But there he is right here, on this. Damn.  Yeah we on boss talk one on one, one on one. Yeah we gon' talk.  BlueSki. BlueSki, BlueSki.   And when I seen you, it was in a round form because you was on the internet here lately. I was really trying to figure out like, do I really wanna cover this? I was reached out to by a so-called Dallas legend by the name of Dunn Chief. Do I not? Because first of all, that day, let me go into this day first of all, let me do this, cause I need to do this. When I come over here, I'm gonna drop them names. I'm not gonna hear y'all like, ooh, what you talking about? What you talking about? Dunn Chief. That day, okay, so I get a call and I don't know who I gotta call from first. You are Chief. One of y'all, I think it was Chief. I think Chief called me first. Yeah, he called you first. And then I was like, damn, you know, cause I knew it was some stuff brewing. Mama's got to go live. Mama's got to go live. Mama's got to go live. I said, really? And I don't know who, somebody, you know, people were talking before the live happened. I don't really know Eat Greedy and the Eat Greedy crew and whatever the case may be. And I don't really care to know them. Watch who you play with.   So if somebody had called me, I'm like, man, let me get off here. Cause me and Chief got a relationship. I know Chief, Chief been coming over here ever since I started this podcast, just like you been coming over here. So when you get off, when I get off with him, I talk to you.  They put it go live.   I say, well, okay. I say, I just talked to Chief. I said, I just talked to Chief, man. I didn't get to talk to him long. That was after I got through with my call. He don't see me. And I say, damn, you know, this is really for the helpers.     I say, I'm the hell that I get in this. Now I just was in the middle of the crossfire. Cause you family.  So at the end of the day, I see all of this stuff going on, man.  You know what I'm saying? Some great people that's been around here really impacting other people. I don't know what he impacted. No, no, no. I'm serious. When he, when he walk in the room and dealing with certain people, they respect him on a level. They ain't no big scam. Listen, when you walk into a room, they respect you on a level. I don't scam people. Okay. So I want to get into it, but I definitely really want to understand like, like, you know, why do you keep giving me God name people money first of all? Man. I got to say that first. You hear me? Like, wait a minute, like, that's a, let me stop. Right now. But it ended with him, it ended with him. True enough. You giving up money to everybody for ECNO. No, no, I didn't give it. He asked for it. Okay. Let's get to it. What happened? So I had my break the cycle.  But I had an event. You were part of that event, break the cycle in East Texas. Was break the cycle, what started the money transactions? What's it for? Before. So it wasn't no break the cycle when you got the call. No. So this was separate from break the cycle. So before you talk to him about break the cycle, y'all talk. I want to hear what that conversation was like. So the break the cycle was when I was... I don't want to hear about the break the cycle. No, no, no. I got to incorporate it so you can understand. Okay. Break the cycle is how I ended up talking to him initially, like when I called him and said, hey, do you mind speaking?  I don't want to speak at your bed. Why is y'all pressing me? Why I got to talk? I remember this. You did an amazing job. Yeah, I don't want to hear that. But anyway, that's when you just called her inquire. Yes. So I have the receipts. If you ever want to see them, they're in my phone. Okay. And when I reached out to him, he said, yeah. He said, mom, Scott, he said, it took him two days to reply back when I first presented it to him. He texted me back two days later. So I guess in them two days, he didn't reply. I see the message. But when he did reply back, it was like, yeah, I'll do the break the cycle, but I got something for you too. You know, so basically he was telling me he had an event coming up, his birthday party. Not only would his speak at break the cycle for me. He'll do better than that. If I help him pay for the promotion that he could not finish paying for for his party on the radio promotion. It's $1,500. Okay, so it is kinda swirled up a little bit. Yes, a little bit. Because it really becomes a thing where y'all start to come and say some a few things come out. Okay, because we never spoke. Never, okay. So did you feel like if you had told him no, that he wouldn't have spoke at your event? Yes. Keep going. I do. So I was like, well, yeah, that's cool, you know? So because all this time I have been told that he's like a Dallas legend. I don't know no different, you know what I'm saying? So I've been respecting you as one and caring you as one and speaking on you as one as well. And showed up to your event and promoted and supported as a person that wanted to see you win. Okay, so. You talking about the event in Tyler? Yes, that's the event in Tyler.  Yeah, we had, I actually had him on here about that. And he lied.  You know what I'm saying? He just didn't know who you was. And it was just really from the meme world. He said it didn't happen like that. It happened just like that. You were there that day. I was on the front row. Yeah, you were there. TV was the DJ. I was, I just, I brought him on cause I want to know he say couldn't really hear. Yeah, he could hear the whole club heard it. The people outside in the parking lot heard it. Damn. What you mean? Everybody heard it. It was not something that it was like literally made TV nervous.   And so you supported him.  Well, during that night, I bought a section. The section was $1,000. I bought the section. It was on a Sunday night. And we all went to support him and Finesse. Okay.  But yeah. Finesse didn't treat you right.  He came in there angry.  When he came in there, his security team, these are kids in the building. You know what I'm saying? Like, why y'all coming in here with that energy? That's how I felt. I was even on the front row. I touched it. Finesse! That's why you acting like that. I asked Nick, why you acting like that? He know he remember me. Anybody else got purple hair? No. Do you have a relationship with him? No. Okay. But I don't pay my money, so I got to write to know why you treated him like that. Got that girl. Yeah, she going to come.  This is my hometown. Why? When Nick won't pay for you, we out here on a Sunday night, people got to go to work in school in the morning. You in here with this energy like that? Like, no, that's not cool. But anyway, he was mad.  So I kind of get his point too. So I ain't gonna rag him. I understand why he was like that. They didn't do what they said they were going to do. Proud of him coming into the building. We learned that later. Well, let's talk about, let's get back up here to why you feel like chief owes you $1,500. Well, let me tell you what I'm saying. Let me tell you why. I never had a problem. When I left out of that, and I'm going to go back to this, I'm going to that. When I left out of Toleratex that night, I bought a section. My cash shop, I had used too much that day. So I paid 250 cash and I owed them 750. Before I can get out of Toleratex's, he was blowing me up to my mama's car. Mama's car, you got the other 750? I pulled over and sent you your 750 right then. You know what I'm saying? So it's never been a problem for me to do what I say. So when you ask me and you negotiate this for break the cycle, I'll take you at your word. What I said in the comments was I'ma trust you. I'ma trust you.  Cause I wasn't the only person you asked for $1,500. It's been a couple of other people, but because I don't have permission to share their names, I'm not going to share their names. You shared my name? Well, you was one of the ones too, nigga, but at the end of the day- At the end of the day, you shared my name on everything. At the end of the day, he had asked a couple of other people, but everybody else was saying no. Then you found Miss Scott and I was like, I'ma trust you and I sent you the money. And I'm saying not- So did you know everybody was telling him no before? No, I didn't know until after I did it. And that's why I be like, yeah, he hit me up too.   Yes, because the night of the event, everybody, you know, the flyers was nice. You know, when I do stuff, I do it, if I don't care if it's fire, people are everybody going to feel like they diamonds.  I put them in the flyer. You know what I'm saying? I was in the fly. Yes, I'm claiming it first. I was impressed about it. It wasn't a fly, it was a book. Yeah, it's a book. These niggas had a book. Like a magazine. I had a magazine cover in that hole.  Why the magazine in there? You got it over there still. Yes, let me see that, if you got it. It's right here. Yes, let me see that. I want the people to see. That a damn magazine in there.  You know how I see it? Show it to that camera right there. Yes, which one? Yeah, so when you- Yeah, go to my page, because I'm the one who didn't see it. I don't see the damn- There it is right here. Oh, damn. Why not waste my money on this? Damn. Why? You got a whole page.  You didn't even have to be part of this book, part of this process, part of this event. And I was not hurting for people to show up like that. You know what I'm saying? But at the end of the day, he came to me with that type of proposal, okay? So, he did show up for break the cycle. I wasn't even mad about it. It was other niggas mad, but I wasn't mad. I was like, well, okay, y'all, he didn't show up, whatever.  Then you show me another picture with your car being on a record, talking about you had a flat on the way to my event. And you told me you lost $2,500 trying to get to my event for nothing. How did he lose $2,500? And I didn't even hit you up for nothing, Mama Scott. It's what he said to me. I showed it to my husband.  How do you trying to get to an event cost you $2,500? Right, that's what I was trying to figure out. If your tire was flat. You know, so- Did he ever tell you? I could fly across the United States for $2,500 and get lodging. I could eat at the best restaurant, I did it. You know what I'm saying?  If $2,500 is what you pay somebody to come to East Texas that you never showed up, you never, he never had plans on coming. Let's be real. You never had plans.   Then you already had a way to try to get out of paying me the money that you owed me. Yeah, we on Boss Talk 101. Yeah, we gon' talk-


Daily Tech News show is made possible by its listeners, thanks to all of you, including Jeff Wilkes, Dr. X17, and Entropy UK. Coming up on DTNS, a new data spoofing scheme hits Apple and Metta, and maybe others. Instagram wants your DMs to be better. And which emerging technologies are Americans most afraid of? This is the Daily Tech News for Thursday, March 31, 2022. From Studio Redwood, I'm Sarah Lane. From Austin, Texas, I'm Justin Robert Young. I'm drawing the top tech stories from Cleveland. I'm Len Peralta. And on the show's producer, Roger Chang. Let's get into it with a few tech things you should know. Microsoft announced it will hold its Build 2022 conference as a virtual event from May 24 through May 26. Registration opens in late April, and the event will be free to attend. Intel intends to acquire the Israeli startup Granulet. Tech Crunchy sources say it's a $650 million deal. Granulet uses AI to optimize how high priority workflows travel across cloud and on-premise networks, claiming it improves response times by 40%, at least up to that. While big tech platforms often build their own such optimization tech for the cloud, Intel could offer this to smaller organizations. In other Intel news, the company announced its first ARC-A series discrete GPUs, which support DirectX 12 and include dedicated ray tracing hardware and full AV1 acceleration support. This launches with the entry-level ARC-3 series meant for ultra-portables, which offers twice the performance of integrated Z graphics. More powerful 5 and 7 series will be available in early summer. ARC GPUs also feature Intel's DeepLink technology to optimize power sharing with the CPU based on workload. The first laptop with an ARC GPU will be the Samsung Galaxy Book 2 Pro. Have you ever searched for a news story and found that the top link might be very good at SEO, but is linking to three other sources because they didn't write or report it? Well, Google's got a solution for it. Google is adding the new quote-unquote highly cited label in search, indicating links frequently used as sources by publications. Google hopes is that this highlights who wrote the thing first. The label will apply to news, interviews, announcements, and press releases. How tech meme of them. Dell introduced new UltraSARP monitors, including the new 30-inch UltraSARP U3023e. This offers 2560, rather by 1660 resolution in a 16 by 10 aspect ratio with multiple displays able to be daisy chained together over USB-C. It can also connect to two different PCs with an AutoKVM feature, letting you use just one keyboard and mouse between multiple devices with support for picture by picture and picture in picture to view content from both machines simultaneously. It is available now for $785. All right, Justin, let's talk about the latest in really bad security news. Indeed, the security firm Bitdefender published a post outlining vulnerabilities in IoT cameras from the company Ys that is Ys with a Y in it. That would allow for a remote user to access content from the camera's SD card without authentication. Now, that obviously sounds and is bad, but security issues happen, and we do cover them regularly here. This is how the bug works. Remote users can access the contents of an SD card in the camera using the web server listing on port 80 without requiring authentication. If an SD card is in the Ys cam, a sim link to it is automatically created in the WWW directory, which is served by the web server but has no access restrictions. This SD card can include video images and audio recordings, but could also include other personal info. Now, here's the rub. Bitdefender notified Ys of three flaws in this chain on March 2019. Oh, how young we were. Ys patched them on September 2019, November 2020, and the latest in January of this year. However, the Ys cam v1, which was originally released in August of 2017, reached its end of life in 2020 and the company didn't patch the discontinued product. Bitdefender advises that users stop using the v1 hardware. So the question is, what happened? I mean, the fact that, okay, so just to kind of break this down a little bit. So Ys is, you know, v1 hardware devices, they're old, long in the tooth, companies made newer versions, those have been patched. Fine. This happens all the time, but five years, five years old, ancient and old made in the world. A relic, if you will, something that may be an archaeological find. But turns out, plenty of people are still using these devices and did not realize that this sort of thing was possible. And the fact that Ys knew about this and just was like, oh well, old hardware. I mean, this is a huge security problem. I mean, it's sort of your worst nightmare for people who say, security cameras, but what could they do with that information that would be nefarious and would make me think twice about getting one of these? This is that. This is exactly that. As Roger figures out his mic, I will say that this is something that while I understand it as a tech decision from Ys's point of view that, look, this is end of life. And so we are going to get to that level. And then that means that we don't update it anymore. You have to understand your business. And this is something that's going to come up later in the show. But their business is having people be able to look at their children, right?  This comes with a level of responsibility beyond just the regular tech element of, well, it's on the schedule, so we're no longer patching it. I think that they're going to get to a situation where they have to have some kind of reckoning. I own four Ys cameras, one's underneath my house, and the other three face outwards towards the street. I will say this. I have the version two of this camera. So oddly enough, this past Sunday, I had to update the firmware, which is, and this is what's so puzzling, Ys is so good through the app of nagging you to update constantly. It literally seems every month I'm pushing out a new firmware update to one of the cameras. Honestly, I don't think pushing out a firmware is going to do it. I think they're just going to have to do, well, if version one does not accept any of the new firmware, we're just going to swap cameras. You send in your old camera, and we will give you a version two of the same camera, and then you can update and you'll have all the same features. And I think it's important because at this stage, I think they've burnt enough of a bridge or bridges that this is the only way I think they would be able to gain customer trust back by going on the limb and saying, hey, you know what, we're going to eat this cost, but we will swap your old version of this camera with the new version, no cost to you, and you can be safe and assured that it will be fully updated when the patches come out. But also, there's no guarantee that they would do that. If the cost differential, if they're not willing to write and push a firmware update, then the likes that they're going to do a swap. While I do agree, it would engender goodwill from people. What Wise wants to do is compete on price. And yes, this is going to be something that's ugly, but they're not here to necessarily be the top of the line. What they want to be is the affordable thing.  I can. And you know what? They could give you a $30 coupon. So great. You can buy one for 10 bucks. You know what I mean? When your business is based on reasonable amount of security, and you don't have that as a feature anymore, I don't think your business case is as compelling, even if you do compete on price. I agree. Oh, yeah. I know it's totally dead in the water, really. And I think the kind of IoT product category as a whole suffers a lot from this. It's not just like, Oh yeah, I see what we did here with Wise. It's like, this is supposed to be, I mean, sure, like you said, Roger, your cameras are facing towards the street. It's not necessarily getting that much personal information about you, but people use cameras like this in all sorts of ways. And so many other people don't even want a smart speaker in their home because they don't feel comfortable with what's going on. One last thing on this, but I do want to also underline the fact that these things do happen. It's not like we're in a world where IoT devices have not been exploited before. While I think that there's a reputational harm, the only real reason that it would affect Wise is if all of a sudden they start getting one-star reviews on Amazon when somebody's looking for a smart camera, and they, a very cost-effective option, are looked at as unsafe in that process. As for an online reputation, you know, again, I think they're there to get, you know, a certain kind of customer. And real quick, I will add that the SD card is optional. Like you can take it out. The camera will still function. You just need to pay for the service. So the SD card's there if you don't want to pay for the, because there's a basic service that's free and it can record to the SD card if you don't want to pay for the full two weeks of backup recording, but just keep that in mind. Well, Bloomberg sources say that Apple, Meta, and possibly Snap all provided customer data in mid-2021, including addresses, phone numbers, IP addresses, and sensitive information of the like two hackers that were masquerading as law enforcement agencies. You might say, what? How does that work? Ordinarily, law enforcement needs to submit a court ordered warrant or subpoena to obtain this kind of information from a company like Apple, Meta, or Snap. But in cases of imminent harm, authorities can submit what's called an emergency data request without prior court approval. Security researcher Brian Krebs reports, it would be extremely difficult for platforms to determine if these requests are indeed legitimate if a threat actor obtains access to a law enforcement email account. Bloomberg also reports that cybersecurity researchers think some of the hackers sending the forged requests are minors located in both the UK and US, one of which is also thought to be a juvenile behind the cyber crime group Lapsis behind the Microsoft, Samsung, and NVIDIA hacks that we've talked about recently. City of London Police recently arrested seven people in connection with that investigation into the Lapsis hacking group. That case is ongoing. Whether or not this indeed is the same group or group of individuals. Yeah, I was trying to think about this today like, okay, so if somebody poses as a law enforcement, from a law enforcement agency saying, we need this information, there's imminent harm happening, and the company goes, okay, you're allowed to do that. We bypass certain otherwise proper channels in order to keep everybody safe. I mean, what's a company to do? Justin, what do you think? I don't know. And not knowing the full amount of resources that these companies which have more money than they know what to do with is something that we can all speculate on, but we can understand that it is authority problem. That being said, specifically, META and possibly SNAP, they are advertising companies. That's how they make their money. META specifically is an advertising company that is reliant on data. If you are giving that away, even if it's by way of a crafty loophole, you are endangering your core, core business. So that being said, there is culpability also on the law enforcement side, because if they are using a law enforcement email address, and that is partly how they were able to create these very effective forgeries, then I also think that there is culpability there. It is not just on these tech companies. Yeah, I feel like the solution is like, well, if an email account can be accessed, so I as a threat actor am now pretending that I'm a police officer and I need information from SNAP, let's say, and that's not legit. It's sort of like, okay, if you need to submit an emergency data request, what's a better option that we have? Is there a secure phone line? That doesn't sound very secure either. I don't know what happens besides me showing up maybe at SNAP's headquarters and saying, hi, I'm a police officer, and then they can determine whether or not I really am. But yeah, we definitely have to figure this one out. It seems like a loophole that if it hasn't been figured out yet, there could be a lot of other information that gets out before it does. I don't think that this is a massive zero day exploit in the way that anybody can do it. It's very, very simple to do. You do apparently have to have access to a law enforcement email address, right? And that is something where you are coming at a considerable risk attempting to impersonate a law enforcement officer at the beginning, let alone what you do from it. Like that ability gives you the tool to do a lot of things up to and including exploit these tech companies. Hey, speaking of social media companies, Instagram is rolling out new messaging features, including letting users share music previews in DMs, send a message silently by adding at silent to the message, see who's online to chat with, and the ability to reply to messages while you browse your feed. Instagram said these features will improve how users connect and share with friends. Instagram also recently launched a new chronological feed option so users can see posts ranked without algorithms. You know, none of this strikes me as anything that's going to radically change my Instagram experience. The chronological feed, I appreciate just having an option, even though it's not on by default, but that was a welcome addition or rollback, I guess, to some users. But there are other things that are slightly lost on me because, yeah, I DM people and they DM me using Instagram's platform here and there. I mean, I have two accounts. Well, I have account and my dog has an account. I obviously don't run his account. He runs his own account, but there are DMs that go back and forth, but it is just not a primary way that I talk to people. I even had to look up, like, silent message. What is that? And it's, yeah, it's sort of a do not disturb that you would use in lots of other text messaging apps. I just don't use Instagram that way, but apparently I know people do that these are welcome additions. I think that there is an entire generation of users that rely on Instagram and Snapchat specifically to communicate in a way that my generation relied on AIM, for example. This is an entire, you know, the ability to advance this product is something that is very important for their core business. At least in terms of keeping their demo younger. Sure. Well, and Instagram has Instagram is still, I don't know. I mean, I was about to say Instagram is still the king of social, but I don't even know if that's really true.  But I think Instagram is experiencing more of its market share being chipped away at the TikToks. And of course, Snapchat's always been a pretty obvious competitor to Instagram. But adding a lot of these features in order to keep people, yes, using the service, as you're describing it, Justin, as this is where I talk to people. Whether or not we're sharing photos or not, this is how we're communicating. Yeah. If it's where your friends are, then that's where you are. Yeah. Well, if you're feeling social, maybe you hang out on Instagram. We've got good news. You can get a touch with the DTNS audience on the socials, DTNS show on Twitter and on Instagram, DTNS pics. That's PIX. And Gadget posted a story this morning about the levels of trust that Americans have in six emerging technologies in the field of robotics and AI machine learning. The data is from recently published results from Pew Research that was conducted in November of 2021. The survey asked a pretty large number of people, 10,260 adult Americans, what their opinions are on six technologies. So driverless vehicles, the use of AI and machine learning by social media platforms to find false information. Facial recognition by police. Gene editing to reduce a baby's chance of serious disease. Computership implants in the brain to let people process info more accurately and quickly. And finally, the use of robotic exoskeletons for manual labor. The broad demographic trends that the Pew Research team found were that college-educated white male millennials and Gen Xers comfortable with technology were most willing to ride a driverless taxi or have a brain-computer interface implanted. Conversely, women, baby boomers, and folks who considered themselves less well-versed in technology were less willing to use this technology. The team also noticed a correlation between a person's religious and political affiliation and also level of education and their acceptance of a particular technology. Any of this jump out to you, Justin, Roger, as particularly odd? I looked through the numbers and most of this tracks to me, but it's always a good reminder to remember who you are and where you're from and what you do for a living and how much technology affects your life is going to greatly impact how these technology companies can proliferate going forward. Well, yeah. I mean, I think as technically a college-educated millennial who surrounds himself with many Gen Xers, I think that that tracks because everybody that I know is really excited about these kinds of things and is more willing to be an early adopter. There is a lot going on here. There is a lot at play, specifically when you talk about things that for driverless cars and AI, beyond, I mean, we can say emerging technologies, but there really is a line in the sand in the replacement of human ability, the mind of a human, the physical ability of a human. That is something that is a line yet to cross in terms of its ubiquity and it will be something that will take a while for many people to trust and some won't do it at all. I am not at all shocked, specifically at the religious correlations, especially when we were talking about more invasive elements like a brain enhancement, for example. What I notice is, for example, with the driverless cars, a lot of that segmentation was more age-based, generational. There was less of a difference on the kind of religious political in the same way that you would have with AI machine learning filtering out false information on the social media platform. I think what it does indicate is that there is a very complex intersection of demographics, whether it is age, political affiliation, racial educational background, that all kind of determine how people view this technology. What was most telling is that with the facial recognition, while 46 percent of the respondents thought a facial recognition would be for the police, would be a good way to implement the technology, it was those at the age of 50 and those with high school diploma or less education who thought that way in plurality. People who knew more about the technology were a little more hesitant to indicate that it would be a positive benefit. There's a lot of things here, but it stands to reason, the more you know about something, the less you're afraid of it. I think some of this, like the police recognition stuff, taps into other elements. Whether or not you are trusting of the technology, your opinion on the police factors into whether or not you believe that this tool, or any tool, should be at their disposal. I think we talk about this so much is, okay, AI starts with humans, then it kind of does its own thing, and then humans can come and intervene and make it better. We've talked about biases that are built into these sorts of systems, and I think many people who are very familiar with these complications don't necessarily think that they're doomed, it's just that you've got to be really careful. Then you certainly get a group of folks going like, robot's taking jobs, good, what's happening here? The more you know is more or less always better, but because of the more some folks know and what they're bringing to the table, the more that they don't want the technology that they actually understand the best. And I think both of you hit the nail on the head, like when it comes to social media platforms using AI, automating the moderation process, there's a visceral divide that you can see, at least in the peer research, about how people think like, well, it's great that you have something to automate, but who gets to write the algorithm, who gets to decide how do you filter this? And it goes back to what Justin was saying, do you trust the people making those decisions who are developing those tools, or don't you? And that will interpret or affect your interpretation of whether or not it's good or bad. I think that specifically is also something that we are currently in a political fight about. The idea of what is censored, what is elevated is something that is a very prescient thing in a lot of people's minds in a way that driverless cars are. Hey, there's this new Android app, Sarah. Oh, tell me more. Yeah, us big Android people. So I figured we should know. Camelion developed through the European Space Agency's Navigation, Innovation, and Support Program. And with the support of the agency's GNSS Science Support Center, you can turn your smartphone into a way to crowd source science. What you do is you put the app by your window at night with your sat nav positioning turned on, provided your phone has a sat nav receiver. Your phone then records little variations in satellite signals pulling data for machine learning analysis of meteorology and space weather patterns. Those participating can also win prizes like new phones and Amazon vouchers. Now, this is a four month citizen science campaign. It runs till the end of July. So get on it now. Yeah, I wish I could participate. This would be easy for me.  But you could you could a lot of folks could could make this work and participate and I don't know, feed the hive mind of science of the sky. I suppose that leaving it by the window is just kind of code for have it be in a place where you are getting enough of a signal that that the data is worthwhile. So you put it on your roof too, if you really want to. Yeah, exactly. Yeah, raccoons can steal it. Yeah. Yeah. I don't know. I love stuff like this. It kind of reminds me of steady at home. Something where it's not going to really impact you all that much, but it can greatly impact the data of science, particularly as it relates to satellites and weather. And I mean, I think we can all agree that the more we know about that, the better. Agreed. All right. In the mailbag, we've got a mail from M. We'll just call you M. M says, I'm a returning listener from a number of years ago and I found your show again. Well, thank you. I'm glad to have you back. M says, this has coincided with my new role as the head of an IT department for an NHS trust in the UK. My first show was episode 4235. So that was just over a week ago. I was particularly interested in the segment about replacing passwords. Well, not exactly the same. We're implementing an NFC solution for NHS staff along with their ID badge to help speed up their ward rounds by logging on with NFC dot rather than a username and password. This coupled with a Citrix account allows their desktop session to follow them to any desktop or laptop setup with the solution, thereby continuing exactly in the same place in a document or a patient note or an email, et cetera, and not having to restart every application each time of the login. I'm now listening in daily whilst I'm on, I'm driving to the hospital or taking my dog out for our morning walk. Well, first of all, I'm so glad to have you. Great to have you back after perhaps some time away. Congratulations on the new job. And yeah, I think what you have described as implementation where you work makes a lot of sense, especially in that field where you are doing a lot of moving around and opening things on different machines. That is a great, very ingenious idea. Indeed. Well, Len Peralta has been behind the scenes drawing like mad as he does each week. Len, let's check in with you. What do you got for us today? Well, I took on distrust in technology. I can understand that, but I am also a Generation Xer, so I am an adopter of this stuff. So this is the piece that I came up with. It's called Tech Me Up, and this is the flip side of what this looks like. I think this would be a Gen X person or millennial who really loves brain implants, facial recognition, exoskeletons, and driverless cars. Yeah, I say, Tech Me Up, baby, I'm ready to go. It's sort of like if Mean Girls was made in the future. This would be a little clip from the movie. Yeah, for sure. I say I'm all for it. Just put those implants right into my brain. Let's do it. This image is available at my patreon, patreon.com forward slash Len.  Go to lennproaltestore.com and go ahead and purchase it the old-fashioned way. Thank you so much, everybody. Well, thank you, as always. Good stuff.  Also, talented is Justin Robert Young. We're always privileged to have you join us. Let folks know what is new with you. Well, the second season of World's Greatest Con has all but ended. We have a Q&A episode still to come. But if you want to binge this narrative series, now is the time. Just go ahead and find World's Greatest Con wherever you get your podcast. And I know this show did not have any Tom Merritt. However, if you are hungering for more Merritt, then you can head on over to the Politics Politics Politics Patreon page where I produced audio book style with an intro and an outro. Tom's College Essay, read by the author about the fate of Crimea. So if you've been following a lot of what's happening in Ukraine with Russia, and you want a little bit of context as written by Tom Merritt and read by the author, head on over to takepoliticsseriously.com. Well, we've got two new bosses to thank today. Boy, are we excited about you, Austin and Tamara. They both just started backing us on Patreon. Thank you, Austin. Thank you, Tamara. Stand innovation. Reminder to folks, there is a longer version of the show called Good Day Internet. It's a lot of fun. It's available at patreon.com. We just sort of, you know, we roll right in. You get twice the show. Speaking of DTNS, though, we are live Monday through Friday on this show at 4 p.m. Eastern at 2,800 UTC and you can find out more at dailytechnoshow.com slash live. We are back tomorrow with Rob Dunwood joining us. Talk to you soon. This show is part of the Frogpants Network. Get more at frogpants.com.


It's theCUBE, covering the virtual Vertica Big Data Conference 2020, brought to you by Vertica. Hi everybody, welcome to this digital coverage of the Vertica Big Data Conference. You're watching theCUBE and my name is Dave Vellante. It's my pleasure to invite in Ben White, who's a senior database engineer at Domo. Ben, great to see you, man, thanks for coming on. Great to be here and here. You know, as I said earlier when we were off camera, I really was hoping I could meet you face to face in Boston this year, but hey, I'll take it. And our community really wants to hear from experts like yourself, but let's start with Domo as the company, share with us what Domo does and what your role is there. Well, if I can go straight to the official, what Domo does is we provide, we process data at BI scale. We provide BI leverage at cloud scale in record time. And so what that means is, you know, we are a business operating system where we provide a number of analytical abilities to companies of all sizes, but we do that at cloud scale. And so I think that differentiates quite a bit. So a lot of your work, if I understand it, and just in terms of understanding what Domo does is there's a lot of pressure in terms of being real time. It's not like, you sometimes don't know what's coming at you. So it's ad hoc. I wonder if you could sort of talk about that, confirm that and maybe add a little color to it. Yeah, absolutely, absolutely. That's probably the biggest challenge it is to being, to operate in Domo is that it is an ad hoc environment. And certainly what that means is that you've got analysts and executives that are able to submit their own queries without very, with very few limitations. So from an engineering standpoint, the challenge in that of course is that you don't have this predictable dashboard to plan for when it comes to performance planning. And so it definitely presents some challenges for us that we've done some pretty unique things, I think, to address those, right? So it sounds like your background fits well with that. I understand here. People have called you a database whisperer and an envelope pusher. What does that mean to a DBA in this day and age? The whisperer part is probably a lost art in the sense that it's not really sustainable, right? The idea that whatever it is I'm able to do with the database, it has to be repeatable. And so that's really where analytics comes in, right? And that's where pushing the envelope comes in. And in a lot of ways that's where Vertica comes in with this open architecture. And so as a person who has a reputation for saying, I understand this is what our limitations should be, but I think we can do more having a platform like Vertica with such an open architecture kind of let you push those limits quite a bit. I mean, I've always felt like Vertica, when I first saw the Stonebreaker architecture and talk to some of the early founders, I always felt like it was the Ferrari of databases certainly at the time. And it sounds like you guys use it in that regard. But talk a little bit more about how you use Vertica, why MPP, why Vertica, why can't you do this with our DBMS? Educate us a little bit on sort of the basics. But for us, it was part of what I mentioned when we started, when we talked about the very nature of the Domo platform, where there's an incredible amount of resiliency required. And so Vertica, the MPP platform, of course, allows us to build individual database clusters that can perform best for the workload that might be assigned to them. So the open, the expandable, the ability to grow Vertica, right, as your base goal, those are all important factors when you're choosing early on, right, without a real idea of how rope would be or what it would look like. If you were kind of throwing something into the dark, you looked at the Vertica platform and you could see, well, as I grow, I can kind of deal with this, right? I can do some unique things with the platform in terms of this open architecture that will allow me to not have to make all my decisions today, right, about how I'm going to. So you're using Vertica, I know, at least in part, you're working with AWS as well. Can you describe sort of your environment? Do you have anything on-prem? Is everything in the cloud? What's your setup look like? Sure, we have a hybrid cloud environment where we have a significant presence in public clouds and our own private cloud. And so, yeah, having said that, we certainly have a really an extensive presence, I would say in AWS. And so, they're definitely a good partner of ours when it comes to providing the databases and the server power that we need to operate on. From the standpoint of engineering and architecting a database, what were some of the challenges that you faced when you had to create that hybrid architecture? What did you face and how did you overcome that? Well, you know, some of the, there are some things we faced in terms of, one, it made it easy that Vertica and AWS have their own, obviously, they play well together, we'll say that. And so, Vertica was designed to run on AWS. And so, that part of it took care of itself. Now, our own private cloud and being able to connect that to our public cloud has been a part of our own engineering ability. And again, I don't wanna make little light of it, it's certainly not impossible. And so we've, some of the challenges that were pertaining to the database really were in the early days. And you mentioned, when we talked a little bit earlier about Vertica's most recent EON mode, and I'm sure you'll get to that. But when I think about early challenges, some of the early challenges were the architecture of enterprise mode. When I talk about all of these, this idea that we could have unique databases or database clusters of different sizes or this elasticity, that's really, if you know the enterprise architecture, that's not necessarily the enterprise architecture. So we have to do some unique things, I think, to overcome that early, to get around the rigidness of enterprise.  Enterprise is complex and you like when things are hardened and fossilized, but in your ad hoc environment, that's not what you needed. So talk a more about EON mode. What is EON mode for you and how do you apply it? What are some of the challenges and opportunities there that you found? So the opportunities were certainly in its elastic architecture and the ability to separate and do the storage immediately meant that for some of the unique data paths that we wanted to take, right? We could do that fairly quickly. Certainly we could expand databases, right? Quickly, but more importantly, now you could reduce because previously in the past, right? When I mentioned the enterprise architecture, the idea of growing a database in itself has its pain, right? As far as the time it takes to see the data in that. But to reach to then think about taking that database back down, I know, I know well, all of a sudden with EON, right? You had this elasticity where you could kind of start to think about auto scaling where you go up and down and maybe you could save some money or maybe you could improve performance or maybe you can meet demand at a time when the customer's needed most in a real way, right? So it's definitely a game changer in that regard. I always love to talk to the customers because I get to, you know, I hear from the vendor what they say and then I like to sort of validate it. So, you know, Vertica talks a lot about separating compute and storage and they're not the only one from an architectural standpoint to do that. But Vertica stresses that they're the only one that does that with a hybrid architecture. They can do it on-prem, they can do it in the cloud. From your experience, well, first of all, is that true? You may or may not know, but is that advantageous to you? And if so, why? Well, first of all, it's certainly true. Earlier in some of the original beta testing for the on-prem beyond mode stuff, we were able to participate in it and be aware of it. So it's certainly a reality day. It's actually supported on pure storage with FlashBlade and it's quite impressive. You know, for who that'll be for? Tough one, that's probably Vertica's question that they're probably still answering. But I think obviously some enterprise users that probably have some hybrid cloud, right? They have some architecture, they have some hardware that themselves want to make use of. We certainly would probably fit into one of their market segments that they would say we might be the ones to look at on-prem beyond mode. Begin to, the beauty of it is the elasticity, right? The idea that you could have this. And so a lot of times, so I want to go back real quick to separating the computer and- Sure, great. You know, we start by separating it. And I like to think of it maybe more as like decoupling because in a true way, it's not necessarily separated because ultimately you bring the computer and the storage back together. But to be able to decouple it quickly, replace nodes, bring in nodes, that certainly fits, I think, what we were trying to do in building this kind of, let me let the ecosystem that could respond to a unknown of a customer query, right? Or of a customer demand. I see, thank you for that clarification because you're right, it's really not separating, it's decoupling, and that's important because you can scale them independently but you still need compute and you still need storage to run your workloads, but from a cost standpoint, you don't have to buy it in chunks, you can buy the granular segments for whatever your workload requires. Is that the correct understanding? Yeah, and the ability to be able to reuse compute, though in the scenario of AWS or even in the scenario of your on-prem solution, you've got this data that's safe and secure and S3 are in pure storage, but then the compute that you have, you can reuse that, right? You could have a scenario that you have some query that needs more analytic, more firepower, more memory, more what-have-you that you have, and so you could kind of move compute and that's important, right? That's maybe more important than can I grow them separately? Can I borrow it? Can I borrow that compute you're using for my purpose, give it back, everything? And you can do that when you're so easily able to couple the compute but it's what you want, right? And likewise, if you have a down period where customers aren't using it, you'd like to be able to not use that, right? If you no longer require it, you'd like to give it back. So it opened the door to a lot of those things that allowed performance and cost to start to meet up. What if I can ask you a question, you mentioned pure a couple of times, so you're using pure FlashBlade on-prem, is that correct? That is the solution that is supported that is supported by Vertica for the on-prem. So at this point, we have been discussing with them about our own POCs for that. Before again, we back to the idea of how do we see ourself using it? And so we've certainly discussed the feasibility of bringing it in and giving it a shot but that's not something we're heavily on right now. Then what is Domo for Domo? Tell us about that. We really started this idea even in the company where we say, we should be using Domo in our everyday business, the sales folks, the marketing folks, right? Everybody was gonna use Domo, it's a business platform. For us in the engineering team, it was kind of like, well, if we use Domo, say for instance, to be better at the database engineers, now we've pointed Domo at itself, right? Vertica's running Domo in the background to some degree and then we turn around and say, hey Domo, how can we better at running you? And so it became this kind of cool thing we played with where we're now able to put some methods together where we can actually do that, right? We can monitor using our platform that's really good at processing large amounts of data and spitting out useful analytics, right? We take those analytics down, make recommendations, changes at the data. So now you've got Domo for Domo happening and it allows us to sit at home and work now even when we have to, even before we had to. Well, you know, look at us here, right? We couldn't meet in Boston physically, we're now meeting remote, you're on a hotspot because you got some weather and you had a light internet in Atlanta and we're having a great conversation. So we're here with Ben White who's a senior database engineer at Domo. I want to ask you about some of the envelope pushing that you've done around autonomous. You hear that word thrown around a lot, means a lot of things to a lot of different people. How do you look at autonomous and how does it fit with Enion and some of the other things that you're doing? You know, autonomous and the idea of autonomy is something that I don't even know that I have already ready to define. And so even in my discussion, I often mention it as a road to it because exactly where it is, it's hard to pin down because there's always this idea of how much trust do you give, right?  So I do hedge on using that, but on this road towards autonomy, when we look at how we're using Domo and even what that really means to Vertica because in a lot of my examples, in a lot of the things that we've engineered at Domo were designs that made it overcome something I thought was a limitation today. And so many times as we've done that, Vertica's kind of met us, like right after we kind of engineered or architected something we thought that could help. On our side, Vertica has some release that kind of addresses it. So the autonomy idea and the idea that we could analyze, metadata, make recommendations and then execute those recommendations without intervention is that road to autonomy. And once the databases start to able to do that, you can see in our ad hoc environment how that would be pretty useful where it was literally millions of queries every hour trying to figure out what's the best profile. For years I felt like IT folks sometimes really did not want that automation. They wanted the knobs to turn, but I wonder if you could comment. I mean, I feel as though the level of complexity now with cloud, with on-prem, with hybrid, multi-cloud, the scale, the speed, the real time, it just gets, the pace is just too much for humans. And so it's almost like the industry is going to have to capitulate to the machine and then really trust the machine. But I'm still sensing from you a little bit of hesitation there, but light at the end of the tunnel. I wonder if you could comment. Sure, I think in the light of the tunnel is even in the recent months and recent, we've really begin incorporated more machine learning and artificial intelligence into the model. And back to where we're saying it. So I do feel that we're getting closer to finding conditions that we don't know about. Cause right now our system is kind of a rules-based system where we've said, well, these are the things that we should be looking for. These are the things that we think are a problem to mature to the point where the databases recognize an anomalies and taking on pattern-matching things. These are problems you didn't know happen. And that's kind of the next step, right? Identifying the things you didn't know. And that's where that's the path we're on now. And that's probably more exciting even than kind of nailing down all the things you think you know and figure out what we don't know yet. So I want to close with, I know you're a prominent member of the, an respected member of the Vertica customer advisory board. You know, without divulging anything confidential, what are the kinds of things that you want Vertica to do going forward? I think some of the in-database autonomy, the ability to take some of the recommendations that we know we can derive from the metadata that already exists in the platform and start to execute some of the recommendations. Another thing we talked about, and I've been pretty open about talking to it, is talking about it is the, a new version of the database designer, I think is something that I'm sure they're working on. Lightweight, something that can give us that database design without the overhead. Those are two things I think, as they nail or particularly the database designer as they perfect that, they'll really have all the components in place that do in-base autonomy. And I think that's to some degree where they're headed. Yeah, nice. Well, Ben, listen, I really appreciate you coming on.  I mean, they've always been quite transparent in terms of where they're going.  So thank you so much. And hopefully we can meet face-to-face shortly. Absolutely, will you stay safe in Boston on one of my favorite towns? So no doubt when the doors get back open, I'll be coming down or coming out of the work. Take care. All right, and thank you for watching, everybody. This is Dave Bellante with theCUBE. We're here covering the virtual Vertica Big Data Conference.


Hey everybody welcome back today I wanted to make one final announcement that I will be at the convention this weekend called The Retro World Expo and that is in Hartford, Connecticut again on August 27th and 28th. I will be there hanging out with Bob from RetroRTB and a lot of other people in the retro community some really great people are coming in for this show but if you happen to be there I wanted to let you know that I will be bringing some CRTs including the one from today's video and that is the Sony PVM 1341 right behind me right here so what I've got for you today is a cool montage video of just the restoration process and then again if you want to come see this monitor in person I will have it at the convention along with a couple of other CRTs but hey if you can't make it to the convention that's okay you can take a look at today's video and check out the Sony PVM 1341 and I will see you all next time with some more retro content


The measurement of household level and individual level water insecurity has improved significantly over the last five years due to the development and dissemination of new survey-based psychometric scales based on food insecurity models. These measures provide valuable insight into the frequency of different dimensions of water problems experienced by households or individuals. However, they do not measure the severity of those experiences, nor do they assess adaptive or resilient behaviors. To address this gap, researchers have proposed a low-cost, theoretically grounded modification to existing water insecurity metrics to capture information about severity, adaptation, and resilience. Additionally, the authors discussed the challenges associated with measuring water insecurity at multiple levels, including cost-effectiveness, multidimensionality, water affordability, and perception of water quality. The next generation of water insecurity metrics will be more effective in monitoring and evaluating water supply interventions if these challenges are addressed. This article was authored by Wendy E. Jepsen, Amber Woutic, Justin Stola, and others. We are article.tv, links in the description below.


ar y cwedig, wrth gwrs, y hwnnw, yn sfrwng ar gyfer y cael Llywodraeth. Nid ddyn nhw'n amlwgrifus bod yn cyd-feydd o ffordd a'r ffrindiau ynddo i amlwyb yn y ddechrau a'i frindiau pleidydd, y gwrsfer bryddolol, y gwrsfer brydglwyr, eu gwrsfer Olddon, West Endroydon gwrsfer gwneud ydym yn sicrwng yr oedd oedon ni. Fy на roedd gynhyrchu'r cyfrnwys yn hynod o'r syniadau, fel yr argyn a'r bancan. Mae gennyn pedwyddol i Henry Ford. He said, it's well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Well let's hope we don't have a revolution, Mr Speaker, because I feel sure we're all Conservatives on this side. How's it done? Well, the process is so simple, the mind is repelled. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower's bank account, thereby creating new money. many times I've been told that this is ridiculous, even by one employee who previously worked for the federal deposit insurance Corporation of the United States, the explanation has actually taken from the Bank of England article money creation in the modern economy, it seems to me rather hard to dismiss. Today, while the state maintains a monopoly on the creation of notes and coins and central bank reserves, that monopoly has been diluted to give us a hybrid system Ac mae'r byd yn gweithio'r bydd, o'ch gwrthod, yn ei bod yn ei gweithio'r bydd, oherwydd mae'r bydd yn gweithio'r bydd yn gweithio'r bydd. Mae'n gwneud y cyflwynt Cymru, a'r cymdeithasio cymdeithasio'r bydd yn gwneud y gwasanaeth yn mynd i gweithio'r bydd. Mae'r bydd hyn yn golygu ychydig hwnnw i'ch gweithio'r byd yn gwneud ei gweithio'r bydd. Dydw i wonderful o bolig yn ddiddordebent isiw. Felly mae'r gondol hefyd yn diolch ar gyfer gallu gondol sydd byw i gyd, fel ychydig yn gweithio i gael credechydig i ddomych i views. Rwy'n gwybod i ddim yn ni'n ddweud, y ymddwn i gael a chyfnodd a'i chyfnodd, eich gyrwią a'u gwylwgot. Dwi'n gilydd. Rwy'n gwybod i'n ddweud, ac yn gweithio'r ddwy標r yn angen o gwybod eich gyfnodd ac yn mynedd. y so called currency school and the banking school. It appeared the currency school had won. In fact in practice the banks went on to create deposits drawn by cheque and the ideas of the banking school went forward. But the idea that one school or the other one really ought to be rejected. The truth is we've ended up with something of a mess. We're in a debt crisis of historic proportions because for far too long profit maximising banks have been lending money into existence as debt with too few effective restraints on their conduct and all the risks of doing so forced upon the taxpayer by the power of the state. A blend of legal privilege, private interest and political necessity has created over the centuries a system which today lawfully promotes the excesses which capitalism is so frequently condemned for. It is undermining faith in the market economy on which we rely not merely for our prosperity but for our lives. Now thankfully the institution of money is a human social institution and it can be changed. It has been changed and I believe it should be changed further and the timing of today's debate is serendipitous. The Prime Minister has explained that the warning lights are flashing on the dashboard of the world economy. Quantitative easing it looks like it will be stepped up in Europe and in Japan just as it's being ramped out in America and of course it's stopped in the UK but if anything we're not at the end of a great experiment in monetary policy. We're at some midpoint. The experiment will not be over until all of this QE has been unwound if it ever will be. So turning then to the effects on society we can't really understand the effect of money production on society without remembering that our society is founded on the division of labour. We have to share the burden of providing for one another. We therefore of course must have money as a means of exchange of final payment of debts and also as a store of value and unit of account. It's through the price system that money allows us to reckon profit and loss that guides entrepreneurs and investors to best allocate resources to the needs of society. This is why of course every party now in this house accepts the market economy. The question is whether our society or I believe our society is vulnerable to false signals through that price system. It's certainly why any flaws in our monetary arrangements feed into the price system and become permeated through all of our society. In their own ways Keynes and Meases to men who economists who never particularly agreed with one another were both able to say that currency debasement was the best way to overturn the existing basis of society. Even before QE began we lived in an era of chronic inflation monetary inflation unprecedented in the industrial age. Between 91 and 2009 the money supply increased fourfold. It tripled between 97 and 2010 from £700 billion to £2.2 trillion accelerating into the prices. You just cannot increase the money supply at this rate without profound consequences. They are the consequences which are with us today but it goes back further than this. Commons Library and the Office for National Statistics produced a paper giving consumer price inflation back to 1750. What we see is a flat line until about the 20th century when we had some inflation over the wars but then from 1971 the value of money collapsed. What had happened the Bretton Woods agreement had come to an end the last link to gold had been severed and that removed one of the most effective restraints on credit expansion. Perhaps in another debate we might consider why. I will on that. The Honourable Gentleman also agreed that getting off the gold standard and the increased supply of money enabled business and enabled enterprise and enabled the economy to grow because rather than being tied to the supply of gold there were other avenues that could be used to grow the economy. He raises a very important point and preempts some of my later questions. There's no doubt whatever that the period of our lives has been a time of enormous economic social and political transformation but so too was the 19th century and yet during the 19th century there was a secular decline in prices overall and the truth is any amount of reasonable amount of money is adequate if prices are allowed to adjust. We all are aware of the phenomenon that computers cars more or less anything that whose production isn't determined by the state. All of those things their prices become gently lower as productivity increases. This is the rise arise in real living standards. We want prices to become lower in real terms compared to wages that's why we argue about living standards. So this is a will on that. My old friend is making an incredibly important speech I only wish more people were here to listen to it. Does he recognise the or does he remember or has he read the book by Nicholas Wapshot on Hayek and Keynes which goes into this question very carefully and does he agree that we're now in a new situation in which the unpleasantness of the Weimar Republic and the inflationary increase at that time led to the troubles with Germany later on but that we're now in a new cycle which also needs to be addressed along the lines that he's just been putting forward. I'm very grateful to him Mr Speaker because I think he does emphasise that the subject at issue today is one which goes to the heart of the survival of a free civilisation. It was something which Hayek wrote about and I think it's absolutely true. If I were allowed props in the chamber I might waive this 100 trillion dollars in barbway notes and you can hold bad politics in your hand. That is the truth of the matter. People try to explain that hyperinflation has never happened just through technocratic error. They happen in the context of for example extremely high debt levels and politicians being unable to constrain them. In what circumstances do we find ourselves today where we're still borrowing broadly triple what Labour was borrowing? I will give way. I'm very interested to hear what the Honourable Gentleman's had to say but he'll be aware that over the last 30 years that the balance between wages on the one hand and capital on the other has become much more in favour of capital. So would you not agree that the way in which we tax and provide reliefs to capital is key to actually controlling that balance and that we need to do more about increasing wage levels which actually have been historically going down the way in relation to capital over a long period of time? I think I hear the echoes of particularly fashionable economists at the moment there. I mean I would if what she's saying is she would like rising wage levels real wage levels well of course I agree who wouldn't I want rising real wage levels but something about which I get incredibly frustrated is this word capital. I've heard economists talk about capital when what they mean is money and typically what they mean when they say money is but new bank credit because 97% of the money's supply is bank credit well that's not capital capital's the means of production there's a very lengthy conversation to be had on this subject that first you'll forgive me I don't want to get into today but I fear we've started to label as capital money which has been loaned into existence at interest without any real backing and that might explain why it is that our capital stock has been undermined that we've de-industrialized and actually why it is that real wages have dropped because in the end real wages can only rise if productivity increases and that means an increase in the real stock of capital just to return to where I wanted to go where did all this money that was created as debt go well when I look at the sectoral lending figures I see that some went into commercial property there were some went into personal loans credit cards and so on actually the rise of lending into real productive businesses excluding the financial sector was relatively moderate but overwhelmingly where this new debt went was into mortgages and into the financial sector now exchange and the distribution of wealth are part of the same social pro process if you buy an apple then the distribution of apples and money changes if money is used to buy houses then we shouldn't it would be a tool surprised that if you increase the supply of money into houses you boost the price of those homes that I will give away this is a it's a great debate but when you talk about ordinary people and their labour because that's money as well their labor to them it's like looking for the end of the universe when you're talking about money and capitalism and how it works to them it's just a manner of what I need money to survive and anything else is the end of the the universe right now welcome the spirit in which he's asked the question I mean the vast majority of us live upon our labour and it's absolutely true of all sides of the house because the vast majority of us live upon our labour but what do we do we work in order to exchange obtain money in order to obtain the things we need on which to survive and he's preempted another remark I wanted to make which is that there's a categorical difference between earning your money through the sweat of your brow and making money by just creating it when you lend lend it to somebody in exchange for a claim on the deeds to their house it's fundamentally categorically different and it goes to the heart of how capitalism works I appreciate very little of this is going on an election leader but I think it nevertheless matters very much indeed perhaps I'll have to ask my opponent if he's followed the debate but the point I'm making is this if a great fountain of new money gushes up into the financial sector we should not be surprised that we find that the banking system is far wealthier than anybody else we shouldn't be surprised if financings housing London and the south east are far wealthier than anywhere else indeed I remember when qe began when qe began house prices started rising in chiswick and islington the point is this mr speaker that money is not neutral it redistributes real income from from later to earlier owners that is from the poor to the rich on the whole now this distribution effect is key to understanding the effect of new money on society I think it's the primary cause of almost all conflicts revolving about the around the production of money the relations between creditors and debtors he may be aware that before the last general election the member for working on myself and one or two others attacked the Labour party's position for its lack of growth and were concerned about the level of debt if you add in all the debts of the network rail and the pension unfunded pension liabilities and other matters nuclear decommissioning etc the actual debt which is now reaching extremely high levels within the government's own stated statements are now up to possibly as much as three and a half to four trillion do you agree that that is extremely dangerous it's extremely dangerous mr speaker and it's been repeated around the world an extremely good book by the economist and writer Philip Cogan of the economist sets out just how dangerous it is his book is titled paper promises money debt and the new world order and an economist journalist is seriously suggesting that this huge pile of debt created as money will lead to a wholly new monetary system i've not even come yet mr speaker to qe and i'll try to shorten my remarks but the point is this having lived through this era where the money supply tripled through new lending of course the whole system blows up the real world catches up with this fiction of a monetary policy and so qe was engaged in now a paper from the bank of england on the distributional effects of monetary policy explains that people would have been worse off if the if the bank had not engaged in it it was of course an emergency measure but one of the things the paper says is that asset purchases by the bank have pushed up the price of equities at least as much as they've pushed up the price of guilt the bank sandy how dame said we've deliberately i paraphrase we've deliberately inflated the biggest bond market bubble in history i wonder what the honorable gentlemen's view is about quantitative easing how does he see that pattern into the great scheme of flingons i think it's quantitative easing is as i'm explaining quantitative easing is a great evil it's a substitute for proper reform of the banking system but this is the point if the greatest bubble has been blown in in the bond markets and guilt and equities have been pushed up by the broadly the same amount then that is a terrible risk to the financial system i will if i'm giving away surely there's a difference in where the quantitative easing goes to in an economy that's needed that has a demand deficit and is needing demand stimulated surely if quantitative easing is going to the pockets of those who're going to spend the money quantitative easing can actually create some more emotion in the economy but if quantitative easing is going into already deep pockets and making them bigger and larger and deeper that's a very different thing and he again touches on a very interesting issue once the bank legitimises the idea of money creation and giving it to people in order to get the economy going the question then arises why not give it to other people if you're going to create it and give it away well this going goes to what what is money well i think money is the basis of a moral existence because we should be in our lives we should in our lives be exchanging value for value one of the problems with the current system is we're not exchanging value for value something's being created in vast quantities out of nothing and given away now the bank explains that 40% of the assets bought the assets that have been inflated are held by 5% of households 80% by people over 45 which seems then very clear to me if he'll allow me seems to me very clear then that QE a policy of the state to deeply intervene in money is a deliberate policy of increasing the wealth of people who are older and wealthier give away if it's normal to him and i'm very grateful indeed that he's he's allowed me to intervene again he touched one of the words he used there morality i think on moral touches really on what the occurrence paul krugman will say that some on the right see the recession and what have you as a morality play and confuse economics in the models and sometimes you get things going economically it's not the straightforward morality money that i think he's he's touched on that and that could be one of the reasons that the recovery is taking so long conscious mr speaker that i've already used perhaps slightly more time that i intended now a little more to say because of these interventions all of these subjects are easily as my bookshelves attest capable of being explained over hundreds of pages but my bottom line on this is really that i want to live in a society where even the most selfish person is compelled by our institutions to serve the needs of other people and that institution is called a free market economy because in a free market economy you don't get any bailouts and you don't get to live at somebody else's expense you have to produce what other people want one of the things which has gone wrong is the right of ended up disfending institutions which are fundamentally statist i'll give away i'm very grateful to my own more friend for getting away and i congratulate him for bringing this really important subject to the attention of of the house will he agree with me that this candy floss credit system that the state is presiding over far from actually shoring up free market capitalism replaces it with a system of crony corporatism that gives capitalism a bad name and undermines the very foundations of capitalism well i'm very grateful mr speaker because i'm delighted to agree with my own more friend and he is despite the fact that i won't be seeing Nigel later and he's absolutely he's absolutely right that we have ended up pretending that the banking system and the financial system is free market when the truth is it is the most hideous corporatist mess what i want is a free market banking system as i'll come on to mr speaker i wanted to make some remarks about price signals but i want to really just for short on them i'll try and cover it as briskly as i can it was the subject of my maiden speech interest rates are a price signal like any other they should be telling markets about people's preferences for goods now compared to goods later if they're deliberately manipulated they will tell entrepreneurs the wrong thing they'll therefore corrupt people's investment decisions the bond markets the equity markets are there to allocate capital if interest rates are manipulated if new money's thrown into the system those prices get detached from the real world values they're supposed to be connected to what resources are available what technology is available what people prefer but problem is these prices which have been detached from reality still continue to guide entrepreneurs and investors but if they're now guiding entrepreneurs and investors in a direction which takes them away from the real desires of the public the available resources and the technology we should not then be surprised if we end up with a later disaster in short if after prices have been up through been bid up by a credit expansion they're bound to fall when later the real world catches up with it it's why economies now are suffering this wrecking ball of inflation followed by deflation and here is the rub because throughout most of my life the way that the monetary policy authorities have responded to these corrections has been to pump more new money previously it's been through ever cheaper credit now it's been through qe this raises the question of where this all goes back to the point my uncle friend for stone provoked in me that this might actually be pointing towards an end of this monetary order now that is not necessarily something to be feared because the monetary order changed several times in the 20th century where i want to conclude Mr Speaker is we've ended up in really something of a mess the governor asked whether the orderlyness of the transition sorry he was talking about the orderlyness of the transition once interest rates normalise he said it whether it would be orderly was an open question i think he's actually demonstrating considerable optimism appropriate to his role i think it's extremely unlikely that we'll have an orderly transition once interest rates start to normalise the problem is basically that government wants to spend too much money it's always been the same throughout history governments used to want to fund wars now for all good moral decent humanitarian reasons we want to fund health welfare and education well beyond what the public will pay in taxes that's meant that we needed easy money to support the borrowing i'll finish by saying well what's to be done a range of remedies are being proposed they range from positive money's proposal to completely nationalise the production of money some want variations on a return to gold perhaps with free banking and some want this spontaneous emergence of alternative monies like bitcoin i just would point out that water badgel is often prayed in aid of the current system if one reads lombard street he didn't actually support central banking he thought it was useless to try and propose any change but what we see today is that with alternative currencies like bitcoin spontaneously emerging it is now possible through technology that in a generation we won't all be putting our money in a few big mega banks held as liabilities issued out of nothing now i want to propose three things which i think the government can practically do the first is to continue the present trajectory of reform after 15 years of studying these matters and now having made it to the treasury committee i'm ever more convinced that there is no way to change the present monetary order until the ideas behind it have been tested to destruction and i do mean tested to destruction and it's an extremely serious issue but it will not change until it becomes apparent that the ideas behind the system are not tenable secondly very much with that in mind we should strongly welcome what andy how dain has said the chief economist of the bank that they would commission anti orthodox research they will put into the public domain research and analysis which has often challenges as support the prevailing policy orthodoxy on certain key issues he said it is that research which will make possible fundamental monetary reform after the next calamity thirdly we should welcome the chancellor's recent interest in crypto currencies and making london a real centre of financial innovation in perfect and possibly doomed as it may be bitcoin shows us that peer to peer non-state money is practical and effective i've used it to buy an accessory for a camera perfectly ordinary legal product it was easier to use than a credit card and it showed me the price in pounds or any other currency alike it is becoming possible for people to move away from state money so what i would like to see is every obstacle to the creation of alternative currencies within the ordinary commercial law removed we should expand the range of commodities and instruments related to those commodities which are treated like money like gold so exempt vat and capital gains tax and it should be possible to pay tax in those new monies and we must not fall into the trap that the united states has fallen into of obstructing innovation it looks like in the case of the liberty dollar and bernard von not house that a man may spend the rest of his life in prison simply for the crime the supposed crime of creating reliable money finally mr speaker we are in the midst of an unprecedented global experiment in monetary policy and debt it is likely as phillip cogn set out that this will result in a new global monetary order whether it will be for good or ill i do not know but as technology and debt advance i am sure we should be ready for a transformation society has suffered too much already under the present monetary orthodoxy free enterprise should now be allowed to change it order the question