In my opinion, one of the most important people of the modern age is Lou Rockwell, who started the Mises Institute for a very specific mission. There was a revival of interest in Austro-economics in the 1970s. What happened is that libertarian institutions, with some billionaire backers, they started to want to move away from Mises in favor of other Austrians that were seen as more politically expedient, less intransigent. One of the scholars who really helped set the modern Austrian movement is our next speaker, Dr. Joe Salerno. Absolutely. He has some great contributions in some of the great debates, including on the de-homogenization of Mises and Hayek, free banking debates, and also putting Austro punks, some of these new age Austrians that wanted to kind of give away some of the traditions of Mises and Rothbard, but he put them back in their place. He's also really the dean of the modern Austrian school in his role as academic vice-president, where he has helped shape new generations, people like Patrick Newman, through his work with our fellowship program, Mises University, Rothbard Graduate Seminars, and others. Along with that role, he has a senior fellow at the Mises Institute. He is the economics professor emeritus at Pace University and the editor of the quarterly journal of Austrian economics, Dr. Joe Salerno. Thank you. I'm really delighted to be here. Good morning to everyone. So a dream come true. I mean, when I first got involved with the Mises Institute in the early 80s, I never thought I'd be speaking to a Saturday morning crowd of 130 people, and I'm grateful for this event that's been so magnanimously sponsored by the Schrader family. A little bit earlier, Dr. De Lorenzo mentioned the cultural, social, moral, and familial effects of inflation and how important exploring those areas were.  And some of what I have to say may surprise you. Economists and historians have clearly explained and documented that the destruction of the value and function of money by hyperinflation makes economic calculation impossible, that is, a calculation of profits, losses, and wealth, and leads to economic and social disintegration and widespread poverty. What is not so clearly understood, even by many economists, is that during periods of rapid inflation, the inability to calculate economically, to figure out your profits, your losses, what wealth your household has, and so on, it undermines the very nature of property and causes a withering of human personality, which is intimately connected, as we'll see, with property ownership. By eliminating the means of appraising and rationally allocating one's property, hyperinflation eliminates the very basis of independent human existence and personality under a system of social cooperation. The inevitable result is the dissolution of a society, a voluntary contract, and its replacement by totalitarian order in which property and personality is collectivized. And speaking of human personality, by the way, I'm referring to what has been called the bourgeois personality, often derisively. This is the common state of thinking and being that characterizes the modern individual operating in a money exchange private property order. The bourgeois person is goal-oriented, self-interested, but not selfish, not necessarily selfish, thrifty, and someone who sees time as a method of improving their productivity and enhancing their future well-being. The concrete effects of the destruction of money and property on human personality are demonstrated most vividly in the German hyperinflation of 1923. As a general medium of exchange, money is a tool of appraising one's property, estimating one's wealth, and judging one's prospects of future well-being. Once the future value of money becomes impossible to reliably forecast, ordinary people lose the ability of planning for the future. This leaves little choice but to dissipate their wealth and energy in striving after immediate gratification. This rise in time preference, that is the degree to which people prefer immediate instant gratifications or instant satisfactions to satisfactions in the future, this rise in time preference nullifies the value of productive work, thrift, and sober investment. It brings about a social revolution in which the productive middle class, entrepreneurs, capitalists, and inventors are destroyed and replaced by gamblers, con artists, and swindlers at the top of the social structure. Inflation does not just wipe out the savings of the productive classes and divert their energy into sterile and corrupt pursuits. It also deforms and attenuates their personalities. Whether we like it or not, men and women exist in a world where they cannot live and flourish physically or spiritually without property.  No meaningful motion, activity, or expression of thought is impossible without it. And that includes the property in your own body. Property therefore is not a haphazard collection of things that can be completely described in physical terms, but rather the coherent objective embodiment of the yearnings and aspirations of the human spirit. In a real sense then, property defines and delimits an individual's personality. A person cannot be whatever he or she wants to be. Here she is rigidly limited by the means at their disposal. One is not truly a novelist unless he possesses a room, a computer, a word processing software. One is not a restaurateur. A restaurateur must have access to a building with a fully equipped kitchen stock with food. Someone cannot even pursue leisure or vocational activities without possessing specific concrete means, goods and property. One is not a fisherman without fishing tackle and access to a boat and body of water. And one cannot be a golfer or a gardener without the possession of or the means of attaining, that is money, the needed golfing equipment or gardening tools. Furthermore, in an exchange economy, it is economic calculation that is figuring out the value of the things that you possess based on money prices that gives the meaning to a collection of different kinds of concrete goods and enables the actor to transform these goods into an integrated structural property that is suited to pursuing their goals. Without money prices to guide him in his calculations, a person is unable to specialize in a particular profession or business because he can never know whether these activities will generate sufficient income to sustain his existence. People cannot even know what or who they will be in the future without knowing the monetary value of their accumulated savings and assets. All their plans for themselves and their children are shaped by this knowledge. Will a person likely retire to a gated community with a plush golf course at the age of 60, or they'd be greeting people at Walmart in their 70s? Without economic calculation based on sound money, not only is it impossible for entrepreneurs and businesses to reasonably calculate the outcome of alternative investments, but it also becomes impossible for a person to even know who he is or to reasonably assess the possibilities of what he can become. In the German hyperinflation, for example, university professors and high ranking civil servants on relatively fixed salaries could no longer support themselves and their families, and overnight they became taxi drivers and waiters. With all that implies for their professional and personal relationships, their social position, and their retirement prospects. In the extreme case of hyperinflation, as the value of money hurdles towards zero, property loses its meaning. Human personality withers and society disintegrates. This all important connection between money and property on the one hand and human personality on the other was dramatically expressed by the German historian and sociologist Conrad Haydn, a shrewd observer of hyperinflation who was a big critic of Hitler and was chased out of Germany. Here's what he wrote, quote, the German people was one of the first to witness the decay of those material values which a whole century had taken as the highest of all values. The German nation was one of the first to experience the death of the unlimited free property which had lent such a royal pride to modern humanity. Money had lost its value. What then could have any value? Of course, many were accustomed to having no money, but that even with money you had nothing. That was the twilight of the gods. A cynical frivolity pervaded men, penetrated men's souls. No one knew what he really possessed and some met men wondered what they really were. Haydn's insights are illustrated in the statements of a woman who lived through the German hyperinflation, Erne von Postau, was a middle class resident of Hamburg who was interviewed by the eminent American writer Pearl Buck. Postau's reminiscences reveal how the German people lost their intellectual and spiritual warrings amid the chaos, the calculational chaos of hyperinflation. The inability to perform simple arithmetic calculations with money that were a matter of routine in the past caused confusion of thought and language. As Postau recalled to Buck, quote, but you see, we could hardly say that our mark was falling since in figures it was constantly going up and up and up. Postau's wages went up to a billion marks per week. And this was much more visible than the realization that the value of our money was going down. It sounds confusing, doesn't it? But this confusion belongs to inflation. It is inseparably connected with it and was one of the reasons why the people gave up thinking things out. It all just seemed madness and it made the people mad, unquote. And that was Erne von Postau. According to a popular song of the day, she quoted the following line, which indicated the destruction of wealth caused by the unrestrained lust for immediate gratification, quote, this is the line from the song she was quoting.   A music lover, Postau related an ordeal in which she and her suddenly impoverished middle class friends were forced to wait for hours in line to purchase standing room tickets to see Wagner's The Twilight of the Gods. Most of the seats in the theater had been bought by people who chose to attend not because they were genuine music lovers, but because they had gained a windfall from the inflation. Dr. Newman pointed out that the people who received the money first did quite well during inflation, especially during a hyperinflation. This incident impressed on Postau that the malfunctioning of money penetrated to the very core of one's self-identity, and it radically reshaped her most cherished goals and beliefs about the world. Here's what she said, quote, Wagner's gods set fire to the entire world in the Twilight of the Gods. Yet they did it for great things, for heroic deeds, for love, for this beautiful thing love. And how is it with us? We fight for tickets, we fight for pennies.  It was also mixed up with money. She signed up for recollections of the hyperinflation by comparing it to the cultural and moral effects of hyperinflation to that of war. She says, for a battle it was this inflation, fought out with financial means. The cities were still there. The houses not yet bombed and in ruins, but the victims were billions of people that had lost their fortunes, their savings. They were dazed and inflation shocked and did not understand how it had happened to them and who the foe was who had defeated them. Yet they had lost their self-assurance. They're feeling that they themselves could be the masters of their own lives, if only they worked hard enough. And lost, too, were the old values of morals, of ethics, of decency. Now, the sociologists Haydn summarized the lessons of the experiences of millions of Germans, like Emma. He wrote, man had measured himself by money. His worth had measured by money. Through money, he was someone, or at least hoped to be someone. Men had come and gone, risen and fallen. But money had been permanent and immortal. Now the state had managed to kill this immortal thing. The state was a conqueror and successor of money. And thus the state was everything. Man looked down at himself and saw that he was nothing, unquote. As Haydn keenly perceived in Germany, the abolition of money through hyperinflation rendered property meaningless and thereby obliterated the basis of human personality. Social and economic institutions long taken for granted, disintegrated and disappeared. And the social structure itself began to dissolve, causing human existence to become atomized and aimless. Thought, language, values, culture all were deformed, as the interior life of the individual was drained of meaning and purpose. Now Haydn summed this up, he said, quote, the state wiped out property, livelihood, personality, squeezed and pared down the individual. Destroyed his faith in himself by destroying his property, or worse, his faith and hope in property. Minds were ripe for the great destruction. The state broke the economic man beginning with the weakest. So what was left? There was nothing left, definite, or there's nothing definite left, but the state to fill the economic and spiritual void created by the German hyperinflation. Now there was a shrewd and cunning politician named Adolf Hitler, who understood the nature of inflation as a gigantic material and spiritual swindle and recognized the deforming of German souls and personalities and the corresponding disintegration of German society. Hitler taunted the German people for tolerating the swindle, and at the same time promised them material relief and spiritual regeneration in the state, the successor of money. Haydn reported that Hitler told the following story at a meeting in the summer of 1923. That's 10 years before he came to power. And I'm quoting Hitler here. We have just had a big gymnastic festival in Munich. 300,000 athletes from all over our country assembled there. That must have brought our city lots of business, you think. There was an old woman who sold picture postcards. She was glad because the festival would bring her plenty of customers. She was beside herself with joy when sales far exceeded her expectations. Business had been really good or so she thought.  For with the miserable paper money she took in her for her cards, she can't buy 100th of her old inventory. Her business is ruined. Her livelihood absolutely destroyed. She can go begging. And the same despair is seizing the whole people. We are facing revolution, unquote. No, that was Hitler. Hitler perceptibly noted that once government had begun to run the printing presses full time, it was from that moment doomed to continue the swindle until the bitter end of a hyperinflationary breakdown. Stopping the monetary expansion would reveal to workers that their real income was substantially less than they realized. This revelation, Hitler understood, would spell the downfall of government. In the meantime, people's confidence in the established moral and social order associated with capitalism would be shattered as the vicious would replace the virtuous at the top of the socioeconomic structure. Now, Hitler wrote in his newspaper in 1923 the following, the government goes on calmly printing these scraps because if it stopped, that would mean the end of the government. Because once the printing presses stopped, the swindle would at once be brought to light. For then the worker would realize that he's only making a third of what he made in peacetime. Believe me, our misery will increase. The scoundrel will get by, but the decent, solid businessman who doesn't speculate will be utterly crushed. First a little fellow on the bottom, but in the end, the big fellow on top too. But the scoundrel and the swindler will remain top and bottom. The reason? Because the state itself has become the biggest swindler and crook, a robber's state, unquote. That was Hitler. Now, although Hitler spoke more truly about the nature and effects of inflation than our current central bankers and academic economists, his intent was not to present a program for abolishing the robber's state and restoring sound money, private property, and the moral and social order of capitalism. Rather, Hitler wanted to frighten and shame the propitilist and demoralized German masses into abandoning the corrupt and short-sighted socialist politicians of the Weimar Republic. And to seek salvation in a dictatorial state run by his national socialist movement. Accordingly, Hitler forewarned the people who were earning billions of marks, forewarned that people who were earning billions of marks, and they were, I mean, billions and billions per week, that they would face starvation. The farmer will stop selling his products for the worthless billions, which they did. You couldn't, no matter how much money you would offer to a farmer, he would not give you a single egg. And so what Hitler said was that, quote, the farmer could paper his outhouse on the manure heap, unquote. What Hitler hoped to bring about was what he himself called the revolt of the starving billionaires. According to Hitler, quoting, if the horrified people can starve on billions, they must arrive at this conclusion. We will no longer submit to a state that is built on the swindling idea of the majority. We want dictatorship, unquote. So Hitler was banking on people turning to the state and to a dictator, a leader, to bail them out morally, spiritually, and materially from what had happened during the inflation. Hitler, however, used more than fear to motivate his listeners. He capitalized on the self-contempt of those who had been swindled out of their property and moral values and whose sense of self had been shattered. He saw that the people like these had regressed to the immature state of adolescence and were ready to follow a leader, to reconstruct their own moral codes and personalities according to the artificial, collectivist, and nationalist ideal projected in the leader's twisted vision. And the leader, of course, is Hitler himself. Hitler addressed and chastised the German people accordingly. Here's what he said.  For only a childish people will accept million mark bills, and there were million and even billion mark bills at the end of the hyperinflation. Now, Haydn's insightfully connected Hitler's aim in his speeches on hyperinflation with the derangement of Hitler's own personality as a product of the same moral, economic, and social catastrophe of hyperinflation. So Hitler himself, his personality, had been shaped by the hyperinflation. Here's what Haydn said about the link. It was the artificial building of a new national character, a fake character, an attitude created in accordance with an artificial plan. The people dream, and the soothsayer, Hitler, tells them what they are dreaming. This continuous, domineering, yet intimate conversation with the people could only be carried on by a man, Hitler, who was people and enemy of the people in one, a torn personality who felt himself a trampled fragment of the people in his own downtrodden, miserable non-entity and rebelled with the people against his destiny, but who at the same time was convinced of the absolute necessity of trampling, coercing, and shaking the master's fist, unquote. So, Hitler not only utilized the theme of the degeneration and reconstruction of personality as a rhetorical device, he developed it into one of the fundamental principles of the National Socialist Philosophy.  Hitler went on to elaborate his vision of the National Socialist State, whose chief task he saw as educating and preserving the bearer of the state. Underlying the state would be a philosophy that, quote, builds not upon the idea of the majority, but upon the idea of personality. So what's Hitler getting at about personality? Well, personality goes from the authority from the top to the bottom, according to Hitler, and suddenly you realize what he's getting at. So for Hitler, personality emerged from the inventive ideas and creative actions of especially able individuals. But Hitler warped the principle of personality. For him, it pervades and organizes all fields of human endeavor, including thought, art, and economic life. He argued that the idea of personality is everywhere dominant, its authority downward, and its responsibility towards a higher personality. Hitler concluded, quote, the best state and state form, state constitution, state form, is that which raises the best minds in the national community to leading position and leading influence. Within a decade of the publication of these works, Hitler was to have his ideal state that would displace money and private property as a shape of human personality and society. So what Hitler was saying was that personality doesn't arise from within. It was destroyed when money and property was destroyed. It penetrates from without. It penetrates from the leader on down. And that was his idea of the state and of society. There was no difference between the two. Let me conclude. German hyperinflation is a concrete example of how the destruction of property affected human personality among a particular people in a given historical epic. Nonetheless, it illustrates a link between property and personality that is based on the universal principles established by praxeology, the same science of human action that encompasses sound economics, such as Austrian economics. In contrast, the mechanistic and hyper-mathematical discipline that is contemporary macroeconomics can never begin to grasp the full moral and social enormity of hyperinflation. Its narrowly specialized practitioners are not even conversant, these are the macroeconomists, with all the branches of economic science, let alone the closely related disciplines of history, sociology, psychology, and political philosophy. A working knowledge of the main conclusions of these disciplines, which Mises, Hayek, and Rothbard had, is necessary for an economist who seeks to fully explain the causes and consequences of a complex economic event, such as the German hyperinflation of 1923. As Friedrich Hayek pointed out, quote, no one can be a great economist who is only an economist. And I am even tempted to add that the economist who is only an economist is likely to become a nuisance if not a positive danger, unquote. So what are our macroeconomists telling us now? They want the dollar to depreciate at 2% per year. So they want inflation. And that is one step toward hyperinflation because once you've established the principle of having the money continuously depreciated and devalued, it's now institutionally set and it can be easily raised. So I will stop there. Thank you for your attention. Thank you.


Putin entrusts control of the Wagner Group to Trushev. Russian President Vladimir Putin met with Deputy Minister of Defence Yunusbek Yevkurov and former Chief of Staff of Wagner Andrei Trushev in the Kremlin. Military issues related to support for the participants of the military operations in Ukraine and the formation of voluntary units were discussed at the meeting. Andrei Trushev is a former aide of late Wagner Chief Yevgeny Prigoshin who was killed in a plane crash in August. Trushev was awarded the Hero of Russia Award for his role in supporting government's forces in Syria in 2015 and 2016 as Wagner Commander. Putin asked Trushev to oversee volunteer fighter units in Ukraine, the Kremlin said. Addressing Trushev, President said he could volunteer units that can perform various combat tasks above all, of course, in the zone of a special military operation, in reference to Ukraine. You yourself have been fighting in such a unit for more than a year. You know about the issues that need to be resolved in advance so that the combat to work goes in the best and most successful way. Putin said. Kremlin spokesman Dmitry Peskov told the RIA news agency that Trushev now works in the Defence Ministry. The Putin meeting appears to indicate that what remains of Wagner will now be overseen by Trushev.


Hello everyone. My name is Alberto Asquare and I can see some participants to the session. So just before we start, if I may get assurance that you can hear me clearly. I can see participants George, Maria and Ej and Richard, thank you for joining us. And I believe I shall we start him again. Okay, good. So welcome to this presentation of postgraduate programs of the School of Finance and Management of SOAS University of London. As I said, my name is Alberto Asquare and I'm a senior lecturer in public policy management, and I teach and convene an MSc program within the department, specifically referred to on campus program because the department also has a range of distance learning programs as well. Just as a way to start, if you like, especially as we are just a few of us may just ask, why are you here if there is any particular program of your interest that you had a look at or you just have a general interest towards towards SOAS. And I'm very happy if you wanted to either switch on your microphone, or as you know if you're familiar with Zoom, there is a chat that you can use where to type about your interest. So feel free, Maria, George, Jay, what is he just a Jay there on the screen. Jennifer, thank you. All right, public policy, finance and management, great. From your side, George, Maria, just wait for a few seconds in case you'd like to type anything. Okay, I public policy, finance and management. Oh, great. Thank you, George. And thank you, Maria, for the knowledge, international business. Okay, so I will deserve a bit of time to focus on these programs as well. And Richard A, I don't have any further hint, but I guess is it you, Richard, Alexander, my colleague, or are you a participant with a similar name? I'm not quite sure. I can hear, but I will just proceed. So this is a presentation intended to illustrate the postgraduate programs of the department, the School of Finance and Management, which is part of SOAS. So a nice way to start, possibly, is the one to introduce you a bit about SOAS and I don't know whether you are based in the UK, London at the moment or from overseas or any other city in the UK. The extent to which you may be familiar with London, you may know SOAS is a presentation mode. I'm happy to do that. I'm just afraid to lose part of the other windows with the presenters in the chat, but let's see. Does it work better? Okay, great. Thanks. Just need one second to rearrange a bit my windows so I do not lose the site onto the chat. So SOAS is located at the very heart of London, so it's in Bloonsbury with a number of other universities around and a very lively intellectual life. So we are part of the University of London and there on the slide, you can see Sinead House, the base of University of London, that kind of quite an impressing, dominating building on one side of the west side of Russell Square, and SOAS specifically is located on the right of that building, as you see it from the picture. Just orient yourself on the left of that building, that would be the British Museum. So we are quite nicely located in the centre of London. And the School of Finance and Management is part of SOAS University of London, as the name says, we are focused on finance management in both the private sector and the public sector. The department is quite well recognised and reputed both within the UK and internationally. It's a relatively small department as typically also SOAS is a relatively small university, could be like 3,000 students on campus and almost the same in distance learning mode. And that results in quite a number of advantageous features, like for instance relatively small classes, especially in postgraduate studies, which offer a very nice opportunity to get to know each other just in a couple of weeks time, and especially to have a frequent interaction between students and between students and the academics. This results in a number of features like immediate fast communication, intensive feedback to students, and therefore typically quite a way to help students to speed up their learning and also to network with other colleagues and with academics. So this is a try to narrate the spirit of how is it in the department, and then you can also see at some figures, some metrics which try to convey the extent to which this results in a good satisfaction from the side of our students. There are also testimonials and we share this one on the slide. And this quote from a former student is especially, I believe intended to convey the truly international spirit of SOAS generally. And so our classes are really quite composite with the students coming from every corner of the world. Really, we may have more than one or two students coming from the same from the same country. And I would say there is quite a number of students coming from the typical regions of interest of SOAS, so that is Asia, East Asia, South Asia, the Middle East, and Africa, both the Makhrab countries in Sub-Saharan Africa. But on the other hand, we also typically have students from the UK, continental Europe, from America, and so on. But on the top of what is the class composition, it is mostly the SOAS environment which is quite captivating. And a number of activities like, same in us, student societies, they offer the opportunity to relate to many interesting, you know, all over the social science. So SOAS is especially strong on some disciplines like finance management, public policy, but there also you find the humanities like literature, music, and so on. So just to share an example, a couple of years ago, I had a student originally from Somalia, but part of the Somali diaspora, and taking the MSc in public policy, finance, and management. But nevertheless, realizing at SOAS, there were also interesting modules like about, for instance, Somali literature. And he was quite interested to go and audit at least these modules as a way to learn more about his original culture and history. So this is just as a way to convey the richness of the intellectual environment that you can find at SOAS. Of course, undertaking a postgraduate study is also primarily intended to cultivate career prospects. And our students, we track what they do after their degree, and they end up working in quite a number of different entities. So in the banking finance sector, in multinational companies, in government, in consulting, NGOs, third sector. We have alumni from our students working in some among the main well-known, internationally well-known companies in the world or in governments. And talking specifically about the MSc public policy, finance, and management, which is the one I convene and just a bit more familiar with, for example, since a year ago, I established a LinkedIn group between students who then become alumni. And so therefore it's possible to see which are their destinations and some of them work in government either in the UK or in the government of the country where they're from. Others, they are in a consulting like Price Waterhouse Cooper, others went into charities and so on and so on. So we know there is quite a good placement of our students after they complete their degree. Part of it is also thanks to the effort of a career service within SOAS. They provide some ways to help students build up their skills, cultivate and present the RBCD access to databases of opportunities for internships and jobs. And therefore they have these venues also to help them search for opportunities and to send convincing convincing CVs. So generally, when a few final remarks concerning the feature of what we do, this slide is intended to help highlight where primarily research led university. So it means what academics do is primarily we do research, we aim to publish in top journals in our respective fields of interest. And that's typically stimulating also for teaching because we try to convey to our students the state of the art in the fields of our interest, possibly some specialized areas of our research. Just to mention an example within public policy and management, personally, I have an interest towards regulation and governance. Originally, especially started the area of infrastructure, like water transport, more recently, it became more interested in the area of regulation and governance of emerging technologies, you know, like the blockchain and cryptocurrencies or nano materials. But quite recently actually specifically published in the area of regulation of genome editing techniques and the opportunities they open up, you know, to provide improved medicine or to tweak and improve productivity of crops in agriculture. And so this area of studies result in quite a number of papers case studies that we also feed into what we teach in order to help students zoom into what is that they are very far front of scientific development and also of scholarship. And as I said earlier, this also results in a very tailored, I'd say, style, style of education, because of the limited students we have in class, we help students cultivate their interest. This may take shape in different ways. Students are invited to make presentations on a variety of cases, cases to discuss in the modules, but also students are required in the MSc to do a dissertation, which is an important component of the learning trajectory. The dissertation students can zoom on to a particular area of interest from poverty reduction to green finance, for example, together with the development of skills to collect data to analyze data in a high research quality standard and then especially to write in an academic style, which is quite helpful if in any case a student would like to undertake a career in academia, but also for any sort of research or policy report they may write in the future. And so there is this component part of developing a number of skills of data collection analysis and writing reporting skills, which are cultivated within our MSc programs. Just a few more words, and then I'm very happy to receive the questions from your side. And actually, if you like, as I zoom into specific programs which may be of your interest, just please feel free to either raise up your hand, switch on your microphone or to type a question there in the chat. I'm very happy to take it along the way, apart from questions at the very end. So at the present, we have four postgraduate programs in the department, plus also the PhD program, I can say something about that later on. And so you see we have accounting and finance, international financial management, international business and public policy, finance and management. I may spend a few more words concerning the last two of them, as I got from your inputs, this can be especially interesting for you. But as we are also recording this presentation, I spend a few words also on the other programs so starting from the MSc accounting and finance. So as the name says, this is a program concerning developing a relatively advanced postgraduate level and knowledge skills and capabilities concerning accounting and finance. So a few words here concerning the structure of the program. So all MSc programs are designed in the same way in the sense students take eight top modules plus the dissertation. So the workload of studies counted in credits, academic credits, and the MSc totals 180 academic credits, postgraduate credits. And as you see, but what students do is the dissertation, which counts for 60 credits. So basically about one third of the workload of study of students is actually taken by the dissertation. The dissertation starts roughly at about this time of the year, when students having taken a number of classes in the first term, which is in between October to December. They may start to think about what they'll be really interested to focus on to write a dissertation. And typically by December, they also draft a very tentative indication of the topics or a research idea they have in mind just one page, which they pass to department. And then department matches the interest of the students with the expertise of a specific academics. So academics specific academic place the role of the supervisor for the student in their dissertation. Number two, in all MSc programs students take the research methods in management module that you can find there on the slide among the compulsory modules. The research methods in management is precisely intended to provide the students all the knowledge skills capabilities they need in order to design and carry out a research. Starting from issues around epistemology and then around the designer of the research could be case oriented or variable oriented design techniques for data collection from quantitative methods or use of data sets service interviews focus group focus groups and so on. And then techniques for data analysis quantitative data analysis like regressions, structural equation modeling nowadays there is a growing interest towards machine learning for many purposes, or more tools of qualitative interpretive analysis. So by the end of term two by taking the research methods in management, the student will have all the intellectual equipment they need in order to start doing a data collection analysis and then writing up the dissertation. This rotation is to be submitted by the beginning of September. And so therefore, typically students spending between May to August as the period where they're really focused on on the dissertation. The scheme of carrying out the dissertation is pretty much a similar across all the MSc programs, but then every MSc program is quite specific in the in the modules students take. So you've seen MSc accounting and finance students take professional integrity for the accountancy and finance practitioner financial statement analysis, managerial accounting international corporate finance financial modeling techniques, plus one more module to reach the total of eight modules student can choose among the elective or optional modules, and adjust the refer your attention to the website information on the website, where you can find the detailed list of the optional or elective modules. As you can see modules are located some of them in turn one others in term two. And so 10 one in between October December roughly 10 to in between January to March, roughly, and typically students tend to, you know, spread out the workload so they may take typically for a total modules in term one and four modules in in term two. Well, if you have a question just please feel free to to ask or to drop there in the chat, because otherwise I just move on and describe the structure and the aims of the other MSc programs as well. So just the final words concerning MSc accounting and finance. I also highlight the program is accredited by the Southern Institute of Management Accountants. So it means part of the modules you take for this MSc also count as credits for their qualifications so in case any student is interested also to gain a professional qualification. So they may have already taken some more some credits, which come from that particular particular aim and so you see you get 11 exemptions from taking modules and exams for sign up professional accreditation. Next is the MSc in international financial management, as the name says here, the focus is on finance at the international or global perspective. Students take a dissertation on international financial management so the feature of the design of the dissertation are pretty much the same. I would add, if you like, typically from our side of academics to not really require students to do a dissertation on any particular topic. The dissertation is really intended to help students cultivate their interest. So you must really like what you do a dissertation on this may relate to your previous work or study experience to your present occupation to your prospective career. So the title of the dissertation on the CV can signal something about your interests and therefore you may select the strategically what to study in the dissertation what to do research on for your career prospects. So the dissertation in international financial management as you see there are a number of compulsory modules to take here. So risk management, again research method management as I said earlier this provides all the skills and needed to do the dissertation financial statement analysis for investors emerging market finance international corporate finance and financial modeling techniques. So here comes the MSE in international business. And again, as the name says here we switch attention from accounting and finance towards management and especially managing for running businesses in international perspective. The MSE I would say is especially focused not just with issues concerning how to manage multinational companies how to manage entities which operate across different countries, but especially how to be able to change perspective to acquire understanding of the specificity of different markets so a number of entities nowadays can carry out the business in many parts of the world could be in industrialized countries in parts of Asia, parts of Africa and so on. And it's quite plain that locally there can be specific features of institutions of culture or tradition and so on and so on. And so quite a lot of sensitivity is required in order to be able to understand business practice and to communicate effectively. And it is in this period that as you can see this MSE includes modules like international management, international marketing, international business strategy, and then the very features of multinationals and global global business, and among the compulsory modules international human resource management. On the top of these as it is a design feature shared across all MSE programs that are here as well as research methods in management and also doing a dissertation specifically in international business. Okay, here we counter five plus two, seven modules, students will choose one more module out of a list of elective or optional modules in order to actually two more modules because here there is a dissertation in order to total a number of eight top modules plus the dissertation. The final MSE program is the one which I convinced public policy finance and management, as the name says here the focus is on the public sector broadly. So how are policies made in government, how they are managed and how they are implemented and executed, how public sector entities are managed and how all of this is funded. So, apart from research methods in management and dissertation in public policy finance management here students that take modules like a public policy perspective issues and strategy, public governance accountability and transparency, innovation and organizational change, and then a focus on finance emerging market finance and financial modeling techniques, but on the top of these students can also take two more active modules, like fiscal governance, for instance, budgeting and performance, or even other modules taken from other departments. So you may have a look at development studies, for instance, or other departments across so as if there are any other modules which are taught there, and which can be of your of your interest. And, well, this is the coverage of the of the four postgraduate programs we teach in the department. I think I can pose for a few seconds, just to ask if there is a there is an equation. So I just ask if my here Jennifer George if you have any questions just feel free to ask. So hello, Shubankar, if I pronounce correctly thank you for the line in the chat. So you did your bachelor's in the commerce field where they had the finance and economic subject, but no public policy, am I eligible to apply and yes you are. Applicants, typically, they have a background, an educational background in social science, but broadly understood, so they may have a background in finance in accounting in economics in marketing, or in government and public administration. But by and large, any social science background is fine in order to take the MSc program. I would say it's a, if you like an issue which is pretty much on the shoulders of us as academics. We are pretty much aware of the variety, the diversity of students we have in class, starting from day one, not just in terms of educational background but also countries regions in the world, they come from. And it is our task actually to help students individually to get on board in just in a couple of weeks time and to fill they have their equipped they can understand what we explain and therefore to acquire familiarity in the fields. So I believe that she bank car, no worries about about the visa so certainly your application will be considered, and we will do our best to help you get up to speed in in a new field or area, even if that's relatively new to you. I may also say that, for instance, the area of public policy finance management is pretty much a classic. So typically may receive applications also from applicants without a social science degree degree, like medical doctors or engineers, but possibly they may have had quite a number of years experience out of working in the public sector, and therefore they may just search for such an msc, for instance, for a career start change. And typically we praise applications as a whole. We look at the background of the applicant their work experience, we look at their personal statement that that's quite important to help us appreciate where you come from, why you believe the msc program can be helpful for you. And if we share the understanding that this can be helpful for your career trajectory, you may get, you may get an offer. Every year I get in class students without the social science background, and typically they can be quite smart. I remember a biologist from Nigeria, this year I had a medical doctor from Yemen, for instance. And they may need some time to acquire, you know, the conceptual structure the lexicon the terms we use in public policy. And then they can also relate what we study what we research to their past work experience, for instance. Okay, so thank you for the question just a, just a type if you have any further question. Okay, and many of you, you must have a possibility to interact with the materials because I can see some funny lines that someone must be drawing on the slides but no worry about it to just take it as a playground for taking notes. So thanks if you have any questions, of course, just proceed and type anything in the chat or just raise up your hand, because otherwise I can just proceed with the presentation and share with you a few more a few more ideas. Thank you for your help to fulfill part of your curiosity towards the towards this presentation. So entry requirements, typically we require first of all good second class honours bachelor degree, but in a wide range of disciplines, as explained, if your degree comes comes from another country, we have some way to understand whether it is equivalent to a high to UK bachelor bachelor's degree. Some relevant work work experience is welcome. It's not an absolute requirement. However, so we also have students coming straight from undergraduate studies, for instance, and they just proceed with a postgraduate degree. It is required to demonstrate proficiency in English. So it depends. You could have already started in the past in a UK in England English speaking university, for instance. Otherwise, we expect you to submit a test that provides evidence of your knowledge of English, just to refer to the website about the details about which tests are acceptable and the score, which is expected expected that they are. Just if you like a few words concerning also the postgraduate research program that we have at SOAS, so the PhD program. If you are interested to carry out research and so to fully develop your skill skills to become a social science researcher in the future, you may consider at present or typically after a postgraduate study after an MSc program to apply for a PhD. There's a three year research program which may typically extend even to a fourth year. In the first year students, they strengthen their research skills further. So they take research method modules, they take part to PhD seminars, they interact frequently with their point to the PhD supervisor as a way to help them design a research. At some point here, a PhD piece of research must provide an original contribution to scholarship. So it means at the very end, the PhD thesis and all the byproducts of the thesis like for instance 234 research papers. They will be up to the standards for publication in academic journals. So it means they are really truly a contribution to advance the forefront of knowledge in a particular particular area. At the end of year one, students typically produce a literature review chapter, which helps indicate what is the literature gap, what is their intended contribution in a particular field. Here two typically is devoted to data collection fieldwork. So students may travel around actually if for instance they need to collect the first hand data like interviews in particular countries. And then here three is typically devoted to writing up the thesis, which comes in the shape of about 80,000 words. So quite a monograph, if you like, quite a piece of work, which is then examined by external examiners and defended in an oral, oral vibe. Okay. So if you have any questions also concerning the research program, just feel free to type in the chat to just switch on your microphone, or feel free to contact me or any other colleague in the department, depending on the area of your of your interest. There are very more slides to touch upon a few other parts, possibly of your concerns. So one is about funding of these programs. Some students may have a private personal family sources of funding others they may be supported by various scholarship schemes. And there are, there is a page, a web page within a source website, you can easily Google it, which is a mapping out all the various scholarship schemes which are available and the corresponding links and deadlines. So I may just invite you to consult the search and consult these web pages, especially because a number of course typically are open at about this time of the year, and the deadlines could be in just months into the future. And therefore, it could be the time to prepare and send out applications. Every scholarship schemes, they may have a certain requisites so they may especially addressing students from a particular country of origin or particular background or particular areas of studies. So it really depends. I invite you to do a bit of a search. They are concerning whether there are scholarship schemes to which you are eligible. Okay. And of course there are also PhD scholarships, which are which are available. If you need some consulting also you find the on the slide the website of my colleagues in the scholarships team, if you need any any advice or explanations. Okay. So that's, that's about all of that I aim to say possibly just as you see here in the slide that is a mention to the difficult time of the COVID COVID-19. So a couple of years, academic years, back in time in the very middle of the year, we quickly adjusted the way in which we delivered our teaching by making use of online platforms and scenario persisted last year when we delivered our teaching fully online. At the present, we are in a hybrid mode. So currently this term I teach modules in the MSc and the lectures are done online, but tutorial classes are done in person. And the main reason of the policy is that lectures could gather a number of individuals in the same classroom up to the number of 100 possibly for undergrad students. And so it's safer to keep social distancing and doing it online. But the tutorial classes are typically done in smaller groups. So up to say 15, 15 individuals. And because of the size of the rooms precautions and like keeping windows open and the whole and keeping masks, they felt felt as safe to carry out a face to face in interaction, which of course adds to the experience of students and immediacy of communication on the top of these large part of the on campus life resumed. And so therefore we also have office hours, but nowadays we can hold equally well, either in person, but sometimes we have discovered for everyone possibly sometimes also for the same students is just convenient to have a quick chat online. And so therefore we become quite flexible. I believe in this respect by using a number of media to interact with with each other. Okay. It's the future is quite uncertain, of course. So, in the next term, we will persist with this hybrid format. If you ask me frankly, I do not really know how scenario will be in October 2022 in the next next academic academic here. Okay. I believe I told everything which was suggested by the slides for the presentation, but I'm very open to questions. If you believe that could be something I forgot to mention. If there is any anything specific, you'd like to know about the design of the programs, the way in which they work, what to expect if you become a source of student and and so on and so on. So, so thank you Zoe for this question. So, you may join later have you spoken about the part time distance learning programs yet specifically interested in public policy and management. Thank you for the question. So just a few words concerning first distance learning programs and then the part time feature. So generally about the part time feature that's open also for on campus programs. So if you want to be an on campus student, you can take the MSC full time in one year time, or because of whatever reason for job commitments family commitments, you may also take it in part time mode, which is taken over two years time. So it means the workload during term time is basically half. So basically, in every term students in part time mode on campus, take two modules per term two top modules per term, rather than four. I have every year I have typically one or two students in class who take the on campus MSC in part time mode. On the top of these, the School of Finance and Management offers, I believe, eight distance learning MSC programs, and especially they are delivered by means of a dedicated to the unit, which is called the settings, the Center for Financial Management Management Studies. So I just refer you to the website of settings. If you wanted to know more about about these. I have an issue with the cursor on the screen. Help me share the details of the link and sharing screen is appeared. So concerning these MSC MSC distance learning programs. So they are designed in a different way, but the on campus ones. So talking specifically about the MSC public policy and management, the design of this program is to take six modules. And this can be all of them thought models or students at the option to take a four thought modules, plus the research method module plus the dissertation. So the first difference in between the distance learning distance learning MSC program and the on campus program is that in the distance learning. program. First of the models are six and not eight plus the dissertation. Second feature is that the dissertation is optional. So in distance learning mode, you may take you may complete the dissertation. You may complete the MSC by either taking six top the modules and that's it or if you like to take the dissertation instead of one of these thought models. The programs are designed to be part timer by default. What they mean is that in distance learning mode, the MSC by designer can't be taken in just one year time. The main reason is that distance learning programs. We know they are designed to meet the need of students who may be typically working. I believe like 99% of our distance learning students, students they do work at the same time. And they find it convenient to take the MSC in distance learning precisely because of this reason, not just because they're busy but also because they're not in the UK. And typically a number of them they may even expect to travel over the course of the MSC depending on the nature of their of their employment. Okay, so by designer they're in distance, they're a distance learning programs in part time mode, students are expected to complete in at least two years time. And the most of our students, they typically complete in about two and half, two and half years. The design of distance learning program is quite different from on campus program. It's intended to be a bit more flexible, especially in order to meet the different needs of the distance learning a student because of work and family. So instead of having two total terms, plus the time for exam and dissertation, we have four study sessions per year. And so students, they just to take one module for every study session. So they never really overburdened by taking more than one module at the same time. Okay, these are just a few main features concerning the design of the MSC distance learning programs generally concerning the public policy and management. It does include the pretty much the same teachers or what we teach on campus so students can take modules on public policy or public management or public financial management or various combinations. So the program is quite flexible to let students adjust which modules they're interested in, depending on their background and their interest. And thank you, Imogen, for sharing the link in the chat. Please refer there for details. I'm very happy to receive questions by email, if you have also later on. Okay. I take a few questions from Maria and George. So from Maria, you are reading the entry requirements for the MSC international business. It says that it's open to graduates from any discipline. I'm about to go to the University of Bologna in the field of language and literature. Am I eligible to apply? So you're correct. As I said earlier, the MSC programs are quite open to understand applicants. They may come from a very diverse background in subject areas and from countries, regions in the world. The basic idea is if the application is from a stronger student. So it means good marks in their degree. So the good marks are quite a good signal of the skills of the student and therefore to make us inclined to believe that the student can quickly pick the specificity of a relatively new area of study. And therefore, good marks are in any case a good signal from whatever disciplinary background you have. My personal advice, however, is to write a very good personal statement, which helps to really understand how is it that can be a shift from language and literature to international business. To explain how is it and I believe it can be well grounded. How is it a knowledge on generally communication you may have developed out of your first degree could be expanded towards communication specifically in the context of international business. Okay, to help appraise and understand how is it that this makes sense for your career to move from language and literature to an MSC international business. So George, thanks for the question, how will the school help the foreign students adapt to their new environment where they begin the study at SOAS. There is quite a lot of adjustment as you may expect George, in order to pick a little bit of a passive knowledge, which goes when we find ourselves in a new cultural environment in a generally just in a different environment like a new a new university. And on campus activity does help quite a lot.  So starting from lectures and then talking to other to the peer peer students, having meetings one one to one with the teachers with your appointed academic advisor, you will have that can be quite quite helpful to help the students get on board with the way in which things are done. So there is within SOAS support from students well being service. So occasionally students they may even struggle with practicalities like how to settle to find an accommodation or possibly sometimes to move from one accommodation to another one, if the first one was a bit original. And they may find at SOAS also some administrative resources to consult the students and to provide advice about how to navigate in an environment like London generally not just at SOAS. Okay, so so we are pretty much aware of the state of, you know, coming to London. Some of many of us come from similar experience I mean originally I'm from Italy, and they found myself when I was 24 to start an MSc at the London School of Economics, just the very early years to be abroad and to find you know to cope with accommodation, paying fees and the transport and so on and so on. So we can, we share we've been on the same boat in the past, some of us at least. So the question again, thank you from Shubhanka, is a three year long bachelor course with a good score enough to substitute a four year long bachelor to be able to apply for the MSc at SOAS. To say really, it depends where this bachelor was taken. So I can't remember all the various criteria for equivalence in between a bachelor's degree which has been taken in any country in the world with the UK bachelor degree. So just generally, what I can say is that a number of countries, three year undergrad degree is equivalent to the bachelor's degree in the UK. But I remember there are some countries instead where a three year bachelor degree is not quite equivalent to the three year bachelor degree in the UK. And so therefore, if the application is weaker, this may be rejected, or the applicant may be offered to take other courses before being qualified to apply for the MSc. But I can't say anything more detailed than this really. I would invite you to contact the mission office to present your case and to explore whether the bachelor you had attained is equivalent to the UK bachelor one, or if it is not what you need to do in order to fully qualify for application to the MSc. So I pose for a few seconds just to wait and see if there are any questions. Good. Well, I hope that's fine, just to try and share a bit more of what we do really. As I said earlier, I am in the very middle of teaching in the first term. I have all the students are quite busy with doing readings on various topics from how is it public policies are made in government. So what are the tools for green financing in order to help the government scope with an energy energy and technological transition. We have discussed the issues recently concerning increased public debt in many governments and how they can cope with it. Or we may have discussed the role of foreign aid for a number of countries and how possibly because of the effect of the COVID-19 in some countries could be less generous than in the past in extending a foreign foreign aid. We have discussed the recent issues concerning the digital government and governance. So just to share with you a number of, you know, quite lively, relevant issues in nowadays societies and in the economies, which are part of what we teach and discuss. So we are in university we share with students a lot of theories and methods. So theories concerning explaining how finance management government work and the methods about how to analyze what they do. But on the other hand, we are pretty much aware of the importance of practical skills. So we also help our students to develop skills like how to carry out an interview, how to organize an administrative focus group, how to write concisely, persuasively, if they wanted to make a claim a point about a new policy to be to be adopted and and so on and so on. So there are also a number of practical transferable as it is told transferable skills that we try our students to develop over the course of these of these programs. Okay, well, I have the field to stop here from my side and no other idea comes to my mind about what can be really interesting or relevant to share with you, but we have a few minutes left. So if you have any questions just please feel free to share there in the chat. Well, okay. So I believe not really anything to add from my side. What do you think I'm again shall we bring the session to the end. Yeah, sure. Great. Well, but finally, first, I'd like to thank you very much. All of you for your participation for your attention and for your questions. Please feel free to to to get in touch with me, especially if you're interested in the MSc public policy finance management, or my colleagues, especially those who are convenience of the MSc programs of your of your interest. So Dr. to Lola, well, concerning the MSc accounting and finance, Professor Victor. He's also the chair of the Center for Global Finance attached to the department to the School of Finance and Management, Dr. And depending on the MSc program of your of your interest for sure will be we will be very happy to hear from you and then to pass any advice concerning your application or to explain more about how the MSc programs are structured and work. So thank you. Thank you very much. I hope to hear from you or to meet you at so as at some time.


If we take this suggestive form and look at the term on the right and divide the top and the bottom by c squared, we get this. Pause the video now and give it a crack. If you're still having a bit of trouble, come back and watch for another hint. So the second term there we can write as gamma squared. So we have an expression for ta in red, an expression for tb in blue, and we have a relation between ta and tb in black. See if you can combine these three.


Hello friends, I am Sanjay Gupta. In this video, I am going to demonstrate you how you can use set color functions available in graphics.h header file to display different background colors manually or automatically. Before starting, you can subscribe my YouTube channel by clicking on the link which is available at the bottom right corner of this video. You can download my app Techimus that is available on Google Play. You can connect with me by following these details which are available in front of you. Now coming on to the topic, first I am going to include a header file that is graphics.h another header file conio.h then main function inside main function first variable is gd then gm and i gd stands for graphics driver gm stands for graphics mode and i will be for loop counter gd is initialized with detect so it will automatically detect the graphics related requirement now to initialize graphics I am using init graph function and passing three parameters first parameter is graphics driver second graphics mode and third one is C, T, C and BGI this is the path for graphics library now I am using a for loop loop is starting from zero and it is repeating till 15 so whenever we want to apply colors colors are already defined in graphics.h so first I am searching colors which are available in graphics.h so you can see color constants are defined as name black, blue, green, cyan, red etc and these colors have an integer values starting from zero to 15 so I will be using these integer values to display background colors so I am passing i inside set bk color so initially it will display zero zero is for black then one two three and till 15 inside for loop I am using get ch then close graph function and then return zero right now this program will work manually I have to press enter key to change the background color because I have used get ch inside the for loop so I am executing it it is showing black color now I am pressing enter key it has a change to blue again I am pressing enter key color has changed so I have to press any particular key from the keyboard if I want to change the background color so you can see colors are changing as I am pressing the keys you will feel it why you will be implementing this code in your system so it has terminated now I have to convert this manual sorry this this manual process into automatic process so I am removing this get ch and I am using delay delay is a predefined function which holds console for some time moment and when that time moment is over then a process will be resumed so I am again executing this code now you can see it is changing automatically I haven't pressed any enter key if you want to increase the time you can increase delay arguments value now this time you can see it is changing slide slowly so this is the automatic process through which you can change the colors of your background screen I hope you have understood how you can use set bk color function to display different background colors both manually and automatically and I have also shown you the list of colors which are available along with their numerical values I hope you have understood all the concepts which I have explained if you want to watch more programming related videos you can subscribe my youtube channel thank you for watching this video


Hi and how are you all today? I am Priyanka and let us do the question together. The question says you know that 1 by 7 is equal to 0.142857 bar. Can you predict what the decimal expansion of 2 by 7, 3 by 7, 4 by 7, 5 by 7, 6 by 7 are without actually doing the long division? If so, how? So let us proceed on with our solution. Now I will tell you how you do it. We are given the value of 1 by 7 as 0.142857, isn't it? Now we are required to find the value of 2 by 7. Now what is the difference between 1 by 7 and 2 by 7? We have just multiplied 1 by 7 by 2, isn't it? So here also we can multiply the answer by 2. The value which is given to us, we will just multiply it by 2 and we will get our answer. So it is equal to 0.285714. Right? So this is how you will do the required question. Proceeding on to the next part also. Now here we are required to tell the value of 3 by 7. So it will be equal to 3 into 1 by 7, right? So 3 into this value of 1 by 7 which is 0.142857 bar and that is equal to 0.428571 bar. Similarly, we will proceed on by finding the value of 4 by 7, 4 multiplied by the value of 1 by 7 given to us in the question and the answer comes out to be 0.571428 bar. Proceeding on further, 5 by 7 is equal to 5 into 1 by 7 that means 5 multiplied by the value of, yes, 142857 bar that will be equal to 0.714285 bar. Isn't it easy? And now let us proceed on with the last and final part that is 6 by 7. That will be 6 into 1 by 7 and proceed on with the same procedure as we did earlier also. We have the value as 0.857142 bar. So this completes the entire question. We found the value of 2 by 7, 3 by 7, 4 by 7, 5 by 7 and 6 by 7 and so on. We can find any of the further values if we are given the value of 1 by 7. So this completes the entire question that was given to us. I hope you enjoyed the session and found it interesting too. Bye for now.