Well, good afternoon, ladies and gentlemen. My name is Oliver Cann. I work in public engagement at the World Economic Forum. I'd like to welcome you to the eighth annual summit on the global agenda, the third that's taking place here in Abu Dhabi. Very delighted to say this is possibly the most important summit ever held, a very important year for the forum in terms of our established identity as an international organisation for public private cooperation. It's also a very important year for the network itself. It's the councils are entering their second year of their two-year terms, so this meeting will see the further progress towards hopefully positive and profitable fruition of their projects. This will be their second time meeting physically in the United Arab Emirates and hopefully will be a lot of action. You may have noticed there's slight innovation to this press conference format. We've done away with the table. The whole idea is it's more informal and more relaxed, but we'll still have similar format to follow. So I'm going to ask my panellists shortly to offer some insights and a few words on their expectations for the meeting. And then, of course, we'll have plenty of time for questions afterwards. So before we do go to the opening remarks, I'd just like to introduce my panel to my immediate left. It needs their introduction. Sultansade, Nasser, Almanzori, the Minister for Economy, United Arab Emirates. Next we have Ali Majed Almanzori, Chairman of the Department of Economic Development in Abu Dhabi. On my far left, Mr Lee Howe, my colleague and manager director, member of the managing board of the World Economic Forum. So I'm going to start by asking Minister Almanzori just to share with us some of your views on the meeting and perhaps offer some insights into your expectations and your hopes for the next three days. Thank you very much for the introduction. Let me just first thank you also from the media for being here with us this afternoon. Well, definitely your role has been very important. I must really communicate that in terms of really highlighting the importance of this summit, which leads at the end of the day to the big summit, the big forum, which is in Davos. And of course, providing for the right information to the readers, this is essential from your side, because the way I see it is not only us sort of passing the message, but also how the readers are interacting and also sort of behaving with the message that's being being sent through the media. What you write, this is going to be noticed by the leaders around the world, not only here, but I can assure you in the UAE would pay a lot of attention to how you portray your messages. And sometime we do also correct them, by the way, because there might be some misunderstanding or a need for more clarification, and we certainly do that. I would like to start first with why the UAE. Of course, the UAE government has been very committed on an agenda very clear for the year 2021. This is a sort of an agenda that encompass a lot of sectors, including, of course, the economy, social education, and many, many others. And of course, we cannot really achieve success in this without coordination also with the local authorities, with the different emirats. My colleague from the Department of Economic Department in Abu Dhabi, Mr Al-Nasuri, is also very keen. By the way, we came from the same tribe. Maybe some of you asked why we have the same last name. There are no family relationships at the tribe that we have also. It's part of our lines. It is my old brother. Yes. Very nice of you to put. But what we try to do is, you know, the UAE has been a magnet of so many different nationalities. It is known for its tolerance. It's known, of course, on the other side for its excellent impress structure that we have, the east by which you can also come over here. And we have managed over the past 43 years to really establish a very global sort of setup in this country. And everyone feels at home. And we said, why don't we add up to it another dimension, which is trying to put a message to the world through the structure that has been established here, through one of the best and largest organisations, which is the World Economic Forum. And through that, of course, through the summit on the agenda, we are able to benefit but also sometime participate in a very essential issues that not have been on the radar of the wife in general, including some of the issues of the region or issues we're trying to certain maybe challenges that we face here in the UAE to be more specific. And how we can through this kind of meetings and through the attendance of so many of these thought leaders, we could also get their opinion, their viewpoint and them in a very sort of clear and very direct way. Of course, this place has been a centre of trade. As you all know historically, this place we've seen from the Greek to the Romans to the Arab civilization and all across the times has been a very important part of communication with the world and hence this is not strange to us to be able also to hold this kind of meetings here. The contribution of the UAE to the summit has always been very positive. We always try to take some of the success stories that we have achieved over here. One of the success stories of the UAE and I think you have all experienced it is how we have directed the economy and also the revenue is coming from the different sources including oil to build a society well educated, but also to build a very strong economy, a diverse economy that we started with in 1971 with 90% oil reliance on GDP down to only 30% that is coming now from oil with an aim and objective to continue with the diversification of this economy as we move on. Of course it's very important to sustain this growth as we go on. There are a lot of challenges happening in the world right now. I mean as we came out gradually from the crisis of 2008 and we thought we were coming out of it the last year and a half, two years we start having some challenges also here and in the world. I mean from the slow down of the economy of China to some of the challenges in the EU aside from that the political crisis in our region all of it sort of put some kind of a breaks on the way that we in the UAE were looking forward toward having a positive growth in the world economy and of course including the UAE because the UAE benefits from the positive growth of the world economy as I said we are a centre of the world because two days back I was in London and this gentleman British gentleman politician he said you know what we are not anymore the centre of the world you are the centre of the world and I think he takes it geographically but he also takes it from the way we have been able to put the best of the people in this place here and when they talk about globalization I always say we are already living in it this is globalization countries has to be open about it if they want to succeed in the future open up that the best of brains come to you and challenge them and make sure that they also are part of you the summit is very important for us all of us here why because a lot of issues are being discussed individually and sometime at the level of universities, academic and it could be bilateral between ministers it could be between you know some other smaller conferences that's being done but here we will be having up to 900 of the best thought leaders from around the world from so many different countries are participating over here and through this we are openly discussing everything of course they have been they have identified actually nine challenges for this summit and if I may just go through them quickly for your information the nine global challenges initiative that has been identified one is the economic growth and social inclusion the agriculture and food security both of them are important for us also in the ue and we have already taken some steps to addressing these challenges employment skill and human capital environment and resource security future of global financial system future of the internet I think this is something very important for all of us where is this taking us recently we have the gytex in in Dubai and the question that was I first time I've heard it is is this technology taking us in the right direction or this is going to be something challenging for us from a social point of view from many other point of view this is I think we wait to see the answers maybe through some of the expert that we are going to meet in the next two three days the global gender parity international trade and investment and we know with the economic crisis the issue of investment become a challenging issue for many nations especially nations that we are planning and looking forward to attract investment in order to be able to revive their economies again and then long term investment mainly on infrastructure and economic development and of course we recognize this issue way way earlier in the formation of the ue by making sure that the logistics in general whether it is ports airports highways have to be to the best of international standards standards but not only that but to make sure that we sustain the growth that we see in the passengers in the trade and the goods in general to be able to accommodate and make sure that we do not lose that race because it is really a race at the end of the day and my colleague to my left here is one of the best to also maybe highlight a little bit on that issue because I would I be right now is investing a lot in terms of building one of the best airports in the world I had a very good visit to to this airport and I was very impressed with what they are doing over there of course there is Dubai also with the Dubai word central combined with these two and other airports in the we we are looking at a target of 200 million passengers I mean we are already taking a lead from major airports such as Heathrow but looking at 200 million passengers of course it will provide a lot of challenges for us provides the challenges in terms of technology that we will need to implement in this we will be as I mentioned earlier going into uncharted lands in this case or spaces actually because we're doing with spaces airports in particular and how we are able to create innovation that will be able to handle and address these kind of issues in terms of movement of passengers movement of luggage security freight and cargo and many many others so I am leaving a challenge here even for you from the media because this area of technology and when it comes to the transportation and logistics and so on this is going to be something interesting as we move on even within the summit agenda because I do believe it's critical very important for governments to continue around the world not only in the way to continue to invest in infrastructure it is their way forward of growth in the economy thank you thank you just to add a bit of context there but you are you just so in case you missed our global competitiveness report which we launched at the end of September ranked fourth in the world in terms of infrastructure this year so it's a climb from 19th in 2008 so progress in the right direction for sure your excellency Amman Zori perhaps you could also share as some of your views perhaps from your perspective of your position as chairman of the economic development board sure thank you very much thank you very much for everyone to hear today um I'm honored to be a coach here for the summit this year it's the third time this is held in Abu Dhabi and the eighth time in UAE I would just say that to all of you prepare to be thrilled in the next three days I think you will hear lots of good ideas lots of skilled speakers and professors and from around the world with backgrounds of politics economy IT environment we are very excited to have the summit here this year I think most of the discussions will be around very critical issues and as the minister mentioned early there are eight or nine mandates that will be discussed I think you will hear best of the best will come and talk to you we are all looking forward to hear the reviews generally speaking what the next days will carry is very critical piece of information some decision makers will take these informations and may produce valid and good decisions in their businesses or politicals or colleges so we are very excited as the minister mentioned earlier UAE is the center of the world yes we live within the global environment platforms we are diversifying the economy horizontally we used to be a vertical economy back in the 60s and the 80s and we used to be a one single source economy today oil makes up about 30% from the UAE in general Budabi makes up about 50% these wouldn't have to take place if there was no plans strategic initiatives that took place back in the 60s and 70s back in the 70s one of the giants of the investment houses that is on today idea was created in 1976 this was part of the visions that she has seen so back in the 70s and I decided to diversify into other sectors which is financials today the economy is diversified horizontally we are driving this forward I think most of the plans on the federal level on the state level of the Emirates levels are you know driving forward to that plans we are very excited I think the next few days all of us will learn I advise everyone to attend to ask questions we have diversity of ages from college student from high school student into and all people like us here sitting so we'll all learn and we will come you for the third time in Abu Dhabi and wish you good luck thank you thank you now leave it seems to be a clear alignment between our global challenges and the strategic direction of the United Arab Emirates perhaps you can give us some context of how what the global challenges mean in this meeting and what we can expect from the next three days well thank you thank you all and then first let me on behalf of the managing board the world economy for minutes members and partners thank your excellencies for being a co-chair of this eighth summit but also to the government of the United Arab Emirates and of course our partners governments of Abu Dhabi and also of Dubai because I'd like to just focus on I think two red threads that just just come out of this our discussion so far a long-term vision and and really diversification which is another way of saying innovation and the need for diversity of thinking and if you think about reflect on this eighth summit it's it is indeed the most distinct and unique global brainstorming it's it's a brain trust looking at these major global issues over 900 participants from 77 countries this is truly unique in this day and age when you think about a really pulling people together to really focus on common challenges and aspirations but I would also say that it was also very much the brainchild of of the forum's own partnership with the United Arab Emirates and you had mentioned that this is the year where our formal recognition as an international organization for public private collaboration this is really one of the most important and I think symbolic platforms with a summit you raised the issue of the global challenges and of course they're very much aligned if you have a long-term view of things and this is what's arguably in deficit around the world but a long-term view would take you to very much similar places about the importance of education inclusion skills infrastructure in fact infrastructure is a long game and again to the credit of the government it thought of this it was thinking years ahead in fact it's almost if we think about it's like planting trees you have to have a long vision so this is where we're very much aligned because the global challenges that we've set out the nine are going to certainly be our responsibility in this generation but it will really determine the fate of the next generation so again I also want to thank our partners here for not only participating as members of councils and we have a strong contingent of UAE and Marathi experts but we also have invited as observers the younger generation who really are the future and the sooner we can get them to see how we are connected and how this interdependence adds to complexity but also provides opportunity the better I think all of us here if we were able to connect the dots much earlier in our lives about how the global economy works and how and really how innovation and technology we're going to evolve we would have we certainly I think have benefited from that from that early clarity and vision and this is what we attempt to do but I think again central point here is that in order to deal with these long-term issues which we've identified and very much tracked with for example the vision 2021 agenda in this country you'll need to really think through various options this is where the diversification the diversity of thinking comes into play and we have special sessions that rely on new technologies we have transformation maps where we've mapped out the drivers and agents of change in 87 86 different areas and how they interconnect we will be actually that is part of a we have a software package that enables that to help facilitate the conversation we also are very much focused on how to actually advance dialogue and interaction looking a little bit about the behavioral science how do you nudge people to think openly and collaborate because after you map these complex ideas and that's the benefit of the technology you still need to inspire and really in a way motivate people to commit to advancing that and this is what's so special because this part of the world this country is bringing people together and in this instance in the next few days we're doing this for I think a very noble and worthy cause which is really to address collectively these important global challenges so I want to again reiterate the gratitude and appreciation not only from the world economic forum but for all the experts who've traveled from those 77 different countries to our hosts here thank you again thank you now we will take questions as we always do just remind you the the the question that should be directed around the meeting and the purpose of the meeting so please can we have a show of hands first who who wants to be first up okay we'll take the lady there but we'll take mr cain in the front row first mr cain can you remind us where you're from and your name for those who don't know you very well that that yeah hi frank cain from the national newspaper abadabi your your excellency you you reminded us of the very successful policy of economic diversification away from oil dependence but many experts now think that the oil price is locked in a much lower level than it has been historically can the ua afford to continue this policy with oil at $50 a barrel thank you I think it's a good question I've been asked about this so many times and it's not only a challenge for the ua it's a challenge for the rest of the world because so many other nations are very much dependent on oil of course the ua for a long time they have managed to develop quite a sophisticated diversification of the economy and we have also a plan to reduce reliance on oil by further percentage maybe up to another 10% in the next 15 to 20 years it depends of course at the end of the day on the performance of the economy as a whole of course what do you have done over the years they have also managed to establish very solid funds international funds which has been able to invest and create a return on their investment that's almost making up for some of the uh collectuation in the prices of oil but I'd like to take you also into another area which is that the world cannot afford that the prices of oil stay at this level because it's an indication of the situation of the world economy and the world economy is definitely going to pick up the expectation 2016 maybe the second half 2016 we will see we will see a positive indication of pick up with economies of china and many other parts of the world and this is where of course the also the price of oil there is a a forecast that is going to increase also now maybe the next second question is where it would go and there has been my colleague the minister of energy have indicated several times that they look at $80 as the ideal price for oil as we go on for the next phase I think also the the decrease in the prices of oil over the past few months it's a chance for many other economies in the world to take advantage of this and review their economic agenda and make sure that they build a momentum toward growth this is very very important because a lot of economies part of the structure that they were facing was the high prices of oil and now there is no excuse for them not to try to make up for that in terms of providing for a new agenda to build up their economy and hence also from our side we do feel that in a way the decrease in the price of oil that actually solidify our agenda all but diversification and making sure that the effect of any future reduction in the prices of oil as we move on in the next 10 15 years is not being felt as much as it is right now thank you thank you let's go to the lady there in the umar please can you just wait for the microphone my question that your excellency is about three points first of all first of all about the reduction of oil prices is it expected as the subventions to the oil were removed that the subventions to other sectors will be removed to in in the coming years also my second question is about providing job opportunities was the economy capable of providing new job opportunities and what are your forecasts for next year and the new jobs my third question is about the SMEs and if they will get a push after the new reforms were adopted and the new law so the three questions let me write them down says the minister if there are any other sectors other than the oil will be freed or the subventions will be removed in the UAE in general we don't have subventions maybe the main sector that was that had subventions was the energy and those subventions were removed in a very smooth way and was accepted without any challenges or issues the second question was about the number of jobs in new jobs obviously the economic growth in countries in general and in the UAE expected for 2015 is between three and three and a half percent obviously this growth has consequences translated a new job opportunities we're not looking just at economic growth away from other factors for instance like the increase in the numbers of planes in the national fleets which means that there are new job opportunities for pilots also in construction we have new important infrastructure projects like the airport highways and this will create also new job opportunities in this sector so the economic cycle with an increase in growth lead naturally to an increase in job opportunities I don't have the figures but I can get you the figures the last aspect that you touched on and I can link it also to my answer to the job opportunities is that UAE indeed was able to promulgate an important law for the SMEs the first meeting for the SMEs council was held three weeks ago and we started with the implementation of an action plan for the development of the small and medium enterprises at the level of the UAE obviously locally there are funds that specialise in at the SMEs and we have the council we have a certain budget you know that we talk about 10% in addition to training to funding 10% of the development bank funding will be dedicated to the SMEs we have already started with the implementation we have the council and the program the program facilitates the SMEs and so now there's a clear orientation with a clear roadmap at the federal level and local level to have a greater contribution in the GDP from the SMEs right now the SMEs contribute 60% and we expect to increase that the international average is more than 90% we aim to reach that level that will take time obviously but we have a solid and the right basis to achieve that your question is focused on the meeting please I would also just like to add that my colleague Miroslav Dusek is here in the front row for any questions on the forum's work in this region Mirac is the head of the MENA region at the world accurate forum sir you'll be next but I'm just going to go to the lady in the back row please can you just wait for the microphone good afternoon to you my name is Alia from the from alvianus paper the recommendation and the outcome of the the global agenda will go to Daphys in Switzerland in January will the leaders listen will the world leaders take what you're going to you know all the conclusion because we have a global agenda summit every year have you tell us anything that the leaders took over the years from the conclusions and then my second question is his excellence in Missouri we're talking about the prices of oil is going down by 50% and with iranist possibility they are going back to the more oil production which that might bring the prices of all down is imposing tax is a must now rather than maybe thank you thank you no indeed you she was referencing the world economic forums annual meeting in in Davos Switzerland which will take place in january 20th and indeed having the dual responsibility the meetings I can assure you that the discussions here will definitely shape the agenda now your question is a is a more difficult one because I think what we can only do is really frame the agenda in a way that is compelling to those leaders both from industry as well as in politics to and civil society to focus on and just remind yourselves that we have for example a very important climate talks in Paris that are coming up in terms of the areas sustainability we know that there are also trade talks that will be in Nairobi this is the moment and there is the global governance mechanism that you're aware of that we're all aware of in the different summits but I think this is the moment actually interestingly enough is to focus on not just the urgent but the important because the discussions we're having regarding food security so the health in areas of for example one of the areas that we will develop a initiative around is on global health challenges infrastructure as you meant you have to have a long term vision and you're going to have to bring the different stakeholders around so yes I think that there always be and this is the case in january it's the first international meeting there will be I think very much on the forefront global priorities that are part of the new cycle and beyond but we also have to take this opportunity to really take these nine challenges and lay them out and also explore how they connect and how do we do that to your point to listen I think the first what you have to do is create an environment where it is less formal where people can be open to exchange and have a dialogue many of the political discussions around the world are not exactly dialogues they're one way or they don't involve other stakeholders so we've by design built in the other stakeholders but also create a place where it's conducive for discussion and debate because some of these problems are very difficult new adaptive challenges that will require new solutions and that will have to you know force people to to think in new innovative ways and take on some risks as leaders and that's why I think this meeting is very important because we can at least show where the opportunities are maybe reduce the risk profile of some of the options but at least present options options are very important we I don't think there's any single solution in many of these issues but if we can get the these experts here to lay out what can be really not the lowest common denominator but really the most effective and really the most in some ways innovative approaches I think we can do something and of course I hope that not only do they listen they take action on what we will discuss here when we bring the agenda forward in Davos in January thanks Lee and if I may I may just note a few areas where the councils at the individual council level are impacting here in the UAE I can think of at least four councils that are collaborating in this country the personal transport automotive working on self self-driving cars we have the the future of government council which is collaborated with the government here on on ways of making better more efficient smarter services government services there are there are a number of others so we can brief you on those after the meeting if you like if I might add that because she has another part of the question but first thing we are certainly in the UAE government both at the level of federal and also local we take into consideration all the recommendation that comes out from the summit this is actually has been utilised if you look at the issue of innovation we have adopted a strategy of innovation that came up based on recommendation of the summit we have looked at the issue of SMEs and how we can develop also a system see SMEs based on also the recommendation that we need to look at that as a government of the UAE which was discussed during so many sessions also we also looked at the issue of gender equality and what we are doing about that here in the UAE and how we can lead in the Arab world when it comes to gender equality and you see also the result of that yes the governments are listening but it depends also in each individual government leadership whether they want to make a change in their countries or not we they could be the best recommendation but if they are not willing to listen I don't think things will have be happening so this is the one be a good listener but also be a good implementer of your case there are some cases that are unique they can be addressed through these kind of recommendation and definitely there are so many different also entities that are coming willing to come and help in terms of implementing these recommendation your question was about OPEC Iran and Iran of course the production of oil from the OPEC is usually controlled under quota and that's the way it should be also eventually in order to make sure that they maintain a viable price of oil as they go on I don't think they are going to shoot themselves in the foot this is one the second was about the taxes and whether the oil prices situation would introduce taxes and I think you mean here in the UAE any decision on at GCC I mean any decision I'll take the UAE case any decision on any issue in the UAE usually there is a process of decision making in in the government we discussed this thoroughly we evaluate in terms of how it affects the economy as a whole how also it affects our competitiveness as a nation and then also we are part of the GCC and within GCC there should be a common policy when it comes to taxes and so on so this is something that I'm not saying that it's going to be now but future wise if this is something that could serve the interests of the country and the government and the people I think this is could be open just like every other nations have had also taxes which can also lead to come back in no I just want to obviously I want to just highlight one other piece which is a we are going to have a special session or here in in Abu Dhabi around the future of manufacturing a very important one when you think about in the context of the well we will will focus on in Davos on the fourth industrial revolution we are looking at its implications from a technological point of view from the economic productivity point of view from a skills and education and employment point of view it's a very important topic because we're living through it right now we're probably at its inflection point when one thinks about the the the rapid advances in the sensors and systems and even the artificial intelligence that's really permeating through factory floors around the world we need to get really a better understanding of it so we're starting here in the conversation with with really a government that is actually looking at it very seriously and actually implementing and working towards that building that manufacturing base so we're very excited about that and that's one of the many red threads that will continue on into the discussions and our annual meeting in Davos thank you Lee I think we've probably got time for two quick questions I just went here in the front row but sir did you still want to ask a question bearing in mind we're just taking questions on the meeting itself okay there's a microphone coming at you sing please remind us of your name and your outlet I'm not a job from my question is to Mr Montsourie head of the ED as part of your participation we're talking about Abu Dhabi and the trends to develop infrastructure projects airports ports and we see that Abu Dhabi has completely changed from what was 10 years ago and it knows the great growth you have strategic projects can you tell us about the progress and the directives of the visionary leadership in Abu Dhabi to promote these strategic projects the importance it gives these projects thank you for that question at the beginning of the 60s and the 70s we started building some of the infrastructure projects in the UAE as a whole and particularly in Abu Dhabi as is usual after an economic cycle of 15 to 20 years the infrastructure needs to be renovated rehabilitated and the network needs to be expanded today or rather in 2005 the government adopted a plan to modernize some of the existing infrastructure and to add new infrastructure the development or expansion included the airport some of the main highways connecting us with neighboring countries some hospitals but there are also important additions in the emirate and in the region as a whole for instance we are building museums that for the first time go out of their countries for instance the Louvre museum for the first time goes out of France and comes to the region through Abu Dhabi this is a big infrastructure project that is in addition to the country also the Cleveland hospital this is a qualitative jump and a great jump in the healthcare we're proud of the partnership we have with the USA a country that saw the importance of bringing the infrastructure and the know-how to the UAE also in the education sector we have the Sorbonne University New York University these are important infrastructure projects that have been planned what does all of this mean as his excellency the minister explained this infrastructure pushes a growth at the level of the macro economy we expect with the ministry of economy to achieve a growth rate of three and a half or maybe up to four percent we just had a discussion about all prices and his excellency was right in saying that 50 to 60 per barrel will strike a balance that can be beneficial to both parties for the consuming or all important countries and all producing countries we're talking about the current price 50 60 or up to 80 dollars that is beneficial for everybody and historically there's a strong correlation between all prices and future growth when all prices go down to 50 dollars in the long run there's a great accelerated growth in the world macro economy so all of this will be beneficial hopefully to the UAE we have to focus on the infrastructure that is needed and has an active contribution like roads health education and at the federal level as well as the emirate level this is well coordinated thank you and before we close i'd just like to offer this judgment here the front row please do you have a microphone we have a we have a website we have people watching online so it'd be we do need you to speak into the microphone thank you hamed raibh from my wazir your excellency you spoke about the importance of this summit that is held with more than 900 participants and mr alman suri said that this is the participation for the third time there are many challenges and since it's the third edition of the summit that is held here can you quickly give us some of the results that where that came from the previous summits 2014 and 2013 thank you hamed one of the main objectives of such summits is how we can use the results of these summits to incorporate them in our agendas in the UAE if we were to talk about the UAE even worldwide that the UAE has become a standard for many of the countries of the region and even worldwide at the implementation of a lot of the recommendations that come out of this summit and many other similar summits and conferences that are held in the UAE if we were to focus on one of the main recommendations that were proposed I mentioned earlier something that had to do with innovation because when we talk about innovation or interpass innovation was something strange for us but over the course of the past five years this this became something part of our culture in the UAE and was translated into a comprehensive strategy in this year 2015 what is the that is the year of innovation as announced by his highness sheikh am hamed by rashaid in line with the directors of his highness sheikh lefa binzai and president of the UAE it was clear that this trend was not only at the level of government organizations but all sectors whether public, federal, local or even private this was also transferred to education this does not come from void we do not necessarily have all the capabilities to cover all these aspects of innovation and this is why we were listening to these recommendations and we were looking at how we can implement them integrate them so that they become an integral part of our economy and a knowledge-based economy we adopted them for a certain period of time in the strategies of our institutions like the department of economic development we are working for a knowledge-based economy if you look at our vision and mission this is one aspect another aspect is the integration of the SMA sector in the national economy we've taken quick steps in that direction and we were able to promulgate a law for the SMEs an issue that showed us we were going in the right direction was equality gender equality in our society in our Arab society because this is one of the points that are usually held against us we took the example of the UAE and how it was able building on these recommendations we had started a while back but there were recommendations that showed that we are on the right track we're going in the right direction and as a society part of the world and in the UAE we know we need both genders and that the UAE women have women has have proven their success in this test for the region for all the women in the region and in the UAE the UAE is a success story in terms of gender equality these are some of the examples we also proposed a new agenda for manufacturing as was mentioned earlier we've adopted it through the ministry of economy with the world economic forum and the UNIDO looking at the orientation of manufacturing around the world and how we can through our manufacturing policy can so how we can based on all of that develop the manufacturing policy in the UAE because things have changed especially after the economy crisis and the changes that have been introduced to manufacturing so in this summit there are meetings that will be focusing solely on manufacturing and we'll see how we can come up with a number of recommendations that will be beneficial for us in the UAE thank you very much now before we close I just like to remind you my colleagues in the media that throughout the meeting we'll be having issue briefings in this room we have about 10 plans and they very much follow the the the line of our global challenges but they also follow issues and and and areas of interest that I think will be quite quite relevant here locally future of cities future of innovation we have people experts from robotics experts from brain science experts from all areas of architecture and the arts and culture so there's a very very full program of media issue briefings please do look at the press conference schedule you've all got it when you registered this morning before we close again just like to thank your excellencies for joining us here again it's been an honor to share the platform with you thank you Lee for joining us and thank you Mirek as well and thank you most importantly for yourselves for joining us here for the opening press conference of this summit


Hi everybody thank you for watching today so this week I have got a few bits and pieces a bit random but I am waiting on some magazines so this video may be like two videos together so yeah you will see if that does arrive but I've picked up these bits I've got some ideas for some fun projects using elastic so this one here was 99p from biology now I do think there are more of these I'm sure somebody else said but um anyway so you get the four mill by five oh sorry four meters by five mill four meters by eight mill and four meters by 12 mill so yeah I thought they were quite good I like the packaging actually I like the way that they've done them and then you can just obviously take those off because they're just attached with a bit of tape and you've got them all separate like that so it's easy to store so yeah I mean it's sewing elastic by the sewing box so I don't know where that's from is I mean yeah it just says sewing box Manchester there's no website so um yeah I I think it's still a wholesale I don't think it's an actual like you know individual shop kind of thing so but again if I can find any links I will do but um yeah watch this space for those I need to play around now I've got the the elastic so um yeah it might not work hopefully it will but that's that then I've also got this assortment of elastic bands again I'm not holding out too much these again we're only I think these were 79p but I'm hoping uh yeah there are is these small ones that I want oh they're actually quite good yeah so smaller ones but there are I mean those are huge you get all sorts you get your traditional I guess more most common ones there but those it's these smaller ones but even those are different they're the right yeah it's more that size that I'm looking for so again watch this space but they will just they're just handy things to have the other ones I did have before starting to dry up you know when you pull them and it's all like literally crackled away so they weren't gonna last me at all then I just saw these these were 99p each and again it's always that craft brand they're just a huge wholesaler and a lot of people a lot of companies buy from them and just rebrand the packaging as well so yeah it's um I do see a lot of these things and I'm like it's like the works for example the works just repackage a lot of this stuff so yeah when you shop and you see as much as I do you start to think I'm see I've seen that somewhere before I'm sure I've seen that so yeah I have okay so this is what it is but the reason I liked it is it can unwind so I've actually got them all individual so they're kind of all twisted up together so imagine find the right one there we go that's the the leader I guess they should well then it goes in with that one there they are kind of it's going to take me a few minutes to oh no there we go I think that one's there we go I just had the wrong one but I just thought they looked really nice to put on gift bags and have behind you know little sentiments and bits and pieces like that I mean I won't need all the wire on them so I will end up trimming that but if you imagine that behind I mean then the nice thing is because they're on wire I can shape them they only had these two colors so I've got that's almost like a a gun metal I've got a slight greeny tinge to it and then those ones there which are kind of that kind of almost this yeah it's like a platinum yellowy kind of color that even is a color but you know what I mean but again I'm gonna yeah just untwist them all I don't like them as one one thing it's not really my style I prefer them a bit smaller and then yeah plus I get more for my money so 99p I thought they were actually really quite sweet you can see that one there as well so yeah I've got all of those and then I've got these I've just taken them out of packaging so it always creates a glare but they're just black faceted but they're a really nice size you can see there and yeah I just thought I like them so I got those ones then I picked up these I've got two packs again I think these were 79p that one's moved let's stick that one there and the little dome kind of letters they look like the old typewriter keys you know on the tops or like an old cash register kind of effect and they're just sort of realized I like that they're a bit smaller so I've got two packs so you've always got enough of all the letters there then I picked up these now I know they're glitter but the difference with these is they are thick and they're more it says here glitter flakes but the main one I got was this white one because I'm going to be using this for a lot of my Christmas projects because it looks just like snow so if I just get it out there you can see it's much much thicker and yeah I just thought it was going to work great I'm going to just tip that there because it's going to get an MS on here I know it is but they were one pound so I got that in the white it says here it's called Brian Clegg Glitter Flake 60 grams again this is all from biology but the the silver ones are really really thick they're going to look great in shaker cards because it's a yeah it's nice to mix that all together so that's more for my Christmas project you can see they've got it everywhere and then I went to Lidl now again I don't know I know Lidl is in a lot of European countries but I don't know if it's in the likes of Australia or in the States and Canada I don't know so this is by Crelando Crelando I think it's Crelando and yeah it's the Lidl brand but I think you can purchase it I'm sure I've seen it on Amazon so whenever they do their paper packs I always grab them because they're always really good quality so this is the 135 gsm paper so this is the drawing pad and it's all um a three size yeah it must be a three so this is perfect for mats and layers but the colors are lovely and you get one two two of each color so you've got your black and you've got a couple of brown tones there you can see you've got a real nice kind of mix and you've got a really light cream and white you've got some grays lighter grays and you go into your greens really nice colors and then that brings you into these nice blues reds pink purple another pinky color and then finishing with your oranges yellows and again that cream so I got one of the paper and then I got three of the cardstock the cardstock's 270 gsm and I've had a lot of these over the years they are always really really good quality they don't crack you get a nice piece of grayboard on the back as well so you can always use that and again this one here you already get one of each so that's why I've got three packs and I've got three of each and I can cut them in half if I need to but they make you know it's great that they're this size so you can make bigger gift bags and stuff you've got browns creams whites like I said one of each color they're so nice slight few different kind of shades to the paper one that I showed you it's pretty similar but yeah three of them so I've got sort of 75 sheets of really nice cardstock for they're three it was two for three pound so I got yeah those two and those two so yeah 100 sheets of you know really nice card and paper for six pound so I thought that was bugging so yeah maybe I should have got another pack of them maybe a pack of them as well because again you see how much I craft I go through this stuff so quickly so yeah if I can find bargain card that I've already used and I know works then yeah I grab it and then I received my order from hunky dory so this is there for the lover stamps range I absolutely love it they're beautiful stamps great quality all photopolymer and I just they're just so nice to color in I use them in a lot of my cards so the ones that I picked up are all from their clearance section so I do encourage you to go over there because they have some really good bargains so I'm going to talk you through each one with the prices I paid so the most I paid was $3.99 with one two three four five of them being 99p so really really good so all of this came to $15.78 and then I had to pay $2.99 postage so I thought that was great and it came within I think two days so the first one is this one which is sent with love and you can see all of the perfume bottles really easy to color nice and easy to cut out and you've got here you never you're never fully dressed without perfume glamour never takes a day off and have a beautiful day really like those things they're super cute and that one like said was I don't know I haven't said the price so this is $2.99 then this is one of my favorite ones this was 99p this will be great for well any food lovers but more masculine style cards as well so it's a pizza and you can put all your different toppings on and there's loads of different toppings there I think it's cool you've got your pepper mushrooms olives peppers chili sorry a little shrimp or prawn tomato and then oh gosh I'm hang on I need to stamp them I think to see you got lettuce I'm not sure what that one is trying to work out anyway they definitely get used you've got your little pizza cutter a slice and then you've got your the slice of my life your supremely awesome which I think is really good and then this one is just your pizza stamp you've stolen a pizza my heart isn't that cool love that and that was 99p brilliant absolutely love them so you're going to see those featuring definitely because I've already got some ideas for that one then I picked up these these were 99p this is the essentials inserts collection this is the frames now the reason I've got these is because I've got a lot of stamps that don't have corresponding dice sentiment stamps that is and when you stamp them sometimes it's quite hard to cut them out and you don't know whether to cut a square or a rectangle so the idea is I've got two lots I've also got this one here which is the occasions and this one was also 99p so any kind of stamps that I've got I can stamp it find one of these frames that's going to fit obviously it's not going to fit every stamp I have but a lot of them it will stamp the frame and then cut around the frame which is going to be so much easier and I think neater so I've got some nice circle stamps small ones which I know will fit with that or once I've got small stamps that will fit within that circle so I can cut that I could probably get my circle punch around that one actually I love the star one all of these that are inside are separate stamps you can remove them and you've got little corners there love that big one I think that's going to come in quite handy for a few stamps that I've got because I've recently got all of those the general and the occasion sentiment stamps from dev craft and I know that there's going to be quite a few that will fit inside of these especially ones like this and that tag and I just thought they were really cool so yeah you've got the lines you've got little obviously other bits here you've got a dotted frame there there's quite a few but for 99p each I know they're going to come in handy and again they're just such great quality so that's those two then this one's another favorite this is called jam packed with love this was 199 and you get your lovely big jam jar mason jar there and then you get straw breeze and raspberries and you can stamp and fill the whole jar with them you get this mini beautiful little cute thing there and preserve you know when you go to restaurants that's what I'm trying to know stay overnight in a hotel that's it and you go down for breakfast and then you have these little jars that's what I was trying to get out and you can have these tiny little phrases inside so you've got spread the love you're so sweet with love and hugs and preserved with love isn't that cute you got your spoon and then you've got here there's only one thing sweeter than jam and then you'd open up the card and it would say you and then you've got absolutely jam packed with love just love it and on the back it also also shows you other things within the range which I already have a few of so that's that one and then this one here again love this this is 299 this is mixed vegetables so I thought this is nice again for any garden lovers any people that you may know that have their own allotment or grow their own I know lots of people that do that so this is a nice fun card for that but it's all this fun little puns that they put with it so you've got all of you know your common vegetables there but then you've got a little kind of frame there like the wooden I can't get my words out you know what that is but inside you can put tomatoes broccoli cabbage parsnips peppers beetroot carrots radishes lettuce and peas and then you've got happy birthday have an upbeat day I love you from my head tomatoes tomatoes love it these are going to make such fun cards I love can you tell I love cards with puns so um yeah and you've got more there again so that one was 299 then this was the most expensive one 399 but again I know this is going to be really handy for quite a few people I know so this is fast food fun and you have your big burger you've got your drinks there you're good why can't I think of anything what's that cup it's not is it a cup yeah I guess it is a cup you've got your fries your hot dog and then your mustard or tomato bottle there a little flag to put in the burger and then these little hearts and stars you've got your splat so that'd be good with that and then you can have that just coming out of the top of it and then you've got happy burger day birthdays are all about having it large that's such a nice that's just that's really good I haven't got that and I think you could maybe fit that no might not thought we might have gone in the the fries there maybe and then we've got we go together like burger and fries and just it's just different and again they're nice sized as well and really easy to cut out so look out for those they're going to be coloured in the near future then the last one was this one and the reason I've got it is not because it's a new home stamp which is how they've got it so this is a no place like home as soon as I saw that I thought Halloween it just screams Halloween and I'm wondering if that's why maybe it's gone into the sale because this is 99p but that looks like a haunted house maybe because it's in a silhouette style then you've got these trees that just the the naked tree you know kind of stump or branches there with no leaves on just to me again is just screaming Halloween so it's got congratulations from our home to yours and there's no place like home but I personally even the fence it just all looks scary so that's why I brought it I want to actually use this for Halloween I don't I never buy Halloween kind of specific stamps and things like that because it's not something I use a lot and it's obviously only a very very small time in the year but for the odd thing I do do I just thought for 99p these are going to be good so I'm definitely going to do something with the haunted what I'm calling the haunted house I imagine if you stamp it in like a pink or a nice light blue or something really happy then it will have a different look to it but it just I don't know even with all this it's like Ivy that they've got growing off of it it's it is sorry hunky dory that is a Halloween stamp if anybody else thinks it's not please do say but I think a lot of you agree even the way they got the birds flying around the house Halloween so and then they got the silhouette I've got that one there I don't have that one but then that's in silhouette but that doesn't look Halloween to me so it's yeah I just think that one's been I think they would have been much better packaging that as a Halloween one changing the sentiments but anyway so yeah you will see that in due course obviously it's not Halloween for a while yet but I thought I would pick that one up so yeah I've got one two three four five six seven eight I will share all the links and I do encourage you to go over because there's more stuff in their clearance as well so there's some real good bargains to be had okay so that's everything today guys not much but um yeah I always like to share it definitely try and get the card stock if you do have a little nearby and they have this in there it's always a bit random in well again if you shop in little you know what it's like it's all in kind of tubs and in long kind of lines and nothing's really ever in it's where you would think it would be like this was next to I think it was a load of biscuits or something anyway but um I will try and link anything I can find if I can find on Amazon I will this stuff I probably won't be at a link at all because it's again biology isn't none of this is on line so yeah I might struggle a little bit there so apologies because I know a lot of you do click on the links but if I can find them I will otherwise I'll be back again tomorrow with another tutorial thanks for watching see you soon bye


It could be that we're already in a recession. It's unlikely that these cryptos are safe haven assets. They're not hedge assets. Hey guys, I'm happy to present to you the full interview that was featured in our latest documentary Inside China. What the coronavirus reveals about crypto. Make sure you check it out and now let's get to the interview. What's up YouTube, my name is Jackson. Today I have the pleasure of welcoming back Professor Campbell Harvey, the inventor of the yield curve signal. Last time we talked about how Bitcoin could potentially be a safe haven but apparently something has changed and I'm excited to find out what that is. How's it going today Professor? I'm doing well, thank you. In our previous interview, the conflict between Iran and the US sparked a discussion about why Bitcoin could potentially be a safe haven asset. One of the key points was that it has no intrinsic value or fundamentals and therefore is relatively independent from the traditional financial system. On the other hand, Bitcoin is highly volatile and so far there hasn't been enough historical data to show how Bitcoin behaves during an economic crisis. You wrote to me yesterday to tell me that the recent price action in the Bitcoin and stock markets is moving your opinion in a certain direction. What's changed? Well, again, cryptocurrencies are very difficult to value. A stock is relatively easy to value. You've got forecasted earnings, you've got some degree of risk that you discount those earnings by and you get a stock price. A bond, also very simple. You've got a coupon, you've got principal and you basically got the risk of the bond and you've got a price but things like Bitcoin and Ethereum are really difficult to think about because there's no fundamental. There's value, obviously, to the network. People value these cryptocurrencies for transactional purposes, for speculation but it's really difficult to think about the value and when you start talking about safe haven, it becomes really difficult to think are these really safe haven assets because it's just not obvious and we don't have the history to actually look at it but as the history kind of expands, anytime you've got a big move in the market that is the lens that you need to try to figure out what happens to other asset prices and interestingly, it turns out that the cryptos were not a safe haven in this latest episode. So in which direction is that moving your opinion? So you see this as a way of saying that no, no, no, no, these are not a good place to put your money if the economy is going down. Is that correct? Yeah, so again, you think about like a stock and if the economy is going to go into recession, that's bad for the earnings of a company. So it kind of makes sense that the stock price goes down. For a crypto, there's no earnings. So whatever kind of interest in that crypto is likely driven by speculation. So when you've got a situation where we've got what I call a risk off situation where people want to de-risk their portfolios to basically dump risky assets and go into less risky assets or safe assets, what we've seen is that it appears that people are dumping their cryptos and the risk off. And this really suggests that much of the value that's attributed to the cryptos is essentially a speculative value. So of course, as you probably know, the coronavirus is a global potentially crisis that is occurring at this point. How does the ongoing saga of the coronavirus compare to the events of the US-Iran conflict in terms of this Bitcoin as a safe haven narrative? Well, like both of them are what I would consider kind of systemic risks. And obviously a pandemic is a bigger risk in my opinion because whatever will happen with the US and Iran would likely be relatively contained in the Middle East. And also if you look at the series of events of what happened in Iran, US took out a top general, then there was some kind of mild retaliation. That's kind of small stuff compared to a potential global pandemic and it's basically no escape anywhere in the world from something like that. So this is a much larger risk event and we're much further along in the risk event. So maybe it was similar at the beginning of January to the situation in Iran, but we're at the end of February and this is a much bigger event. And in markets responded, this is a big event and what's gonna happen? Well, economic growth will slow almost by construction. And when economic growth slows, that damages the stock market, it damages all risk assets and crypto took a beating as a result. So on January 30th, the World Health Organization declared the coronavirus to be a public health emergency of international concern. I'm declaring a public health emergency of international concern over the global outbreak of novel coronavirus. At that time, Bitcoin's price was around $9,500. As major international media outlets picked up the outbreak and began providing nonstop coverage of the spread of the virus, Bitcoin went on to hit its 2020 high of nearly $10,500 in mid-February. One might think that this was because Bitcoin was performing as a safe haven in a time of fear. However, I was looking at the trend of Bitcoin's price during the past month and it seemed to me that there is a correlation with the trends of the Dow Jones, S&P 500 and NASDAQ in the same timeframe. Would you agree? Well, again, we need to be careful because correlations can shift through time. But you are correct that, again, this COVID-19, basically it evolves in terms of how big of a risk it actually is. And as we went through February, our leaders and investors and regular citizens became aware that this is really the possibility of a global pandemic. So the risk was increasing. And you're right, this is exactly what happened. We saw a major sell-off in the stock market where the prices on consecutive days went down 3%. The total drawdown at this point is more than 7%. That is a substantial move in the stock market. Now, if these cryptos were safe havens, then you would expect maybe no change in their value or maybe even an increase in the value. But that's definitely not what we've seen. The cryptos got battered and dropped by more than 10%. So that suggests to me, in a particular situation of great stress where people are realizing that there's systemic risk unfolding, the stock market drops as expected, people flee to safe assets, but they didn't flee to cryptos. They fled to the US tenure bond. Yeah, exactly. And it's very interesting because Bitcoin has no intrinsic value. It has no connection to the stock market. And yet it's still followed this correlation along with the stock market. Can this tell us anything else about this relationship between Bitcoin and the stock market? Well, what it tells me is that it's unlikely that these cryptos are safe haven assets. They're not hedge assets. So essentially the speculators in the stock market, they need to de-risk. That's what risk off is. They need to de-risk. So they sell the stock market goes down. The same people are similar in terms of motivation. In the crypto complex, they need to sell. They need to de-risk. And that's exactly what we've seen. So it's consistent. And again, we need to be careful here because this is only one episode, but it's an important episode. And I think that we can learn from it. And this episode suggests that Bitcoin, Ethereum, other cryptos are more in the category of risk assets. That means they will move in big systemic events like other risk assets like stocks. Can you just go over one more time why this event in particular is so important? Cause you do mention it's only one episode, but why is it worth paying attention to this one specifically? Yeah. So if you think about what happens from day to day, there's some news here and there. The stock market goes up and down and it's really hard to interpret. It's a mix of information and noise. So it's rare that we actually get a situation where it's really clear. So COVID-19 is a potential pandemic. It's getting worse. Everybody's going to be hit by it to some extent. This is a systemic event. And as a result, people rationally look at this and say, well, GDP is going to take a hit. As a result of that, that means these firms are going to take a hit in terms of their profit. Prices are going to go down. I need to de-risk. So this is an opportunity where you've got a large amount of signal and a small amount of noise. So these are opportunities where we can actually learn about the correlation behavior of assets. It's really hard to learn about the correlation behavior when they're up 0.5% or 0.2% or down 0.3%. That's just noise. These are signal events and we can learn a lot from these signals. So what does that tell us about the type of investor who's invested in Bitcoin and other cryptocurrencies? So we know that there's some extremely long-term investors in crypto that are holding for multiple years and will not be swayed by the daily ups and downs of the crypto volatility. But I think that ever since 2017, there's a large group of investors that are purely looking at a speculative investment. It's a way to bet. And it's a way to bet that's got very high volatility, which is what they're actually looking for. So what we've seen is consistent with the price being driven by speculation rather than long-term investment. Why do you think there's such a large number of speculators in the Bitcoin market? Oh, it's the volatility. So if you invest in the stock market, the annualized volatility is only about 15%. So you invest in Bitcoin, the volatility is more like 90%. So it's possible that in a short period of time, you can double your money. That's not possible investing in stocks. It's not possible investing in commodities like gold. So this gives investors that really want to speculate a large amount of leverage. So I've got a giant upside. So this very attractive for speculators and people just want to take a bet. So according to data analytics provider SKU, on February 26th, over $150 million worth of Bitcoin was liquidated on the trading exchange BitMEX. This was the most seen in 2020 so far. Millions of dollars of long and short positions caused the value of the cryptocurrency to fall to $8,580. It's a crease of more than 6%. How does, what role does this event play in your hypothesis of Bitcoin as a risk asset? Can we attribute Bitcoin's recent drop to this liquidation or do you see this liquidation more as like an investor getting out of Bitcoin because they see it as a risky asset? So it is true that if somebody dumps a large amount of Bitcoin, that that will cause the price to go down. And that's true for any asset, right? If there's a lot of selling, then the price goes down. So this was a particularly big sale and it did have a negative effect on price. But I think that it's only part of what's going on. This, we don't know the exact motivation but it's certainly consistent with a risk off trade. So given that risk is increased, I need to adjust my portfolio. I need to become more conservative. And that means dumping risky assets, stocks and crypto kind of fit that bill. On February 3rd, the Shanghai Composite Index plunged 8% during its worst single day drop in nearly five years. The Chinese government was forced to pump $22 billion worth of yuan into the economy in order to stabilize the stock market. Would you advise someone in China to buy Bitcoin as a way to preserve the value of their money throughout the coronavirus pandemic? Well, number one, I don't give investment advice as an academic. Number two, I think that if you look at the data, it is challenging because we don't have that much data. I've made this point before, that we in the entire history of the crypto prices don't even have a recession, not one recession. So with stocks, we've got the history of recessions back to 1850, but with cryptos, we haven't even gone through one. However, again, I think that we can learn something from these events where there's a realization of risk as we're seeing with the coronavirus situation. And in this situation, stocks have dropped and so have cryptos. So that's inconsistent with putting your money into cryptocurrencies and thinking, well, that will help us write out any correction in the equity market or any recession. So I think it would be very risky to transfer your portfolio to crypto currencies thinking that that will help you hedge. So would you expect Bitcoin to perform similarly in the scenario of a recession, for example, because as you pointed out to me, the yield curve did once again, invert at around February 18th, I think, somewhere around there and has since been inverted this whole time. Would you expect Bitcoin to perform similarly and be correlated to the stock market in this way during a recession? What we've seen recently with the yield curve inversion is consistent with the theoretical framework in my dissertation, that people see a potential pandemic. People see that economic growth is slowing as a result of that and will slow further. And this could actually push us. This could be the trigger that pushes us into a recession. So the yield curve inversion is consistent with that. And in terms of the performance of cryptos during a recession, it completely depends upon how severe that recession actually is. I guess I would speculate that if it's a very severe recession, that would be the type of thing that we're kind of seeing unfold in February that people would want to de-risk their portfolio. And de-racing their portfolio would mean liquidating some of their cryptos. Do you think that a recession will come earlier than you previously predicted due to the arrival of the coronavirus? Yeah, well, that's obviously the coronavirus is not something that the yield curve predicts. That just as an event, we were already in a slowing growth situation and already headed for what might be a mild recession or just a slowdown. So given what we've seen in terms of, in many cities, many countries, where economic activity has basically stopped, so it could be that we're already in a recession. I just wanted to go back for a moment to what you said that we could already be in a recession. Could you just go over again what you think the effects are? What do you think the effects will be of the coronavirus on the global economy? So we've already seen that the coronavirus is taking a toll on economic activity. We see it every day in terms of video, empty streets, empty stores, factories that are effectively shuttered. China is incredibly important in terms of the strength of the world economy. But what's different with this is it's not just a local economic shock in China. It is a shock that's going to be felt throughout the world. And we're seeing other countries like Italy, Korea, Japan all taking a hit as a result of this. So the same problem that's happening in China, other countries are exposed to. We focus on this type of risk and this is the type of risk that leads to decreased economic activity. So this could be the nudge or the push that puts us into a recession. Understood. And just to be clear, given everything we've talked about, you believe that the cryptocurrency market will follow the stock market into that recession, correct? So given what we've seen, where we've had a major correction in the stock market, which is clearly driven by a risk-off type of trade where people are de-risking, selling stocks, going into a safe haven asset like the 10-year US Treasury bond. Given that we've seen that, a major event that we can actually understand, we understand the reason why. Often when the stock market goes up or down, we don't really know why. But in this particular situation, we know why. So given that the risk has increased, stock market has taken a battering and at the same time, the crypto complex has taken a battering. That is consistent with a positive correlation with the stock market in a crisis event. And that's very important. So we've got a crisis event. We see a positive correlation. Stocks go down, cryptos go down. So given that we've seen that in a very important event over the last week, that would mean to me that in the future, if we have a similar sell-off in the stock market, a similar risk-off type of trade that the crypto complex is at risk. Thank you everyone for watching. My name is Jackson and that was Professor Campbell Harvey. If you enjoyed the show, please remember to like, subscribe and hodl. Coin Telegraph, like, subscribe and hodl.


So if you had to think of a chair and how it could be used when you had to dispose of it, what kind of design thinking skills would you deploy? Actually, another exercise he does is to look at how to inculcate the concept of value into what you design.   So, or somebody you loved a lot died on the chair, right? So the value of the chair increases for you. Imagine how a chair would increase in value for your customer. So if you're, as a student, you're designing a chair, try to conceive of these ways in which a chair could become valuable. So it's life is extended, kind of. Yeah, and then design the chair. So, you know, you need to embed a time frame in your design. And this is something you have to suggest in your design for the product. Anybody else you can think of? Okay, at Srishti, we have something called the Frugal Design Lab that's run by Sudipto Dasgupta and his wife Nandini Dasgupta. And actually, Sudipto spoke to me about the idea of embodied energy or embedded energy. For example, if you buy a cane chair, right?  I mean, you're happy about it. But he says you can't just think about, you know, products in that fashion. You have to think of the, you have to calculate the embodied energy within that chair. And that means calculating what it took for the chair to come to you from where it was produced and manufactured. Harmony, you know, what was its carbon footprint? Harmony miles did it travel, etc., etc. And that actually is the cost of the chair embodied within it.


This is a primer lesson on vibrato. If you've come to NCSSM without having played a lot of vibrato or maybe not had a lot of instruction on vibrato, I'd like to just give you a couple of tips on developing a vibrato. Now, I think the first thing that's important to remember is that developing a vibrato is exactly that. You're not, most people can't just play a vibrato the first time they try to do it. I like to equate it to weightlifting in that if I tried to bench press 200 pounds without building up to that amount of weight, I would probably hurt myself. I wouldn't do things correctly and I'd have poor technique. The whole idea with vibrato is that we start with small steps and we train our muscles to do it. So it does take time, but with steady and consistent practice, you'll be able to develop a vibrato in probably a relatively short period of time. So let me give you a couple of tips about playing position. I think these are quite important as you're developing a vibrato and some exercises to do to get you toward your goal. Now, I hope that at this point you have taken a quick look at my video that demonstrates good playing position. This is vital in developing a good vibrato. In fact, I oftentimes will tell students that probably the first violin lesson that they ever had is the most important lesson contributing to a good vibrato. And I know that's a little hard to believe, but it's really true. A good playing position is the first step. Now, in order to play vibrato, it's really important that you're not holding the instrument up with your left hand. You should be using a shoulder rest. I've frankly never had a student that didn't use a shoulder rest that I was able to teach vibrato. When students use a shoulder rest, they're holding their instrument properly and I can teach them to play vibrato. So I think that's the very first step. If you don't use a shoulder rest, I recommend that you stop the video and go get one. So, okay, so now let's move on here. Now, a good playing position, as you already know, the instrument's on your shoulder and it's being supported between your jaw and your shoulder. I'm not holding the instrument up with my left hand at all. Then when my left hand comes up to the instrument, it's free to finger and to do vibrato. Now, you also know that if the strings form a plane between the strings and the ground, your elbow should be inside that plane or at least in the plane, here or inside the plane. Now, to begin vibrato, I like students to shift up and don't worry about what pitches you're playing, but I like you to rest your hand on the shoulder of the instruments. We're gonna rest our hand right here that really amounts to about maybe fourth or fifth position, depending on where your fingers lay down. Now, a couple of things that you can do to begin to develop a vibrato. These are kinda can be silly little exercises, but they do really contribute to it. The first one I have students do is wave to themselves. Now, as silly as that is, if you wave to yourself in a regular pattern, it can begin to give you the feel of what vibrato is and it can develop those muscles in the back of your hand. I want you to know that vibrato is part finger, part hand, and part arm, and so we're gonna develop all of those muscles here. So first thing we're gonna do is wave. The second thing that we're going to do is tap our fingers on the string. Now, you're gonna see that I'm tapping on the G string with all my fingers, D string, A string, and E string, and just practice a nice regular tap. So I recommend at this point that you turn off the video and practice waving to yourself and then tapping on the strings. Now, I'm assuming now that you've practiced waving to yourself and tapping on the strings in a regular motion.  Now, you're gonna notice that I'm moving my hand in this motion, same motion as the wave, same motion as the tap, but now it's a little more controlled and it's a little more clearly rhythmic. You can actually hear the strings a little bit as my fingers slide. Another variation on that is to slide in a pattern. I like to do one, two, three, four, one, two, three, four, one, two, three, four. Then I switch strings. So now, I recommend that you turn off the video and practice polishing the strings in very even quarter notes and then in a pattern of quarter, quarter, quarter, quarter, eighth, eighth, eighth. Okay, now we've practiced our polishing the strings and the other techniques I've shown you. The next step is to now begin to play an actual pitch. Now, I wanna stress to you again that the pitch that you start playing on doesn't really matter to me. It does matter that your hand is against the shoulder of the instrument. It's for support. And also, I want you to notice that my index finger is not clamped against the neck of the violin. I've gotta make sure that that index finger is released. So make sure of that. That needs to be unclamped. So it sort of takes you bringing that elbow in a bit and you have to be up on the tips of your fingers. Now you can simply set your second finger down and I would put my first down as well but we're gonna use second finger for this exercise.  Now it's very similar to the polish but now we're sitting on a pitch. So I'm gonna find a pitch. In fact, I'll start on the G string. I've got my second finger down. I don't care what pitch you play but I simply want you to roll that finger forward and backwards. Doesn't sound real nice. I want you to do it nice and slow. Now I want you to try that with your second finger on all four strings. D string, A string, E string. You'll notice that I do about eight moves per bow. Now this can be a very difficult step for students as you begin to put the bow down on the string, keep working at it and it will eventually come. I recommend then that you practice that technique with all four fingers. And fourth finger, now here's the thing. Fourth finger is really hard for some kids and if it's hard, do it more. The more you practice fourth finger vibrato, the more it'll happen. A lot of kids feel like, well, second and first are quite easy and they just sort of stick with those but you really need to do fourth finger more to develop it and you wanna practice that on all four strings as well. So go ahead and pause the video and try a cat's meow on each of the four strings. Now the next step is to do that in various rhythmic patterns. Much like we did our polish, we're now going to do the cat's meow doing four quarters than four eighths. Second finger, that begins to get us speeding that rotation up a little bit. And you can tell it's not a far jump from to get to the point where where you can vibrate. So keep working to increase the speed on that cat's meow and eventually it becomes vibrato. So that's really the technique. I wanna stress that a little bit of practice on all of these techniques every day is what really makes it happen. And it doesn't happen overnight. Take the part of the technique that is most difficult for you and do it the most. That's when you'll really get better at this and that's when vibrato will really, really work.  Once you get really good at doing it there, then start pulling back to third position, second position and first position and do it without your hand anchored against the butt of the instrument. Again, a little bit at a time and you will develop the technique.


What we define as a hard worker, honest person, someone with vision, you know, it's tough sometimes being different. When you're young you're thinking something wrong with you, but then you grow up and you don't, you realize that your uniqueness is special. I became an entrepreneur because I felt, you know, deep inside that there was a bigger place for me. One of the things I've learned is that when you have no alternative but to go forward, challenges are nothing.


And we're back again with two members from the social the social the NASA social for the Lattie launch We have Kim and Christian guys We're so close to launch I'm starting to get to that really uncontrollable stage, but I'll try to keep things under control Tell me how has the experience been starting with you Kim? How's the experience been being part of this NASA social? This has been amazing This is actually my second opportunity to be a part of NASA social I got to go to the last spatial launch so I was at STS-135 and I didn't think I was gonna get picked for that I certainly didn't think lightning was gonna strike twice. So this has been awesome I was standing there and I was thinking the mood is is so different It was such an emotional moment for STS-135, but it was kind of sad and it was a little bit of fit like an end And the coolest thing about being here now is over the last couple of days realizing that we're not ending anything That NASA is still doing amazing things and the future is still so bright And that's probably what I'm gonna walk away from all of this experience with is just being so optimistic about the space program I think that's a great point because one of the things that we've seen just working with the folks at Wallops and and Just all the interviews that we've done along the way have really Just been full of enthusiasm and people just excited to get back to the moon and do science and to answer some of these mysteries So I couldn't agree more and I'm hopefully we're gonna be part of that history here in under 20 minutes or so Christian, how about you? Well, how has this experience been for you? Oh, it's just been absolutely wonderful Blair I you know, I threw my hat in the ring when the call came out to Participate in NASA social. I couldn't believe I got selected here. I am I've met some wonderful people such as Kimberly right here and some of the folks we had on just a few moments ago and Being a part of this, you know, just realizing that we're we're we're going back to the moon Yeah, there it is in the distance. It's crazy miles away. We're going back to the moon tonight Yeah, and you know as dr. Grumfeld said and just can't put it any more politically than he did We're continuing our exploration of the universe I know a lot of people think the universe means the deep space but the universe is right here as well and We're going to be exploring a part of it that we really never even thought about doing Just a few short years ago and now we're about to take that step back to the moon tonight And what an exciting opportunity is to be a part of what a privilege is to be a part of it But the the greatest impression that I'm getting is the thousands hundreds of thousands of man-hours I've gone into this and it's all culminating tonight and the enthusiasm is just contagious It's so true wonderful and I think that's a great point because I think one of the things that we're also seeing is What you know, we're kind of learning more about science someone like me all of a sudden is thinking about The fact that the moon doesn't have a standard atmosphere It's an exosphere and that we don't understand how dust moves on the moon and how that might help us understand other bodies in the Universe and you're just sitting there going. I mean, I'm an English major I'm what am I doing? I should be reading a novel which is good by the way I know that's a great practice, but but also learning about our universe. It's very exciting It's a wonderful universe to learn about and I was lucky enough to have studied astronomy As an undergraduate and I was very fortunate to work with the Hubble Space Telescope for a number of years So seeing Dr. Gunsfeld who fixed our telescope three times is a real privilege and and you're right It's it's just an opportunity to continue to explore this this amazing universe And the best part about it all the work that went into it is that this is all of humanity working at this This is humanity at its best. Yeah, I really believe that that's awesome And certainly some great scientists and engineers and operators and all the support staff All this is culminating tonight and this incredible event which we're going to witness but I tell you what let's take a quick break We're going to bring on lunar scientist Lou Mayo who's going to talk some more about the science We'll go take a break real quick come back with him And we're going to let these social media folks go back to Twittering all the way up all the way up to the final moments Where I'm sure you'll put your phones down and just soak in the moment of the Lattie launch We'll take a break at that point for that and get right back to tweeting awesome We'll be back shortly