A countdown is a sequence of counting backward to indicate the seconds, days, or other time units remaining before an event occurs or a deadline expires. Typical events for which a countdown is used include the launch of a rocket or spacecraft, the detonation of a bomb, the start of a race, and the start of the New Year. In an early attestation of a countdown, it started a rowing race at Cambridge University. The first known association with rockets was in the 1929 German science fiction movie ''Die Frau im Mond'' by Fritz Lang to increase the drama of the launch sequence of the story's lunar rocket.

Rocketry

A countdown is a carefully devised set of procedures ending with the ignition of a rocket's engine. Depending on the type of vehicle used, countdowns can start from 72 to 96 hours before launch time.

During countdown:

Aerospace personnel bring the rocket vehicle to the launch site and load it with payload and propellants;

Launch-center computers communicate with sensors in the rocket, which monitor important systems on the launch vehicle and payload;

Launch personnel monitor the weather and wait for the launch window;

Security personnel prevent unauthorized persons from entering the "keep-out" area.

The procedures for each launch are written carefully. For the Space Shuttle, a five-volume set, Shuttle Countdown (KSC S0007), often referred to as "S0007", is used. Rosie Carver, a technical writer for United Launch Alliance, has created at least 15,000 procedures for more than 300 missions since the Solar Maximum Mission, which launched Feb. 14, 1980. These documents are living documents, which reflect new issues and solutions as they develop. Each mission requires approximately 100 procedure books.

Proceeding with the countdown depends on several factors, such as the proper launch window, weather that permits a safe launch, and the rocket and payload working properly.

The launch weather guidelines involving the Space Shuttle and expendable rockets are similar in many areas, but a distinction is made for the individual characteristics of each. The criteria are broadly conservative and assure avoidance of possibly adverse conditions. They are reviewed for each launch. For the Space Shuttle, weather "outlooks" provided by the U. S. Air Force Range Weather Operations Facility at Cape Canaveral begin at Launch minus 5 days in coordination with the NOAA National Weather Service Spaceflight Meteorology Group at the Johnson Space Center in Houston. These include weather trends and their possible effects on launch day. A formal prelaunch weather briefing is held on Launch minus 1 day, which is a specific weather briefing for all areas of Space Shuttle launch operations.

The launch window is a precise time during which aerospace personnel launch a rocket so the payload can reach the proper orbital destination.

A hold is the suspension of the normal countdown process. This can be done to investigate a technical process that has gone wrong, or because of marginal weather at the launch pad.

Some holds are planned: they are done so the launch-support computers can run automatic checks on the rocket.

Under some circumstances, a countdown may be recycled to an earlier time. When that happens, launch personnel begin following the countdown checklist from the earlier point.

During communications for a countdown, the launch team uses acronyms to keep channels open as much as possible. All Firing Room console positions are assigned unique 'call signs' that are used by the team for quick and positive identification of who is talking. For example, dialogue heard during the launch of a Delta II rocket carrying the Kepler Space Telescope on March 8, 2009, included:

Time: T minus 3 minutes. Launch Control (LC): OSM, third stage S&A arm permit to close. OSM: Closed. LC: SSC,third stage S&A armed. SSC: Armed. LC: Prop 1, vehicle fuel tank press open. Prop 1: Open. LC: Fuel umbilical purge to open. Prop 1: Open. LC: SSC, vent 1 heater control exit. SSC: Exit. LC: SSC, vent 2 heater control exit. SSC: Exit. LC: NSC reports spacecraft is go. Mission Director: Kepler spacecraft is go. LC: SSC - FTS bat one and two heater controls heaters off. SSC: Off. LC: Prop 1, pressurized first stage LOX tanks to relief. Prop 1: Pressurized. LC: Prop 2, top first stage LOX to 100 percent levels. Prop 2: Up and down, 100 percent. Time: Ninety seconds. LC: SSC, hydraulic external power to on. SSC: External. Time: Eighty seconds. LC: RCO, report range go for launch. Range Control Officer (RCO): Range go for launch. Mission Director: LC (Viera), you're go for launch. LC: Roger.

In the context of a rocket launch, the "T minus Time" is the time before launch, e.g. "T minus 3 minutes and 40 seconds". The last ten seconds are usually counted down aloud "10, 9, 8, 7, 6, 5, 4, 3, 2, 1, Lift off!" After a launch, most countdown clocks begin to show Mission Elapsed Time, which is typically shown as "T plus." The picture to the right shows "+ 00:00:00:07", approximately seven seconds after liftoff.

In Fritz Lang's film ''Frau im Mond'', after each number the phrase "seconds to go" was repeated.

When counting down to the launch of an explosive, e.g. when testing a new model of gun, it is customary to omit "5" from the countdown sequence because "five" sounds too similar to 'Fire!'.

Film

At the start of films, a countdown sequence is printed on the head leader, to aid in synchronizing the film. In film (but not television) the countdown is in units of feet rather than time units.

The countdown ends just as "two" is displayed so that the countdown isn't shown if the film is put on screen a little earlier than intended. Although this sequence was usually not intended for broadcast, being a cue device for a projectionist or TV producer, it is sometimes used in modern-day spoofs to signify old film footage.

New Year's Eve

In many New Year's Eve celebrations, there is a countdown during the last seconds of the old year until the beginning of the new year. In Times Square on New Year's Eve, besides the 60-Second Toshiba Countdown, there are six hourly countdowns in which people can practice their countdown skills from 6 P.M. to 11 P.M. Additionally, countdowns are often used to count down the days before special events, such as major holidays like Chinese New Year, Christmas, and important town meetings. Sometimes personal countdowns may be used, via phone or computer applications, to count the days to one's birthday or anniversary.

See also

Timer

References

External links

NASA Countdown 101

Category:Time Category:Spaceflight

de:Countdown fa:شمارش معکوس fr:Compte à rebours ko:카운트다운 ja:カウントダウン simple:Countdown fi:Lähtölaskenta th:การนับถอยหลัง zh-yue:倒數 zh:倒數計時

name	Peter Schiff
school tradition	Austrian School
color	firebrick
birth date	March 23, 1963
nationality	United States
field	Financial Economics
religion	Jewish
alma mater	U.C. Berkeley (B.B.A.), 1987
influences	Irwin Schiff, Ludwig von Mises, F.A. Hayek, Murray Rothbard
opposed	John Maynard Keynes, Alan Greenspan, Ben Bernanke, Paul Krugman, Christopher Dodd, Barack Obama,
signature	}}

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

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 as well as the host of the former podcast ''Wall Street Unspun''. In 2010 Schiff ran as a candidate in the Republican primary for the United States Senate seat from Connecticut.

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

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. Peter Schiff attended Beverly Hills High School in California, and graduated from the University of California, Berkeley in 1987 with a Bachelor's degree in finance and accounting.

Financial career

Schiff began his career as a financial consultant at a Shearson Lehman Brothers brokerage. 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. The company today has more than 15,000 clients and six offices nationwide, with its headquarters in Westport, Connecticut.

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. 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.

Economic forecasts

Peter Schiff voices strong support for the Austrian School of economic thought, first introduced to him by his father.

2002-2008

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. 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. As a remedy Schiff favored increased personal savings and production which he said would stimulate economic growth. 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. Schiff attributed the low savings rate to higher inflation and the artificially low interest rates set by the Federal Reserve.

In a 2002 interview with ''Southland Today'', Schiff predicted that the economic downturn triggered by the bursting of the dot-com stock market bubble would lead to a bear market likely to last "another 5 to 10 years." In November 2002, US stock indexes began a bull market uptrend which held steady for five years, until reversing course in 2008, when they began a decline to less than half of their peak 2008 values, followed in 2009 by the Dow climbing 61% from its low point over the following year. After interviewing Schiff in 2009, journalist and finance author Eric Tyson referenced various Schiff predictions during the 2000s and stated that "On all of these counts, Schiff wasn't just wrong but ended up being hugely wrong."

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." 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".

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 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. 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."

Since 2007, Schiff has stated many times that if the government doesn't change course there will be hyperinflation in the US. 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". In his book ''Crash Proof'', he described several aspects of the U.S. economy that would lead to a recession.

A YouTube video entitled "Peter Schiff was right" became popular in late 2008 and 2009. 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."

2009-present

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." Other criticisms followed, including the aforementioned Eric Tyson post as well as an article for the investment news site Seeking Alpha, published on the site two days after Shedlock's blog post. 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."

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." 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.

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." 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.

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." 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.'" 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."

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

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".

Political career

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."

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

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.

Schiff supports the reduction of government economic regulation, and is concerned that President Obama's administration may increase such regulation. 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.

2010 U.S. Senate campaign

In December 2008, Connecticut citizens created a website encouraging Schiff to campaign against the incumbent Senator Christopher Dodd. Approximately 5,000 people made campaign contributions using the web site. On February 21, 2009, a moneybomb raised over $20,000 for Schiff's campaign. 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". In June 2009 Schiff commissioned a poll of likely voters which indicated that he trailed Dodd in popularity by four percentage points. On July 9, 2009, Schiff launched an exploratory committee and an official campaign website. 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.

After giving some hints on ''The Daily Show'' Schiff officially announced his candidacy for the Republican nomination on September 17, 2009, during the MSNBC ''Morning Joe'' show. By October 2009 Schiff had received more than 10,000 telephone calls and letters 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.

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

Ultimately, the election was won by the Democratic Party primary winner, Richard Blumenthal.

Broadcasting

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.

Books

Peter Schiff is the author of five 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 0470643994 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 9781250004475

References

External links

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 blog

The Peter Schiff Blog

Social media

Peter Schiff's Official YouTube channel

Category:American economics writers Category:American finance and investment writers Category:American Jews Category:American libertarians Category:American money managers Category:Austrian School economists Category:Classical liberals Category:Connecticut Republicans Category:Financial analysts Category:Libertarian economists Category:Microeconomists Category:People from New Haven, Connecticut Category:People from New York City Category:Stock and commodity market managers Category:University of California, Berkeley alumni Category:Writers from Connecticut Category:1963 births Category:Living people

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