasm about the subject matter. A teacher must enjoy teaching. If they do not enjoy what they are doing, the students will be able to tell. They also must enjoy being around their students. A teacher who cares for their students is going to help that individual succeed in their life in the future. The teacher also needs to be enthusiastic about the subject matter they are teaching. For example, a teacher talking about chemsitry needs to enjoy the art of chemistry and show that to their students. A spark in the teacher may create a spark of excitement in the student as well. A enthusiastic teacher has the ability to be very influential in the young students life.

Misconduct[link]

Misconduct by teachers, especially sexual misconduct, has been getting increased scrutiny from the media and the courts.^[14] A study by the American Association of University Women reported that 9.6% of students in the United States claim to have received unwanted sexual attention from an adult associated with education; be they a volunteer, bus driver, teacher, administrator or other adult; sometime during their educational career.^[15]

A study in England showed a 0.3% prevalence of sexual abuse by any professional, a group that included priests, religious leaders, and case workers as well as teachers.^[16] It is important to note, however, that the British study referenced above is the only one of its kind and consisted of "a random ... probability sample of 2,869 young people between the ages of 18 and 24 in a computer-assisted study" and that the questions referred to "sexual abuse with a professional," not necessarily a teacher. It is therefore logical to conclude that information on the percentage of abuses by teachers in the United Kingdom is not explicitly available and therefore not necessarily reliable. The AAUW study, however, posed questions about fourteen types of sexual harassment and various degrees of frequency and included only abuses by teachers. "The sample was drawn from a list of 80,000 schools to create a stratified two-stage sample design of 2,065 8th to 11th grade students"Its reliability was gauged at 95% with a 4% margin of error.

In the United States especially, several high-profile cases such as Debra LaFave, Pamela Rogers, and Mary Kay Latourneau have caused increased scrutiny on teacher misconduct.

Chris Keates, the general secretary of National Association of Schoolmasters Union of Women Teachers, said that teachers who have sex with pupils over the age of consent should not be placed on the sex offenders register and that prosecution for statutory rape "is a real anomaly in the law that we are concerned about." This has led to outrage from child protection and parental rights groups.^[17]

Teaching around the world[link]

There are many similarities and differences among teachers around the world. In almost all countries teachers are educated in a university or college. Governments may require certification by a recognized body before they can teach in a school. In many countries, elementary school education certificate is earned after completion of high school. The high school student follows an education specialty track, obtain the prerequisite "student-teaching" time, and receive a special diploma to begin teaching after graduation.

International schools generally follow an English-speaking, Western curriculum and are aimed at expatriate communities.^[18]

Canada[link]

Teaching in Canada requires a post-secondary degree Bachelor's Degree. In most provinces a second Bachelor's Degree such as a Bachelor of Education is required to become a qualified teacher. Salary ranges from $40,000/year to $90,000/yr. Teachers have the option to teach for a public school which is funded by the provincial government or teaching in a private school which is funded by the private sector, businesses and sponsors.

England[link]

Salaries for Nursery, Primary and Secondary School teachers ranged from £20,133 to £41,004 in September 2007, although some salaries can go much higher depending on experience and extra responsibilities.^[19] Preschool teachers may earn £20,980 annually.^{[citation needed]} Teachers in state schools must have at least a bachelor's degree, complete an approved teacher education program, and be licensed.

Many counties offer alternative licensing programs to attract people into teaching, especially for hard-to-fill positions. Excellent job opportunities are expected as retirements, especially among secondary school teachers, outweigh slowing enrollment growth; opportunities will vary by geographic area and subject taught.^{[citation needed]}

France[link]

In France, teachers, or professors, are mainly civil servants, recruited by competitive examination.

Republic of Ireland[link]

Salaries for primary teachers in the Republic of Ireland depend mainly on seniority (i.e. holding the position of principal, deputy principal or assistant principal), experience and qualifications. Extra pay is also given for teaching through the Irish language, in a Gaeltacht area or on an island. The basic pay for a starting teacher is €30,904 p.a., rising incrementally to €59,359 for a teacher with 25 years' service. A principal of a large school with many years' experience and several qualifications (M.A., H.Dip., etc.) could earn over €90,000.^[20]

Scotland[link]

In Scotland, anyone wishing to teach must be registered with the General Teaching Council for Scotland (GTCS). Teaching in Scotland is an all graduate profession and the normal route for graduates wishing to teach is to complete a programme of Initial Teacher Education (ITE) at one of the seven Scottish Universities who offer these courses. Once successfully completed, "Provisional Registration" is given by the GTCS which is raised to "Full Registration" status after a year if there is sufficient evidence to show that the "Standard for Full Registration" has been met.^[21]

For the salary year beginning April 2008, unpromoted teachers in Scotland earned from £20,427 for a Probationer, up to £32,583 after 6 years teaching, but could then go on to earn up to £39,942 as they complete the modules to earn Chartered Teacher Status (requiring at least 6 years at up to two modules per year.) Promotion to Principal Teacher positions attracts a salary of between £34,566 and £44,616; Deputy Head, and Head teachers earn from £40,290 to £78,642.^[22] Teachers in Scotland can be registered members of trade unions such as ATL.

United States[link]

In the United States, each state determines the requirements for getting a license to teach in public schools. Teaching certification generally lasts three years, but teachers can receive certificates that last as long as ten years.^[23] Public school teachers are required to have a bachelor's degree and the majority must be certified by the state in which they teach. Many charter schools do not require that their teachers be certified, provided they meet the standards to be highly qualified as set by No Child Left Behind. Additionally, the requirements for substitute/temporary teachers are generally not as rigorous as those for full-time professionals. The Bureau of Labor Statistics estimates that there are 1.4 million elementary school teachers,^[24] 674,000 middle school teachers,^[25] and 1 million secondary school teachers employed in the U.S.^[26]

In the past, teachers have been paid relatively low salaries. However, average teacher salaries have improved rapidly in recent years. US teachers are generally paid on graduated scales, with income depending on experience. Teachers with more experience and higher education earn more than those with a standard bachelor’s degree and certificate. Salaries vary greatly depending on state, relative cost of living, and grade taught. Salaries also vary within states where wealthy suburban school districts generally have higher salary schedules than other districts. The median salary for all primary and secondary teachers was $46,000 in 2004, with the average entry salary for a teacher with a bachelor's degree being an estimated $32,000. Median salaries for preschool teachers, however, were less than half the national median for secondary teachers, clock in at an estimated $21,000 in 2004.^[27] For high school teachers, median salaries in 2007 ranged from $35,000 in South Dakota to $71,000 in New York, with a national median of $52,000.^[28] Some contracts may include long-term disability insurance, life insurance, emergency/personal leave and investment options.^[29] The American Federation of Teachers' teacher salary survey for the 2006-07 school year found that the average teacher salary was $51,009.^[30] In a salary survey report for K-12 teachers, elementary school teachers had the lowest median salary earning $39,259. High school teachers had the highest median salary earning $41,855.^[31] Many teachers take advantage of the opportunity to increase their income by supervising after-school programs and other extracurricular activities. In addition to monetary compensation, public school teachers may also enjoy greater benefits (like health insurance) compared to other occupations. Merit pay systems are on the rise for teachers, paying teachers extra money based on excellent classroom evaluations, high test scores and for high success at their overall school. Also, with the advent of the internet, many teachers are now selling their lesson plans to other teachers through the web in order to earn supplemental income, most notably on TeachersPayTeachers.com.^[32]

Wales[link]

Education in Wales differs in certain respects from education elsewhere in the United Kingdom. For example, a significant number of students all over Wales are educated either wholly or largely through the medium of Welsh: in 2008/09, 22 per cent of classes in maintained primary schools used Welsh as the sole or main medium of instruction. Welsh medium education is available to all age groups through nurseries, schools, colleges and universities and in adult education; lessons in the language itself are compulsory for all pupils until the age of 16.

Teachers in Wales can be registered members of trade unions such as ATL, NUT or NASUWT and reports in recent years suggest that the average age of teachers in Wales is falling with teachers being younger than in previous years.^[33] A growing cause of concern are that attacks on teachers in Welsh schools which reached an all-time high between 2005 and 2010.^[34]

Spiritual teacher[link]

In Hinduism the spiritual teacher is known as a guru. In the Latter Day Saint movement the teacher is an office in the Aaronic priesthood, while in Tibetan Buddhism the teachers of Dharma in Tibet are most commonly called a Lama. A Lama who has through phowa and siddhi consciously determined to be reborn, often many times, in order to continue their Bodhisattva vow is called a Tulku.

There are many concepts of teachers in Islam, ranging from mullahs (the teachers at madrassas) to ulemas.

A Rabbi is generally regarded as the Jewish spiritual teacher.^{[citation needed]}

Popular educators[link]

See also[link]

References[link]

External links[link]

Wikiquote has a collection of quotations related to: Teachers

Look up teacher in Wiktionary, the free dictionary.

Media related to Teaching at Wikimedia Commons

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]