I'm just curious, how do you look at getting to Mongeleshwa? Vars, the energy, I love the song. It's such an amazing song for Jose J and Ametu to join Avaliyawa studio looking like all black and silver. Looku si loku, looku si motor, looku ni motor. I don't know, you know what? Welcome so much to the studio and to the show. Thank you so much. How are you? I'm doing great. You're doing great? Yeah, how are you? I'm well. Sisi tu na wangatu zahara. Tuna wangatu ko salama, tu na angoja. Tuna angoja waka. Namikam tu na furainki sana. For real. All right. Na hi onilu ga gana. Onozo ame rap aka until you can tell that's his language. That is his mother tongue. Anu kuna inguna mongene. Anu kuna inguna mongene. It's Uganda, Kiyuji. You're from Uganda? Niproduzao angu ni Miuji, na penda gavibia osana. So I was like teach me. Aka kufunza and you became a pro. Very perfect. Umei perfect. Umei perfect anilu na gafu. Yoko kwa yo studio. Kwa yo studio. You talk out as how Kiyuji. Everything. Bresumize me apa. Yeah. But that is amazing. Aranu mono umei fanyakulaba upali na Guardian, umei fanyana Solomon Pubu. Yeah. Amazing, amazing stuff.  How do you even choose whom to do a collab with? Why and how? Okay. Personally, mimi si choose collab upali na ifanya. Minaenda na mipangu ya mungu na juo. Na shansu kongi ya kama. Four. Tito pulao na yo hibyo. Tana flow. You don't mind us to hear just like that. For Solomon Muku, actually it wasn't planned. Solomon muku bwa happens to be my brother-in-law, nishemeji hangu. Yeah. Storia yo song kufa ni kanilianda slipo baku hake. Ile kutembe liya shemeji ni. Aga ni ambiya subuiton na studio kuna song na dai, kufanya BGVs. So alivofika studio producer was like, no, ni kuna ibi chingine e bui skize kwa hanza. So vilali icheza Solomon was like, ai ni yama vijanasana subezan. Ile kutembe liya shemeji e bui jari bukitu. So naka piga vasia kwa hanza. Ni was like, ok, tui piga pamao aja. So it was not planned, that's how we did it. All right. I'm just hoping my producer paleskita mi pataji bali kwa na uglisa haia. But that is amazing. That is amazing stuff. All right. Na wuka fani zoka. Na Gadyan Angel pia. Nana pia Gadyan Angel. Ajay, Ajay. Like the song. Yeah, yeah, yeah. So for Gadyan, kuna time ali kwa live, kwa Instagram. And then kuna fan aka muliza. Sinskilam sayana toka gospela na ingiassekula. Kwa ni ni pia usifanya tesem. And aka sayama kwa ni ni niache mungu na penyaminifikisha, you know. So kwa bak yama indiangwa was like, mi kwa na songi na itwa aje by the way. So this is the right guy to do the song with. So ni kwa go through the right channels kumu approach and thank God ali kwa na nijua before kwa ni li kwa kwa competition fulani. I can sing. I was the first runner up. So aka kubali. So we just did it and I thank God manzeme kwa blessing to many people. Yeah. Kido bani kuchalenshut fumbia kora sab. Ajay. Ajay. Ajay. Kwa ni kwa ni. Kwa ni kwa ni. Ajay. Wanase mani kwa aje. Ajay. Niki kumbu kale umetenda na Wanase mani kwa aje. Ajay. Niki kwa aje. Ajay. Hey. Shhh. Mi kwa na doon na li uraduwa. What's up? Wanyamefanya 2. Uh huh. Wacha kwa wale ambao ni friends of J. Sisa kwa na amdiwa kwa ma rea kwanza. J. Introduz kuat wajue Jose J. Nani kwanza. Sabu saywa me shtuka. Yo voice. Yo voice. All right. Well, Jose J. Is a very young gospel minister. I started singing when I was 5. But nilianza ku record my first song 2010. So up to now Jani me ku ataf. But I thank God for this far. Your first song you did it in 2010. Yeah, yeah. But niki cheki YouTube is like 4 years. Where are they? Where are those other songs that you did in 2010? Una po toke ya manze kuna walo asana kwa kiki kucho cha. Eka ikitu kwa chaneli angun. All right. Eka kwa chaneli angun daku push. So kuna song za taziko kwa chaneli angun? Asha delete YouTube ya kuna una. So song ina pote ya iwo. For those days we were like. We were like. Kuna kuna kwa karekta development. Kuna kuna kwa karekta development. Asha ekka zong kwa YouTube. Atisame ni tohe zong di eka kwa YouTube channel ya. Nafu, niki yon na zangu zimi ya nzaku ni ni na toa za kuna. Na toa iizu manze. So nikuna like 4 songs zili tole wa YouTube na wa saye nyi wa li post kwa YouTube channel za. So niki iwo. But there's no way you can recover them and post them on your channel. Not unless I do. I redo them. I redo them. And there's a challenge. So how about you redo them? The first song ini uli fanya mimi uli kumu yandika bizuri. Kwa ima ndi yon na juwa challenge. Rezi kumpi ya veni yon na ima sa. For real, for real. You can do something. Utu kumu tuwabi. India song ini fanya kwa dani meridu? I'll do that. I'll take it as a challenge. Right. Despite the fact that. I know you are in a singing competition. But right you are here now. We've done other songs. Niki iwo me fanya ikakwa difference asa to now doing your latest song, Komando. What is that one thing that you've done different? That you can actually point at it and attribute to it that it has changed my musical journey? Kitu ini me fanya very different. It will sound a bit funny, but niki release i Komando, nilingi ya first thing in seven days. There is no funny. That is powerful. That is so nice. That is great. We commend you for that. Thank you. Niki toa piya sadaka kwa michungaji. Manze ili nistua ili get like 1.5k views within 10 hours. So it was like a dream come true. So that's the something I did very differently. And prayer works. For every gospel musician manze, usi release work juo nai feel lakini. Acha Holy Spirit will take control over the song. When you take your song special, what do you feel is special about this song, Komando? Writing ya ke process ya ke to bring it to... Patasai ko YouTube. You know, most of the times as human beings to kifanyu wa Kitu, tunapenda ku revenge, but atu kumbuki mungundu nai piganaga wita zetu. And revenge ya mungu ni better than yetu. And itu a mungu of vengeance. So nimi ima Komando because God amini pigania wita mubu sana. Miku fika wa itu 5.5k manze, it's a dream come true. Naju wa nimi kusumu wa sana. Miku a long time, but here we are. So Komando manze, inawak, God, God na Komando, enda wa pigania nga batulze. Amazing. And I know we are expecting more from you this year. Apart from Komando. I know you will also go for fasting. Don't stop that. Great. That is one thing that you know ata sisi mavijana tu juangi ku fast. Oh unless theapia nika, nika shinda kawada kafema. Niliwa namba 2 like ini it's something. It is something. It is something. It is something. Yes, being nominated is something.  So congratulations on that. I don't know this year we expecting a lot from you. Was it worth a pending or hanging? Nimi mese ma ni challenge tunaimba washif, anyway.  Me in the pianist's chart. Bado ni prazen washif? Nia jokua pianist tika ziraisif, Bado tu ni prazen washif. Anyway, where can you guys find your music? Where can they interact with you? Just share your social. Na una tu ma salamu? Okay. On Instagram utani para kama Jose J, how to spell it, J-O-S-E, J-A-Y, Jose J. So Facebook, Jose J, TikTok, Jose J, na ile important manze, YouTube, watwa pige subscription. Uko, uko. Ani free. Free, free. Watimi uko. Toi nwye, hiw udumimungu, YouTube channel J-J-O-S-E, J-A-Y, pige likes na ma comments, and I truly appreciate. Amazing. Salamu. Salamu. Selamu zee endem ma fansuwangu water. Thank you so much for supporting me. Thank you mam, na joha hwatchi, because na mchungadz. Hwacha hwatchi repi. Hwacha hwatchi repi. Na repi, hwatchi repi. Ikona impati. Thank you so much ma'am and everyone who's been supportive in my life so be blessed Be blessed too and thank you so much for joining us this day Thank you for having me All right Tuna mazi nasunyako emu shoko bando Yes, brand new one Brand new for days old


That's on good. Thank you. So they've asked me to introduce Dave. This is Dave Ward give you a little bit of his Expertise and background here He's worked directly with the number of our larger customers and therefore directly involved in their networks At Cisco. He's a Cisco fellow, which is to say someone that you know one of our more senior engineers He's a senior vice president, which means people actually care what he thinks and He's it our chief technology and Architect chief technology officer for engineering and our architect, which means that when an SVP yells Please march up the hill and everybody starts marching up the hill. He stands over here. So no that hill Okay, that's the job of a chief technology officer But so so let me Dave it's all yours Fred So as an SVP friend pretends to care what I think about he's actually on my team and all those Thanks Fred for the intro. So if you came here for a marketing conversation or hearing all the glories of how Cisco's using OpenStack, you're not going to get that instead actually I wanted to have a Conversation with you about not only how we're using this technology But how we see the trajectory of the technology going as related to trying to deploy and beyond just trying to deploy actually deploying network function virtualization so Talk to you about you know How we use OpenStack really really quickly and then Frankly, these are my comments not necessarily Cisco's you know my perception Having worked in trying to build products and solutions with OpenStack where it is Taking a look at if you want to deploy NFV what it means you have to look at much much more than just some APIs you need to look at multiple layers of that architecture and then We'll go into some detail after I lay out the argument Then I'll then I'll try and discuss with you the logic behind the argument and then some immediate work That's right in front of us to get this done So we're all in on OpenStack. We're using it in a number of different Products from public clouds to our inner cloud. It's the cornerstone of our NFV solution and What I want to mention here in particular is that all the rage today is talking about network function virtualization But the reality is is that? virtualizing any and cloudifying Anything that's currently running an appliance is the target that we're aiming at so the network side of it I mean, it's a Cisco conversation We're going to talk about networking but the applicability of this architecture and the applicability of looking at the whole stack is Really towards VXF where the X can be anything from trans coders to video to content ingest And on and on and on so the networking side is interesting right now today But again the architecture is much larger than that really the the piece that I want to mention is that OpenStack is one of the tools That we use and I'll discuss the the larger number of tools that we use to build the solution To to create the offer. So what are some of these challenges? OpenStack is everything. It's floor wax. It's dessert topping It it's working on everything that that seems imaginable To be able to do with codifying something what are the concerns look there's met We all know this and I realized that we're at an open-stack conference And so I started off by saying we're all in on open-stack, but let's also face it There's a ton of work to do constant API churn. There's performance at scale issues There's synchronization and failure problems with the distributed architecture of how neutron works and we'll focus on networking today it leads to some ha issues as well as how to how to do driver and component design and the thing to note is That the goal of the architecture that I'm putting forward is to get the right expert expertise In the appropriate niche and the question that we want to answer or ask ourselves is open-stack Everything and should open-stack do everything with with NFV Pros are open-stack is truly open. This is a major community effort and that's great And it's a large and growing community But the cons are that it's frankly got classic feature stability and scale trade-offs in how it works and Have we outstripped the means and is it fracturing too much? And are we forking too often on parts of this architecture and forking equals equals bad? Because that's the primary challenge that I'm running into that there are multiple versions and distros of everything and this is becoming a challenge, but Let's take a look at this whole stack approach Really just a couple years ago people just talked about the virtual overlay and if you could connect if you could fire up a workload And you could connect them together by any means possible. You've got a cloud That is not a cloud that is firing up virtual machines and connecting them together Nothing more nothing less and to build network function virtualization or in particular services out of this There need to be multiple views to be able to operate and deploy These virtual functions into an actual service offering and you can read these as I'm speaking here policy view service virtual topology physical topology and then the resources as To be able to place a service chain or to be able to place these services into a data center You need to optimize for more than just CPU cycles and memory and storage footprint But you also need to to understand the capabilities of the devices how you're going to place them whether in a hypervisor or a container and then of course what's different about these workloads they're Opt they need to be optimized for IO and that's a fundamental difference between NFV workloads or these type of These types of workloads versus a traditional enterprise workload Okay This is the picture that I'm gonna come back to but let's fill in a few details So what's the point of this the point of NFV is to create a service that that's just kind of obvious To be able to be able to create This particular service We need to take a look at all of those layers and how they in not only how they interact But how they actually construct the overall service and are orchestrated to be able to deliver what what People want to use or people need to buy so this layered model of networking Adding the service layer and the policy layer on top Which is fairly untraditional in most diagrams that you see you pretty much just see the bare metal as I mentioned and Then you see the the physical connectivity between them for which is a variety of approaches The virtual overlay for which is a variety approaches and often it stops there as I mentioned But taking a look at all layers of that stack is key to be able to deploying NFV So the first piece looking at the policy layer is associated with group-based policy or the way I look at it It look it's a it's really pretty simple It's a top-level abstraction where the workloads which are gonna be groups of endpoints are Edges of that particular policy plane. How are they gonna relate to each other? What are the contracts that one virtual function needs to provide another to create that service chain? Where are the features being deployed and what are the features that are being deployed? That's all this is really about And then that policy is what do we want to have happen? That's the contract nature of this so group group-based policy is one critical extension and Look the key is to be able to abstract the policy From the underlying hardware or from the layers below such that wherever these workloads are placed that policy or those contracts can be adhered to and So the goal here is not to think of virtual functions as you do as Individual endpoints that are to be automated But instead it's the entire service chain which needs to have contracts between them if we make the fundamental error and treat a Virtual appliance the same way we treat a physical appliance the same way we treat a physical switch And we treat them all as singleton endpoints programmed in a serial nature. You're gonna have the same cluster And insert the next word you're gonna have the same CF that you have right now And frankly the way we manage and orchestrate networks today is a complete foobar And it is because we treat everything as a singleton individual endpoint unrelated to anything else around it That's what group-based policy is trying to solve the second piece that's being added to this is the notion of the service abstraction or service function chaining and This is how That service layer or how that graph if you want to think of this in networking terms because that's the way I think of it Which is basically everything is a topology in a graph that's being put together and a service topology is a directed Asicclic graph based upon the flows that are going through those particular nodes so therefore what we're trying to accomplish with SFC is that there's a notion of direction Order and sequence that the traffic is supposed to traverse through the NFV service chain and that service function chaining is how you create Logical linearity through that service chain so the the power of what NS what what SFC does or of the network service header NSH is that it's Decoupled from the actual transport your addressing and underneath could be layer 2 could be layer 3 could be v4 could be v6 But that met that service path is decoupled from the transport It is a notion of metadata and and really what we're talking about is being able to measure on that metadata But of course notion of a verph context or the routing table or the or the tenancy that the service chain is within notion of user context etc by doing this we also move beyond just talking about the network and Virtualizing these functions. This is how we can bring in not only network function network virtualized network functions But virtualized any function that we need to do and what I mean by this to keep it simple is that You may need a virtualized network function like a virtual router to be able to accept the traffic but behind that of Course maybe another network function like a like a load bouncer, but think of media ingest think of being able to do Transcoding think of being able to do packaging are those really network functions? No, they're in fact media functions that are related to that particular service chain that has to be tied to a network topology the power of this of Using a contract or a notion of group-based policy to render How that service chain is going to going to work is a direct reflection of what that business policy or what you're trying to achieve creates and So therefore as you've probably read as I've been as I've been discussing here You can attach to the particular flow from either the source or at the ingress point to a particular cloud The context necessary to apply that service as is stated here So towards this end these two concepts we've been working on for for quite a while There's a boatload of other players some of them mentioned here Unfortunately, some of them not that we've that I've just forgotten by accident But nonetheless, I'll mention some of that as I go forward that we've now have this in not only proof-of-concept pilot, but also in deployment and that standardization Primarily done at the IETF in conjunction with how to open source that through open daylight and open stack is the Pathforward that we see with a number of these players in the industry So taking a look at some of these pictures Really wanted to show you how it fits into the overall open stack architecture and how group-based policy fits in and you can see I've highlighted it here is that that when you're taking a look at the different ways of interfacing into open stack And then you're taking a look at the way the drivers map into this you can see that Open daylight is taking a Critical role in this to be able to render those service chains from group-based policy Into service function chains and manage both the overlay and also the underlay that are below those two layers as I mentioned So I'm to give you a couple of other pictures of how this works and kind of walk you through how overall these this system works together There is an orchestration management system That's trying to create that service chain and that that's what's seen on top that provisions The service function chains provisions the policy Tells the policy to open stack of where to place those workloads or those virtualized network functions or virtualized any function and then Those workloads are placed via open stack open stack passes that metadata onto open daylight leaving the state of the multiple virtual forwarders as well as the service function chaining and Programs the appropriate features as necessary for the group-based policy contracts And so this particular piece has been has been proven to work and dramatically reduce state in Neutron utilize the high availability of open daylight use the scale-out capabilities of open daylight But nonetheless have those APIs that folks are currently using with open stack be able to create Not only to sorry to create this service, which is the ultimate goal of all this infrastructure and My goal as an engineer is state reduction Improve high availability create the service chains that rate relate directly to business value and be able to put together things in addition to just network function virtualization for for multiple industry solutions what this looks like in Open daylight is in fact Using the model-driven sal notion where in fact you create a model of the topology You create a model of the different devices that that build this out But the reason why this is this also becomes key is not only the fact that open daylight can render this it can speak Any SDN protocol currently known to mankind there's let's say 10 today I can guarantee you if I stand here next year there's going to be 10 more There's an if it's not labeled NFV or SDN and networking right now. It's not sexy and you're not going to get attention But the get out of jail is a controller that speaks everything So whether it's open-flow or it's OBS DB and remember open stack Neutron on top actually has no idea that it's passing it through this particular plug-in It makes the API calls it passes the data on to open daylight And we can keep this state as I mentioned directly in open daylight for the virtual forders and be able to program lifecycle management associated with all of those different features and functions to build out that service But the keys to be able to do this, you know, there are some keys here in open stack, which is Some extensions to Neutron in which we can pass Again some data through open stack down to open daylight associated with the port object And I know there's a number of conversations happening and discussions in in sessions this week and Then being able to take that what's in that string and I'll show you in a second And be able to bind that to the policies associated with group-based policy in the endpoint groups Whether they're what type of device they are what the associations associations there or what the order is etc Passing this data down into open daylight to be able to orchestrate that chain and so This these expressions for different environments actually enable open daylight to be a multiple renderer for those service chains and those Appliances that that are being created Okay, we went through that section pretty quickly. So let me put this back into context For those who want to understand what I'm trying to get across a little bit better as I did go quickly What's the point of all this? There's three main things You need to be able to place the workloads on the appropriate in the appropriate container or hypervisor on the correct Devices in the correct location second you want to be able to create policies between these and this is pretty normal conversation for anybody who's who's in networking that One forwarding device passes day down to another forwarding device and there are features that are Built sorry are configured and provisioned into those Appliances or or networking nodes which effectively forms this contract And so that's the policy and then we want to be able to chain it So moving this one step forward. Let's connect these dots We want to be able to to connect placement to policy Such that we can Communicate between the groups that are forming forming that service We want to be able to link together placement to chaining So given that these these virtual appliances are resident somewhere Define the policies that need to be applied between them and then connect policy to chaining itself to communicate what traffic Should go into which service chain Again, this is all pretty normal from a networking point of view, but these are basically Really quite new concepts to virtue to the NFV world and to the virtual appliance world the overall goal Make it easier to define this and deploy and operate the services that need to be deployed together And these pretty straightforward stuff load balancer firewall web server. That's a service chain You want to deploy those at one time. There are features that need to be at each point in that service chain Make it as simple as possible to render that particular service chain provision it regardless of where it lands in the data center and move that policies move those policies and move that Configuration as the endpoints have to move around based upon this the current status or state of that data center So realizing this an open source and we can talk about standards as well But realizing this an open source open stack is great at placing the VNF's absolutely great at this but the policy piece the provisioning configuration has some challenges and this where group-based policy comes in again and Then the chaining this This has been built into open daylight And so all these pieces when you take a look at that architecture and I'll get to it again in a second to remind you You look at the service plane the policy plane the service plane the virtual overlay the virtual underlay and the resource use All of these need to come together to be able to deploy that service So as we connect these dots There are some problems some things don't currently exist that notion of The semantics to communicate EPG membership to workloads is missing right now The placement to chaining lacks the semantics to communicate what type of VNF that workload represents We can we know how to fix that and then the policy to chaining This is upcoming in the lithium release of open daylight So we're right on the verge of of seeing this architecture come to fruition and completeness and open source To close those gaps and as I mentioned I was going to tell you what that metadata looks like And this is really what we're talking about if we can pass some of this information along with the port We can indicate Whether you know what the workload type is and what endpoint group it's a member of And so this metadata actually ends up becoming quite important on on how to be able to place The VNFs identify them create the service chains and treat them like a service topology that they are And so you can see on the placement to chaining You have the ability to say That the VNF is actually a specific type Which then will key up the type of provisioning configuration and policy that's necessary for that particular device In that chain so these are some of the immediate steps in front of us that we need to work on So let me show you some architectural pictures some of them are familiar some of them are not this is a this is in fact a Cisco picture where Putting that architecture into action You can build a virtual managed services solution with open stack open daylight with an orchestration on top as I just mentioned And in fact this builds out those service chains Using this architecture as I described and the key piece here is that it allows independence of the physical resources independence of the virtual overlay and addressing semantics and allows the VNFs to be Deployed as a chain and to be referenced as a complete chain or a complete service to both the user or tenant or To the operator so that they can perform service assurance Associated with that service for that particular user and tenant and treat the entire Service topology or NFV service chain as a whole Looking at a couple of other pictures if you're a fan of Etsy This is going to orient to your brain towards an Etsy type diagram And how the different pieces that I mentioned in the previous diagram fit directly into that Etsy architecture this is Again, this is one way to to represent it But do note that there is a fundamental difference, which is I'm not having sorry We do not create an architecture where there's an independent element management system or management system per VNF That is done via the orchestration system based on those contracts I actually believe this is a fundamental flaw of the Etsy architecture I'm not the first one to say this on stage, but treating Each and every virtual machine or virtual workload or network function virtualized network function Requiring it to have an independent NMS or EMS. I think is simply ludicrous and so instead that that deficiency Is addressed in opn of V they're headed down the same path They're using all of the same tools open stack open daylight OVS KVM heading towards containers They're heading towards their first release as well but the thing that I want to mention here is that The open NFV community rose Not only as a midstream project not only from the members originally an Etsy NFV working group, but also from a fundamental Slowness or lack of adoption of some of the blueprints when telcos MSO service providers are arriving in the community. They're having challenges with their blueprints in their use cases This is something that this community has to address there needs to be an outlet Seeing a rise of more and more midstream projects. I think is not advantageous to the industry But right now the midstream project of integrating all of these open source pieces together I think is key for this point in internet history to be able to make it work and Hopefully it'll be proven out very shortly And then we can move from the use cases that they're trying to build midstream Directly into blueprints and it can take off and there's a variety of community communities I think that they can continue to catalyze to to have this outlet so my next point is that Building these architectures in open source as an example. I give you a quick preview. I hope you read the last line but a quick preview of this The challenge we have is that there isn't one answer for how to do these things I think for every project and sub project regardless of the community open stack Or opnf v if one way of doing it is good Seven ways of good doing it is better and often those seven different ways of doing it are somebody's own distribution and somebody's own way of doing it and needless to say this turns into a forking nightmare and the though the nemesis of a successful open source community is a forked project and I and in this particular case NFV and deploying these virtualized services getting very very challenging because of the seven different options for everything you could possibly do That requires not just seven times the resources probably 49 times the resources to get any of this done and We do need to find a way within our communities to I don't want to say reduce but begin to make decisions of which want which Valuable piece of technology can move forward towards these solutions or we will see a rise of a continual rise of midstream projects trying to integrate these So stop forking up my NFV So let's take a look at at the future and and what's necessary So my goal is to take this platform concept or this whole stack architectural concept From policy through service through the virtual layer through the physical layer and through resource management and take this to multiple industries right now load balancers and Nats are Interesting, but do not make an NFV solution the number of virtual appliances that need to be brought into the fold and Can be service chain together for high business value? It's taking too long Now instead of just ranting and riffing up here, I also will mention a few things that we're working on as well in particular Service assurance has been a complete lagging Caboose at the end of this train It's incredibly challenging to operate look if operating a network is hard to begin with and a lot of IT pros are saying This is way too complex automate simplify etc. Etc Without some of these tools that I'm describing operating an NFV solution is unbelievably challenging and so again passing some of that metadata and passing some of those identifiers of where Workloads are placed where service chains are how they're connected together and be able to represent that as a service makes things easier and That service assurance piece and managing that whole stack is a key focus of Where we're headed both in the open daylight community and and at Cisco the resource awareness and reservation this particular piece is Really close to a black magic for the industry. There are Cloud and data center management tools that allow you to take a look at where workloads are placed and how much CPUs are using and how much storage and how much Ram Necessary but not sufficient when you are an IO optimized workload that IO piece of what is contributing to Sorry, what is the limiting factor or limiting variable in my deployment of NFV most frequently as IO and that isn't part of our overall Cloud and data center resource management system yet. So that one on That one is key on how to be able to build these service chains and guarantee that you're going to get the service Availability and reliability that you need out of it security and at a station of this Trust and security is still almost in an open loop on a lot of these pieces There are a number of proprietary solutions that are that are emerging But nonetheless this needs to be brought into the entire architecture and then other architectures of deployment You know hypervisors containers bare metal all of it needs to be able to be orchestrated and workloads have to be placed and You know to the open stack community Please work, you know harder and faster because we need we need every form of deployment possible So my goal of of building out this architecture is to not only bring attention to What what we need to be able to deploy it NFV or any? virtualized functions But also we need to have the stability and performance and scalability needed to be able to deploy these in a basic distribution so To our navel ourselves, I'd say that automation is necessary, but not sufficient We do need this whole stack architecture to be able to deploy ubiquitously and we do need a notion of all of those planes policy planes service plane Virtual overlay physical and then the resource management So I've got a few Few minutes for some questions comments or conversation You know, there's a there's a mic over here, or I can repeat your question if it's too far for you Yes, please A quick question about the container networking So if everything this goes well and the containerizations containers are gonna be big thing for the next generation Not working and the applications in terms of the NFB BNF so what's your Cisco's view what's your Cisco's ideas about? Networking those containers across multiple data center multiple hostess et cetera Okay, so there's there's really kind of two questions in there one is where we headed with containers and Containers hypervisors bare metal. I want to be clear. I don't care I mean the money is sorry anybody's business function is not based upon how they actually wrap their application And we need to support them all. I've got no religion on any of this stuff Although it's a fun bar conversation to have religion The second question you asked is how do you federate these data centers together? You know that clearly is also black magic at this particular point with a lot of these deployments and having Geographic redundancy or being able to move workloads from one data center to another data center based on proximity or high availability is a key piece Then the best thing Emerging out of this whole stack architecture with respect to group group based policy is that it's not associated with the underlying Physical resources so you can take those policies and contracts and move those workloads to another data center without Redeploying new addressing without reassigning all those variables that has been traditionally necessary when moving network functions around So the trajectory is there towards data center federation But this infrastructure I believe needs to be in place to be able to have to make it so and in particular to abstract it above those above the hardware itself I threw about a bunch of contentious comments out in this in this presentation. I can't believe folks are taking it sitting down Lou You're taking this sitting down go ahead You can I'll repeat for you if you like hundred percent hundred percent In particular because as you know through history in neutron There was state held in neutron when we added more than one forwarding plug-in to that There was now cross-state across those plug-ins then the ML2 drivers came in and there was state associated their High availability and scaling and consistency and coherency became frankly a very very challenging proposition Obviously people made it work They made it work with a ton of effort and when you step back and just look at it look at it architecturally You'll see oh you've got your state distributed around too much and it's very very challenging to keep everybody consistent on how it's working Let's have a let's have something that's abstracted and move that state into one location associated with the entire chain so 100% agree that state reduction and having neutron focus on massive performance and scale and and clarity and ease of those APIs is is what I'd recommend and Move that state to something that can hint that speaks any language of networking I mean you could kind of see the trajectory that neutron would be on trying to handle multiple forwarders and the Infinite number of drivers that or plug-ins that would have to come out of it each one from potentially different vendor or multiple open source communities You know, you know danger ahead and I think that'd be very challenging Hey Excellent point. So, you know as they say I'm an old SD. Oh man myself in fact, I am but really that where what this is coupled with is With respect to the service models Those are being described in Yang and Yang Yang is a modeling format being standardized at the IETF and Working with the IETF in particular and if you know that body Well, you'll know that they distributed out all work to all relevant working groups as if they were associated with a particular protocol or feature and If we want to deploy a tenancy in a layer 3 VPN or its own IP address pool That has a extreme likelihood in a distributed nature to take. I don't know 10 years and maybe 20 years And I say that because SNMP is in the state that it's in so Using using Yang and working with some IETF folks. They're focusing on defining services first you know to be able to provide an end-to-end service like a layer 3 VPN like a layer 2 VPN or or Building out these service chains. So Yang is key from a policy point of view From a service view and service chaining that's being done at the IETF as well creating the communication between open daylight and the different Virtual forwarders or virtual machines underneath like I mentioned most of the SDN protocols have One standard body or another associated with it whether it's open flow or it's not confiang or its path computation element I could go on and on the one that's a bit challenging is OBS DB and OBS DB really needs something written down and you know, I'm not nest I'm not really a big governance guy, but it would be really nice if something was written down We could agree on on some aspect of the trajectory hand-in-hand with the code that's being developed One thing about this architecture when it comes to either Yang or the SDN protocols or open daylight or NSH or others The play that we tried to run if you want to think of it that way is that it's being standardized in an SDO and the correct SDO and again that could be Etsy IETF ITU IEEE ONF on and on at the same time that the code is being written one thing I do know from being an old standards guy and this is going back a while now is that Standards written at the same time of the code produce superior standards a Committee of people who after two years produce a piece of paper that isn't worth the paper that it's printed on But they really thought hard and succumb to group think in a variety of other ways to fool yourselves into thinking It's a good idea with no code next to it Those tend to be standards that either take a very very long time to implement or never arrive in the marketplace so that can join nature of Open source and open standards are key. So this entire architecture is is both open source and open standard Dave we're gonna close the questions down now and do our drawing So if you guys have filled out your cards, I want to put them in the fishbowl We're gonna do the drawing and I think Dave might hang out a few minutes outside if you have other questions Are we giving away a car is this open? So I thank you all for your time this morning have a great open-stack summit and I'll talk to you soon


Telephone conversation between President Johnson and Senator Thomas Kiekel on November 29, 1963, at 8.25 p.m. Senator Russell on 2191. Thank you. I'm awful sorry, Mr. President. It's Senator Kiekel I have on. All right, put him on. There you are. Tommy. Yes, sir. I'm sorry that the government moved to Florida. I tried to tell my friends in California, Mr. President. Well, the only one that I can locate is not in Florida. You and Mansfield and Humphrey and all the rest of them have moved down. And I'm going to name it Cape Senate instead of Cape Kennedy. What I called you about, Tommy, was I was naming a commission on the assassination of the president to make a full study for the world in the United States. And I wanted to discuss with you who I was naming, but I got Dirksen and I got Mansfield. I'm sure that you think it's all right, but whether I want you to know who it was. I got the Chief Justice to be chairman of it. I got Dick Russell. Fine. I got John Sherman Cooper, your manager for me. I got Hale Boggs and Jerry Ford of Michigan from the House. I think both of them are good. I got Alan Dulles and John McCloy. There's five Republicans and two Democrats. So I just wanted you to know that the president announced today that he's upon a special commission studying a report upon the facts and circumstances relating to the assassination of the late president. The subsequent violent death, the man charged with assassination. The president stated that the majority of minority leadership of the Senate and the House had been consulted for the respect of proposed special commission. The members of the commission are Chief Justice Earl Warren, Senator Richard Russell, Senator John Sherman Cooper, Representative Hale Boggs, Representative Jerry Ford, Honorable Alan Dulles, Honorable John McCloy. Now, Warren and Cooper and Ford and Dulles and McCloy are Republicans. And they've accepted, Mr. President? Yes, sir. All of them. I called each of them myself. And then I called every leader of myself. And I'm still at the office, and I'm catching hell. And I like great jobs with you. And if you don't mind, bring Betty on back here and find a good constitutional lawyer to tell us how to make the transition. No, sir. I would know. No, Mr. President, I would not do that. But, Mr. President, that ought to eliminate the necessity for the Senate Judiciary Committee, shouldn't it? Yes. And Eastland agreed that he wouldn't go ahead with it if it did this, and the House agreed the same way. Oh, that's just excellent, Mr. President. I'm not kidding you. That's great. Well, I know what a good American you are and how you want to support every time you kill it. And that's why I called you early in the day just before this one out to tell you. But it has gone out. It went out about 15, 20 minutes ago. Well, I'm grateful and honored that you would call me. Incidentally, I think you should take considerable pride in what the Senate did the other night on that month thing. Well, I'm glad it did. And I don't know what's going to come. But I'm going to do the best I can along as I'm here. And that's all I want to do. And you and Betty know how I feel about you all.  But our principles are about the same. And I told Otis Chandler that last week he went hunting with me down here in Texas. And I said, this is an American first. And that's my philosophy. And that's the way I want to send it away from miles and hours. Because I didn't play politics. I was responsible and I supported it. Bill Nolan taught him. And I got a majority the first two years. And if they followed you, they'd do the same thing with us. But anyway, I just wanted you to know. And I thought that you would object to a couple of year manager. I think he's great. And I think that chairman, Mr. President, is the greatest. He turned it down today. And Bobby and them went to him. So I just called him, sent him down here. And I said, now listen, you'd get in the World War I uniform.    Now, we've had 60 FBI agents working for seven days. And they've got the story. And they've got the fingerprints. And they've got everything else. But the American people in the world have got to know who killed Kennedy. And why? And somebody's got to evaluate that report. And if they don't, Khrushchev moved on. He could kill 39 million in an hour. And we could kill 100 million in his country in an hour. But here I'm asking you to do something. And you're saying no to everybody. One, you could be speaking for 39 million people. Now, I just don't think you won't do that. Terry just came in his eyes. He just came up just... You never saw anything like it? He said, I can't say no. Oh, Mr. President, I think that... He's a patriot. He's a patriot, that fella. I got you better breathe some more like him. You better just... You just better breathe him. Well, I'm going to be as long as I'm here. Nothing I want. I got more than I deserve. It's too frightening for me to even think of. But I'm going to do my best. And I'm going to be fair. And I'm going to be just. And I'm going to be as non-partisan as man can be and still hold the office. And I'm going to expect your help. And I'm going to give you mine. Thank you, Mr. President. God bless you and we pray for you. Good night. Give Betty a hug for me. Thank you, Mr. President. Bye.


Salams, you're watching the International Daily Roundup, People's Dispatch's selection of some of the top stories from around the world. Let's first take a look at today's headlines. Italian students protest after the death of a 16-year-old in an accident. Australia moves to ban Hamas. COVID-19 worsens the homelessness crisis in Brazil. Our first story is from Italy, where thousands of students hit the streets in more than 40 cities on Friday against the flawed education policies of the Mario Draghi government. The students were joined and supported by trade unions and political organizations such as Pote Real Popolo, USB Italia, and C.Cobas. The protesters denounced the mandatory internship for students, the government's insensitivity towards the COVID-19 crisis in institutions, the spike in unemployment and repression. The protest took place after 16-year-old Giuseppe Linoci was killed in an accident on Feb 15th while on his mandatory internship. This follows the death of 18-year-old Lorenzo Parelli on January 21st in a workplace accident also while on internship. Student and youth organizations had also had large demonstrations towards the end of January. The students and trade unions have also highlighted the issue of unsafe workplaces in Italy, where a large number of accidents take place. The protesting students called for the abolition of compulsory internships, as well as the resignations of Italian Prime Minister Draghi, Education Minister Patricio Bianchi, and Interior Minister Luciana Lamorghese. For our next story, on Thursday, the Australian government announced its intent to ban the Palestinian resistance movement Hamas in totality as a terrorist organization. Australian Home Minister Karen Andrews announced the decision claiming that, I quote, there is no place in Australia for their hateful ideology." Hamas' military wing is already listed as a terrorist organization in Australia. After announcing the ban on Hamas in totality, Australia joins a small set of Western countries such as the United States, the United Kingdom, the EU, and Israel, who have done the same earlier. Israel welcomed the Australian move with Prime Minister Naftali Bennett thanking his Australian counterpart Scott Morrison. Hamas controls and administers the Gaza Strip with a population of over 2 million people. Israel has already imposed a severe land, air, and sea blockade of Gaza, turning it into the world's largest open-air prison. The move to ban Hamas was opposed by Australia's Palestine Advocacy Network, which claimed that, I quote again, this designation will not act as a deterrence against terrorism, but would damage Australia's capacity to play a constructive role towards Middle East peace." A similar decision by the UK late last year had also been condemned by Palestinian rights groups. And finally, we take a look at the impact of COVID-19 on homelessness in Brazil. According to official figures, 24,000 people lost their homes in Sao Paulo in 2019. A 2021 survey by the state movement of the homeless population found that the number had risen to over 66,000. The profile of people who became homeless also changed. Recent data shows an increase in the number of families living on the streets. Black or brown people form a majority of those who are unhoused. Community organizations and activists have also warned that many people are left out of official surveys. Underreporting, in turn, has led to people being excluded from government benefits as well. Here's a video from Brazil de Fato on the state of homelessness in Sao Paulo. We used to work as collectors of recyclable materials and cardboard, while one kilo of these materials could be sold for one hell. We managed to pay room rent, but then the price of cardboard fell to 40 cents. We either paid the rent or ate. And the city of Sao Paulo, Glaciela and Almir are two examples of the new profile of homeless people during the pandemic. People who are on the streets for the first time in their lives. I never imagined this. The reality is cruel. You can't even think of living the place for a while, or you're going to lose the little you have. According to data from Sao Paulo City Hall, almost 32,000 people are living on the streets. It represents a 31% rise in the last two years. To some movements, this figure can be even bigger. Artist and sex worker Kundalini has been living on the streets for a month.  I am not. That's how I try to emphasize myself as a queer person who will keep on living.  One year ago, Antonio was fired from his job as hot carrier. Today, he and a colleague with who he worked have been sleeping under the murky. They try to save some money to rent a room. During the day, we go to the neighborhoods, and during the night, we collect cardboard here because there's a lot of it here. Some people want to keep begging, but we don't. We want to work, provide for ourselves, so as not to beg. My biggest fear is the discrimination people have against me. Some homeless people help you with blankets or any other thing you need. But the way people look at us is the worst thing. That's all we have on this episode of the International Daily Roundup. For more on all of these stories, you can visit our website peoplesdispatch.org and do give us a follow on the regular social media platforms. Thanks for watching. Goodbye.


Stakeholders on Nigeria address an insecurity consent during elections, arguing that restoring confidence will prevent Nigerians from doubting the outcome of the electoral body. Plus TV Manually He-Genery report is presented from our studio. Stakeholders in Abuja have convened to discuss security challenges during our election. They led by the Clean Foundation, a non-governmental organisation aiming for free, fair, credible and safe elections. Country Director, Guard Peter, highlighted the importance of the dialogue on its potential positive impact on future elections. The conversation we're having today for the next two days is not to apportion blame. It's not to say who is right or wrong. It's for us to be able to fashion a model that will be more acceptable to all of us as citizens of this country to identify where there are gaps and identify areas of improvement and be able to make the electoral process and especially the issue of electoral security more inclusive and more acceptable to people and to reduce the tension that usually comes with election in Nigeria. Election is not supposed to be a moment where people are traveling or stalking food or where people become enemies with their neighbours, secondary school mate, university mate or colleagues in places or work. It should be a moment of celebration. It should be a moment of intellectual discourse, a moment where ideas are discussed and issues are discussed and not people. The event attracted the Northern Police and NCDC stakeholders to discuss experiences and strategies for and lens insecurity threats during elections. Each time a leader like a commissioner of police posted to a particular society people are like to start to assess what kind of person is, what can he do. So first and foremost we have to organise various outings to the traditional rulers, to the civil society and we had a very good interaction with members of the media who will inform the larger society on the kind of person that has been brought to manage the election. So it is based on the interaction that the society will now know that this person is not going to let them down, he is not going to compromise his duties. We are still calling for more improvements in terms of the logistics, in terms of how this logistics is also deployed in the delivery of elections. We want to see a whole of government approach to the conduct of elections where INEC is working with security agencies, is working with the Human Rights Commission, is working with all institutions of the state with mandate to make elections happen, not just elections happening but credible elections happening. It is time for us to sit down to review some of these practices, to review issues around the election violence, to review issues around election security, to review issues in terms of the participation of security forces and security agencies. The events discussed are post-election trauma with L security experts and associate professor Aisha to Amiya providing a unique perspective on addressing the effect of election violence. The instrumentalization of hate speech becomes a tool in mobilization support for either a politician or a political party and what does it do? It contributes to so-in-sit of disharmony which could either be to an individual or to a group as a whole. So it divides us along religious line and the ethno-religious regional fault lines which becomes a problem. The events is attended by various stakeholders including the United Human Rights Commission, the National Police Service Commission, civil society and the media.


I'll call the meeting in order. Roll call. Jean Clionus. Andy Hop. Jerry Jones. Larry Samet. Bobitry here. Have the Pledge of Allegiance. I pledge allegiance to the flag of the United States of America and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all. What's your pleasure in the minutes of May 13th? Move to approve. Second. We've got a motion and a second. Is there any discussion? Seeing none, all in favor, signify with saying aye. Aye. Opposed? Motion carried. Need a motion to go into closed session? We've got a motion and a second. Roll call. Jean Clionus. Yes. Andy Hop. Yes. Jerry Jones. Larry Samet. Yes. Bobitry, yes. We are now in closed session.


to everybody and also from my side a very warm welcome to beautiful Cintra it's of course an extraordinary pleasure to be here and see you all in person this is just fantastic I hope you all enjoyed the first course of the dinner and are now looking forward to our dinner conversation as the president already said this year we are not going to have a conventional dinner speech but we're going to have a hopefully lively discussion with our dear guests Elaine Ray and Richard Portes on the topic threats to financial stability the topic clearly has regained relevance the war has pushed inflation further up and has lowered growth expectations sovereign and private debt are high also as a result of the pandemic and some asset prices are difficult to reconcile with fundamentals when interest rates rise sharply fragilities may appear with different types of assets regions financial intermediaries being exposed in different ways and to different degrees so what better time could there be to discuss these issues with two of the best experts in the field and there is of course no need for an introduction but I will have a short introduction anyway both Elaine and Richard are professors of economics at the London Business School and have made numerous ground-breaking contributions in their respective fields let me mention Elaine's work on the global financial cycle which turned the classical tri-lemma of international macroeconomics into a dilemma and it remains an important concept today jointly Elaine and Richard wrote a highly influential paper on the determinants of equity market integration pointing to the geography of information as the main determinant of cross-border equity flows but these examples of course are necessarily selective let me also stress another reason why we are so happy to have the two of you here which is your deep commitment to Europe and your deep interest in fostering the exchange between researchers and policy makers which is obviously what was the founder and president of the Center for Economic Policy Research CEPR he also initiated the very successful logbox EU as well as the journal economic policy moreover he contributed and he still contributes greatly to the advisory scientific committee of the European systemic risk board where I had the pleasure to work with him several years. Elaine is currently vice president of the CEPR and has put an enormous effort into the women in economics program which I think is a fantastic initiative thank you so much for doing this with great enthusiasm and of course Elaine is also a very important voice in the European policy debates but let us now dive into the topic of today's conversation I will try to keep my questions relatively short because it's not about me it's about you about your answers not my questions and I would like to start with a question on recent market dynamics so maybe I start with Richard so what I'm your views the main reason for the increased volatility that we have observed in financial markets thank you Isabel some of you will be familiar with a quote from Harold McMillan when he was Prime Minister of the United Kingdom for several years a successful Prime Minister until things went bad but they always do don't they and when asked what was his most important challenge in his role he said events dear boy events well that's exactly what's happened we've had COVID continuing in particular in China we've had Ukraine commodity markets major disturbances elections Germany France coming in the United States none of the United States has been conducive to financial financial stability we've got a shift to the risk-off environment with both equity and bond market sharply down but I think also and I was a bit skeptical about this when it was first raised several years ago the idea that deep structural factors in have reduced liquidity and thereby created more volatility I'm still I'm still waiting to see the evidence of that but I think there's enough informal evidence from the markets that this is that this has been important thanks Richard so let me ask a bit so what do you think you learn how does all of this affect the macroeconomy may as maybe also monetary policy or the other way around very much is about so so far so good I kind of agree with what Richard said we did try to find areas of disagreement so yes risk on risk off we we see volatility having an effect on financial friction so tightening of financial constraints whether you think about value at risk constraints you think about financing constraints and we know that this is a powerful transmission channel to the macroeconomy so this has an effect on credit creation this has an effect on capital flow with an effect on investment and aggregate activity so that's definitely a first amplification channel to the macroeconomy but then of course there are direct effects so we have this volatility events in particular for the commodity markets and there we have direct effect on the production process global value chain we have direct effects which are affecting very much the supply side of the economy in an environment where the rebound from the COVID has come an unbalanced rebound with some bias towards towards goods so inflationary pressure which you know you have to deal with and on the demand side we also see inflation eating away the purchasing power of households in particular modest households both because of the energy prices and food prices which are constrained expenses and I think also something we have to keep in mind as macroeconomists is that very important general equilibrium effect aggregate effect coming from precisely the decrease in purchasing power of this category of households who also happen to usually work in cyclical sectors and this has in turn aggregate effects on the economy so powerful amplification mechanisms that we need to quantify for macro for macro policies okay so this is certainly very important so the question then is does all of this lead to acute risks for financial stability Richard I don't think we have yet such risks we're not like 2008 when the banks were severely undercapitalized and when markets froze because no one could trust counter parties that counter no one could be sure that their counterparties wouldn't default overnight and so nobody wanted to deal with anybody it's not like 2020 either when we had the dash for cash in March 2020 at that point Vicks and high yield spreads both went above the 2008 levels but but sorry all you central bankers out there I do see some risks for the central banks in particular that you may have to act as market makers of last resort we still have not properly fixed the money market funds in my view I know there are others that disagree with this but and we put a lot of effort into it but I don't think it's been totally successful and if stress were to come I think that would be a first point of call we have pro cyclical still pro cyclical center counter central counterparty margins on commodity derivatives and there are dangers for the central counterparties themselves if things go bad so and there again central banks would have to step in so I think if I were in your shoes all you central bankers out there I would be concerned about this possibility that you may yet again be called upon to act as market makers of last resort yeah one particular type of market dynamic that of course is on many people's mind here in the room is the threat of fragmentation in the euro area so it seems that this is a very euro area specific thing so why why is that so well so I think so I'm gonna say it's your area specific in a minute but I'm gonna say something actually not quite in a way because we are used to a fact that when interest rate go up and when we withdraw liquidity which is something that is you know happening here right now there's more differentiation in asset markets and so we see a spreads widening we see market segmentation coming up this is partly due to the less liquidity for arbitrageers various financial frictions playing some capital flight behavior so we see that in the international economy when you look at a segmentation of emerging markets compared to to advanced economies we see a phenomenon like that we see also in the corporate bonds sector think about high yield investment rate and where it is quite specific to the euro area is that there this is advanced economies sovereign bonds and indeed why do we see these dynamics where we see increases in spread we see more differentiation in the pricing well it's kind of normal because a different credit risk and why are they different credit risk because we are not a fiscally integrated area right so that's that's the basic structure financial architecture of a euro we all know about we are a currency union but we are not fiscally integrated and therefore we have heterogeneity in credit risk and it's normal that this heterogeneity be priced and it's gonna be more priced when we withdraw liquidity from the system so that's okay to have spreads what is dangerous in terms of that's where we go to the fragmentation theme is when these spreads take on a life of themselves when they become self-fulfilling when they become there's a dynamics that settles in and that is an unstable dynamics this this we don't know and we we don't want and we have seen that we have seen that in the past so that's that's the danger and that is what is specific to the to the euro area because of lack of fiscal integration because we haven't finished the banking union a big a big theme but a lot of us have contributed to but we haven't finished it and we we have no no capital market union effectively we have still no euro area safe assets so because of all that it's normal that we see some spreads but we don't want instability in those spreads this said we are still in a situation in which yields are low we are yields are low and therefore you know we should not panic we should just watch what is happening and and make sure we have the tools to deal with whatever could come and so if I may so how would you distinguish what is just like this effect of the general repricing and what is kind of more very sound so clearly when you it's always the same gray area that you know we have to deal with in macroeconomics when we talk about fundamental driven issues versus self-fulfilling the pricing if we have dynamics which seems to be unstable and not warranted but we believe our fundamental variables whatever that might be and I'm aware that there we we have to deal with issues with the models and views about the world then of course even stability takes on speed or we have to intervene and and the issue then is to do that in an environment in the in the euro area where we have to both have at the same time risk sharing and at the same time still some some physical discipline so that has been a little bit the dilemma of a euro area for a very long time as as you know so that somehow reminded me of the 7 plus 7 report very much so very much so Richard would you like to add anything on that specific point no I think we want to talk about the general repricing in financial markets perhaps and I would just say by the way president that lower for longer is still with us very much real rates are even lower than when we wrote the lower for longer report so and I think that is an important factor that mitigates some of the tensions that we are seeing out there and should do in future but so what has changed it's not just the tightening of monetary policy it's the shift to risk off of course the two are related but I think you can conceptually and in practice distinguish between them to some extent and that the process that we are seeing is as a lens said in some respect it's gradual the rise in high yield spreads that we've seen it's there but it's been very slow very gradual nothing like what we see in the crisis periods similarly euros on sovereign spreads after all come on let's get serious here I know that everybody gets terribly worried about these things but but Italian spreads this afternoon when I looked we're 199 basis points over the book there were 120 years a year ago is this a dramatic deterioration not obvious Portugal is up from 75 a year ago to 107 basis points today again not exactly dramatic is it so I see the widening is due at least as much to the general risk environment as to monetary policy and in particular not the fundamentals Italian fundamentals in some ways some respects are better than they were a year ago and you know it could things could indeed be worse according to a survey of asset managers conducted last month's the asset managers showed perceived higher financial risk now then in 2008 or in 2020 after the events okay wait a minute here there's a psychology out there that is very strange and maybe just one small comment on because you you mentioned the risk of moves I mean one thing that we haven't really seen that we've seen in previous episodes is these kind of safe haven flows at the moment we are not we're not indeed I think that's important important point but let's yes we always have to be very careful and watchful for certainly I can I can assure you but indeed if you look at the debt to GDP ratio also of number of indebted economies it goes down because of a nominal GDP growth it's true yeah so let me switch to a completely different topic which is crypto assets so of course we have seen some interesting dynamics in that market as well so the market capitalization has decreased quite dramatically over the past month so one question that is of course on our mind is whether these movements in crypto markets have any implications for financial stability so whether we should be worried about systemic risk and maybe we should broaden the whole topic a bit and talk not only about crypto asset but really decentralized finance more generally as you know is it all I've been thinking about these things too much over the past six months and some of you out there have been very helpful in that respect but yeah risk off has among other things caused a shift out of crypto perfectly normal perfectly natural and the Bitcoin prices the ether prices are way down and even things that are written just a month ago you said a month actually this has been going on for several months but even something written by Bloomberg intelligence last month it's embarrassing what these guys write you know when they hype up how you know Ethereum is going to go to two thousand three thousand four thousand now soon right well ether but it ain't happening and so the question is what are the risks I think the risks are now small because of the relatively limited size of the crypto asset space but given the rates of growth that we saw until this plunge given those if that trend comes back that was very very rapid growth and we could indeed see fairly soon something a space that is is quite dangerous so what are the risks well the problem is that crypto assets crypto markets do what the traditional financial assets and markets do but they don't have the regulation they don't have the backstops they don't have the fiduciaries and all all these things that we have very painfully over decades over centuries discovered are essential but if you look closely if they were properly regulated they might just disappear think about that think about that so maybe let's let's try that well you said it not me I just I just work here you know some examples of instability you will be familiar with the most important stablecoin so-called stablecoin tether actually broke its peg to the dollar at one point very recently and its assets people aren't saying much about it but its assets are falling moreover about a third of those assets are in commercial paper with an average residual maturity of 44 days that is according to their Cayman Island accountants there's Celsius a major bank that lends which had to gate withdrawals there's Tara everybody knows about the Tara Luna coming back down not down to earth below us both are now worthless so there are big dangers out there potentially if this space gets big and on some I'd like to dimension on some crypto exchanges believe it or not Binance it is possible to achieve leverage of between 100 and 125 and we thought Deutsche Bank in 2008 at 65 was really a problem yeah right about it here and finally at least as dangerous in my view at least as dangerous in my view are the so-called smart contracts smart contracts are code okay they give automatic execution without recourse that is not smart excuse me we have contract law we have commercial courts for good reason because you can't write all contingencies properly into a contract we learn that you know basic basic economics but anyway at some point we learn that and and not having any structure like that it seems to me for the so-called smart contracts the danger of just fat fingers not being able to call it back that seems to me a problem so I heard some skepticism over there so is there anything positive we could think about in the crypto asset world I mean something I mean could it lead to more financial innovation could there be financial inclusion you have any any positive ideas what positive effects crypto assets could have so I would love to try you know if you're need to contradict Richard right I mean I can I'm gonna really try hard but indeed if I if I want so first of all to think about you know crypto so anything that it's called a crypto currency so far including the most popular one has nothing to do with with money I think we all agree with that right we attribute some money are absolutely not represented by in Bitcoin very bad medium of exchange and that's actually by that's really by design in a way the transaction cost are extremely high very bad unit of account very bad store of value so this is not this is not a currency now if we think about the other styles of cryptos we can think about stable coins and all that it is true that one could try to say what is the business model okay is there any business model we doesn't have to do with avoiding regulation or avoiding fiscal dues or indeed not about getting senior age and if you if you try to to think about what are the business model which do not meet these three things avoiding regulation or fiscal avoidance or it's very hard to find I'm afraid so then you could say okay maybe the technology so in the technology we have the the program mobility of that could be I mean Richard seems to be very adverse to that right but you could say you know maybe there's something good in program mobility here but if you think that it's not the crypto object itself the technology can be used with CBDCs as well presumably and so CBDCs if there's something good to be there we wouldn't have all the other inconvenience so then you can think about financial inclusion you can think about possibly cross-border payment but this could also be done with indeed CBDCs with some technological import there so I'm afraid I'm afraid I'm going to come down on the same same side as Richard here and when you mentioned CBDC so who would do the the innovation would it be the central banks themselves so would it be so private I mean there you can you can definitely have private innovation what my point is that it's in the technology it's not in the creation of a new currency right but but you can distinguish between the two and yeah no the public sector doesn't need to do everything no absolutely not so we see that digitalization is posing certain challenges I see I see another challenge which is cyber risk so the the frequency of cyber attacks has increased quite dramatically so should we be afraid that this could become systemic so on cyber it's another of these very difficult risks to to assess because simply we don't have much data at all so far on these issues so we have to be a bit look outside the box and try to find alternative data sources to try to even measure the threat so we can we can do that because you know the problem when we we look at reported incidents is that there is a lot of underreporting obviously people don't want to report when the cyber attacks so we can we can find maybe some data elsewhere there are some for example we can analyze the call of analysts and we can with many many companies and see how often and what they talk about when they discuss cyber risk etc so there's information in that which seems to be able to predict indeed some actual cyber threat so we can use this type of data and when we do that so what I think what we realize is that cyber risk has increased quite a lot in particular since 2016 and also that cyber risk has been migrating a little bit it was more centered on the US to the rest of the world to Europe to Asia as migrated to more sectors in particular to the financial sector to the insurance sector it seems and we start to see a little bit of it being priced but of course the pricing must be very approximate so not really too much on that but we start to see some some pricing in in stock prices in option prices and indication of contagion across companies so to your point on or your question on systemic risk we start to see that there is a bit of contagion that's obviously not the only channel for which this risk could become systemic can be systemic if it if there's an attack of a systemic financial institution straight straight on I mean that's that's gonna be there can be systemic if there's correlated attacks or attacks on on companies which relies on the same data provider or same IT systems and and there we simply don't have a data to really assess these issues so there are some different avenues I think by which this risk would easily become systemic and we are just starting to see it happening and we have to be very creative about the data I think thank you very much so we've talked now a lot about advanced economies let's maybe just very briefly also talk about emerging markets and we know that times as today can be challenging for emerging markets when interest rates are going up in advanced economies one could expect to see capital outflows potentially even leading to financial crises so how how do you see things currently maybe Richard well you asked this question on the day that Russia defaulted the first time since 1917 on its international obligations 17 but we can check that Wikipedia out there go ahead I don't mind being wrong on this one it's also the 250th anniversary as pointed out by bloggers at the New York Fed 250th anniversary this month of the outbreak of the first modern global financial crisis the credit crisis of 1772 73 so I don't feel terribly comfortable addressing this question two major emerging market debt crisis in the past came when US rates went up Latin America 1982 Mexico 1994 95 both of them required action by the United States and the IMF and actually the second one was some good for me because with Barry Eichengreen I ended up writing a piece called crisis what crisis that proposed collective action clauses which were ultimately adopted but have they made the world safer some I think in fact so but there are still dangers we have rising rates and a rising dollar and these raise the dangers of debt defaults bank failures and exchange rate crises in emerging market economies and it's the interconnections among those three that really give rise to major financial crisis now are there systemic countries that are threatened I think the first in line and I don't hesitate to say this for a moment I'll name a name Turkey right it does not look good and it would not be the first time as we know so I think whether Turkey has global systemic relevance whether there would be any contagion not at all clear you had Argentina go down in 2000 and it hardly ruffled any feathers except in New York way but but still Turkey might be a serious case and so far if you look at the data the capital outflows from emerging market economies have been mild so you know so far so good but you know what that story is yeah thanks Richard so you pointed to this kind of stylized facts of when rates go up then these are the times that become risky and then of course that's not just a true in emerging markets but if we look for example at the US and when financial crises happened they basically always happened when interest rates were going up and so the my final question to both of you would be so when when we go to bed tonight after a wonderful dinner with many nice conversations can we still sleep well or should be we should be worried depends on how much we drink so we know what to do as far as I'm concerned no problem for me I don't have to make monetary policy decisions good luck to you all thank you so just let me just thank you for this fascinating conversation it was a great pleasure being with you on stage I will also enjoy it sitting with you at the same dinner table so thanks for coming in at relatively short notice and it was really it was fantastic thank you very much


What is going on guys welcome back to the channel critical overload here since I'm about Halloween ends in this video here again today Going over the new mass that we got from trick-or-treat studios and talking about the cave-dweller stuff as well as Michael's powers and the Transferableness of said powers because it's not Michael himself as much as it might be coming from Michael's mass this idea I've seen tossed around so Trick-or-treat studios of course gave us this look at this mass or replica mass you see on your screen The most accurate closest thing to what we're gonna see in the upcoming Halloween ends We're gonna release it later this year on Peacock and in theaters and the same time on October 14th This mask as you see has mold on it now None of this I guess is shocking to a lot of people only because yeah If you're out there living like a wild man, and you keep that dirty mask Of course is gonna have some mold that it gets exposed to or be exposed to things that could cause mold to form on it Especially if you're living in a sewer which goes back to the working title We know this movie had of cave dweller so we've seen glimpses of the mask already in the trailer that we've got back in June and We already know or July meant to say and we already know That there seems to be something going on with this boy named Corey Cunningham and Michael Myers So I'm just gonna jump right on into it when it relates to Powers and stuff like that if Michael's powers do indeed come from his mask then Are they also going to then address the fact that the mask he wore in 63 when he killed his sister Judith? Had powers as well or gave him powers as well And if they do are they going to address where set mask came from because I believe a lot of people will want them to Didn't go down the rabbit hole of the silver shamrock thing But here's what if they decide to you know gloss over that and not say it's coming from silver shamrock Which are just of course leave it up for you to interpret that yeah It came from silver shamrock or what if it came from somewhere else and this mask is Something else altogether that just causes evil But if that's the case again, where did it come from and why why did it chosen Michael? Why did it choose Michael? I guess I should say because at the end of the day Truthfully does that even make sense for his mask to hold the powers if they do something like that I think I could see a lot of people poking poking fun and saying that doesn't make sense The biggest thing for me as to why that wouldn't make sense and for many others is if I'm remembering correctly Michael Myers stole this mask from a hardware store or he stole he stole some rope apparently I think is what bracket it said He stole that knife and then he stole that mask So if he stole the mask from a store, why does that mask have powers? Where did it come from? Was it was that the only mask in there that was like that or what what's going on with that store? Well, he where he stole this stuff from I'm pretty sure that would be a question What many people would have if they revealed that his mask is a source of his powers Because here's the other thing if his mask is the source of his powers Assuming this happens and if this is true going off of what we see in the trailers and the fact that Michael Myers has a ring on his hand Which is a sign that that's not Michael Myers It's someone else dressed as Michael Myers if Corey Cunningham dons the mask and those overalls more specifically just the mask is he going to inherit those powers those powers of course being in somewhat invincible super strength, maybe I would assume and You know just a Ability to withstand any danger that comes your way or any harm that comes your way while that mask is on Because that also it raised the question of of course Well, if Corey has the mask if they take out Michael without the mask is he going to die I just don't think that that idea is gonna come off as well on screen The way some people think it might and I'm not saying that doesn't mean that they won't still do You can you you can still do something that's very stupid I just don't think that it's gonna come off as well on screen If they decided to go down that hole of saying Michael gets his powers from this mask Cuz they now beg the question. Okay. Well, if you got it from this mask, what about the mask from 63? What's going on there? It seems like Michael is a target when it comes to these masks But we know that's not true because Michael single-handedly picked that mask out When he was stealing stuff from the hardware store for the seven from the 78 original movie. I Think what they were probably better off doing if you want to go down that supernatural rabbit hole You'd be better off Discussing something in which Michael was born with an essence of evil Inside of him something that latched itself on to Michael at a very young age And it's just been living and feeding off of Michael ever since but then when something happens with Corey Cunningham that same essence of evil decides to Jump to Corey if Michael is taken out of commission You could do something like that if Michael ends up dying in the movie You could end up doing something where I guess that essence of evil that was powering Michael and going over again how evil can be transferable, but in this case, it's a literal thing because evil is a Invisible force that we can't see it's an invisible force that attached itself to Michael in 1963 maybe a few years prior had been festering inside of him and growing up into the home where he killed his sister rendered him mute left him completely confused as to what's going on because he's basically Not in control. It's this evil this essence of evil in control That's using Michael as a vessel if you take out the vessel that essence of evil will then jump to the next thing That's around which in this case I guess will be Corey Cunningham and if they do that I don't know too many people already off the top of my head without even seeing the movie and probably even after it That will want to see them revisit this timeline if all they're gonna do is tell Corey Cunningham stories And how he's the new Michael Myers because the essence of evil jumped to him I just think that that would probably be a safer thing to do versus going down a narrative in which you say hey his mask gives him his powers and not tied into the silver shamrock thing because you should probably you probably be better off just mentioning silver Sam silver shamrock at that point not saying that his mask gives him his powers and then not address it I really hope they don't go down that path of him having powers from his mask I'd rather you just say that he's supernatural Through the fact that Michael Myers himself is not supernatural. I think David Gordon Green has stated this Michael isn't supernatural. I guess it would still be true.  It could jump out of Michael and then jumping to Corey Cunningham But then also in a lot of ways Wouldn't that devalue a lot of the mystique around him because you've revealed the true source of what's making him tick It's like a 50-50 thing for me. I am one regard if you do it do it well on the other hand Don't do that because then it might undermine some of the stuff as far as the mythos and the mystique of what Myers represents and that Unknown about his character and how that just makes him even scarier But let me know what you think about this down in the comments section below If would you want to see a narrative in which his mask was the source of his powers or not? If you haven't already question make sure you subscribe turn on post notifications Never miss a video in the description. I will have links to all my social media accounts on Facebook Twitter and Instagram You can message me there, of course Let me know if there are any movies news or reviews you'd like me to cover in the future with all that in my guys I will see you in the next video


Hello, everyone. The narcissist doesn't just forget about you. They would like you to think that they do, but they're always there lurking somewhere. They're always watching. If you were the grade A source of supply, sometimes they just never leave. It doesn't matter how many months or years go by, they're just always there. Always watching what you're doing. They're always looking to see if you're happy without them. And if it looks like you are happy without them, you can be sure that they will be doing something behind the scenes to sabotage whatever it is that you've built since they've been gone. Thanks for the donation, Jenna. These people, they just there's this obsessive nature about them. And in a way, it's kind of sad. I don't think they realize it. But they're actually giving their power away. What little power they have anyway, because what they're doing is they're basically saying, like, there's like this process that goes on in their minds. That's like, if I can keep this person down, then then I'm something significant, then I'm something special. But it's only determined by how they can affect you. So when you think about it, they're really giving their power away there. Because they a really powerful person is going to be like, I don't have to affect anyone. Because my power doesn't come from how I affect people. It doesn't come from whether or not I have an influence on people. It comes from within. That's what real power is. But then how many narcissists do we know? Who actually would take the time to figure this out? Like how many of them would actually care to educate themselves on this? They're so detached from reality.  They don't really care about the truth. You can tell them they're giving their power away by spending all their time focusing on you and never forgetting about you. They don't care. The truth means nothing to them. The truth is just something they can make up in their minds, whatever suits them, whatever makes them feel better about themselves. But if you were the grade A source of supply, they are still out there.  But if it seems like they've moved on to someone else, they might even seem like they found another grade A source of supply. But they're still watching you. They're still stalking your social media. They're still talking to people who are in contact with you or people who have some kind of access to you. They always have to have some kind of influence in your life. Because, as I said before, their power, in their minds, it's determined by what effect they have on you. Because they do recognize your power. And that's one of the main reasons why they can't just leave you alone. It's like, to them, you're like a power station. They're basically like dead batteries or like real power. Or like rechargeable batteries. And they just need you to keep powering them up. And that's why they can't just let go. That's why they can't move on. That's why they can't forget about you. Because you make them feel powerful. I just wanted to share that message with you. I hope that is helpful. And I will have more videos tomorrow. So I look forward to talking with you all then. Have a good day or evening, depending on where you are. Bye.


Food waste, as we all know, is a globally increasing problem. Food waste generates 3.3 billion tons of greenhouse gases annually, and that makes food wastage the third top emitter after USA and China. Therefore, addressing food waste is an important problem for social, economic and environmental perspectives. We often and easily think that food industry is the main contributor to food waste, and a lot of that could not be inhibited. However, about a third of all the food that has been produced for human consumption is actually not consumed and not eaten, so there is a question to address. Household waste is also the one where we often think that, well, it's all these inedible materials like peels and bones and such, but in fact the amount of food waste produced in households is even higher than in the food industry, and therefore food waste created by households is the single most important factor of producer of food waste along the supply chain. One of the problems is that at least over the past half a century or so the average household size has been decreasing, and to cope with the food waste is even more difficult in small households where you have less people to consume the food that has been purchased and produced. Another effect of our modern and urban lifestyle is that there are less farms, and one of the obvious ways how to get rid of food waste is no longer there. We cannot feed the food waste to domestic animals, and also there are limitations that for example food waste from restaurants cannot be fed to animals from safety reasons. This whole thought of how difficult it is to avoid food waste struck me really when I was talking to millers and they told me that the actual shelf life of a whole wheat flower is as low as three months, which is really short, and the product may still be edible, it's not toxic at the time, however the baking quality is worse and the the sensory quality is bad. At the same time we experience this juxtaposition that we want to eat fresh food, but we are also being offered larger packages, multi-packages, value packs and such, and we buy more food. We're persuaded to buy more food which we don't have time to consume, and therefore we need to find ways to increase the shelf lives. So I believe that even the smallest changes can have a transformative impact. I believe that in this case also small streams make large rivers, and if we extend the shelf life we need to produce less food and therefore we can release the water, energy and land resources to other other things. We know that the key elements of reducing waste are reuse, reduce and recycle. While reusing food might not really be a viable option, reducing and recycling raw materials definitely is. One example for recycling materials and revalorizing the value of that is the use of grape pumice from wine pressing, and from there the industry is already successfully extracting polyphenols that can be used as antioxidants in other foods to extend the shelf life of the products. We at ETH Zurich we've identified also several other vegetables and fruits where you can utilize these uneaten materials and get valuable components, valuable chemicals out of them that can be extracted or fractions that can be further used in foods to extend the shelf life. And it would be most important together with the industry to find ways to utilize these materials to valorize all the potential that is in this food waste. Another aspect of our research also at ETH Zurich is to use of soluble dietary fibers for example to be added into bread and therefore delay the the staling process of the bread. We've also done major screenings of different varieties or the variability within different natural varieties of cereal grains to see which ones of those might turn rancid slower than the others. The scientific process behind all of this is to gather a really complex multi-dimensional data set of the contents of these compounds, how they're affected by different genotypic and environmental conditions, different biological processes and all the combinations thereof and then to use this to to extend the shelf life. So if we could extend the shelf life of a product with a week or even just a couple of days we can already make a difference. If you buy your bread today and it will still be fresh tomorrow and the day after tomorrow you don't have to sort of toss away half of the bread that you don't really feel like eating because it's not fresh anymore. This approach can only be successful if it's done on all levels. So we still need to educate our individual consumers in how to change their consumption behaviors to reduce food waste. But it also has to go deeper down into the institutional level so that it's implemented, all these small changes are implemented and then they get a multi-plicational aspect. So we as scientists we can take the lead in identifying all these changes that are needed, all the potential new innovative compounds, products, etc. But it will only be successful if it's incorporated into action with the concerted action of the food industry, the policy makers and as food scientists. Thank you.