Gang, let's crack this open. Let's crack this open. You would have seen this comic book before or these comic books before Okay, as you know Certain comic books like people have asked me to show up at it.  You know, what should you collect? What should you buy? What should you invest in? I usually tell people is like if you're getting into comic books or anything any type of investing Investing stuff like this. Do something that brings you joy. Do something that you love, right? In terms of comic books, buy things that you love collect things that you care about that you think are important Okay do I'm gonna change the blade on my exact own knife I'm fine Felix. I'm fine with losing the 300 pounds though It is a fair bit of money for someone my age, but I have a summer job so earning it back and Felix don't consider it as just losing it. You're You're learning investing you're learning how to Play markets. It's it's okay to do that, right? As the same goals You'll never know how to play poker if you don't play for money, right? The best way to learn is Is to do right so you're learning Right and you're learning not only about the markets. You're learning about yourself your behavior. What's your pain tolerance? Right? That's one of the most important things you have to learn about investing What's your pain tolerance? when At one point have you had enough at one point you are you susceptible to being manipulated, right? And by the way There is the theory that it's okay to Average costs down so if you bought at sixty thousand right right now sitting at thirty thousand thirty two thousand Let's say around it off sixty you bought a sixty thousand It's at thirty thousand now if you think it's going to go up if you buy the equivalent amount Right not dollar value just the equivalent number or let's do equivalent amount dollar value If you buy if you buy equivalent amount you're in the plus, but let's assume you bought at sixty and It's at thirty if you buy at thirty then your average cost is forty five So you just needed to go up to forty five For you to break even not sixty right and people do that Not a bad idea This is not financial advice Teach all splurging. I don't know if it's splurging. I'm investing right? How did you lose the money? Yeah, it says to Felix. Oh my god. I keep hold of my Bitcoin I have quite a lot, but I don't react to crowd mentality. Yeah, that's a good idea But it's never wrong to take profits off to God this guy's like take take the crap out of this thing He's not a good job actually, but this is pretty good. Not bad. I like it But takes a little bit of There you go. This side I'm off nice, and then he's got the sticky and he put his name. He said thanks. So I ended up paying I ended up paying All all in It was forty five dollars for four bucks and then twenty two dollars Canadian forty five dollars Canadian for two bucks twenty two dollars shipping. So it came out to sixty seven dollars For the four books including shipping which is about, you know, fifty three dollars us fifty three dollars fifty four dollars us Okay Cheecho ending over I'm working as a marketing plant for this upcoming coin for oh, yeah You mentioned that that the finance it plans to using a Python based development platform higher experienced developers to create an algorithm that Algorithm that watch learn and predict the market automatically trading at the best times for you even When you see and here's the thing think Bobber There's programs out there already most of the most of the trades in the stock market in Wall Street are Automated trades right people have stop losses this this and people have algorithms Automated algorithm and they play different time frames. We talked about this in our personal finance live streams right where we talked about what is the time frame you have in mind there are there are algorithms out there that trade on a second basis right minute basis Hourly basis on a daily basis on a weekly basis on a monthly basis on a yearly basis, right? So there's algorithms that do these trades. I hope you guys have looked into those the different types of algorithms available I'm gonna take more tape off this Yeah, blood says dingbob or sounds like some something someone has done already There are many who use many software such as this. Yeah, big time big time. They've been around for since the 1980s really Have tried this. Yeah many one of the we looked at one of the hedge funds that had set that up and they were getting in when we're doing comparison between Bitcoin and CPI and gold and real estate and stuff like this. Thank you for the cheers Username punk. I didn't catch it Thank you for the thank you for the cheers So this is sort of around you can always come up with a better system Finally All of them are out. Oh It's nice great I wasn't expecting it to be this nice, but we're gonna have to crank it open. Let me show you a gang Lark Park. How are you doing? Hello, Chichou and everyone? I'm gonna scroll down gang. Oh, trust me Chichou I know how to play the market. I bought 15 pounds of dog what it was nice and sold at six pounds Awesome profit a week later. Nice. Nice. Awesome Some may say if you waited two months, you'd have that much But I reinvested that six into a pop-up pizza to John's pizza. I am a crypto extra trust me So she showed teasing us with not showing us. I'm gonna show you I'm gonna show you okay. I was scrolling down gang I was scrolling down User username puggers puggers. How are you doing? Those are cute hearts. Why do it? Nice show love show love And thank you for redeeming 500 points and keep this in mind Puggers You can save your points in September October October November November October November We're gonna do auction viewer appreciation To auction off some things you can redeem your points there, right? gang take a look at this and these were graded at near mint mint and in the pictures They didn't look as nice as this so I pulled the trigger was fair value. Let me show you what they are their issue number one to number four of of Rachel Rising November November November November September October November November November Rachel Rising, okay, and they're graded the guy graded of a near mint mint. So it's supposed to be very high grade Let me take a look. We're gonna craft this open. We're gonna take a look remember remember the 5th of November That's good. We are remembering Ronnie Now let's check this out. Let's check this out and By the way gang this is in regards to investing in comic books or investing anything, right? It my reply to people that say what type of comic books you want to buy what type of books you will invest in a stuff like this I invest and I buy things that I love and Sometimes I buy things that I know they might be going up in price Or I'm guessing they're gonna go up in price and then sell or whatever it is but in general most of the things I put my money towards are things that I care about and Rachel Rising as far as I'm concerned is an amazing an amazing series one of the most underrated not underrated people read it It's just go wow amazing, but lesser known comic series if this thing becomes well known The price of this most likely will go up, right? So I'm slowly accumulating Copies of this. I don't know. I think this is like the fourth or fifth copy. I picked up, right? Dingbao Chicho exactly, but this is for alt coins, which are extremely volatile. Yeah, as I said I work for them I don't necessarily believe it will work. I'm not even investing in the coin. I hope it works. Oh, yeah, that'd be awesome How about the Date in George Bush senior died November 30th. That'll be a celebration. Maybe maybe we do we do Rachel Rising. I can't help but think of Rachel Meadows. No, this is Lark Park This is definitely not Rachel Meadows.  Let's see what the grade of this is. Okay, we'll look at it together Okay, the guy graded a mint near mint mint, right? So it's given it a 9.4 9.6 I'm like I was expecting this to be around 9.2 Alright, so let's take a look at this. I'm gonna change the angle And we see and what I'm gonna do here. Let's bring Let's bring this in here, too Let's bring our Magnifying lens as well. How's that look? Okay, hold on.  Allow Automah didn't like that Come on, stick to it. Ah, that should be good. Let's check it out Let's check out the grade on this thing that we bought. Yeah, we'll turn on the lights as well Oh bright. Oh, this looks like a really good copy. Oh, there's a little oh There's a little bit of take a look Take a look. Oh Was that in the picture maybe there's a little bit of scratch there So that gives it a but the spine is very nice. Let's see. Let's see. Let's see Yeah, it's got a little thing there. So I would definitely give this a 9.2, right? Maybe even a 9 Let's see. This is gonna focus. It's too right. Let me turn off the light Let's see. Is it gonna focus? There we go. Hard to focus on black straight up, right? See that? See there's a little dent on the spine Seriously hard to focus on black, okay There we go. See that? There's another one here Let's see if we can show you that one. See that one there Reflection There's a little one there to go slower. Let it focus Not bad. How do you prevent comics from getting that you take care of them? Putin roaster You put them in bags and boards and Put them in boxes and sometimes it just happens.  Little minor scratch on there and the color is affected with that. It's not a big. It's not a huge deal Still looks pretty good How's this edge? Not as sharp, right? It's got a little dent down there the slab of justice. Yeah, you can slab them stuff All right So it's got little marks here fingerprint marks here, right? Let's see if I can show it to you So it's been handled. Let's see if it shows up What kind of angle do we need? Light do we need? Oh, I just brushed it off. I think I don't know if you can see it. Can you see it? A little bit. Yeah, see that? A little bit of fingerprint marks there and there But those can be wiped away. Not a big deal And the back looks really nice Let me turn this on And the back looks really nice So aside from this and this those are the two places that There would be issues, right? A little bit of there A little bit there. See that? See that? A little bit there on the nose Right a little dent Okay, and there is that so it probably went like that So I would give this a nine Give it a grade of nine, right? Being generous would give it a 9.2 But I would say nine to be on the safe side and I wasn't really expecting too much more Right the guy graded it near mint mint, but it's definitely not near mint mint and you can see that from the pictures. So Uh and the number two Looks better than the number one and number here's cover of number two Right here's a cover of number three and here's a cover of number four If I can afford it in the future, I'll try to get my hands on a slap grade 9.4 9.6 or something But I'm good with this Fair value that we ended up paying for this Uh, that's why I consider it to be and I and I realized it was going to be fair value when I ended up buying it Okay, it was for auction and no one else bid on it, right? I one of the reasons I bought it is because it's hard to find the raw copies that are based in canada And a lot of people in the united states are going through eBay shipping programs So the shipping costs a ridiculous amount of money good charge of duty Go over there go over there forget about it, right? So Buy from a Canadian seller and pay Just regular Canadian the shipping was on the expensive side, but it's simpler, right?


I think we'll start this out with the demo. We want to know what changes you're going to have. I'm going to drive a bit loud. You grab by the function. We're funny, but not always a gentleman. In a previous shot, ladies and gentlemen, I got covered in ants, but seems to be a reinforcing stimulus because my behavior is increasing of going back to the rocks that produced the ants in the first place, which is a wonderful segue into the concept of automaticity of reinforcement. I think one of the things that people screw up all the time about operating conditioning, even classical for that matter, is the automatic nature of it. This stuff happens inside your brain at a level that's like way down here. My point is that you don't have to think about something to be a reinforcer for it to be in reinforcing. You don't have to want the reinforcer other than some motivating operations stuff which you can look up in different videos, but it's independent of your desire, right? It's independent of your knowledge of being reinforced. Your behavior is reinforced, whether or not you like it. You could say, I am not going to let that stimulus reinforce me anymore. It says the stimulus because it will do it anyway. Why? Because it's a reinforcing stimulus, right? So again, if the stimulus increases the probability of a behavior, it's that simple. It increases the probability of a behavior. There is nothing more to it. You don't have to think about it. You don't have to want it. You don't have to desire it. You don't have to agree to it. You can be angry at the fact. I don't like the fact that smoking reinforces smoking, which sounds weird, but you get the idea, right? I don't like the fact that I get reinforced for picking my nose by the fact that the release of the boogers is just reinforcing. The knowledge of it's irrelevant. It just happens. It's automatic. So the automaticity of reinforcement is something important to understand because if your behavior is happening, it's probably being reinforced. So you better start looking for it for the reinforcer, right? To understand what's keeping your behavior going, which leads me to another thing, right? That the behavior that is reinforced is completely flippin' arbitrary.   There's no logical connection between you on YouTube and me on a rock. It's got nothing to do with nothing, right? So the reinforcers that are available are, so if you have a stimulus that's reinforcing, it just reinforces, and it will reinforce any behavior that happened immediately prior to that particular stimulus being delivered, right? Or removed. You get the idea, so I'm always talking examples of positive reinforcement. So my point being that when you engage in a behavior, period, it doesn't matter what that behavior is. If you follow that behavior, or if that behavior is followed with a particular reinforcing stimulus, they don't have to match up. They don't have to be, wow, I was reading a book so I felt great about myself and the knowledge that I've gained, that has nothing to do with it. It might just be that you were relaxed, or it might just be that you were by yourself, or it might just be that you turned a page. Who knows what the reinforcer is for reading a book, but it doesn't have to be logically connected to it. It just happens, which goes back to that automaticity of reinforcement piece, right? So we, as organisms, tend to overthink how we interact with our environment in my particular opinion, and we add things that aren't necessarily there. We can simplify it by remembering that reinforcement is automatic. You don't have to choose it. You don't have to decide to be reinforced for a behavior. And that it goes with any behavior. It's the temporal relation between the behavior and the reinforcing stimulus that's important. That's what does the reinforcing. And if you look at the other videos, you'll learn about immediacy of reinforcement is drastically important. That's about that temporal relation, right? So at that point, we understand that anything can reinforce basically anything.  You're going to have to do an FBA, and you're going to have to start playing around and just kind of figure it out. But, folks, this is cool stuff and it happens independent of the frontal lobe. Understanding it is awesome, but that doesn't change whether or not it's going to happen. You don't have to understand reinforcement for yourself to be reinforced.  But one of the things that's a phrase that you hear now is that you don't have to believe in science for it to be true. Same thing with reinforcement. You don't have to believe in reinforcement for reinforcers to reinforce you. They just do, and they don't reinforce you specifically. They reinforce your behavior. It's all I got on automaticity and arbitrary nature of stimuli or behaviors that arbitrary stimuli reinforce. They're not arbitrary. Would you give my point? Arbitrary behaviors, automaticity of reinforcement. That's what we got. I'm going to figure out a way off of this rock that doesn't involve lots of ants. Thank you. See you. Oh, bye. Oh, Barbara.


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of movement of goods, workers, services and capital for freedoms enshrined in the EU's founding treaties. But as those seeking to borrow money for business or to take out a mortgage know, there is anything but a single market for capital in the EU today. That is despite the vast stock of capital or wealth in the block and the uncontested view, a rare thing in economics, that efficient capital allocation is vital for growth and dynamism. In order to allow capital to be allocated with less hindrance across borders in the single market, the Capital Markets Union Initiative was launched in 2015 by the European Commission and we are joined today by the civil servant with ultimate responsibility for advancing that project. John Berrigan is one of the most senior Irish people in the European Commission, leading the directorate general or ministry in equipment of the ministry in the European Commission and the title of his director general is Financial Stability Financial Services and Capital Markets Union. John will explain the importance of moving ahead of this project and will assess the state of play of the CMU implementation action plan. He will also discuss associated opportunities and challenges during the remainder of the current College of Commissioners term. Can speak for about 20, 25 minutes and then we go to Q&A with you, our audience. If you have a question, please feel free to submit it at any time, along with your name and affiliation using the Zoom Q&A function of the screen. You can also participate in the discussion on Twitter using the handle at IIA. A reminder that today's presentation and Q&A are both on the record and with that, a very warm welcome back to the Institute in this format. John, the floor is yours. Well, thank you, Dan, for the kind introduction and good afternoon to all. I want to begin by thanking the IIA, of course, for inviting me back and thank them also for giving me this opportunity to speak about Capital Markets Union or CMU, which remains a key priority of EU policy in the field of financial services. Today, I've been asked specifically to update you on the implementation of the CUMU action plan as we enter the latter stages of the legislative cycle in the EU. I'm very happy to do so because there's quite a lot going on, which also explains why I was unfortunately not able to come to Dublin for this event. But before that, I would like to spend a few minutes looking more generally at the CMU project and here I'll focus maybe on two aspects. First, the rationale for the CMU action plan, which is after all just the latest of repeated efforts to build a single capital market for Europe. And second, why progress in capital market integration has been slower than many of us, I think, would have hoped. I began my career in the European Commission in 1986, almost prehistoric times now. And that was about one year after the launch of the single market project. So I think you can certainly be forgiven for asking why nearly 40 years later, I'm here still describing CMU as a key policy priority of the Union. Now, looking back, we have undoubtedly made progress in capital market integration. By 1992, the bulk of controls on cross-border capital movements had been removed. Between 99 and 2004, many of the common rules governing EU capital markets were put in place through the implementation of what was then called the Financial Services Action Plan. And then following the global financial crisis in 2008 and 2009, those rules were deepened and expanded to new market segments. So the glass is by no means empty, but it is certainly not full. By any measure, the integration of EU capital markets has lagged well behind the integration of markets or manufactured goods and the market for labor in the EU. And as with other services sectors, it has fallen short of the benchmark set by the United States or even by some individual member states. So the question is, should we worry about this? And if so, why? Well, I think we should worry because, as you have mentioned, there is a significant opportunity cost to not having a sufficiently developed EU capital market. That is an EU capital market that is sufficiently liquid and sufficiently deep to support the EU economy. And that opportunity cost manifests itself in many ways. It manifests itself in the form of lower potential economic output due to a less efficient cross-border allocation of savings to investment, less resilience to economic shocks due to reduced scope for cross-border risk sharing. And crucially, as we look forward today, a lower economic innovation capacity due to underdeveloped cross-border financing opportunities for higher risk projects. And particularly now, as the EU economy faces historical challenges in transitioning to a new greener and more digital future, I think this opportunity cost seems even more obvious than before. So given what's at stake, why have we not seen more progress in EU capital market integration? For me, there are many factors that explain the slow pace of progress, and I'll mention just a few here. First, I think a capital market is comprised of many different segments. So market integration requires a myriad of very specific actions in each of these segments. As there's no silver bullet, capital market integration is not an easy task from a technical perspective. Second, the myriad specific actions required to integrate capital markets tend to be interrelated, so they have to be implemented simultaneously and not sequentially. For example, there's no use in focusing all our energy on boosting the number of initial public offerings or IPOs if we're not also taking measures to boost secondary market liquidity for those offerings. Meanwhile, boosting secondary market liquidity requires efficient tax treatment, securities transactions, and so on and so on. And this unavoidably dispersed approach makes it hard to build an appealing narrative around capital market integration, a narrative that can capture the public imagination. So the absence of a positive narrative means that capital market integration is not an easy task either from a communications perspective. Thirdly, many of the measures required to integrate capital markets extend well beyond the financial services field. In general, I like to see and describe measures to integrate capital markets in two broad categories. The first category are measures that aim to reduce frictions between the different national financial markets. By and large, these measures all lie within the financial services field, and so they can be negotiated by ministries of finance, central banks, supervisors, et cetera. But the second category of measures I think comprise more fundamental reforms. These kind of measures relate to those aspects which characterize a truly single market, and they include common rules in taxation, insolvency, corporate law, financial accounting, supervision, and needless to say, these more fundamental reforms typically have societal implications that extend well beyond the functioning of capital markets and therefore involve negotiations with actors beyond the financial services sector. So given the scope of necessary forms, capital market integration is not easy either from a jurisdictional perspective. Fourth, behind every obstacle to capital market integration lies a vested interest that is extracting rent from that particular obstacle. As with all efforts at market integration, the removal of obstacles brings benefits to the economy, but these benefits are typically diffuse and therefore not so obvious to the beneficiaries. Meanwhile, the costs of removing an obstacle are more concentrated among the vested interests and are readily brought to the attention of national governments and for this reason often resistance to integration outweighs support for integration. And this phenomenon I think has been particularly evident in capital market integration amid concerns in my view entirely erroneous concerns, but concerns nonetheless that an integrated EU capital market must inevitably result in reduced access to finance at the national level. So the defense of vested interest means that capital market integration is no easy task from a political perspective. And finally, it's worth mentioning how EU member states have viewed CMU post Brexit. I mean, one major effect of Brexit was that the largest part of the EU capital market, notably the city of London, moved outside the EU jurisdiction. Now, clearly the remaining EU capital market will be multipolar. That is, it would not have one dominant financial center. Accordingly, there is competition among member states to have their share. Such competition among member states can be healthy, but it can also complicate the process of capital market integration at the EU level. It's manageable, so long as member states compete on an appropriate basis. Crucially, we must have common rules for all financial centers and all member states must have confidence that those rules are being applied effectively. A member state cannot expect to enjoy the benefits of hosting EU level financial activity without accepting the responsibility of assuring and being seen to assure the necessary standard of potential oversight for that activity. This points to a need for enhanced arrangements for EU level supervision, even if not necessarily an EU supervisor. However, EU level supervision has become a taboo for many member states when discussing capital market integration. And this taboo then has tended to impede progress in other aspects of the integration process. Now, when you bring all these various factors together, they obviously complicate efforts to create a single EU capital market. Negotiations too often get bogged down in the inevitable detail that's involved here. And as a result, high level of political commitments to CMU are very often diluted when we get to the technical stage of discussions. All that being said, this phenomenon is not unique to capital markets. Indeed, EU has successfully integrated in other dimensions when the political will has been sufficient to overcome these kinds of obstacles. After all, the EU has created a single currency from now 20 national currencies, where many of the complicating factors that I've just listed were also present. So fundamentally, I remain optimistic, even if after nearly 40 years of effort, I still remain optimistic. And in this regard, I very much welcome the renewed political commitment in recent weeks to the CMU project that has been evidenced in the recent European Council conclusions in the decision of the Euro Summit to ask the Eurogroup, chaired by Pascal O'Donohue, to work on CMU and the joint declaration by the Troika of Council Presidencies, the Parliament and the Commission to implement the remainder of the CMU Action Plan within this legislative cycle. And that brings me rather neatly to the second part of my remarks, which is an update on implementation of the 2020 CMU Action Plan itself. Now, earlier I mentioned that capital market integration is very much nuts and bolts exercise. So here come some of the nuts and bolts. So far in this mandate, the Commission has made considerable progress in delivering the CMU Action Plan. We've delivered on all but one of the 16 legislative and non-legislative actions that we set out in the plan. I'm going to give you and I'm going to give you a few examples of what we have delivered so far. First is the European Single Access Point or ESAP. This is kind of an EU EDGAR for those of you familiar with the US markets. And this is an access point for companies financial and sustainability data and make investment opportunities more visible to both EU and international investors. The idea is to provide free, easy, seamless and integrated access to the information published by EU companies. And in doing so, it will make funding more accessible for European companies and especially for smaller European companies. We have amended the European long-term investment funds or ELTIF regulation to encourage the uptake of these funds. ELTIFs are designed to channel long-term financing not only to infrastructure projects but also to listed and unlisted SMEs that may need to enter capital and private equity. So in this way, they can be a complementary source of finance for SMEs beyond the banking system. We have reviewed the alternative investment fund directive. This will harmonize the rules around loan-originating funds. These debt funds will thus be more easily available to complement lending from traditional sources. Adjustments to the trading rules under the markets and financial instruments regulation on this year. These will ensure more transparency for all the parties involved on capital markets, trading, etc., including by creating a consolidated tape of trading data on secondary markets. We have a legislative proposal on the new Listing Act. This will simplify listing requirements. Again, the aim is to make public capital markets more attractive for EU companies and facilitate access to capital, particularly for SMEs. So it proposes shorter prospectuses with streamlined regulatory scrutiny and extended exemptions, changes to the market abuse regulation, clarifying and alleviating some of the key requirements, changes to the provision of investment research in method 2 to facilitate availability of research on SMEs, and introduction of new legislation on multiple vote share structures. Because this is an key obstacle that prevents entrepreneurs from using public equity markets to grow their enterprise. That is the fear that in accessing public markets, they will lose their own ownership rights of the company. So this offers the option of retaining strong ownership rights while accessing public markets. Now we're also progressing on the SME IPO fund. This is a fund which will, we hope, be a stepping stone to support SMEs access to public markets. It will target companies at pre-IPO, IPO and post-IPO stages to ensure that they get listed and that they stay listed. We will propose an initiative on corporate insolvency, one of the fundamental reforms that I mentioned earlier. Now insolvency is a complex structural and is a complex politically issue that cross-border investors systematically cite as a main cause of market fragmentation. Often when I present this I'm accused of having a sort of obsession with insolvency, but it is not my obsession. This is an obsession of the market because it turns out on the top of the list of impediments to integration every time we serve a market participant. Now our proposal seeks to harmonize targeted aspects of the corporate insolvency framework and procedures to make it easier for cross-border investors to recover value in insolvency. The latest, the most recent package we put on the table was on the 24th of May, so less than a week ago, and this concerns retail investment. For me this is one of the key deliverables of the 22CMU Action Plan because it aims to do something we've not done before, which is to develop the demand side of the market. If you look at the difference between our market and the US market, it's not just on the supply side, but it's even more so on the demand side where they have a much higher retail involvement than we do. 70% of EU savings are still in the form of retail deposits, and we need to bring some of those deposits out into market-based instruments if we're to have a functioning capital market in the EU. So the aim of this package was and is to empower retail investors to make investment decisions that are aligned with their needs and preferences, and ensure that they are treated fairly and duly protected when they do so. And we hope that this will enhance retail investors trust in the market, and so as I said, encourage them out of deposits into market-based instruments. This package includes measures to make disclosures more understandable for retail investors, to address misleading marketing, to tackle conflicts of interests that arise because of the payments of inducements, and to ensure that investment pilots offer value for money and to strengthen supervisory enforcement powers. As a complement to this retail investment strategy, we are also looking at ways to increase financial literacy among EU citizens. This is another element, an important element of the CMU Action Plan. Last year, the Commission together with the OECD published the Financial Competence Framework for Adults. This framework contains all the competence that an adult must have to be considered financial literate, and we're now working on a similar framework for young people to be finished this year, and we hope that Member States will use these frameworks to expand financial literacy within their jurisdictions. Now as we approach the middle of 2023, we are about to conclude the Action Plan, so in the coming weeks we will deliver the last outstanding legislative proposal. This is another one of those proposals in a fundamental reform area, again very highly demanded by market participants, and that is the withholding tax procedures and the aim to make them simpler and faster and to tackle fraud. We know that currently investors incur very high costs, receive late refunds, and even forgo the right to refund altogether, which in fact is a form of double taxation, so this obviously stifles cross-border capital flows and we want to address this. And then lastly, we will adopt a proposal on open finance to support more effective competition among providers of financial services, including capital market services, by accelerating data access and finance. This is not part of the 16 actions in the CMU Action Plan, probably should have been, but we didn't remember to put it in, but it is linked to the CMU Action Plan and it will support several of the CMU actions that I have outlined before. So this is my sort of work program for the last few years, and as you can see we have been busy and we remain very busy in building this integrated EU capital market. Quite a lot of work of course still remains to be done before the end of this cycle, but I'm confident we'll make it, especially considering the renewed political commitment at the highest levels, which in a sense begs the question, why is this politically little commitment forthcoming now? Well I would say that perhaps one of the very few good things to emerge from the Russian invasion of Ukraine is a wider understanding of concepts such as economic security and open strategic autonomy. Now these concepts have been around in the EU for a while, but they have remained rather abstract. They should not be seen as protectionists at all, but as addressing vulnerabilities in the EU economy through a combination of domestic production and appropriately diversified foreign trade. These concepts apply notably to capital markets. As I've said earlier, one of the EU's key economic vulnerabilities is the absence of a large liquid and deep capital market. If the EU is not to be left behind in a global economy experiencing these profound transitions, so green, digital and even geopolitical, such a capital market must be seen as a need to have rather than some kind of nice to have, which is how I think it may have been seen in the past. Maybe that unfortunately rather negative narrative that if we want to keep up, we need this capital market. If we don't, we're in trouble. Maybe that narrative is what EU capital market integration has been missing up to now. It's negative, but it's very true and hopefully it will galvanize us all to deliver greater progress in this field. Dan, I think I'll stop here, close my remarks and thank you and all on the calls for their attention.


Welcome to this video. Today, you're going to learn how to use overwhelmed, overwhelmed and overwhelming. This is a question that a student had asked and it's a great question, so I'm happy to answer it. Of course, I'm Jennifer from jforisenglish.com and this channel is dedicated to helping you feel confident speaking English in public so you can take your career and your life to the next level. Now, before we go any further, make sure you subscribe and hit that bell icon so you're notified every time I post a new lesson. Now, let's dive in with this video. Let's talk about the difference between overwhelmed to be overwhelmed and overwhelming. Our first one, overwhelm. This is a verb, to overwhelm. To overwhelm is about a feeling or an emotion and it's a very strong and sudden feeling or emotion and it's a negative feeling. You can think of it as the same as worry, anxiety or stress. Our sentence structure here, we need someone, so a subject, overwhelms someone. For example, I could say, I don't want to overwhelm you with too much information. Now, notice I used it in the negative. I don't want to overwhelm you because, remember, overwhelm is a negative feeling. So let's say this video is 50 minutes long and I go into a very technical description of the word overwhelm. Well, then you will probably feel that emotion because you're going to feel like, oh my God, this is so much information that is overwhelmed. Now, it's commonly used in the passive form and in this case, it's to be overwhelmed and it's talking about your personal feeling, not the person who causes the feeling in you. So for example, you could say, I'm so overwhelmed. I am, I'm to be overwhelmed. So notice in this case, we need an ED on that verb, I'm overwhelmed. Because this is a feeling, you can also commonly use the verb feel. I feel overwhelmed. So if you watch a 50 minute video with a very technical explanation of the word origins of overwhelm, by the end of that video, you're probably going to have this strong negative reaction similar to stress or anxiety or worry. And that will be overwhelm. You can definitely use this in a workplace situation. So let's say you have three deadlines by the end of this week. You could turn to your coworker and say, I'm so overwhelmed right now. And of course, it's because of all the work you have. So commonly used in that passive form. Now our final form, overwhelming, this is an adjective. So the sentence structure will be different. We can describe a situation as overwhelming. So you could say that meeting was overwhelming. We still need here a verb because overwhelming is an adjective. So here we're using the verb to be to be overwhelming. That meeting was overwhelming. So you sat through a 50 minute meeting, giving you a very technical explanation. And by the end, you had this feeling of overwhelm. So you're describing the meeting as overwhelming as an adjective. You don't have to use this with the verb to be. You can modify any noun. For example, I could say I have an overwhelming amount of work to do. So here my noun is amount of work. And I'm just giving more information by using the adjective overwhelming. I have an overwhelming amount of work to do. Now you understand the feeling I have about the work, which is of course a negative feeling similar to stress, anxiety or worry. So now you have three different ways to use overwhelm. We have the active form of the verb to overwhelm someone. We have the passive form to be overwhelmed. And then we have the adjective you can describe something as overwhelming. So hopefully you're not overwhelmed right now. And I'm going to give you a task. Hopefully it's not an overwhelming task. The task is of course to write three examples in the comments below using overwhelm to be overwhelmed and overwhelming. You can do it, right? Put those in the comments below to practice. And if you found this video helpful, please hit the like button, share it with your friends and of course subscribe.  There you'll find a free case study where you'll learn how to feel confident speaking English in public so you can impress your boss and clients with your message in only 30 days. To get your free case study, simply click the button, enter your name and email and you'll get instant access. And until next time, happy studying. You're not overwhelmed, are you? I definitely don't want to overwhelm my students with too much information. That's why these videos are always nice and short and on a specific topic so you don't feel overwhelmed. So make sure you leave those three examples in the comments below and I'll see you in my next video. Bye.


What's up everybody, Jason here with Jasper's CaseBrates.com. We got a 2022 Panini Flawless Collegiate Football Break going. This is a one box break for team number 13. So we did have an R&B we needed to do to sell 13 teams out. So there's everybody's names that bought in straight up. There's the names here with the 13 teams that are part of the R&B. So there you go. Roll. So fresh case here guys. We're gonna open up the case. We got two Flawless Briefcase here guys. And we're gonna do top or bottom for this break. One, two, three for the top, four, five, six for the bottom. Roll it. Five. One, two, three, four, five, six. So this will be for number 14, which is on the website now currently. I'm gonna do this one here at the bottom. All right, we were going by college rules for this, but let's see if Group Break Checklist now does have it up. It should have it up by now, right? It's like it's been well over a week. But there are times where they just don't do it, so. Nope, I haven't done it yet either. All right guys, so we're gonna have to go by college rules. Of course, seeing they're currently on teams they have played for the longest if they're retired or out of this league. All right, here we go. First one, we got James Cook. And this is, I believe, James Dalvin Cook. Dalvin Cook's a younger brother, six out of 25. So that's gonna be going to the Buffalo Bills. And Bills are part of the 13 team R&B. That's six, number going to Chris. Next up we have is Chris Olave, 19 out of 20. It's gonna go to the Saints and Daniel straight up. Then we got a Arnold, little Arnie, eight out of 20. E-Bike tee. And I believe this part of the Atlanta Falcons. So Atlanta Falcons is going to Mack, Mike McCarthy. Next up we have is a nice Doug Flutie. Look at that old school jersey right there. I believe he went to Boston College, nine out of 20. He kind of bounced around. He played in a lot of different leagues. So let's see who he played for the longest. Might be, I want to say the Bills, right? Let's see. I actually know, New England Patriots. He played four years with the Patriots. Four years with the Patriots. So looks like that's where he's gonna go to. And Patriots is Matt Smith. Yeah, that's Matt Smith, right? Yeah. It's crazy that he played more games in Buffalo but less years. I guess he was starting there more. Maurice Jones Drew. Wow, I haven't seen a MJD in a while. It should be Jacksonville. I feel like after Jacksonville, his career kind of just fell off. He was a great running back though. And as well as UCLA. Maurice Jones Drew. And yeah, eight years Jacksonville, one year old one. So Jacksonville, that's going to the 13 team R&B. Jacksonville, 13 team. That is number two of 15 is Brian. Look at this ball patch right here. Five of five Jalen Waddle. That's going to the Dolphins, going to Matt Smith. And that's from like the 2019, I think probably a playoff championship. And Jahan Dotson, that's a rookie RPA to 25. That's going to the Washington Commanders and Steve Locke. We'll go from left or right to left. Ooh, was that a one of one? One of one. All right, let's see if that's going to go to a straight up team or is that going to go to a 13 team R&B? And it is Jameson Williams. One of one rookie Diamond just came back last week for the Detroit Lions. Got a first touchdown catch on his first reception. That is going to Detroit Lions and Dilo. Hey, young man. Nice one of one right there. Go to the middle. And that is Joe Montanio, 16 out of 20. NFL Jersey number though. That's 49ers and the 13 team R&B, six. Going to Chris. Last one here. Five out of 20, Malik Willis. Two-color patch and autograph. That is going to the Tennessee Titans and Mack. Mike McCarthy, there you go, man. Solid. There you go, guys. That was the break. Solid briefcase here. Second half's in the storm. Think we're halfway through at 15. So if we can sell out a couple more teams, maybe we'll put up a team round and not R&B for those 15 teams coming up soon, guys. Appreciate it, guys. Jaspyscasebreaks.com.


After taking the unconscious mannequin back to police headquarters and plotting him up against the front door, the blue beetle sped on his way to the home of Charles Cochran. Arriving at his destination, he enters the Cochran home by means of a skeleton key. And hearing voices, he slips into an adjoining room and listens. Over here, did you check, Dr. Bartlett, for $7,500? Your fee for operating an old man with the operation was successful, but the patient died. Yeah, but what about the profit on the stock? Well, it's had a lot of when we complete the transaction. I'm carrying your account under the name of Schmeich, you know. Yes, but what if... Oh, are you worrying about the intern who was arrested? Yes, frankly, I am. Well, don't worry about him. You'll never testify in any court. I had someone bail him out and he's here in this house now. We're sending him away tonight on a one-way ride. What? You don't mean... Exactly. Oh, but you can't do that. Why, that's... Murder? Yes, Dr. Bartlett. Murder. Just like your operation on my partner today, through one of my men short circuit at the light at the hospital and another one disguised as an orderly, got the stench bomb. But you, you, Dr. Bartlett, serve at the artery in Banker Ridley's throat. The Blue Beetle! Yes, the Blue Beetle. He's going to nip a band of murderers. Yes! Enough! You call boys? Don't move any of you. I've got men outside and they're coming in to take you. Pardon me, Mr. Blue Beetle. I doubt that statement. I happen to know that it is the Blue Beetle's proud boast that he works alone. Grab him then. Get away! Get away! And away, Ramon! I'm going to shoot the Blue Beetle! That's what you'll think, Cochran. Come here, Ramon. I'm going to give you a little ride through the air. It's a great mistake. You'll not do so no more. Here's your knife, Ramon. Into his heart! Strip up the Blue Beetle! Right, boys! Oh! Right on the toe of my boot guts.  Oh, no! And across the room and he'll box his life! Oh! Blue Beetle, get those hands up. Young Samuel Ridley. You must be Houdini to have gotten out of those bonds or else I'd forgotten my sale or not. You've forgotten something else, Blue Beetle. I'll take whatever you took from my father's safe. Certainly, Ridley. Here you are. Good. I thought this gun would make you see me.  Now all of you, stand over there. I'm going to release the intern you're holding prisoner and then I'll... Good, Blue Beetle is out like a light. I'll tie him up and throw some water on William all there. Right, boys. I'm getting out of here. Oh, no, you're not, Dr. Bartlett. I need the famous surgeon for one more little operation. No. Don't worry, Dr. Bartlett. It won't be murder this time. What time is it? I've got a better idea.  What good will that do? He won't be able to speak all right when you get through with him and he doesn't dare turn himself over to the police. No, it's... Not necessary. That's it. Yeah, boss. Take the Blue Beetle into the other room and put him at the intern. Then come back here. Okay, boss. Jake, he's heavy. Maybe he's dead, boss. He'll wish he were before I get through with him. The Blue Beetle's nipping days are over. What will happen to the Blue Beetle? Will the Archdeen Cochrane be able to force Dr. Bartlett to maim him for life? How can the Blue Beetle get out of this spot? Not a soul knows where he is. Let's look in on Dr. Franz in his little apothecary shop. I wonder... I wonder how Danny is making out. I think I'll close up shop and work a while in my laboratory. Ah, there. There, the shades are down. Now, I... I'll just bolt this door. That's it. And now, put out the light. There we are. Now, perhaps I can locate Danny with my new radio locator. He took his portable wireless phone with him this time, but he hasn't called me. Maybe he's in trouble. Uh-huh. I can't seem to locate him. I'll just swing it north two more degrees. There. Now, let's see. Ah, that's got him. Contact meter registers pretty weak, though. His vitality must be low. Now, perhaps if I connected up my radio energizer to this locator, I could shoot some vitality to him through the ether. I'll just connect these two wires here, so... and then turn on the energizer and let him have it. There. There it goes, Danny. I hope it's reaching you and giving you a renewed strength. It's all I can do for you. Are the energizing rays sent out by Dr. Franz reaching the Blue Beetle? Has he again managed to outwit a clever and ruthless gang of murderous racketeers? How can he escape their clutches? Let's look in on the little room in the Cochrane home where the Blue Beetle was imprisoned with the interns from the city hospital. Where am I? What's that noise? It's a midget antenna on my helmet. But Franz must be trying out his new radio locator. Feel as if I were being pumped full of energy. I can burst these burns easily. I have. Who's that over there on that cot? The hospital intern, of course. You. Can you hear me?  Oh, you can. Wait until I take that gag out of your mouth. There, that's better. Now I'll cut your bonds with my magic ray. The Blue Beetle. That's right. How do you feel? A little weak. You hold my hand a minute.  Now do you think you could hold a gun on some men if I help you? I could hold it alone. You certainly pepped me up. How did you do it? That's a secret. Now here is your chance to be a hero. I'll do anything I can to get out of here. Good. Have you a fountain pen? Yes, sir. Here it is. When you hold it like this, you see, like a pistol. Uh, this way? That's right. That'll fool those men in the other room until we can pick up a real gun inside. Now you follow me. We're going in and clean up those rats. What's the matter with your eyes? They're shining like searchlights. Due to a new invention of a friend of mine. Come on. Come on. Gee, boss, look at his eyes. This man here is devil. Not to me, he isn't. It's no use, Cochran. You can't injure the blue beetle. Throw down that gun.  You better drop the gun, boss. All right, blue beetle. You went up to this point. How are you going to turn us over to the police? Why, you don't dare. Yeah, you in turn. It's your chance to get even with the doctor and this gang who are holding you prisoner. Pick up that gun and keep these men covered until I tie them up. Okay. Here comes the law. I called the police on my wireless telephone. You'll all be some safe hands soon, safe for the citizens of this great city. No more will your secret machinations bring distress to honest investors. Gentlemen, the blue beetle's job is done. You'll soon be paying the penalty of your dishonest schemes. I'll leave you to the tender mercies of the district attorney. After the morning, patrolman Dan Garrett, no longer the blue beetle, sat in Dr. Fran's living room. Danny, you did a swell job. And now, now you better get some rest. Yeah, I guess you're right, look. I'll see who it is. Just a minute. Just a minute, I'm telling. Patrolman Garrett here? Yes, who wants him? Everyone's called back to duty. What's happened?  For the blue beetle, off of patrolman Dan Garrett, what will develop in the next chapter of Dan Garrett's life? As the blue beetle will he be able to run down and apprehend the members of this dynamite ring? Can he outsmart this deadly gang of underworld characters? These questions will be answered in the next episode of the blue beetle. Now here's the blue beetle himself to say a few words. The moral of this story is that the confidence of our friends often gives us new strength and new courage. And also that our confidence and friendship for others often helps them. In other words, confidence and friendship among mankind is vital. And if everyone is sincere in everyday life, they will aid others or be aided by others, just as Dr. Frans sent new vigor and vitality to me in order that I might rise and fight. So my advice to young and old is to cultivate the friendship and confidence of your fellow men. And through that friendship and confidence, find new strength and courage to face the problems of each day. The blue beetle is the copyrighted box feature appearing in Mystery Men Comics magazine on sale at your newsstand. The blue beetle is on the air twice a week on this same station. Consult the broadcast schedule in your local newspapers and don't forget to listen in.