another edition of Thinking Things Through, Critical Thinking for Critical Times. I'm your host, Michael Sukoff. Today, we complete our three-part Project Sensored Special. Last month, we talked with Peter Phillips, former Director of Project Sensored, and Andy Learoth, the current Associate Director. Today, we are pleased to have with us Dr. Mickey Huff, Director of Project Sensored, a non-profit media watchdog organization. We're going to be discussing Big Tech, corporate media, and the news. What's wrong with today's US news media? Welcome to the show, Mickey. Hi, Michael. It's a great opportunity to be with you. I am very appreciative. So, and I hear this is the third installment for Project Sensored. So, I feel very fortunate that you are showcasing our work. So, thank you very much for that. You're welcome. And this will be the capstone. In addition to being the current Director of Project Sensored, you also are President of the Media Freedom Foundation, which is a non-profit corporation that supports First Amendment organizations and investigative research. You are also Professor and Chair of the Social Science and History Programs at Diablo Valley College in Pleasant Hill, California. And finally, you are also a host of the weekly Project Sensored show on Pacifica Radio in Berkeley, California, which also airs on some 50 stations from Maui to New York and online everywhere. And in the interest of full disclosure, I was a co-host with you on the Project Sensored show in 2018. Mickey, is there anything you'd like to add briefly about your background and interests? Well, I think we can just jump right into the conversation. That stuff will come out. I have several books out this year related to Project Sensored, including Project Sensored, that overlap with the theme here on critical thinking, critical media literacy, conflict management, you know, various things that we seem to, we don't have prioritized enough in our society. So I'm looking forward to our conversation, Michael. So as we've discussed on this show, and I've discussed with you, thinking things through, this show seeks to help viewers and listeners to learn to think critically about important issues in the world today by showing them ways of looking at and thinking about these issues from alternative, more critical perspectives. And we've talked on previous shows what I mean by critical, but we don't need to go into that now unless it comes up in the course of our conversation. So this includes learning how to question the ways in which these issues often are presented to and framed for us by the mainstream media and that notion of frame may be something that'll come up in our discussion. So before we begin, Mickey, let's talk a little more about what Project Sensored is, what it does and why you think what it does is important in our current media climate. Thanks, Michael. Project Sensored is the longest continuously extant media watchdog, if you will, in the United States, founded in 1976 by Carl Jensen, background in sociology and communications, also came from a media background, journalism background. He founded the project at Sonoma State University in 1976 as a class question, basically a class project that turned into Project Sensored. And the question, a very critical one, if you will, came from the coverage of the Watergate scandal and Jensen, who fancied himself a pretty savvy media character for the early mid-70s, he, like many Americans, looked at Watergate as a phenomenon where the media was very useful in helping break that story, right? The legacy press, the establishment Washington Post, right? Here we are 50 years on with Woodward and Bernstein, people celebrating the watchdog nature of the free press and how it can work. Curiously, however, the critical element of this is Carl went back and looked and realized that there were more media outlets, independent alternative media outlets that were actually onto Nixon's corruption and covering a lot of Nixon's corruption prior to Washington Post really digging in to the Watergate series. But of course, it's the platform of the Post which got a lot of attention, which is laudable. That's what the free press should be doing as a fourth estate, holding those in power to account. But Jensen noticed that it was also an opportunity to point out how the media scoops each other. And he wanted to start a class exercise and investigation. How many stories do the legacy press miss? How many are delayed? How many do they never get to at all? I just want to hear a few for a second. What is a legacy press? So we're talking about the establishment press, legacy press, corporate media. This, Michael, is what most people refer to as the mainstream media. The reason we don't use that term at Project Censored is because there's nothing mainstream about six corporations that control 90% of the outlets that people commonly use. It really, in other words, that really riffs on the problem of media ownership. Who owns it? How do they use the alleged public airways? How does advertising play a role for media profits to run as a business rather than as a public service? Who are the newsmakers and shapers? How does negative feedback or flag effect that? And what is the ideological bias of those who own the press?  And you'd be right. That was Ed Herman and Noam Chomsky's propaganda model from Manufacturing Consent of 1988, 12 years after the founding of Project Censored. But Carl was asking these questions early on and he had a whole class then that was formed that was Project Censored. And then you would have students investigate the independent press to find out what the corporate media, the mainstream media, what were they missing and why? And I just wanna mention, we are gonna get into some definitions of terms, including propaganda a little bit later in the show. Okay, well, great. So as I understand it from your website and could we please show the Project Censored website address on the screen for our viewers. So part of Project Censored's mission as I understand it is to expose and oppose news censorship and to promote independent investigative journalism, media literacy and critical thinking. Now let's unpack all that a little, okay? To start with, let's talk about what quote news on quote means. How do you define it? And how do you distinguish it from some of these other terms like propaganda opinion or even what used to be called infotainment? Well, that's a fantastic question to unpack. And given that we only have 20 or so minutes left, we'll try to give shorter versions of those answers. Of course, we've been writing about these problems for decades. We do an annual book, the weekly radio show, more stuff housed at the website, projectcensored.org, documentary films, other sidebook projects including with city lights, Rutledge, other academic work. So this is a huge topic. What is news? And what's the difference between news and propaganda? Well, I guess that depends who's spewing it and who the audience is. News is supposed to be timely. It's supposed to be factually supported and transparently sourced. It's supposed to be relevant to the audience for which it's intended. It is supposed to inform audiences, not attempt to sway their opinion or change their beliefs. In other words, objective news media journalism which doesn't really exist is a model that comes out of the 20th century. Let me interrupt you for just a second just for our listeners and viewers. So it sounds like the way you're defining news is information. It is supposed to be information that is usable by an audience to govern its own affairs. The reason that the Congress, that the early founders in the Bill of Rights decided that the press was so important that it needed to be protected in the First Amendment was because if you're going to even have a pretense to self-governance, you have to imagine that people have access to accurate information to be able to digest, discuss, debate and even push back on key issues or ideas of any given time. And so that's why the founders worked in all. We could have a dozen other shows on their problems but they had the foresight to understand that an informed populace was necessary in order for the experiment of the Republic to move forward. And as we've had changing technologies we've had changing challenges. We've had different challenges. The early part of the 20th century which is seen as a heyday for muckraking or investigative reporting is the same time as the golden age of the penny press, the tabloid press, the rise of the Hearst empire. We talk about monopoly media and billionaire media and nowadays whether it's Jeff Bezos, Elon Musk, whatever there's nothing new about this. It's gotten worse but this has been the pattern. And one of the counters to that pattern is to try to make news media conform to certain ethics, ethical codes like the society professional journal has put forward. And objectivity was always one of those goals. And now none of us can be perfectly objective of course but the goal was is if we practice journalism in a way that is informative, that outlines conflicts of interest that gives audiences disclosures that doesn't hide financial interests that really just tries to, well, look some of the slogans in our corporate media now, their propaganda, they pretend to we report you decide over at Fox or CNN which dressed a name in news or Washington Post, democracy dies in darkness. The idea that journalism shines a light to the dark spaces. What we see however is when we analyze media critically which is to understand the power structure behind it is that most of these media outlets have agendas they merely try to mask them under the guise of being mainstream so that people will accept their biases uncritically and will then just debate about whatever the sort of narrow winnowed idea of democracy is where the independent alternative press is reporting outside of that bubble if you will or that winnowed center and so this is what it means to be critically media literate and in a nutshell all the work we do curricularly in our educational program at some 20 campuses and we've influenced programs in other countries the root of it is to be a critically media literate citizen so you can be a civically engaged person in a purportedly free society it is a necessary component and as you mentioned earlier Michael about infotainment, garbage in, garbage out without a functioning free press we do not have a functional democratic republic. I'm glad you're making that point early on we're gonna be discussing that later but in case we don't get to do it justice I'm glad we're bringing it up now well let me drill down a little bit with you so you've basically defined what news is ideally what it is and then you've mentioned infotainment and propaganda so what are the differences between these three because if I would guess and I think I'm probably on target that if I just picked any person off the street and said, well, is MSNBC propaganda and most people would probably, oh absolutely not but you seem to be in digging a little deeper saying something quite different so and I know there are shades of gray here so what's the difference between the ideal of news and propaganda and what are those shades of gray that we see today? That's a fantastic question and I suppose again the people that watch MSNBC or read the New York Times they're less likely to see those sources as problematic they're less critical of things where they find agreement which is the product of confirmation bias we talk about cognitive biases we talk about critical thinking tools, fallacies we teach all of these things as part of critical media literacy Fox News you ask the average viewer about Fox News depending you'll say all of Fox News is total right wing propaganda unless you happen to be a devotee of Tucker Carlson and then you see him as one of the only truth tellers in a forest of liberal lies so propaganda is any kind of information that has as its goal persuasion basically it wants people to come across in agreement with whatever its message happens to be now the difference is his objective journalism is there to inform people and if those facts persuade people to whatever conclusion they come to so be it but the journalist shouldn't be tethered to the outcome the outcome is to provide information in historical context propagandists are different their intent is to get adherence by hook or crook whether by deception or truth the best propaganda going back to the French theorist Jacques Elul talks about propaganda the best propaganda is true because you don't have to change any of the information right you just you say something that's factually true to an audience and they believe it and if you want them to believe you the intent is still propagandistic but deception wasn't necessary now we have different degrees of propaganda white propaganda, gray propaganda, black propaganda propaganda scholars have studied this for decades and this is where things get as you mentioned gray Michael this is the devil's are in the details right always and it's the intention to deceive no go ahead if the intent to deceive which is the bigger problem than anything we all make mistakes misinformation is me passing along erroneous information without my potential understanding that I'm doing so I'm a conduit of a falsehood but I didn't do it with the intent to deceive disinformation is deceptive the intent is to deceive an audience and deception and disinformation we usually involve some degree of censorship we don't want people to know the full context we don't want people to know all the details because if they did they might ask questions and then they would be harder to propaganda okay I have a question for you I understand what you're saying about whether or not the intent is there but here's an example Fox News, MSNBC, CNN the newscasters who are on the screen or that we're listening to they may not have the intent to deceive or propagandize but what about the forces behind the scenes that are creating the frame in which they're presenting what they're presenting and what they're presenting is not always the whole picture the frame is propaganda itself because it automatically includes and excludes information that may be germane to the discussion, the topic at hand and I mean again, while I find it hard to believe that these people that make millions of dollars don't understand that they're doing the bidding of their owners, it's fascinating though like you take the show like Meet the Press, Chuck Todd once upon a time actually said out loud in an interview that he can't ask tough questions of his guests because they wouldn't come on well that's one of the third tenants, third and fourth tenants of the propaganda model that you work with newsmakers and shapers so that they'll come on your platform other networks won't scoop you you get more eyeballs for advertisers everybody wins quote unquote, that's not true the main loser is us, the viewer, we, the people and it's very important to question the frame now look Michael, the frame is often visible, right because you don't, MSNBC and Fox, you don't come there and they don't say like well, here's what our biases are here's what our conflicts are and here's what we're not going to tell you they don't tell you that because if they did, they would undercut the efficacy of their brand with their viewers notice I'm talking like a marketer I'm talking like a marketer now why are you doing that, Mickey? Well, because that's what's taken over journalism if you go back to 1960, A.J. Liebling who wrote for the New Yorker he used to have a column called the wayward press and in one of the columns from May of 1960 he wrote a stellar column called do you belong in journalism and the whole angle of it was aimed at this principle the best way to guarantee freedom of the press is to own one and so he pilloried the owners of the press of his day the shrinking size of the ownership class and why it was problematic in our system that journalists had to be business people in order to get a platform or that business people hired journalists to tell the stories that well happened to accompany their beliefs, their value those of their shareholders and advertisers and so that is the unpacking of the frame that is so crucial to understand which is why there again corporate media is a voice for corporate interests if not mainstream in terms of main street values now where it overlaps with those may help its audience but that's unfortunately not the prime mover or prime driver behind content production All right, wow there's so much here to unpack and we're fast running out of time so let me just move you forward a little bit could you say a little, okay you've used the terms critical media literacy and democracy both as being objectives of project sensor on the website so what is critical media literacy let's pull that apart for our listeners and viewers well to be critical doesn't mean to be negative it means to and you're a sociologist by trade so you think this way as a matter of course so I mean this is a default for a sociologist, right you wanna, what's behind the system what's behind the structure what's the power hierarchy and in many cases these are very invisible, right and so you have to interrogate systems of power who do they represent, who do they not represent who is marginalized intersectionally how do issues of race and gender and class play out in the power dynamic and now when we're adding media into this it means that we're simply asking all of these questions in our interrogation of the power structures that control media which happened to be major corporations that operate privately for for profit even though they claim to operate the public airwaves in the interest of the public well, that's been shown again and again and again tome after tome after tome decade after decade to be well-intentioned but not true and so the best we can do is fairly and honestly equally interrogate all forms of media across the spectrum in a way that gets us an understanding about what we're getting when we tune into or read a particular source. And what that understanding is what you mean by literacy? Yeah, that means that is the development of a form of literacy about the news media that means you know what you're getting when you go to the New York Times and you know what you're not getting and by the way, Project Censored makes it a point to be critical and affirmative and I know my colleague Andy Lee Roth talks about this a lot it means we will critique the corporate media when they censor, when they distort, when they leave things out but we will also affirm when they do stellar investigative reporting because they have the resources to do it in a meaningful way. We will also affirm independent alternative media sources when they do journalism in an ethical transparent way such that it can be an example to inform how corporate media could operate its affairs if it weren't so beholden to so many other interests. And that's where the devil gets back into the details and we highlight a top under-reported list every year since 1976 in our books. We've been publishing a book a year since 1993 with seven stories press now partnered with Insert Press Project Censored State of the Free Press 2022. There's the cover Andy Lee Roth and I editors Daniel McLean from the Society of Professional Journalists wrote the foreword to that talking about the importance of independent media independent journalism. And right there, Michael at the outset you can what we do is we talk about the state of the free press. What are the challenges that we see journalists facing? What are some things that are being done about it? What are some top stories that the indie media covered that the corporate media hasn't gotten to yet or may not? Independent media, right? So we highlight what we think are the best stories in independent press. We have 30 judges that are media experts, journalists and scholars. We vet hundreds of stories through 20 different universities. This is an academic curriculum based on critical media literacy that goes through professors and students research and vet these stories. So all along the way, this is a didactic process. This is an educational project. It's not just about me getting on the radio or us talking whatever our smack is about what we think is most important. This is all vetted. It's fact-checked. It goes through a balloting process. It's a very detailed thing that you can see on our website. We outline it. We're very transparent at projectscensored.org. How we do these things, how these decisions are made, how people can nominate stories. And we think the project is, and we got this through Carl Jensen and then through Peter Phillips. It is a walk the walk project. We practice what we teach, right? And that's what I think makes us different than a lot of other watchdog groups like fairness and accuracy and reporting. Who does a great, they do great work, right? But we do something that is a little different. And I would say deeper because we're not just trying to tell the public, hey, this is wrong. We're trying to teach the public how they can begin to interrogate media on their own. And they may even become critical media producers. Yes. Consumers, right? And that's very important. Yeah, I need to stop you because we unfortunately need to move towards wrapping up. But as we do, I'd like to show the cover of the forthcoming book called Media and Me. We just did that for young people, 10 collective authors with projects censored, including Andy and I and Nolan Higdon and Allison Butler and then Boynton and others. Yep, that's coming out this October and it's written for young people. So people that are in junior high, high school, first year of college, people that are just saturated in media, there's no media literacy curriculum in the United States. We have no common core media literacy curriculum. We have, if you're lucky to get it, it's because of the teacher and we're trying to change that with workshops, curricula, this textbook. And we're actually going, Michael, we're going to be making copies available for libraries and schools as the result of a grant for free this fall. So if you're a librarian and educator or teacher, get ahold of us at mickeyandprojectcensor.org or through the censoredpress.org. We wanna hear from you because we want you to have these sources to help teach people in your schools. And by the way, for the information of our listeners and viewers, we are going to have Andy Lee Roth back on this program, probably sometime in the next two months to discuss that book. That would be fabulous. And we have nine other authors that would love to come on with you and talk about any facet of it. So anyway, Mickey, like I said, we're almost at the end of our time together today, but in closing, I'd like to ask you, given everything that we've discussed and that you've said, how can citizens of whether it's of Hawaii, the United States or of the world make a difference in their lives and the lives of other people at home and abroad using the kinds of tools you've just been discussing? Briefly. Well, we think education is its own form of activism, critical pedagogy. We think that education is a form in and of itself of civic engagement. And so one of the books we did this year from Routledge, Let's Agree to Disagree is a critical media literacy and critical thinking communication primer aimed at conflict management in our very contentious political climate where we offer nuts and bolts, how-to's, constructive communication patterns, the importance of empathy.  And we are available to do workshops. We're available to provide curriculum. We're available to, we're available to help in any way we can. So if you're somebody that's interested and concerned in these issues and these challenges and the rise of censorship and how critical media literacy is a better approach to try to contextually inform people about things they don't understand or don't like, then feel free to contact us, projectcensored.org. We would love to hear from you and we're really, really honored to be on with you. Professor Michael Sukoff, we're very honored to have been able to have experienced your work. And we appreciate your work as another example of the kind of things media literate citizens do. They contribute back to society. They wanna help lead difficult conversations and they wanna change things for the betterment for most people. Well, thanks. Thank you very much, Mickey. And thanks for joining us today. I just wanna mention again that if you're interested in more information about Project Censored, you can either go to the Project Censored website or communicate with Mickey directly at mickeyatprojectcensored.org. Again, Mickey, thanks so much for joining us and we'd love to have you back sometime soon. All my pleasure, Michael. I really appreciate what you're doing and we're always grateful to have the opportunity to talk to you and new prospective audiences. So good to see you. Wonderful, thanks so much. This has been thinking things through. Critical thinking for critical times on Think Tech Hawaii. I'm your host, Michael Sukoff. Thanks as always to our engineer, Haley Ikeda, the rest of the studio staff and much appreciation to Jay Fidel. And I wanna encourage our listeners' views again. I would love your feedback about any of the shows that we're doing. Please contact me at Hawaiiiscalling at gmail.com. If we could put that up on the screen, our engineer. And please join us again two weeks from today at the same time, wherever you may be. Mahalo. Thank you so much for watching Think Tech Hawaii. If you like what we do, please like us and click the subscribe button on YouTube and the follow button on Vimeo. You can also follow us on Facebook, Instagram, Twitter and LinkedIn and donate to us at thinktechhawaii.com. Mahalo.


In this study, it was found that major depressive disorder, MDD, patients with comorbid glucose metabolism abnormalities, had a higher prevalence of abnormal lipid metabolism compared to those without such abnormalities. Furthermore, thyroid hormone function and BMI were identified as independent risk factors for abnormal lipid metabolism in MDD patients with comorbid glucose metabolism abnormalities. This article was authored by Kuan Fengzhu, Guo Junjiang, Xiao Yilang, and others.


In this presentation, we will take a look at multiple choice questions related to corporations. First question, vote to declare and pay a dividend a date of dividends, b date of declaration, c date of record, d date of payment, and e date of liquidation. We will go through this again using the process of elimination in order to narrow this down. Vote to declare and pay dividends, a date of dividend, maybe sounds nice to have the two D's in there sounds interesting, B says I'm going to keep that for now, B says date of declaration, again also sounds pretty neat sounds like it could be the case if we're going to declare something and we're declaring dividends and it's either the date of the dividend or the date of the declaration. So those two sound reasonable, C says date of record, you know it could sound reasonable as well I'll keep that for now, D says date of payment and the declaration date we could probably say even if we don't really know much we could say that's going to be different than possibly the payment date, so I'm going to say that's probably not it, E says date of liquidation and that's that looks like just an answer that they didn't know what else to put there because they didn't have any more dates of dividend related type sounding things because the liquidation would mean we closed the whole company so it doesn't sound like he just looks way out there we can cross that one out so we're left with A, B, and C we'll go through this again, vote to declare and pay dividends is either A, B, or C either date of dividends or date of declaration or date of record now of these three I think the first two sound you know closest to what we're talking about says vote to declare and pay dividends either that's the date of the dividend or the date of declaration and of those two I think B sounds most proper because it actually says in the question that we are declaring that we're going to have the dividends so B is it that's the final answer and just note that when you think about dividends there's going to be three dates so there's the date of declaration the date of record just means that that's whoever owns the stock at that point is going to get the dividend if there's trading stocks whoever owned it at the date of record it's the one that's going to get paid the dividend and then the date of payment when we actually pay the dividend final answer vote to declare and pay dividend B date of declaration next question liability for dividends happens a date of dividends B date of declaration C date of record D date of payment E date of liquidation so we got the same answers here we didn't notice that same answers but different question go through it again process of elimination liability for dividends happens either a date of dividends so again I'll keep that for now and B says date of declaration I'll keep that for now actually from the last question we can see that the date of dividends if we stay consistent isn't anything right it's the date of declaration is the proper term not the date of dividends doesn't that's not really a thing it's not really a date of dividends C says date of record now that is one of the three dates remember there's a date of declaration there's a date of record and then C says there's a date of payment and that is one of the three dates there's three dates related to dividends so I'll keep BC and D because those all those represent the three dates that have to do with dividends E says date of liquidation which again that sounds just kind of out there that liquidation has nothing to do with dividends did you Scott they didn't have anything else to put there apparently so we're left with BC and D we'll go through it again liability for dividends happens either BC or D either date of declaration or date of record or date of payment so when when there's a liability that's happening here why would a liability happen with a dividend what is a dividend that means we're gonna pay out part of the earnings that the corporation has earned to the owners to the stockholders so why would that create a liability at all because there's gonna be some kind of bureaucratic process to do that meaning we can't just at the same date decide we're gonna have a dividend and pay it today we have because it's a corporation it's a bureaucracy we got to say okay we're gonna decide to pay it then we're gonna say who's gonna get paid based on whatever date whoever owns the dividend the corporate stock at that time then we're gonna pay it so if that's the case then the liability happens when we decide to pay it because that's when we're gonna basically debit retained earnings or debit dividends whatever whether we're gonna break it out as a dividend and then close it out or just take it out of retained earnings lowering retained earnings with a debit and then we're gonna credit the liability some kind of dividend payable at that time which we will then take away will lower the liability when we make the payment here so these the correct answer final answer liability for dividends that happens be date of declaration


Soldiers of Company B, 1st Battalion, 155th Infantry Regiment participated in a combat training exercise with supporting elements from Wyoming, Arkansas and Missouri on June 7th, 2021. The training took place in a simulated village at the National Training Center on Fort Irwin. The soldiers fought against opposing forces whose job is to face them in combat during their rotation at NTC. The participants had to endure crossing enemy terrain, entering buildings rigged with simulated claymores and improvised explosive devices, as well as simulated mortars launched from a distance. The units were assisted by OTCs, otherwise known as Observer Coach Trainers. These instructors specialize in deployment readiness and ensure that the participants of a rotation are properly trained before their departure. The exercise consisted of seizing and holding an objective, breaching and clearing buildings, equipment training, and once the operation was complete, medical evacuations of casualties. National Guard readiness relies on well-considered planning, expertly trained personnel, and the willingness to respond to the nation's needs at moments' notice, and the training received at Fort Irwin serves as the best way to ready our soldiers for deployment. This is Specialist Michael Longmeyer with the 102nd Public Affairs Detachment.


Welcome to George H. Smith's Excursions into Libertarian Thought, a production of libertarianism.org and the Cato Institute. I'm your host, Terence West. Among My Favorites, History of Civilization in England by H. T. Buckle, Part 1 by George H. Smith. From time to time, I'll write essays on some books of interest to libertarians. I hereby kick off my intermittent series, Among My Favorites, with the work that truly is among my all-time favorites, History of Civilization in England by H. T. Buckle, 1821 to 1862. Once famous but now virtually unknown, even among libertarian scholars, this massive and heavily documented bestseller, originally published in two volumes in 1857 and 1861, is one of the most libertarian histories ever written. The following passages, which typify Buckle's perspective, should wet the intellectual appetite of my listeners. There is another circumstance worthy of the attention of those writers who ascribe a large part of European civilization to measures originated by European governments. This is that every great reform which has been affected has consisted not in doing something new, but in undoing something old. The most valuable additions made to legislation have been enactments destructive of preceding legislation, and the best laws which have been passed have been those by which former laws were repealed. Indeed, the extent to which the governing classes have interfered and the mischiefs which that interference has produced are so remarkable to make thoughtful men wonder how civilization could advance. In the face of such repeated obstacles, in some of the European countries, the obstacles have in fact proven inseparable, and the national progress is thereby stopped. Even in England where from causes I shall presently relate, the higher ranks have for some centuries been less powerful than elsewhere. There has been inflicted an amount of evil which, though much smaller than that incurred in other countries, is sufficiently serious to form a melancholy chapter in the history of the human mind. To some of these evils would be to write a history of English legislation, for it may be broadly stated that, with the exception of certain necessary enactments respecting the preservation of order and the punishment of crime, nearly everything which has been done has been done amiss. Reports were offended by many things in history of civilization in England, but nothing offended them more than Buckle's insistence that greater knowledge, not moral or religious factors, has been the mainspring of human progress. A person may act from the purest moral or religious motives, but if he or she is ignorant and has the power to impose his ignorance upon others, disaster will almost certainly follow. In such cases, therefore, hypocrisy is preferable to moral purity and religious devotion. There is no instance on record of an ignorant man who, having good intentions and supreme power to enforce them, has not done far more evil than good, and whether the intentions have been very eager and the power very extensive, the evil has been enormous. But if you can diminish the sincerity of that man, if you can mix some alloy with his motives, you will likewise diminish the evil which he works. If he is selfish as well as ignorant, it will often happen that you may play off his vice against his ignorance, and by exciting his fears restrain his mischief. If, however, he has no fear, if he is entirely unselfish, if his soul objective is the good of others, if he pursues that objective with enthusiasm upon a large scale and with disinterested zeal, then it is that you have no check upon him.  It is an undoubted fact that an overwhelming majority of religious persecutors have been men of the purest intentions, of the most admiral and unsullied morals. Passages like this enraged some of Buckle's pious readers who accused him of being an enemy of both morality and religion, an enemy of morality he certainly was not. His views on religion, however, were less clear. Buckle appears to have been a deist, and his thoroughly secular approach made his book a favorite among 19th century free thinkers. Indeed, his most avid and capable defender was the Scottish atheist and free thought scholar, J.M. Robertson, who dubbed Buckle a sentimental theist, with a sharp practical antagonism to the theological spirit. In 1895, Robertson published Buckle and His Critics, an extensive vindication of the maligned historian, and in 1904, Robertson published a critical edition of Buckle's book in one volume, Introduction to the History of Civilization in England. Rather than use Buckle's original title, Robertson retitled his edition, Introduction to the History of Civilization in England. He did this because Buckle presented his two volume work as a general introduction, rather than a history of England per se. This may seem curious, even amusing, considering that the two volumes consumed 1,455 pages. Unfortunately, Buckle didn't live to write his projected multi-volume history of English civilization. Having died in 1862, the year after the second volume had been published. We thus have what is probably the longest introduction in the history of historical writing, as well as one of the most original and interesting. Most of Buckle and His Critics is devoted to defending Buckle against prominent critics and correcting their misrepresentations. As Robertson puts it, perhaps no man has been blamed more for mistakes he did not make. But Robertson had his own disagreements, many of which focused on Buckle's advocacy of laissez-faire. He wrote, in respect of his uncompromising attitude to the principle of protection and his implied approval of laissez-faire in politics, he may be accused of failing to turn his social science to any great constructive account. But it is to be remembered that Buckle wrote exactly when the optimism of laissez-faire was most plausible. This remark displays the condescending attitude of many sociologists during the late 19th century toward advocates of laissez-faire. In opposition to Spencer, Sumner, and other sociologists who opposed government intervention, many sociologists viewed the emerging science of society as an instruction manual, in fact, for social planners. Although Robertson embraced some principles of classic liberalism, such as international free trade and anti-militarism, he is more accurately described as a proponent of the new liberalism that gained traction during the late Victorian era. According to many new liberals, the science of economics, which had been used to defend free markets, was being supplanted by a broader discipline, sociology, the science of society that related economics to one of its branches and condemned the abstraction economic man as an unduly narrow conception of human nature. Thus, any competent sociologist, and there was no doubt that Buckle's history relied heavily on sociological reasoning, who dared defend laissez-faire, obviously did not understand the great potential of sociology to distinguish between beneficial and harmful forms of government intervention. Robertson attempted to excuse Buckle's supposed ignorance in this matter by noting that he merely shared the naive prejudices of an earlier time. Before delving into the substance of Buckle's complex and controversial book with the purpose of highlighting the parts that libertarians will find most interesting, I wish to sketch some personal aspects of the author. Buckle, like his contemporary Herbert Spencer, was largely self-educated, thereby corroborating Spencer's observation that most defenders of freedom were market intellectuals, whereas most advocates of statism were university men. Blessed with a photographic memory, Buckle, by age 29, could read 19 languages, seven of which he could also converse and write in with ease. Buckle conceived his magnum opus when he was 19, and thereafter he worked on it 8 to 10 hours, nearly every day for 21 years. By all accounts, H.D. Buckle was an entertaining conversationalist. One of his favorite stories was about a trip to Italy that involved passing through Austria. At the Austrian border, Buckle's baggage was searched by a customs officer. A fanatical bibliophile who eventually amassed 20,000 volumes in his personal library, Buckle always carried books on his many travels, and in this instance he had a copy of The Seminal Work by Copernicus on the Revolutions of the Heavenly Spheres. After the customs officer said that he was under orders to confiscate any book with revolutionary tendencies, Buckle explained that this book was about the revolution of planets. The customs officer replied that it didn't matter where the revolutions took place, all revolutionary books were banned in Austria. Thus, Buckle did forfeit his copy of Copernicus to bureaucratic stupidity. After Buckle's untimely death at age 42, the most glowing testimonials appeared not in intellectual journals, which tended to be critical of this amateur historian, but in chess magazines. A lengthy article about Buckle and some of his games appeared in The Chess Players Magazine in 1864. It begins, the genius of Henry Thomas Buckle came and went like a splendid meteor, shedding its radiance over two spheres of intellectual life. Over the world of chess, as over the world of literature, its glorious career shed a luster, and its sudden extinction cast a gloom. Those who observed him in the mental wrestlings of The King of Games recognized a player of extraordinary power, daring originality, and calm self-reliance. While all who met him in the regions of learning and philosophy felt the august presence of a penetrating mind, schooled to independent wanderings in every department of human thought. Years later in 1898, the American chess magazine set of Buckle to Henry Thomas Buckle, the brilliant author of The History of Civilization, belongs to the distinction of one of the finest chess players of his time. Had he not already been noted as a historian, his name would still be enrolled high on the scroll of Case's favorite chessists. Though never a professional himself, Buckle defeated many of the eminent professionals of his day. Indeed, England has so far produced no truer chess genius unless it be stuntin'. Buckle's victories over some of the most renowned chess masters of his day, including Adolf Andersen, Johann Lowenthal, and Lionel Kaisereitzke, led some fans to proclaim him the greatest English player of all time, better even than the celebrated Howard Stanton. This assessment incurred the wrath of a writer for the chess player's chronicle. Published shortly after Stanton's death in 1874, this article ridiculed the notion that Buckle was, by far, the greatest player England ever produced and much superior to Stanton. On the contrary, Buckle was not only immeasurably but decidedly inferior to Stanton and his published games bear no comparison with Stanton's. This critic went on to suggest that Buckle's fame as a historian, like his famous chess player, was transitory and would not long endure. Unfortunately, this prophecy proved accurate. This has been Excursions into Libertarian Thought, a production of Libertarianism.org and the Cato Institute. To learn more about Libertarian philosophy and history, visit www.libertarianism.org. I'm Terence West. Thanks for listening.


Alright, so let's continue this. If you get the answer, let me know. Work energy on the rigid body, okay? So, we are going to apply work energy theorem, which is what? W is equal to, you remember, U2 plus K2 minus U1 plus K1. This I have to apply on the rigid body. So, that is what? Force into displacement of the point of application of the force, okay? And I need to understand how to write the potential energy and kinetic energy, alright? So, let's take one by one how to write the gravitational potential energy for the rigid body. Gravitational potential energy, okay? Suppose this is the rigid body, this is M1 at a distance of h1, M2 at a distance of h2. Like that, there are different even point masses. So, total potential energy will be what? M1 h1 plus M2 h2 plus M3 h3 and so on. I have to add up all the point masses potential energy on the rigid body, logical? So, potential energy total g h1, assuming g is constant, assuming g is constant, okay? M1 g h1, M2 g h2 and so on. So, it will come out to be equal to summation of Mi hi into g. This is the total potential energy, okay? Now, assume your y-axis in vertical direction. Let's say this is y-axis, fine? So, your hi is what? Yi, y-coordinate, okay? So, this is summation of into g. Potential energy of a particular point mass can be negative. Suppose, rigid body is still here. So, the y-coordinate will be negative. So, automatically consider the potential, negative potential energy also. This is my reference line, zero potential energy, which we all always draw her internal line, right? Wherever we write the potential energy, we draw her internal line for the gravitation. Now, I know that summation of y-central mass, let's call it as h-central mass, height of central mass. Got it? Central mass could be here. So, this will give me a summation of mass into y-cm, top talking M g h, center of mass, a potential energy. This equation is still, why we are doing it separately? Because rigid body can rotate. And when it rotates, it's in velocities, okay? So, I need to add up all the energy. So, in the course of this chapter, then I need one more class. So, we will spend one month on rigid body dynamics, system of 20% of a rigid body. This is, let's say, fixed axis. Please write down. I'll first find out the kinetic energy for the fixed axis. How to write it? Let's say, this is the rigid body. This rigid body is rotating about this fixed axis. Angular loss of omega. There are masses like this, okay? So, kinetic energy M1 v1 square plus half M2 v2 square is fixed for entire rigid body, right? This is right. So, v1 is what? This is what we get? M2 r2 square and so on into omega square. What is this bracket term? I about the fixed axis. This will be equal to half moment of inertia about the fixed axis into omega square. So, if there's a fixed axis, you don't have to do anything. Just write half I about fixed axis into omega square. It's a case one. What if moving with velocity v? Half a v square. Half a v square. Simple. It is as good as a point mass. That we are not considering at all. Any doubts? Now, case two. Axis is translating. Okay, rotation plus translation. This is the rigid body. Let's say it rotates with angular loss of omega and the center of mass is going with vcn. Okay? This is the case. Yes or no? So, velocity of a point which is here which is at a distance of r1 vcn plus omega r1. Yes or no? I am assuming my y axis to be this. This is let's say x axis and z axis comes out let us say. Center of mass is my origin. As simple as this, it will be a vector sum actually. r cross omega plus vcm vector. But we are doing it in a simpler way. So half m into vcm plus omega r1 whole square mass one. So like that there will be summation of square. This is equal to half icm omega square cm square. Prove it. No sir, but this is the vector sum. So that's not what it is. What? So this is vector sum of vcm and omega r1. So what? So it's up to vcm square plus omega r1 square. No, they are not perpendicular to each other. vcm and omega r1 are not perpendicular to each other. Okay sir, but it's still vector sum. Correct. So there will be cos theta factor coming in. Understood that. So there will be multiplied by cos theta. So like I said initially I am taking it in a simpler way. Okay. Plus summation of is not a distance. You have to consider it with sin. It's like a position vector. Fine. So r can be negative. So what is this? Summation of mi becomes 0. This is what? Total mass into vcm square. This is icm into omega square. Okay. So this is what the proof is. Half half. So this if you want to take 1 will be equal to vcm. What will be v1 square then? When you square it, how much it will become? v1 square will be what? vcm square mod of vcm square plus what? Mod of omega square. Then 2 vcm come inside the bracket dot with vcm. vcm is a constant. So summation can go inside vcm. So vcm dot of m1 r will be the simpler thing so that you understand the philosophy of how it comes. You can do it with the vector also. Translating only. It is not rotating. Then omega into r will be the axis. Is it it? Like if we take translation into consideration, won't there be any omega? So there won't be any omega. Which omega? I mean there won't be any. Not only translation. I am saying translation plus rotation. Both. So this is from the axis. The sine theta is actually the perpendicular distance. And in moment of inertia, summation of mi square sine square theta i perpendicular distance from the axis. So that is a little bit too much of detail. Otherwise I see, start seeing the blank faces. This is what it is. This is for the ith particle perpendicular distance from the axis. And that square into mass summation will be your moment of inertia. Not r i square. Getting it? Any doubts? So that's it for today. We will continue next week. We will finish up this chapter.


What is going on everyone Sam here with late sports cards? We are randoming off this card right here. I'm gonna take you back to the main cam This is Kenny Pickett Malik Willis dual rookie auto out of 2022 NT collegiate football That is 15 out of 49 15 out of 49 So I'm gonna take it back to the random screen. We're gonna roll the dice Whatever team is on top after 11 times is gonna be receiving the card So good luck to both the Steelers and the Titans here one two three four five six seven eight nine ten Good luck on this one 11 Going to the Steelers meant to be Steelers both on top Thank you guys very much. Congrats again to the owner of the Steelers. You will be receiving that card Thank you guys and get to group break soon


Thank you everyone for attending our conference. What a closing and what a week in order for us to start our closing we will have the use of the Mentimeter just to get your overall viewpoint and reference to our conference. Our first question asked, where are you joining us from. So we know that we asked you this in the first part of our conference where we had an attendee map, but we will really like to give a overall viewpoint in reference to where everybody's coming from, and hopefully give them a great shout out so we have California and Texas of course, always representing. We have British Columbia, the Czech Republic. And as we said before in our opening that OER is most definitely global. So, speaking of globalization. We also are going to be looking at Alberta, Canada, we have Hawaii. Looked like I saw someone else on there that Oh, the Coast Terries did I see that yeah. So with that being said, we're going to go to our next slide, which will ask you thank you guys for this participation. What is one thing you got out of this conference. I know that we had a lot going on this week and a lot to absorb. So if you just can like just breathe in and think back and just let us know what did you get out of this conference new resources, ideas, energy that's great. Take that energy and continue to rise. I see a lot of energy. This keynote it was amazing wasn't it inspiration which I hope you got from this keynote as well focus on equity of friends I know the social aspect was awesome. You had Mock Tels last night you had good but with Rachel it was just been amazing community experiences for student and faculty our student panel on Monday was simply amazing. So you guys really are receiving a lot that's ideas about open pedagogy. Again pedagogy continues to improve and evolve totally depending upon your, your audience and your class open pedagogy will continue to evolve. So this is great. Connecting with so many amazing peers. Yes, we do have a wonderful community don't we. And our last question that we're going to ask of you is, what is one action because remember what our theme is rise to action, largest small, are you going to take to make education more open and equitable. To mobilize our community. Try to build on the advocacy at your campus remember again guys we're just taking this one step at a time but our goal and our challenge is to rise is to most definitely spread the word about our spread the word at our institution. In our community, and outside of our community we need to bring new people and to let them know exactly what's going on in order for us to grow connect with Falcon and staff of color. We're working on integrating open pedagogy. Again, we got this again in reference to bringing in others very good this is exactly what we're looking for to implement a plan of action. Yes, we have to. I hope some of you may be visual you write it down.  That's great. Keep being fabulous. That's what we are here in this community. Promote OER. That's great. All right, wonderful. Thank you again for those comments this these comments will be saved in order for us to compile them and then get some information around off back to you in reference to your questions that were that were asked today. Again, I want to reiterate what a closing and a week. On behalf of the board and closing our conference we would like to thank each of you for making this year's conference are a rememberable one with so many amazing workshops presented by and addressing the interests of our community. Our community which consists of faculty, students, librarians, administrators, instructional designers and so many other collaborators were in attendance this week. Utilizing our attending map, we had speakers and attendees from around the world. And you just saw that from your mentee. From the likes of Peru, Denmark, Canada, Pakistan, Tuscany, Idaho, Hawaii, New York, Canada, and many other places. So if you think you missed any of these memories or just want to relive them again. The recordings are currently available to you. We hope that you created memories not only from the workshop, which includes the plenaries, which were orchestrated by students, feminist ecologists and community leader. But we were able to create memories as social activities such as the Kahoo and mocktails and many others during the week. We hope during your attendance, you have the opportunity to think how you will rise to action in our community. We hope you will join us at the reception that follows our closing and let us know what your plans are to continue to rise, and also any ideas of thoughts pertaining to this week conference and next years as well. Our open at conference 2022 closing will now come to it will continue as you will hear remarks from other board members. I will now pass the baton to Amanda Lawson. I think I'd know where the video button was. Hi everybody, before we move into our formal thank yous to the folks who've made this conference possible. I'd just like to offer a few words of reflection about this year's conference. I've been a part of the planning process for the conference since 2020. And this year I believe we've really hit our stride, our theme rise to action and commitment to being as inclusive as possible, led to a program where the conference strategic vision was holistically represented throughout all the sessions that I attended this week. I kicked off my week with the student plenary that set the tone for how central students are to the action that we take in our work, and the impact the open that open education can have on their lives. A theme that I saw repeated in sessions on open pedagogy, ungrading and program. There's also space for practitioners to come together and be vulnerable and share how we do the work, how lonely it can be at times, and how much we turn to each other for support. This is one of the debrief sessions how we felt about the conference so far, I could think of only one word, home. This year felt like a homecoming to me, and I'm leaving with a well that's been refilled. And while we can and should always strive to make the conference more inclusive and more transparent. This year's conference was incredible. I can't wait to revisit the sessions that I attended to implement ideas that I've learned into my work and watch sessions I didn't get through throughout the rest of the year for sustained professional development. I am immensely grateful for the community volunteers and organizers who continue to champion this conference every year. I hope that you leave inspired and ready to decide how you'll rise to action in your work over the next year. Over to you Susan. Thank you, Amanda. So we want to take time now to acknowledge and appreciate the folks who volunteered their time over the summer and in the weeks leading up to the conference. As someone who's relatively new to this community. I can say that I've been really impressed by the dedication of our volunteers. And just want to acknowledge, as others have said that the conference absolutely would not happen without them. And just a big thank you to everyone who participated in the initial review of proposals. This is a big lift and it's so valuable to have multiple perspectives as part of that process. Next, I want to thank our video reviewers. These folks made sure that all of the pre recorded sessions were accessible. And so thank you for the time you spent previewing those. And on behalf of myself and the other co-chair of the program committee, Alita, part, part of pseudo, part of pseudo, sorry Alita. I want to say thank you to our small but mighty team who put in many hours of work, reviewing proposals and helping to finalize the program for what I hope was a rich learning experience for each of you. Thank you program committee. And I will pass it to Stephanie. Thank you, Susan. Like to also thank the engagement committee. The engagement committee is extremely important and made sure this conference is both fun interactive and has lots of social and networking opportunities. This is no easy task with a virtual conference. So thank you to the engagement committee. Great work everybody. Next slide please. And we would also like to thank our session hosts, people who run the sessions admit the attendees start the recording and make sure the conference code of conduct is upheld. This event could not run smoothly without our session hosts, many of whom are board members but also many volunteers. We really appreciate their time and commitment. And now I will hone it over to Haley. All right, hi everyone. I would just hop over to the next slide perfect my name is Haley I'm the open education project manager at spark and I've had the immense pleasure of being able to support the board over the last year. I've been given about a minute to sum up my gratitude for this group of individuals and I'm not sure how I'm going to do that but I'll try my best. I think the people on your screen has like really stepped up in a way that I honestly can't even begin to describe over the last year. The conferences at a very sort of pivotal moment where you know there are many decisions to be made about the strategic future. And each of these board members have given so much of their time and energy to address these questions. And the commitment to this work comes through in the way that they continue to show up week after week at our meetings, and so on they've been putting in the work, you know, not just in the weeks leading up to this but over the past year. And give a special shout out to Rachel and Tonja who led our community engagement committee to Susan and Alita who did the same with our program planning committee to Sam and Rachel who have really spearheaded our finance work, and to Stephanie for fearlessly leading our board meetings. But of course, you know every single person on the screen has really really showed up in a way that brings their lived experience and expertise to make the conference what it is today so thank you so much to all of you. It's been an absolute pleasure, and I can't wait to see where the board leads the conference next year. So I'll go ahead and turn it over to Rachel now. Thank you, everyone. We would like to thank our conference team. Without them this could not have happened the people at spark. Specifically, Aasha law crystal business are Kim Hensie and from spark Aisha Brianna Haley, Nicole, we appreciate you all so much. We'd also like to thank our sponsors, the Hewlett Foundation, the Mickelson 20 million minds foundation, open stacks and rice without all of you. This conference would not have been possible and we appreciate you so so much. Thank you. Now I'm going to go ahead and pass it on to Brianna, who will discuss passing the torch. Thanks so much Rachel. Hi everyone I'm Brianna I'm the open education conference manager. I'm going to start this year's conference and look ahead to next year 2023. I just wanted to take a minute to remind everyone about the upcoming election. The open ed conference is looking for six new members to serve on the board of directors. Those new members will serve for a two year term starting in January 2023. So if you're interested please remember to nominate yourself by the deadline which is October 28. So go ahead and drop that link in the chat if any of you are interested we've got a whole FAQ page on our website. And now I will pass the mic over to Sam. Thank you all and I also want to echo Amanda, I feel like I'm home when I'm here and part of this group. I have just it's been a wonderful heartwarming and filling week. I do want to encourage all of you to complete the survey for next year's conference and carrying out your reflections. We really really want to hear from you so that we can continue to make this conference really focus on your needs your desires and really focused on the community the link to the survey form is in the chat. And so I really want to thank you all and say please please please let us know what you're thinking. There is some conversation about what next year's conference will be like I know I see in the chat people are doing for or asking for more virtual, and those who would like us to be a real person we are considering trying to figure out how do we do both those things or do all of those things, both virtual and in person so please make sure that you fill out your survey and let us know what you think. I'm going to hand this over to Tanya for our final goodbyes, except for if you come to the reception after we'll see you there. Thank you Sam. Again, on behalf of the board. It has been an honor serving you for the open ed conference 2022 rise to action. If you would like to network or have additional comments or questions and Sam just stated, please join us for the closing reception to continue to network. Until then, see you next year as we continue to rise. Thank you.


Hi everyone, it's MJ the fellow Actree and in this video I want to talk about capital modeling and we're gonna see that we're gonna be taking a similar approach to that of ruined theory and in the previous video we spoke about ruined theory and we said that it Along with value at risk can be used as a capital modeling framework something that talks about capital Confidence and duration those are kind of the three things we want in a model so that we can use it to see how much capital we need However, the ruined theory is very much designed around the insurance industry. You've got the premiums coming in You've got the losses going out where what we want to maybe do in this video is make a more General capital model that can be used across the financial sector. So let's define a couple of things We're gonna say let kt equal the value of additional capital at time t now I'm referring to it as additional capital some textbooks will refer to it as economic capital or risk capital So just be aware of that But we're also gonna say let a t equal the value of assets at time t and let LT equal the value of liabilities at time t and then we want to kind of see how are they all related to each other and we say then Kt is equal to a t minus LT or essentially the additional capital at time t Is gonna be equal to the value of our assets at time t less the value of our liabilities and for those of you who have Done pensions you'll see that this links up very nicely with idea there known as surplus But let's have a very quick example if I owe ten million dollars in one year's time and I invest twelve million into stocks Then I currently have two million in additional capital We can kind of see we plug in the values into our formula and it looks very simple Now trust me the maths is gonna get a lot more difficult But in this case we see that we have a positive amount of additional capital and this is desired We would actually be a little bit worried if that capital is a negative amount because that means we wouldn't be able to meet Our obligations when they fall due later in the future But the fact that we have a positive amount of capital that is good But the question now is is this enough is just having an additional two million enough to cover our liabilities in the future and What we actually need to do is we actually need to think about capital and how it is relative to liabilities So we want to kind of look at the statement and what the statement is essentially saying is we're saying the probability That our additional capital is greater than some ratio of our liabilities We want it to be greater than one minus alpha where alpha is a representation of our risk tolerance so Essentially we can think of KLT Or this ratio of liabilities is some sort of threshold that we want our additional capital to cover and Alpha is our risk tolerance and it could be 0.5% it could be 5% it depends very much on the risk appetite of the institution Although if it's a financial institution the regulator might have a say in both what the KLT should be and What the risk tolerance should be so let's look at our example? let's say the regulator or Business or the board kind of says we need to have this comfort ratio of 0.2 and we want it to be our risk appetite or risk tolerance is 0.05 Then we can say well, okay Do we have more than 20% of the value of our liabilities stored up in additional capital? And we can see that in our example 2 million is greater than or equal to 20% of 10 million which represented our liabilities. So we see that that Inequality holds which means everything is good. In fact, this means that we have sufficient capital at time 0 But now we might want to ask ourselves well, okay, we've got enough capital at time 0 But will we have enough capital at time t? You know, we know that the additional capital time t is going to be equal to the assets at time t minus the liabilities at time t and Since the assets have been invested in shares We know that their value isn't going to stay static for anyone who's traded the stock market You know that these prices bounce up and down and they go all over the place Fortunately for us, we do have a model which allows us to predict possible futures of Our stocks and it's this following formula over here Now if you're seeing that for the first time I would want to recommend my market risk videos Where we go and look at okay, this is an ito's lemmas process something that allows us to integrate A squiggly line or saying that it's got Brownian motion So I want you to go maybe watch that video if you want to see how we actually got to this formula But at the end of the day, this is how I said how the maths can start getting a little bit more tricky is capital modeling we're essentially looking at a framework and we can start plugging in different Models for what we're dealing with so we could even have had another whole Complicated model for our liabilities. That's maybe based on the term structure of interest rates But what I want to do is just maybe home in on the one with regards to assets and we can see that assets the the log of assets is Distributed normally According to the following formula, of course having this formula is not enough We still need to estimate what certain parameters is specifically the mu and and the sigma squared which in as you know link up to the mean and the variance and There's various ways that you could do that you could take a forward-looking approach using the implied probability Gain from the black skulls model or you could do a backward-looking gawk model Which is a time series model that looks at Historical observations and fits a curve that also takes the previous volatility into consideration Which allows for volatility clustering and and all that kind of stuff But like I said, this is all discussed in the market risk video Essentially though at the end of the day why we are interested in these models is because they are gonna have an impact on the amount of capital we need to hold and essentially what we're gonna see is The higher the variance is of our assets The larger K needs to be in our KLT in order to meet the risk tolerance limits of alpha So what this means is that let's say I need to buy some stocks. I've got 10 million in in my liabilities Yes, I can put 12 million into into stocks But if I had to put say 12 million into a very very volatile stock Then that actually might not be enough because a very volatile shock could go down 20% It could go up 30% So the more safer or the lower the variance of the stock that I'm investing in the less of it I actually need to hold all the less additional capital I need to hold because it's gonna be able to be greater than our liabilities But the more riskier I start playing with my investment strategy the more support capital I actually need Now this starts getting a lot more complicated when we realize that our total assets can actually be split For instance, we could have 30% in bonds 20% in equity 10% in cash 40% in property and Our liabilities as well could be split We could have a 10-year fixed amount that we need to pay Maybe a 15-year inflation adjusted amount that we need to pay or for an insurance company Especially specifically a life insurance We might have to pay out of death benefit and we don't actually know exactly when that is going to be Now once we start splitting our assets and we start splitting our liabilities amongst all these different things We now need to know not only the variance of each of them But we also need to know the correlation of all the parameters Because all of these things are kind of be interacting on top of each other For example, if the interest rates had to fall It's gonna have an impact on both our assets and our liabilities And we need to see how sensitive the additional capital is needed in order to see if we need to make any adjustments So this is the whole idea and this is what makes capital modeling incredibly difficult Is because not only do we need to know all of these variances and these parameters for correlation We also need to understand that volatility starts changing in an unstable way over time And also the dependency structures of our correlations are also going to change in extreme times Now if we want to make it even more complicated this model here essentially is just looking at assets and liabilities What about income and expenses because this is also going to be depending on Expectations of future business, you know, are we gonna make more sales in the future? Are we gonna grow or we're gonna start losing market share and it also needs to start including unexpected events that might disrupt Businesses because you can think about it, you know There are some factors that affect liabilities Assets and income and expenses for example This whole coronavirus has impacted all four of these things in ways And it has changed the dependency structure of the correlation between the various assets and liabilities So we can see that we went from something very very simple. Oh, I owe 10 million I've got 12 million in stocks how much additional capital I've got 2 million great The math is nice and easy But we see if we start looking into the future if we start trying to model our assets and our liabilities things do start to get a lot more crazy and What essentially we start doing in capital modeling is we will maybe try and create separate models for say Market risk. This is the stock prices and those type of assets will make a separate one for credit risk This is if we're lending money out and we're a bank and something like that If we're an insurance company, then there's the actuarial risks of mortality Longivity and even morbidity that we need to maybe model and then there's of course operational risk Which we also need to factor in so what we will sometimes do when it comes to capital modeling is We can actually design separate models for each specific risk And then what we do when it comes to deciding how much capital we need We can then use something known as a copula that then combines them all together Now there's also a course on copulas that I recommend you go and see Where we'll see that there's different types of copulas that we can use and essentially what a copula is doing is It it's allowing the dependency structure of our assets and liabilities or our various risks to flex under certain conditions So if there is a pandemic like we experiencing now with the corona virus Then what can happen is we can use maybe say the Clayton copula Which as you can see has got a very fat tail in the lower ends and means when things are going down things are going to become a lot more correlated, but of course using copulas and Modeling these things is just one approach and it is quite a sophisticated approach So what instead kind of happens is there are also other things that we can do so One idea is to look at stress testing and scenario analysis Which we spoke about in the course on the principles of modeling We can also look at a modified version of ruin theory where instead of looking at say insurance losses We can change those losses to to something else that is more relevant to our business or we could even take a Very very simplistic and crude approach such as a generic model from a regulator And in fact, we actually gonna talk about that in the next video something known as the risk weighting approach So what I wanted to do in this video I didn't want to maybe scare you guys too much But I wanted to show that capital modeling can get incredibly complicated very very quickly And so because of that we do kind of fall back to more simpler methods That might be a little bit more crude But at least they're possible and they can give us some indication of how much capital we need to hold Because at the end of the day, we actually don't know exactly how much capital We need to hold and therefore you'll see some businesses try to be prudent by holding a little bit more than is Necessary from the regulator Of course depending on their shareholders They might have pressure on them not to hold too much because then it is gonna reduce the returns that the shareholders Can enjoy and at the end of the day the main source of capital is from the shareholders So is this balancing act that needs to be done? But anyway, let's go to the next video. We will talk more about the risk weighting approach


Motivational. Handling. Fantastic. Inspirational. Insightful. Spectacular. Instructive. Amazing. It was excellent.


Welcome to another Tick-NailCharge with me, Patrick, and you want to update the Bitcoin daily chart. We broke through the descending trade line resistance at the 44,000 level. We've now extended through the next resistance zone at 50,800. I'm looking for prices to stall here at the 57,130 level. Then I'm looking for a pullback into the 49,000, 50,000 level. From there, I'm looking for bullish reversal patterns, long positions, looking for an extension up into the price cycle highs, and then onwards to the ascending trend line resistance at the 75,000 level. As always, traders, plan the trade, trade the plan, and most importantly, manage your risk. Until next time, thanks very much.