TLO what's poppin? We are on twitch. We are not live, but you can leave a like comment Subscribe turn on your post notification bells me. Let's continue to grow the family from Chicago to the UK And speaking of twitch and being live What's this behind me? This is the live page anything that goes a lot when you miss a live and Any great moments that we have they'll be on this page The links down below man, and we do got the Discord as well, which will come into play very heavily soon and Patreon Just watched The most recent episode of misfits and we watched we just watched some peep show on here But this is a list of everything that's on there It's been a while since I've done one of these man a while a While and I'm not gonna lie. I miss it This is the first video that I'm gonna be doing Officially off YouTube probation There's no more. There's no more restraints on me No strikes I'm back Let's get into it This is UK dash cams cop 7 2023 Come on American thing. Oh, he's starting an American page. He's got rear-ended. They get rear-ended Did he get rear-ended or did he hit a cone? Side swipe. This is why you should always wait your turn Me personally. Oh my god I thought that was Casper the friendly dog. I jumped But it was such a huge the experience even better because oh Bollocks, you can't see around him. What are you doing, buddy? Beat you to it. I Don't see nothing wrong with that. I beat you to it.  I was just about to say looks peaceful then come here come fast and a furious M-way edition like come on man.  Why is every car? I see this big My bad Every car I see is this big out here Going on. You don't got no large vehicles Do y'all have us? That's an American car. Why would y'all have American cars out there? I'll just answer my uncle so nobody builds SUVs like suburban type SUVs out there Okay, red light Mmm, they try to get to where he going. What was that noise he made before he started beeping bro? Why would he stop he should have just kept going like at least speed up Are you what are you doing?  Where they from? Don't bring Jesus into it clearly forgot he was in a stick ship reach down and No, I'm not accepting this.  Nope. No You're in the wrong buddy, even though you got the right away you've seen it coming. They listen to me. Peaceful quiet Red light I've stayed always the culprit. Is this Tony Powell transport? Yeah, no cuz on the back of the truck and say how's my driving and I'm just calling because it's a green light for me And he's just gonna come across the intersection. It's green not yellow. It's green for me So what that means for him that it's red so he should stop No, I was just you know, I got my baby in the back like I got groceries They flew in the front like come on now Can I get something for my for my you know hardship? Okay 500 pounds convert it to American money. That's like what six We'll take that. Thank you simple Simple with me It's never been difficult. Who's that a police interceptor? He just did a tea a tea pack maneuver. What do you just? What do you just do? perfect execution Way to stop the vehicle Now watch out bagging them for Suspended license no insurance Yeah Three lanes, okay Hit and run They even hit them. You know what you know who I blame for this. I blame them these people right here Y'all see what my pointer is. I blame them. I just slaughter When I tell y'all when people are driving There's no stop sign. Why are you stopped? You're creating an act. There's no stop sign Drive There's no stop sign that person has to wait until it's clear What you stopping for man How You on your phone he's still with People be so mad He out here trapping. There's a road man right here There's a road man. He's stealthy You know what I'm saying riding on opposite way so he can see you coming, but you can't see him You know what I'm saying? He got the Look, he got the lyco mobile in his hand. Do you feel me? He's making a sale. He's strap guy We know what he on strap guy There's a charger there. I'll I'll look into and I'll charge it just see why not but Man speaking of this I ain't even tip last week. I was on the bus, right? I was going to the blueprint You know what I'm saying? I was on the bus. I was coming down 7th street in miami 7th street Where the bus is in the turning lane going to the stop the train station that I have to go to It's in the turning lane. It's a bus. It takes up the entire turning lane And it's a red light Tell me why a car There's a turning lane and then next to it is you can go straight and then there's another lane to go straight Tell me why the car the lane right here. Here's the lane right here. Here's a turning lane They're going a little bit just turns and tries to It hits the bus Now me thinking You know what I now I chalk this up to not watching this for a while UK dash cams I just got off the bus look Said they was dumb and went to my stop and went to the went to the went to what I did what I had to do I should have stayed on the bus.  We paid. You feel me? I ain't even worth thinking I was sitting right next to the window too. I could have boom, bink I could have yeah, I'm concussed. I don't see nothing wrong. He took his opportunity living his best life He he couldn't he shouldn't have switched and went that slow though. He could have sped up Be this serious You know what I'm saying? Like it's not even this serious.  You know what I'm saying?  Oh, that's a bike. Okay. They're trying to go You're in the far left lane. There's two lanes. What are you? It's you buddy I swear to like I've I've watched this for a whole two years and still don't know how to use a roundabout A uk roundabout Oh, there's a little light. I didn't even see the Tight, didn't it? That's grass Sir you can't park there, sir I need to see a chiropractor. I don't That's a that's phenomenal driving Who's driving that car?  You shouldn't be taking them type of risks I don't even take them type of risks with my daughter. I just go ahead pick her up You got rear-ended. It's definitely your fault. Whoever's dash count. This is definitely your fault He's standing still and there's a solid yellow wine on the side of the road. So there's no standing Just learn that You shouldn't be there and you just pull out like No, thanks T. Hello. Leave a like comment subscribe turn it low key if I was driving I would leave a like comment subscribe turn it up post No, these don't go


You're twice as sure with two great names Frigidaire and General Moulters Frigidaire presents Herbert Marshall as the man called X Wherever there is mystery intrigue romance and all the strange and dangerous places of the world There you will find the man called X More Frigidaire serving more American homes Than any other refrigerator and now Frigidaire presents Herbert Marshall as Ken Thurston the man called X Shouldering upward into the clouds looking out over the plains of four countries of Europe are the great tumbled ranges of the Alps Birthplace of the wind a Roman poet once called them those high mountain valleys of Switzerland And so they are even today birthplace of the wind But when the man called X is concerned, they can also be the birthplace of death Which is exactly what two men are talking about in a hotel room in Paris Search and the whole things are framed up and it's too dangerous. You want to know that maybe so chief What else have we got to work on? Yeah millions of dollars in counterfeit United States bills pouring into France and Italy and after 10 Days over here. We haven't been able to turn up a lead. This may be the lead Chief I know von Armistine. I know his work He made the plates these bills are being printed from there's no question about it Oh, that still doesn't mean you've got to accept his invitation to Switzerland and get yourself killed No, it's just that I think he's conceited enough to believe he can get me out there and convince me He's ready going straight. Well, you know, he might be at that the Swiss authorities didn't find a thing when they rated him He never has any visitors and never goes anywhere himself Ken maybe he has retired you want to bet well He seems to be a pillar of the community up there Even a check on his outgoing mail hasn't turned up anything Outgoing if he is the brain behind this counterfeiting, then how's he doing it? That's exactly what I'm going to ball I can Switzerland to find out Don't know if there were any other way Say I can't figure what the Sam. He'll happen to sell Schmidt. Oh, he may turn up yet Yeah, but you sent him over here two weeks ago to contact some of his crooked pals. He's apparently dropped out of sight. Yeah Well, I've got to get on out to the airport and you're still going to see for Normstein. It's our best bet. Well, it's the only bet Chief, I'll call him from Switzerland. I'd like to pick up my ticket fees reservation on the next flight to Geneva The names can first we miss your first one. You plan to Switzerland Wait a second. This year they're right back, but miss you Well pay gone mr. Rex. How do you like Paris by this time mr. Thurston? I was just going to call you or wire you or something only right now.  You're trying to hide behind you mr. Rex? I'm innocent no matter what anybody says I'm innocent. How should I know it's counterfeit money in this little package. Oh, but how do you know? Well, I I mr. Thurston you gotta believe me. I don't know nothing from nothing Where'd you get the package from a guy named Smith at the little French hotel by the Swiss border and right now I gotta go and deliver it to her the place you're going is Switzerland with me You can't be trusted alone, but I gotta deliver this first my dear friend Pierre Cornet is gonna be awful mad if I don't Cornet, uh-huh. Yeah You know mr.  Thurston.  Van Ormstein my thanks mr. Zell Schmidt this completes the tour then is that it in a manner of speaking? Yes, mr. Thurston, please consider yourself at liberty However to look through any part of the grounds or through the shali at self at any time you wish Thank you, mr. Van Ormstein I only wish to convince you that I am no more than I seem a man who has now retired from what may have been at times a somewhat evil life I see By the way, I've never seen your radio over there quite a powerful transmitter isn't it well fairly so as you know I've always been interested in amateur radio though. I seldom find time to use it anymore I'm glad to hear that A man could open it up once in a while and send a quick message in code without much chance being found out Yes, yes, I suppose one could just look at that view mr.  How did you happen to pick Switzerland mr. Van Ormstein when you decided to retire? Well, it's a beautiful place and out of the way My sister has owned this estate for many years, you know your sister I'd like to meet her certainly. I'll go find her now if you'll excuse me. I'll only be a moment Hey, come get over there by the door listen wait nobody coming. Okay, mr. X What are you gonna do take a look at this telephone while I'm stammers listening on it first time he came in here When he saw me hung up without saying a word I'm his career about that Hmm Liongills under the edge of the desk here to find something baby. Yeah The way switch Let's see what it does Tonight present wind velocities over the station are as follows at 1500 meters 2000 meters 8 to 12 kilometers per hour Direction variable to all points predict falling velocities of wind You almost won't understand, aren't you? Yes. I am nashka. Mr. Van Ormstein is my brother What are you doing here? We're visiting your brother. Oh, you shouldn't you should go away now That would be the best thing. Yes, really it would what come now miss nashka go away miss all the lovely things to see around here Oh, yes, yes, they are lovely aren't they have you seen them all the covered bridge and the rock garden and the weather station But the weather station was that up there on top of the ridge mr. Thurston mr. Van Ormstein any reason why you should be particularly interested in it. Oh, I'm interested meteorology. That's all Any reason why I shouldn't be no, no, of course not Nashka I've been looking for you and mr.  I've only been talking about the beautiful scenery here. Yes, and and our waterfall mr. Thurston. I Call it the Rhyme Maiden you must forgive her imagination mr. Thurston It's real name is that sort here Alan, but I like Rhyme Maiden so much better and easy to pronounce to Mr. Van Ormstein, how does one go about getting up to the weather station? Well, there's a trail leading out of the valley here though. I hardly think you would find it interesting. Oh, I don't know I Can't think of any better place to find out Which way the wind's blowing going around the building is nothing more than a surface gradient mr. Thurston 300 meters over our heads the air is standing in a very dead calm. I happen to be the What is the matter? What a thing I'm listening And I'm still surprised that finding a girl up here mr. Aina Running the station all alone. Oh, yes, but I love it It is the most beautiful view in the world out across those peaks. I can't see half of Switzerland from here Makes me busy just to look down. Yeah, would you like to see some of the windmaps? Yeah, very much. Here we are This happens to be one of the very few spots in the world where wind velocity and direction is entirely predictable Mm-hmm. Oh, yes. Yes, and quite dependable too. You see this one here There's a wind that blew steadily for three days earlier in the week straight into eastern France. I see Miss Rainer, what about reports you phone them in somewhere? Oh, yes. Yes to Geneva four times a day Oh, in a chance the phone line could be tapped, but I I do not understand mr. Thurston Who would wish to do anything like that Miss Rainer? Aren't you forecasting a dead calm will be head for the next 48 hours? Yes, but good now listen I Wanted to contact the authorities in Geneva and give my name what I asked for their permission to cooperate with certain Instructions that I'll give you later. You got it. Yes. Yes, but I failed to see what never mind. You will come on big Running up running down mountains wish I knew what was going on around here, mr. Thurston You're gonna have a type of dinner pig, huh? Yeah should be ready pretty soon. I'm afraid dinner will be delayed gentlemen. Mr. Look, he's got a gun. Yes I've been waiting for you step inside. Well, mr. von Holmstein Things seem to be moving out into the open. I'll take your gun mr. Thurston Thank you Very clever of you to find my little arrangement with a telephone But you should have remembered I might be using it when you had miss Rainer called Geneva. Yeah, maybe I should Well the next move seems to be up to you. I've made it already. We are waiting now for the arrival of the police Boris, what are they fitting as a respected member of the community? I felt it my duty to call them You see mr. Thurston. I happened to look into my sister nashka's room found it ransacked blood on the carpet I'm charging you with murder And now we continue with frigilaires man called X starring Herbert Marshall When Ken accepted von Ornstein's invitation to Switzerland He was reasonably certain of the man's guilt in flooding France and Italy with counterfeit US bills The only question being how the scheme was worked He was certain to that von Ornstein was dangerous And now the duel has come out into the open and a criminal charge has been filed against Ken the charge of murder This way, monsieur I have the police conveyance waiting out the edge of the driveway. We're pleased to walk ahead of me Okay, inspector right now. You're the man with the brass hat. Mr. Thurston. This little drum is going to throw us in the Who's girl? Hey, what's the big idea? We didn't kill anybody. Did we? Wait a minute. Huh that waterfall. I Think von Ornstein's sister was trying to tell me something about that waterfall So help me. Let's go to be it. What are you talking about? Mr. Thurston? I don't get it Here we are, monsieur. We're pleased to stand there until I unlock the conveyance Look at it. Nothing but a dog catcher's truck. Pagan. Pagan. Yeah, do you want to make a quick hundred bucks in real money? Yeah, no listen tell this cop you want to confess to the murder I'll street it out later. Well, I don't know if I don't I've got to get up to that weather station and then to the waterfall I'll go ahead. Well, it's it's only for the money. You understand Mr. Inspector, sir, I want to confess I don't it all by myself Sure, you are the murderer sure tell you all about it down in the headquarters Now mr. Thurston didn't have nothing to do with it. See I'm climbing in with my own free will Lock the door and take me Well, congratulations inspector confess murderer this will mean promotion for you. Does must you really think so? Oh sure Stand back. I must take this killer to justice immediately. Hey, don't forget to fix it up, mr. Thurston Hey, what did they do to murder in this country anyhow? I'm not sure Pagan, but I think it involves a firing squad Understand you correctly mr. Thurston You wish me to send this false weather report over the telephone in place of the real one Is that it? That's right miss Rainer The people in Geneva said to follow my instructions, didn't they but this report is not true It is not true It predicts a 40 kilometer wind blowing into northern Italy for the next 48 hours Actually, there will be a dead calm during that time. I know but there's a good reason for it now. Excuse me I've got a date for the waterfall Pagan thought you would in jail, huh? I only agreed to confess I wasn't gonna get myself shot. Well, how'd you get away with my special self Schmidt skeleton key the lock on that birth cage was a sin Hey, what we're going now, mr. Thurston for norm style system was really trying to tip me off We are going through this waterfall. Huh today She kept calling it the Rhinemaiden and the Rhinemaiden's are best known as guardians of gold They kept it underwater. So Wait till I get this flashlight under my raincoat, mr. Rex. I hope you know you what you're doing walking through a water Well, we'll soon find out take a deep breath now. All right. Yeah, let's go Who barb when in now anyhow, I don't know Let's try the flashlight Yeah, mr. Thurston Look, it's a cave a cave in the back of the falls Yeah complete with the turbine generator operated by the water pay gone the printing press and there There's where she's been making that no good money. Yeah, I don't see any though. No It looks like the floor has been dug up here. Hey What are all these gadgets piled up over here weather balloons balloon? Yeah special kind with an automatic timer controls the height and the time in the air and look here a Small built-in radio transmitter to send out a continuous signal Quite a scheme. Hey, how about letting me in on the lowdown mr. X How does he do it not too hard to figure out now by tapping the phone line from the weather station? One almost time gets a continuous report of air movements across the ridge here No kidding whenever a favorable wind was forecast. He took some counterfeit money onto a balloon Set the control for the right time and altitude and then release it Probably after dark Oh, but but how could an agent over in France or or in Italy even find the balloon when it did come down That's where the automatic radio and it came in the agent could use a portable receiver and find the balloon without much trouble. I Doubt to be lost many shipments not any as a matter of fact, mr. Thurston, but what's then oh me your hands up gentlemen Very clever mr. Thurston for you really should have looked around the cave before you became careless One thing bothers me from on Stein What happened to the plates you've been printing from I sent them out by balloon an hour ago right after I heard Miss Rainer's last weather report. You see it might have provided. Shall we say evidence? I see Well, where do we go from here? You and your friend aren't going anywhere. This cave is the end of the road What's the plan? I'm going outside Thurston and drop the gates of the little dam you may have noticed out there I'm going it diverts a part of the water to flood this cave and seal off the entrance. Mr. Thurston He's gonna drown us like rats. Yes Gentlemen, I bid you at you. Oh, oh me. Come on. Mr. X.  Zell Schmidt haven't been heard from since they left to go hiking two days ago Yeah, I can understand how you must feel sir as a matter of fact I was beginning beginning to worry a little myself I'm planning to send out a search path such I'm sorry sir, but I really don't know what to say to you After all you let me talk to him first and you thought you bumped us off. Didn't you? Pigeon, I'll take that phone for no time. Thanks. Keep your hands up. Go on move back Her chief never mind. Everything's okay now. I'll call you later How did you get out? Oh the cave opens on the surface a couple of miles back of the ridge I thought it might when I noticed the current of air blowing through all right, so you've broken up my scheme But I got the plate sent off and without them you have no case against me. I have the place you're bluffing They should have been picked up by my agent in Italy nearly two days ago. Yeah, and they might have been If you hadn't sent them up in a dead calm what all the balloon went up all right and came down over here on the ridge about two miles away Pagle and I picked it up after we got out of the cave this morning the weather report You can't always trust the weather report especially when it's been tampered with you still won't convict me You can't prove I ever used the plates somehow. I don't think the court's going to worry too much about counterfeiting They'll be trying you for murder my sister You can't file a murder charge without a body Thurston. I got a pretty good idea that when we drain that cave and dig up the floor We'll have a body for Norm's time. You want to bet you you're not gonna take me even if I Ride on a button, mr. X colder than the mountain climbers nose Well Well, that takes care of that Yeah, Pagan that takes care of that until the next time And there'll be a next time Are the men like this one?  Star Herbert Marshall thanks for being with us and I'd like you to know that Carter tonight was played by Kathy Lewis ladies and gentlemen America's production depends on steel Jobs depend on it and steel depends on scrap metal Help increase the production of the things you need Help to keep employment high Collect scrap iron and steel around home Turn it into your local drive or call your local scrap dealer right away, huh Now next week. We're doing a story called passport to danger. I think it'll really keep you on the edge of your seats as usual Leon belasque will be on this pig on Zelschmidt. So join us. Won't you where next I return as the man called X. Good night Man called X is directed by Jack Johnstone with music opposed and conducted by Johnny Green Tonight's story was written by Les Crutchfield So until next week same time same station. This is Wendell Niles speaking for frigid air made only by General Motors All characters and incidents used on this program are fictitious and any resemblance to actual persons or incidents is purely coincidental Remember every Sunday night brings you two popular dramatic shows on CBS the man called X and the adventures of Sam Spade Yes for the best in entertainment tune in and stay tuned in to CBS the biggest show in town This is CBS the Columbia broadcast


Okay, you're quiet down at three o'clock, it works fine. This lecture is on Austrian Capital Theory and that's essential to learning about the business cycle of the Austrian school and I'll do a lecture on that in another day or so but I'm going to lead up to it so that you can so see just how crucial it is to get the capital theory straight and to recognize that other schools of economics just don't see it. They don't see it at all and especially Milton Friedman and so I'll show you two views here. One is a Hayekian stages of production model you know what that is and the other one is the Freedmanian and actually it's Knightian. It comes from Frank Knight when both Knight and Friedman were at the University of Chicago and I would claim that Friedman got just a little too much Knight to understand how the business cycle works. We're going to neglect King's animal spirits. Okay, we'll just leave that aside. Now start out that one of the reasons that people get confused about capital in Austrian theory or any other theory is that the word capital is used in so many contexts and so I'll show you a few and then we'll zoom in on a couple that are at issue this afternoon. We could talk about bank capital as assets minus liabilities or net worth. You know we know about that. Liquid capital how liquid is it? Well that's cash held by producers for future investment so it's that's the dollar capital. Here's fixed capital you know what that is plant and equipment. Fixed implies durable. Working capital that's goods in process raw materials and semi-finished goods. Capitalized value that's present value of net future receipts. So the word is used to mean a lot of different things and human capital present value of a skilled workers future earnings. Rothbard didn't like the use of the word human capital and I'm not sure just why I think I know and that's because business firms have to hire people and the capital that those people have are their capital not not the producer's capital but nonetheless that's still another use of the word capital. Now we're going to get serious because I'm underlining things okay and one of them is Frank Knight. His concept of capital was as a capital stock so it's a stock of productive factors that yield a flow of consumption goods so you'll hear a lot this time about stock and flows and then you could guess the other one is capital structure that's the Austrian school the temporal pattern of heterogeneous producers capital okay and it's a pattern that can change and can change by changes in the interest rate and the changes based on the interest rate do one thing if the rates come down because people start saving more and it does another thing if it's a central bank that pulls them down one gets you increasing growth the other one gives you boom and bust so that's what you want to look for in this lecture throw all the rest of them out and those are the ideas of capital that we're going to work with now there's a problem of majoring capital and sometimes it's hard to get a handle on this what's what's the problem okay and one way of saying it is capital is heterogeneous doesn't get very far a lot of things are heterogeneous okay so that can't be it exclusively another one let's see but aren't labor and land heterogeneous too well yeah yeah so what's so strange about capital let's go on capital is radically heterogeneous now that sounds like something Ludwig Lachman would say okay and that's fine but we need to see what it means okay so just how radical is capital heterogeneity so capital is dimensionally capable there are heterogeneous it's dimensionally heterogeneous all right now let's look at our labor land and capital and I've put in some units here for you to figure out what they are not all units of labor are alike well of course not all units of land are alike not all units of capital are well so what's so good or what's so strange about capital and I'll show you what and you'll be able to see just what let's start with the with labor worker hours that's that's the working unit now okay we could talk about unskilled labor or semi-skilled labor or skilled labor okay but there's still heterogeneous but at least we have an idea of what the units are and then you could guess what it is in land we call it acres if you're talking farmland and of course it can be different grades of fertility it can be terrain it could be location and so on but we can talk about acres if it's residential then of course went the other way if it's residential then you know that's another way of looking at it now I'll ask you what what are the units of capital what are those units and you kind of hard pressed to say something and I've scoured through a number of well say intermediate level macro books to see what they say about it right so and so here are a few of them they just put units I mean just take out the parenthesis there are units of capital yeah what are the units well let's look at even some worse intermediate macro what you get dosage of capital that's not gonna work okay chunks and hunts I'm a different you know I went to the my computer and just looked up and see what these things are and and if that can work okay so you know there you got gallons and you got pounds and so no that's not gonna work there's a dose of capital okay there's a chunk is it a standard chunk I don't know it could be in a home that's human capital so who knows what that means big Rothbard's against that too okay now what our focus is on is the Austrians and Frank Knight and later Freedman right so you can see what the divisions are temporal pattern that's that's the Austrians it is not just hi it's minger me says Schumpeter moma there it's all about the temporal pattern you have to have a time element in there and it can change with the interest rate and it's important to what about what it is that changed the interest rate as I've already indicated and then stock and flow has a pretty antiseptic look to it doesn't it doesn't have any pattern at all just a stock of it and the flow from it right now it turns out that that same clash came much earlier with of course now boom Bavaric looking at the temporal pattern and John Bates Clark was stock and flow okay I don't I don't see much of stock and flow that he had as opposed to some of the others and Freedman for instance although I have to say I have good feelings with Clark but that's only because he looks just like my grandfather I'll spot him that so what about production time in the Clark night vision and it goes like this you see a bunch of trees that have been set out and some of them are growing because they've been there more time than others and Clark would argue and so would night and so would Freedman okay that once the steady state is reached and I underline that then production time is irrelevant it's irrelevant and right now clue you and that you may not have read enough night but night puts quotation marks around verbs that make you wonder why do you do and to me it seems like it when he puts quotation marks he's just sort of crossing his finger like I hope you'll go for that you know so we'll see more though I'll let you look for the quotation marks point them out if you don't see it okay so trees have a linear maturity structure actually logged linear you can see the curve a little bit okay each period of sampling is set out and a mature tree is harvested now okay look there over on the left we're starting out with year one these already got set out okay and so there we've got another one okay and then look over at the right and you can harvest that tree okay so you've got a new tree and yet you've got left what you had to start with all right because it's a steady state as long as you maintain the steady state there's no time element involved at all according to night and freedmen in that sense so the next period presents us with the same maturity profile right let's see yeah I see that grows it grows again so that's what you had before you don't have to worry about time at all okay so here's a look at look at the quotation marks okay it's the setting out that enables the harvesting really is that what enables the harvesting and what that means of course is that somehow if you're just dead set on having a steady state economy with no increase or no decrease if you just have to have that then this is what you do okay now this this one just got high act he couldn't stand it setting out the sapling now produces looking close the harvestable tree now okay and and of course high access that's just an absurd use of words that's all there is to it can't be true and there you go so production and consumption are simultaneous so don't whack why are you worried about the time element it's the same every every time so this is what what night and then freedmen are thinking about okay now here's George Stigler and Stigler of course as most of you know was at Chicago at the time that the Breedmen was and night was so George Stigler defends Clark and dismisses Bomba there on the basis of the simultaneous simultaneity of production and consumption we can say that any one row of trees takes 50 years to mature but since there is a constant output of timber forever there's simply no point in saying that a strange thing that's George Stigler and that's prices in production no that's not it that's production production and distribution theories in 1941 and that's Stigler's dissertation under guess who Frank Knight so that's the story and we'll get one more thing about about Stigler look at this I wrote my dissertation in the history of economic thought under Frank Tine he was so strong-minded and so critical a student of the literature that it was a good many years before I could read economic classics through my own eyes instead of his I have never brought myself to read through my doctoral dissertation and that's production and distribution theories again because I knew I would be embarrassed by both the 90 and excesses and its immaturity that's Stigler who said it at a talk in the 1984 that that's it all right now we got what I call it black box capital theory what about black box capital theory it's like a flight recorder on an airline that's the black box is it really black you know it's orange okay it's orange the blackness is that you don't get to see inside that's it don't just don't look at it okay don't open it up so as any complex piece of equipment typically plug-and-play unit in an electronic system the specific context about which the user has no need to know all right now this is a complete analog to the capital stock all we need you know though so that's the idea that you don't miss what's in the box that's that's the capital in there see what we can do with it yeah see you have maintenance of capital it sort of maintains itself as you can see and a flow of consumption so oh I ought to leave the maintenance of capital there because that is just a technicality I think that's what that's what you're looking at with the capital stock capital stock includes maintenance as a there it is technical detail well of course it's not a technical detail I mean some people would do more maintenance than others you might do it once a week or once every ten days once every five days whatever you choose to do okay and worries about if if it goes wrong maybe you should do a little more maintenance all right so it it's not a technical detail at all so hence the capital stock is permanent it it maintains itself it's permanent and they say it you know I'm saying he puts quotation marks every time you turn around and that that's actually not always because he has another way of saying it capital's the Gerald O'Driscoll put me on to this years ago and I keep underlining it in my book on on night here it is the capital stock is permanent well in a sense and then a page or two later well capital stock is permanent as it were what else we go capital stock is permanent so to speak what can you do it's not permanent we're sorry okay so the permanent capital stock yields a perpetual flow can you think about what the qualifications are in a sense as the word so to speak so if you go for a night and that's that's what you've got to get into so here we are capital stock we've got maintenance of capital we got flow of consumption okay so we have a system of capital yielding consumable output all right and then he says that really there's only one factor of production you thought there were three there were only one it is capital okay so human capital everything everything becomes capital land becomes capital and so on in the broad sense of sources so now we've gone to the idea of sources okay because sources much more inclusive than just capital as you thought it was before you realize that really there's only one factor of production in the sources now look at our maintenance of capital well land labor and capital are all capital in the broader sense right so maintain maintenance of sources is what we look at and look at the flow of consumption it's the flow of services because night doesn't want to mess with people who aren't producers that nonetheless have things like houses that yield a return over time okay he wants it he wants it all be services so you have to think that everybody's a renter or something everybody has a service because they own a home all right now don't try to read this don't try to read this it just wasn't wouldn't work let's put the sources up and the maintenance of sources and the services so that's what we got and I'm gonna try to read it for you I may not make it but to help me and maybe you a color coded so you know where the services are and you know where the sources are now before I go through this I say why go through all this all this gibberish this is this one is Freeman it goes over to the next slide and I'll show you where it comes from Freeman so this is Freeman and so he's locked in tonight on on capital theory okay well I have one blue thing up there just to let you know what it's about the key feature that's Freeman and then I write of the process in which interest rates have been lowered and it's put it that way because what they're talking about has been lowered by the central bank okay not that you not that you decided that it to change your saving habits okay it's been lowered okay so and so the key feature is that it tends to raise the prices of sources okay that's the orange thing of both producer and consumer services and those consumer services have to do with houses that are rented okay relative to the prices of services themselves really are services like the maid or something like that it therefore encourages the production of such sources and at the same time I mean everything happens here at the same time so you don't have any any problems during a bust right because it all happens at the same time the direct acquisition of the services rather than of the sources but these reactions in their turn tend to raise the price of services relative to the prices of sources that is to undo the initial effects of the interest rate okay so nothing really has happened because no time has been allowed for anything to happen and it goes on pretty let's see okay the final result maybe a rise in expenditures all directions without any change in interest rates at all interest rates and asset prices may simply be the conduct through which the effect of the monetary change is transmitted to expenditures without being altered at all so everything just happens at once essentially and this is there's no time for a depression or a downturn and and this comes from pre-vins optimum quantity of money and other essays you could look it up that's a strange thing so essentially he could have said he could have said okay so much for that me says you know so much for that high act because nothing actually happens all right now despite the fact that you're talking talking about steady state they do realize that things can go awry and you can actually grow or you can actually drink right and so that they show how this works to see if we can do it okay there's a capital stock doesn't get much output but everything comes back to the capital stock alright now this let's just look at night and high act and module say freedmen and high act all right it goes like this maintenance is a technical detail high I couldn't agree maintenance is a matter of choice capital is permanent no capital depreciates but is augmentable capital is the only factor capital is heterogeneous and multi-specific production time is irrelevant production time is a key variable and boy is that true in Austrian economics it's key variable it's all about sources and services it's all about temporal capital structure it's about stocks and flow according to night and it's about dynamic market processes according to high high you can't think of two economists it would be that far apart on these basic issues but there they are and to me it's I don't get it with freedom I don't get it the freedom would pick up on that and the only thing I can think of is that he was there with Frank Knight and you heard what what was said what Stigler said about how how he just couldn't read it on his own had to read it through night as reported in Mark Scalzen in his Vienna in Chicago Larry Wimmer and an early 1950s PhD candidate at the University of Chicago reports that Austrian capital theory was one of those subjects verboten verboten in Chicago right he says one of those what were some of the others I don't know all right now let's look at Minger and show what's going on here he used the term goods of different orders goods of the seventh order goods of the first order the goods of the first order are consumption goods so we'll change that to consumption good and you have higher order good and that that always struck me as strange higher what makes it higher and all I can think of it's up there at the top of the screen that's higher you call the higher order goods but the higher highest order goods near the top of the screen and and Hayek followed suit as you'll see shortly right so there's a higher order goods now what we see here is production proceeds top to bottom well how could it not you can't start at the bottom and go at the top right but value imputation goes from bottom to top okay some of this parallels what Dr. Salerno talked about this morning now you can see what I've done is just super imposed Hayek structure of production that's page 56 or whatever in the structure of production orders of goods and this this thing sort of strange took me a long time to wonder what is that Minger thing and now the Hayek thing or strange and what strange is is that you have time coming down the horizontal axis well okay but there's nowhere else in this world of economics where time goes downward always goes upward but they've got it goes downward you might think that it crashes at the origin or something and at the bottom you have consumer goods that are fleshed out okay and that's that's sort of odd to clean it up a little bit that's that's just Hayek now okay now I worked on this to sort of fix it because I didn't like this time coming down and I worked on it quite a while Walter Block told me I did a good job okay so let's see how it works so so the time goes left to right as you would think and the consumption comes out of right as you would guess okay now there's a more stylized triangle well it does not style it that's the triangle we talk about the Hayek and triangle it's just really the blue part there or purple whatever whatever that is Hayek and triangle yeah production time is a sequence of stages we get that now you might all be thinking if we're dealing with the capital structure isn't that really a simpleton thing a simpleton way of looking at it geez but at least you have the time element there and if you really think that's just too simple for you to play with then go to pure theory of capital instead of prices in production and here's what you find so you'll be better off with with the purple triangle okay okay here we go structure of production I think I've got time capital based microeconomics disaggregates capital to intertemporally consumable output is produced by a sequence of stages of production the output of one stage feeding in to the input of the next the temporal temporarily defined stages are arrayed graphically from left to right the output of the final stage constituting consumable output so there's the triangle in stages at least we put the stages back in and there's somebody at the early stage it looks like he's on the ball goes what he's doing late stage that guy's kind of loafing and dinner and customers but they'll show up okay late stage investment activities as exemplified by inventory management now I put this in here this is a factory says main gate down here and you see the main gate over there and you'll see a sign that says you are here you've ever gone to look at you are here but what's missing is it one that says we are here and the point the point is that that almost any factory would be producing things that some go one stage and some go another and you're not quite sure because you're having red prices in production you don't know what is where so they wouldn't be able to tell you where it goes it might be ball bearings that are that go to that go to mining mining equipment and also go to skateboard is that early stage your late stage so it's really you can't sort it out at the industry level for pedagogical convenience the initial capital structure is shown as having five stages with growth the number of stages will increase so while all five of these stages are in operation during each period resources can be tracked to the structure of production over time let's see what what's that what's the goods in process there it is oh this is a note here Henry let's see I can introduce the triangle in 1931 when Henry Ford was still producing a model a if only hi had had PowerPoint he could have shown how the abstract triangle aligns with real-world output but we can do that here and that's just to show you that the output doesn't fall out of the bottom okay it comes to the right together the sequence of stages form a hike in triangle of summary depiction of the economy's inter temporal structure of production in an economy experiencing secular growth the triangle increases in size but not or not necessarily in shape and that is it'll increase in size if people are saving right it'll change in shape if they decide to save more or save less that's what it meant watch to the watch the structure of production expand here you can see it expands people must be saving but it's the same general shape as the triangle when people choose to save more the change in their preferred temporal pattern of consumption is registered by the market the first and foremost by reduction in interest rates and let's see reduced current consumption frees up resources in the late stages which then can be employed in the early stages I should say which some can become employed in the early stages so it looks it looks different let's see so watch the structure of production respond to an increase in saving all right so sure enough see when Kane saw that he didn't have a triangle so when he saw that people saved that means they're not consuming well how they're not consuming why would we be producing and high access and realizes that no if they're saving that changes the interest rate and it makes it makes production better more profitable so in high I can theory increased saving results in a reallocation of resources towards the early stages of production here the differential interest rates that sensitivities are rare the night in theory in night in theory increasing saving beyond capital maintenance requires requirements result in an increase in the capital stock but with no implications about capital's temporal structure that's that's what lame about this you can get a big capital stock but it's not spread out just right an increase in output of consumer goods emerges over time as it as the early and intermediate products move through the more time consuming structure of production so now now that you have saving you can increase faster we can see clearly the critical difference between night and high if you burn through the casing of the night in black box we see the high high achy and temporal structure of capital that allows for differential interest rate sensitivities and hence reveals the market mechanism that tailors production plans to the inter temporal preferences if the interest rates are telling the truth about people's willingness to save it gets genuine sign of sustainable growth if interest rates are being held down by the central bank we get an artificial boom followed by a bust so that's the end of this one in the start of boom bust cycle when i do another view okay there there they are thank you


Ever since Roswell, America has been fixated with the possibility of alien life secretly visiting Earth from their home star in a galaxy far, far away. There are literally mountains of witness testimonies from people who claim to have had contact and or a close encounter of many kinds with what they claim were extraterrestrial beings. However, regardless of the incredible curiosity and the reams of supposed whistleblowers surrounding military bases like that of Groom Lakes Area 51, secret bases on the Moon, and of course witness testimonies all claimed to have been experienced by millions, yet solid evidence for the existence of extraterrestrial life seemingly eludes us all to this day. Or does it? Many people refuse to accept the reality that we have, for many years, been actively observed by an intelligent life form not of this world. But without any concrete admittance by the powers that be, many people will not even consider such possibilities long denied by their government. This regardless of the many more intriguing sightings along with the most incredible of footage. It is simply not enough for this major shift in acceptance without the gatekeepers of paradigm's permittance. However, hopefully, the following information may persuade some of them to reconsider. To not follow in blind faith a governance that is seemingly withholding that which is deserved by all, the truth. In 2004, several Navy officers who witnessed what has since become known as the Nimitz UFO encounter have come forward with an astonishing claim. Like something straight out of a Men in Black movie, the officers say that unknown, yet highly unusual and incredibly high-ranking individuals appeared at their location shortly after the event. These mysterious figures then ordered the confiscation of all data recordings and videos pertaining to the event. During the November of 2004, a Navy missile cruiser anchored around 100 miles off the coast of Southern California, detected strange radar signals radiating from an unknown craft. The officers claim that the signals were erratic, yet clearly of an artificial nature. They could not identify the signal's intended message, due to them never having encountered such a signal before. It didn't strangely match any given off by any known modern aircraft. Jet fighters were subsequently deployed to the UFO's location. These fighters buzzed the craft, successfully capturing footage and telemetry of the unknown object. One of the jets in particular succeeded in recording substantial, compelling, and as yet unexplained maneuvers. In 2017, the government released a number of recordings of the encounter. To the public, however, it seems that this so-called disclosure was anything but. Five Navy veterans recently spoke to the popular mechanics franchise, where they subsequently dropped this bombshell. They told all regarding what they experienced at the time. Having all been part of the Navy's strike carrier group 11, they were sailing on the USS Princeton when the encounter occurred. After detecting the object, the men successfully captured footage of the UFO's incredible capabilities. The object would quickly change altitudes, sometimes lurking 80,000 feet nearly instantaneously. The UFO became known as Tic Tac because of its shape, yet due to this confiscation of data by this unknown group, who not only had they never heard of, but seemed to carry near limitless superiority of the military operations. They rarely spoke of the incident. They further claimed that the so-called Tic Tac gave off a phosphorus glow at night and would dart around in various directions, said one of the veterans, Gary Voorhees, who looked at the object through binoculars on the ship. Why did men in black take control of the data surrounding this UFO? What is it that they are hiding? Is Tic Tac a real UFO, built and sent here by an ancient civilization in another galaxy? We find the details surrounding this encounter highly compelling. There is a very interesting patent recently acquired by the US Navy, one with the potential capabilities to fulfill, or rather stage, a conspiracy theory which has circled the web in books alike for decades. Not being a false flag alien invasion, what's more, this patent also includes a technology that could amplify a voice over a vast distance, as if one were hearing the voice of God himself. It is a laser technology, whose invention, release, and patent, all made under the possible guise or actual real-world advantageous purposes in its military applications, it creates a heat-seeking deterrent, or more specifically, a holographic craft. Not only derailing, said heat-seeking missiles, but could also explain many of the recent military UFO sightings, as this technology has potential only limited by the projectible power of the technology itself. Anything could seemingly appear in the sky as if real. If you add to this the ability to convey a voice over a vast distance, this technology could indeed be used to create a mass false flag incident, in particular, a mass UFO sighting, or an attempt to fake a rapture within religious sects. The nefarious possible uses of this technology is wide-ranging, yet one saving grace is the US Navy's declaration of the ownership of such technologies. A move we find somewhat reassuring, yet, as always, this new patent is not the only reason for the creation of our video today. For although many, if not all UFO sightings now, can be written off as a possible holographic operation, it does not explain their presence within ancient art. The testimonies and compelling evidence put forth by remote tribes, most notably the Dogans, and their reoccurrence and claim visitation of Earth throughout history, even into the Renaissance, present within certain masterpieces. Not to mention the curious illustrations made in the stones of Mesoamerica, all of which predate this technology by centuries, and in some cases millennia. Thus, the question remains, are we alone? A question which we find highly compelling.


Welcome to JSA TV live the newsroom for data center and telecom professionals. I'm Barb Mitchell joining you today live from the floor of PTC 2023 Where we're you know at at PTC 23. It's a fantastic conference already Joining me is Mark England founder and CEO of Fiber Sense Mark. Thanks for joining us. How are you finding the conference? No, it's a morning but it's been four months and spoke last. Yeah, so far so good Different than this time last year. Yeah in a lot of ways, right? I think so Has it been busy for you or you very much so we're continuing conversations from our launch last year Okay, yeah, I want to first of all congratulate you I understand you Recently we're awarded with entrepreneur of the year. I just want to check Australia's piercee foundation, right? Thank you very much. It's pretty good for founding Fiber Sense. Yeah That was a great encouragement for a lot of years of moving through the startup process So yeah, very very pleased for that encouragement There's a lot of innovation drive in Australia and the US at the moment These sort of organizations where they get behind guys and girls that want to go and start businesses Which I highly encourage. Yeah, I was out there that are interested in it. It's definitely worth it What an amazing accomplishment and a just a testament to the work that you're doing. I I So curious about this speaking of the work you're doing and the impact you're making I understand that Fiber Sense recorded live an earthquake in Australia. Is that right? Yes? Yes, actually in New Zealand Oh in New Zealand. Okay. There was a couple that went through but yeah, we have a platform technology That converts optical fiber cables and cities and then subsea we talked about last year into continuous Sensors and in the case of earthquakes, that's a big revelation that we're able to take very sparse today inside moment is and turn them Across into a very very dense network. So when Fortunet enough to catch a 5.8 magnitude And that was very important precedent for us because it was a long-sight calibrated insistent seismometers and we were able to validate for the first time cleanly that Fiber cables can act as calibrated seismometers much much higher density So we can see things like earthquakes on a building basis for the first time By address That's got big implications more responding to Yeah, and I can tell you somebody who lives on the west coast of North America. They I'm thinking about these things often So that's so interesting And so next I wouldn't mind hearing a little bit about your relationship with Australia's national run broadband network Yes, the national broadband network. We announced just recently last year and That's a big precedent for us in Australia We're moving out with fiber partners to protect their critical infrastructure. So in the case of MVM their core network Nutrials underway at this point and we're very confident that that's going to go through successfully our whole Approach to this is that we deliver products into the marketplace and in the cities that works. So We go through a test process within the end We're going to check the performance and we expect that to go through That will be a big deal for carriers in Australia yeah, so What so I'm curious. There's so much that you've already said about, you know, the ways that you can help You know, whether it be something massive like detecting an earthquake or, you know, helping in local local Enterprise and communities, but we're what would you say is your the area that you are most Impact focused This has been the problem from the very beginning When you can convert a fiber cable into something that's capable of digitizing all objects and events There's not almost like an unlimited set of applications That you can dream up, but for companies like us it's so important that we focus and We've been focusing on critical infrastructure from the very beginning and We started in subsea announced last year protecting submarine cables and it was innovation there and we were able to insert ourselves under live traffic But in the terrestrial sense we're very much focused on protecting critical linear infrastructure That's things like telecom cables water pipes power cables That's sort of thing from things like excavators and network technicians doing stuff that we're supposed to be doing that type of thing So we're really focused on that We have a smart city frame we talked about last year as well That's accelerated dramatically So we have first vehicle tracking live On a per vehicle basis to require the cables, which is a very different way of tracking objects and events in cities We also have a water leak detection capability and a seismic capability But they come after Their pilots in a sense, but the main businesses infrastructure protection their qualified products that are going out at scale So you talked about focus, uh, so when you and I you know, I've been saying you know today It's always interesting I find being at ptc because it's january It's time for sort of like reset and recalibrate and sort of think of the year ahead What do you what are you most focused on when you think of it from that perspective? Because it's a lot what you're talking about. It's a lot. What what do you think you can focus on for the next six months? Say or 12 2022 was a big year of expansion for us We're now in 15 cities eight countries very very big print athlete We also added two new like caliber non-executive directors to the board. So we have um Chris Sharp from Digital Realty joined us last year and we also have uh, Mark so-called Ex-google executive infrastructure side both of the microns in the industry Mark's now with half this edge is their CTO but both of them render on our board new dimensions Let's say buyers reward capability or depth depth in our board So that's been a big add as we manage scale out now. So as we focused on asset protection our 23 is really about significantly increases 5x That requires a just a fun Right well you have your work cut out for you. Don't you? Yeah It's always great to to catch up with you Is there anything else that you want to make sure our our viewers sort of know that you're you're really thinking about No, I think that's it. We're always looking for five apartments We've got a lot of five great five apartments today Indians and candidates for that as we saw it In the us and europe What we render to these public partners is the ability to generate a new unregulated revenue source from those applications We've just discussed so we're always looking for that So is any interest in in carries out there for looking at a new model within their business? That's right. Okay Well good. So for those people like I keep saying not everyone's as lucky as we are to be We'll have to have made the long long journey to to iQIQI For those that aren't here that you aren't able to meet with on site. How can they connect with you? Our website. It's 5ersense.com Okay, it's all there This is development sales team always So 5ersense.com. Thank you mark. Thank you for joining us. It's always a pleasure to catch up Hopefully it's we don't have to wait a whole another year. Yeah To chat again Hopefully. Yeah. Yeah, so thank you and thank you viewers for tuning in to jsa tv Mahalo