But everyone welcome to this session, I think it's going to be a very interesting session given what's been happening in recent events, obviously this was a topic of great interest already and judging from the attendance it still is. We'll be talking about rethinking economic growth. As you know, President Obama has called inequality the defining issue of our time. He was speaking I think mostly about America but it turns out this is an issue across the region and particularly in Southeast Asia and I would be remiss to say that events last night have underscored this issue to some extent. I think it's pretty obvious that the events in Thailand, if you look at the routes, have the routes in a growing income gap, both between urban and rural, a geographic divide and a divide between the rich and poor in an economy that until recently was doing very, very well and now seems to have stumbled upon the very limitations of its own growth model. This is unfortunately a problem that we have all across ASEAN. If you look at the Gini coefficients for the region, you'll find that Thailand is not exceptionally high compared to other countries. It is relatively high. It's actually on a par with the United States and Indonesia is actually better, I will say better or so than higher. It's a little less unequal and the Philippines country we're in now is actually the worst of them all. So this is a pretty germane issue. We want to talk a little bit about what's gone wrong with the model. Have we focused a little bit too much on GDP, gross domestic product as a measure of progress and success for Asia's fast growing economies or do we need a new, it's definitely clear we need a new approach and what we want to try to focus on is how to get there. So we have a very distinguished panel with us today. Let me introduce them. To my left we have Professor Phu Jun from Executive Dean and Professor of the School of Government at Peking University in Beijing. He's also co-chair of the Global Agenda Council on New Growth Models. And I want to point you all through the report that he helped write on the subject, which after this meeting if you want to go and read more on the subject, I can give you the URL. I'll read it out right now for those of you who want to have a pen and can write it. It's H-T-T-P colon double slash no, triple W, W-E-F dot C-H, backslash N-G-M for new growth models. Here on my right is Mr. Nandu Nankishor, the Executive Vice President for Asia, Oceania, Africa and Middle East at Nestle, coming to us from Switzerland. Here is Senior Vice Minister of the Cabinet Office of Japan, Mr. Yasutoshi Nishimura, Nishimura-san, welcome. To my right, Jeremy Sheldon, Managing Director of Markets in the Asia Pacific for Jones Langlasal. He is a fellow resident of Hong Kong. And to my immediate left, Mr. Naoyuki Shinohara, the Deputy Managing Director of the International Monetary Fund in Washington, D.C. Directly in front of me, Ms. Shinta Ujaya-Kamdani, the Chief Executive Officer of Sintessa Group in Jakarta and also a member of the Global Agenda Council for Southeast Asia. I'm Wayne Arnold, I'm the Asia Economics Correspondent at the Wall Street Journal in Hong Kong. So let's get started. We'll go around the room. I think we should start with Professor Fu-Jun. Professor, tell us what is wrong with your approach we've had. We put too much emphasis on GDP as an indicator of progress and how do we achieve a better, balanced and more sustainable growth model going forward? Thank you very much. And I'm very happy to have this opportunity to say a bit of the work that we've done for the new growth model. It's part of the Global Agenda Council of the World Economic Forum. The way we approach that question is we look at existing models. At the risk of oversimplification, we look at the standard text book model of growth. Growth is a function of land, labor, capital. It's a standard growth model. And under that model, you can think of two modes. One is extensive mode of development. The other is intensive mode of development. So we begin by identifying holes in the gaps in the existing model. And what we found is now, if you sort of go systematically by looking at that model in the variable of land, the practice of that model has not been sensitive enough to the carrying capacity of the earth. In other words, we need to have better mechanisms to better price resources, giving the economic principles of prices a function of scarcity. If we move on from that variable to labor, there you're talking about a human capital. It seems to us there are many labor-saving technologies instead of technology progress, but not enough earth-saving technologies. So there is a hole there under the gap there. And in the variable of capital, if not theoretically but in practice, if the return rates of capital is systematically higher than real economic growth rates, then the model cannot be sustained. Or if the growth rates of a highly leveraged investment is systematically higher than real return rates of capital, the model cannot be sustained. But either way, it's a case of inflation and in the case of inflation, it is a very secretive and a powerful way of transfer of wealth. And the result being, you see a widening gap between rich and poor. It's a question not just domestically but internationally. So another gap that we see is now if you look at the standard model, that model looks Einstein, very mechanical. It's not sensitive to the field. And there we are talking about institutions. Now if you have really level playing ground, you can gain in terms of allocative efficiency. So in that report, we have a spectral chapter on institutional learning and the institutional innovation. So this is the sort of diagnosis we have of the existing model. Now we come up with a new model, I quote new here. But as a tool of communication, effective communication, I would call our new model a give model, a model that gives. G stands for green, I stands for inclusiveness, V stands for value. We need to have a change of mindset. Growth is not only about efficiency, it's also about equity, fairness. And well, if you talk about human well-being, you're talking about health, education, employment, political freedom, social relationship, environmental quality and security. And E, give the last term, E stands for ecosystem. And we need to build a better ecosystem to promote entrepreneurship and innovation at the micro level. And more at the macro level, we need to better calibrate the role of state or global governance for the same matter, vis-a-vis the role of the marketplace. Because in terms of the environment, it's publicly good. And we need to have an hierarchy of better global governance to deal with the externalities. And this is what we have. But we have been reported out early this year in the annual Davos meeting there. So I guess I have to stop here. Please, come back to you. Shino Harasson, can I turn to you? Can you elaborate a little bit more on sustainability, both in terms of the inequities of incomes we've seen because of the environmental sustainability? How has GDP as a measure failed us? Well, as we all know, GDP is a very, how do I put it, wonderful, delicate set of the indexes that covers the whole range of economic indicators. But of course, it has its own limitations. For example, it doesn't measure the transactions that are knocked through the market mechanism, like household work, that doesn't go out of the house. It is not measured in the GDP. How the income is distributed? It's not the issue related to the GDP, that is not included. As Dr. Fujin says, environmental degradation, so-called externalities are not in the GDP. So GDP has its own limitations, but GDP is still a very elegant instrument to measure how the economy is working. From the IMF viewpoint, we work on GDP mainly, but if you look at programs in Europe after the European financial crisis, we have had several programs in Europe. And increasingly, the issue of social inclusion, the issue of unemployment, the issue of income inequality is a big issue in order to make the programs successful. When in the program, we talk about fiscal consolidation, we talk about monetary tightening, but it has certainly impacts on the people, especially on the poorer section of the society. And that is why there are huge demonstrations in Greece and the countries, and that makes it very difficult for the program to go through. And that is why the program design has to be very carefully calculated in order to measure the impacts of those macroeconomic policies on the poorer section of the economy. So the program includes lots of measures for social protection, things like that. So the issue of social inclusion, the issue of inequality, is part of our agenda now in order to make the economy grow sustainable. It is not just the GDP, but other measures that we need to take into account. Okay, activities as well. Let's come back to you on that issue as well. Nandu, let me ask you about this. You have often talked, and Nessia has often talked about the real costs that need to be factored of resources. Can you address this when it comes to sustainability and equitable growth? Sorry, would you repeat the question? Sure. You've often talked about the real cost of resources, particularly water. Can you talk about how that fits in with this debate about sustainability and equitable growth? Okay, I'll be happy to talk about that. Let's first start with some of the concepts that Fujun and Shinora-san already introduced. This whole conference is focused on the theme of inclusive growth, where we need to move GDP is elegant, but we need to move beyond that to other measures on longer health, education, employment, millennium development goals, and so on. Now, one of the fundamental, and this of course has responsibilities for all stakeholders, government, industry, and so on. One of the fundamental beliefs in Nestle of the way we approach business is that the only way we can sustainably create value for our shareholders, and the word sustainably is very important. The only way we can sustainably create value for our shareholders is if we simultaneously create value for the society in which we operate. And this includes all stakeholders. In the case of Nestle, if I refer back then to some of the themes that Fujun touched upon, and then I'll come to your sustainability point. Fujun touched upon the theme of employment, health, and education. Let's talk about these three themes. In the case of Nestle, we focus what we call our creating shared value efforts on rural development, on water, and on nutrition. Why these three? First, rural development. What people tend to overlook is when it comes to employment as a measure of inclusive growth, 90% of all employment in the world is created by the private sector. And one of the largest employers in the world is the rural agriculture sector. In ASEAN, something like 37% of people are employed in the agriculture sector. Nestle, as a food and beverage company, has a natural linkage back into the farm. We work directly with 700,000 farmers, directly who get paid on a daily basis and have cash transfers on a daily basis. And that's the best way to provide them a livelihood, provide them sustainability, education to make sure they improve productivity and income, and eventually the dignity that allows them to live a full life. So that's a huge pillar of how we work. Let me talk about nutrition, then I come to sustainability and water. Nutrition is core to Nestle, and it's part of our DNA. If I go to the measures of inclusive growth and health, for instance, one of the, a few facts. Today we have something like a billion and a half people, particularly in the subtropical belt who are malnourished, where you have stunting rates in children of the order of 35 to 40%. And this is a public health crisis that is shameful, which can be prevented simply by addressing micronutrient deficiencies and macronutrient deficiencies. And this is something we in Nestle are able to help governments address by fortification of our products, removing the bad stuff, the sugar, the salt, the trans fatty, saturated, and adding some of the good stuff, the micronutrient deficiencies that are really required by these populations. And we have, for instance, something like 200 million servings a day of fortified products sold only in West Africa, which help to alleviate some of the micronutrient deficiencies in population, whether it's iron or zinc or iodine or vitamin A. The other burden of disease is the obesity and non-communicable disease crisis. And again, it's ironical that you have a billion and a half people who are overweight or obese, and these numbers are rising. The fastest growing disease we have in society is diabetes. And this is a very important measure of inclusive growth. How do we cope with health? This requires science. It requires an understanding of nutrition science, human physiology. It requires educating stakeholders, governments, opinion leaders, civil society, and consumers. And it requires a complete reformulation of the kind of products that are offered to society. And that's a huge area that we work in. Then I come to water, which was the question that you raised. The world, I heard a startling statistic two days ago in the Groeschia Forum, which I was chairing. In the next 40 years, simply to cope with the increase in population, today 7 billion going to 9 and a half billion by 2050. We, in the next 40 years, the world has to produce as much food as we have produced in the last 4,000 years. Let's think about that. In the next 40 years, as much food as the last 4,000 years. For many reasons, we basically need to double our production of food on an annual basis between now and the year 2050. What do you need for food production? Well, I came to the economics model, the growth model that Fujian put forward. You need land. We aren't making any more of it. In fact, we are degrading it. We need sunshine, there's plenty of that around. We need people and we need water. And these are the two scarce resources. People, because children of farmers don't want to be farmers. Farmers don't want their children to follow them simply because of lack of sustainability and the high risk nature of the entire agricultural model, smallholder farm model that exists today. But water, 70% of all the fresh water used by mankind is used for agriculture to grow food. Today, already as mankind, we use fresh water which is 10% in excess of the replenishment level. So we're tapping into aquifers that have been built over millennia. The forecast is that by 2030, we as mankind to grow food will be using fresh water at a rate that is 60% higher than replenishment levels. So, man has survived for millennia without iron, without silicon and without oil and carbon. We can't survive more than two days without water. And yet we are looking at a scenario where over the next 30 years, the most precious commodity in the world will be water. So pricing and access will become huge political issues. They already are. To start with sustainability is the first issue. To make sure that water use is sustainable in order to produce the kind of food so we can feed the world. And we have food security, not only food security, to go back to the previous point of the double burden of disease, we have nutrient security in the right measure in the right place. And to produce that, we need really to very closely create a multi-stakeholder engagement platform to make sure that use of water resources is sustainable. And that's one of the key platforms, the three platforms I mentioned, Rural Development, Nutrition and Water that Nestle works on as part of our creating shared value program to make sure that we create value for society. And that's the only way we can sustainably create value for our channel. Let me come back to you then on how you can apply that in some of the countries in this region. Jeremy, let me turn to you. We're on the subject of sustainability. And you talked about some of the human rights of water and nutrients being one of them.  Jeremy, what's been happening in that space and how has that contributed to the increasing disparities of income and the unequal levels of growth we're seeing in the region. Access to property. Jones and Sal are a property advisory company. So we advise on various elements related to the built environment primarily. And I think that within the industry as a whole, what we have been endeavouring to do is to greenify, for want of a better word, the built environment. 30% of carbon emissions globally come from buildings. And therefore, from that perspective, we are, the development community are looking very closely at how to measure their impact. And so there is a significant push from governments as climate change is being acknowledged as being a big issue to work at. How can one can do that efficiently? How do we make sure that we take that carbon footprint down within the built environment? Within the workplace, you're finding a lot of individuals, especially the younger generation, are wanting a more productive workplace. So from their point of view, there's an interesting, I was at a conference last week where talking about wellness and very much related to the human capital piece, we're getting to a point now where obviously, sitting at work is perceived as one of the issues related to obesity and such like, people are now having deaths that you stand up. Well, actually in America, you've got deaths with treadmills and they are fixed at four kilometers an hour. This is where we're in the round here. Yeah, exactly. And as soon as we get up, so I think from that point of view, the real estate industry is endeavoring to make sure that both from a development standpoint and from an occupational standpoint that one is aware of it and it's being driven both from a government standpoint but also from an investor standpoint. The reality is as we go forward, as more regulation is provided in this area, the reality between those buildings that cannot provide that sort of sustainable measurement versus those that can, are gonna see, I think, in due course, a premium. And so that you start to find that those impositions are being put in and it's important that there's strong governments on that point of view at a political level. So that you understand exactly what you do and where you may be able to, let's say, get benefits as a consequence of that. Okay. Shinta, I have to turn to you on Indonesia then because this is obviously the largest country in our region, one of the most important and obviously one of the most challenging environmental problems and sustainability problems. And as I mentioned, even though it's genie coefficient is better than talent, by no means considered, I think, acceptable. How would you address this issue? First of all, I think the timing, right? If you see 2015 is last year of the UN MDG, as mentioned, and also at the same time we are approaching AAC, which is the Asian Economic Community. And if we look at all the work that has been done as far as the MDG's concern, of course we have half the extreme property level, we have increased significantly even in Asia in terms of attendance of primary school. So I think you have seen some progress in that area. Now, we understand that now we're moving from the MDG to the Sustainable Development Goal. So I think this is something that in Indonesia we're trying to put this as basic our aim. How Indonesia can be part in achieving these sustainable development goals. And when we look at the three basic components of sustainable development on the economic growth, on the social inclusion, as well on the environmental sustainability, we see that Indonesia is perhaps one of the country that is still far behind in this sense. But what we're trying to do is now having an alignment between the different component of stakeholders in achieving this. So when we think what kind of growth, of course we no longer focus on just economic growth. So we wanna focus on this, but how then we can align between the different stakeholders in Indonesia. So one area that I would like to share is now the government have the national development agenda and we realize that one area if we want to make this happen on a more concrete programs is how to bring this SDG inside of our national development agenda. So that's what we did. I represent, I'm actually the first chairman also of the Indonesian Chamber of Commerce Industry and I've been asked to champion sustainable development actions. And I think one of the area that is important is putting this as the national development agenda of Indonesia and then bringing in some of the programs that we can develop in achieving the SDG. So we are happy now to kind of aim the same goal. And then from the private sector side, we also have created what we call the Fation 2050 because we look at all this demography issue, we see the increase of, we will have a bonus demography and I think globally as mentioned, we will reach 9.5 billion people and that's a huge amount number. So what are we doing in anticipation of that? And I think it is very important because we've been talking a lot about how we want to go but I think it's important that this alignment is taking place. That when we talk about the government, private sector, NGO, academia, we're talking about the same language and we are driving to the same direction and I think this is where I feel is very important when we discuss education, when we talk about social security, this all will involve, it cannot be just a government driving it, it has to come from the multi-stakeholders and I think enough has been said and I think we really in Indonesia want to see how we can bring this forward and we are also integrating with the region and I think this is why I mentioned about the AAC because it's part of what we're doing in WEF and I'm part of the global council member of WEF in South Asia. We're trying to facilitate this process as well on the ASEAN integration aspect because we feel there's a big gap and where the government is sitting right now with thinking that they're achieving 70, 80% of KPI and where private sector is lying, thinking that we're only achieving like 10, 20%. So how can we then sit and see what is missing here? And I think definitely the role of WEF is very important in facilitating some of this integration process. Thanks. I'm interested in this issue of government KPIs and in your report, Professor Fujin, you mentioned several different alternative indicators that we could be looking at to sort of augment our understanding of how governments are doing at their job of trying to create not just growth, but quality growth. And one of the three of these I noticed were from the World Bank. There's an adjusted net savings indicator. There's a human opportunity index and there's a shared prosperity indicator. Now are these the silver bullets that we need to sort of reevaluate government progress on growth? Well, these certainly are the indicators that we have included in our report and our report actually start with a chapter on metrics first. And we think it's important because a change of mindset is very important. Growth should not be exclusively driven by efficiency. For a country or for a nation to move forward, they face simultaneously the goal of efficiency, the goal of justice or equity and the goal of freedom. So if you think of human development, human wellness, social dimensions, economic dimensions, and also be sensitive to environmental poverty and the security. Chinharasan, can we use these indicators in terms of evaluating? I mean, if you were to do your annual analysis of policy makers, would it be possible to incorporate these indexes into their progress in the, I mean, before consultations and various meeting? There are many indexes being developed by various institutions, so each of them has its own good features. Overall, I think it is very difficult at this moment to pick up some of the indexes to be used for policy purposes. We, I just want to emphasize the importance of income distribution in Asia. For example, Gini Coefficient, you talked about income inequality is rising in most of the countries in Asia, especially in countries with large populations. I don't want to pick up names here, but, and this is the issue that the countries in Asia need to deal with one way or another. Needless to say, this is not the issue particular to Asia. It is the global issue now, and it is at the center of the global public debate at this moment. But, and this debate applies to Asia as well. If you look at the countries in Asia, the size of the government is relatively small. That means that the role of the government that plays in allocation of income is relatively small compared to other regions. Why is that? I think it is partly the choice of the governments, the choice of the people to have smaller tax revenue, to have smaller size of the government. But at the same time, it has a lot to do with not enough tax revenues. Weak tax administration, huge amounts of tax exemptions. What else? Those things, and lots of red tapes, things that I think that I have discussed among us a very long time. But that is one area that the governments in this region has to deal with. The other issue that we need to take a look is that fiscal policy plays a big role in addressing the issue of income inequality. In case of advanced economies, we have enough data to do some empirical studies. But it shows that taxation and income transfer in the area of social programs would reduce the income inequality by one third. I don't know how it applies to developing countries but this moment, fiscal policy plays a big role in addressing the issue of inequality. And that is clearly related to the issue of sustainability. I just want to point out another empirical study that shows that if income inequality is high and that income inequality is associated with the shorter duration of high economic growth. That means that if you have a situation with high income inequality, you might be able to enjoy a very high growth for a short period of time but it is not sustainable. It doesn't last for a long period. And that issue is related to, for example, middle income trap and things like that. Can I add something to that? Before we do that, let me turn, this is a perfect opportunity to turn to Nishimura-san because I think Japan is undergoing a very important experiment. It reminds us that this is not a developing country issue. This is an issue that developed countries also face. Japan is undertaking a lot of policies that address exactly what I think you talked about. And what's interesting also to me is that Japan, which is for decades had a reputation for having one of the most egalitarian societies or homogeneous societies from an income base, it's also seen a rising income disparity. And now in April, Nishimura-san, I know you raised your value added tax I know is being considered by the Asian Development Bank and I believe also by your colleagues at the IMF is one way to try to increase the tax base and use that money to spread the wealth. So I wanna get your perspective on how that's working out, what you're thinking is, it was very unpopular and a lot of economists worry that this is going to upend your economic recovery. So is it justified from the point of view of sustainability and sustainable growth from Japan, for Japan going forward? Thank you. Thank you, Chairman. So let me talk about first efforts of our efforts towards inclusive and sustainable development and growth. So as you said, Japan is a traditionally very inclusive society with a low unemployment rate and small income gap and advanced environmental technology. So now we are, our government is working to enhance this advantage in the new growth strategy. And for example, unemployment rates currently stays at 3.6%, which is relatively low by international standard partly reflecting the efforts of companies to keep their employees in their own company. And the pharmaceutical efforts to keep the employees contribute to the stability of our society.  So now we are trying to, what we are trying to do is to facilitate the transfer of our labor force to new growing industries. Although, one billion US dollars have been spent for supporting companies to keep their employees. We will, now we are changing this allocation of resources to, so to spend one billion US dollars for supporting job creation and labor mobility in the future. And now the, we are facing the big challenge we are facing is demography. So population is decreasing in the world, but our population is decreasing, increasing in the world, but our population is decreasing. And now we, our population is 125 million people. But in 2060, naturally it will be 86 million. So it's a big decrease. So we are now thinking how to manage and overcome this challenge. And so what we have to do is, increase their female participation in labor force, which is relatively low by the international standard. So we are increasing social childcare services and also supporting the women who want to work and who want to work. So that's a big challenge for us. And also we have to implement physical consolidation. So we need to increase, I mean, consumer tax, relatively low in the international standard. We added the tax 3% to 8% in the last month, April. Now the 8% and we are trying, we are planning to add two more next year, October next year to 10%. But it depends on whether we increase this additional 2% depends on the economic situations, because we are trying to get out of the deflation which has been continuing the last 15 years in Japan. So our economic policy is trying to get out of deflation and also implement social, physical consolidation. So it's a tough, I mean, narrow pass. So we are doing three other policies. So as you know, we are about the economics. So it's a big challenge for us, but what I want to emphasize is, innovation, technology, and among them, the big strong resolution, strong intention to reform our society, reform our restructure of our economy. So Prime Minister Abe is showing a very strong leadership and Japanese people are now supporting our policy because we are in the deflation long time. So Japanese people understand we have to do new and we have to do challenge. So that's what we are trying to do. It's a fascinating problem that Japan faces and one that's very different than most of Southeast Asia where we have younger populations. Juno Haruson and Pujin, I want to get you to talk about this a little bit because you mentioned fiscal consolidation and we've just seen the Australian Parliament decide to take a path towards fiscal consolidation. But it seems that, and in your report you alluded to this, that there is a danger that in trying to maintain a balanced budget and to protect the savings of people my age and above who have saved for a long time and don't want to see that savings inflated away, that we neglect the needs of the growing younger population more of a problem that Indonesia has. How do we balance this emerging disparity between not just rich and poor but the old and the young? The needs of the young need inflation, nominal growth in Japan for example for faster growth in Indonesia versus the needs of savers who like in Japan once are looking now to sort of phase themselves out of the workforce and retire. Well, there is a long-term issue and a short-term issue. A long-term issue would be good to have a balanced sheet but short-term given the ups and the downs of an economy fiscal policy need to be counter-cyclical. We do not make an argument, it's cut, cut, cut. But the process should be nuanced, sensitive to the long-term goal that you have a balanced sheet. Long-term growth should be looked at as an asset management model. You do not look for cash returns by a deep discount on the underlying assets. Now this is very important. So the fiscal side, we should be sensitive it should be counter-cyclical. The investment side, good investment, is a highly leveraged investment that will have a reasonable return. I mentioned earlier if the growth rates of investment is higher than real growth rates, it's problematic. Now if you look at the case of China, we probably are suffering from that case. Isn't that what every single fund manager wants to achieve? Well, we need to build a...  And in that ecosystem, I talk about at the macro level, there should be a better calibration of the role of the state vis-a-vis the role of the market. To elaborate on that side is now even when we look at the market, if there is a case where you only have markets for goods and services without a market for factors of production, including capital, factors of production, land-label capital, and the political power continue to control factors of production. So this is the institutional environment. In that institutional environment, it would be very easy for someone to get rich very quickly. But that won't allow the whole population to have what we call shared prosperity. So with those kind of skewed institutional environments, it will give two issues. One is the issue of inequality. The other issue is the issue of corruption. So in that E, give model, ecosystem, we need to be sensitive to both the micro-ecosystem as well as what I call the micro-ecosystem to promote entrepreneurship and innovation. Is it just a question of having longer time horizons on your return on investment? Is that what we need to focus on? We've talked about that a lot in different meetings. My concern is that most of the things that we're thinking are good for raising equality are issues that we've talked about for a very long time. It seems like the issue is pulling those into standard policymaking agendas, not just talking about improving the environment and getting stakeholder support, but actually making it part of the evaluation of policymaker's progress. The other question, and it's a very scary one, I realize for a lot of people, is it sounds like what you're saying is what we really need is a much more redistributive system. So is the answer just raising taxes, you know, Hanson? I can talk about this for an hour. I'll give you two minutes. Redistribution of income can have positive contribution to growth if the design is right. I think that is the conclusion. Redistribution means lots of things. Tax system can be designed to be more progressive in order to make redistribution of income. Expenditure on social programs, cash transfer mechanism, things like that will contribute to the distribution of income. The problem is if the design is not right, it could harm the efficiency of the economy. We have to find a good balance between the efficiency based on the market mechanism and whatever the social value that we have to protect. So in order to do that, it seems to us that fiscal policy plays a very important role. Not just fiscal policy, there are labor market policies and other things, but for example, in this country, in the Philippines, they have introduced the so-called conditional cash transfer mechanism. They will transfer cash to the poor people conditional upon their children's attendance in school or they pay regular visit to healthcare services and things like that. It has been very popular in Mexico and Brazil and the Philippines have introduced that. It is still in the process of expanding the program. There are measures like that. If the design is good, that is not harmful to the development of the economy and things like that. The same applies to consumption tax that Mr. Nishimuna talked about, value added tax. Value added tax is very friendly to economic growth. I want to stop you there and ask you to explain that in two sentences to the room. Why, if you talk about the need for progressive taxes, we think of a VAT, a value added tax as being a regressive tax by its very nature. Why would you recommend that Asia have more value added tax? Does that mean we should be paying less income tax? I hope so. Actually, if you look at the tax structure here in Asia, they rely more on value added tax than direct tax. So if you look at the countries in this region, especially in ASEAN countries, you might want to recommend that you should rely more on income taxation rather than consumption taxation. But besides that, what I want to talk about is that of course value added tax or consumption tax is regressive, right? It hits the poor more than the rich. But if it is combined with the appropriate social transfer mechanisms, it should be okay. For example, in case of Japan, what they are trying to do is to raise tax revenues by raising the consumption tax and use that revenue for social security programs, right? That has a redistributive impact. So how can you combine the tax issue and the spending issue? That is another issue that you have to look into very carefully. Jeremy, you mentioned that there is an aspect of this. In terms of property rights, there is a very potent issue in Asia too that has contributed to inequality. Can you address that a little bit, the very thorny issue of land title across Asia? The fact of the matter is property rights should be, in most cases, an inalienable right. The reality is that in a lot of cases people can have their land ex-appropriated and therefore they can't build any security for themselves and for their future. These things have got to be protected. I think the other piece of it is that if you look around the region, there are your ability to own real estate as either a resident or a foreigner is very different depending on where you are, and that has an impact on your ability to provide FDI into that country. There was a conversation last night about the relationship of the Philippines and Indonesia, which was interesting because the amount of FDI going into real estate in Indonesia is far greater than the amount of FDI coming into the Philippines because of the nature of the land title and what you're able to achieve. At the same time, when you've got very open property rights, the likes of Hong Kong and such, when everybody's looking to invest in real estate, all of a sudden you create bubbles and that's what's happened recently with Hong Kong and Singapore and they've provided taxes, which in theory is to stymie speculation and actually interestingly it's had and the idea of that is to then bring down the price but actually it's had a different impact which is that it's pretty much stopped any sort of transactions in that space because the entry price is too great. So those two, I think, go hand in hand and it's important that in order to create stability in a property market those sorts of things are very, very clear and the more open one can be the greater chance one has both from investors and developers because they get security but also from an occupied base where you can bring to our whole issue around sustainability and inclusion best practices from elsewhere in the world into this part of the world and ultimately the whole issue of then better built environments comes about. I think the other piece of it is also a lot of Asian cities, Singapore's a great example which have done as a consequence of planning and those best practices have managed to densify themselves in such a way that actually they're a more sustainable city than a lot of others because densification. You don't want the urban sprawl that exists because ultimately that uses resources it takes up time and energy that ultimately if you densify and plan properly that can be advantageous both to society to the individuals living in it and also resources as whole. We want to open up for questions I meant to do that a lot earlier actually I encourage you to put your hand up and Mike will be sent to you and just inject yourself into this conversation otherwise we would just dominate it. There's a hand over there would you like to ask a question or make a comment? Please identify yourself before you do. Thank you very much for the insights. My name is Lauren Anderson I'm a Sydney global shaper and I work in the space of collaborative consumption or the sharing economy of goods, businesses like Airbnb or car sharing and essentially is about increased efficiency of the assets rather than the production of new assets. So I'm wondering and perhaps the question is mainly to Professor Bujuan and Mr. Shinahara how can we actually look at growth you know maximizing the efficiency of existing assets as a stronger contributor to growth as opposed to the production of new assets and potentially for everyone in the East Asian region obviously there is an aspirational wealth mindset can a model lack collaborative consumption actually overcome this mindset to increase access to things that are needed. Thank you. Which of you would like to handle that one? Certainly though Bujuan certainly these are steps in the right direction if I say the gift model these can be categorized under the G green I mentioned many labor saving technologies vis-a-vis Earth Earth saving technologies so the way I look at what you do is Earth saving institutional technology we also come up with the term called institutional technology that's the kind of method that we human beings coordinate our behavior our shape our value coordinate behavior more towards the green economy more of a welcome in a way I think it's interesting the problem that we face with sustainability and equality or income inequality challenges so much of the fundamentals that we've all taken for granted when we're talking about economics for the last 20 years and one of them is this notion of trade being beneficial for everyone we probably all remember that I think it was not even 10 years ago most of these meetings were met with great protest because there was a movement against globalization and its impact and yet now we're looking at trade as an aspect that could actually improve or reduce income inequality this is in your report but it seems that there's a problem between the way the trade can improve the equality between nations and within nations it can become a great disrupter and the way it's perceived and so I actually think you're considering this now the TPP do you think that this has the potential to apply a sort of a pressure for reform in Japan that could transform industries and make business more open and egalitarian? I think the TPP is a good momentum for reform and restructure and I think trade will increase for each country the wealth so and also we develop new rules of integrity property rights IPR and investment protection or government procurement so it's transparent to new rules so and if some country is not in this kind of a global supply chain made by TPP it will be excluded it may be excluded of this supply chain so this country needs to I mean keep this accept this new rule IPR and investment protection and so on so this TPP is I think the driving force for developing new rules all over the world especially Asia and Pacific regions True but it faces great opposition among your domestic constituents now how do you better sell the idea that free trade is actually good for you each country has kind of sensitive issues so we have to we need to accept some sensitive issues from each country so we don't want free and complete framework we need 80% or 85% is fine so we are now negotiating in the last stage please look at the EU EU is integrated I mean economically one area region but each country has each culture and each I mean so we need economic integration but we have each country has sensitive issues so yes it's sometimes hard to keep your mind around this concept of free trade not sort of leaving people behind that are already disenfranchised or on the wrong side of the income disparity what is the rationale for free trade would help this the benefits we get from free trade is based on the idea of specialization a more concrete expression of that is comparative advantage of different nations but one way to look at markets is to look at domestic markets then you look at global markets what's wrong with the concept of comparative advantage is previously we tend to take that advantage as a static comparative advantage but static has a beauty of elegance sort of see a static picture but what is important is for us to understand that concept as a dynamic comparative advantage so do you have a comparative advantage you say yes tomorrow will you have a comparative advantage you say yes but less so but you gain time so that you can learn new tricks the economy the marketplace continue to move forward so if the thinking is correct what is important is to have the concept of opening up of market not open market right away so that you gain time to adjust your labor skill sets your better position to have for jobs that have higher value added Shinta what are your thoughts on that yeah I have to say that this issue of nationalism versus regionalism versus globalization as is definitely very apparent and when we talk about in the ASEAN context we're looking into how to do more trade creation rather than trade diversion you know and I think we're managing in terms of each of the country as a center of excellence of certain sectors but how then we can create the single market and I think when we talk about opening market there is still a very big dilemma in terms of the nationalism itself that Indonesia for example at the moment we're going through where foreign investors start looking into Indonesia as more protectionist regulation trade regulation coming out our negative list has just been an issue in which we are closing some of the sectors although opening up and this is a big issue at the moment that we're facing and on one side we want to open up we're negotiating right now SIPA Comprehensive Economic Partnership Agreement with different countries South Korea EU we are launching with EU with Australia and yet we're not ready for that right where are we? TPP is very far off of course from the agenda but I think this is a big dilemma that country like Indonesia is facing we don't have that kind of concept of what is really the positive impact if we open our market Do you think it would have a catalyzing impact in a country like Indonesia? I know Japan and China have often looked at China would be very interested to get into TPP which is welcomed and I think it has an alternative agreement as a result but they've looked at these agreements as ways that they can say we had to sign this and now we have to implement reforms that would otherwise be domestically, politically impossible I'm thinking about the land acquisition situation in Indonesia has been talked about often as a deterrent to foreign investment, to infrastructure investment you have a sense of this as a business person and entrepreneur what's the situation there? Is that getting better do you think that there's a way to increase foreign investment by sign on to trade agreements that would help catalyze, get more legislation through parliament than otherwise would happen? Yeah, I think of course as you know our election is coming up in July so at the moment everything seems to be on hold we are very optimistic that the new government hopefully can really bring us to a new direction of Indonesia but I think what is crucial to say is it seems like there's a number of homework that Indonesia needs to fulfill before we even can look at more opening up of Indonesia and I think this is really reflected in the regulatory framework aspect decentralization is a very big issue so while we are talking about globalization this is a major iframe front of us which is decentralization which impact like the land acquisition and so forth is still a big issue till today so I think unless we kind of address those challenges that we face internally I think we will continue struggling to want to be a player in this global arena and I think this obviously the timing is very important and that's why we are looking how this effort can apparently be done simultaneously and address the home issue as well as the global issue and I think we need to really I think Indonesia, the new government has a very big assignment in their head so they really have to move forward with this. Let's take a little more questions, I see a couple of hands going up anyone from the other sections and I have a whole bunch of people behind me I can't see so you just have to throw something at me in the back. My question is for Nishimura and in articles that I read about the TPP content there are extraordinary shareholder rights to ignore laws in member countries related to environmental regulation to bring lawsuits if regulations are more severe in their home country to recover lost profits to challenge labor laws that they don't like and I don't hear much about that in the debates I'm wondering if those issues have been addressed and taken out of the TPP or if Japan with its incredible history of environmental protection of strong labor laws is accepting those parts of the TPP agenda that I read about in some of the underground press that we don't talk about publicly I'm wondering is TPP really something that you should be moving toward to address or how might it impact Japan's environmental record Japan's labor law is going forward Can you identify yourself My name is Alan Minor I'm a venture capitalist What I can say here is so limited and also it is a sensitive issue sensitive matter so let me talk a little bit about this but may I speak in Japanese so please put your headphones ready you can understand Japanese okay um TPP TPP is a 21st century framework so there is no communication between the environment and the labor laws so that is why the time is taking place so because we do not have any president so this is not the 21st century because we do not have any president so this is not the 21st century because we do not have any president so you know, in the 21st century rules and all the equipment we are proceeding with specialization. Therefore, there will be a set of rules in trade and investment covering environment and labor as well, and that would be a common shared rules to our member countries would comply with. But then, when it comes to specific rules, what would be the distributed settlement mechanism? And then, how much time is allowed for the actual introduction of such set of rules? We are in the middle stop negotiation right now. And recently, there was a ministerial meeting in Singapore, and to an extent a discussion has been sorted out. And then, there will be chief negotiators meeting in July. And by then, all these items would be sorted out. And when the chief negotiators meeting is held in July, all these will be worked on and lead on to the ministerial meeting scheduled to be held in July. I have a complete message. And there was another question there, and I agree. Thank you. I'm Vivienne La from Junior Achievement Asia Pacific, nonprofit organization in 120 countries focused on supporting young people. On the topic of sustainable and inclusive growth, I think Professor Fu, you call for a change of mindset. I think sometimes it's more than just the change of mindset. We need to have the enabling system and process to support that. Now, on the real cost of resources, I think what we are seeing right now is that our current generation is actually getting a discount. Our future generation is going to pay a premium. So I know I have this wild concept that I think would terrify politicians and economists in this room. Is there a chance that we can look at real cost of pricing with a different perspective? Really long-term pricing? So maybe it's a new form of GST, but the G and the S stand for global sustainability.  So maybe it's global sustainability fund or something, which means that we should really pay for the true cost so that by the year 2060, future generation, when they look at us in this room, they know that we've done something to support them. I know it's a wild card and I like to hear comments. Is it a wild card? I think this may be wrong, but I think this is the concept behind the carbon tax, behind carbon trading. In Indonesia, please go ahead. May I comment on this one? I kind of get where you're going with this. And let's take the issue of water, which is where Wayne started and you referred to that. Water has many dimensions beyond the economic. There's political dimensions. There's even spiritual dimensions, environmental dimensions. And we see indeed water use is unsustainable. We see water tables. You look at the state of Punjab, for instance, in India and Pakistan. Water tables have depleted to a level. The farmers know what's happening. They know this is unsustainable. And we go and talk to them. They tell you, listen, we know beyond the next 10, 15 years it won't last. But if I don't do this, all my neighbors are going to take the water anyway. The depleting groundwater levels in Bangladesh have led to levels of arsenic in the water supply system that entered the food chain and have a huge health care cost for humanity. So there is no doubt that there has to be some way of appropriately recognizing this cost that this resource has. Unfortunately, the moment you talk of cost is allocated to a resource like that. The first reaction is always emotional. And there's no doubt that water access to clean, safe drinking water is a fundamental human right. But that usage of water for drinking, for cooking, for personal hygiene is not more than a couple of percent of the total freshwater resources we have. The bulk of the freshwater resources we have are actually used in agriculture, 70%. And the research seems to indicate that the amount of water used in agriculture is two to two and a half times the physiological requirement of the plants themselves because of losses due to transpiration, losses because of percolation, and simply overuse of water. So a proper pricing mechanism in some way with communities participating, because they see the cost. Communities and the farmers know the cost. Participating in this will definitely go a long way. But it's politically a very difficult transition to make. Nando, I think the issue of pricing these commodities would take us about six hours to even cover the basic issues. But very quickly, I wanted to try to drive you back to something you referred to earlier, which is, Pujoon talked about, and Sheena Harzons talked about wealth transfers. Is there a way, in the context of your investment, you talked about investment in the rural sector and the agricultural sector, is there a way to get the private sector involved more directly in looking at a longer time horizon for returns and in getting engaged with governments in trying to create these wealth transfers on a commercial level? Let me give you a simple example. And then you tell me. And this is an example from our business in Pakistan. We have a business that's about 80 billion rupees, Pakistani rupees. Of this 80 billion rupees, where does the revenue go? 80 billion rupees, cash. 20 billion goes to farmers directly, wealth transfer. Form of cash that is transferred on a daily basis for the milk and raw materials that supply. Another 20 billion goes for other raw materials and packaging materials. 20 billion goes to indirect taxes, transportation, interest costs, et cetera. And 20 billion that's left over is split three ways between employee salaries, direct taxes, and shareholder profits. Now if I look at that as a model, as a capitalist, and I put this equation about the wealth transfer that's happening into the rural economy, into the hands of individual small farmers, and the money that's actually being split between direct taxes and profits and employees, this is a sustainable business model because you have wealth transfers integrated into the way you operate. And that is a sustainable business model that we need to work with. Chintu, what do you think, I want to get your opinion because you're from a country that is still largely rural. Do you think that that resonates with you in terms of a workable business model in Indonesia? Well, actually the government has tried, as you know, a few years ago they're reducing, they're trying to reduce subsidy and then creating a program of what we call the wealth transfer, I mean, a cash transfer program for more for the poor. Unfortunately, it didn't really work very well. And I think this concept of wealth transfer as a model seems to be good, but in actual implementation it's not as simple as what it's apparent to say. And I think coming back again on what the government is doing, these policies, I think it has to be clear that, for example, we're at the moment we're negotiating in terms of the social security for labor and for employees. And where does the cost go? And they wanna say, this is all employer responsibility. So basically 5%, all employer's responsibility. And so they wanna try, basically the cost will lies on the employer, it's not the employees. And this is always, this is an ongoing problem in Indonesia because you're trying to create policies and that is really pro, of course, the major population in where the labor is. And then yet, it's impacting that to the employer side, which is a certain segment of the side. So I think, how can you create this balance when we look at the wealth transfer, how can this be implemented properly? And how can you can have a fairness in terms of, yes, of course, certain cost needs to go here, but how do you actually execute it, I think it's the problem. So let me stop there and open up for what we have time for, just one more question and I wanna make sure we do get a couple of those in. And then we'll all be heading off for that. I know everyone's eager to get to the lunch. Over in the back. Thank you, my name is Yosef from Delfin Hub Global Shapers Community. We're talking about ecosystems and ecosystems come from a natural world, sort of our understanding of a natural world. And ecosystems work towards equilibrium. When you think about growth, how we become overly obsessed with growth that it's affecting us negatively? Can you, is the question, how do we become so obsessed with growth that it's affecting us negatively? Is our obsession with growth affecting us negatively? Okay. Julie. Eugene, you wanna take that one? Well, that's when we look at the existing model of growth. We do not make a very strong argument against the existing model, but in practice of the existing model, land, labor, capital, land, of course, stands for. It's a more concrete term for the celestial, celestial constraints we all face, it's land, including water. In the practice of the existing model, we have not been sensitive enough to what we call the caring capacity of earth. Now consistent with the economic principles, if resources are limited, there must be better mechanisms for better pricing of those resources. But now we are probably conceptually more clear. The next challenge for us is to communicate that message to governments, to business, to every sector of society so that we have a better chance for the growth to be more sustainable. Of course, it will be a challenge, but the better to start talking about what we call give model. Green, inclusive, new value, a better ecosystem for entrepreneurship and innovation so that we have a better chance to survive all together. All right, why don't we try to wrap it up there and I'll try to sum up before we all head out. I think, I'm not sure if your acronym will necessarily take up, but I think the spirit behind it definitely will. There needs to be a clearer alignment and a recognition. I think these kind of conversations will help that to some extent. The government's realized it's not just enough to come up with a positive growth figure because for years we thought, if you can produce the growth, you can stay in power. That's clearly no longer the case. I think every government in the region from Japan to China to Southeast Asia recognizes that. Obviously, we get more serious about trying to create a more realistic pricing model for scarce resources, a smarter tax structure, some kind of conditional wealth transfers should be explored that can help mitigate the impact of freer trade and developed capital markets. Property rights I think is a paramount issue for Southeast Asia and most of Asia. Land reform was never really fully implemented in much of the region. I think in this country, in particularly, it's a process and hasn't been fully completed. Japan, I think, politicians there will also have to engage others in the region about trying to create a better awareness and understanding of why free trade is good. And as our audience suggested, I think that more has to be done to try to not only just explain this to the public, but to find ways to create those opportunities so they can move and adapt and benefit fully from those agreements. So why don't I leave it there? And I'm sorry we had to run out of time, but I know there's a big motion to go to the Indonesian lunch, run across me, and I'll thank the panelists for their time and taking part in their insights. And I'll thank all of you for coming and sharing with us today. Thank you.


Welcome to News Desk on SiliconANGLE TV for Wednesday, October 10th, 2012. I'm Kristen Folletti. If Twitter ends up running its own video service, this should help. The messaging service has bought Vine, a video-sharing startup. Also, Twitter's co-founder, Jack Dorsey, is rumored to have less responsibilities. Are either of these good moves for Twitter? Joining us with breaking analysis on these stories is SiliconANGLE News Desk editor, Kristen Nicole. Welcome, Kristen. Good morning. So, to start off, first, can you tell us what is Vine? It's a startup that hasn't quite launched to the public, but it basically centers around a video service that works with your mobile phone and it lets you take short video recordings like the Twitter for video. So we've heard about other video startups before. What is Vine doing that makes it unique from other video apps out on the market? Sure, there's been plenty of folks trying to do something similar for a few years now, and what Vine does differently is they take small segments, little clips, and kind of stitch them all together instead of taking one continuous clip or even taking photos and turning it into a video from there. Who are some of Vine's competitors, or who would Vine be able to stand out on its own against if Twitter hadn't purchased them? There's others like, video's one, Tout is another. Over the years, there have been some that have come and gone or been acquired. I think there was one called 12 Seconds, which really iterates what their service was really trying to do, accomplish. Even Seismic started out with a very video-centric approach to short burst social networking updates. And as we all know, Seismic evolved quite a bit from there and ended up being acquired by Hootsuite. Do we know why Twitter is interested in Vine over the other video sharing sites out there? One reason may be because it's a smaller startup with a relatively small team, it might have been available at a good price. There was some speculation that this was an acquire, meaning that they really wanted the development team and the founding team behind the product more so than the product itself. But there's also information coming out that Twitter may in fact be using the underlying technology to either roll out a video service, video hosting for their own purposes or just go ahead and launch Vine as a standalone service. Yeah, so there's a possibility that Vine could still live as a standalone service. What exactly does that mean? It means that it would still be Vine, it would have its own URL, it would have its own user base essentially, and it could still work in tandem with what Twitter's doing. They have a lot of partners now where they do video hosting, of course Twitter doesn't have video hosting for themselves, you can't upload a video directly to Twitter. You have to go through with their party. So maybe something similar to that where they're kind of buying their own partners or it could be something similar to what we've seen with Facebook and Instagram. Vine and Instagram is still called Instagram but it's kind of under the Facebook umbrella. So how is a video service like Vine going to help Twitter evolve? Well, the hosting aspect of it is really interesting here. Twitter's moved into the space for photos and videos and natural next step. So if they do launch it as its own standalone service then it could continue to evolve in that direction if they want to incorporate it for video hosting. That's going to be a really good next step for them as they try to improve the user experience with some of the media specific aspects for sharing. You mentioned earlier that the company has yet to launch publicly and that perhaps Twitter is interested because price might be low at this point. Is there any other reason why we may think Twitter is investing in a company that is not publicly launched? Well, there could be other reasons that they're just not revealing at this time. It looks like with some of the founding team members there's some networking that may be of importance in that regard. You don't always know these things. In a related story, Twitter co-founder and CEO of Square Jack Dorsey has been in the headlines. He's been highly admired and even referred to as this year's entrepreneurial golden boy. But earlier this year a business insider hinted that Dorsey was spending less time at Twitter. Can we speculate about his absence at all? There's certainly been some speculation about what's going on with Jack Dorsey. Some say that his leadership at Twitter has kind of faltered and he's remaining there for you know to still have an influence in product design but maybe not so much as a leadership role but then also he has Square, the mobile credit card dongle and that seems to be going really well. So there seems to be lots of speculation about his involvement with Twitter. Of course he was one of the early founders and there was some drama when he left and returned but he definitely seems to have a lot on his plate right now. Nick Bilton of the New York Times wrote Mr. Dorsey's role has since been reduced after employees complained that he was difficult to work with and repeatedly changed his mind about product directions. He no longer has anyone directly reporting to him although he is still involved in strategic decisions. So what can we make of all that? It really sounds like he's shifting into a figurehead role where his ideas on product design may still be helpful and influential. I know that Costello made an effort to bring Dorsey back into the fold and really have that team to be part of the face of Twitter and it doesn't hurt to have a golden boy on your team even if he's not necessarily doing a whole lot in meetings but really having that influence especially with the early ideas and possibly some of the business aspects and goals of where Twitter started. I'm sure it doesn't hurt to have him around. Recent leaks have hinted that Twitter revenue for forecasts are rosy and ahead of projections. Is that something that's unexpected? I wouldn't necessarily say it's unexpected. Twitter's been around for a little while now. They've had an ad platform for a couple years and it seems to be going pretty well. Expectations earlier this year put Twitter's revenue estimates at around $260 million so that's still small compared to companies like Google maybe even Facebook but it's good for Twitter especially as they continue to flesh out and seek that balance for a business model. Nick Bilton of the New York Times also mentioned that Twitter insiders have an IPO goal of 2014. At this point is Twitter IPO more of a fantasy than a reality? There's no telling what the team is looking to do but there's certainly some reports from Pundance saying that a Twitter IPO may not be in the cards right now. The market may be a little bit tired of the consumer facing web based products like Facebook and some of the others that have gone public in the past year or so so it would definitely be a huge consideration for Twitter to even think about going public in the near future. Well Kristen thanks so much for your time today we appreciate you joining us. Absolutely take care. For all the latest in-depth coverage and breaking analysis on tech innovation keep up to date with News Desk on SiliconANGLE TV.


There is a borderland of thought that stands between this world and heaven. It is not a place, and when you reach it, is a part from time. Here is the meeting place where thoughts are brought together, where conflicting values meet, and all illusions are laid down beside the truth, where they are judged to be untrue. This borderland is just beyond the gate of heaven. Here is every thought made pure and holy simple. Here is sin denied and everything that is received instead. This is the journey's end. We have referred to it as the real world. And so this would be another description of the right mind, of the state of mind that is available when the mind can consistently choose the Holy Spirit and can consistently choose the right mind and has laid aside the desire for the wrong mind. If we move on to several sections ahead, the little hindrance, page 511, we can start to get a grasp of the Course's outline of time and the meaning of time. We'll begin with the second paragraph on that section. Nothing is ever lost but time, which in the end is meaningless. For it is but a little hindrance to eternity, quite meaningless to the real teacher of the world. Yet since you do believe in it, why should you waste it going nowhere when it can be used to reach a goal as high as learning can achieve? Think not the way to heaven's gate is difficult at all. Nothing you undertake with certain purpose and high resolve and happy confidence holding your brother's hand and keeping step to heaven's song is difficult to do. But it is hard indeed to wander off alone and miserable on a road that leads to nothing and that has no purpose. God gave his teacher to replace the one you made, not to conflict with it, and what he would replace has been replaced. Time lasted but an instant in your mind with no effect upon eternity, and so is all time past and everything exactly as it was before the way to nothingness was made. The tiny tick of time in which the first mistake was made and all of them within that one mistake held also the correction for that one and all of them that came within the first.  What God gave answer to is answered and is gone.  You think you live in what is past, each thing you look upon, you saw but for an instant, so long ago before its unreality gave way to truth. Not one illusion still remains unanswered in your mind. Uncertainty was brought to certainty so long ago that it is hard indeed to hold it to your heart as if it were before you still. The tiny instant you would keep and make eternal passed away in heaven too soon for anything to notice it had come. It appeared too quickly to affect the simple knowledge of the Son of God can hardly still be there for you to choose to be your teacher. Only in a past, an ancient past too short to make a world in answer to creation did this world appear to rise. So very long ago for such a tiny interval of time that not one note in heaven's song was missed. Yet in each unforgiving act or thought, in every judgment and in all belief and sin is that one instance still called back as if it could be made again in time. You keep an ancient memory before your eyes and he who lives in memories alone is unaware of where he is. This is a description that the perceptual world of time and space was over and down a long time ago and that these images though they are still being called forth are all past. It's quite a statement. If we move over to the next page we find the statement now you are shifting back and forth between the past and present. Sometimes the past seems real as if it were the present. Voices from the past are heard and then are doubted. You are like the one who still hallucinates but lacks conviction in what he perceives. This is the borderland between the worlds the bridge between the past and present. Here the shadow of the past remains but still a present light is dimly recognized. Once it is seen this light can never be forgotten. It must draw you from the past into the present where you really are. The shadow of voices do not change the laws of time nor of eternity. They come from what is past and gone and hinder not the true existence of the here and now. The real world is the second part of the hallucination time and death are real but have existence that can be perceived. This terrible illusion was denied but the time it took for God to give his answer to illusion for all time and every circumstance and then it was no more to be experienced as there. Each day and every minute in each day and every instant that each minute holds you but relive the single instant when the time of terror took the place of love and so you die each day to live again until you cross the gap between the past and present which is not a gap at all. Such is each life a seeming interval from birth to death and on to life again a repetition of an instant gone by long ago that cannot be relived and all of time is but the mad belief that what is over is still here and now. Forgive the past and let it go for it is gone. So this is a great commentary on the deepest levels of the self-concept the perception of time being linear that time goes forward and that the past repeats itself in the future and skips over the present from the ego's perspective but that the Course is telling us that the present and the past do not have a meeting place that each present instant is a newborn chance for the mind to be free of the past completely. We move ahead to the section titled the immediacy of salvation on page 519. The one remaining problem that you have is that you see an interval between the time when you forgive and will receive the benefits of trusting in your brother. This but reflects the little you would keep between yourselves that you might be a little separate. For time and space are one illusion which takes different forms. If it has been projected beyond your mind you think of it as time. The nearer it is brought to where it is the more you think of it in terms of space. There is a distance you would keep apart from one another and this space you see is time because you still believe you are external to your brother. This makes trust impossible and you cannot believe that trust would settle every problem now. Thus do you think it is safer to remain a little careful and a little watchful of interest perceived as separate. From this perception you cannot conceive of gaining what forgiveness offers now. The interval you think lies in between the giving and receiving of the gift seems to be one in which you sacrifice and suffer loss. You see eventual salvation not immediate results. Salvation is immediate. Unless you so perceive it you will be afraid of it believing that the risk of loss is great between the time its purpose is made yours and its effects will come to you. In this form is the error still obscured that is the source of fear. Salvation would wipe out the space you see between you still and lets you instantly become as one and it is here you fear the loss would lie. Do not project this fear to time for time is not the enemy that you perceive. Time is as neutral as the body is except in terms of what you see it for. If you would keep a little space between you still you want a little time in which forgiveness is withheld a little while. This makes the interval between the time in which forgiveness is withheld and given seem dangerous with terror justified. Yet space between you is apparent now and cannot be perceived in future time. No more can it be overlooked except within the present. Future loss is not your fear but present joining is your dread. Who can feel desolation except now? A future cause as yet has no effects and therefore must it be that if you fear there is a present cause and it is this that needs correction not a future state. So this is bringing it back to a metaphysical distinction the course of miracles makes is that all of the pain and guilt and discomfort and fear that is ever experienced is not because of something that's happening out in the world and further not because of something that's happened long ago that is in the past so to speak but it is because of a present decision to hold on to a past cause or to hold on to a belief that has no existence in reality and that truly is over and done to continue the plans you make for safety are all laid within the future where you cannot plan no purpose has been given it as yet and what will happen has as yet no cause who can predict effects without a cause and who could fear effects unless he thought they had been caused and judged disastrous now belief in sin arouses fear and like its cause is looking forward looking back but overlooking what is here and now yet only here and now its cause must be if its effects already have been judged as fearful and in overlooking this is it protected and kept separate from healing for a miracle is now it stands already here in present grace within the only interval of time that sin and fear have overlooked but which is all there is to time the working out of all correction takes no time at all yet the acceptance of the working out can seem to take forever the change of purpose the Holy Spirit brought to your relationship has in it all effects that you will see


Shawnee Hello, I just arrived here Here, how do you acquire such knowledge because I don't know such things and don't know where where to start You just start consuming info. I've been following politics for decades now So it's not something you can learn instantly. It's not right. You could take you could take any place in the world right now, right? Take Haiti for example, you could take Haiti and say, okay, you want to know what's going on in Haiti All right, you have decades of history to go through Right, you got decades of history to go through and it's not just history You have to dig down figure out where that history is coming from right because as the saying goes the winners write the history All right, so a lot of history that we know about the world. It's not really true history. It's not right You have to dig down and find out the information that they didn't share or that they lied about or they hid right, so you can read a book that's written by American Propaganda on Haiti the history of Haiti and then read another book written by Haitian that knows the history of Haiti and It'll be totally two different things right, so it takes a long time and Doing research on Haiti figure out You know why it is the way it is right now It would take you months of reading to catch up months of reading to catch up So it's just time. You have to remember Shawnee on On Twitch the odds are I'm older than you much older than you and I've been going at this for a long time Right, it's time. Just make sure you're not being used as cannon fodder by centralized power and know this centralized power governments lie They lie Corporate media lies Right, so don't expose yourself to tons of corporate media and government propaganda Because that'll distort you that will exhaust you if you want to learn the history of a region Do first and foremost Who some of the independent journalists were from that region and read that history you'll save yourself a lot of time and Interact with the people right interact with the people from that region, right? So there's a lot of people I talked to that, you know talk about Haiti for example They've never met a Haitian in their lives They've never had a Haitian friend. They've never dated a Haitian.  It just it takes time. It takes energy to do it. It's like education, right? It's education Okay Shawnee the problem is that I forget easily Shawnee How how how many live streams have you attended of ours, right?  I mix up my dates. I don't You know, I think I remember something a certain way, but oh, that was a different reason or this this this But those are the minute little things, right? You don't have to worry about the the intricacies of it You have to you have to think about the the flow of it the macro, right? You can you can figure out the micro for certain areas for sure But look at the macro what's going on know who to trust know who not to trust Right, that's the first couple of orders of business and the longer you spend with it The more you'll get to know the more you'll get to know first time chat Pussy baker nice name My man looking like a Budo for that's the last thing I want to be but it is what it is, but it is what it is By the way, hello, hello, hello real Xenomorph the media is built on lies as Assange would say Nearly every war in the last 50 years was started due to media lies 100% 100%


Hey everybody, it's Brian. Welcome to the 39th Qt tutorial with C++ and GUI programming. Today we're going to be covering the Q-length list. I'll go ahead and Create just a simple console program. I'll call this linked Put it in the usual location All right, and let's just add a few includes here And in case you're wondering about my sloppy typing. Yes, I'm still not wearing my glasses. So Just bear with me here The ironic thing is though, um, my video game scores have actually gone up since I quit wearing my glasses I can't figure that one out. I can barely see the screen yet. My score has gone up All right, so what is a Q-length list and why do we need it? Well Q-length list is like the Q-list which you've been working with, but it's linked. What does that mean? well what it means is instead of Allocating all the memory together in one contagious chunk The items can be spread out memory and to do that as a visual representation just kind of show you Wikipedia's link list description and this is a This is not language specific. This is not platform specific. This is a general computer term a linked list if you will each item Contains a pointer to the next Or I should say, you know, it's got a list inside of it that links to the next item What that means is that these don't have to be all in the same chunk of memory They could be spread out all over the place This could be an address 1 this could be address 20 this could be address 3 and it jumps around So what's really the difference between a list and a linked list? Well a list is Very fast rating the list. So if you just want to iterate through the list It's a very fast doing that because it's all in one contagious chunk Now vendor specific might be a little different depending on which vendor you're using But it's all in one contagious chunks. It's very fast now when you go to Insert something say in the middle of that list. It's very slow because it has to Find a chunk of memory big enough for the new list size create a whole new list and do all sort of stuff That may or may not be cute true with cute under the hood I'm not quite sure how they handle it, but that's a general a list a linked list on the other hand It's very fast to insert or delete things because it just changes these pointers But to iterate over the list it has to find the pointer move to that point in memory find the next one move to that point in memory And just keep going and going and going so that's the main difference between the two But the the implementation is almost identical. So say list actually we can just say Bear with me one moment Sorry about that. My mouse cord was hung up on something so we could just populate this list here And we'll just say let's say I had one three and five We'll say for each int I In our list and let's just say cue debug We're gonna print some stuff out here and you will say I Save and run this See see our implementation is identical, but under the hood. It's a drastically different animal here In case you've never seen this before we're just inputting the list you can still use the same old try and true method a pen Well pretty short tutorial. I just wanted you to really understand the differences between a list and a linked list and why you need the two Really all you need to remember is when you see the word linked linked list. Just think of pointers. It's very fast insertions and deletions This is Brian. Thank you for watching. I hope you found this video educational and entertaining


Navy Week Salt Lake City wrapped up this week. Sailors from USS Constitution visited eight local elementary schools where they taught students Navy history and heritage. Sailors also visited Shriners Hospital for Children where they participated in the Caps for Kids program. A new mobile app is now available to assist sailors in completing mandatory domestic violence or DV GMT training. The app is designed to be an additional GMT tool and provides sailors with flexible access to training and resources about domestic violence. To find the free Navy DV app, search domestic violence prevention in your app store or web browser. The 2015 holiday season is right around the corner. The Naval Supply Systems Command released mail-by dates for pre-December 25th deliveries of holiday cards, letters and packages. Don't be late. If you plan on mailing packages to a military address, check with your local post office to determine specific delivery requirements. For these stories and more, visit navy.mil.


Bacterial bio-fertilizers are becoming increasingly popular due to their ability to increase crop yield and soil fertility. They do this by providing essential nutrients, mobilizing soil compounds, protecting plants from stress, and fighting off plant pathogens. There are various methods for producing and applying these bio-fertilizers, but they are not yet standardized across the globe. Despite this, the global market for bacterial bio-fertilizers is growing steadily. This article was authored by Paula Garcia-Friely, Esther Menendez, and Raul Rivas.


Hi, I'm Katie flower, and I'm a door hardware nerd I've been with us obloy for 15 years and currently I am a training specialist So I get to work with a lot of different people teaching installation teaching building codes product knowledge And use different things like that. I really enjoy it I'm a door hardware nerd for so many different reasons I write song parodies of door and hardware. The first one I ever wrote was back in 1988 to the tune of under the boardwalk called sell him a board lock. I will watch movies or TV shows and be shouting at the television that door can't lock automatically behind them with a deadbolt on it. That just isn't possible. Just all different kinds of things. I'm always taking pictures whenever I look at doors in a hospital or hotel or whatever. So I'm just a overall door hardware nerd. Plus I tell the best door jokes. It was pretty much instantaneous. I became a door hardware nerd First week that I started in the industry back in 1984. I fell in love with detailing doors and frames and I've just been at it ever since The door hardware nerdiest thing I've ever done one time coming back from vacation. I was really not feeling well and I was with my nephews. I didn't want them to know I wasn't feeling well because I didn't want to spoil their vacation. But as soon as we made it back. I said guys I've got to go to the emergency room. I'm not feeling well and as I'm being wheeled down the hallway on a gurney headed towards the emergency room trying to figure out what was wrong with me and why I was writhing in pain. The guy presented his credential to the card reader for the power operators to open the door and you could hear a clicking sound, but he had to present his badge twice. And as they're willing me through the opening the doors are opening. I look up and I said, Hey, that's a Corbin rush when 5470 surface vertical rod exit device and it's the electric latch retraction. It was in a bind. The door was trying to open the Norton power operator was trying to open the door before it could go through. And I'm telling them everything about the door as I'm writhing in pain on my way to the emergency room and even who to call. So I guess that's the nerdiest thing I've ever done. At the core of every door hardware nerd is someone who cares about your life safety and your security. It's called hardware because it's not easy doors and hardware represent one to 2% of the overall budget on a project, but represents about 98% of the problems and issues that you may run into. So let our door and hardware nerdiness help you.


Perfect that was the best one yet. So today is video Friday and thanks for joining us again today. We're gonna pull this string They've been bugging me for six months. Maybe Today is the best tip you've ever had how to finish your edges the best way possible It's expensive, but it's the best way possible You can rub it on the sides that drip in you can tape it off You can try to keep it on the top or you can buy yourself a table saw or you know your neighbor or something watch this This is the best Yeah, look at that Perfect you can paint it you can leave it like that you can put tape on it I just took off perfect. Yeah, I just took off about half of a blade with just about half of a blade with That's all video Friday.


This video is called Find the Area of the Shaded Region 1. When you look at this picture, you can see that we have a big rectangle and a smaller rectangle. To find the area of the shaded region, imagine that this big pink rectangle is one sheet of paper and we've cut out the smaller rectangle. So it's almost like you can see through the bigger rectangle in the small part, almost like an eye hole or something like that if this was a mask. So to find the area of the shaded region, it would make sense to find the area of the whole thing. So in this case, it would be the area of the big rectangle and then we're going to subtract out the area of the small, which in this case would be the white rectangle. So we will have two answers that we will then combine together using subtraction. So let's start by looking at the area of the big rectangle. We know a rectangle. To find the area, it's base times height. Well, I've got a base of 2x plus 5 and a height of 3x plus 1.  When I combine these like terms, I get 6x squared plus 17x plus 5. So that is the area of my big rectangle. So I could rewrite it up here if I wanted to. 6x squared plus 17x plus 5. Now let's go ahead and find the area of the small rectangle. Again, we'll have to foil. We will have x plus 2 times x. And actually, I won't have to foil this because it's a monomial times a binomial. So I'll just have to distribute x times x is x squared. x times 2 is a plus 2x. So my small rectangle is x squared plus 2x. I'm going to put that in parentheses simply to remind myself that when I'm subtracting the two polynomials, I have to remember that this negative applies to everything in my second polynomial. So I'm going to have to do a distributive property where this is really a negative 1. So I'm going to rewrite my first polynomial exactly as it is. 16x squared plus 17x plus 5. And then I distribute, I'm going to say minus x squared minus 2x. And now to finish, I'll combine like terms.  This would be a perfectly acceptable answer, but many of you might recognize I can take out a GCF. I could divide out a 5 from all three of those terms. Oops. So if I took out a 5, I'd be left with x squared plus 3x plus 1. We will practice much more of that later on in the algebra unit. At this point, this would be a great answer. That would be the area of the shaded region of the picture.