This is Conrad Nagel inviting you to stay tuned for the next half hour for one of radio's outstanding dramatic productions on proudly we hail Proudly we hail and Now another proudly we hail one of radio's outstanding dramatic half hour is transcribed coast-to-coast in cooperation with this station and presented by your army and your Air Force From Radio City, New York here is your host and star on proudly we hail the distinguished star of the theater screen radio and television Conrad Nagel Hello everyone welcome again to proudly we hail a story of seafaring man a Conrad yes Can our plays a strange tale of the sea entitled the wanderer? I believe it'll make for excellent listening our first act will begin in just a moment after this short But very important message Air Force enlistments have been restricted for a long time, but they're open again now The Air Force needs specialists in radar radio weather aircraft maintenance and numerous other technical fields Yes, the Air Force can train you for one of its many technical jobs Go to the nearest United States Army and United States Air Force recruiting station have a talk with the recruiting sergeant Find out for yourself the advantages you can gain by enlisting in the Air Force today And now with your star Conrad Nagel in the role of Cole McDonald your army and your Air Force presents the proudly we hail production of the wanderer From out of the sea and from out of the men who follow it have come tales both strange and unexplainable Tales that bear a timelessness like the inevitable and constant surf that forever beats against a million miles of shore This is such a tale One you will be left to fathom the deeps of yourself. My name is Cole McDonald The sea is my mistress like all who follow her. She's my blood I follow her from ocean to ocean port to port the things that happen to a man in the following are the things that make him or break him It was on a night just such as this in a port that bore the same sounds and smells the same swirling fog The dim lights and the wetness and I'm making my way back to the ship after a glass or two that I first met the wanderer I'd beg your pardon, sir Hmm. Yeah, who is it? What do you want?  Who are you? My name is is Carl Your ship. She is the sparrow. Yeah, how'd you know that? I overheard you talking to the man in the bar All right, so she's the sparrow. What about it? I Would like to sell on her. I am first-class wife. I have papers here. Sorry, Manny. We got a full crew Where's your own ship? She left without me, sir. I was sick. Yeah, you mean drunk, huh? Well, maybe a little bit You know how it goes sometimes. Yeah, that's tough. Even though we could use you. I'm only the first mate captain does the hiring Oh, I see The captain of your ship Who is he captain Anders? Does he wear a beard a short man's square with small eyes pale blue a Scar running from point the job.  That's him. All right. No, sir. He's not my brother. I Sailed with him once the name was familiar. Well, if you know him come along back to ship with me He's a board. Maybe you find a place for you. Thank you, sir. Good night, sir Hey, hey, hey, hey, yo He was gone into the fog riddled night as suddenly as he'd come out of it a big man taller than my own six feet In the darkness, I've not been able to see his face clearly, but I felt the strength of him in the sound of his voice There was his voice that of an ordinary wiper But then the sea plays no favorites the way a man talks is of no consequence to her And I pull the collar of my P-jacket up around my throat my bow way back to ship Yes, sir Wasn't hard to tell or smell that the captain had been hard at it when he was like that a man had to steer close to the wind Keep his temper batten down Capmander's sober was a surly unfriendly, but efficient master He was a good sailor. You couldn't take that from him drunk He was loud argumentative and sulting and generally nasty There was something down deep locked within eating at the man every now and again I'd catch a glimpse of the torture in his eyes, and it was no pretty thing to see Ladies been taking to the bottle with a rather monotonous frequency They've been to my cabin mr. Maid They've been how I drink with your captain You know, that's easy Yeah, how were things the show tonight Michael we sure like all Like all nothing changes Only with you here so this down your hat We have our sailing order We're putting out from the morning. Hi. Good. Now. Well, sir my health My health my health my old mean Not so good, you know Cancer.  No cure on his earth.  Maid night? I don't follow you too. Well, sir, you know And you know, I don't believe I I think you follow me very well Yes move on McDonald's You don't show much No, you don't show much, but I can see you know this And you think You think McDonald's Did you get the wrong for the height muscle? You don't look wrong to me. No, I didn't get drunk, sir Well, what did you do then have you a pretty good as y'all afraid not sir. Well, then why go You did not You went to show you did not on the way back to the ship. I Met a man who said he'd sailed with you. No, you don't tell me a small world Mr.. Maid and who was this fine fellow? Why didn't you bring him that boy for a drink? I don't know who he was He said his name was Carl. I think he was Danish like you. He's well what? What's the matter, sir? You Get out We were three days out when I met the wanderer again I would have forgotten him completely had it not been with the scene I had with the captain that last night in port The captain made no further mention of it. He was sober Unfriendly and withdrawn and I I was curious At that mention of a man's name and his nationality why had the captain turned into a madman with terror filled eyes why Big pardon, sir. Yeah, what is it black sir? We got a stowaway on board parliament the after-home said he wanted to see you What where is he they're bringing him up now, sir Well, of all the devil is a no no sir said he wouldn't talk to no one but you once and take over come along Stowaway as if I didn't have enough to It was the same man who'd stopped me on the docks Now in the light on the heating deck of the ship He looked like a throwback to the Viking days Unconquerable was the word that found itself through my anger. You got anything to say? I had to come aboard sir What for what's so appealing about this tub? It's where you're bound, sir Copenhagen There was no other way well maybe you'll work your way to Copenhagen like you never worked before when we get there The authorities can decide what to do with you the captain's going to love this. Yes. Yes, sir You'll love it And we got a stowaway here sir Listen you may have sailed with him, but if I were you I wouldn't say anything out of turn I don't think it'll be necessary I'll have no stowaways about my ship will put him A long time a long long time Put him in on sir what charge This cubby isn't it not much of a prison I don't mind mr. McDonald you weren't kidding when you said you knew the captain No, no, I wasn't kidding the guy. I don't like holding you like this. What would you care to tell me what it's all about? For a long time now. I have been a wanderer on the face of the earth. I have gone from port to port ship to ship always seeking always looking For one man in the haystack of the world It's been a long pill image, but now it's over. I have found He said you were a murderer. What about it? He knows the truth of that statement Why should I bother to deny it? Well, can you prove it?  What of the captain he hasn't come out of his cabin since you met he's drunk dead drunk There's no place left to hide and no place in his brain where he can go to forget you feel sorry for him No, I am driven by something strong revenge He did something to you a promise a promise that will not let me rest Once you're on the bridge, I've I've got to go we'll talk more later Maybe you'll tell me what it's all about. Thank you for your concern. Mr. McDonald We didn't talk more later as you'd expect When I got up to the bridge, I found the second was worried about the captain for the sake of the well-being at the ship I couldn't blame him. I don't like it Mac. It's getting the men on the edge. Yeah, you've got any suggestions Well, let's go in and quiet him down if you happen to be captain of the ship You want to risk a court of inquiry because he's got a belly full He's had his belly full for the past two days. Well, that's his right As long as he doesn't interfere with the running of the ship He can stay in there and drink till he turns into a rum cake for all I care if he comes out here and starts giving orders We'll have to take action otherwise I say let him bathe He can only drink so much that he'll pass out. Yeah, I don't get it The crew says he took one look at the stowaway and turned green They thought he's gonna have a fit block says he's never seen a man shrivel up with fear like that. Who is the bird anyway? I don't know Evidently, they used to know each other Take the bridge break out those hoses You want to be blown to kingdom come all hands for all hands for They go starring in the role of Cole McDonald in the proudly we hail production the wanderer will return in just a moment for the second act I have a message for the young men of America and list in the United States Air Force by doing this right now when the Air Force is expanding you have the opportunity to really get ahead The Air Force needs specialists in radar radio weather aircraft maintenance and numerous other technical fields Yes, the Air Force can train you for one of its many technical jobs Go to the nearest army and Air Force recruiting station have a talk with a recruiting sergeant and find out for yourself The advantages you can gain by enlisting in the Air Force now You are listening to proudly we hail and now with your star Conrad Nagel in the role of Cole McDonald We present the second act of the wanderer Any fire on board ship is bad Blaze on a fully loaded tankers pure hell pumps flaming terror into the heart It takes your log guts to stand on the heated deck of a monster Squirt ineffectual streams of chemicals into an inferno some men have that kind of courage others don't Mac some of the port watch are making for the boat get them back on those boats get on the hoses You've got a gun use it if you have to it's no good Mac. We got to get off She's gonna blow sure his face. Have you seen the captain? No, I think he's still in his cabin All right get back to your men keep them out of the boats. I'll get the command to abandon this ship No one leaves before that. Yeah. Yeah, what is it block? Can't hold it sir She started to move back if she reaches the cargo part hold. Yes, sir. No good All right start flooding the main hole the main to make me get at it look wait. Where's the store? I don't know sir. He I guess he's still below tell the second. He's in command till I get back I went down down into the ship and the smoke thick and oily came along choking choking me I stumbled on through its suffocating falls until I reached the cramped quarters where he'd been held Hey, hey, it's all right, man I'll have you out in a second hold on It was then I noticed the bulkhead door was swinging open I wasted precious seconds Wearing and fuming in the knowledge that I'd left the deck to come down and free a man who'd already been set free I made my way after the smoke was not so thick and climb back up onto the deck Well, I could see at a glance that we'd lost the uneven fight. We wanted to live. We had to get off the sparrow and fast Prepare to abandon ship leave the hoses Get to your boat station all hands Abandoned ship Happen where you've been where's the store? I haven't seen him. He must be no. No. He's not I just came from there How about the captain? He's still up there. Come on. We got to get to him Abandoned ship get your boats in the water. What are you waiting for? Come on captain open up or we'll break it down Come on snap out of it. He's got the screaming memies stand back That won't be necessary. Mr. McDonald you what the devil goes on here put down that gun Mr. McDonald and you sir, I think you'd better get off in a hurry.  I'm going to keep the captain He's mad. I'm coming in. I'm sorry, sir I've been hit before any number of times, but nothing in this world ever hit me quite so hard as his fist I was out before I hit the deck and went sprawling down the companion way Well, I came to and one of the boats the last boat to leave the ship I sat up groggily and as we pulled strongly away from the burning sparrow I saw great towers of flames shot up through the black mushrooming clouds of smoke She was a fire from deck to waterline, but my eyes were glued to the door of the captain's cabin just after the bridge I don't know what I expected to see but suddenly the door was flung open And I saw anders leap through the entrance and start for the rail But before he could reach it the wanderer came from behind and grabbed him fast for an instant or for an eternity They stood locked together the flames licking upward about them two figures struggling on the brink of danties inferno a cloud of black smoke blotted them out and Then the sparrow blew Well, you might have thought that was the end of it But that's what I thought when we were picked up two days later As for captain anders a court of inquiry handed down the verdict of death by a person unknown for reasons unknown The newspapers of course made a big play of it. It was a story to stimulate the imagination None of the crew admitted setting the stowaway free when the ship caught fire So an added touch of mystery was thrown in I was willing to leave it at that but Something within me was not Often I'd find myself going back back over the conversations I'd had with both men On the long night watch with the wind wailing its dirge through the superstructure and the ship healing over the forces of the sea I'd hear again the calm voice of the man. I called the wanderer. I'd hear captain anders shouting wildly I'd see the terror any small haunted eyes What was there about the whole thing that would not let me rest? What was there about the wanderer not like other men? It was over a year later that I found the answer in a Dublin bar quite by accident Well, hey, I'm glad I ran into you. Hey, it's been a long long time between beers Oh, you make me cry when I think of those days the great convoys the run to mormons one torpedo and And now look look at everything better to look in your beer. Yeah. Yeah, better to let the sieve in though the parts from the head You know, I hear about you. I hear about when your ship go poof. She went poof. All right Yeah, just like in the old days your captain. He go down with the ship. Yeah, yeah something like that Did you read about him too? I was more interested in cold McDonald's.  You tell me Well, you You get as four more beers and I'll tell you yeah, that is good And so I told my old shipmate Willie Lin for is the whole story When I was through I was dry and I'd drain my fear before I noticed his reaction He was staring at me It was a look on his face a look of disbelief and behind that fear And the dim smoky line I noticed his knuckles were white over his clenched fists Yeah Yeah, I know it's quite a yarn, but it's true all of it you You don't understand It can't be true. I tell you You've got a snook for Willie I Just got through telling you what happened. You don't think I made it up. No, no you couldn't do that Mac Mac I knew those two men both of them your description There could be no two others just like that. Could there could there Mac? I Don't know Willie, but what about them? Who are they? I've been wondering for a long time Hey They came from my village This captain Anders with the scar His his real name was Alborg the other The other was Carl Sander. Oh, and I guess they didn't like each other very much. No, you mustn't interrupt. I must tell you this back Back when Denmark was first and paid Carl stuck at an underground group You ran arms in from England. It was very dangerous Carl had a wife Karen.  He did it to show us we could not trust our own people If we could have gotten to Alborg we would have torn him to bits with our hands The Germans kept him from us Before they took him away Carl Carl you mean you mean he was there too. Yes They made him watch while they shot his family over the love Carl stood between two guards His clothes were torn He had been beaten badly But he stood like a man As long as I live I'll never forget his voice And the way he looked with his wife and children lying in the snow in front of him Well, he kept his word didn't they and who can blame him yeah But how did he keep it? How could he keep it? Oh, what do you mean? Do you think the Germans let him go?  I know But I helped to bury him I Was there I Know I Didn't dream it Now tell me we are both mad Hmm Willie, you know what I think what I Think we better have a drink From out of the sea and from out of the men who follow it have come tales both strange and unexplainable Tales that bear a timelessness like the inevitable and constant surf that forever beats against a million miles of shore Star Conrad Nagel will return with a word about next week show in just a moment You Air Force veterans listening to our show when you hear the sound of planes in the air or a flight of Air Force planes Winging through the sky doesn't it make you a little bit homesick Well if it does here's some good news for you for you veterans with experience and special training are needed now You can enlist with your old grade or better Skip basic training and be assigned initially to a nearby Air Force base and this deal holds good for veterans of other branches of the Service to if they've had the kind of special training the Air Force needs if you've had training and experience in Such fields as radio radar maintenance weather armament Photography and many others you can build a fine future in our fast-growing Air Force But why not get all the facts just stop at your nearest United States Army and United States Air Force Recruiting station and find out where you are needed in the world's greatest Air Force and list now It's been another program on proudly we hail present a transcribed in cooperation with this station by the United States Army and United States Air Force Recruiting Service proudly we hail stars Conrad Nagel the wanderer was written by DeWitt cop The music was composed and conducted by John Guarnieri This program was produced under the supervision of Charles and Rogers production and was directed by Charles Wilkes This is Kenneth Banghart speaking and here again is your host and star Conrad Nagel we hope you'll join us next week over the same station for proudly we hail Our play takes us to the southwestern United States for a tale of three desperate men and a desert chase entitled The Desert's Edge until then. Goodbye


Independence Rock can certainly teach us about history, but it can also certainly teach us about Wyoming Range Land Ecology. Consider that in addition to the ruts caused by thousands of wagons that traveled by here as immigrants made their way west, this area must have been very heavily grazed every summer for several decades by thousands of cattle the immigrants brought with them. Did that intensive livestock use significantly change this ecosystem? Historic photographs taken in the exact same spots a hundred years apart help us answer that question. What the photos from the 1870s and then the 1970s show is remarkable. Despite the intensive grazing associated with wagon trains and more than a hundred years of ranching in the Sweetwater Valley, very little ecological change is evident. The area is still dominated by sagebrush and grass just like it was a century ago. So why didn't all these wagon trains erode the area? Apparently it's because of the season of use. The grasses that grow around Independence Rock are nearly all cool season grasses. Their growth cycle is done by July, so heavy grazing after that caused them little damage. There really wasn't any range management around Independence Rock in the mid-19th century. Wyoming's range lands are very resilient, but climate and wagon train logistics also helped them here. I'm Tom Hild for the University of Wyoming Cooperative Extension Service, exploring the nature of Wyoming.


So at UC Irvine, we don't boast about our athletic prowess very often. That's partly because we don't have a football team. But what we do have is probably the best men's volleyball program in the country. Does everybody know that? I mean, sort of flies under the radar. We've won two national championships in the last five years on this campus, national NCAA championships where we beat every other team in the country. That pretty much means we're the best men's volleyball team, collegiate men's volleyball team in the world because let's face it, the U.S. dominates in this sport.  And then we're going to have our third national championship on this campus. At least that's what I'm hoping happens. So we can be very proud. We should talk more about these guys. Okay. So we, sadly, we're going to start talking about the Gibbs energy today. Now, this is really a Chapter 16 topic. And I'm not sure we'll come back to anything else in Chapter 15.  But I'm guessing we're probably done with Chapter 15. We did it in sort of two lectures. Okay. That material is important, but it's sort of abstract to us as chemists because where does the Carnot cycle fit in in chemistry? How does it affect our daily lives as chemists? I mean, I can't answer that question. It's a tenuous connection. But the Gibbs energy, for chemists that's what the thermodynamics, that's where the rubber meets the road in thermodynamics is the Gibbs energy. It's going to allow us to tell whether a chemical reaction happens or not, whether we're at equilibrium or not. All right. This is what thermodynamics is going to do for us as chemists. All right. So we've really been building up to this thing called the Gibbs energy. And today's lecture is extremely boring, but important. All right. We're going to have some of those. All right. Lots of symbols today. All right. But what we want to do is we want to figure out where this Gibbs energy comes from. All right. It was really never spelled out for me in the physical chemistry class I had back in 1981. All right. It was just, here's the Gibbs energy. Here's what it does. All right. Here's why it's important. But no one ever really derived it. But there is a nice derivation of the Gibbs energy. So that's what we're going to try and do today. Now we've only got 25 minutes. So we may not get, we're not going to get all the way through this lecture. And if we don't, we'll just continue it on Monday. So don't worry about that. But all of these guys, by the way, Clausius, not an Austrian. I saw that on a few forms. German. That's what that flag is right there. All right. Only one of these guys won the Nobel Prize. This sounds like a quiz question for next week. A, B, C, D. All right. Which one of these guys won the Nobel Prize? Anybody know? They all did enough to win it. But only one of them won it. So there's really a mystery here. Why did only one guy win the Nobel Prize, first of all? And which guy was it? No, Gibbs and Lewis are good guesses because those guys showed a one-to-darn thing. It was like the least famous guy on this slide. Nernst won the Nobel Prize in 1920. All right. Now, anybody know why? I mean, not why Nernst won, but why these other guys didn't win. I mean, objectively, they did more than Nernst and they didn't win it. The answer is, you know, the way the Nobel Prize works, you do something that's really important and then it takes a while. There's an induction period while the rest of the world tries to understand what you've done and then once they understand it, they have to appreciate what you've done and then once they appreciate it, they've got to get organized and give you the award. All right. And that process typically takes 20 years. All right. When did the Nobel Prizes start? Anybody know? How do you know that? Did you just memorize that? That's an amazing statistic to have on your fingertips. That's the answer. All right. He died in 1896 and he, in his will and final will and testament, he endowed the Nobel Prize and the first one was given 1901 and they don't give it to dead guys and most of these guys were dead. 1901 is here. All right. In principle, Boltzmann and Lewis could have won it but by the time everyone understood what they had done, they were dead. All right. Nernst hung on long enough to win the darn thing. What's that? Oh, yeah, this bar is not quite right. Yeah. Yeah, you're right. There's no good reason why he didn't win the Nobel Prize. It's one of those things where everybody who wins this award deserves it and then there's another 50 guys who should have won it who never did is sort of the way this works, I think. Okay. That's the reason is the award started here and then it takes a while and you know they only got their act together for a minute. You're right. Lewis should have won the darn thing. So this is Gibbs. He's our hero in this whole thing because he's the only American we're going to be talking about pretty much. C.N. Lewis was an American too, G.N. Lewis rather. But we're not going to, you know, we talk about him a lot when you talk about bonding. Lewis dot structures, that's the guy, right? But we mentioned him at the beginning of the class. Probably you might not remember this but he got his, he got the first Ph.D. in engineering in the whole country. The very first one that was given at Yale was in 1863, right before, or actually right during the Civil War, right?  All right. So Lewis was a theoretician. It's not the people in the lab mixing the chemicals together and plotting the data. It's the theoreticians who sit at their desks and with their pencils and figure stuff out. He was a theoretician like Einstein, Dirac, Schrodinger. All right, these guys never did an experiment outside of school, right? They just looked at other people's experiments and figured them out. So he had an appointment at Yale. He graduated from Yale. He got appointed there without salary. And this was common at that time. If you hadn't proven yourself as a scholar, it was not uncommon to get hired by a university. You teach, you do all this work, but they wouldn't pay you anything until you started to publish, which was hard to do in those days. Now, you write a paper, it's in your computer. In 10 minutes, you can submit it to a journal electronically. All right, boom, it's a link on your browser opens. There's a link to upload it to the website. It's gone, you're submitted. In those days, you know, everything had to be handwritten manuscripts in triplicate delivered by horseback to the journal office, which was somewhere on the East Coast. You know, I mean, this process could take years to publish a paper. All right, it's a lot different than it was now. So it wasn't until he got an offer from Hopkins in Baltimore that Yale, which is up in New Haven, Connecticut, said, okay, well, if Hopkins is going to offer you $3,000 a year, we'll give you $2,000, and that was enough for him to stay. And then right after that, he wrote his treaties on the equilibrium of heterogeneous substance. This basically spelled out everything that we think about as thermodynamics these days. He spelled it out in one. You know, these days, one of the standard strategies that we all have as academics is you take some body of data that you've got and you try to carve it up into the smallest publishable unit.  Right? Because that's how you get promoted in this business. He took everything that he had done and put it into one 300-page paper and published it. It's like the opposite of what we would do today. He's even got a Facebook page. If you write a 300-page paper, you too can have a Facebook page for your paper. So here's his grave. He's buried on the Yale campus because the Yale campus is one of the coolest cemeteries that you've ever seen on it. All right? It's right on the campus. It's called the Grove Street Cemetery. Here it is. All right? Here's Grove Street. This is the Yale campus in New Haven. New Haven is a dump. Except for Yale. All right? You've got this beautiful university in this town that is really not so beautiful anymore. Getting better, I guess. Okay? So you can, anybody who wants to could go and look at the cemetery and the reason you might want to do that is because Gibbs is buried there. Next to his dad, here's a map. It's got its, the cemetery has its own website. You can see the name of everybody who was buried in this cemetery and what they did. It's all people from like the 1800s. It's pretty cool. Noah Webster. Yes, that Webster. Number 16. All right? Here's the gate that you go into. It's really, really cool. Huge grave markers like that. So if you're ever in New Haven, Grove Street Cemetery. Okay. So what we've been doing is learning the underpinnings of thermodynamics. That's what statistical mechanics is, right? It's the underpinnings of thermodynamics. But as chemists, what we really care about is equilibrium. We haven't said the word yet. Until today, we haven't used the word equilibrium, I don't think, or maybe once or twice. Okay? So we need to get to this because we're ready to be done talking about this whole subject, aren't we? All right? So let's get to the meat of the issue. And then we can put it behind us. Now, oops, my ear, I'll slip. That's supposed to be up there. So what we're going to try and do today is derive the Gibbs function and there's going to be a whole bunch of symbols, but I really think it's worth understanding this. So here we go. The system is surrounding. So we talked about this already. There's open systems, closed systems and isolated systems. Everybody remember that? Isolated systems, no matter or energy can change. Closed systems, energy only, open both energy and matter. Most of what we've said so far pertains to isolated systems because they're easier to understand. They're a lot simpler. For isolated systems, we've already derived that the entropy increases, has to increase. For any non-reversible process, if the process is reversible, I'm going to put an equal sign underneath this, greater than or equal to zero. Remember that? Okay, so for an isolated system entropy, this increases during a spontaneous process. That's what that means. We'll actually derive this again today. If you're in either one of these two categories and we virtually always are, if we're actually doing an experiment, we're not in an isolated system. We're either in an open system or a closed system. We have to consider both the system and the surroundings in this non-inequality. In other words, it's the total entropy of the universe that's got to get bigger. The universe includes the system that you care about and everything else. Okay? So there's two terms in this total entropy. There's the system that you care about and everything outside of it because your system is in communication with the outside world either by exchanging matter or by exchanging energy. Okay? So if the system is an isolated entropy, there's something to think about. Yes. Now, this is the only thing that matters in terms of understanding where something is spontaneous or not. We're going to derive this Gibbs function, but the Gibbs function is going to be derived from this. It's all about entropy. All right? So if you remember nothing else about this lecture, you need to remember that spontaneity of a chemical process is about entropy and the Gibbs energy is just a way to parameterize in a convenient way the entropy for us. That's all we're doing with the Gibbs function. We're parameterizing the entropy in a convenient way. Okay? So if this is true, then I can move that guy over to the right-hand side and put a minus sign on him, right? So that has to be true. And we've already said we've got an expression for the entropy in terms of the heat that's transferred and the temperature, and so I can make a substitution for the surroundings minus dS here is going to be dQ. It's plus dQ because there's normally a minus sign that connects this minus dQ over T with dS, all right? So if that's minus dS, that's going to be plus dQ over T surroundings. Now, Q is a conserved quantity. In other words, if plus Q enters the system, minus Q is removed from the surroundings, right? If Q goes into the system, it had to come from the surroundings, right? So if it's a plus for the system, it's a minus for the surroundings, right? Okay. So what we've already beaten into the ground is that the dU, where you use the internal energy, that equals dW plus dQ, that means dQ is dU minus dW. And so I can just plug this in for dQ and this equation right here, right? dU minus dW. And I've got this equation right here. We haven't done anything fancy yet. Everything's very simple. And all I've done here is assume that the only work that's being done is pressure volume work. Okay, so I've got PDV here. Now, let's multiply both sides by T surroundings. When we do that, we're going to get T surroundings on that side. We're going to lose it from the right side and so here we go. All I did is multiply by D surroundings. So now it's on the left-hand side. It's gone from over here. All right, this doesn't look like our conservation of entropy equations anymore, does it? It's starting to morph, all right? But we're still talking exclusively about entropy here. We've just made substitutions from symbols. This equation is going to keep coming up. We're going to call it the pink equation. What we're going to do is we're going to find convenient expressions for dU, plug them into the pink equation and we're going to find the Gibbs equation. We're going to find the Gibbs energy rather. The Helmholtz energy. That's what we're going to do in the next 10 minutes. We're going to keep coming back to the pink equation. Now, at equilibrium, for an isolated system, blah, blah, blah, blah, for an isolated system dV equals dU equals zero. In other words, the internal energy of the system doesn't change and the volume doesn't change and so if I prevent the volume from changing and I prevent dU from changing, this term is zero and this term is zero. In other words, dS of the system is going to have to be greater than or equal to zero for an isolated system. If I just take the pink equation and I say if my system is isolated, this term is zero and this term is zero, if I divide by T surroundings, dS system has got to be greater than or equal to zero. We've derived that now for an isolated system from this pink equation which came from this entropy argument, the total entropy of the system and the surroundings has to be greater than or equal to zero for any chemical process if it's spontaneous. Okay. Now, I'm going to stop writing cis every time I'm talking about the system so if you see a big letter with no subscript, assume it means the system. If I'm talking about the surroundings, I'll keep using that, boom. Okay. Now, this is a general expression for any system moving towards a new equilibrium. That's what the non-equality means. It means that the system is in flux towards equilibrium. All right? And I'm going to explain in detail exactly why we, how we think about that. Okay. Add equilibrium, the external pressure and the system pressure and the external temperature and the system temperature are equal to one another. In other words, the temperature is the same outside and inside the system. The pressure is the same outside and inside the system. I mean it's intuitively obvious that this would have to be true if we're talking about equilibrium, right? Okay. So all this means is the pressure and the temperature, yes, okay. So at equilibrium, the pink equation becomes the yellow equation. Only thing that's different is the equal sign, right? So that's what the inequality means that we're evolving towards equilibrium. When we get there, we get an equal sign. All right? We'll come back to this equation. All right? This is the so-called master equation of thermodynamics, but the pink equation's actually more useful. We'll keep coming back to the pink equation. We won't continue to mention the yellow equation. Okay. So the pink equation again, it addresses many processes of interest. For example, the volume and entropy are held constant. If the volume and entropy are held constant, volume and entropy, if I hold that constant, then dv is zero. If I hold the entropy constant, then ds is zero and that means the du has to be less than zero. So what does that mean? It means that it's u that is minimized as we evolve from a non-equilibrium state to an equilibrium state. It's u that is minimized if and only if entropy and volume are held constant. Now do we normally hold entropy and volume constant when we do chemistry? I don't know how you would. I mean volume, yes, you can do it, but entropy, difficult. So it's not super useful for us as chemists to use the internal energy as a marker for whether or not equilibrium or not because the internal energy is only going to be a minimum when volume and entropy are held constant. We can't hold entropy constant very easily. So we make note of this and we move on. In other words, the spontaneous process occurring at constant volume and entropy will minimize the internal energy. This is true, but not terribly useful. Now, last week we talked about the enthalpy. Maybe that's more useful. The enthalpy is u plus pv, that's just a definition. So if I take the total derivative of h that's going to be du plus vdp plus pdv and I can just solve for u and plug it into the pink equation, all right? That's going to be our standard strategy for the next six minutes. Find du, plug it into the pink equation, rearrange these variables, got pu and what do we do? Plug it into the pink equation. And what the pink equation tells us, now what I do, I've got this whole thing now that I'm going to plug into there, there it is, okay? And the first thing that we notice is that these two terms will cancel if the pressures are equal. And let's just imagine that we're approaching the equilibrium state and they are equal, all right? They won't necessarily be equal until that's true, but when we're close to equilibrium, this term and this term will cancel. I hope you'll agree. And then if pressure and entropy are now held constant, all right? We held volume and entropy constant earlier, all right? Now we're going to hold pressure and entropy constant. That is not more useful to us, by the way. But if we do that, entropy, so that goes to zero, pressure, so that goes to zero, these guys canceled with one another so we're left with d, so the enthalpy is the variable that we're going to care about if we can control and maintain constant the entropy and the pressure. Now is that a useful thing for us to know as chemists? Well, it's a useful thing to know, but as a practical matter, we're not going to be constantly doing this. Enthalpy is not going to tell us when we're at equilibrium most of the time. We can't satisfy this requirement of maintaining the entropy constant, okay? Now, temperature actually is a variable that we frequently hold constant as chemists. So if we consider dt equal to zero and dv equal to zero, hey, those are requirements that we are sometimes going to be able to satisfy in the laboratory, all right? We can do an experiment at constant temperature and we can do an experiment at constant volume, all right? And in principle, that's actually going to be quasi useful for us to understand whether we're at equilibrium under those conditions. So the thermodynamic variable we're going to care about here is something called the Helmholtz energy and all we're going to do here is write a definition for it. Helmholtz energy is called A, A is equal to U minus Ts. That's just how it's defined, all right? That equation doesn't really mean anything to us. All right? It wasn't, we didn't derive it from any place. We just defined the Helmholtz energy. That's what it is. Then what we do is write the derivative of that equation, all right? D A is D U minus D Ts, which is minus T D S minus S D T. Solve for D U. And what are we going to do? Plug it into the pink equation is the right answer, all right? There's the pink equation again. We put this guy in for D U. And there it is, all right, right there, okay? And now what we're talking about, all right? So that's going to cancel that without thinking too hard. If we assume we're close to equilibrium and these two temperatures are going to be equal to one another, that's the system temperature, that's the surroundings, okay? And then if we further assume that D T is zero and D V is zero, that goes away and D V, that guy goes away, okay? And so D A, the Helmholtz energy ends up being the thing that we're going to care about, all right? If the Helmholtz energy is getting lower, that should be spontaneous. If the Helmholtz energy is getting higher, that should be non-spontaneous for any system that we care about, all right? So if we're able to maintain temperature and volume constant, A is going to be our go-to variable. Now, the way that you do that is by using one of these guys in case you're wondering, all right? This is a par bomb. It's universally called a par bomb even though there's like five companies that make these things but par makes the best ones. All it says is a stainless steel container into which there's a glass jacket that goes inside here and these are gas inlets and outlets and you see these two tubes right there? Those are pressure, those are over pressure valves, right? They're thin aluminum membranes and if the pressure of this thing goes above 3,000 ATM, those blow, all right?  You're heating something in here. This needle goes all the way up to here and when this thing is about to blow up those two valves prevent that from happening but when they go off by golly, it's spectacular, all right? But I think you'll agree this thing can maintain constant volume no matter what the pressure is doing as long as the pressure stays below 3,000 ATM, boom. That's how you do constant volume and constant temperature. All right, now most of the time we're not going to use this guy, all right? So we have to still talk about the Gibbs energy but we'll do that on Monday.


bao xiao de la Codiveua, Architecture come tang le vuetical jESUIE wada maya yeeee this is how we do it any time we go to Francophone country it just need to learn the language I hope you all understood what I said yeah but anyway only friends that I knew bifocat been here was jESUIE my lord but thank god now I can say Dused banish man all the friends banished man anyway it's time to say goodbye to Codiveua I had a great time I had a great experience in this beautiful country Like I said in my previous video, this is not the codivo I expected. I feel so ashamed, but thank God I accepted my mistake and now I did the right thing. And believe me or not, this place is going to be another home for me, which means that I will be coming here over and over again. You know why? Because I got a brother who is also investing in this beautiful country. Bonjour, bonjour to everyone. Welcome to the codivo. Finally, this guy met and visited codivo. That was a good thing. How was it? I love that. You love that? I love that. I don't know what to say, but codivo impressed me. Okay. And believe me or not, I'll be back. Anytime man, we're all waiting for you. And when I come back, it's not going to be one week. It's going to be what, two months? Man, even come for the full year man. Come for the full year, we're happy to have you around. You all need to check out Jon's YouTube channel. He's been amazing. He hosted me. I hope you guys saw the video that I did with him. And he's such an inspiring young gentleman. And I hope and believe that his story inspired you. If you have not seen that video, go check it out. And yeah, make sure you subscribe to his YouTube channel. Thank you guys. Thank you all the money. And it's time to say au revoir. Yeah, that's good. Au revoir to Jon, but not au revoir to me. Right now, we're going to another, is it a city? Yes, it is. A city called? Assini. What happens in Assini? Fun happens. Yes. Fun happens. Beautiful beaches. Yes. Sun, good night. Would you say it's the best place to be on Sunday? Yes. Why? You enjoy it. The sun, the temperatures. Man, that's French. I heard you say in French. I heard you speak in French. Laban, lasam is the ambience. Yeah, ambience. Oh, my lovely Assini. I always have difficulties finding words to describe how beautiful you are. Oh my goodness, I love Assini. And what makes this city more unique and beautiful that I believe that it's going to blow your mind away is the peninsula in between the ocean and the lagoon.  Why can't you also like this video to appreciate the beauty of Assini? Can we get 10,000 likes for Assini? And if you are new to the channel, please do me a favor, subscribe and be part of this awesome channel as I show you how beautiful Assini is and also take you to my new discovery, the Ganatown within Ivory Coast. What's up, bro? Happy, we come to Corby Park. Where are we now? So here we call it La Maison d'Akula. It's one of the places where you have to come in Assini. So you're going to see the vibe, it's very nice. And this place is just heaven. It's what? It's just heaven. Oh, wow. I love that. So Assini is the first city where the colonizers, when they came, they stayed here. They only like to stay around the coast areas so that they can perform their atrocities. And then live quickly. Yeah. So this is where people come, relax, have a good time and everything. So I was wondering why this place is called Assini and the one in Ghana is called Half Assini. Maybe the people from here are the half of the others. But anyway, someone explained that there's a particular plant which grows in full in Assini. But when you go to Ghana, that town, it grows in half. It's the name Half Assini. But anyway, if you have another explanation, let me know in the comment section. But I believe that they are just the same people that were divided by the border. Let me tell you all about the fun facts about Assini that you all don't know. Assini is a coastal town. And if you go to Ghana, we have Half Assini, which is also a coastal town. Half Assini is the home of Kwame Nkrumah. I mean, that's where Kwame Nkrumah was born. And that town called Half Assini in Ghana is also the home of Enzema. I mean, Enzema is a tribe. And when it comes to Assini of Africa, Assini is also the home of Enzema. Did you all know that? The water is great, the food is great. And the cultural parts, so you see them in this map. Like, they look like Ghanaians. They speak in Zema, so like, they speak in Zema in Ghana too.  This place looks like that in Zema. In Zema, yes. It's a Zim area. See if you see the same thing. The people are so warm and welcoming. And you should visit Assini. You guys need to visit Assini, man. There are so many things to visit here in Assini. I just met my brother from Ghana. You're from Takrati, right? Yes. Bakechi. I'm from Bakechi. I say, the people that are there, I did Ghanaians or Ivorians. We're from Ghana. We're from Ghana. Wow. Interesting.  Those guys are Ghanaians. So it's in Zema. But they are living on the Ivorian land. That's interesting. I heard that I had to take a boat to go visit my people. So you're saying that this is a Ghanaian community? A Ghana community, yes. Does it mean that everyone from here is from Ghana? That's because I didn't get to see you say you're from Ghana. Really? Yes, everyone from here is from Ghana. But have you been to Ghana before? Did you go to Ghana? No. No. Okay, now I'm coming to take you all to Ghana again. Yeah. So we just stopped by in a community where everyone who lives in here, apparently they are descendants of Ghana. At the end of the day, it means that everyone who lives here speaks the Ghana language. Which is quite interesting then. So I guess I found Ghana in Côte d'Ivoire. It's an Ivorian and it's his first time here. My first time here. Really? Yes. You see, I'm not sure if I'm going to be here again. I'm not sure if I'm going to be here again. What's your name? I'm from Ghana. You're from the village of Ghana? Yes. Oh, okay. I'm from the village. You're from the village? Yes. I'm not sure. I'm not sure. What's your name? I'm from the village of Ghana. I'm from the village of Maruthi. Wow. Before Corona, I wasn't sure about that. Where are you from? I'm from Burrigham. Burrigham. I'm from the village of Fanta. Do you know Fanta? No. You can speak Burrigham. Maybe Takari. Can you speak Burrigham? Yes. Wait. I speak Burrigham. Okay, but I need to talk with you. I want to speak Burrigham. Why do you speak Burrigham? I don't need it. I'm going to speak Burrigham.  Don't bother. I don't bother. I believe it. owana  Angela  Kore                                                                                他  is actually the same tribe as me skelet �bold ᶅ ὇ʆ � wonderful ɸ ʒee boxing ʃგʸ �*)Esampo. � Colonel. ḍᑔ� extension ᐠʂ ᵆᴀ ᴇ始 build. ᴇệᵛ-Ā ᵇʻᵗ, ᴀ tour building. ᴀ tour building. ᵗʀ ᵈʋ ᵉ order. ᴇ ᵃson dawn ᴕᵃᵉ ᴑᵗ ᵜᵉ ᴗ, ᶅальное then ᴇ ᵇ ᵛᵛ ᵎeyr. ᴇ ᵗᵗ ᵈᵉ ᵗᵗ ᵉ turn ᴺ ᵛ ᵀᵉ ᶀ l Rhod Is that a your friend? Octopus? You call him my friend! Ha ha ha! You finishah cooking, i did separate you already. Do you know when relatives unite? Not that i have met to tell them to preserve your Argentineio. Yes, I remember I have met to say that to my friends un registered. wu  č  ā Þți الذيHub ich ڡ ڡ observab ڡ ڡ ڡ ڡ ڡ ڡ ڡ ڡ ڡ ڡ ڡ ڡ ? Þo neighbour alsorak poison ڨяет� Billy ڡ Crafty ڡ Having made next crisis ø broth ڨ aè ڡ Saw ڡ Amme Annie ڡ mmm marktkick వితర్఩ిalla వినprofitsాత్యనా Article మాచాధ్చానprene到了 ఆదం� recipes  employer in Australia  day  day  day  day 2  day sea Nice to haverice Focuswha kese Reithab See that's all I know and then you have your supporters how was your rain If it rains  ligger                                                                                న౧టోభితిద్టె Nil nuclei… ధదాథెడ Team లూబతిదాన ఆఎతి Illinois మూఇటూస్యికిness నిన్మాన్, నినాకడ్, já yet న్ANA Not a LIX Just the same people Yes, it's the same people So it divided by the colonial border And at the end of the day we see ourselves crustal but Avoirian, I'm a Ghanaian I'm... drinks Oh my goodness Listen, I don't know what to tell you guys It's about time every African out there know that Africa is just a village Africa is just a village to the sten, never When you cross the border You meet your own people They don't even, how do I say this? Like, hi, nah, oh wow, it's a gana flag. And probably we are going now. I feel so much at home in Kodubawa more than any country that I've been to. Because one, I eat the exact same food that I eat in Ghana. I speak the same language that I speak in Ghana. The people have that hospitable vibes, just like Ganyans. I think you all need to share this video to tell the world that I have found a village in Ivory Coast that people living there are Ganyans. I sound so crazy, right? Who is a Ganyans, eh? I found a village in Ivory Coast. And you know, this guy is an Ashanti guy. You know, those days, we got the Ashantis or the Akans, whom I greeted here. Right across the river and they came here. But yeah, so that's why you guys have Akwaba. So you know the Bu, Bu, what's something, there's a tribe. No, no, no. Baule. So the Baule people of Ivory Coast came from Ghana. Exactly, that's what the story says. But the people living here are not Baule. These are like neighbors. Right here. These are not the Ashantis. These are like Ganyans. What am I saying? So Ivory Coast and Ghana used to be one place.  We didn't want to see them. You know people from them? They don't know me yet. We found them. We went, we went and they found us. We have to, we have to. We don't know. About time. About time, nobody knew. Ah, ah, ah. It's just, it's just a, it's just a, it's just a, I found you. It's just a, it's just a, it's just a, it's just a, it's just a. Don't know. It's just a, it's just a, it's just a, it's just a. ʻʻ ᵉʻ ᵉʞʻ ᵗʾᵗʾ ᵗʾ ᵗʾᵗʾ ᵗʾ ᵗʾ autom ʸʲ mʀʀʀᵉʾ mʀʀʀʀ ᵗʾʾ ᵗʾ ᵗʾ ᵗʾ ᵗʾ ʝʲ ʲ mʀʀʀ ᵗʾ ᵗʾ ʀʀʀʀʀ ᵗʾ ᵗʾ ᵗʀ ʒʟʀʀ ᵗʾ.  emphasizes  ред  roses Twitteranko  constructed a new products  알려 Sut categorized 你說        rotary      a smooth andin的話 ḍ ἐ ḜḍᴀḐift  independently සමී මියා ගිදු ආයමිය a වැමයරත් දයමිය යමියමාවනය ගතිදම්ත්තාක්ත්ත්ත්න්ත් ංබමල රික්යාක් මමල, නොත්තාක්ත ඃහුයාක් ගයාක්තාක්තුයම්ල කසලම � where we are walking right now, from here to Ghana if you walk along the coastline it's just 80km and you'll be in Ghana Hi Do you want to say hello? Are you at the Gana? You know that street? Come and say hello


On Monday, we found out that the U.S. pending home sales jumped, a record 44.3% in May. China is about to impose a tip-for-tap visa restriction on U.S. officials over Hong Kong and Canadian industrial production price index rose 1.2% in May. Welcome to the Tick-Mail Update. I'm Kana Daniela, founder of the Investiva Movement. Make sure to subscribe to the Tick-Mail YouTube channel and support us by liking and sharing this video with your foreign trading friends. On Tuesday, we'll be eyeing the U.K. GDP euro areas, core inflation rates for June, and the U.S. consumer confidence. Today, I'm looking at the GBP-USD pair, which just hit the upper band of the HMCO Cloud on a daily chart, which is acting as a support level after days of losses. The Kijoon line has crossed below the Tencon line as a bearish indication, and the next support is at 1.22, which is a 61% of Malaysia's trade small level. If, based on Tuesday's events, the pair is able to break below the HMCO Cloud, that would further strengthen our medium-term bearish outlook. Now, do you think the current support will hold the pair from further drops? Head over to the comment section and let me know. Of course, trading in the financial markets involves a risk of loss, and it should only trade the money that you can afford to lose. If you liked this video, give it a thumbs up and subscribe to the Zikmi YouTube channel. I'll get back to you with more updates tomorrow.


I think buying a watch because for most people, it's the most expensive thing they're going to buy. It's a really intimidating process. And so as soon as that first bonus hit in January, I went in and bought a watch. So you get pushed to the secondary market. And in the secondary market, it's kind of like, you have to know a guy, you have to know someone, or you're pushed to kind of these more generalist marketplaces or massive marketplaces and it's up to you to shop the sellers and figure out what's real and fake.


Okay, happy Friday. It is September the 24th. Hope you're doing well. Hope you've had a good week. Don't forget, before I begin, to check out the latest market maker podcast. I'll be recording that later this morning with the head of trading, Piers Curran. If you haven't listened to this before, it's basically where he and I get together. We have a very informal, relaxed conversation about all of the major things that have happened in markets this week. And we give our kind of breakdown, deconstruct these topics and also give a point of view about what might happen next. So don't forget to check it out. Dissearch for Amplify Me Market Maker on the usual podcast platforms, Apple, Spotify, Google, and so on. Otherwise, let's get straight to it. And I really wanted to explain using the, like I said, the S&P 500, T-notes and crude oil, a little bit of an explanation of where we're at at the moment in financial markets, particularly to bookend the week. Obviously, the main talking point has been ever-grammed throughout, and much of my update in this briefing will constitute talking about that in a little bit more detail. I'm just giving you up to speed because there's some important announcements that could be forthcoming in the session ahead. But let's get straight to it and talk about the S&P and it will also make sense about how we closed on a sector basis within that index yesterday as well, where we did finish in positive territory again, following one of the biggest rallies we've had in a number of weeks in the prior session. So first off is the S&P 500 and I've annotated this chart here to show you really two things. This was Friday going into Monday's session. So the ever-gram situation wasn't completely out of the blue. I think my colleague, Eddie and I were talking about this a while ago, but then it really caught kind of peak interest in markets and that contagion effect fear started to really impact and reverberate out over the weekend and then into the open subsequently on Monday morning and that was when we hit that low pretty much going into the closing Wall Street. We actually saw a very aggressive ramp into the final hour of trade there that marked the low. But if you actually look at where we peaked yesterday's session and where we're trading at the moment, we've had an entire full reversal of that move. So at least for the time being and I'll explain why in a bit more detail that contagion effect has dissipated quite sharply. Equity markets are back up ascending on the front foot. On the other side of things then as kind of the situation there stabilized a little bit and there's been lots of different reasons for why that has happened and we'll go over some of the reassuring comments that have come out of a lot of financial institutions to almost distance themselves from any direct exposure to ever-gram. But we've also seen obviously the PBOC being very active in the liquidity injections as well. But the other thing was the Fed and actually just before I go into the Fed if we go back to the S&P just for one second if actually you were to look at this chart of the week's price activity, you'd be forgiven to think, well actually where was the Fed in all of this? And actually the Fed, the Fed was this little momentary bout of volatility you can see here. So really the move and the Fed was very tame as far as an equity response. I wouldn't say it's necessarily being the cultivating factor to really accelerate this move but perhaps a variable in the mix and probably that's explainable by the fact that if you actually look at the sector breakdown from yesterday it really does explain that move because what we saw yesterday was stocks and yields both moving higher. Now that generally then was reflected with economic sensitive sectors. So you can see here the likes of energy which is the most bright green here on the right-hand side and financials the bright green on the bottom left-hand corner being the biggest beneficiaries of that move. Investors then, what that tells you on a sector basis, looking at the looming reduction then in Fed. Stimulus I with the hint towards tapering light to come in the next meeting in November shows confidence in the recovery from the pandemic and those particular sectors being then the most to benefit in that situation. Real estate as you'd imagine, still not the nervousness there has been some of the weaker spots that we've seen. So S&P now finished up 1.2, 1.5% and that's about 1% yesterday. Equity investors also taking heart from predictions as well that we've heard from central banks this week from the Fed, so the Bank of England yesterday that the Delta virus strain and pandemic related supply chain snarls will deal only a temporary transitory kind of set back to the economic reopening. At least that's what the central bankers are telling us. And again, that would play into the types of moves that we're seeing at the moment. So from a fixed income perspective, you're definitely not getting a flight to quality bid here. Quite the reverse you're getting as well following the Fed a bit more of a definitive move in US 10 year yields higher. And so T-notes have continued to decline post that Fed event. Now, unlike the equity move here in fixed income markets looking at the US 10 year, this is the post FMC move. So that meeting definitely the trigger there for the rates market, unlike the equity market, which was already on the bounce from two sessions prior when we hit that low late on Monday. And then talking about the kind of the economically sensitive sectors benefiting energy and financials yesterday, definitely in the crude market, any kind of momentary blip that we had on Monday, Tuesday about potential demand implications if we start to see a domestic crisis in China, obviously a large consumer of energy products that as well has continued to be reversed as we've gone through the week in step with the equity in general risk appetite return that we've seen. And on a daily chart you can see here now $74 handle really the next area of resistance in sight which would be around those late July, early August highs that we printed given the continued bounce that we've seen very aggressively from late August when we were training down to retest the mid-May low down just below the 62 handle. And we're now knocking on the door of 74. So it's been a really strong ongoing recovery here in crude oil. And I guess on a daily chart here you could say still got a little room on the upside to 74 before we see the next most area of resistance on the upside. So let me get up to speed then a couple of these Evergrand headlines. So European bankers have spent the last couple of days trying to reassure investors, clients and regulators essentially about the fallout from China Evergrand Group. And this has had in turn a great deal of alleviating some of the tensions that might have been brewing about the uncertainties of exposure to some of the fallout. It's kind of like when we had the ArchaCos situation although Evergrand is completely different the idea being there was well who actually had exposure to ArchaCos? You know, was it Credit Suisse? Was it Nomura? Who else? Whereas in this case they're all kind of putting their cards on the table saying not us kind of situation. So Credit Suisse which underwrote the most Evergrand bonds amongst international banks in the last 10 years issued statements this week showing its asset management units funds didn't hold much of the developer's debt. UBS risk is immaterial and limited to the execution of just collateral calls and margin loans according to their CEO whereas Deutsche Bank have said that we are not really directly affected by or at all by the events of the last week or so. This follows U.S firms we had at the beginning of the week we had Citigroup stating it has no direct lending exposure to Evergrand according to their spokeswoman and JP Morgan and Bank of America also said they had no such links according to people familiar with the matter. So again, a lot of that has played into this calming over the situation which kind of was escalating at the beginning of the week. However, there is one firm HSBC's asset management arm has been according to what I've been reading among large holders of Evergrand debt the bank has no material exposure on its balance sheet though there is some through client portfolios and I was reading a statement that one of their guys was saying about second, third order exposure in that respect. So perhaps HSBC one to watch if the things were to take a material worst turn at this juncture. The other thing then is about China in general China have obviously stepped in and just to kind of summarize what we've been talking about throughout the week they've injected a net 460 billion yuan equates to around 71 billion US dollars of short-term cash into the banking system in the past five working days that included 70 billion on Friday overnight amid concerns about the ongoing contagion the effect that that could have on inter-bank market liquidity in China. A good quote I heard in response to this or summarizing the situation was a quote that said inter-bank funding so inter-bank being again quite simply if you think of a central bank at the top you think of consumers, companies down at the bottom you have your inter-bank market which is your large financial institutions and what is the mechanics then of a functioning economic system is liquidity in the inter-bank market which keeps lending rates then low let's say in this current situation what we had in the financial crisis of course was a situation similar to Evergrande where those concerns on a very systemically important financial institution Lehman's goes down all the other banks panic about other banks exposure to subprime in that example and that meant that lending rates went exponentially higher to the point where you had a credit crunch and there was no liquidity in the system requiring authorities to then intervene to address that situation so that's what the inter-bank funding is so critical to the wheels greasing the wheels if you like of how financial markets operate and the inter-bank funding stability is key to ensure the financial plumbing of the market remains intact and I've heard bond traders use that terminology before that the kind of repo market is the plumbing if you like of how markets operate you know without the plumbing there is no functioning household to that extent i.e. the marketplace this is especially important when there's increased demand for cash given the interplay between quarter end and the Evergrande event and hence the reason why that liquidity injections the PBOC have done this week are so important for markets so the end conclusion of this and something to look out for is the fact that Evergrande has yet to make a statement on a dollar bond interest payment that was due Thursday so definitely need to be vigilant as we go through the hours ahead to see off the rest of this week obviously Asian markets coming to a close now but when full swing of UK, Europe and then the US will come in later I'm sure at some point will get an Evergrande update and that could be a decisive trigger to dictate market direction sentiment for the rest of the session so do be aware of that as far as Europe is concerned Europe have kind of been saying the same as much as the banks have been trying to just be quite clear about their levels of exposure like I mentioned Deutsche, Credit Suisse, UBS Christine Lagarde, the ECB president has also come out and said there's limited direct exposure to Evergrande's debt crisis also Lagarde did say the main drivers of the recent spike in Eurozone inflation she believes are temporary and will fade next year so that transitory view very much being echoed at the Bank of England yesterday even though they see inflation near term being excessive 4% they still see it falling back much in a similar vein to the FOMC's projections we had a Wednesday night where they see 2021 inflation a little bit higher bit more sticky but then reverting back down as to previous forecasts in 2022 and 2023 Okay, quick look then at the calendar for today it's pretty quiet overall you've got German IFO coming out at 9 a.m. this morning German IFO generally has been deteriorating of most elevated levels in fact last month the president of IFO said the mood in Germany has started to cloud over a little bit again and he was commenting specifically on the supply bottlenecks for intermediate products in manufacturing in combination with worries about rising infection numbers that we're putting a strain on the German market don't forget as well we've got the German federal election happening on Sunday this weekend so the number here expected to just see a minor decrease down to 98.9 is the median consensus from 99.4 continuing that downward trend that we've seen since the month of June so I don't think now necessarily comes a great deal of a surprise otherwise new home sales coming out of the U.S. at 3 o'clock no major 130s the main thing then is really the speaker slate it's super busy actually as a whole load of speakers coming out from the Federal Reserve later on today so let me just adjust my screen here so you can see just move it up so you've got Feds Williams so they're all kicking off into the afternoon if you're based in the UK and Europe Feds Williams who is a voter very closely aligned with your own power the Fed chair at 12 Mester non-voter Hawke at 145 you've got Clarida voter neutral at 3 Powell obviously important 3 and then non-voter Hawke George also speaking at 3 o'clock so yeah definitely be keen to keep an eye on these comments this isn't too unusual so how the blackout period works is that Fed officials cannot talk in the week in the run-up to an event or 24 hours post an interest rate announcement so normally it's quite strategic on the half of the central bank to litter the calendar then when they can then speak out of the blackout period on the back end of the event just in order to then clear the air if you like if there is any uncertainties or misinterpretations of what the Fed conveyed in their more formal event that we had mid-week but to be quite honest I don't think there really is too much more to clear up for the Fed so not expecting too much from these comments but nonetheless definitely worth being aware that the docket is stacked with Fed speakers this afternoon you also have got Bank of England leaning Dove 10 Ray Rose speaking at 2 p.m. as well this afternoon so that is it don't forget check out the podcast later the episode will be going live in the next couple of hours otherwise have a fantastic weekend I am actually away next week so going to speak to Piers the head of trading and I'll get him to cover the briefings as per normal for next week so I won't be as active on YouTube and Twitter and things like that but yeah take care till I see you again and yeah I'll catch you the week after thanks very much


Welcome to Spotlight. I'm Bruce Gulland. And I'm Alice Irizari. Spotlight uses a special English method of broadcasting. It is easier for people to understand, no matter where in the world they live. A man wakes from bed at eight in the morning. He dresses and makes his bed. He starts the stove to make breakfast. And he brews coffee. All the while, he is not thinking about any of these actions. He is thinking about what he is going to do later in the day. These actions are the man's habits. They are things he does every day, or at least very regularly. He performs them so often that he does not have to think about them. This frees up his mind to think about other things. Habits can be very powerful. They can help you learn new things. A good habit can keep you healthy. Or it could keep you organized. A good habit can help you become more successful in life. But starting a new habit can be difficult. Changing a bad habit can be even more difficult. There is good news, though. There are several well-established ways of making new habits. On today's spotlight, we will discuss them. We will talk about how they can help your life for the better. Today's spotlight is on the five steps to making a new habit. Everyone makes habits. You form habits when you repeat an action again and again. Do you remember learning to tie your shoes? At first it was probably difficult. You had to think about the motion. And you probably failed often. But soon the motion became easier. Your fingers moved automatically. All habits are like this. They are a way of learning how to act. Some habits, like learning how to tie your shoes, are active. These are habits we form with intention. We learn them because we want to learn them. But many habits people form are passive. These are actions we make in response to the environment. These help us adapt or change to fit in with things around us. Often these habits are harmless. But such habits may not be the best way to deal with the situation. Or these cause more problems rather than resolve the situation. Most people learning new habits are trying to change passive habits. Or they are trying to relearn habits they learned incorrectly. They hope that a new habit will make their lives better. These five steps will help you or anyone you know do just that. The first step to making a new habit is to set a goal.  Do you want to learn a new language? Understanding these goals will help you focus on what you need to change. And goals will allow you to understand how a new habit might help. Some people even recommend creating a detailed plan. This will allow you to track where you are in your goal. The next step to making a new habit is to start small. Most life changes can seem very large at first. These may even seem too big. Ashley Abrahamson is a blogger at OneMedical. She wrote about forming healthy habits. One of the biggest mistakes people make when trying to form a new habit is taking on too much. And they try to do it too quickly. They want to exercise more so they begin to train for a very long run immediately. Big changes like this to your routine can be overwhelming. These can be exhausting and difficult to continue. Most changes do not come quickly, all at once. Change comes with time in small steps. Long distance running may be impossible for someone who has never run. But that person could run a smaller race. Soon they may be ready to try a larger goal. The third step to making a new habit is to repeat it often. All new habits form through repetition. Sometimes you may need to repeat the habit once per day. Some you may only need to practice once a week. For others you may need to set a special time. The point is not to practice more. Instead it is to practice regularly. You do not have to meet your goals every time. But if you continue you will eventually form a habit. The next step to making a new habit is to make it fun. Or you could combine the habit with something you already enjoy. Exercise is a good example. Many people think exercise means lifting weights or running. Or they think that it must be unpleasant. But there are many other activities that can keep you healthy. Do you like long walks in the woods? Do you like dancing? These are exercise. They may not be the most efficient exercises. But if you enjoy them you are more likely to practice them often. Finally your new habit should be part of your routine. Most people do things in the same way every day. They go to the same places. They speak to the same people. A habit should fit with these repeated activities. A person learning a new language does not need to change their entire life. Instead they should find a time within their day to practice. Do you have extra time after work? What about before? Fitting habits in these spaces makes them easier to continue. You only need to change one aspect. You only need to change one aspect of your life to fit this new habit. Changing to make new habits is difficult. Sometimes it can feel impossible. But following these tips will give you a good start.  It can help you learn or grow as a person. A new habit may be the way to success in your life. Mahatma Gandhi was an Indian peace activist and spiritual leader. He often wrote about forming good habits. Carefully watch your thoughts for they become your words. Manage your words for they will become your behavior. Consider and judge your behaviors for they have become your habits. Recognize and watch your habits for they will become your values. Understand your values for they become your future. Do you have a habit you want to form? What is it? How will you make the habit happen? You can leave a comment on our website. Or email us at radio at radioenglish.net. You can also comment on Facebook at facebook.com. The writer of this program was Dan Christman. The producer was Michio Ozaki. The voices you heard were from the United Kingdom and the United States. All quotes were adapted for this program and voiced by Spotlight. You can listen to this program again and read it on the internet at www.radioenglish.net. This program is called The Five Steps to Making New Habits. You can also get our programs delivered directly to your Android or Apple device through our free official Spotlight English app. We hope you can join us again for the next Spotlight program. Goodbye.


Thank you. The train will be late. Well, thank you all very much. I'm delighted to meet with leaders who support our goal of getting the government out of businesses that should be owned and run by the private sector. This is a test to see if Congress is serious about meeting the challenge of Graham Rudman Hollings start scaling back the scope and size of government. If we're to bring down deficit spending, what a better place to start than by trimming away those costly activities like Conrail, which the government should never have been involved with in the first place. It's time to get serious about deficit spending, and it's time for responsible members in both parties to roll up their sleeves and get to work. We need the best ideas from American business to guide our efforts, and we need the full support of the business community to accomplish our objectives. I've often told a little example of the difference between government and certainly at the national level and some place at the community effort. And this was the little town that decided to raise their street traffic signs from five feet to seven feet. I thought it would be safer and more visible for the motorists. The federal government said, but we have a program to do that. We lower the pavement two feet. But I'm happy to be here today with Secretary Dole and Jack Albertine. Rich Fink and Dirt Van Dongen helped promote the sale of Conrail and get the federal government out of the railroad business. There's a little poem that could describe what Elizabeth Dole has to put up with in all of this. I cannot toot the whistle. I cannot ring the bell, but let the darn thing jump the tracks and see who catches heaven. But over 10 years ago, the federal government entered the freight railroad business when several rail carriers went bankrupt. In 1981, I directed Secretary of Transportation to draw up a plan to sell Conrail. It was clear then that the government didn't need to be in the railroad business, and the case today for returning Conrail to the private sector is even stronger. Fortunately, the business community has proved it's both capable and eager to assume this responsibility. Many companies bid for the chance to buy Conrail, and we had tough negotiations to get the best deal. Our goals in selling have been that Conrail must remain financially strong so that the railroad will not again become a public ward, service to shippers and communities must be preserved, and the government must get a good financial return. Well, nearly a year ago, our efforts paid off when Elizabeth, Secretary of Transportation, selected the Norfolk Southern Corporation to purchase Conrail from the government. Since then, Congress has been reviewing the rail process. Shippers, state and local officials, other railroad companies, rail labor leaders, and a host of other persons interested in Conrail's future have been given a full opportunity to comment on the proposed sale. And after all that attention, there's no serious question that Conrail should be returned to private ownership now. Under the agreement reached, Norfolk Southern has given its approval to public interest covenants designed to preserve quality service, protect the Conrail shippers, and to ensure the financial strength of Conrail. The buyer is committed to investing hundreds of millions of dollars each year to keep Conrail in top condition. And the sale brings to Conrail the financial resources of a strong parent. Conrail has had to shed tens of thousands of employees and thousands of miles of track in order to become even marginally profitable. So through the sale, Conrail's services will be integrated into a larger rail system. It'll bring new business to Conrail from the cheaper and faster north-south single line service that the combined railroads can offer. The new owner will diversify Conrail's traffic base and lower its operating costs. It'll stimulate competition, not inhibit it. Major markets and rail gateways will be opened to new competition. Shippers will benefit from these new alternatives, which translates directly into benefits for consumers. Norfolk Southern will pay the government over $1.2 billion in cash on the date of sale once the Congress approves the necessary legislation. More importantly, the sale of the railroad to a strong buyer means that the already overburdened American taxpayer will never again be called upon to foot the bill. When the private sector can deliver better service for less money than the public sector, as it can with Conrail, then the government must step aside. British Prime Minister Margaret Thatcher has successfully privatized more than a dozen major nationalized industries, including British Aerospace, Jaguar and British Telecom, generating over 7 billion pounds for the Treasury. In this country, state and local governments have taken the lead in contracting out such public services as garbage collection, street cleaning, and even prison services to the private sector. Not surprisingly, the result has been reduced costs and better service. I believe that the sale of Conrail is a good example of how our government can follow Britain's example and responsibly ask the private sector to do a better job. We found a strong company that promises to promote Conrail's financial strength and service. We have bargained for tough protections to make sure that the buyer lives up to his promise. Government ownership is no way to run a railroad. Your hard-earned tax dollars shouldn't be used to own or operate a business out of a federal office building. And I hope that you will join Secretary Dole and me in our fight to get the federal government out of the railroad business. Thank you all very much for being here. God bless you all.


When will the narcissist get their karma? When will they get their just desserts? The narcissist gave you a false impression to lure you into a relationship, to secure you as their source of supply. They saw you as an object, which they then used to fulfill their needs. And when you started to figure things out, that is when they turned against you. They abused you while blaming you for your own abuse, as though you were deserving of it.  They rode off into the sunset without a care in the world, as though they were unaffected by the situation. While you were left to suffer, they blamed you for everything. They turned people against you.  Because now everyone was looking at you as though you were a bad person, as though you mistreated or neglected them, when you were just trying to protect yourself. The narcissist will always blame your reaction to the abuse, as though you were the perpetrator. That's just the game they play. They're never going to take accountability for their actions. They're never going to look at what they're doing to you, because it doesn't benefit them in any way. And all a narcissist cares about is what serves them. They don't care about how the behavior is affecting you, which is how it's so easy for them to do all of this to you and then leave as though you never existed.  As though their lives are so much better without you, as though you were the problem. When you were fine before you met them, maybe your life wasn't perfect, but you were relatively happy. You had some good things going on. But then the narcissist came along and destroyed it all, while blaming you for your own abuse and even playing the victim as though you did something to them, as though life was so unfair to them, even though you did everything in your power to make them happy. It just wasn't enough. It could never be enough because narcissists can never be satisfied.  It's like karma doesn't affect the narcissist. Karma does affect the narcissist. It affects everyone. Whatever you put out comes back to you multiplied, whether you do something good or bad.  You might not see it because narcissists are illusionists. They are masters of orchestration. They know how to plan and coordinate the elements of a situation to produce a desired effect, to make you believe whatever they want you to believe. Just remember when you first met the narcissist, how they manipulated you, how they love bombed you, how they gave you a false impression and made you believe something that was not true. They made you believe that they were so kind and caring. They made you believe that they were there to help you. It was so believable and many people fall for this because narcissists are masters of their craft. They've had years of practice. So naturally they're going to be good at it. They're going to know how to create illusions, how to make you believe something that isn't true. But the truth is that these narcissists are never happy. Just remember when they were with you, how nothing you did was good enough for them. That doesn't suddenly change when they leave you, although that may be what they want you to believe. The truth is they're still miserable. They're still dissatisfied. And that really is their karma. Their karma is that they will never experience real happiness. They will never experience peace. They constantly experience anxiety and distress. So they've already been getting their karma. They were getting it even while they were with you. They were suffering even before they met you. They targeted you for supply. They hoped that you would be able to relieve their tension, to regulate their emotions. So the narcissist has been getting their karma all along and they're still getting it now. It's just that they do a good job of hiding it. All of their time and energy goes into creating the illusion, making you think it's something that it's not, rather than creating something for real. They're just trying to fool you.  They're not going to get any supply by showing you that they're stuck in another situation, because that's just going to give you satisfaction and they know it. So they hide it. They make you believe they're so much happier without you, when secretly they're struggling without you, because now they've lost all of the conveniences that you once provided to them, which is the only reason why they targeted you in the first place. Narcissists do not care about people. They only care about what you can do for them. They only care about themselves. And that is why they're always getting their karma. So many unexplainable things just keep happening to them, because they have no respect for other people. But although they can dish it out, they cannot take it. They are very sensitive to any difficulties or problems in their lives. They're not as resilient as we are. They cannot withstand or recover quickly from difficult conditions, which is why their only choice is to hide it from you. They have to pretend like everything's okay. But trust and believe that they are getting their karma. They were getting it before they even made you, and they're still getting it right now. Their karma is that they are narcissists. They cannot self-reflect from long periods of time. They're heavily focused on themselves. They cannot share the experiences of other people. They're cursed, and they're destined to experience the same situations again and again as a result of their disorder. They have to live in a fantasy world, where they have to pretend like everything is perfect, while deep down they're miserable.  Nothing makes them happy, which is why all they try to do is make other people miserable. They try to hurt you, even after they've left you, because they're still hurt, and sometimes hurt people hurt people, but their lack of empathy does not mean that they're happy without you. If anything, that's one of the main reasons why they will never be happy. Their lack of empathy is their karma. Thank you for watching. I hope this video resonates with you. Please like, comment, share, and subscribe. If you would like to donate, my PayPal link is in the video description. Coaching Inquiries. You can email me at coaching.narksurvivor.co.uk. Thank you for watching, and I'll talk to you soon.