Okay, welcome everybody. Thank you for joining us. I'm Sarah Eisen. I'm an anchor at CNBC and I'm thrilled to be here again at Davos, monitoring the session on global debt. Just want to introduce our very esteemed group of panelists. We have the Minister of the Economy for Brazil, Paulo Guedes, pronunciation. Perfect. Thank you. We have Daniela Franco, who is the also Minister for the Economy, but for Italy and finance, Minister of the Economy and Finance. We have Gita Gopinath, who is the first deputy managing director at the IMF. And we have Patrick Dillamont-Mini, who is the CEO of the Development Bank of Southern Africa. Thank you all for discussing. We have many of the regions of the world covered. We have a lot of hot topics to get through when it comes to debt. So I just want to dive right in and maybe start with you, Gita, because you have a good global outlook and the IMF does a ton of work on this stuff, like debt levels, which are high right now. So can you just give us a sense of what kind of issue we're looking at when it comes to rising debt levels and where we're going? Happy to you. And a real pleasure to join this panel. If you look at the debt numbers in terms of public debt for advanced economies, it's close to record of 120% of GDP. If you look at emerging and developing economies, it's not as high as it was in the 1990s, but it has gone up significantly, especially during the pandemic. A useful reference point is to remember what debt was at the start of the previous interest rate hiking cycle.  The median middle income emerging market debt in 2013 was around 40%. And now it is at 60%. And the median low income countries 2013 debt was at 25% and now it is at 50%. Now, so clearly debt levels are much higher at the start of this hiking cycle. But at the same time, I mean, there are differences. A lot of the emerging market debt now is also in local currency as opposed to foreign currency. And they have more foreign exchange reserves. Now for low income countries, we have about 60% that are assessed to be either already in debt distress or in high risk of debt distress. So what about for emerging markets? As of now, firstly, we as yet do not see a systemic sovereign debt crisis. But the risk of having much more debt distress in the future is certainly very salient. In terms of the countries among emerging markets that have been affected by high levels of debt and debt distress at this point, it's mostly the countries that were already in a difficult position before Argentina, Lebanon, and adding Sri Lanka in there. So I guess the bottom line I would say is that we have high levels of debt and importantly at a time when interest rates are going up in the major economies of the world. But you don't see a debt crisis. As of yet, we do not see what I would call a systemic debt crisis. But we could certainly see an intensification of debt distress. Brazil has a good story to tell, doesn't it?  Yeah, well, like Gita said, there's a problem. There's one dimension which is the external dimension. And indeed Brazil has $360 billion reserves and the external debt is much lower than that. So we're in a very solid position. We have a huge trade surplus. The trade balance at the moment, but with a surplus, for instance, I think Brazil is probably the only country with a trade surplus against China exactly because of agriculture, food and agricultural products. So we are in a very balanced, very comfortable situation when you talk about external debt. Then we go to the internal debt. What happened? When the disease came, when COVID came, our debt GDP ratio was 76 and a half. And then everybody, even the IMF, forecasted a collapse in the Brazilian economy. They estimated the drop in GDP of 9.7% for Brazil. And then let's say, as an example, UK 4%, happened exactly the contrary. I had, I had, I alerted the IMF mission. It was not to keep that herself. It was somebody else that was removed from the position. It's not there anymore. I remember, I remember telling them, listen, you are underestimating our ability to respond to the crisis. What happened? UK dropped at 9.7%. The number they assigned to us was UK. Italy more than 9%. France more than 7%. Germany 5.6%. Japan 4.5%. And Brazil 3.9%. So Brazil dropped at last, recovered faster. And at the end, the initial forecast is that our debt GDP ratio would go to 100% from 76.5% to 100%. Well, last month, we just closed the number, 78.5%. So we did better than all other countries on the fiscal front. The only country that did as good as we did on the fiscal internal, that dimension, is a city state, a Singapore. It is a city. So except for that, we have no problem. And we again surprise it on the positive side. So our debt from 76.5%, 78.5%. Some people say, well, it's because inflation went up and then you had extra revenue. Well, it happened many times in Brazil that inflation going up and the deficit going up because expenditures also go up when you have more inflation. Problem is exactly that the solution that we implemented is that for the very first time, we have frozen other expenditures. So we spend more on health, but less on all other accounts. So the final result is that we fought a war against the virus. We fully vaccinated 94%, 98% of adult population. The GDP is quite above the level of when the disease came. Last year, final, the end of last year when we were meeting and talking about perspectives for this year, I also said, you keep reviewing downwards. The growth forecast for the world, it's happening. They are reviewing downwards. It was five, now four, now it's three and a half. People are talking about 2% for the U.S. And they'll keep reviewing upwards for Brazil. They thought Brazil was stagnated. We have grown four and a half last year. This year we go above 2%. And the key idea is we made a lot of reforms. Instead of growing six, seven, 8% with a huge deficit, we removed all the stimulus, all the fiscal stimulus during the recovery. So we made a fiscal, contrastionary fiscal policy, a contrastionary monetary policy. The central bank is quite ahead of the curve. Wait, we're going to get there. No, but never waste a good crisis, right? Yeah, no, never waste. So Patrick, the debt levels in Sub-Saharan Africa have shot up during COVID. Where do they stand right now? Absolutely. Actually, the Sub-Saharan African region, even before the pandemic, the debt levels were already on the increase. And the pandemic just made it worse because governments had to respond to the pandemic. And by ensuring that the hospital systems and the health system in totality was attended to and was actually bolstered so that it could be able to cater and look after the sickly. And also you had lockdowns being declared across many countries. And government had also to make sure that they provide some level of cushion to the low-income communities to make sure that they're able actually to survive the lockdowns and making sure that there's some basic income access. But if you look at how now things are for the region, we've already seen maybe about six countries that have been downgraded by the rating agencies because of the rising debt levels. Also part of the G20 initiative, some countries within, even SADEC, are on this debt service suspension initiative that we're trying to manage because the debt levels actually have reached alarming levels. We're going to see defaults? We are very much worried that it might happen, provided there's some proactive management of government debts. But the other thing is private sector and non-finance corporations. We are also seeing their debts increasing, both households and firms, which also says we cannot afford to see a simultaneous delivery of both government and the private sector as that will impact on the economic growth. Already the trajectory by the IMF is that things are going to look quite bad. And issues already around the food prices and inflation within Sub-Saharan Africa, it has shot up from 11% to 12.2% projected in terms of inflation for the Sub-Saharan Africa. So it's very, very worrying because the monetary authorities are also tightening. So the hike cycle is going to bring about quite a lot of pain to the economy, which also is not going to help the global income inequalities. No, I definitely want to dive into food inflation and hikes, but also just sort of set this scene here, Minister Franco, for your debt problem. So Brazil is at what, 78% debt to GDP? Where is Italy? Italy is always a problem here. Last year it was 151, but let me recall that in 2020 the debt ratio increased by 21% of points up to 155. The point about that is that expansionary fiscal policies in Italy as well as in the other countries prevented a huge damage to the private economy and allowed our economy to survive the pandemic without halting. I agree with Gita that there is no systemic debt crisis. This applies, I think, to all European countries and to most developed and emerging countries. One consideration is that in 2021 that that ratio in many countries declined. I think in just seven countries declined by four points in Italy by four and a half points. All these countries are projecting a further decline in 2022. That is, we are on a downward trend. Another point is that by cushioning the private economy in 2020, we prevented the private sector, household, and companies to get very much indebted. If you look at the Italian figures, you will see that household debt between 2019 and 2021 increased by only two points, from 41 to 43%, while household deposit increased by seven points. Companies debt increased by five points, while companies liquidity increased by eight points, meaning that companies and households in Italy, but as well as in many other European countries, were protected by the downturn of 2020, which means that they can now face, for instance, the increase in interest rates from a more solid position that would have been without the expansionary fiscal policy we all implemented in 2020. Looking at the future, I think public debt is a powerful tool for economic policy. This we should keep that in mind. The problem with public debt is that it's powerful to face adverse circumstances, worse pandemics. The point is public debt management or fiscal policy management in good times. This is the time where public debt should be reduced, and this is the time when in many countries mistakes are made. Now, after the pandemic, we were all looking forward to a period of decline in debt ratio. The point is that we are facing after the pandemic, the surge in energy prices leading to a surge in inflation, accelerating monetary policy reversal, which was interest rates have been very low for a long time. We were expecting an increase. The acceleration of inflation is speeding up the process, and then we have the war. All of this is making, let's say, fiscal policy return to normality more difficult, but still we must move in that direction. For many countries like Italy, we should keep in mind that the average cost of public debt, in spite of rising interest rates, are newly issued bonds. The average cost of public debt is still declining because we are replacing bonds which were issued 10, 15 years ago, which helped us in running, let's say, our budgets in the coming year. Having said that, we all need prudence, fiscal prudence, and we need policies to boost growth. Tough time for fiscal prudence. Gita, is Minister Franco right about Europe that it's not looking at a systemic crisis because interest rates are going to rise? The ECB is moving closer and closer to ending its stimulus program and raising rates, and already we're starting to see spreads widen out a little bit. I'm sure you know on the Italian versus the German bonds. I saw Klaus Regling. I don't know if he's still here. I flashback to European debt crisis, which wasn't too long ago. Could we see something like that? I agree that, as of now, we certainly aren't seeing a systemic debt crisis. Yes, and the combination of a fast recovery after the collapse in 2020 and inflation also, the combination of those is reducing the debt to GDP in Europe. But that said, of course, interest rates are changing. Now, the current trajectory of interest rates is still keeps the nominal rate fairly low, and real interest rates could stay negative for a while depending upon how fast inflation comes down. So, yes, as a financial conditions, maybe slightly of tightened, but more closer to neutral, the bigger concern is what happens if the inflation that has become more broad based in Europe rises even further, and then that triggers and calls for a much stronger monetary policy response in Europe. And, yes, there is a lot of heterogeneity in the levels of debt in Europe, and Italy has one of the high levels, and there are countries like Germany where debt to GDP is much lower. So I think there is the question of what will happen to sovereign spreads of these different countries, and whether one could see tantrums, which is what happened the last time around. So I wouldn't rule out anything at this point, but as of now, it's clearly the case, yes, that there is no systemic crisis, yes. Mr. Franco, how much is the ECB going to hike rates this year and next?  Now, how much do you expect in terms of rate hikes from the ECB in the next year or so? Well, as it has been announced by the ECB, we are moving out of negative interest rates, moving gradually to positive interest rates. The speed will be decided by the ECB, which is fully autonomous in that regard. Obviously, we should keep in mind that we have lived through a prolonged period of extremely low interest rates, which is something extraordinary. I think, never in recent history, we saw a period of nominal negative interest rate lasting so long. Real interest rates were often negative in the 70s in the period of high inflation, but nominal interest rates were never negative for so long. It's fully normal that we go back to a situation in which interest rates are much higher than they are now. Now, the issue is the speed of the process, and there I think the ECB will have to balance the need to control inflation with the need to avoid another recession in Europe, and this is a difficult balancing problem. How close is your up to recession? Well, still seeing our projections and the projections by the commission point to the fact that we are not going to have a recession right now. We see risk, we all see risks related to developments in Eastern Europe, related to energy prices. If energy prices were to remain very, very high, then again, this would not help. The issue of inflation obviously is important for central bankers, but we should try to understand the underlying factors, because if you look at the United States, their inflation is largely driven by demand. If you look at Europe, inflation is largely driven by supply energy related problem. In Italy, the inflation rate in April is 6.3, 6.2, 6.3, but if you were to net out energy price, it would be less than three, and the same more or less applies to all European countries. If inflation is caused by energy prices, I think we should focus on energy prices first of all, and this should affect the speed of the increase in interest rates. Obviously, rates are going to increase, we all know that. We only are discussing about the speed of the process. In the U.S., we would call that a dovish answer on rain hikes. Minister Gettys, what about the you mentioned that the central bank in Brazil has gotten ahead of the Fed and the inflation fight, so what is the outlook there as far as rates and inflation? I want to reinforce the importance of the fiscal front, because when COVID came, the federal spending over GDP was 19.5%. When COVID came, we digitalized and assisted 68 million Brazilians with minimum income so that they could face the crisis at social distancing, so the guy used to sell things at a soccer stadium. There's no games, there's no soccer anymore, so how will this guy survive? He's informally employed, he's not at the formal job market, so we created a lot of programs. The first one is this minimum income, 68 million people digitalized it, receiving money every month, $120 every month to 68 million people. Then we created a job preservation program, 11 million jobs preserved before firing someone, phone us. Instead of paying full unemployment, which is a minimum wage, I pay half unemployment, half minimum wage, and then you keep the guy. You just reduce the shift hours, use the guy half of the day, I pay you the other half, and his job is preserved. So it worked beautifully, we preserved 11 million jobs. Was that your idea? Was that your idea, that policy? Yes, it cost us a lot of money. So we went from 19.5% to 26.5% of GDP, but what happened next year, bounced it back to 18.7% of GDP. So it's not that we didn't spend money. We spent a hell of a lot of money on health, but we cut everything else, so that as soon as the disease faded away, we immediately collapsed all expenditures, and they were temporary health expenditures instead of permanent expenditures with the machine. So this result on the fiscal front and the central bank moving ahead of the curve give us the assurance because when the economy was recovering, instead of letting it go 7.5%, 8% growth, and the fiscal misfunction and negative interest rates, we did the other era. We went ahead of the curve so that we expect that probably we'll get rid of the inflation problem before the advanced economies, and probably we'll be growing faster before the advanced economies because I think they are largely behind the curve, all of them, central bank, federal reserve, BCE, because they're not alert to one problem I've been emphasizing when we met. There was a 30 years, 30 years, global cheap labor arbitrage agreement. Allen Greenspan wrote in 2005 a book, The Age of Turbulence, and then he says, beginning of the 20s, the baby boomers will retire, China money will get back to China instead of financing US deficits, and inflation will be higher because I was happy enough to preside the federal reserve in a period when 3.7 billion people jumped into global labor markets. That's 1.5 billion in China, 1.4 billion in India. All these guys jumped into labor markets, they muted the inflation, and the central banks think they're doing a great job. They're not doing a great job. They're just taking advantage of the global labor arbitrage. So as this global labor arbitrage now was interrupted, China now cannot get more jobs in other countries because the economy is disconnecting, rupturing the chain values and the value chains. So China is decelerating, and wages are going up all over the world, especially in the US because the unemployment rate is very low. So you have a formidable combination of four negative shocks. Wages going up because of the end of the global labor arbitrage. At the same time, disruption in the value chains production, and that's a negative supply shock. At the same time, war, which Ukraine is grains, Europe, Russia is about energy. So food and energy going higher. So all this combination and the central banks on my view, sleeping at the wills. Except for Brazil. Well, I'm very sorry to inform you that except for Brazil on the monetary front and except for Brazil in the fiscal front. Patrick, we're facing the shocks as minister get us laid out and obviously you're feeling the food inflation. What is what are food prices doing in Africa right now? They are actually running havoc because the geopolitical situation between Russia and Ukraine is causing serious food price increases as well as I mean that also I mean this is just actually if you look at the wheat supply as well as the sunflower oil because these guys are the biggest players globally. But on top of it now you have the energy prices that are also skyrocketing and not helping the inflation levels. So you're looking at the the sub-Saharan Africa. As I said, 2022 is projected to its inflation to hit about 12.2%. And if you were to look at the growth rates projected by IMF actually to really come down. But the issue is sub-Saharan Africa has about 39 of the 46 least developed economies. And that tells you that these economies we are not going to recover or get into their pre-pandemic economic output levels. And actually as we speak we are focusing that there might be between seven and nine percent below their pre-pandemic output levels. So and now you also have then the increase in interest rates which is not helping their their debt service costs. And as a result now how are they going to prioritize? The basic necessities are in trouble. The the wiggle room within the central fiscal just does not exist. You can imagine what that that means for many economies in South Saharan Africa. So what what do governments and central banks do there? Well the the central banks the monetary authorities actually already down a hiking cycle because I mean in South Africa alone I think two weeks ago last week we saw a 50 a 50 basis point hike in interest rate because the inflations are forcing them to to respond. So now how then do you strike a delicate balance? It's not easy but how then do we globally get to look at how do we manage the the the the debt situation in emerging economies? IMF actually their SDR initiative there's 650 billion that has been touted actually I think if well managed and decisively utilized can go a very long way in really bringing about some space within the central fiscal for many economies in the emerging markets. Gita I mean how how what does the IMF suggest for countries that don't have the fiscal monetary space to deal with this? They don't have the growth and they do have the inflation. It's a pretty tough mix. It's a tough mix because you know they're hit by the pandemic first and now with at least if you're a commodity importer being hit with rising prices of all your necessities. So we are at the IMF closing tracking very closely the countries in terms of how much of spending do they need on food and oil and gas and what their financing needs are. In terms of what needs to be done unfortunately given the fiscal situation in several of these countries you know I would say that the first practical step is to prioritize where you you spend because you can't really raise your revenues at this current juncture. IMF has been giving financing to countries that also helped the SDR allocation was one such instrument but I want to focus a little bit on the countries and there's several of them that are already in debt distress and that will need debt restructuring and a problem with the international financial architecture is we don't have a good debt resolution mechanism. The G20 came up with the common framework to address exactly this issue and it provided the promise that for the first time we would have a resolution mechanism that wouldn't involve official creditors, private creditors, bilateral creditors and and then we would get a proper resolution of the high levels of debt in these countries. Now there have been three countries that have applied for the common framework. There's Chad, Zambia and Ethiopia and that was over a year ago and we have not so far not a single case where the resolution has been done so I would say that what's absolutely needed urgently at this point when we are in a somewhat pleasant situation of not yet being in a systemic debt crisis is that we create the infrastructure that we create the architecture that's needed that if the world were to head into such a crisis that we have it. Now what would that require? I think first and foremost it requires that the common framework is much more clearer about timelines about the steps that are needed to make progress on the framework. The second is when the common framework was designed it was at the time and we were thinking of countries that were hit by the pandemic it did not include the Sri Lanka's of the world so we need the scope of countries that can be addressed to include even middle-income countries that could be at high distress like Sri Lanka and it's you know it's it's hugely important to put this architecture in place and to make sure you do it in a timely fashion and just one last point in this particular game nobody is doing charity for anybody else there's a huge body of literature that shows that extended debt restructurings are terrible for both the lenders and for the borrowers so it is everybody's interest to get to fix this architecture. Minister Franca? No I would agree with what Gitta just saying that the common framework which was started in the end of 2020 by the G20 is in principle a powerful tool bringing together all creditors public and private the point there is I think the main point is that some countries which are important creditors are not really cooperating with solutions the solution of the problems especially for the three countries which have applied. Who's not cooperating? Well talking about China basically which which is not really supporting the the implementation of the common framework so I think we all agree that it is an important tool but it would require a broad consensus which is not till there we should recall the debt service suspension initiative of 2020-2021 which helped many countries during the pandemic it was rather effective it came to an end at the end of last year and also the SDR the SDR is a big success story I mean and I think one general consideration about say the pandemic is the fact that it was a terrible obviously terrible for the number of people who suffered from a pure economic point of view it was a big experiment I mean and policymakers reacted rather quickly sometimes with innovative tools Paola was mentioning some tools used in the national level in Brazil but I think all countries in a way invented the new tools to pay benefits to citizens in need to allow workers to work from home the cooperation among a country was very tight and decision were taken very very rapidly I think this contributed to innovation for like the common framework but within the G20 it was it also contributed to a number of important they say decision taken together first of all on the taxation of profits worldwide this was an issue I mean open since 10 20 years but it came to an end last year and I think the pandemic in a way put pressure on that let me also recall the initiative taken for the vaccines I mean the ACTA covax where new initiatives started rather quickly and now the G20 is working on the future to make sure that we are all better prepared for future pandemics so having said that I mean the pandemic was a terrible development but it pushed a lot of us to innovate to cooperate and I think especially at the international level it was really important if I think about Europe I mean the next generation EU project was started during the pandemic is for the first time Europe has a common debt it's nice to hear because actually there's a lot of talk this Davos I find about lack of coordination on a global level I want to open it up to the audience for questions but just a final one because China was mentioned Patrick for you which is how big of a creditor is China for African debt right now and how how has that changed and is that a good thing or a bad thing China is a huge creditor to many African countries I must say that in the DSSI or the debt service suspension initiative IMF actually helped quite a great deal in reaching out to China and I must say that actually they've since agreed to be part of the team looking into the resolution of this because given the sheer size of debt by these economies they are very central because there is no sustainable resolution that could ever be brought about without their involvement and without their concurrence or consent so but we are really now I'm hoping that we are going to be making progress in trying to bring about some resolution and and indeed and as I said if if you have 39 countries out of 54 being least developed or called them fragile economies this says these economies are dependent largely on donor countries so if you are dependent on donors and you have your debt levels that you're sitting somewhat at unacceptable levels it becomes a very very very painful situation for for the citizens and that's where you start seeing a lot of migration people trying to look for greener pastures just to try and survive and and the and also what is expected out of these countries in the emerging markets in South Southern Africa is that we begin to start our journey towards the net zero by 2050 and that calls for serious investments in the sustainable infrastructure and as we speak we still have massive infrastructure gaps so we have some possible green shoots that we're seeing in the continental free trade area that ought to be taken advantage of but there is a lot that needs to happen just at the basic level to make sure that the continent is able to begin to create sustainable jobs for its populations questions from the audience I've got more maybe for anyone who wants to answer how would a Russian debt default impact the global economy and and all of these these debt issues and the debt pictures for the various regions maybe Gita kick it off yeah sure and when is that going to happen on your first on your first question if you look at direct exposure to Russia's financial assets for most of the major economies of the world I mean it is small and it's concentrated I mean there are there are I would say it's concentrated in Europe there is Austria and Italy which has more exposure than the other countries do but again it is manageable in this in the size the part that we don't know about are the indirect exposures and you know we could see a situation where if there's a you know the further escalation of tensions or we start seeing the defaults even when they happen that you could see much more tension in the markets than what's visible at this point because of the indirect exposure now there are also you know non-bank financial institutions in the US and Europe that have exposures to Russia but if you look again at the size of the exposures and even if you say well you know you look at the very specialized desks in terms of those who invest in emerging markets this is a small fraction of their exposure of their total asset situation so in the sense of at least directly if there were a default would it then lead to a big reduction in money available for other emerging markets given just size just the sizes it seems less likely but what we are concerned about are the indirect exposures which is the part that is very hard to get to data on get visibility on is it still a question of if and not when well I mean these are developments that are changing on a on a daily basis the question of whether payment can be made on rubles versus in dollars and so on and what's acceptable and what's not acceptable so I don't want to jump ahead on this but if you just look at market pricing of Russia's debt they all show that a default is a pretty high probability then looking at market pricing what would happen to Europe minister franca well I mean if I get a mention that Italy is among the country most exposed towards Russia I mean loans by our banks to Russia at the end of 2021 amount to 21 billion euro then these our banks had liabilities vis-a-vis russian counterparts of 13 billion so the next exposure is 8 billion which is not a big amount of money this for the direct exposure then there is the research stemming from loans to companies heavily exporting to Russia and Ukraine so we had a look for that and the loans overall loans to Italian companies exporting at least 10% of their sales to Russia and Ukraine amount to 4 to 5 billion euro that is again not a big amount so we don't expect a big shock from that third issue is where is in case there were a big downturn a big new recession induced by this new crisis then the story might be different but this will be a more general story minister I want to explore your question you are looking for something which I think is a result of past investment decisions and what would be the impact on the outstanding debt I want to explore a future dimension of your question which is what we heard in a meeting in Washington some 30 days ago secretary of the treasury Yellen saying the investment landscape will never be the same after what happened with this invasion of Ukraine when Russia invaded Ukraine they rise they're rising the the the geopolitical risk dramatically and then the requirements for future investments for receiving money in the future secretary Yellen was saying they now have to meet two requirements the first one is the the near short the idea that your friend had to be close to you because if you have semiconductors in China and there is a war they will locate the south pacific and then you don't have 5g telecommunications you don't have anything automobiles everything stops because you don't have the semiconductors because it's too far so it has to be near but there is also the French shoring because it is not enough to be near Russia is very near and very close to Europe but they're not friendly so they have to be near as a logistic requirement but they have to be friend as a geopolitical requirement and then Brazil is very well positioned because we are very close to the Europeans and to America and if they have to reconfigure the value chains and Brazil is a candidate we are a democracy we are going to a market direction we took advantage of the never-wasted crisis as you said we took advantage of the crisis exactly to accelerate the regulatory frameworks so cabotage 5g and telecommunications infrastructure oil and gas sanitation we changed all the regulatory framework the result of this is that we have already investment commitments for the future of 200 billion dollars that's two martial plans for the next 10 to 12 years that's why Brazil is out of sync with the rest of the world we are out of sync we stayed out of the party there was a 30-year party of globalization everybody took advantage everybody integrated the value chain and we were cursed because we were out of this thing so now we are blessed because the vectors the future is going to be around digital Brazil has a hundred unicorns new bank as the most valuable digital bank in the world we received the price of the world bank as the most digital government in america's ahead of the u.s. ahead of canada seven in the world we digitalized 120 million brazilians we supply digitally the services of retirement of license renewing corporate licenses and everything everything digital so the second axis for the future is the green economy so the future is green the future is digital we'll be there we are talking to the danish companies to the spanish and the german companies they want to produce 15 percent of our energy is wind and solar so we're gonna double that we have 65 is hydroletic power clean energy then 10 percent is wind five percent solar five percent nuclear so 80 percent is clean energy so who is going to produce green hydrogen for europe because they cannot rely on natural gas from russia we are the candidates so these guys who produce wind yolic energy they're going to brazil uh because even the wind and the north sea the wind is very regular so the maintenance cost of capture of this energy is very high in brazil with 25 kilometers of the beach the wind is regular and you have also sun in some countries in africa you have sun but they don't have the wind some countries like north sea around the north sea you have the wind but they don't have the sun so brazil is bound to be a giant on the energy future of clean energy and cheap so what the european companies are doing is a two-fold move first let's spill over our brands because the demographic is in europe is perverse just before you're having an idea uh emerging seven which is bricks plus indonesia mexico our gdp is 52 trillion and then you have g7 the big guys the gdp is 42 trillion so uh belgian france uh they keep retarding the accession of brazil uh to o w cd because their protection is with their agriculture and then talking to them i say hey accept us before you become irrelevant to us we used to trade two billion dollars a year with france and two billion dollars a year with china at the beginning of the century we now trade 120 billion dollars with china and we trade seven billion with france is irrelevant to us so during the pandemics the imports from europe to brazil collapsed 30 but the imports of asia from brazil went up 40 so what is going on is that i i told europeans you lost russia and now you're losing latin america you'll be by yourselves all alone if you don't understand that we must integrate the ones that were left behind we were left behind at that time but now we can grow on the new axis renewable energy digital so food security we are ready we are opening just as i was coming here i made the second round of tariff reduction 20 tariff reduction everybody's trying to protect their jobs now we are opening we're reducing tariffs getting more efficient so we came later at the party but we are very animated about it clearly because we're like 10 minutes over time and i'm going to miss my live show so thank you thank you all for being here i thank you for the audience uh participation as well there's going to be a qr code i did not forget on the screen for more you can get from the world economic forum the chief economist outlook and it covers a lot of these debt issues and obviously the the global economic issues as well thank you so much thank you


Okay, today we're answering, once again, viewer questions and let's see. Here we have, this was a nice one, it was more of a comment than a question. It says, since this is about comments too, I'd like to say thank you for your hard work and I thank you for watching because I wouldn't be doing these videos if people weren't watching them. It would be kind of a waste of time. So I appreciate that. Thank you. It says, this next question, any chances of doing more videos on Python, on making isometric games, which are kind of like a 2D game, I had to look it up because I didn't know what that was, 2D games that kind of have things on an angle to give them kind of a 3D perspective and more into textures with Blender series. Definitely something might get into in the future as far as more game stuff. I don't know about the isometric games because I've never done anything like that. If I get into it, I'll definitely do videos on it. I'm not sure if I'm going to be doing a Pygame tutorials here in the near future. I do get asked that a lot. It's just not my main focus in life right now when it comes to computer stuff. I'm really hitting the JavaScript hard. I really hope to start maybe making some simple games with JavaScript, which would make it easy to port them to mobile devices, tablets and phones and such. As far as textures and Blenders, I do plan on doing more Blender tutorials in the future. The thing is right now, the big thing with Blender is Cycles, which I have not even touched yet. I'm still using the old Blender default renderer and that completely changes how textures work once you get into Cycles. Once I learn that, I'll do some tutorials on it. Then we got Cyber Rebel asked, how old were you when you got into computers and when did you start to program? Today I thought this for like a year now. I'd like to do a Metal X 1000 Origins, just like comic books, you have Wolverine Origins where it tells the story of how they got to where they are. I kind of want to do a video on that with me with my computer stuff. It's just going to take some time. I think I have a lot of good stories. As far as when did I get into computers? When I was a kid, I was born in 81. As far back as I can remember, I had a computer in my room. I originally lived in New York and back in the early 80s to mid-80s, I had an IBM computer in my room. It was the family computer, but for some reason it got put in my room, which made me very happy. Old DOS-based machine, I couldn't tell you anything really about it other than it had two large five-inch floppy disk drives, which was so cool that it had two drives, even though we never really used them. When you turn on that machine, even though it was a DOS-based machine, it didn't go to the DOS prompt. It had some sort of menu installed where you can scroll up and down with the arrow keys, no mouse, and get to stuff. We had a basic word processor. We had this early version of Print Master, I think it was called, where you can make cards and print them up and fold the paper. I loved it. I thought it was awesome. I would just be creative with that. The word processor was a very basic once again DOS, basically like text editor, but it did have some formatting things. I would do school projects on it. I did figure out a way that you could draw lines in it, and I would make maps of my neighborhood inside the Word documents, inside the Print Master program. You could draw pictures by drawing with big old pixels. You would just draw with blocks. I actually used to get sheets of transparency paper, trace pictures out of comic books, tape it to the screen, and then trace over them using it. I'm going like this, but there was no mouse. I would go arrow, arrow, arrow space or whatever to add a block, and I would draw pictures like that, and then I would modify them a little bit. If anybody remembers the animator, it was made by the people who made Etch-a-Sketch, and it was a little thing, and it was electronic, like electronic Etch-a-Sketch, and you could have, I think, like, 12 images and then play an animation. I had one of those as a kid, and I would kind of do that with Print Master. I would draw all these pictures, put them all in a folder, and then use the arrow keys to scroll through them and make it look like it was animated. So, I mean, these are my first experiences with computers. My uncle was the first person I knew who had Windows 3.1. I used to go over there and play with paintbrush, and I used to make little animations in paintbrush. If you're curious how I did that, I'll do a video on that. Just ask below. Once again, I hope to do some sort of, maybe, origins video when I have the time. Those are my first experiences with computers, and actually, even though it was a DOS machine, it was probably okay just to shut the machine off when you're done.  When you hit Exit, it would bring you to the DOS prompt, and then he would have me type Exit, and then it would exit out of DOS, and then it was safe to turn down the machine. Well, out of curiosity, I was like, well, if I type Exit in Exits, obviously, I could probably type other stuff there. Otherwise, why would ask me to type Exit if that's the only thing I could type? So, I used to go into the DOS prompt, having no clue what I was doing, and I would type random things, thinking, hey, maybe I'll get something.  I was probably seven or eight at the time, and so I was just, I mean, my vocabulary probably wasn't huge, so I would type different things. And I think the first word I typed that got something other than Command Not Found was the word copy. I typed in copy, hit Enter, and I don't remember exactly the message. Obviously, you've got to give it parameters, and I wasn't doing that. But I was just like, whoa, it didn't say Command Not Found. So, I tried typing all these copy, all these different things, and I never really got anywhere. I think the next word I got was probably help, which probably brought some sort of help screen that I didn't understand at that time. But I was just amazed that I was finding these words that were saying different things on the screen, even though I had no clue what I was doing. So, if you could maybe say that was my first experiment with programming. Probably wasn't until years, years later. Probably middle school or even high school. Once again around, if you watch my previous tutorial, once I started playing Doom and was able to start manipulating the game, I was doing a lot more in the DOS command prompt because a lot of the editors were DOS-based editors. And I think I started getting the batch files. And eventually I got into Visual Basic, and I love Visual Basic. And I used Visual Basic probably for like eight, nine years. All through high school, and most of my 20s until I was probably about 24, 25, which is when I started using Linux. And then I moved away from Visual Basic. And the thing about Visual Basic was I could do a lot of stuff. I figured out how to open up sockets and send messages to it so that I could make a program that I can install on someone's computer and then I could send my own commands to eject the CD-ROM drive. I mean, I was doing some pretty neat stuff, but in reality, I had no clue what I was doing. I just knew I typed this, this happened, I could do this and this happened. But I didn't understand why or exactly how it worked. I didn't even know how variables work. I would actually make text fields and type stuff in them and then get the text instead of actually using variables. I would go look at the text in this text field and then I would hide the text field, which is funny because I've seen other programmers recently do that. And I just find it so funny because I used to do that and it's such a horrible thing to do. It's just like so sloppy. So it wasn't until I really got into Linux where I actually started learning how to really program because I actually started understanding how things work. So even though I had been doing programming for 10 years, I really had no clue what I was doing up until recent years. So that is a little bit on how I started in computers. Someone asked more Python and Bash videos, please. I'll eventually do more Python videos. It'll be a while. I always do Bash videos because I know people are, most of my viewers, that's probably their main interest. So I try to put out at least one Bash video a week. I would like to hear more about HTML5, which we probably will get into here just because I'm doing a lot of videos on JavaScript and I'm doing a lot of work with JavaScript and CSS and HTML5. So we'll definitely get a little bit into HTML. I think within other tutorials, I may not do tutorials specifically on HTML5, at least not a whole series, but you'll definitely see that in my videos coming up. Next question is, they say, Thanks for your hard work. You're welcome. They've been following my videos for a while. They like the Python videos. They were wondering where I get the time. It seems that I don't have a lot of fires to fight. Once again, if you watch previous videos, I am a firefighter. And firefighting is a great job for being able to do these videos because at least where I work, it's different from department to department. We work 24-hour shifts, which breaks down to 56 hours a week. Really, we work anywhere from 48 to 96 hours a week, which seems like a lot, but we do them all in 24-hour blocks. So I work 24 hours and then I have 48 hours off. So even though I'm working a lot of hours, I have a lot of daytime off. And really what I do is it's like, I'll sit down and I'll spend two hours and I'll make five, six videos for the next, you know, two, three weeks. And then I won't make any more videos for like, you know, two or three weeks. And then I'll sit down and make five or six videos again. I'm actually, rightly, I've been making a lot of videos. You don't know this, that I've been posting videos almost every day. But these videos here are pretty easy to record and there's not really any editing to do. So that's where I get the time. So it's like, my wife also works a little bit, but like, I'll come home. I'll watch our daughter for a bit. I'll put her, she takes two naps during the day for two hours each so I can put her down. And that gives me time to record these videos. So my videos, I try to keep my videos short. I try to keep them under 15 minutes. I can keep them under five minutes even better. So like once again, I can sit down and record five of them in an hour, hour and a half and, you know, do a quick editing job and upload them. That's it for these questions. I thank you for watching once again. Visit FilmsByChris.com, that's Chris the K. There should be a link in the description of this video. I hope that you comment below, ask questions, and I hope that you have a great day.


Hello, I'm David Pondo from Benin. I'm currently based in Japan working as a business developer. I'm the founder of the Africa Samurai Consulting, based in Benin, providing IT skills to young people in Africa to contribute to job creation. I'm also the president of the Africa Diaspora Network, Japan, which is the platform of the African community in Japan, including the African descendant. It is the United Africa in Japan, which is connecting all Africa-related activity here. With our team and wonderful advisor, we have been working hard to create awareness about Africa. And mainly, we are working now in three main projects. One, it is the Discover Africa concept, which is featuring every month each African country to the Japanese audience. The second one is Discover Africa Food. We are doing that in collaboration with Kitchen Sawa Sawa, based in Igasu Osaka. And so far, we bring together African and Japanese to enjoy African food, at the same time, they take this opportunity to learn each other's culture. And the last thing we've been doing is the AD&J Award, which is providing distinction to people playing an important role between Africa and Japan, mainly Africa-Japan socioeconomic development time. So lastly, we are working on Africa Business Forum, which is happening sometime this year around October. And we are very happy to collaborate with anyone interested in what we are doing here. Individual or organization, anyone who would like to work with us, we are happy to welcome them. Thank you so much. Arigatou gozaimashita.


Thank you Adele. Thank you. My idea was to give you some takeaways so anyone care for a banana? Can you reach back there? Thank you. I'm Harold. I'm approximately 50 years old now. I'd rather said that early so I'm not surprised that it happens.  I will not tell you in detail what happened but I try to explain what I would love to have known before it happened. Then maybe it would not have happened. Next one. Actually I took over my father's company together with my brother. The company was running 23 years so I'm not a startup and actually I'm not by choice an entrepreneur.  With six years old you're being brought to building sites and shown how to measure windows and what doors look like and what the physics on the building is and all that. So in the end you're made an entrepreneur and I'm not saying that's a bad thing but it has part of a problem is there. We ran it for 10 years after that. Actually after seven years it already not looked very good and we carried on for three more years and then not every ending of a company is your own choice. Some of them are made from others and therefore we had to deal with that. Okay. Never do business with family. I would stretch that a little bit with your best friend, with your lifelong partner. If you're not willing to go in conflict with your business partner, don't do it. Business is not friendship. Business is making money. Business is overcoming obstacles. Business is finding your way through the tides, through storm, forever and it can be very well working. I'm not saying it's not possible. For me it wasn't. I was always kind of in the midst between shall I say something or shall I not say something. He's my brother and then comes the shame and blame. You cannot part with your family.  So you should be prepared if something goes wrong that you can take it. I couldn't take it. I couldn't go for family events the last next five, four, five years. I couldn't go for any weddings in my relatives' area and even I had to move in place. I had to move away from the neighborhood. We were a family-owned business then for almost 30 years or more than 30 years and the neighbors were looking. You're very strongly in your business community, in your local community. You're doing things people are looking at and to some extent on a marketing side it always looks good, always, even if it's bad and therefore people are quite surprised and kind of before they leave you alone, you better leave them alone. The second takeaway is that your business can never be a mature enough to sustain everything. It can go wrong anytime. So if you're a start-up, you will never reach the point where you never fail. You will ever have to go on. If you start a business and you want to make it a success, either you sell it off quickly or you stick with it and you are improving and you're working on the business success all your life and that's the key for success. If you let loose, it's gone. Third one, you are the entrepreneur. Whoever is working for you, they are not the entrepreneurs. They are not running the business. They are not sharing your principles. They are not sharing your goals. How good your HR is, they will never be you. They're not inside your head. They cannot think like you. If you're a very good leader, you can bring them very close and you can have your flock around you and they're in the same direction and you have a lot of time invested and everyone knows where the journey goes. But eventually they have different goals. They want to go somewhere else.   So you are the entrepreneurs. It's your decision. You have to make things happening. And at one point that's my personal opinion. It shall not be yours. It might not be yours.  Third one, fourth one, over a few is priceless. Invest in it. Take the money and do the potentially to have the outside look. You're yourself. You know what you're doing. You had a good idea and you have evolved and maybe even evolved personally during the journey and maybe you've been better than you've been 10 years ago. But the business outside is changing all the time. So you should take yourself out of business and that would be the timeout point. You should go off site. You should go concentrated without any other disturbances and you should do it very regularly. You have to go through your business plan. Is it still the valid one? You have to go through your success. Is it really a success? You have to go through your failure. What can you learn from it?  You cannot just, I don't have a time for it. It's like I don't have a time to sharpen my axe. I have to go in the forest to make some wood. That's the wrong approach. And again, make use of externals. Make use of an external third party few. Pay them money to tell them what's going wrong. You don't need anyone to tell them what's going good. Your bank will tell you. Your money will come in or not. But you need to have that advice from the outside. Why are you doing this? Couldn't you do it different? And how could you even make 10% more, 5% more? Where can you improve? So invest the money to have someone tell you what you're doing wrong. Again, back to the first point, your family will not. Or you're not very good terms with your family. So for us, we thought we know it all. And the banks were nice to us. And everyone was nice to us. Even our text consultant was nice to us. No one told us what's really going on. And no one really asked those questions. We actually, my term on that is, and it happens in a lot of industries like mobile phones and all that. If you cannot convince your customer or your audience, you have to irritate them. Don't make them understand what you're doing. They will love you. And that is the point where we are going for actually my last takeaway, the second last. My highlight of the year was then a letter came in inviting me for the winter training of a car manufacturer in Germany. The first thing I was waiting for that letter to come in, before any business letter, I opened it up and signed the document to apply for the trainings. So I was a bit mad with cars and driving on icy lakes in Finland. So that's what kept me going in a sense. And I should have realized earlier that if that's what you're making the business, that's what you're driving, that's what you're longing for, it's the wrong one. It's a really wrong one. There is only one more important thing. It's the family. Not because you're working with family, but you're providing for family. But the rest should be business. If you're not prepared to that, I'm not sure if you will be successful. My personal opinion. And last point there from Winston Churchill, if you're going through hell, keep on going. It's no matter to give up on the way. For us, it was a very hard time. To be told that there will be no credit anymore, the credit limits are being canceled, to actually have, the strange thing is the German translation for the word entrepreneur is Unternehmer. If you translate it back to German, it's Undertaker. And it's to be in the midst of it, and to be in a family situation, it's not a nice thing to experience. And that's one part of why I'm here tonight. It's the cheapest way to get 100 people listening to you, like psychiatrists. There's no couch here, but at least it's cheap for me. I don't have to spend that money. There's always light at the end of a tunnel. So will I do it again? No. I'm very hesitant to take on risk anymore. That is something which is, I would not be able to, you missed my entrance sentence, did you?  And without that, and actually I met her at that period when the business game went down, my family life went up. So in that sense, and I'm really working on to get those takeaways into the business. And maybe you asked me for consulting. I can tell you a lot of it, how business cannot succeed. In the retrospect, I can also tell you how it could succeed. And I would like to earn enough money to go back to Finland to drive my car on the icy lakes. Thank you very much. Okay. Any questions? Yeah. I think I get quite that your family business, if not went down and it's been kind of advised us that you can start business with your family members. Was it something about your experience or your business with family business that cost you downfall? Because I think if you wish to do business with family business, what would you do? My brother and me are very different. Not only physical, but also mentally. He's the doer I'm a thinker. I'm not saying he's not thinking, but he and I'm not saying I'm not doing, but he's rather let's do it and I'm rather thinking let's sit down and do some idea on what could go wrong and whatever. But I'm not thinking we have stopped talking to each other. I think we have not even started talking to each other from a beginning on. He was already 10 years in the company. I was outside the company being the whatever high flyer consulting with Ernst and Young and whatever and came back into the company. So we spread the tasks. I was more the financial management HR guy and my brother was more the practical guy on the shop floor. But that doesn't help your family. You have to talk. You have to find a common decision. If you just let some other your brother do it, then you have to live what he's doing and that might not be in the same direction that you are going. And suddenly two things are happening at the same time opening up the spread. You're not on one common path anymore. And the longer that happens, the more you divert. And the more you divert, the less powerful your whole organization becomes. And that ended up there are a lot of reasonings for myself. I've tried to go through them over the years why it really happened. But that is one major point that I didn't have a sparring partner. I had a brother. But if you're good with your brother and you can shout at him loud and five minutes later you're you're back in the car together to drive someone. It's fine. But if you don't do that, if you're afraid of your father still, then it's already a problem.  Business is war in some sense and it's not nice. Second question. He was 10 years in the company is only three years older than me. So and if we would have had that discussion, I would be fine. We never had. He let go, I let go. One of the main reasons coming to that point from far. Third and last. Okay, wait a second. MRT stops at one o'clock. Oh yeah, thank you very much for that line. I'm not an SAP guy and I'm not advertising SAP. I'm advertising in-memory database technology. And if you've never heard about SAP HANA, get the internet. Check it out. Whenever you have to do something with big data, data analytics, ERP systems, you want to start up a data analytic company.  It is a game changer for the ERP world. It's like the iPhone for telephone world. It's HANA is the game changing. It's the core of a change. Everyone else will do it, but it is really a game changing thing. It's in memory. You're running reports in big businesses. A factor thousand faster. And that factor is so big, even hundred times faster would be. That factor is so big that it is changing not only that report, it's changing the whole process around it. The way how you do this business. So we can talk later. Kevin. Is the real takeaway brows are good? Sorry, what? Is the real takeaway brows are good? To some extent, yes. I would rather fight for an idea than just let it go in deliverance. Thank you.


We are moving forward in corporate governance and we are talking about the different issues and how those issues tend to adversely affect corporate governance or tend to catalyze corporate governance. And today we are going to talk about an organization which is well known to everyone, especially in the area of corporate governance because it was one of the major debacles of corporate governance, which led to a financial loss of 56 billion US dollars. It created reverberations across the financial markets, globally it tended to create undulations and indulations across the industries and it made the stock exchange, the major stock exchanges of the world fall because of the repercussions of that particular debacle. Ladies and gentlemen, today we are going to talk about special purpose vehicle and complex accounting procedures. And based upon all of this, sometimes a mist is created. Sometimes what we see is that through these different layers of structures and these complex accounting mechanisms, organizations tend to shed away the regulations and tend to override upon the factors of corporate governance and therefore can have negative implications all over. The creation of SPVs is an easy route to kill organizations as evidenced in the collapse of the Enron corporation, just like I was mentioning, Enron tried to solve the finance dilemma by allegedly looking for outside investors to help finance its investment. So what Enron basically does is that created layer upon layer, created those independent layers through special purpose vehicles, financial special purpose vehicles and they were independent of each other and therefore the individual losses in each vehicle was not comprehended at a holistic scale or at a central scale. But when it all got together, the pieces of the puzzle put together, then actually there was no puzzle. There was only a vacuum, there was only a void and there were these massive losses which were actually overshadowed by bad governance practices of Enron and therefore the Enron example is an example, the very antithesis of corporate governance. These joint investments were typically structured as separate entities just like I was mentioning. The entities could borrow from the credit markets possibly with guarantees but independent of each other and therefore what we see is that there were these cross guarantees taking place and when it was assessed in totality there was no structure. We also see to a lower extent there was this organization called Reliance over here in Pakistan and there too they had done something similar to a lesser scale but that was also in hundreds of millions of rupees and it also badly dented the different banks and financial institutions with the Pakistan. So yeah, to a lesser extent we saw it in Reliance to a greater extent, yes and Rohan is a benchmark of bad governance and again of SPV structuring, SPVs in many aspects of his business also tend to entail synthetically transactions and sale to SPVs of debt or equity interest owned by Enron. So again what we see is that these SPVs can create a lot of confusion, can create a lot of mist, can create a lot of diversion, can also create a lot of suppositioned equity and at the end of the day when things tend to straighten out then there is nothing left for the organization and all of the different stakeholders tend to suffer. Sales to merchants hedging SPVs of the Enron stock or of contracts enabling them to receive the Enron stock and transfer to SPVs of assets often at above market value. So again what we see is that those assets were overvalued especially properties and other shares so through this whole process of having an SPV of over marketing, of window dressing, of multiple mortgaging and all of these things put together actually rather than hedging losses tended to hedge a debacle leading to bankruptcy of the Enron cooperation. Information asymmetrics and asymmetries and conflicts of interest between contracting parties are considered important reasons for the commitment to increase transparency. So what we see in the Enron debacle is again that these asymmetries and in these incongruous incencies and all of these different segmentization of shadow units and shadow corporations and over a mortgaging and over evaluating between different contracting parties has actually given the global corporate governance model and mechanism a lot of impetus and therefore the focus is to increase transparency and to ensure that SPVs are not created which could lead to great confusion. And now in the future what we are going to see is that we are going to have this cryptocurrency also debacle which we have seen in the Bitcoin and Ethereum losing the majority of a value collapsing from about $70,000 and going up to about $15,000. So what we see is that this huge flux which took place actually wrote off trillions of dollars. So these type of things are still there and we can only through corporate governance ensure that these things do not tend to undermine global markets or undermine national markets or undermine the global economy or even institutional economies. The information environment plays a central role both in determining the extent of these conflicts and in designing the mechanisms to mitigate them. So transparency coupled with information and coupled with dissemination, coupled with proper reporting procedures that tends to mitigate all of this but then again there is always a possibility just like I was mentioning that right now we are seeing that basically now in the cryptocurrency where there is no regulation and many organizations have basically bought into this product but yet again there is no substance in it and there is no regulation by the state financial institutions or state banks and therefore there is this great possibility that there could be a cryptocurrency debacle in the future. Hopefully not because trillions of dollars would vanquish and would create a huge glut in the economics of institutions and also the global setup. So that is something that we have to basically tend to ascertain and also tend to mitigate. Accounting is a fundamental part of contracting mechanisms since it provides information for designing and evaluating contracts and that is why complex accounting procedures and mechanisms and frameworks are always in place to ensure that things are done in clarity and there is no ambiguity or confusion that is extremely important. Higher quality financial reporting is essential to decrease the severity of information asymmetry between managers and market participants. So just like what we saw in Enron we don't want to have a repeat of that or what is happening in the cryptocurrency scenario right now therefore higher quality financial reporting would ensure that companies do not suffer due to these asymmetric information syndromes which are present at a global and national level. The important role of financial accounting information is related to the limitations of relevant information for monitoring managerial behavior. So again there are limitations but through proper designing, through proper strategies, through proper financial management and through proper financial information systems we can tend to monitor managerial behavior and also monitor the future of an organization without compromising on its stable frameworks and without compromising on its productivity and its performance and that is extremely important and the role of auditors they tend to basically insist on compliance based on norm set by accounting standards laid down by regulators and international financial reporting standards. So these are all over there and that is why in corporate governance these international financial reporting standards have to be met and we also have an independent session on these international financial reporting standards. So therefore through proper dissemination, through proper reporting, through avoiding SPVs, through ensuring that lesser risk is taken, through ensuring that there is transparency to having the right levels of mechanisms to regulate the different financial implications and the financial investments to ensure that everything is grounded in meritocracy and also in the fact that nothing is being overvalued or being multiplied towards multiple mortgages or things like that that would ensure that there is corporate governance and therefore through complex accounting procedures we can tend to overcome the incongruencies and the various aspects of non-compliance in organizations at a national and global level. Thank you so much.


He's going to go into the witness protection program. He's got a six nine on his forehead. I'm gonna get caught.  Takashi six nine is in a lot of trouble between Going to prison and reducing his sentence by ratting people out and going into witness protection And in this video, we're going to be talking about how when being cool goes terribly wrong What is up everybody, this is chris from the rewired soul where we talk about the problem But focus on the solution and if you're new to my channel my channel is all about mental health And what I like to do is pull different topics from the youtube community or pop culture in general To try to teach you how to improve your mental and emotional well-being So if you're into that stuff, make sure you subscribe and ring that notification bell So yeah, the topic today is not just takashi six nine But it's about our need to be accepted by other people and what we'll do and how that can you know Hurt us and takashi six nine is a prime example right now Especially because he was such a large influence to the younger generation How about the ten kashi plus nine was is now he's not going to go to jail That's amazing because he's a Snitch And he's going to go into witness protecting protection. He's going to go into the witness protection program Hey, gonna get shot immediately He's got a six nine on his forehead. Um, he's got the saw guy On the tricycle on his cheek So those of you who are like me and you didn't know who takashi six nine was let me break it down for you As best as I can So anyways, he he was a rapper who like ruse rose to fame pretty pretty quickly I don't know if he started out on soundcloud or what but he got pretty popular All right, and he's done collaborations with people like nicky manage and some other people And like he's he's from I believe new york and like he's been gang affiliated and all these other things Anyways, there were some charges like brought up against him about possible, you know, um sexual misconduct with like a minor and everything like that But recently as of a few months ago He was charged with things like racketeering and all these other things, right And he was facing a lot of jail time Well, most recently it came out that He is ratting out people to reduce his sentence and they're gonna send him into witness protection program But anyways, I don't know if you guys watch uh, chris dealia, but His talks about takashi six nine on his podcast are absolutely hilarious between the way he purposely mispronounces his name To his impressions of him ten kashi place nine was kabalashi sam fine Sibachi fanbine takashi six nuns takushi six nine senkashi six nine takansi kriplanshi Kriplatchi sam fine Kriplanshin 75 why are you so mad? Kromplut she takes nine Tinkamchi six nabins. Oh, yeah, it's takashi saps nine But anyways witness protection is not gonna go for very well for takashi six nine But as I've gotten older and I look back at like my days of like my addiction and even high school and things Like that like I can I can relate to takashi six nine I think all of us can just maybe not to that extent right like what are we willing to do to look cool or fit in like If I look back to like my childhood I think it was like middle school when my friends like pressured me into like smoking a cigarette And I did it because I want to be cool with them Um back in high school when I tried pat for the first time I did it because I wanted to look cool But I also remember just walking around like trying to act cool And this is a problem that a lot of men face too like trying not to show your feelings or emotions because you want to look Like the tough guy right and so much of what we do is Based on how we want others to perceive us right and depending on which crowd we want to go in And this is an issue that a lot of people struggle with when they lack of sense of self Like I I talk about how I used to be like a social chameleon And I know a lot of people have struggled with this where we change depending on who we're with right So like for example, I I played sports in high school So when I was with the jocks, I could be a jock But anyways, I was also like a computer nerd so I can hang out with the computer geeks I was also a gamer so I can hang out with the kids who love video games You know, I was into like, you know, certain types of music So I can hang out with like the emo kids or you know The golf kids or whatever it was and I was constantly changing and losing my sense of self And for the most part me losing my sense of self and trying to be cool and trying to fit in Like all I did was cause me more pain and harm Like that's one of the things that like was really detrimental to my mental health And then like what happens is when we're not accepted by other people It makes us feel even worse, right? And like we have to ask ourselves like what are we willing to do? Like how far are we willing to go just to be accepted by other people? What's wrong, man? Nobody's gonna learn too. There's gonna be another rapper That just does the same It's kind of it's I guess it's sad at what point is it not sad anymore? And then it's just like you're doing it to yourself a lot of guys have had f***ed up lives And you still you make it dude and you're on the straight and narrow, but this guy dude So I actually see this or saw this come up a lot at you know the rehab I was working out for you know a few years like and I would do groups with people and In every single group like rehab Rehab is kind of like high school. All right So you have like kids who are paying attention and you know really studying and taking notes And you have like the the class clowns and you have the cool kids you have the disruptive ones and all that You know and I I can definitely relate to obviously working in a rehab center because I'm a recovering addict But like sometimes I had to give them some real talk Especially on days when I would get phone calls and somebody passed away from an overdose or whatever But you would have the cool kids in treatment, right the ones who are just acting cool the entire time Just like way too cool for this treatment thing and when it comes to you know Addiction like this is a life or death situation and I would constantly remind them that like something I would always tell them is like I was like you need to quit Focusing on how cool you look to a bunch of other people in rehab Because just to let you know when you get out of here We don't have a yearbook and write down like coolest person in rehab That's not how this thing works. It is life or death But I saw this happen many many many times with people in rehab as well Where they would like act super cool the whole time or they would joke around and mess around not pay attention to anything Or they'd be like flirting with the girls or the girls would be flirting with the guys Or you know, whatever it was and they would completely neglect everything happening in treatment And not only would you uh see a high rate of relapse after they left But you would see them doing things in the name of being cool while they're in there Like sneaking in drugs, right?  I have to learn from these people too I'm like how much am I willing to sacrifice just so some other people think I look cool, right? And we're seeing it with takashi 69 like this is something that you know You see a lot just in kind of like, you know street life and things like that Like you need to like a lot of people do it as a survival instinct Like you need to find a group to fit in with like whether it's you know So you feel safe or you so so you feel protected or whatever But that's what also makes it very difficult for people to detach from that Because they're afraid of what other people are going to think or how they're going to be perceived or whatever But with takashi 69 you see this like to an extreme Like I remember watching takashi 69.  What's this doing to other people? What's this doing to your family because something that he's dealing with right now Is going into witness protection. He has to worry about his family. He has to worry about his child Like I think his son's uh, or his child's mom. I don't know if he has a son or a daughter She came out and she talked about how like She she's scared now Based on what he's done.   You know what I mean? Because for me what I eventually had to do was Learn who I was Learn what you know these values these morals and who I wanted to be in life was and then the rest of it Didn't matter. You know what I mean? Like that's not to say, you know, like when I get you know, a new job or I meet new people or whatever Like I'm not going to try to befriend them and fit in with them and all those other things But I have to work on like, you know, not Not trying like overly trying because I can affect my mental health which then in turn affects my sobriety You know and I think this is something that naturally comes along with age You know what I mean? That's why we can see like older people like like older people like retired and stuff like that Like they just stopped caring. They just literally stopped caring about what anybody thinks about them and think Think about that freedom you have. You know what I mean? But anyways, we can have a conversation down in the comments below like let me know if if you trying to fit in Has affected your mental health. All right. Anyways, that's all I got for this video I'm in uh, Florida right now for playlist live. So if you're not following me on social media Make sure you're following me on instagram and twitter at the rewired soul I'm gonna be hanging out with a bunch of people doing a bunch of cool stuff So make sure you're following me on the social media. All right Anyways, if you liked this video, please give it a thumbs up If you are new make sure you subscribe and ring that notification bell and a huge huge Thank you to everybody supporting the channel on our patreon You are all amazing and if you would like to become a patron and get some exclusive content like extra videos Free books to be part of the q&a Click the tap right there. All right. Thanks so much for watching. I'll see you next time


The world of health care can be chaotic with all those prescriptions, diagnosis, treatments, expenses, and well, everything, but fear not, for some speculate that AI will help us navigate through the cluttered world of medicine. But is this true, and if so, are there any drawbacks to using AI in the medical field? Artificial intelligence enhances nearly every field it touches, with medicine being no exception. For those of you who haven't watched our previous video on AI and are a little close to what I'm talking about, AI is basically the ability of computers and machines to use features generally associated with intelligence in humans, such as learning, problem-solving, and reasoning to process data. In the context of medicine, this means AI can be used to help doctors recognize and diagnose diseases much faster and provide much more effective treatments for said diseases. For example, at Stanford University, a project which, as of the making of this video, is currently underway to develop an algorithm which can go through large volumes of medical data and predict which patients are likely to suffer from a fatal premature heart attack, thus allowing doctors to detect the problems earlier and increase the overall effectiveness of treatments. However, the idea of AI enhancing medicine is nothing new. A Stanford article published in 1996, which you can find below, talks about how neural networks could predict the likelihood of death from AIDS from a dataset of HIV patients much more accurately than other methods used at the time. So, based on what we've seen, it seems the ability of AI to detect and diagnose medical problems that are at times not visible to human senses at a rate much faster than what physicians can do is what excites many about its application in healthcare. But I think in order to truly understand the power of AI within healthcare, it's time we took a little bit more technical side of things and analyzed the application of neural networks in the context of healthcare. Alright, so we already know that neural networks can be used for diagnosis, but what other things can they be used for in the medical field? Well, neural network applications stem through a wide array of things such as biochemical analysis when it comes to things like tracking blood glucose or trying to calculate blood ion levels, or image analysis for things such as tumor detection or classification of tissues and vessels to determine how much an organ has matured, and much more. Additionally, neural networks are used in drug development to treat diseases like cancer and HIV, as well as modeling biomolecules. Now, you're probably asking what type of neural networks are used in healthcare because there are many types of neural networks that exist. Well, let's take a look at what seems to be the most, if not one of the most popular ones used in medicine. Cahinen neural networks. Cahinen networks are a type of neural network that we call self-organizing neural networks. Self-organizing neural networks take in data with multiple attributes and then create a two-dimensional visual representation of the data. Cahinen networks can be used to analyze medical data by clustering the data based on different factors such as the patient's blood type or medical history. For instance, a Cahinen neural network was used to cluster and analyze medical data from patients that did and didn't have COPD, based on factors like whether the patient had emergency room visits earlier, multiple medical problems, etc. The end result was that the analysis established a high correlation between being diagnosed with COPD and having respiratory symptoms coupled with other medical problems. The analysis also suggested that patients currently living with respiratory disease or a similar condition should be evaluated much more thoroughly for COPD. Aside from diagnosis, we can't talk about healthcare without bringing up the topic of cost. Now, there's a lot we can talk about with AI and healthcare costs, which seems like a good topic for another video. But long story short, things may be looking good with AI and the cost of healthcare. Economic experts claim that AI will help lower the cost of healthcare as its ability to detect problems earlier than humans, diagnose those problems more efficiently and accurately most of the time, and speed up the development of potentially life-saving drugs will save us loads of time and money. It seems like AI in the medical field could potentially be very beneficial for us. However, we might not want to get overhead of ourselves just yet, as critics of AI in the medical field do bring up some objections. For starters, critics fear that medical data used to train the AI models and create the algorithms may have some bias in it, which could result in skewed results when the AI model is used for real-world diagnosis. Furthermore, collecting medical data along with introducing a quote-on-quote third party as some say into the relationship between the physician and the patient could potentially destroy the patient's expectation of confidentiality and responsibility, which is kind of a big deal in healthcare. So ultimately, it boils down to two options, providing what may be cheaper and better healthcare, but at the potential cost of trust, confidentiality, and responsibility between the patient and physician, or we stick with our current healthcare system, but continue to maintain a good relationship between patients and their doctors. Let me know in the comments below which option you prefer and why. And if you enjoyed today's video, be sure to leave a like and subscribe, and hit that notification bell so you never miss an opportunity to learn. And as always, don't forget to stay tuned for more science videos. Thank you.


You know typically if you are the leader of a political party and under your watch your party loses an election or loses ground I mean if you actually cared about that party the right thing to do would be to resign Allow someone more capable of leading the party to victory to take over because it didn't happen under your watch This is exactly what Jeremy Corbyn did after labor lost in 2019 Now that may be a parliamentary system and I may think that Jeremy Corbyn overall is a good leader and his own party was trying to sabotage him But still you know the principle stands that if you lead your party to a defeat You have to resign you have to do something better But we didn't see that from Democrats after the house lost ground house Democrats lost ground We immediately heard that Nancy Pelosi is already trying to be the speaker of the house again Under your watch under your leadership Democrats lost ground. So what are you thinking you want to be the speaker again after your party lost ground? That's astonishing. So I mean really after 2016 when Democrats lost to Donald Trump That should have been the moment where we saw mass resignations from the party, but we didn't get that People who worked with Hillary Clinton still were employed by the party Robbie MOOC her campaign manager Hillary's campaign manager went on to manage house Democrats Super PAC after he ran a losing campaign. So part of the reason why Democrats aren't doing any better since 2016 at least with regard to these electoral races in the house and Senate is Because there hasn't been a change in leadership There hasn't been a change in the consultants Who are giving them the same bad advice that they gave them in 2016 like that that hasn't changed? Why haven't we seen mass resignations? Why haven't we seen people get fired now? Again, like you can say that Democrats didn't do too poorly Because maybe they'll still take back the Senate Joe Biden at least won the presidency But again, this isn't a mandate for Joe Biden This was a referendum on an incumbent president who botched the pandemic handling pandemic response The subsequent economic crash. This was about Donald Trump not about Joe Biden So if Democrats actually want to win if we see people in leadership that led the Democratic Party astray If they don't resign then nothing's gonna change now Thankfully one member of Democratic Party's leadership is actually resigning Sherry Bustos the head of the D triple C who I think was a disaster is Actually stepping down She will not be seeking to lead the D triple C again because under her watch the party lost ground So a Scott Wong and Mike Lillis of the Hill reports Illinois representative Sherry Bustos will not run for a second term Leading House Democrats campaign arm following a disappointing election where her party saw at least seven vulnerable incumbents go down to defeat in a statement Monday Bustos confirmed that she would not run for chairman of the Democratic Congressional Campaign Committee for the 2022 cycle saying that the party would be in good hands next year with the House majority and Joe Biden in the White House Bustos announcement came following a disastrous cycle for Democrats heading into the last week's elections party leaders had predicted They would pick up seats in the lower chamber patting their majority in anticipation of a tough cycle in 2022 when the party of the incumbent president Historically suffers big losses in Congress Explaining their bullishness. They cited a sharp fundraising advantage over the Republicans a liberal base energized by President Trump at the top of the ticket and Polls showing Democrats running competitive races even deep into Trump country Instead Democrats saw at least seven of their incumbents picked off by GOP challengers and of the 38 Republican-held districts They targeted most aggressively the so-called red-to-blue districts They've picked up only one seat left vacant by retiring Representative Rob woodall as of Monday afternoon Not a single Republican running for reelection had been defeated although almost two dozen races remain outstanding with expectations so high Democrats began the finger pointing almost immediately and Bustos became an early target now I dislike share Bustos because she has been a disaster she has chosen as Head of the DCCC to blacklist any vendors that work with a campaign that's primarying a corporate Democrat like That's insanity. That is insane.  Lose so that way the party has a better shot at winning So it's been a disaster, but she is doing the right thing here Resigning is the right thing to do if under your leadership the party lost ground. This is exactly what Nancy Pelosi should be doing She should not be seeking another term as Speaker of the House Chuck Schumer should not be seeking another term as Senate minority leader or Majority leader if Democrats somehow retake the Senate, but here's the thing I don't necessarily know that I'm gonna give Sherry Bustos credit yet because it could be the case that this isn't necessarily some Principal deploy that she's making because she is reportedly in consideration to be appointed to some cabinet position By Joe Biden, so maybe this is just her stepping down and she's saying well I'm doing it because you know we lost and I'm being responsible This could just be that okay. I'm getting a better job but Still resigning after your party lost ground under your leadership is the right thing to do I mean if roles were reversed if Barbara Lee were Speaker of the House and If Democrats lost ground, don't you think that there would be mass calls? Not just from the party itself, but mainstream media aligned with Democrats to get her to resign not be speaker again Of course, that'd be the case so this is what you expect and The problem is that with the Democratic Party, there's been no real accountability since 2016 and That's an issue. That's why they're still underperforming as a party and if we ever want a shot at stopping Republicans and their disgusting agenda The Democratic Party has to wake the fuck up because what they're doing isn't working and the conclusions that they are drawing from this election are ass-backwards Santrists who did not support Medicare for all incumbent Democrats lost whereas individuals who supported Medicare for all won and the Santrists like Jim Clyburn and Abigail Spanberger are still blaming the left saying oh well this talk of socialism and Medicare for all is what made us lose If that were the case the individuals who support Medicare for all and to fund the police and socialism would have lost So do you understand why your strategy doesn't make any sense by what you're saying is insane so we have to see some accountability from the Democratic Party and You know, I don't know if she's just jockeying for a position in Biden's administration But either way the fact that she is not going to be the head of the D triple C is good news But I'm not optimistic that there's gonna be someone who's actually competent or cares about the party Who'll be the chair because I'm sure the establishment is going to move heaven and earth to make sure someone as equally Incompetent will take her place. So yeah, it's just a never-ending battle Against an incompetent out-of-touch Democratic Party who just They maybe are more comfortable just being an opposition party forever because it's easier to just be an opposition party and complain about how bad Republicans are Easier to fundraise that way easier to not have to prove that you represent the people because a lot of them don't and they Don't want to prove that


So we're here with Magellan systems. Hello, so who are you? Fine. Thank you Yes, hello everybody. I'm a novuhiro Kishimoto CEO and also founder of the company So what are you showing here? The drone? What can you do? Actually, we are not a drone maker, but we supply GPS to this application. GPS solution? Yes, exactly. So how does it work? Yes, okay This would be helpful Especially our GPS has very accurate in positioning. So accuracy is less than 1 centimeter 1 centimeter. 1 centimeter. 1 centimeter GPS. Yes. How does it work? What is the CPU here? It's a Lattice Lattice. It's an FPGA. FPGA from Lattice? Yes. And what is the other one? The other one is a DSP And the processor is ARM9. ARM9? Yes. CPU? Yes. And also the other advantage of our Our company is the IMU. The IMU stands for Inertial Measurement Unit. Which one? The bigger board? The board, yes. And there are three sensors above the L1, GD6 module. Yeah? Yes. Three sensors are this Gyro and also the motion sensor. Gyro motion? Yes.  Then so that super precision. Yes. So that we may output the high accurate position and also the pitch and roll and yaw. And also timing. So why is it important for the agriculture? Why is it only for agriculture? It can be for everything, no? No. Only agriculture? Yes. But not only agriculture. Everything? Yes. This is one of applications. However, for example, the agriculture needs a very, very accurate positioning. Because, for example, the distance of each plant is 30 centimeter. So in order to avoid to press over, the such accuracy is needed. Nice. And it says here next generation high? Yes. High precision, multi-frequency, multi-GNSS? Yes. That's new. All this stuff. This is the news program in this morning in Japan, just in this morning. And anyway, the QZSS is a Japanese express system. And currently, only one satellite in the orbit. However, it will be in full service within this year. In Japan? In Japan. And then that's a competitor to GPS? No. It's like GPS or the data? Using GPS and also this working together. To have more accuracy? Exactly. And one of the advantage of using QZSS signal would be the accuracy. Nice. Yes. So that would be very important for self-driving car, no? Exactly. You can put this in a car? Yes. Now we are talking with tier 1 company as for self-driving. And those are the V2X. So this is precision down to centimeter? Yes, exactly. One centimeter? One centimeter. Less than one centimeter? Yes. We say sub-centimeter. Sub-centimeter? Yes. Precision? Yes. Is that the most accurate in the world? Yes. Nobody can do more accurate? No. There are some solutions. However, using QZSS, this is a Japanese S-Bus satellite. How about the QZSS system for Europe or USA? At this moment, the Japanese government is discussing with the European Union of Galileo Society. Do you have some other systems with Magellan or what's it called? The other one in Europe. They want to do a different one. Yes, Galileo. Galileo? Yes. And you are Magellan? Yes. So yes, the whole spectrum? Yes, exactly. And Galileo has E6 spectrum and QZSS has L6. All right. So same frequency. So now the Japanese government try to share the same similar. But do you do a chipset? You make chipsets? Yes. At this moment, we are in this phase. Now we are turning this chip company regarding to RF into the chip. Then year 2018, we will have commercial. Yes, complete set of chipsets. So this is... So complete SOC? Exactly. With ARM? Yes. With DSP? And RF also? RF solution. Yes. So cool. Looking forward to more precise future. Yes. It's very, very interesting, no? Thank you so much. See, at this moment, this is 10cm x 9cm. However, we are planning to share into 1cm square. All right. So that the cores can be reduced and also the power consumption will be reduced drastically. And the satellite all four is coming next year? Yes. This year or next year? Next year. Next year. All the satellite will be there? Maybe. And also not only QZSS but also the system will support GPS, Gronus, Galileo, Beto, and S-Bus. So most of our consideration in multi-frequency.