So once again, we're talking rallying and championship winners. I'm delighted to say Eamon Kelly joins us now to reflect on his junior British championship one last weekend. Good to talk to you, Eamon. Good to see you've got a smile on your face and I'm sure it's been like that all week, so it has. Yeah, been smiling since Sunday. So yeah, actually thanks for having me. It's great to be on the show once again. So I was home just before the Donegal rally last, but at least I've something to smile about this time. It's great. Well, listen, last year you finished second in the junior championship. So obviously, this was a category that you wanted to one because it's a prestigious category as well in the motorsports circles, Eamon. Yeah, the British championship, it's been renowned for years. You know, it's one of the top championships in Europe, they've not the world.  There's a huge, a huge pace and always, you know, top class competition. So to go over there and compete at the top, you really do need to be on your A game. And we always said that's where we wanted to be. And it's a championship that we wanted to do. And I always said I admire people who've won this championship in the past. And there's been a very strong trend of Irish domination over there too. So I suppose as a young Irish driver, it's quite inspiring seeing a lot of the lads going over there and doing well. So naturally you want to be part of that. Then that was the inspiration to go there. And yeah, we went there last year for the first time to compete with, I suppose, relatively less experience than a lot of the other guys. And we just kind of took it in our stride and, you know, we planned as we went along and we learned. And, you know, last year we ended up having a better year than we expected. We came second and the title actually went down to the wire and we gnarly missed out. But yeah, heading into this year, we said it had to be our year and we put a plan together. And thankfully it came good. We had a very successful year and claimed the title with two runs to spare. Yeah, which is very impressive driving.  Yeah, we've always, I suppose, consistency was my main, I suppose my main accolade, I guess. We'd never finished outside the top the top two. So, you know, from the get go, it was strong finishes. And yeah, after the, I suppose we're going to win in the second round in the gym, Clark. And I also played my Joker card, which is a card you can play on a selected round that allows you to gain up to five extra points if you win. And I played that in May in the gym, Clark, and got an extra five points, which was a huge bonus. And then gathered wins in the Grand Bien rally and then at the rally in Wales of the weekend, which ultimately left us untouchable in the championship. So, yeah, it's, you know, points make prizes and thankfully we've got a lot of them and it really paid off for us. Yeah, do you put yourself under a lot of pressure in the carry them and to achieve the results? Not really, no. Like, you naturally just want, you want to achieve the results, you want to win so there's no pressure. It's just that's where you get the enjoyment from. Well, you know, me personally, it's everybody's different, but I want to win and I really want to make the effort to win. So it's, it's enjoyment more than anything. So I wouldn't say pressure is such and you do as much as you can to, you know, take away any form of pressure because I would be lying if I said there was zero pressure either. But thankfully I've had a lot of support this year and working on that too. And part of an Academy in Ireland, the Motorsport Ireland Rally Academy and one big thing they provided to us was psychology training, sports psychology. That's made a huge difference on me this year and how I've approached my preparation and how I kind of, yeah, treat my head and relax my head before events. So that's no pressure in that sense. Yeah, obviously you mentioned the Academy there. It's, it's hugely beneficial to young drivers, Kyle McBride from Carandona, also one of the, one of the trophies part of the Academy. It's a fantastic initiative that Motorsport Ireland decided to put together in recent years and it's going to try and keep Ireland up there at the top of the game. Yeah, absolutely. You know, it's a new initiative, but we have to start somewhere and it's fantastic that we're doing this for young drivers in Ireland. We've got such a strong community of rallying and it's only right that we do something for young drivers coming up through the ranks. You know, whether it's lads who are 15, 16 years old or lads who are kind of in their mid 20s at the top of the junior game. And Dave, you know, the guys in Motorsport Ireland put a strong team of people together to try and support that and offer as much as they can. And you know, it's an initiative that's, it's in its early stages and they're learning as they go along. But you know, in future and years to come, I definitely think it would be something that's really, really strong and hopefully can provide like a solid pathway to, I guess, a career in Motorsport, even though it's a very, very hard thing to achieve. That's what they're trying to do. They're trying to provide a pathway as such, which is, yeah, it's really, really positive and it's an honour to be part of it. Yeah. Well, your prize for winning the junior championship as a supporter drive now in the World Rally Championship round in 2023. Do you get to pick the round in the Hyundai or does somebody else pick it for you, Emma? As far as I know, I get to pick, but I asked about that last night, so we'll see. I still need to gather a few details about it. But as far as I know, I get to choose Where would you like to go? I'll just say I'm not too fussy. I'll go anywhere. But yeah. Finland would be nice. Where? Finland. Finland would be mad. Yeah. I've done a bit of driving there before in January and it's definitely a different style. It's absolutely crazy, but any of them World Rally rounds are unbelievable. Even the likes of Monte Carlo has been iconic events. But you go to as a spectator and you think it's super special to even be there to watch, so to think that we can possibly be there to compete next year is just mind-blowing and hasn't really sunk in yet, to be honest. But I'm really looking forward to it. And yeah, we're going to have a sit down and really think about what the most beneficial round is to choose and carefully think about it, but no matter what it is, it's going to be an unbelievable experience, no doubt. Certainly will be. Just looking further on down the line, where does him and Kelly want to be in the motorsport circles in five or ten years time, Emma? I will see. It's hard to say because it's such a grueling sport in terms of your career path and where you want to go with it. It's very, very tough to say where you will be. From now on, I'm really enjoying my rallying. It's a pastime and I enjoy every single bit of it at the same time putting in as much effort as possible. Our plans next year is to step up into a four-wheel drive R5 machinery and hopefully tackle some rounds of the probably a British championship or an Irish championship. I'm then possibly some stuff abroad, but we'll see. So for now, that's my plan is to take it up a step in terms of machinery. But yeah, it's very hard to say for the future. We're kind of trying to take it as it comes and just enjoy it along the way. Okay, well we look forward to see where your career goes, Emma. We wish you all the best in the future and once again many congratulations on your brilliant success in the British Championship last week. No problem, Moshane. Thanks very much for having me.


26. In the middle of the summer, Princess Miri received an unexpected letter from the Prince Andrew in Switzerland, in which he gave her strange and surprising news. He informed her of his engagement to Natasha Rostova. The whole letter breathed loving rupture for his betrothed and tender and confiding affection for his sister. He wrote that he had never loved as he did now, and that only now did he understand and know what life was. He asked his sister to forgive him for not having told her of his resolve when he had last visited Bald Hills, though he had spoken of it to his father. He had not done so far fear Princess Miri should ask her father to give his consent, irritating him and having to bear the brunt of his displeasure without attaining her object. Besides, he wrote, The matter was not so definitely settled as it is now. My father then insisted on a delay of a year and now already six months, half of that period have passed, and my resolution is firmer than ever. If the doctors did not keep me here at this pass, I should be back in Russia, but as it is, I have to postpone my return for three months. You know me and my relations with father. I want nothing from him. I have been and always shall be independent, but to go against his will and arouse his anger, now that he may perhaps remain with us such as short time would destroy half my happiness. I am now writing to him about the same question, and beg you to choose a good moment to hand him the letter and to let me know how he looks at the whole matter and whether there is hope that he may consent to deduce the term by four months. After long hesitations, doubts and prayers, Princess Miri gave the letter to her father. The next day the old prince said to her quietly, Write and tell your brother to wait till I am dead. It won't be long. I shall soon set him free. The prince was about to reply, but her father would not let her speak, and raising his voice more and more cried. Marry, marry my boy, a good family, clever people, rich, yes, a nice stepmother little Nicholas will have. Write and tell him that he may marry tomorrow if he likes. She will be little Nicholas stepmother, and I will marry Murena. He mustn't be without a stepmother either. Only one thing, no more women are wanted in my house. Let him marry and live by himself. Perhaps he will go and live with him too? He added, turning to Princess Mary, go in heaven's name, go out into the frost, the frost, the frost. After his outburst, the prince did not speak any more about the matter, but he repressed a vexation at his son's poor spirit's behavior, found expression in his treatment of his daughter. To his former pretexts for irony, a fresh one was now added, allusions to stepmothers and immeabilities to Mademoiselle Burienne. Why shouldn't I marry her? He asked his daughter, she'll make a splendid princess. And laterally, to her surprise in bewilderment, Princess Mary noticed that her father was really associating more and more with the French woman. She wrote to Prince Andrew about the reception of his letter, but converted him with hopes of reconciling their father to their idea. Little Nicholas and his education, her brother Andrew, and religion were Princess Mary's joys and consolations. But besides that, since everyone must have personal hopes, Princess Mary, in the profoundest depths of her heart and a hidden dream and hope, it supplied the chief consolation of her life. This comforting dream and hope were given by her god's fork, the half-witted and other pilgrims who visited her without the prince's knowledge. The longer she lived, the more experience and observation she had of life. The greater was her wonder at the short-sightedness of men who seek enjoyment and happiness here on earth, toiling, suffering, struggling, and harming one another to obtain that impossible, visionary, sinful happiness. Prince Andrew had loved his wife. She died. But that was not enough. He wanted to bind his happiness to another woman. Her father objected to this because he wanted a more distinguished and wealthy match for Andrew. And they all struggled and suffered and tormented one another and endured their souls. They are eternal souls for the attainment of benefits which endure but for an instant. Not only do we know this ourselves, but Christ, the Son of God, came down to earth and told us that his life is but for a moment and his approbation. Yet we cling to it and think to find happiness in it. How is it that no one realizes this? thought Princess Mary. No one except these despised god's fork, wallet on back, come to me by black back door, afraid of being seen by the prince, not for fear of ill usage by him, but for fear of calling him to sin. To leave family, home, and all the cares of worldly welfare. In order without clinging to anything to wander in hempen racks from place to place under an assumed name. Do no one any harm but praying for all, for those who drive one away as well as for those who protect one? Higher than that life and truth, there is no life or truth.  Princess Mary was particularly fond of her. Once when in her room with a lamp dimly lit before the icon Theodosia was talking of her life. The thought that Theodosia alone had found the true path of life suddenly came to Princess Mary, with such force that she resolved to become a pilgrim herself. When Theodosia had gone to sleep, Princess Mary thought about this for a long time, and at last made up her mind that, strange that it might seem, she must go on on a pilgrimage. She disclosed this thought to no one but to her confessor, Father Akinfi, the monk, and the approval of her intention. When the guise of a present for the pilgrims, Princess Mary prepared a pilgrim's complete costume for herself, a coat smock, bash shoes, a rough coat, and a black kerchief. Often, approaching the chest of drawers containing its secret treasure, Princess Mary paused, uncertain whether time had not already come to her project into execution. Often, desing to the pilgrim's trails, she was so stimulated by this simple speech, mechanical to them but to a so full of deep meaning, that several times she was on the point of abandoning everything and running away from home. In imagination, she already pictured herself by Theodosia's side, dressed in coarse rags, walking with a staff, vault on her back along the dusty road, directing her warnings from one saint's shrine to another, free from envy, earthly love, or desire, and reaching at last the place where there is no more sorrow or sighing but eternal joy and bliss. I shall come to a place and pray there, and before having time to get used to it or getting to love it, I shall go farther.  But afterwards, when she saw her father and especially little Coco, Nicholas, her resolved weekend, she wept quietly and felt that she was a sinner who loved her father a little left you more than God. End of Chapter 26, Recording by Ashwin Jain End of War and Peace, Book 6 by Leo Todstoy


This medical field medical supplies, so it's the whole thing. Everything you possibly can need from beds to support medical supplies, the actual equipment, everything's packaged, pre-packaged, instructions, that is easy.  So we're hoping that this gets quickly deployed, but more importantly, actually used and used by the right people that really need it.


This study examined the composition of bacteria in crude oil contaminated soil from Tabasco and Tomolipus States, Mexico. It found that proteobacteria was the most prevalent phylum in both regions, followed by firmicutes and actinobacteria. Additionally, the study identified several genera in alkaline soil from Tomolipus, including scurminel sp, azospiral MSP, and unclassified species from the rotospiralaceae family, which were more abundant than those in acidic soil from Tabasco. The study also found thalasosporae, unclassified members of the sphingominidaceae family and unclassified members of the alphaproteobacteria class in higher abundance in the acidic soil. Overall, the study suggests that the bacteria identified in these genera may have the potential to degrade petroleum. Further research should be conducted to explore how they contribute to petroleum degradation. This article was authored by Raul Garcia Garcia, Virgilio Boca Negra Garcia, Lord Vitalopez, and others.


Semiconductor mode-locked lasers, MLLs, can provide coherent optical frequency combs, OFCs, with high repetition rates and output power, which have been recognized as potential multi-wavelength sources used in optical communication field due to their compactness, high efficiency, and low-cost properties. In this article, we have reviewed recent development of semiconductor MLL-based frequency comb generation. Different approaches of semiconductor MLLs for OFC generation are synoptically summarized based on various material platforms. The representative progress of 3V semiconductor MLLs on 3V platform and especially on C substrates is both discussed for the applications in integrated silicon photonics. This article is authored by Wei Wenqi, Chen Jiejin, Huang Jingxi, and others.


Police find money inside Gupta's couch, a tool Ujjah officially under arrest. Speaking on to President Jacob Zuma claims that one member of Gupta family has been arrested with R5M, five million South African notes found in his house inside the couch and he couldn't explain where their money is coming from. News 24, reported that, tense negotiations are still underway with the lawyers of five suspects arrested by the hawks in connection with the R220M looted from the failed dairy farm in Bread, Free State. City Press reported earlier on Wednesday that at least two suspects, one a Gupta brother and the other the former Free State Agriculture Department head Peter Thabiti, were expected to appear in the commercial crimes court in Bloemfontein. But City Press has just learned from a senior security cluster official that they would appear before a magistrate if one could be found after hours. If not, they would appear in court on Thursday morning. Tense negotiations were still underway by Wednesday evening with the lawyers of five suspects arrested by the hawks in connection with the R220M looted from the failed dairy farm in Bread, Free State plus the sixth one who got arrested this morning.


The question that really we need to ask is why is it that people are willing to work for money but die for a cause? How do we unleash the untapped potential of people in organizations? How do we remove barriers so that people boldly step into greatness? One organization that did this is based in Thailand. It's an Asian organization, so very hierarchical if you will, very seniority-based conflict avoidance, so the cultural issues that are with Thailand was within this organization. K Bank is one of the largest organizations in the banking industry. Their president Kumpachara, we had a conversation with him a few years back and he was extremely frustrated about transforming this organization given the challenges of the banking and so forth. One of the things that we talked was that unless he goes through his own personal transformation there is no way the organization would change. There's a saying we have that we always see the spinach in someone else's teeth but we don't see it in our own teeth and this was really the thing about leaders. Oftentimes leaders want to transform the organizations but they don't want to transform themselves. He was courageous enough to take on this path. What he found is that when he was younger he was sent to the boarding school in Kansas being the lone Asian. He was bullied as a result. He did not have access to full expression, full connection with people. He decided that this is his past. He can start a completely new future. He said that I want to have one team, 12,000 people all working at one team regardless of hierarchy. He shared that with his people. He shared that with the chairman of the organization. He shared that with his family. Truly a breakthrough. Not only he went through this transformation but the entire organization went through this inside out effect. There were people who were going to retire in their 50s or 60s.  Results have been amazing. The typical slowdown that you usually see in sales of banking has reversed. Some leaders are doing extremely well. Customers that has gone up and also employee satisfaction has gone up. Huge, huge front line type of focus if you will and people gave us a 1% chance of success and this organization was able to turn it around. If you think, well, this is a 12,000 company, the fact is Microsoft is actually applied the Brightline Compass and was able to transform the organization. Lots of inside out effect. Lots of being able to bring the outside in and so forth and we're writing a case about this.


night and it continues again this Sunday night and uh back with uh well it was back with a bit of a shocker in that Garmad actually came in under budget but we get to that in just a second because did you know that Claire Irwin who's a quantity surveyor on the show is from Donegal uh Burnfoot in fact although it might spend a lot of time on the road but anyhow uh Claire joins us now we're streaming as well on facebook if you want to look in Claire good afternoon to you hi how are you yeah yeah good good now i'm sure you're delighted with the response to the first show back because she'd been getting a bit of stick the show had been getting a bit of stick because uh she's kind of out of touch with the times but boy back with the band because the viewing figures were through the roof yeah we were delighted with the viewing figures from Sunday night um we had over 530 000 so we had a over 40 percent of the share it was great um we were delighted to get back I think there was just such a long break between the last season with COVID and all the delays so now we were delighted to get back on air and you were back with the story of Mark and Lisa in Dublin they had a big backyard and and they were they were looking to uh rebuild out there but at the end of it all anyhow a surprise surprise you actually came in under budget which is Sean Herdorf on Rune to Improve um it is on Herdorf now I featured actually in two episodes last and the last series in 2019 and one of those shows come in 15 grand under budget and the other show came in on budget but the clients added another 200k on and bought you know kind of luxury extras um so but this one now on Sunday night passed there to be 10 grand under budget was quite phenomenal given the time that you know project was carried out during the pandemic Brexit you know all of the construction lockdown so it was it was great I took a lot of work obviously to get to that figure um but no thankfully we got there yeah well you see the thing about getting it under budget that's kind of down to you because you've got to reenderm it in and you've got to tell them that uh no no no you can't have recessed lighting throughout and then actually no we can't put a skylight there because that'll put it away over budget but sometimes you listen sometimes you don't yeah there's a huge element of that um there's plenty of battles on site um but you know at the end of the day we both have the same common goal we want the homeowners to have this lovely finished house so the budgets the budget on Sunday night pass was just extremely tight there was no room for air there was no room for extra money to be added to the project so we just had to work together um and you know get to the finish line and the goal the goal for everybody concerned is to get to the end line to get you know those involved what they're they're hoping for but it's up to you and Dermott to to make it happen I suppose and make to ideally to make it happen within budget not always possible and most definitely not you know not hasn't been possible of lead given the way prices of materials have gone and I'm sure you're going down the show as well yeah it was really tricky you know this project it was it was from the get go it was you know three years that project from start to end so so much changed during that process you know we had Brexit which you know had prices dramatically then we had the construction lockdowns um you know and then the supply and demand issues then when construction sites started back up so it was really really tricky one to balance and um it was a good achievement I think to get to the end of that project under budget you know it was it was very very tricky but we just had to think outside the box you know we had to we we really thought the way we built the house you know we changed things around um you know things that you probably wouldn't see on air you know we actually changed the way internal walls were built we changed the way the roof structure was built um you know you just have to really delve into every part of the the build from the substructure right up to the roof and try and save as best as you could and it worked out in the end thankfully we just see it over an hour on tv and it's all edited down so there must be an awful lot that ends up on the editing room floor a lot a lot of stuff just doesn't make it into the finished show is it a wee bit frustrating and and also is it an awful lot of work because there's um I'm sure there's a lot of filming and then it has to be edited down and it's really typed in for the the broadcast version so I suppose two two questions really is it a bit frustrating when there's some stuff that you thought would have ended up in the show that that doesn't and does it take a lot of time it must be you know a lot of trips up and down the road yeah you know similar to any construction project there's trips up and down your visit and the sites is normal but from a film perspective um you know there would be numerous days that you would be on site and we would follow maybe from nine in the morning to maybe two in the afternoon and that's compressed down into perhaps 30 seconds or might not even make the cut at all you know something else more exciting or more relevant might happen in weeks time so that day's follow-man might be wasted you know so it's yeah it's time consuming absolutely I yeah um but I suppose they just take the best bits then you know to to form the show and they're always looking for a bit of drama and you know Dermot following it with the contractor or you know the people involved and Dermot telling them no I think actually it's much better my way and you know a difference of opinion so they're always looking for that and in fairness Dermot usually obliges yes exactly there's always a bit of drama all right I um so you have to contend with that and try your best to manage that normally the drama with the builder has a constant implication so you're you're always juggling and I don't know if it came across or if it's apparent from Sunday night's episode but the contractor was actually a Donnie Gull contractor a fellow called James Midland who owns Brickmont Construction he's originally from Ballabuffet and he but he's based in Dublin okay great and you Dermot you know you must get on well together to you know for you to be back time and time again and and you must have a good working relationship yeah we have a great working relationship you know we're working together now since 2018 um we have obviously all of the room to improve homes that we're working on together and then we would have a number of private projects then um separate to that so no we get on great together um he's um he's a great architect um he kind of it it's not he's a very good architect but he's also you know he's a unreal charisma about him and you know it's it kind of makes his clients really at ease and it gets really down into it you know um you know he's a great person to work with and he's very persuasive and you have to be as well because you have to sometimes maybe persuade him that yeah actually Dermot that's not a good idea yeah he's very very persuasive yeah um if he gets an idea into his head it's very tricky to get it back out um if it's not feasible um but uh yeah he definitely is okay and uh so what can we expect now for the rest of the series um uh more of the same because it's back like you know a room to improve and a lot of the competitors are saying it's back and it's actually improved yeah so for well I don't want to give too much away obviously but um for the rest of the season um the big element of retrofit and works which is pretty relevant at the minute given the SEAI's new release of grants there a couple of weeks ago um so we actually um set up a type of a one-stop shop for the show I set it up myself actually um and we ran the grants through that and SEAI give us a pot of money to provide to the homeowners um so that's really relevant at the minute uh topically for the viewer so I think people will be interested to see that so we have existing houses that we're renovating um this week we have a bungalow um and hope that we're renovating and we're nearly doubling it in size um and I think it would be interesting for the viewer because then realize what you can achieve with a set with this budget um it's a tight budget again um next week where um we're renovating a family home uh the the child the daughter of a man and the family home we're renovating it for the children um and then the following week we're renovating a house in Turlis so yeah now it'll be someone trust in episodes and are you and we mentioned earlier we've been up and down the road a lot are you a based in Burnford or do you have an office in Dublin I'm based I'm from Burnford originally and I live in Bunkrana now since I got married um 11 years and so my office is in Bunkrana and then I commute up and down to Dublin yeah all right and then elsewhere obviously to depend on where the the project yeah works through I work throughout the country I have a lot of work here in Bunkrana as well so yeah that's good great well we look forward to the rest of the uh the season and it's on again on Sunday night and uh and uh we look forward to you know a bit of drama but a few arguments and fallouts and makeups and all the rest of it and more more of the point makeovers thanks so much Claire okay all the best best luck bye


Hi, I'm Todd Bacostow. I want to introduce you to a course, Spatial Data Science and Intelligence Analysis. This course prepares you to use Spatial Data Science as a framework to enhance human abilities in geospatial intelligence, or GUIN. What you learn here applies in defense, human security, or business applications. In other words, any activity that analyzes locations, patterns, or spatial correlations develop insights. Teaming your cognitive skills with the benefits of computers is natural in this quickly growing discipline. It is the future of intelligence analysis, as the amount and types of data grow at an exponential rate. Working with GIS is an essential part of the GUIN tradecraft. Using historic and contemporary cases, we will introduce you to the theoretical and practical concepts of using spatial tools in intelligence analysis. You will distill mountains of data into useful knowledge. You will experience how intelligence analysis relies on human intuition and know-how. You will combine the benefits of the human and machine to draw insights on a wide variety of data sources. You will engage with other students to explore real-world events after researching relevant literature. Our exercises will stretch your analytic skills. Discussion forums will provide a platform to assess and debate your methods. You will share, practice, and critique your tradecraft. I'm excited about it. I hope you can join us for this innovative course.


Hey, Psych2Goers, welcome back to our channel. Do you think you're smart? Maybe you think you always need to say the right things and chime in with the best advice in order to sound intelligent, but it's not always about what you say. Sometimes it's about what you don't say. So, here are a few things smart people choose not to say in public. Number one. I'll try. Do or do not. There is no try. The wise words of Master Yoda from Star Wars. Best to listen to the Master, right? It's great to try, to put your best effort into what you do, but the words, I'll try, can offer room for a failure and excuses when used too often. This is a phrase that is best not to be overused. Yes, we all fail at tasks at some point, but when we can, it's a good idea to either commit to what you're going to do or come up with a new strategy or solution if you can't achieve your initial goal. Search around for a new way to solve the problem if the old isn't working. Is there a way you can find a new solution to achieve a difficult goal? Number two. It's not fair. Smart people learn from their mistakes.  Instead, they learn from it. Most people know life isn't fair. Life has its ups and downs, unexplainable faults and unexpected problems. When you overuse the phrase, it's not fair.  Number three. I give up. It's good to know your limits, but do you often say this phrase? The thing is, most often it can be easy to give up. Smart people have proven their capabilities to others by not giving up. When you feel like giving up, ask yourself, am I capable of continuing on if I give myself what I need to complete this task? Can I overcome this? In many cases, perseverance and motivation are all you need to continue on and look towards a solution. Number four. You look tired. How many times have you been told this? Have you been guilty of saying this to someone? It's normal to be concerned for a loved one or friend. But if you're worried about your friend, it's best to refrain from pointing out how tired they look for the world to see. Odds are, they know how tired they look. They probably don't feel the best as well. You're letting them know that everyone can tell something is up with them in the least helpful way. That is, if there are no follow-up questions. If you notice your friend looks off, maybe you could ask them how they're doing. Number five. It's not my fault. If it's really not your fault, it's best to refrain from randomly jumping in with this phrase. When you throw in this phrase in a group, when you yourself are not confronted, it can imply you're ready to point the finger at someone else. Or if you did have a bit of fault in the situation, it means you aren't taking accountability for what you've done. And number six. I can't. Okay, okay, sometimes we really can't do something. That's fair. But if you overuse this phrase when you know you're capable of doing what is asked, then, well, you can. It's good to know your limits. But instead of jumping to saying, I can't, focus on, I can't yet. Maybe you just need a bit of help. Maybe you can learn. Maybe with due time, you can. Smart people look to what they can learn. They try their best not to limit themselves. Actually, they don't try. They either do or do not. As Yoda says, there is no try. Thanks for the tip, Yoda. Thanks for the tip, smart lad. So, which of these phrases are you guilty of overusing? Are you a fan of Star Wars? Share it with us in the comment section down below. If you enjoyed this video, make sure to like and subscribe to Psych2Go and hit the notification bell icon for more videos like this. And as always, thanks for watching.


That's me again. So we have we have got voice that we can start a little bit earlier so that our break will last its normal time. We're going with Marcel Klaasen, Enterprise Sales Engineer from Sysdig. Please give it up for Marcel. Thank you. Good morning everyone. Today I would like to discuss with you a little bit why we do need runtime thread detection in your Kubernetes environment or container environment and how we can do that with FALCO, the open source software that we are using. So first a little bit about myself. So as William already said, Marcel Klaasen, I'm a sales engineer at Sysdig. Meanwhile I also keep myself busy with other things like some energy bundled ring equipment and containerizing that in my K2S cluster that I have at home at multiple locations because my wife has an office somewhere else so I misuse that location to put the cluster of course. Some pumping equipment for my pool because I hated doing it all myself so that's why I'm not automated and of course some security monitoring and as you see there this morning I left my home and with 80% certainty it was me as a person leaving here. But that's not what I'm here for. So basically let's take a look at the agenda. So why do we need runtime security? That's the first thing that we would like to discuss. After that let's go for introducing FALCO. So what is FALCO? What can we do with that? I will tell you a little bit about the FALCO rule engine and then I will explain about how we can expand FALCO with other plugins or sources and output information. So why runtime security? So let's take a look at this departure hall of an airport. So we have a lot of people going in and a lot of information that needs to be processed by us. So what do we need? What do we see? Are we interested in what's happening there? Do we want to keep things safe here? And that's the main reason that we have security at an airport. We want to make sure everything is secure. But what do we do with all those signals? Because we have a lot of signals here. We have people scratching their heads. I don't care. We have people smiling. Do we really care about smiling? No, we don't. Then other signals like is this guy armed? No, that's a false positive, right? We don't want false positive of all our signals. We only want to make sure that signals are correct. So for this guy for instance, that's an armed guy. So this is a threat for our system and we want to make sure that this one is detected. So at the departure hall or in the security center in the airport, that's all arranged was that we lead people into the security lanes and they are threat everyone one by one. But how are you going to do that in your Kubernetes environment or your container environment? So why do we need runtime security?  No critical vulnerabilities left. Everything that is fixed can be fixed. We know all about it, but still, you are running in a deployment and what happened in the deployment if you spawn a container of your image, the image is running right? So we can get some drift. Is your application really doing what it should do? Is there a misconfigured application in there that is allowing an adversary to get into your system using malformed PSP script? And what about zero day exploits or unknown exploits? So you want to know what's happening inside your environment. Next to that, all the images that you're running in your environment are not always yours. So you also are depending on third parties and you don't know what they built, what they've done. So you want to know what's running inside your environment. After that, if you've detected a threat, you want to know what's going on, but you also want to be alerted upon that. So right away, preferably right away when it's happening. So not one hour later or a day later, sometimes you see that or at the report two days later that you see, oh, there was a threat. It's too late. You want to see it now. Now it's happening. Now you want to see the alert. Next to that, after the threat has been raised, you want to do some forensics, take an audit activity, get some knowledge about what happened to see if you can prevent it from futures. And last one, not the least important, is you need to be compliant with a lot of security frameworks. If your information, if your environment is not correctly configured, you are not compliant. If you have certain files that can be written to, you are not compliant. So with Falco, you can detect what's happening on that. If you take a look at the runtime security, we all have that applications that are running and all the applications are spawning their details to the screen. So you all recognize the output of all the different applications that you have, but none of them are confirming to a single source of truth. So they only send out the information that they are programmed to do so. So if there is a malicious activity in that application that is not known as a malicious activity in that certain application, they don't recognize it. They just show the output as this. Someone is getting in a PHP file, but you don't know what's wrong or what's right. So how are you going to get around to all those events from all the different sources? This might not be the right reason, right? It's probably a good start, but it won't help you. This is the time to introduce Falco. So Falco is a cloud-native computing foundational object. It's incubating, actually. And you can consider that as your security camera for your containers and cloud. So basically, Falco is taking a look at everything that's happening in your system on your container level, but also on cloud and other sources. First of all, where did Falco come from? From the people that are long around here. Maybe they know about EtherReal. So EtherReal, the predecessor of Wireshark. It was something around 2000 when I was still young. And at some point, somewhere around 2005, I think, or something, Wireshark was created, and it was basically due to a naming discussion with the owner of EtherReal. And one of the creators of Wireshark, or the co-developers of Wireshark, started a new company named Sysdig. And Sysdig created a deep container, as it's called, container for forensic troubleshooting tool, basically, based on Wireshark, but then specifically for containers. Out of that, Falco was created. And Falco basically was created because he had that static information about container information, about syscalls being done and all the kind of things, but he wanted to have information on what was happening real-time. So Falco is, as they call it right, cloud-native threat and anomaly detection tool. Currently Falco is now incubation project in the GitHub. We have over 7K GitHub stars. I need to check it because every time it's changing, of course. Not live counters, by the way. And over 50 million downloads. And we have a lot of contributors in that space because it's an open source community, right? But you see the names there. This is only a very few of them that are contributing to Falco to being a real-time threat detection engine for your cloud incubation environment. A little bit in repetition, but Falco is the open source for real-time detection of threats, anomaly detection, et cetera. So how does that function? This is a very high-level overview. Basically, Falco, or the grades of Falco think there is only one source of truth in your system. And that's the syscalls. So we can depend on all kind of information, like logging information from NGX or whatever application that you're running, but they miss certain information. So Falco is using all the system calls. They are processing the system calls and providing you alerting output. So what kind of problems is Falco solving for you? So our hosts are containers, something during that they don't. Processes being spawned is something changing in the environment. Our config maps are something like that in a Kubernetes environment being called. Our Kubernetes API calls being called that are not able to be called or shouldn't be called. Our users legitimate are not spawning a shell inside a container. That can be done via the kube control commands, or it can also be done, for instance, from a malicious PSP file, right? Or anything like that. So that's the kind of information that you can on a high level get out of Falco. And that's only based on the Kubernetes environment. In the later stage, I will tell you also about plugins, which will provide you the option to get additional sources into Falco. So if you talk about what is Falco has running. So basically, this is an overview of what the architecture is of Falco. Falco will be installed on your system using a kernel probe or an eBPF module of using eBPF if you don't like any kernel probes. From that point on, it's taking all the events in your system, like host and metrics, data, promises, but specifically for us important security events. It doesn't matter what runtime you're using. If you're using Docker container D or cryo or anything like that, we will see all the information on that specific node. You can install Falco using a single application on a host, which for a cluster is possibly also probably also more easy to install it as a demon set. And we provide options there for installing as a demon set. So your complete cluster is directly protected when installing it. So what do we need to think about when output is being generated? So the initial Falco representation, the default Falco installation is basically only giving you information on an output basis like this, right? So fire syslog, notice a shell was spawned in the container with an attached terminal, warning net cut runs in the container that allows remote code execution. So basically, this is the default set of Falco. In the latest stage, I will tell you also about plugins that will give you possibility to get extended data information and also correlation with other clusters together because basically the negative part between quotes of Falco is that this standard installation Falco is it is running on a single cluster. So if you multiple clusters, you need to go to multiple instances and get multiple data sources to get collected data. So let's take a look. Let me see if that works because some issues with the screen as we do it like this for a moment. Okay, see if I still have connectivity. All good. So what I hear here, I have just a simple installation here, a UNIX terminal. I hope it's readable. And what I have here is basically an installation where I install Falco on Linux, nothing specific, just Falco installation, pretty straightforward. And what I'm going to do now is that I'm going to start a program, a small program that I created to get some events that I want to expand. So basically, you can see all kinds of events here popping up. Let's see if I can move it a little bit more. And I'm going to here open up a tail. Let's do a color tail. It's always nice. And let's say that I want to write below a binary directory. You don't want that in your container, right? You don't want any writing below binary directories or something like that. So let's do that. And I see that there is an event right away from syslog, error file known binary directory name removed. I can also go, for instance, like modify LDP load files, see if that's happening. And basically, there is a lot of information that I can directly get out of it. For instance, also, what's important case for container organization environments nowadays is protect, again, crypto minus. Let's take a look what crypto minus can do. And I can see directly here that critical possible miner running in there. So we may think that this is all set up by me and I'll program some of that, but Falco comes out of the box with quite a number of rules. So if you install Falco, all these rules that you see, all these events that are getting spawned are default. You do have the possibility to create your own rules, additionally to that, but there's an extensive set already available. Let's go back to my presentation for a moment, see what we can get there. A bit more detailed structure. So this is how Falco is functioning. The syscall events that we just saw is going to be one of the Falco sources that you see here, and then is going into the rule engine. So the rule engine is basically determining what's happening in the system. Is this worth of being spawned? It's taking the syscalls, all the syscalls relevant, and that is basically spawning, unalert via gRPC files, turn it out, we're using now syslog, HTTP, but we'll get to that in a minute. So how does a rule look like that? This is how a rule looks like. So we took a rule here from the top, warning, symboling created with the sensitive file. We see the command lnmin sfetcshadow to slash tmp slash marcel. So I'm copying a symbolic link of the shadow file. So how does that a rule then look like? So a rule always has a few constructions, the rule name, description, the condition. This is basically the part where it's all about. The condition is where the syscalls are interacting with the falco engine to get all the details. And then the output, and basically the output is just a resemblance of what do you want to see in this case in your syslog file. We're adding a priority and we can add some tags, and tags can be important for your compliance, because maybe you want to be gdpr compliant and that's one of the reasons that you need to have that, so you can add gdpr tag to that. If you take a look at the condition here, you see that there is a create symbol link and sensitive file names, and there we are using macros. So macro basically can be used to tell, to ease up the use of rules. You can see that this macro creates symbol link. That's the condition that event.type is in, and then you see the symbol link and see the symbol link at as the syscalls that are being detected. Event directory in, so it's input file so we need to have that information. We can also make use of lists, and basically lists are basically giving you the possibility to, for instance, target the sensitive file names in this case, giving you an overview like my sensitive file names are etcshadow, sudoers, palm.conf, and the pbquality.conf files. So basically if any of those files is being touched, as being a symbolic link is being created, you get an alert being raised in your system. So this is basically how you set up this very basic rule. You can extend it very much, but there's also a large community maintaining those rules, so you don't need to set it up yourself. Probably the rule that you want to set up yourself is already done by someone else. So copy it from the community, add it to the local focal rules, and you're done. Have some popular rules here, like for instance best practices, update package manager, modify bin user, I'm not going through all of them because you'll read themself. Privileged container is a nice one. Privileged shell, terminal shell, some compliance parts, like we want to know if kube-control-exec attach is being used. PCI NIST frameworks can be used. Some known vulnerabilities that we know about, like the top one, kube-control-copy are the container escape vulnerabilities. That's all being part of rule set of Falco by default already. From the cloud native stack, and that's basically we see that we have elastic search redis, all that kind of rules are directly supported by Falco. What else can you do besides going into syslog calls? We only added over syscalls, but that's reduced to the local level wide. In some cases you don't even have access to syscalls, but then you need to have auto precautions. But we also have the possibility to extend Falco with plugins to use other sources, like the bottom part, senior Falco plugins. Initially, Falco was only using syscalls and had a few built-in plugins, like the Kubernetes audit logs, was default begin, and the AWS cloud trail was also default begin, but that was basically the only plugins that you could use in the Falco system. Since last year, we built a complete new system that allows us to use plugins in generic. So the Kubernetes audit log and cloud trail, of course, moved to the other sources. The Falco plugins are going into the rule engine, and of course, different rules apply for AWS cloud trail or anything like that, but they are going into the same rule engine. What do we provide for rules now? This is just a simple example, so AWS cloud trail. We have Azure log analytics, GCP cloud log, Kubernetes audit log, as already said, Docker, Twitter, Octa. Basically, every streaming instance can be added as a plugin to Falco. You can build your own rules around it, and of course, the syntax is a bit different, because for a streaming instance, it's different as from a syscall instance, but it's easy to write your own rules. Output file. So I only noticed that we do remote procedure calls, output files, standard out, shell, HTTP, but it's all pretty straightforward. The text that I shown you, right, not very well readable, so that's a little bit difficult. So as we take a look at output files, then we would like to take a look at Falco sidekick, for instance, here. Falco sidekick. Falco sidekick allows you to add external output regulations. So if I go to the overview here, it collects the Falco events, not only from the node that's running on, but from multiple nodes. You can use the Falco sidekick as a collector for all the events that you get there, and you get all the output where you can forward it to, for instance, a Slack. You can do it to Teams as a notification area. We can use also a spiderbed for our Node Red for some SOAR capabilities, or you can do a CloudWatch Slack, feed it back into CloudWatch. So basically, I added a number of them in the bottom part, but the list was, it's much longer. And so basically, it's very easy in Falco sidekick to configure sources. Okay, so let's take another look with that same Falco instance, the same stuff that we did just a minute ago, but then we are trying to get into Falco sidekick. Starting the containers. So basically, this is the containers required for Falco sidekick. I'm doing some reconfiguration with, from, and what I see is, so just showing you what the difference is to enable Falco sidekick as an output mechanism. So I'm going to show you what the original Falco file was, the configuration file, and what the new Falco configuration file is. And you see that basically, I only set the JSON output to true. So basically, instead of bare text, I'm using JSON output and I enabled the URL to some URL to localhost 20.002. That's where my sidekick instance is running. So if I now go to starting that same instance again, you see already at the bottom part, oh, my my color tail cord dumped, always nice, of course. You see already now that what happened is that the output changed to JSON. I'm getting all the information here and if I now spawn a thread, attempt being used to modify directory, and let's see if I now also have my five sidekick running. Where is it?  So basically, it's giving you a good understanding of what's happening, it's giving you overview of what can be done and what should be done, and you can filter and search for all the information that is in your, what was the output of your console. So let's take a look at the dashboard. It's giving you also priorities and if I now do, let's say, let's try kill known malicious process or something like that. Events, file below, open for writing, paste bin kill. So apparently the event is directly spawned into sidekick and from here on you have the possibility to also configure your sources like Slack. I think I also set up Slack. I got a notification here as you can see here. You see here that my notification like the file below known binary is also spawned to Slack. So basically this is showing you how easy to set up to get into Falco sources to the rule engine output via sidekick, for instance, to several sources where you can get directly your threat event into different platforms. This is basically what I would like to show you. I would like to thank you for your attention. If there are any questions let me know and for more information Falco.org is your source. Yeah, go ahead. Thanks. Can it just report threats or also prevent them? Sorry, what was the question? Can it just report a threat or can it also prevent it? For example, prevent a sim link. Now Falco is a runtime threat detection engine on its own, right? So we can use SOAR capabilities as I mentioned. So you need additional tools to do the to the remediation killing containers or anything like that. Basically the sidekick of Falco, basically what it is doing, it is a sidecar which produces a RSS feed, if I understand correctly. Something like that or not? So I'm not sure if I understand your question, right? But what Falco sidekick basically is doing that the Falco engine is rerouting all the event messages to the to the processor of sidekick and then sidekick is basically the receiver of the messages and responsible for spawning it to, for instance, Slack. And what I also did and that was this tool that I showed you is sidekick UI and that's basically the follow-up of sidekick. So sidekick is spawning to Slack and to sidekick UI in the example that I've shown. Yeah, so basically it's a feed and then whoever is the consumer they can consume that feed and then get correct. Yeah, correct. Hi, I was wondering if you do not enable EBPF, what are the downsides if you just use it without that? So it's either EBPF or kernel probes. So you don't need both of them. One of them is sufficient. So by default the Falco installation is using the kernel probes. If EBPF is available it will use that one. But you have options to configure that. What types of threads do you usually find and what types of environments? Ah, yeah, okay. That's a good one. So basically Falco is, so I'm working at Sysdig, right? So Sysdig is the enterprise platform around Falco. So we do see the enterprise platform around Falco. We're using it as a runtime thread detection engine in Sysdig. And the main threads that we see is a lot of private shells being spawned inside containers. If you talk about threads from the outside, inside is often a thread, maybe not a real thread, maybe false positive, that's going into cube CTL, someone spawning a terminal shell in container just to take a look if the environment is okay or something like that. But the most threads that we see from outside is more starting with a private shell from the outside, like for instance when starting with Love for J or something you get a private shell and the follow-up actions because the private shell on its own is not a thread, but the follow-up actions like curl and starting a net cut or something like that, that's the real threads. So basically I've shown you single events but in most cases it's a chain of commands. So not only one. Marcel, we have one last question. Is that okay? So is there an option to forward, I saw that Falco can be deployed like a demon set or something to collect the logs from each host. So is there an option to ship the logs to something like a Syslog collector without the sidekick or do you need this as an intermediary to collect the logs and then forward it? Something like Splunk or Data Dog or whatever. Or can you just lose like a Syslog exporter directly? Yeah, so by default it's Syslog and the output that I've shown you. So remote procedure calls, HTTP, so that's by default Falco and for alternative options you need to have the sidekick installed. Thank you very much. Thank you very much Marcel. It was definitely interesting by the number of questions and the number of questions that I didn't let go. Ladies and gentlemen, we are going to have a 12 minutes break. We're going to restart at 10.45 here. No. Sorry, at 11.45. I'm Italian so I got my time's wrong. One thing that I must ask you, there is a workshop at the moment running. Is that correct? So please when you go downstairs, go downstairs and go outside through the smoking area left and there you will get in from the sponsor area. Thank you very much. We'll see you again in a little over 12 minutes.


Hello, what is going on everybody welcome back in the YouTube video and in this video and the next couple or few I want to be going through some some video walk-throughs and guides for the Linux offset club and it's a online war game that you can find at Linux off sec club and You can see here. It gives us some credentials a username and a host name Password first log into in the directions are SSH into this user with that password use the home directory of that user to find The next password etc and user 15 is the last user. So I am going to go through video guides for every single one of these levels all of these users and I'll release them kind of steadily. It's just kind of like three at a time just three of those hopefully stretched out to like five videos and I know here. Okay. This is created and maintained by the offensive security club at Dakota State University So shout out to you guys. You're awesome. Thanks for creating this thing I Don't know if I already did have this folder created. Okay. It looks like I did whatever Let's jump in let's make a directory so we can work in this and I'm gonna go ahead and copy this password Put it in a user one dot text file So we can keep track of them and then let's just start. Let's SSH into this account user one at Linux dot offset club and I'll paste with control shift V that password and I Forgot the spaces in there in the clipboard. Okay, cool. So here we are we are I Totally jumped over this message of the day, but it's not important If I were LS, there's nothing in this directory, but I am in the home directory So LS in that there's nothing in this directory, but only Not including hidden files if I LS tack a to denote all these hidden files We get something else here. In fact, we get a hidden directory called dot here That looks kind of different than what we're used to normally We're used to seeing a bash history bash logout bash RC profile in SSH folder, but we don't normally see a dot here So let's check out that I can tell it's a directory because it is blue for LS colors You could probably run LS tack L if you need to see that more strictly, but I'm sure you're used to this Stuff LS there's our pass file. Okay, cool. So this is the password for user two Let's just note that in a another file cool Close that alone and Now we can SSH into user two Let's copy paste that password suite. We're logged in and there's this file Called dollar sign exclamation point backslash password and and percent and yeah, okay, that's that's totally the file But can I actually cat that file? No, I can't it makes my shell go crazy and weird. Okay, whatever not to fret we can use a wildcard here, right? We can Just cat star And we get the file. Okay, so that wildcard that star that asterisk is just Treating every character and interpreting it. Okay as encompassing as many characters as it can So it's reevaluating to this this file name and is able to actually display it to the screen a okay So, okay, there's our there's our password for the next one. Let's jot that down in user three dot text cool Break out of this guy and SSH to user three Paste that password in and we're moving. Okay Passwords just in this directory. Oh, okay Different thing here, right? This isn't a regular password. Excuse me This is an SSH private key that we can use to actually connect to I'm assuming the next user user four, right? You can Kind of identify these by this by default mii base 64 string that kind of knows. Okay This is the credentials that you typically see in an rsa private key and when you're making SSH connections Sorry SSH connections You can have an rsa private key act as your password act as your credential to actually log in and authenticate to so let's just copy this and I'll break out of here. Put this in user four dot text I'll copy this in and Remove all the new lines. Whoops. Okay, good There is no new line there whatever So now rather than SSHing and expecting a password we can use tack I Specify that private key file and it's called user four dot text Okay, it's given us a warning. Hey is an unprotected private key file the permissions zero six six four for that file are too open You don't want your private key to be accessible by others You'll see this pretty much all the time when you want to try an SSH with a private key It needs to be not accessible by others only you so let's control C to break out of that LS tack L. Oh, sorry. I'm not in my user My my litics offset group my bad. Oh, I don't have user. I don't have user one in here Okay, cool sweet. All right LS tack L and now user four you can see the permissions on here are read write by me Read write by group and read by everyone. So let's change these up with CH mod Modify the permissions and I'm going to use six zero zero as an I can read and write group cannot do anything and everyone cannot do anything on user four dot text Now LS hack L. Okay, cool. I can read and write. No one else can do anything else That should be the appropriate permissions to use that SSH command Let's try it It's a check I user four blah blah blah Cool, and we're logged in. All right. Awesome Let's tackle Levels and users four through six in a next video, but I don't want to make this one too long Thank you guys for watching. Hope you enjoyed these and hope this will be a quick and easy good series for you guys to Kind of munch on. All right. See you later


Hello, and welcome to this session. This is Professor Farhad in which we will discuss how federal government policy Effect investments and analysis this topic is covered in essential of investments as always I would like to remind you to connect with me on LinkedIn if you haven't done so YouTube is where you would need to subscribe. I have 1900 plus accounting, auditing, tax, finance as well as Excel tutorials If you like my lectures, please like them and share them if they benefit you it means they might benefit other people on my website farhadlectures.com you will find additional resources to supplement this course as well as your accounting courses So from a government perspective, they have two broad classes of macroeconomic tools that can affect the demand for goods and services and those that affect their supply and those two tools are Physical policy as well as monetary policy and both of these policies are Demand oriented. It means they are designed to increase the demand to to to grow the economy They can stimulate the total demand for goods and services Starting with the physical policy. What is the physical policy? Well, it's simply put It's when the government used their taxing power their spending and taxing power for the specific purpose of Stabilizing the economy. Usually they want to create demand side. They want to grow the economy So physical policies is the most direct way either to stimulate if you want to grow the economy or slow down the economy Simply put any decrease in government spending directly reduce the demands for goods and services Or what they can do they can increase the taxes and when they increase the taxes They take away all your spendable income so the economy will contract the thing with physical policy is its subject to politics The formulation of that of the physical policy and the implementation is usually Painfully slow and involved sometime. It's not Like back in March of 2020 when we had the corona virus Congress and the president they work together real quick to To to to to to get to get some help to the people through physical through spending Now we are on October 2020 Congress and the and and the president are working on the heroes act, but it's back and forth and really Painfully slow. Okay. Obviously, this is because you have Republican you have Democrat You have different political agendas physical policy require enormous amount of compromise between executives and legislative branches And sometimes they are from different political Parties and that what happened politics guts gets into the way So tax and spending policy must be initiated and vote owned by Congress you start there which require Considerable political negotiation and this is what's happening right now with the heroes act of 2020 and any legislation passed must be signed by the president So again if the president doesn't agree, he will throw it back So it requires more negotiation, especially this year. We have the election. So many things are going on all at the same time The impact of any physical policy is relatively immediate and this shows in the stock market The stock market react positively for any physical policy reliefs like stimulus checks Giving credit to businesses or loans the stock market reacts immediately Okay, although it's formulation could take time formulation could keep could take time The best way to look at how well the physical policy is how well it's being run Not how well like the effect of it is to look at the budget either deficit or surplus What's the surplus or deficit? Simply put the difference between revenues which is tax revenues and expenditure if you have more revenues than expenditure You have a surplus you're not spending as much and you are collecting You are collecting more money that you are spending if you have a deficit you are spending and simply put We are going through a deficit. So this is the physical policy basically an overview It has an immediate effect, but it's Cubbersome to formulate monetary policy when you think of monetary think of the world money Monetary policy is administered by the Federal Reserve System, which is the Fed refer to the manipulation of the money supply to affect macro economy and Is the other main leg of the demand side policy that the government had under their control? So it's not it's not Congress and the president here We are talking about the Federal Reserve although although it's the government It's supposed to be in a sense independent. So how do they affect the money through interest? Monetary works largely through the impact on interest rate. What happened is this? They increase the money they increase the money supply which in turn if you have a lot of supply for money Yeah, we have lower short interest rate lower short interest rate encourage people to buy homes stocks make investment Consume goods which in turn stimulate the economy So the monetary policy does not directly like the physical policy goes into the pocket of the of the consumer Like when they send you the stimulus check if you receive a stimulus check Well, you receive that money in your bank account. You can spend it monetary policy the influence interest rate which in turn Kind of trigger other Reactions such as people will buy homes because interest rate is low people will invest in stocks because they have no other Alternative to invest companies will invest in capital project because now the cost of money is lower however Some theory would say over the long longer longer periods most economists believe in higher money supply Only leads to higher prices and does not permanently affect the economy. That's that's what they say That's monetary policy phase a difficult balancing act. Well, I'm gonna tell you for the best decade I keep saying this it's working perfectly. Okay Expansionary monetary policy probably with lower interest rate and thereby stimulate investment This is what it's doing and some consumption when that's what it's doing in the short run But it's not in the short run that these but these circumstances ultimately will lead only to higher prices That's according to some economist. That's not happening these days. We are looking for inflation and we cannot find it So it's working perfectly So the stimulation slash inflation trade-off is implicit in all debate over proper monetary policy. It seems the more we print money Everybody better off the stock market is better off the consumer is better off It seems so monetary policy in contrast to physical policy is easily formulated because you have the Federal Reserve They're not as Paul they're not into politics and Implemented but has less immediate impact. So again the the impact is not immediate because it has to go through the Interest rate interest rate tool, but they do have other tools Let me let let's take a look at what the Fed stole. What do they use? Well, they use something called open market Open market operation in which the Fed buys and sells treasury bond from its own account What does it mean buys and sells when it buys securities when it buys securities simply write a check Thereby increasing this the money supply Simply put the Federal Reserve. It's not like us. They can pay for securities without drawing down funds at the bank So they can write checks as much as they want to it's basically simply put It's unlimited on the other hand if they want to take the money out the Fed The Fed sells a security the money paid for it leaves the money supply.  They will sell securities. So that's the open market operation occur daily allowing the Fed to fine-tune It's monetary policy and simply put what's happening now is mostly this part right here, which is basically Printing money's writing checks and printing and printing money That's one tool the other tool under the federal and under the Federal Reserve is the discount rate Which is the interest rate it charges bank on short-term loans because bank they need to borrow money some time How much they will charge them if they charge them lower rate banks will will borrow more and they also have another tool Let's call the reserve requirement banks will have to keep money at the Federal Reserve Which is the fraction of deposit that bank must hold as cash on hand or as the posits with the Fed So here what's gonna happen if they reduce the discount rate if they redo this discount rate. They signal a more expen Expansory Expanded monetary policy simply put if the bank is borrowing money at a low rate. They can afford to Lend it at low rate to which in turn stimulate stimulate the economy Also, when the Federal Reserve require you to keep less money at The Federal Reserve Bank as a reserve. It's allowing you simply put they're giving you if they if they ask you for less money Rather than 20% reserve they want from you from your bank accounts They want only 10 while you can keep the other 10 So it allows bank to make more loans with each dollar of deposit and stimulate the economy by increasing the effective money supply So that's what they do it they either lend the money at a low rate or they tell the bank to Keep less lower reserve amount at the Federal Reserve So the discount rate is under the direct control of the Fed and it's changed relatively and frequently Generally speaking then we have something called the federal fund rate The reason you want to you want to clarify that the federal fund rate is not said by the by the Federal Reserve Okay, is a guide is a far better guide to the Federal Reserve policy It's signal to the Federal Reserve policy. What's going on and sometimes it gives them really bad or good signals The federal fund rate is the interest rate at which banks make short-term overnight loans to each other to other banks So the federal fund rate is market oriented. It's not said by the government But what happened is the Federal Reserve monitor this federal fund rate and they will intervene when one bank is charging too much for another bank It means there is some shortage of money in the market So the so so the Federal Reserve will intervene and know what to do print more money These loan occur because some banks need to borrow fund to meet reserve requirement while others they have access funds So if you have access fund you lend to the banks that need the fund So unlike unlike the discount rate as I told you the Fed fund rate is a market rate Although it's a market rate. I'm gonna put market rate in quote the Federal Reserve can influence it Market rate means it's determined by supply and demand rather than be rather about being set nevertheless The Federal Reserve board target the Fed fund rate Expanding or contracting the money supply through the open market operation so they can easily influence this rate simply put It's another tool for the For the Fed so the so they look at the Fed fund rate as a signal What's really going on in the market and they would react appropriately they would react appropriately now if you talk to some people these days You know, they would say, you know, the Federal Reserve isn't intervening too much printing a lot of money Which is it's inflationary down the road But remain to be seen If you you know if you'd like additional resources about this course Please visit my website for head lectures comm and if you're studying for your CPA or other accounting courses Please visit my website Study hard. 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