Tarzan of the Eighth from the novels by Edgar Rice Burroughs. With Mr. James Ace Pierce as Tarzan, and Mr. Am Burroughs as Jane Potter. This is an American Goldfield production directed by James Knight Cardin, and released by the World Broadcasting System and Associated States. After Tarzan has succeeded in rescuing the White Party from cannibals, Clayton, the Englishman, tries to kill the Eighth man. Tarzan does not understand that fever is responsible for this strange conduct, and he leaves the White. However, when Tarzan discovers that the mutineers have returned and are about to raid the cabin, he warns the White. He starts to leave for Munger's village for a new supply of arrows, but lingers for a while to talk with Jane. Now, are you ready? Hold your breath. Beautiful, Jane. Jungle Knight is beautiful. You like the jungle, Dr. Tarzan. Yes, before, Tarzan liked the jungle. Now, Jane here, Tarzan likes more. Jane likes the jungle more? Yes. As long as you're here, I like it. But Jane, better not stay out here. I think Tarmangani can hut again. Oh, you do? Yes. I want them to go to camp, then they turn and come back again. Well, we've got a call. I'll tell the others. You can't have done that. No, I said... Tarzan is here. He says that the mutineers turned around as if they were coming back. Why? Then we had to be ready for them. Ah, you did get the boar, Tarzan. Yes, Horta. Horta not easy to kill, but Horta's good meat. You're right, Tarzan. Wild boar is a dish fit for the king. I'll go and see what the Tarmangani are doing. All right. I think you'd better come back inside to hut, Jane.  Now, we, and first of all, I think also, if we are to have a visit from our pirate friends, well, the reception may as well be warm. I'll close the door. Then you won't be marked against the light. All right. What was it, sir? The lander? Just Tarzan with some meat. Stealing any better, Daddy? Yes, yes, Jane, sir. But I do wish that you would leave my things where I put them. Yes, Daddy, what? And I maintain, Professor Brindley, that your theory is entirely erroneous. Oh, it's hilarious again. Slightly. Nothing we can do, Jane. Just let the attack wear off. And the hieroglyphic distinctly says three bullets, not 30. Ah, the bell. Show the gentleman in, Jane. Show the gentleman in. Oh, dear. Can't we do something? No, Jane. Just leave him. He'll fall into a natural sleep again. Jane, I want to talk to you. Yes, Mr. Belander. I've known you since you were a baby, Jane. I've always had your welfare at heart. Oh, I know that. You've been a darling. The way you put up with Daddy, well, really peculiarity. But I wish to talk of you, Jane. You and Tarzan. Yes. Now, no one has a greater regard for their gentleman than I have, Jane. But... But... Well, after all, you're quite right to caption him when he was maligned by Clayton. But, Jane, I'm afraid you're falling in love with him. If you haven't done so already, you don't answer me. What can I say? Then it is as I thought. Now, Jane, you must realize that while Tarzan is a splendid fellow, you can't marry him. Why not? My dear, you are a circle of friends. The society in which you're accustomed to move. Tarzan is a gentleman. Of course, of course. But attacking the problem from a different angle, would Tarzan be happy away from his jungle? Can you give up everything to live here? But I don't tend to live here. Why not? Because... well, because I don't. You expect Tarzan to give up the jungle to live in civilization? No! He'd never be happy. Tarzan has just come back. Oh! Oh, hello, Tarzan. Carmen Gany, go back to camp.  Yes, I followed their trail. See the fire? Look, over there. Ah, yes, you can barely see the glow through the trees. Then it was almost seen as though we would stay here for the night. Yes, it looked that way. Then I think I'll lie down and rest. Do so by all means, Mr. Filandier. Then you will be all the pressure to stand watch tomorrow. Thank you, Jane. I think you should rest, too. Nursing your father is taking too much out of you. Oh, I'm all right. I'm worried, of course, about Danny. But I'm by no means ill. I'm quite puzzled. Why should the mutineers, pirates, or whatever you want to call them, start to come here and then, for no apparent reason, abandon their scheme that, apparently, we cannot know, Monsieur? Well, many things may have happened to them in the jungle, and it's barely possible that they may have fought among themselves. Well, in that case, I'm sure we would have heard the shop. Yes. I'm inclined to agree with Jane. We should have heard any fighting with their camps so close by. But we have not thanked Monsieur Tarzan for the poor that he has brought us. Oh, yes. We do thank you, Tarzan. If it weren't for you, we should have gone hungry more than once since we landed here. Right, right, Jane. We are deeply in Tarzan's debt. Tarzan, don't go. Stay here a while, with us. I think now, I go away. Go to Comangani Village for more arrows. Love to go there, Tarzan. Yes. When Tarmangani comes back, I must have plenty arrows. Well, I think we'd better go inside the hut. It's chilly. Not too good for the Professor's fever to have this door open. You have rights, Monsieur. Good night, Tarzan. Good night. Tell those of the upper jungle terrace, Tarzan swings his way toward Monger's village. Much as he dislikes the idea of leaving the vicinity of the hut, still Tarzan cannot neglect his supply of arrows. Below him, and to the right, the ruddy glow from the pirate's campfire lightens the dark recesses of the jungle. Tarzan notes the figures about the fire and satisfied that they're there for the night. He speeds on his way. But what of the pirates? Are they camped for the night? We shall leave this warm fire. What eye size is? Let's go back. Clean it up. Let's all go this time. I ain't righteous to go. Not after that noise that we heard. Ah, forget it. Swab. Swab nothing but some new kind of animal. Yeah. Well, that ain't what you said when we was out there. Say, I'm telling you, this blasted jungle is one thing.  But in the dark. Hey, it ain't so hot. We can take the whole bunch this time. Make it look better and make them give in quicker. What are you talking about? Give in. There ain't going to be no given in. That's what principle. Of course. That's all we want. And the rest learn them. Get them unaware and shoot them down. Sounds easy. But I noticed you didn't stand out front when the shooting was going on.  All that shooting didn't do no good. New notes. If you guys are going to chew the rag here, all right. Just assume go to the bloomin' hut. Right, all right. Come on, then. And don't like too much noise. Oh, she looks worth the quiet. Do you want a wipe for the old blasted jungle? Well, go ahead and leave the way. I noticed you ain't taking the lead. All right. One more crack out of you. And I'm going to... And what? New bloomin' lime juicer? I stole that cab.  Right. Just show them. Drive a blow bomb at the time. We've got to keep all on ourselves. I was saying, I got an idea. No. Yes. That's why we heard. I bet it was that jungle guy that you told us about. Oh, you're farming. Is that there, ain't some jungle bloke? Yeah, I bet you're right at that color. Be quiet.  And all the dark. Let them all sleep. Hey, don't forget that Franklin may be walking San Diego. Well, you've had him. I'll get for dying. King, you and the boys can type the professors. Sure, sure. Leave it to us. Quiet on the inside. What's that? Is that your problem? Yeah. Just a minute. I'll open the door. That's, that's it. We're over it. But what about the rest? Oh, you're great for dying. Can you talk? Have a seat there, King. Come on. Let's go. What fate is to be James at the hands of the past? We'll talk down, discover her captain.


Rwy'n ddweud o'r bythau cyntaf i gyd o'r tawch chi'n mynd i gyd a'r ffarsau'ch chat i'r ffrindio. Mae'r hans yn gyffredin ar y tawch maen nhw i gyd o'r cyffredin a'r cyffredin ar y tawch yma ar y tawch chi'n gwybod. Rwy'n gilydd y gwrthod i gyd o'r gyrdd o'r cyffredin ar y tawch yma ar y tawch chi'n gyrdd. Cymru efallai ydy'r dyfodol digidol yn yw'r cyfnod yma'r cyfnod yma. Felly, yr oeddon y cwmddoedd yn ymlaen, yn y gweithio a'r 20 oed yn y gweithio a'r 200 oed. Mae'n defnyddoedd yma yw'r gweithio a rhan o gyfnod i'r cyfnod a oeddon. Ond mae'n hynny'n ddod, yn y gweithio yma, Cymru ubar yn y gweithio ar gyfer y sylwgr yn y cyfnod. Mae'n oeddon yn y cyfnod, gwybod yn y lleol. So, we're seeing dramatic change and I think that the point I wanted to make here is that, you know, change is happening everywhere. As customers, as partners, we really need to sort of assess how digital transformation will impact our business. Back in 2005 I was on a business trip in Boston and we drove past a blockbuster. I don't know if everyone remembers blockbuster as the video store. And the taxi driver sort of said to me, he said, he knew I was a financial analyst. He said, would you invest in this business? And I said, no. And he said, why? And I said, because Netflix is going to basically take their market away. At that time Netflix was shipping DVDs in the post if you remember now they've totally transformed that. What he didn't realize was that his shield which he paid a million US dollars for had just risen to 1.2 million in 2005 and is now worth about $500,000 because Uber has totally disrupted his marketplace, right? So this is the impact that this is having. And, you know, from our perspective what we wanted to talk about and hopefully sort of discuss is this is an ecosystem game, right? So digital transformation cannot be done by one vendor. It has to be done by an ecosystem pulling together to enable companies to transform to change their business models to change their business best practice in a very agile and effective way. This is one of my sort of favorite slides because I can look out and say, you know, 40% of your businesses will probably be dead in the next 10 years. You know, we're seeing the average age of organizations change quite dramatically, right? So they've fallen from 65 years for the Global 500 or the Fortune 500 to 15 years and it's soon going to be less than 10, right? This change is having a huge impact as I mentioned on every particular business, every type of opportunity. Everyone knows the stories around Uber and Facebook and Airbnb, right? The benefit they had is they didn't have to escape legacy, right? They were all able to start afresh. They were able to build out these cloud solutions, these cloud scenarios. They were, yes, able to take advantage of platform to digitally disrupt, but they didn't have to escape legacy. So how do we do this in the context of the business that we all operate in where we do have SAPs at the back end or we do have Oracle at the back end? We do have a huge amount of custom development applications that not only do we need to look at how do we migrate, but how do we now extend and start to build these new business capabilities? You're probably all expecting this to be a metaphor around sort of two-pace IT in terms of, you know, we need to manage the requirements of the business and we do that through an agile pace layer. We do that with platform as a service. We do that with Cloud Foundry. But we need to keep this in the context of, you know, your Opsolid core, your stable IT requirements, where you need to really support the business, but keep it up and keep it up at a high level. It's true in part. Really, this is an aid memoir for me. I'm sort of doing a half marathon next Sunday. And it's to remind me that, you know, to run fast or to run further, I need to run fast, right? So the analog is there in terms of, you know, we do need to think about how do we bring both of these capabilities together? How do we make sure that as an organisation we extend from the business data, we extend from that stable core, but we get the benefits of pace layering. We get the benefit of this sort of bimodal IT requirement that Gartner likes to talk about. And this is something that we think will enable customers to transform. Right? If I think in the context of IoT or industry 4.0, often it's extensions of existing business processes, right? We're connecting to new data sources, but we're using it still to optimise a supply chain, or we're using it to better manage our inventory levels, right? So ultimately it is an extensibility play. So this is why you cannot escape legacy. You have to do this in the context of the legacy systems, of the legacy capabilities that as a customer you have, and as ecosystem players we all need to take advantage of. So if digital transformation is ultimately an extensibility game, you need to connect to the business data, right? So I was in a session yesterday where we were sort of going through, I think there were seven or eight Cloud Foundry customers all with very different use cases. But the one similarity that they all had was they were connecting to their core system, they're connecting to their core backend. So, you know, we believe to build this bimodal promise you need to connect to the core business data. But you then need to, if you like, do that in conjunction with this agility layer with Cloud Foundry as that business platform as a service. It's much more than just integration or development capabilities, right? I know Gartner and others like to talk about iPass and APass. This really is about business platform as a service. It's about having the comprehensiveness of APIs so you can get access to the content. It's about decomposing industry and line of business expertise into microservices or into business APIs that you can reuse so that customers and partners can build new use cases, these extension use cases, much, much quicker. So, the agility layer needs to be done in the context of that stable core, those stable systems. You need, I think, a diverse set of customers, right?  So, you know, you need it as developers, as partners, you need to know that there's a market opportunity to go after. So, you need to build on that. You need to leverage the fact that the platform needs to be open. It needs to be standards-based. We would love to commoditize the infrastructure layer rights. Infrastructure should become a utility. And then the value becomes the business capabilities and the business APIs that are made available through the platform, and that's how we differentiate. But we need to take advantage of the ecosystem, right? Digital transformation is a platform network orchestration business model. So, you need those partners. The challenge we have, and the challenge I have, is that all these partners are going through a transformation, right? Traditional partners at SAP were resellers and systems integrators. They all now need to build IP. They don't all have the skills and the capabilities to build product. And that's where we're sort of going through a reeducation process to make, to retool almost the ecosystem to deliver against that transformation opportunity. And then we need to extend to new ecosystems. And this is part of the discussion we will have with Stefan and Bern, which is how do we start to bridge IT and OT, right? So, back into, we're in Frankfurt Industry 4.0. IoT is a hot topic. How do you start to bridge the gap between IT and OT? The benefit, if we can do this, is we can help our customers, either co-innovate or innovate on their own, but ultimately reimagine, reinvent and run differently, right? So, digital transformation is about rethinking those legacy business processes and now doing stuff in a new way. You cannot do that if your product development cycle is three, five years and you have 10 year ROIs, right? This is a big difference, big cultural difference for SAP because we're not always known for that sort of agile type of innovation and capability. But this is what we're driving now. This is the core message and the strategy to customers, which is we now can give you that opportunity using Cloud Foundry to reimagine, reinvent and run and run in a new way. But we can't do that on our own. We need to do this with the ecosystem because the pace of industries is changing too quickly that one vendor can't do this on their own. They need to leverage the power of the diversity of the ecosystem. Because of that, the business models are changing, right? Our business model is changing, right? Yesterday you would have thought of SAP as a monolithic application vendor, but really to be successful, we have to shift our business model. We have to shift our partnering model to drive that value for customers, and we need to do that in the context of a platform business model. How do we bring in new customer use cases? How do we bring in new data sources? How do we transform the ecosystem to take advantage? If we can't do that, we'll not deliver that business value to the customer base. On that, I want to flip from the presentation to the five-side chat. Bernisla from Atos, who's responsible for digital innovation. Stefan Stang, who is responsible for MindSphere, which is one of our customers of HCP Cloud Foundry. What we wanted to do was run through this slide and do some Q&A around this one slide. Hopefully this will work. Stefan, to kick us off, this is your slide. Can you explain a little bit about the type of OT customers, some of the use cases that you see specifically for MindSphere and how we bring IT and IT together? Thank you for the introduction, Mark. First of all, this picture shows our vision, what we want to accomplish with MindSphere. Siemens is pretty strong in building industrial devices, knowing how these devices are built, knowing the data models around these devices, and with this ecosystem based on Cloud Foundry, we want to enable our end customers, our machine builders, our partners, and certainly ourselves as Siemens to put applications on top of this. Let me give you some examples here. Today we already have applications, for example in process control industries, where we are using a data collector to transmit control loop information and then providing an application on top for our end customers just in dashboards, how the performance of their control plant really is, and they can take this information and optimize the entire plant. We also have applications, what we call for example drive train analytics, where we increase uptypes of motors, inverters, in gearboxes, so these are typical industrial assets all over, we find in all over industries, pipelines, process control again, whatever, and with such applications we provide a huge benefit. But as another interesting example, just a couple of months ago we released a device, what we call connector box, it's an industrial, a small industrial device, completely included with encryption and security for an end-to-end communication to the cloud, and this is made as a business model for machine builders. These machine builders can use this to develop their own digital services without any programming, so within a couple of hours you can integrate this in your machine, connect this to PLCs, and have all the data in an application running in the cloud. This is how we see this, how IT and OT comes together. Perfect. Byrnt, in terms of ATSOS's perspective, what are you doing to bring IT and OT together? From our perspective, we are a partner here from Siemens in many years and around Mindsphere now, hosting the whole thing, but our focus is obviously bringing the IT world and the OT world together, so we are basically creating one of our first apps we are going to put out as a manufacturing dashboard, really taking the machine data, really from the dirty machine, the sensor data via Mindsphere, and then bringing them together with let's say PLM, MES, manufacturing IT data, at the fingertips in the shop floor basically, so that now opens up a huge amount of real-time data, but also historical data which allows a much more powerful, up-to-date situation on the machine space in the shop floor. Okay, so really using your domain expertise in discrete manufacturing and using the data that's being generated and collected from some of these IT devices and rethinking some business from... From our perspective, we always talk with the customers per domain, really per use case basically, but it's exactly the problem you try to address which is different in retail with smart vending machines versus manufacturing with Siemens on the OT side or then utilities basically, so we always start with the use case, what type of problems do you really want to solve? Okay, so we touched on platform is much more than application build and integration, in the case of IAT it really becomes almost a data orchestration layer. Stefan, in your perspective, what does that mean in terms of potentially business model change and what are maybe the steps that we need to go through to actually deliver against that sort of business model change? The business model change is certainly the most important part here. We cannot continue as we did in the past, so we see this and that this will probably happen in three phases. Right now, since we started, we are more in a phase for our industrial customers to provide them with transparency and, as I already mentioned, with increasing uptime of assets. But once we go forward, I think in the second phase, then with all the data we now collect and we can now combine in one data analytics on top, we are then in a phase where we can provide real optimization to our customers. And then in the third phase, I'm sure we are really able to provide complete new business models like running as a service for almost everything then. Okay, so we need the transparency first in terms of what the assets are doing. We can then hope to optimize them and then we can think about transforming the business model and potentially going to outcomes based or as a service type business. Absolutely, it always starts with transparency and for many customers, this is already a great value today. And Bern, with Atos, what are you doing around big data? One thing is that this now with Cloud Foundry and Minesphere and HCP enables us a very fast, let's say application creation, so very fast you can show that it really works. But then secondly, fast is not enough so that we can bring this data which we generate immediately from the OT side together with the, let's say, manufacturing IT or enterprise IT together and that is now, I think, a capability which was not available in the last couple of years. It's now available and you can do very rapid application prototyping, realisation, see if it works, if it doesn't work, you throw it away, create a new one so that enables a much faster pace of innovation, continuous innovation for the customers here. Okay, so I think that sort of leads on to the whole point around domain expertise, right? I mean, at the top of Minesphere you have this ecosystem as well. From an OT standpoint, are there any sort of big trends that you see or any sort of key capabilities that you want to deliver? I mean, certainly we really want to enable our customers and our OEMs and partners to easily use such an ecosystem and benefit from this ecosystem and provide applications on new business models and digital services on top of it. So this is clearly something which is completely new in the past. I think we always did run our own developments and now we have to open it up and partnering more and really leveraging also the entire community for developers. Byrn, you know, we touched on the expertise, Atlas's expertise in sort of manufacturing, but you also have expertise in utilities and other industries. Is there an opportunity to also bring those different industries sort of clusters together and get some shared value or some shared business value across the different industry types? That's actually an interesting point which we see happening now that obviously you start a very specific domain. Let's say manufacturing, see what you can optimise, but very often they do also have some problems which we already address maybe with retail customers. So really some aspects of business processes we look outside, specifically outside of the specific domain and see if there's lessons learned from other utilities areas. So that's an interesting trend now that first of all obviously you stay within your domain, try to solve the problems at hand, but then it allows you now to look over, let's say over the border and see how maybe retail has addressed these problems in the past and then apply those lessons learned. This is something that we see as well at SAP. Our business model has been very focused on 25, 26 different industries but very specific capabilities, almost silos across industries. Now what we're seeing is we're seeing how can we help an oil and gas company benefit from financial services or retail best practice and basically bring this as an agile application to that customer so that they can really get at some kind of system of differentiation of innovation and that's the value of the platform, that ability to rearchitect or re-orchestrate on an ongoing basis. I mean just finally agility. What does agility mean for you, Stefan? This is certainly an important topic for us. I mean coming from a traditional world of waterfall development and having product managers planning releases two to three years in advance, we started more than two years ago with this transformation in our company and this is a typical German engineering culture doesn't typically not allow any failures but we really established a culture inside our development and product management teams learn fast, fail fast so that we are now in a mode of having b-weekly sprints, having backlogs, priority driven by a product owner and this really helped us here to speed up with our development and innovation cycles. Finally, I needed to get this in for Sam. Multi-cloud is clearly important. Bern, from your perspective what's the benefit of multi-cloud? Multi-cloud has it for us we can work with the customers, develop those apps, they run on SAP HCP with manufacturing, obviously we focus on mine sphere with retail also many customers want it on private cloud so basically any cloud variant you want basically with this apps, with the cloud foundry capabilities we can enable. Perfect. Okay, so just to wrap up you know, as I mentioned we very much see digital disruption as this ecosystem requirement the value of connecting to the stable core connecting to your existing business processes extending those and rethinking them through agile innovation on cloud foundry but ultimately the value is in the ecosystem and being able to, for the ecosystem to really to adapt and respond to changes to drive that customer value. So on that, Stefan, thank you Bern, thank you and have a good day everyone. Thank you.


Nanotechnology involves creating, manipulating, and using materials at the nanometer-size scale where significant differences in material properties can occur. Biological synthesis through nanobiotechnology has emerged as a green chemistry-based technique for producing nanoparticles without harsh chemicals with potential applications in various fields. This article was authored by Monalib and Shah, Derek Fawcett, Shashi Sharma, and others.


When you're stuck for an idea, Google what the national holiday is for the day. Happens to be National Tortilla Chip Day today. I painted some wet triangles, just plain water, dropped in some yellow ochre, few spots of some burnt sienna or transparent red oxide. Let the triangles overlap. Don't worry that they bleed together because after you get it all completely dried, you can go back in with a little bit more color and add some darker areas underneath so that some of the chips pull to the forefront and others push to the back. Add some blue into the leftover paint and you can get a gray with which you can make some shadows underneath of them.   And now you know just what to do.


Hello everyone, this is Avik, this side I'm the program manager for open printing and along with me I have Till Kampita, he's a project lead for open printing. I'm Till Kampita and I'm leading for open printing. Welcome to this lightning talk about how to be a welcoming community or how to be collaborative, how to welcome new members in the group. So today for the next few minutes we are going to talk about that topic. So before moving forward let me just present my PPT. Okay, so as I said the topic is establish a friendly welcoming and collaborative project culture. So the first thing is you need to understand who is a new contributor or what is the mindset of a new contributor. So a new contributor is somebody who is in a learning curve who is still adapting to the changes you know or who is adapting to the project jargon or everything is new to that particular contributor. So all the jargon that you are using for your org is new to that person and initially that person will be hesitant to ask so it requires a lot of hand holding. So to be a good mentor or a good community mentor you first need to feel like a student or as a new contributor first. As a welcoming community you if that person is in touch with you then you are the face of the org. So the veteran member is the face of the org, the leader, a communicator, a technical guide. So somebody who projects the goals of the org to the new member. So the veteran member is the primary face of the org. You need to keep that in mind. You first need to be a gardener. So train the basics to the new member, guide on the initials, handle till the path is steep, give them issues to work on, give them some initial assignments, give them some you know to start off maybe you can just give them some changes in the documentation. Recognize their achievements and make them feel the ownership. So you first need to nurture your saplings if you want to see them grow into a big tree. Best practices what you can follow is you can have meetups, you can approach your community members, ask them what problems they are facing. Keep the technicality simple. Initial things should be simple. Do not add on complexity. Your communication should always be good. You need to understand that that person is in a learning curve. That person is shy. That person is hesitant to ask. So break that ice. Be always be available whenever they need you. Otherwise they will not be comfortable. So these are the few of the best practices you can follow. So to be a good gardener you know you need to follow this and you need to keep this in mind. Good gardeners create good contributors and good contributors build great communities. This should be the motto of any or if they want to be a welcoming group. So that's it about today's talk. So if you can get in touch with us in our email IDs mentioned in the screen we'll be very happy to you know collaborate or discuss further. So if you have any questions do let us know. Thank you.


This is the WBVM air theater Wrigley building Chicago WBVM FM Chicago There's a Wrigley spearman chewing gum invite you to enjoy life life with Luigi a comedy show created by Sci-Howard directed by Mack Ben off and starring that celebrated actor Mr. J Carol Nash with Alan Reed as Pasquale The makers of Wrigley spearman chewing gum are glad to bring you life with Luigi because they feel it's a friendly good natured show That offers you relaxation and enjoyment and you know Wrigley spearman chewing gum offers you relaxation and enjoyment too It's pleasant to chew on a smooth piece of Wrigley spearman whether you're working Shopping listening to your radio or doing just about anything Wrigley spearman gum tastes good It's refreshing and the good easy chewing gives you comfort and satisfaction So chew Wrigley spearman gum often every day Millions enjoy it and you will too Now Wrigley spearman chewing gum brings you Luigi as he writes another letter describing his adventures in America to his mama Vasco in Italy has a what a very good thing. I'm a notice about the American. He's a like to join a lot of clubs Yeah, they got a mason's a club a shrine is else a moose is a rotarians alliance Even I got a kennel a club, but it's a one a strict rule You don't get in and unless you're a dog I don't think all the clubs they only for the bigger people a mama me America's a got what's it called Boy Scouts Here the young boy is a learn how to cross all ladies in the street and how to tie himself up in a not But me I'm like all Americans. I'm also belong to the antique deal Association and I'm a feel a very proud there because they're taking me in this week I'm a feel all excited because in a couple of days that they're gonna run a bigger dance And today I'm supposed to get to my tickets in a mail. Oh, excuse me. I'm me. I see Mr. Vasco, yes, yes, I'm Mr. Crawford from the antique dealers association I'm a belong at that too. Mr. Vasco. I'm on the entertainment committee I mean you mean association is a send you down adjusted to entertain to me No, it's about your dance tickets. I was supposed to mail them and since I was passing by your neighborhood I thought I'd drop them off personally. Here you are one for you and one for your wife What the wife? Oh, I didn't know you were single. That's all right as long as I'm a no Anyway, mr.  They're all big American names Yeah, so American. I'm a can even a pronouncing them Well, I'll see you at the dance.  That's right. So what that's a nothing That's a just to the AS a PCA for data furniture Don't make a fun of my sociations are really important American club. Oh stop You would have joined any American a club.  Listen, you would have joined the Alcatraz if they would have changed their name to the American Crooks Association The way just since I'm part of you from Italy you become an assault American you make a George Washington look like a foreigner Don't don't please it don't make a funner from Washington.  What are this fellow one anyway?  I ain't against all the clubs That's why I'm not taking a rose Who's asking you what makes you think I'm gonna get down on my hands and knees and beg you to take my daughter to that old dance Don't you give me credit for some proudness? I'm a spoker too quick. That's a better Luigi, please thank a rose Maybe some other dancer not to disappoint because it's going to be lots of big Americans at this event So what the rose is the biggest American I believe Please please try understanding. I understand a plenty rose ain't a good enough for you high class of friends Who thinks they're gonna be there anyway Rockefeller Morgan? She's a robuck They're gonna have a some big American of people important names are like a withers a spoon of telling in a gas in a win There's a bottom. All right All right, take a rose so long. I'm gonna change your her name to taff the Hartley Well, I'm I didn't expect that you would understand it. I understand only one thing that you became a bigger snoop No, but what's that? That's a snob and a boob. That's why But excuse me now Pascal, I'm gonna go to my night to school go go Let's see if you can find some American born a ritzy pitzy girl is gonna go with a green on a boob like you Well, don't worry about me by quality. I'm gonna find never you want to be satisfied unless you can dig up A Betsy Ross for a dance and a partner So you gotta get a girl for the dance Lovici did you think about Rosa? Yeah, and I'm still I gotta get a girl Wait, I got just a girl for you college graduate American born everything. Oh good. Yes. Yeah. No, no wait No, she wouldn't be so good for you. Why not her husband is the cello time I Smile to be she will get your girl even if I got to put on some blonde curls and go along with you Clats I was teaching good evening class Well, let's see how smart we are today I assigned you the chapter on the amendments to the federal Constitution Who can tell us how many amendments there are mr. Horowitz? Well, I got to figure out my system the Constitution was 1789 I drop off the 8 to 9 take the 17 which is my nephew Seymour's age add on his sister Shirley's age Which is six now get 23. So there is 23 amendments to the Constitution wrong It's folding you're gonna tell me how old Seymour is Stick around Horowitz if they ever limit the president to two terms and Hawaii becomes a state your answers gonna be perfect Well, I suppose we take a piece meal what were the first ten amendments called mr. Olsen the bill of rights Now tell us what the 13th amendment is about the 13th amendment abolished slavery mr. Horowitz the 16th amendment income taxes were Authorized mr. Basko the 19th amendment. Huh, mr. Olsen tell him woman suffering. That's my trouble, mr. Boling what I'm got the woman a suffered in Basko what on earth are you talking about?  I don't listen to him Mr. Boling. He's just a for shimmered bachelor Luigi means for his antique dealers dance this week. He needs a girl. Yeah, I'm gonna find some some a nice American a girl some Why are you staring at me? Last week a very nice young girl moved into my building. I saw her name in the letterbox chain brown Oh, it's a wine the final wonderful American name. What a good looker.  Landy city, maybe no, I'm I'm I never was there St. Louis. I'm never was it there neither. I'll we just think of someplace where you was and put hair there I Should some I'm a no got to the nerve. All right, I do it for you. You're gonna ask it for me. Yeah for you Luigi I'm gonna be Cyrano the Schultz a rock Reggie, this is Cyrano Listen at all settled. I got you chain brown. Oh, my mommy. Oh, sure something could kiss you. Please save that for the girl I Should say she nice Luigi if I was 20 years younger, I will be calling you from Niagara Falls now Sure, sir.  I gave you a great big buildup Buildup. Yeah, sure. Don't disappoint her Luigi. Yeah, but not sure. So you didn't tell her no lies about How good What did you say about to me shows nothing only that you are a combination of Gregory Peck on Jimmy Stewart with a mad dash of Before we return to life with Luigi, here's a suggestion that will help carry you through a busy strenuous day feeling more relaxed and Satisfied from time to time, especially when your tents or under pressure to a stick of wriggly spearmint gum You see the good easy chewing goes right along with what you're doing It helps relieve that feeling of strain and tension so that work goes smoother and time passes more pleasantly Wriggly spearmint chewing gum tastes good, too It freshens your mouth sweetens your breath and gives you long-lasting enjoyment and satisfaction So when you've got a job to do and you've got to keep going at your best chew refreshing delicious Wrigley spearmint gum millions find it helpful and you will too Now let's turn to page two of Luigi Basco's letter to his mother in Italy Tonight is the big dance from my association and it shows you they got me a really nice American a girl Jane a brand who I'm gonna soon. They're gonna meet them. I'm so nervous I'm I'm wonder what I'm gonna do to make impression because maybe she's gonna be disappointed in me.  Let's call it when you dance with Rossi. You're gonna sweat. She's I got a six a feet Luigi adds it because of you always are making the same mistake you try to lead the rosa instead of following her But it was calling with the rossa. You don't leave it. You just a follow and you pray for the armistice It's like I'm already got a girl a pascale nice American a girl. Her name is a Jane a brown. What?   Pascale. I'm going out right now for no shooting a haircut Good now. Look if you want to make a big impression to make sure you get the latest American a haircut What's it is a Pascale the butch? I Surreal American a haircut show Everybody in America is a garden if you don't blame me see that a new picture my six convicts Yeah, but if it's got a way, where am I gonna get this a butcher haircut in a butcher shop where else? That's probably I'm gonna get in the title you're making a fun in it And I'm gonna gonna have to buy a good a new shooter for myself. We'll go by Yes, sir, can I help you yes, I'm I'm I like to buy a new suit Something is gonna look a nice of American a girl certainly one or two pairs of pants Huh? Would you like a suit with two pairs of pants? You think I'm gonna be too warm What do you mean too warm? I'm gonna use the weather no one a pair. Thank you. Oh Very Now here on this rack we have some of our finest suits just imported from England how much they cost only a hundred and fifty dollars There's a way you keep an American a suit Well here on this rack now. How do you like this tweet? No, no, thanks this herringbone perhaps This what? Herringbone One the fuller country where they make a suit from a little herring You're making it a wonderful afternoon for me Here's a nice number sir. It's going like hotcakes. Would you like to try on the jacket? All right, sir No, no, no, no, no take off your jacket first That's a necessary Yes, yes, but wait a way to wait how much of this is the cost only 8950 and believe me. It's a steal I'm a shawty.  Sure, that's all how follow me Careful going down the seller steps, please Is it so that good down here? Yeah, well frankly you're the first customer We've had down here since we ran our closing business sale ten years ago All right, this is it anything you see on the rack twenty dollars. They all look a nice This one has got a beautiful a weaver. What the color is it? You wait a minute. I'll light a match Beautiful weave that's a spider web Hey, look a mr. Please.  And I'm gonna look good because It's a for some a nice American a girl that that I'm gonna ever met this up So what do you think I'm a sure to do? Stay home tomorrow and listen to the radio But I'm gonna get a suit. Oh wait, wait, what have we here here's something that might be good a blue surge Size 38 it should fit you the 38 Would this would be good for the party you think my friend blue surges always in good taste at formal affairs I had an uncle who was buried in one last month Number Part of my apartment twenty one twenty. That's it. Jenna Brown. I'm so nervous.  Huh? You are Luigi Bosco.  Oh, my name is Janice Brogan, but it's easier for a mailman Jane Brown here, but But the buddy buddy buddy you coming from the other side. Oh, that's right.  Bosco. Well, yeah, yeah, sure. I'm a That is sure some American a girl.  Witherspoon.  Oh, I'm pretty good If it's the last the week I'm had a little cold, but this is mr. Telling gas How are you basco? Pretty good. And it last week. I'm having a little cold and this is our last club president, mr Wait about how are you mr. Basco? Well, am I called over here? Mommy, I could catch a pneumonia. Nobody's are gonna listen Charming young lady with you basco. My name is my excuse me friends I'm I'm I'm gonna see mr. Crawford. He's over then. I see he's away back to me. I'll wait here, Luigi I'm glad you could make it. Are you having fun? Well, did you bring a girl? Yeah, but but I'm a left-out with a telling a spawner went the gas than a call about them I'm in with you. Will you please be a doll and hold my earring it fell off again. All right, dear Oh, well, mr. Basco meet my daughter Doris charmed. I'm sure charmed and I'm a positive Doris has a week off from her study at tonight. So what happened? I close it down a unite school Oh, Doris is a Wellesley girl. Yeah, I'm thinking she's a look of very well silly, too As a matter of fact, I stole a week's vacation. Oh come now, mr. Basco Don't look at me so disapprovingly. Haven't you ever cribbed cribbed? Oh, sure until I was a five then I slept on a bed Door the continental type of foreign origin Are you from France or Spain or Italy perhaps? Well, I could listen forever to a continental accident So romantic and different are you from Spain? I adore that mommy you talk a whole English language, you know when it's time That's my little girl a basket. Don't leave before 10 o'clock I'm going to present a gold watch to Tillingass for having found the most interesting antique of the year. That's a nice What she found some metal that once belonged to General Koskiusko Shall we dance mr. Basco? Maybe later. Oh, come on now. You don't want to be a wallflower. Do you want a flower? Slang basco a wallflower is someone who doesn't dance at a party. Mommy. I think Americans He's left them all words out to the dictionary than they put in That girl waving to you from the corner of the room I never shall be further in my life. Come on. I thought we'd then see Then daddy bought me a Cadillac for my birthday. Oh, it was adorable and Tommy borrowed it and smashed it to pieces We had an awful time with the insurance company and mr. Basco. Am I boring you?  Well, anyway, this year I decided I might go out for the tennis team You should see my back. Mommy.  I only want to one of them. I got a ticket for jaywalking You can come over some Saturday I can give my Cadillac a rest and we can drive to the courts and yours. Do you have a caddy? I asked the buddy you mean a kitty I mean a caddy kitty caddy mine. I had a nine of babies the last the week Right everybody attention ladies and gentlemen, please quiet Will you please be seated? Luigi, I'm looking for you. All right Hello Jenna. No, come on over here sit down and please a fellow members We come now to the high point of the evening's entertainment the presentation of the prize watch to the member who discovered the most interesting Antique of the year this year the gold watch goes to one of our most revered members and here he is after telling us Thank you fellow members. This is a great honor My discovery was this authentic metal which was worn by General Koski Oscoe during his famous war campaigns Look at it. Definitely circa 1750 and in remarkably rare conditions Frankly, I haven't prepared very much on Mr. Koski Oscoe. Thaddeus. I believe his first name was Excuse me, sir. Yes. The name is Is it gonna make a trouble? Yes, young lady in Poland. We say his name But in America Thaddeus Koski Oscoe is fine. Jenna Jenna, please. Please. Thank you young lady Thaddeus is Kosciuszko. How's that? Very good.  I'm not they all are laughing at it. Well, as I was saying I'm afraid I'm somewhat of a disappointment in as much as I Didn't study much much on Mr. Kosciuszko. Good for you. Jenna, Jenna, please. Perhaps the young lady can tell us something I shall be very happy to We polled out proud of Kosciuszko. We regard him as our Thomas Jefferson He volunteered in your American Revolution and General Washington made him his chief officer Go on, please. Well, your Congress gave him special thanks. Also the privilege of American citizenship Also the annual pension Kosciuszko never forgot America the rest of his life till he died 1817 he always fight very hard to make Poland free. Thank you very much young lady Naturally, you're Polish. I am Polish soon to be American like General Kosciuszko and my friend Who brought me Mr. Luigi Basco. Oh, that's very very nice. I'm a very happy. I'm a brought her here. Fine. What's her name? Her name is Anna Shibrovan. Luigi We say good night here in the hallway. All right Yeah, but but Jen, I'm I'm all your big apology Why Luigi?   I think so Then I guess Guess it was a disappointment, huh?  Yeah What's a that in Polish? I like you Jane Yes, Luigi.  That's Wrigley's spearmint healthful refreshing delicious The makers of Wrigley's spearmint chewing gum invite you to be sure to listen next week at the same time when Luigi Basko writes another letter to his mama Basko in Italy life with Luigi is a Psy Howard production Pat Burton is associate producer the script is written by Mac Benhoff and Lou Derman and directed by mr. Benhoff Jay Carol Nash is starred as Luigi Basko and Alan Reed as Pasquale Mary Schiff is Miss Faulding Joe Forte has borrowed with Ken Peters as Olson and Hans Connery as Joe Music under the direction of Lud Bluskin. This is Charles Land. This is CBS Radio Network


stock market plan. The problem with high energy prices that most people don't think about is that it is either used to make products and or transport them. It is the biggest tax we can inherit from this White House and it will be everybody, rich, broke, middle-class, black, white, etc. They pass that cost to us, all of us. Yeah, that's two things in addition to that stock market planner. The percent paid by the poor is a lot more than the percent paid by the rich, right? Discretionary spending. So if you're not well off, if you're in the not as wealthy, I don't want to say lower cost but not as wealthy, right? You don't have as much discretionary spending. So the cost of that fuel hike is going to be a lot more relative to someone who's extremely wealthy.  Or getting on their private jets and flying, right? The other thing is with high price of oil, what happens, it crashes economies, right? It industry comes to a halt, right? Because once the cost of energy goes up, certain industries are operating on a pretty paper-thin profit margin. So when the cost of energy goes up for them, now they're operating in a negative, okay? Airline industry is one. They're always operating in negative. So that's a given, right? One of the examples of this is when oil hit $150 a barrel back in the mid-2000s, okay? Peaked, did a sharp pick up. But basically when it was riding at $100 or plus, that put a serious strain on the economy and the economy ground to a halt. So with these high energy prices, that's another weight on the economy just completely collapsing, okay?


Yusuf Anrani, thank you very much for coming to WPC TV. Thank you very much. Yusuf, you are a member of the Royal Cabinet in Morocco. What are your hopes and what are your fears after the election of President Trump, President Elect Trump? Okay. Thank you very much. You see, we have a strong relation with the U.S. We have a strategic partnership with the U.S. What we want is to reinforce this relation, and what we want is that America and the new administration be more involved in order to solve the ongoing conflicts in the region. We need America to be on board. So what we are waiting now, because elections and campaign is something, and the reality is something else, we want to see the new administration and we will offer to work not only to combat terrorism, because we have been working for a long time, and today I think what we need is a new strategy. Because the military intervention, the security approach is not sufficient to solve the conflicts in the region and to fight Daesh. We need a new approach to deconstruct the Jihadist narrative and to present an alternative narrative, and we need to have everybody on board. One country alone, however strong he is, he cannot. Do you think one of the problems though is the difference of, well, the conflict really between Iran and Saudi Arabia? And if you were President Trump, having as President Trump said he would tear up the nuclear agreement with Iran, how do you react to that? I think that we should work to build on what we have achieved, to create confidence-building measures, to continue negotiations, to search for a spirit of compromise, because the policy of confrontation doesn't lead us nowhere. So we need to continue this dialogue, because there was a major achievement. Yeah, I mean, you have been to this conference several times. What do you find useful? I mean, there always seems to be a spirit of compromise in this conference, I mean, how does it help you? It helped me a lot to understand, to listen to each other, because unfortunately we don't listen to each other. Today I think we'll listen to other points of view, to maybe have a different perspective, and this WPC offers you different perspectives from the Palestinian side, from the Israeli side, from the Arab side. And sometimes, you know, we test some ideas. And some ideas, we came here to test these ideas like how we could work with good governance, transparency, democracy, human rights. These issues are not anymore taboos and complex for Morocco, because we are working on a daily basis to implement a democratic system. So I think today, when we are in the Arab world, and last time I think we talked about it, we need to do our own homework first, and then count on the partners to help us. Yusuf, I'm running. Thank you very much indeed. Barak Al-Athiq. Shukran, shukran.


In this presentation, we will calculate an amortization schedule under the effective method for a premium. Support accounting instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course. Each course then organized in a logical, reasonable fashion making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. We're going to have our information on the left. We'll enter that into our worksheet here. Then we'll post a couple transactions based on that information so we can see what it's actually used for why we're doing it. And then we'll post that to a trial balance so we can see the effect on a trial balance on actual accounts. So if we go back to the left here, this is going to be the information we have face amount of the bond 100,000 stated rate the amount on the actual bond 12% market rate something less 10% that's why we issued that a premium and rather than a discount and then their semi annual we pay every two set every six months two times a year and two year bond meaning it has two years and we pay every six months or four time periods for six month time periods. The issue price is going to be 103,546 which of course is greater than the face amount the difference between the two being the premium that we're issuing it over and above. Now if we go to the to the trial balance just to see this in context and what would it look like on the trial balance. We issued it for the sum of these two 103,546 that's how much cash we got when we issued the bond. We put the bond on the books as a liability of the 100,000 that's what we owe at the end of the bond term and then we've got this premium which is what we got over and above what we're going to pay back at the end of the bond term. When we make interest payments we're going to actually make an interest payment that doesn't really cut into the principal that's what's stated as interest on the bond. So we're not going to reduce the bond payable as we make interest payments but we have to do something to this premium that's got to go away somehow. We could there's two methods we could make this go down and remember what it's there for it's a result of the difference between the market rate and the stated rate on the bonds. So it's really interest it's a result of interest so we're going to reduce this and post it to interest expense in some way. One way we can do it is just to take this amount and divide it by the number of periods for two years two times a year and just take a straight method and allocate it out evenly. That would be the easiest thing to do that'd be similar to like a straight line depreciation method but it's not the most proper method so the preferred method is the effective method which is kind of similar to the to calculating a loan amortization schedule where we're going to take the carrying amount and figure out how much the interest expense should be based on that and so that means that the amount that will be allocated will differ and that's what we'll use here. So if we go back to the left first we'll just look at the straight line method to compare and then we'll go to the effective method. So the straight line method we would just say the unamortized premium would be the 100,000 minus the 103,546 or vice versa and the carrying amount then will be the 100,000 plus the unamortized premium and then we would just amortize the premium on a straight line method by taking the original unamortized amount divided by the number of periods two years two times a year four periods and that'll give us an even amount that we're going to take down by each time period then the unamortized premium would just go down prior amount minus that making it go down to here and the carrying amount will always be the face amount minus the unamortized premium and then this will be the same it'll go down by the same amount so this will be whatever it was prior minus the same amount the unamortized the carrying amount then is the 100 minus the 1773 and so on and so forth until at the end this amount goes down to zero leaving us with just the bond face amount which is what we'll actually pay of course at the end of the bond. Now we'll do this with the effective method and you'll see that these amounts will change slightly based on the carrying amount so same starting point the unamortized premium equals the 103 546 minus the 100 the carrying amount is always going to equal the face amount plus the premium because it's always going to be higher because it's issued out of premium. So then we're going to say the cash and this is just going to be the cash calculation and this will be the contract so this is actually what we're paying it's in the contract the face amount that's on the bond times point one two twelve percent that's for a year though so we're going to divide that by two so six thousand so what we're actually going to pay is going to equal one more time the one hundred thousand times twelve percent divided by two because every six months and then the bond interest is going to be based on this number on the carrying amount so that's going to be equal to the carrying amount and then we're going to multiply it times the actual or the market rate that's well percent that would be for a year so we divided by two so again our calculation is going to be the carrying amount 103 546 times the market rate 10 percent that's for a year divided by two for six months so there's that and then the difference between those two equals the six thousand minus the five one seven seven is the am as the amortization change so the unamortized premium then is what it was before minus that change and then our carrying amount will always be equal to the the face amount of one hundred thousand plus the unamortized premium so we'll go through this a few more times it'll be very similar here we're going to say the cash paid will be equal to and we could just point to the six thousand but I'll do the calculation again because we want to really get down the difference between the stated rate when to use it when use the market rate so it's going to be the 100,000 times the stated rate the rate on the bond divided by two and then the bond interest is going to equal the carrying amount times the market rate and then we're going to take that and divide it by two and then the difference is going to be the six thousand minus the bond interest the payment minus the interest that'll give us the change in the premium and then and then the amortization and then we got the unamortized premium which will be what it was prior minus the change and then we'll say that the carrying amount will always be equal to the face amount plus the unamortized premium and that'll give us our new amount here so we'll do this again again the cash payment could be the six thousand but we'll do the calculation it's going to be the hundred thousand times the stated rate the rate on the bond divided by two the bond interest is going to be equal to the carrying amount times the market rate divided by two because it's six months not a year and then the difference is going to be equal to the six thousand minus the bond interest and then that change in the premium is going to be equal to the prior amount minus the change and then our carrying amount will be equal to the face amount of the bond plus the unamortized premium we'll do this one more time and this should go down to zero now and this should go down to 100,000 the face amount of bond so the cash payment again it could equal this but I'm going to do it one more time over here the 100,000 times the 12% the stated rate divided by two the bond interest is the carrying amount times the market rate divided by two the difference will be the 600,000 minus the bond interest and that of course will bring this down to zero by taking the unamortized prior minus the change and now the carrying amount is always the 100,000 plus the unamortized amount which is zero and that would be where we are left then we would pay off the bond now let's see what this would look like in terms of a journal entry if I was to journalize this first transaction we're gonna say here's our trial balance over here where we have put the bond on the books so we've issued the bond for 103,546 it's got a premium of this 3,546 now we're gonna make our interest payment and reduction of premium at the first six month time period so we're gonna to do that we're gonna say okay is cash affected yeah cash is going down we're gonna make a cash payment so I'll copy cash we'll put that on the bottom here so we're in Q4 right-click and paste 123 now the payment we're gonna make I'm gonna put a negative to make it a credit and it's just gonna be what we're given here so we paid 6,000 and then the debit's gonna go to bond interest expense but it's not gonna be for the 6,000 I'll put that up top now we'll copy that we'll put that up top but it's not gonna be for the 6,000 because we're gonna have to amortize the premium as well so I usually think about the premium then by going so well this is a credit I'm gonna have to debit it to make it go down I'm gonna right-click and copy I'll put that here now notice I haven't constructed this quite as nicely as we could have because we could have put the two debits on top I'm just gonna construct it in whatever may way makes the most sense to me to build this thing and so and then we could reform out the debits on top later if we choose to do so or you can leave it in whatever order would make more sense to you to go back to it and see it so the bond premium then that we're gonna pick up is gonna be this amount this 123 and then the difference between those two the 6,000 minus 123 will be the amount on the interest expense I would do that with a negative sum going from the bottom to the top or you can move this thing out of the way so that the two debits now equal the credit the other way you can do this of course is to take the interest expense from the table here and then and then use the plug here either way just to see that the whole thing will balance out okay so then if we record this we're gonna say alright here's the bond interest bond interest is down here we're gonna say this equals the 5,177 bringing this amount up putting us out of balance bringing net income down here's the cash here's the cash up top we're in the middle column w3 equals the 6,000 bringing this amount down here's the premium here's the premium or in the middle column w7 equals 8,000 or 823 bringing this amount down so if we tie this out to the table then we're gonna say alright the tape we should have an unamortized premium 2007 23 and the carrying amount 102 723 so the unamortized premium 2007 23 carrying amount is this plus this 102 723 let's do this one more time you'll note that of course when you compare this to the to the straight line method we have an even change here I'm gonna ungreen this and we'll record the second payment so six months have passed we're going to the second payment now we'll make this green okay and that the transaction will be the same I'm just gonna copy the transaction but the numbers will change the cash is still going to be a credit of this 6,000 the premium now change is going to be a debit of this number so that's going to differ and we can pull this from the table or we can use our negative sum plug formula of these so that's the 5136 5136 so if we post this out and again we're jumping six months ahead and obviously other activity would happen hopefully during that time period but we're gonna post this within the same information here and see what would happen concentrating of course on our bonds here so here's our bond interest expense here's our bond interest double click on that we're going to go to the end of it plus point to that 5136 bringing this up putting this out of balance bringing that income down then we've got the cash so here's the cash we're gonna be in the middle column double click on that go to the end of it plus point to the 6,000 bringing that amount down then we've got the bond premium and here it is here we're gonna go to the middle column double click go to the end of it plus and pick up that number and there we have that so then we should be according to our table at a unamortized premium 1,856 carrying amount 101,859 so here's our unamortized premium 1,856 and the carrying amount being the sum of those two 101,859


Winter is coming. An Iranian state-backed daily is supposed to have warned the European powers as negotiations continue over the Iran nuclear deal. And it does look like for many countries in Europe the crisis is set to escalate over the next few months. Over the past few days, you have seen how Russia, for instance, has stopped supplies on the Nord Stream 1 pipeline. There is a lot of concern over gas supplies, what will happen in the energy market. Prices are increasing. About the British and the German governments have stepped in to try to assuage their population, their step, they have brought in energy caps, for instance, or measures to support their population. However, all this does not really explain why this is happening and what is likely to happen in the coming months as well. We will be discussing all this in Mapping Fault Lines. We have with us Prabir Purkayastha. So, Prabir, we have seen a protest break out in many parts of the world over the issue of inflation. We know that in the UK for months, trade unions, other sectors have been protesting. We recently saw a mass rally by opposition parties, other parts of Europe as well, and we are not even going into the other parts of the world. But taking Europe specifically a key concern seems to be the question of energy. Now, there are two aspects to it. One is, of course, the Russian decision to stop the supply to Nord Stream 1 because of sanctions imposed by the Western European countries, but also the question of rising energy costs which are connected, which have more dimensions than just the gas supply. So, could you maybe take us through why energy has become such a key fault line at this point of time? Well, let us put it this way that the European fault line is energy because to see how Europe looked at itself from the beginning, at least post the Second World War, was that it was an industrial power, it command the industrial market, of course, with the United States, which is also a major industrial power at that stage, and it was built on the fact that it will be able to access from the 60s onwards, it was built on the fact, it will be able to access Russian gas, and that I saw with you then, but really the major part of the gas fields were in Russia, so Russian gas, so energy would come or cheap energy would come, stable supply from Russian gas, and then they would be an industrial power, they could phase out coal later as coal became identified as a dirty fuel, but in Germany the shift was also because their ability to mine coal was causing subsidence, and there was a lot of resistance to that, so they had to phase out coal also, and importing coal again became with climate change a problem, and therefore they looked at the Russian gas, but behind all this, and this is done at the time that Helmut Kohl was in power, so it was really a bipartisan decision that this would also bring peace to Europe, so therefore tying Soviet Union at that stage and the European Union's economy with cheap energy would be a long-term solution that there would be no war, so this is obviously what is breaking down now, now European Union is pretending to be very hurt at the fact that Russia has imposed different sanctions saying okay, if you don't buy in rubles and I don't sell to you, which at the time they protested they went back to buying in rubles, though with some kind of swap taking place within the Russian bank itself, so they could say we didn't buy in rubles, we actually bought it in euros, but also they accepted this condition, but as they have been threatening more and more sanctions on Russian gas, Russian oil, other sanctions, insurance and so on, I think Russia has also now taken to it, okay, we don't have a long-term stake in your market, so we can actually start not supplying you gas from earlier, they are still saying not to do if you want, they are also supplying some gas to Ukraine, even now some pipeline to Ukraine is still supplying gas, so it is not that they have completely cut off gas, but they are now saying sanctions because of your gas turbine, whatever is to be done on the repairs of the gas turbine is violating your sanctions, so you withdraw your sanctions on the gas turbine, etc, etc, leaving all of that out, the reality is that the Russian retaliation to European Union sanction and don't forget, they have seized or at least frozen $150 billion, probably more of Russian money from Russia's central bank and other banks in Europe, those that money was in European banks, they have effectively seized it, though they're calling it freezing, so already that part is there, so you cannot talk about bad blood and how your retaliation weaponizing gas, which for instance, the European Union president is saying, without taking into account that you have actually weaponized finance, you have weaponized the money that is needed for international trade, both with dollar and with euros and with yen, three of these financial blocks got together to do what was essentially declare a financial war through Russian banks out of the Swift system and so on, so given that this is the retaliation that has come, the question is, why has the electricity prices risen by 4 to 6 times even more in some of the countries when gas is not the only source of production of energy, in fact in France it hardly produces 25 to 30% of energy, a lot of it is nuclear, in other countries also there is some part which is produced by gas, but there is non, the renewables are now in online, some nuclear is also there and some part of coal is still there, it's not been phased out completely, so given that how much of the electricity price rise should take place because of the gas price rising is a question and it is an interesting question because Germany only 11% of the, or 15% of the production of electricity is through gas, large parts of it is through other means, so why is the electricity price also rising by 4 to 6 times, sometimes even higher when the cost of gas is only a small fraction of the amount of fuel cost for the electricity sector and that has really to do with a complex market that the European Union has built in which the last block of power which is accepted on the grid, that price becomes the price for everybody and that means those who are using coal currently they're still using coal, nuclear wherever it's possible and of course renewables which extra energy is really free, that means whatever you are getting out of that incremental cost is really free, but it is charged as if it is bought and it's really being bought or it is being produced using the most expensive fuel which is gas, now this is the unfortunately the mechanism which has been set in place in European Union, other countries like UK too and that is the cost of this really, really sharp price rise which is though it is blamed on gas and Russia this is not the entire, in fact the much bigger is that you've built an energy market, electricity market conforming to something which is theoretically you believe in but it's nothing to do with the actual price of electricity or the actual price of fuel. That's interesting Praveer because you're putting forward an argument which I think we're not talking too much about in terms of how electricity markets are structured in the first place. So could you maybe take us a bit more to that before we look at the larger implications? You know this is the product of what was originally the counter revolution if you want to call it or the really the brutal dictatorship that Pinochet government brought in Chile massacres, large scale violations of rights of the people putting thousands on tens of thousands of people in jail etc. One of the consequences of the Pinochet coup in Chile was the electricity market which it was created. This is really Milton Friedman and what's called his Chicago boys who created the market which they use something called marginal utility price which is the last electricity entering the cost of the price of the last electricity unit entering the grid is the price for the entire electricity production. This is the economic theory as Varun Sviyarifakis has said the former minister of finance for Greece has said this is all mythology of the market. This is really what happens. This is something which is completely artificially created and let's be clear why it was created. It was created to incentivize private investments in electricity and give them more than adequate returns and that was what was done in Chile. It was private electricity sector was privatized. This was followed by Margaret Thatcher who privatized the CEGB effectively broke it up. It was a integrated utility broke it up and again they took the same argument what is the latest last unit of price electricity entering the grid that is the price for the grid. Now this is the very artificial construct which has been created of software and everything has been put in place to measure it how it is to be done. It's a complex system that has been put behind it but the entire argument was really that this is the way we can incentivize private players and it was in order to privatize the electricity sector at a mass scale. This is what European Union has also followed. So what you see is the market is really this that there are buckets or time slots for each time slot there are bins by private players who are the generators the grid and distribution they are still integrated in Europe. They then see in each time slot what is the most expensive power and that becomes the electricity price for everybody. Even if that power which is supplied is only a very small fraction of power entering the grid at that time slot. What it does then is if wind is free solar is free because that's really not dependent on any fuel that electricity also gets priced at the most expensive fuel price cost which is energy. Now this is the shall be the problem with this kind of artificial construct of the market. It's not linked to the price of production it is linked to what is called the marginal utility price which is as I said the last electricity block that enters the market if it is the most expensive then for all other electricity that has been supplied for that time slot that becomes a price. That is why even though for instance in Germany gas is only 15% of the cost of production and only 15% of the electricity is produced by gas that price of electricity has risen by six times. This is this means somebody is making money who's who are making money those who have for price of electricity production is very low they're making killing out of it old coal plants of some nuclear plants which have been faced where being faced out which are still being really being used now and of course all renewables. So people's anger is also against the renewables it's not helping me price of electricity is going up they're making killing. So all this is also true for England for instance UK UK has not seen gas but it is also pegged to the most expensive gas that they buy and that is why the price rise for the consumer is coming out to be four to six times or if you take a two-year scenario it could be as as as large as about 10 times and then the people who are facing winter don't forget the winter is still to come you're going to get heating issues in Europe it's going to be damn cold if we're in UK or your parts of Europe. So there the question will be do I find buy food or do I buy you'll pay for electricity this is the choice that's to be there of asking or looking for windfall profits being taxed or taken away gas prices being subsidized what they're doing is essentially giving money to the electricity producer they're not willing to touch this and some kind of subsidy to the consumers which will be given by the state. So protect private profits balance some walks the bills that are going to come giving people money but do not look at the fundamental nature of the electricity market which as I said Parifakis is a nice article when he says blow up this irrational electricity market that's the cause of the problem currently. Praveer but looking at these arguments then what we see is on the one hand the government's unwilling to cut down on the profits of private corporations on the other hand facing an issue in terms of having access to energy and therefore resorting to certain ways of you know certain monetary ways to basically control inflation because inflation is one of the biggest problems facing facing people right now so they're going to hike interest rates at this point but keeping all this in mind is there for many countries in Europe are we looking at a very dangerous situation where the economy is going to crumble because of this? There's no question that this is going to be a very difficult situation for the common people and that is because while the price of electricity will be partly subsidized only going to be partly subsidized the private profits are going to be high but this is not an issue where you can control inflation by raising the interest rate now that is because this there is a shortage of now of gas now by using a market improvement like interest rate this is not going to problem this is not also problem of increasing supply if increasing cheap gaps or gas supplies or energy creating energy is the problem it is not not going to be done by adjusting the inflation rate so what's going to happen price of electricity rises a whole bunch of industries also become uneconomic what are they steel stainless steel for example aluminium cement we can go on fertilizers there is a whole bunch of industries glass for instance so a number of these industries then if they become uneconomical and they are they are shutting down at the moment that means loss of jobs so raising the interest rate is not going to solve these kind of issues that are coming so in fact that that is why what we are likely to see and this is also true in a larger sense with the global economy that if in energy prices are raised like this and now the g7 has said they will sanction if you buy russian gas above a certain price so effectively you are you are going to use the financial weapons against other countries too now all of this is going to lead to a situation where people are saying this is really a formula for stagnation that this is not something can handle with only monetary means which means you need to return to a path of peace see how the situation can be solved and therefore the need for negotiated settlement and coming back to the table it's peace which will solve the problem continuing wars economic first the physical war of course that is what is causing all of this then the economic war the information the war all of this is not going to solve the problem that you are facing so I think that's a very important element that Europe is facing the problem that the energy market which actually energy flows the energy market that provide the balance to the EU's economy that is not going to be solved that problem is not going to be solved by tinkering with the interest rate which is the only monetary instrument that is being thought of at the moment and in at least in UK we don't know what European Union is going to be European Union is going to do there is no attempt to talk about the market reforms there is no attempt to talk about let's have a look at how the regulation should be done for the electricity sector there is in fact the only discussion is when should we have windfall profits taxing windfall profits and how much should we give to the people so the basic structure is going to be left as is so your issue is your point that you are making is very well founded that this is not going to solve the problem of the European economy because with this electricity prices we have already seen shutting down of a number of industries in Germany for example which is the biggest you know manufacturing power still in Europe and if that Europe is going to be in a much harder place the US is still protected it has its own you know it produces gas and oil so it is not that open to the kind of market fluctuations you see they're not going to be able to help you a European Union much in spite of all they have said because their own LNG facilities have suffered some setbacks there have been some accidents they have released about a huge amount from their strategic reserves for keeping the prices stable they cannot release much more in fact they have to charge the special reserves that they have given they have put into the market so with all of this US though it is not going to suffer the same way it has problems we have been manufactured goods in China but it's not going to suffer the same with energy but European Union is really going to see its economy take a huge hit because of the energy it has brought for itself the reason that it is not addressing any of the electricity market issues which they again is self-created and the fact that they believe that doubling down on sanctions and playing hardball with Russia will solve the solve their problems because Russia at some point will come to its knees I don't think that is likely to happen we are in for some really tough times in the international arena don't forget all of this affects everybody there is a food crisis there is a primary but you know fertilizer crisis all of these are also along with what we are seeing and what's an energy crisis for Europe is also an energy crisis for a lot of other parts of the world thank you so much for being for that analysis that's all your time for today we'll be tracking many such issues around energy as well as the larger war incoming episodes of mapping fault 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