We come to our question and answer session. The rules are quite simple. You can address the question to the entire panel. You can address individual panelists. And the panelists also are entitled to make comments on each other. I would like to start with the question for Sean Gabb regarding translations. I'm, of course, somewhat familiar with the difficulties of translations myself. My question is, does it make a difference as far as the quality of translations is concerned if the person who does a translation is an accomplished writer in his own language as compared to people who are just translators and don't do anything but translating? It certainly gives you a more glossy final product if the translator is also a very good writer. However, I've done quite a lot of translation into English from various foreign languages. And although I thought I knew those languages very well, professional translators often said, no, you have failed to understand the subtle meaning of this particular phrase. And so the quality of the translator's writing is of very great importance. But also the translator's feel for the very small subtleties of the original text is also very important. And that is not something that you acquire just by knowing the language and thinking that you can translate a text from one language to the other. It does require a great deal of practice. What about bilingual? Does that make any difference to me? Depends on the bilingual person. Of course, if you... Hans, do you translate your own things between English and German? Do you translate your own work between English and German? Which means that you've produced two different works which one day will confuse your biographers no end because I'm sure that there are small differences of emphasis between the two versions.  Also a question for Sean. Sorry about that. Should have come in later, but still. Looking at politicians in the UK, Sean, over the last 100 years, I would guess that 100 years ago, indeed much less than 100 years ago, a lot of people in government would have read the classics. And that today, maybe nobody in government has had that background. Do you think that change has affected perspective of government over those decades?  And it strikes me as undeniable at the moment that the conservative politicians who have put themselves in charge of our leaving the European Union do not understand the complexities of the task they've set themselves and refuse to listen to anybody else who may understand those complexities. And so it is very easy to say in the olden days when politicians had read Plato and Tacitus, you got a better quality of government. It's just that you have mentioned 100 years ago. And 100 years ago, the British government was taking bribes from various commercial interest groups, primarily the armaments makers, to keep the Great War running and running and running, even though the war could and should have finished in December 1916. And much as I despise Theresa May and her friends, they have not done anything as shockingly immoral as that. So the politicians 100 years ago, yes, they were accomplished men. They had many more interests, many more respectable interests than the current crop of politicians in charge. But I don't think it made them any better. This question is for Peter. You mentioned that corruption is a problem in China. And just to be the devil's advocate, I was thinking about what Mises said, that capitalism breathed through loopholes. And I thought to myself, well, you mentioned that the CCP is almost like a monarchy. And this, if we think of King CCP as it being one man, sort of like I'm one man deciding what to buy when I go shopping. It's not a problem that people try to corrupt me when I try to spend money shopping by offering something very enticing at a low price. And similarly in China, if a businessman is presented with the fact that he's broken a law and he faces execution or something, for him to say, well, I can perhaps help your son set up a new business and this can all go away. It may not be that bad a problem because the wealthy people in China, like anywhere in the world, are successful entrepreneurs who have commanded resources efficiently to satisfy consumer demands. So these are people who should command the ability to avoid being prosecuted by these laws. So, I mean, it's an outrageous thing to say, I think. But do you really believe that if corruption were eliminated in China that this would be an improvement? Well, most people think it's a problem. But I think, well, sometimes it's also a solution. But I really have to say that corruption now in China has deteriorated in terms of quality compared to the corruption 30 years ago because in those times, basically the bribe you need to pay the government... It's like a market price. But now, because China is so big and the interest... So you need to rely on the government. The interest involved is so huge. And also the government keeps saying... I mean, the ruling, the leadership keeps saying they need to crack down on corruption. So the government official would not receive bribe as easily as before. You need to be connected to bribe the people. So in the past, everyone can bribe and it becomes a market price. But now it's getting more confluited. And if you are not connected enough, you don't know how to bribe, then it becomes a problem because it is no longer a market price. So it's changing. I don't think I'm the first one to say corruption is maybe also a solution for China. Another Chicago economist, his name Stephen Jern, used to be saying, yes, corruption functions like a market price. In fact, the current president, when he emphasized cracking down on corruption, which many of us think is just one fashion, using corruption as an excuse to cleanse the other fashion. But anyway, two years ago, when China economy slowed down and also the stock market crashed, partly because the corruption, the anti-corruption campaign, it was so bad that most government officials start to stop to receive bribe, bribery. And everything just stopped, halted into ground because they just don't want to do anything. When they can receive bribe, they are very energetic and they like to see bridges building. Yeah, so, yeah, in a sense, I think, well, but I think the nature is changing. It was healthier in the past, but now it's getting worse. I have a remark to Mr. Bandulet, if possible. There are two visions of Germany. One is that it's a powerful Germany. It's exploiting all the European Union to its own goals and the vision you presented is Germany is being looted, robbed by them. Those two visions are not contradictory. We have an example with Russia who has been exploited by the Soviet Union. Exploited by the Soviet Union. The Russia as a republic was the poorest republic. They are replying to the other republic to be in the Soviet Union just to have all the republic to fight with American imperialism. And I think there are some people in German political class you can say this, is it true, who want to have European Union around the Germany and pay them to have a powerful European Union to fight with American imperialism for a revenge for the Second World War. Well, of course, it's more complicated than I could tell the story today in half an hour. For instance, European integration also serves the purpose for the German elite to be able to hide behind the European construction. Yeah. Or to quote Margaret Thatcher, she once said, as the Germans are not able to govern themselves, they deny the right to the others. Yeah. This would be a nice circumscription for the German attitude. And I'm speaking of the political class, of course. Not of ordinary citizens. Or just take Eastern Europe. Eastern Europe receives a lot of money out of Brussels. If you break it down to German net payments, so far considerably above 20 billion euros came from Germany into Poland. Now, one purpose behind the whole thing is, of course, well, to buy the Europeans so that they keep quiet. They behave within this European construct and the problem now is they don't abide by their deal any longer. Countries like Hungary, Poland insist on their sovereignty. And they give nothing in return for the money they get from Brussels. So, I think they are right because they've suffered enough from another kind of hegemony, the Russian ones, and they don't want to throw it away, the independence. In any case, we might not be able to do anything in any case, we must clearly see that the European Union is in a big, big crisis now. The biggest crisis ever since the integration started in the 50s. And it might break up somehow. And the biggest mistake, of course, was the euro because the euro is not sustainable in its present form. And this is what Macron knows. And that's why he wants a common budget and common European debt and so on. If he doesn't get it, what he wants. Which really is possible because the German government can only go thus far. Then the euro would break up quicker. And don't forget, for the first time, the German parliament will have an opposition party starting after the September elections with the alternative for Germany, alternative for Deutschland. And they are the only party which are eurosceptical, EU skeptical, which don't believe in man-made climate change, and so on and so on. It's really for the first time an opposition party which, of course, might be an obstacle for the government to just go on and on with more and more integration like Juncker wants. So the whole thing is more or less open again in Europe. And if you would ask me what Europe looks like in five or ten years, I couldn't give you an answer. I have a question for Peter Wong. There's another issue about China that I find very interesting. First, China holds significant amounts of gold and they recently launched an exchange of gold with oil. And second, they hold very significant amounts of the US public debt of the Treasury bonds. How do you think that these two issues will affect the further policy of China and how it will affect the further development of China on the global scene? That may seem strange while you keep buying physical gold and on the other hand, buying toilet paper from the US. But don't forget, China also produces its own toilet paper and the confidence of the Chinese people believing in the currency comes from also mostly from US dollar because China is still yet an open economy. It still has capital control. So the Chinese people when they need to trade with foreign countries or if they need to travel to foreign countries they cannot sell the R&B or the Chinese Yuan in the market. So the final counterparty must be the central bank. So the central bank must keep some US dollar. IMF calculated, believe it or not, but they kind of have a number. For the economy like the size of China, they need at least 2.8 trillion US dollar in order to satisfy the trading activity or kind of economic activity. So if you need to keep your US dollar just putting in your own vault, why not you invest some money into the national debt to buy the Treasury? So yeah, I think somehow China has no choice to keep buying the US dollar or the US Treasury. But on the other hand they are working ways to try to ditch it. But I think last year or two years ago they tried they always talked about international life, the Chinese Yuan which means fully flowed, fully convertible, eventually fully convertible Chinese Yuan. But it was backfired last year because of the credit bubble or the asset bubble that I just mentioned. The Chinese, they are now at least on paper so rich. So if they all go to the People's Bank of China and redeem the USD, basically the Central Bank would run out of US dollar to pay them. So I think China is kind of stuck. But by the way, there is also a good development upon China when for the past two years we see, superficially we see the state, the state enterprises are gaining momentum and squeezing the private sector. But on the other hand because of the housing bubble in China in terms of wealth, the private sector in China owns more property or in dollar, I mean in Chinese Yuan, the proportion of the wealth hold by the private sector becomes bigger and bigger because of the housing bubble because most real estate are owned by private sector. So it's kind of strange like the productive capacity, that kind of thing, more going into the hands of the state but in terms of wealth, in terms of property, people own more money than the government. So just in development I want to update everyone here. I just want to add that I'm completely convinced that the Shanghai Gold Exchange will grow in importance and one day will be as important as in New York. I mean the strange thing is that China is the biggest biophysical gold in the world. They take up all their production and they import gold and the Americans trade mainly paper gold but still the price is more or less set in New York which you can watch on a daily basis and Shanghai which trades much, much more physical gold doesn't seem to make the price. What is always interesting to watch is the premium or discount of Shanghai gold prices. When there is a premium which I mean when gold is more expensive in Shanghai than in New York that's a good sign for the gold market then you can buy gold also in Europe. But I don't know what you think but China is the gold market of the future. This is an alternative or an insurance against their exposition in dollars because the dollars can be blocked or expropriated in case of a conflict and the normal thing in history has always been the conflict between the leading power and the coming power. Like the First World War, England, Germany this resulted, this was one reason for the First World War and now the difference between previous examples Portugal, Spain, Spain against England then France versus England the difference is, if I may say so, the Chinese diplomacy is very clever, very clever very cautious and patient just compare it to this extremely stupid man Hitler he had in 1938, he had all his cards in his hand and he threw them away, he was extremely stupid so I have a high regard for China because they seem to do it and they are perfectly right in amassing gold and the government encourages Chinese to buy gold this is also a difference to the West Just a quick add on question for Peter what's your general assessment of the economic rationality or irrationality of the CCP? It's often claimed and I was mentioned right now that they tend to have a more long term rationality and that even projects like New Silk Road which may be considered cross misallocations of capital in the short few might turn out in the long term to be economically beneficial what's your take on that? Is it true that there's a long term rationality or is it real political totalitarian irrationality? I think Dr Hopper explained it very well like if the CCP thing or the founding families they think they own China then they would have a more long term view and just in response to your question I think if you want to invest or anyone here want to invest in China the problem is the US could shut down whatever like confiscate your property whatever but China also can shut its gate because it still has capital control so the problem with China competing with the US has not yet a fully convertible currency but on the other hand I think the comparison like Steve Bannon's comparison with China and Germany in the 1930s are wrong in the aspect I don't know what's the intention of Hitler to start a war when as you said in 1938 he basically made a great profit already you know Chinese people if you ask them really in their heart I'm not saying I mean people on the street they do have an aspiration like China to become number one not necessarily GDP per capita but I mean GDP as a nation to surpass US but because of the sheer size of our population we don't need to go to war we just need to improve the productivity of Chinese people and that's it we don't need to be aggressive and I do have times feel skeptical on China but recently I kind of changed my view because of all the technological advancement going on I think about the Chinese living in the rural area but basically Chinese living on the coastal area they are as productive as most western economies but the major problems come from the rural area but now you have smartphones not to mention that you have physical bridges connecting the interior area but also informational highways you know this is like the capital goods for the Chinese for the rural Chinese so yeah so I think the Chinese don't need to follow the German way to become number one Japan they didn't have the same kind of precursor to become number one simply because they are too small number of Japanese people where Chinese you just need to increase their productivity that's it China has been a pioneer in the development of special economic zones starting with the massive economic success of Shenzhen and today as I understand it almost 40% of the Chinese population lives in an SCZ and in many ways the Belt and Road Initiative is a continuation of this strategy do you see China slowing down in this or why is the end game do they see most of the population living in a special economic zone in the future while the pros and cons of this kind of centrally planned political decentralization what can the rest of the world learn from this I don't know whether the special of course the special economic zone offers more freedom compared to other areas but I think the one more major question like on the Chinese economy whether it can keep going I have to say somehow I agree with Donald Trump or Steve Bannon in a way Chinese benefit a lot from stealing ideas intellectual property from the US regardless whether this happens in special economic zone or not basically we do not have R&D expenses we just took it from the Americans but I mean so that's what I feel like I feel pessimistic if the West would go down and China replace the West simply because the West can be suicide because this is not a good sign I still think that the Chinese they are not as innovative when you compare the top elites in the Silicon Valley it's because as I said we do not have freedom of speech and if you do not have freedom of speech that limits what you really want to do you can't be really innovative so I think the best scenario would be obviously China we have our own system and the West you have your system and then we compete with each other then that would be good for the human civilization so yeah I think China if the West stop here and then there is as much as the China can steal and after we have steal everything every intellectual even some of us don't believe in intellectual property but I mean there is so much you can steal and then I think that would be bad for human civilization so yeah that would be my comment question for Kier thank you very much for your speech it was great immediately as I was thinking as you were talking 2007 Peter Teal called the top for globalization he said we are going to kind of fragment a little bit in Paracana in 2009 he followed up with an article calling for the new middle ages he said that what was going to happen was not only going to fragment we are going to kind of have ten or twelve kingdoms or something like that where you would kind of everyone kind of return to a neutral corner and then redevelop their own systems and then perhaps come together again sometime in the future do you see any parallels between what you were talking about that ordered anarchy in the middle ages and any potential future governing structures later on and gentlemen if you want to help them out as well feel free but I'd like to hear a second yes broadly speaking I would say that there are three phases of history I mean in Europe at least when it comes to government there's the pre-bureaucratic age when there was no ability to fund and organize a bureaucracy then there was this very long bureaucratic age and I think we've come to the end of it it's breaking down before our eyes what replace that I don't know my preference would be and I think everyone's preference here would be a Europe of Liechtenstein whether that's practical I don't know because as I said the system in the middle ages was even though it varied from place to place it was heavily based on very strong communities we don't have that nowadays some places do but and some good has resulted from the breakdown of overly strong communities but an awful lot of bad has also resulted so it would be very difficult to simply ape the middle ages because the system the systems in the middle ages were bottom up and not top down they all emanated from the way people behaved and the way people thought and I don't see any real potential for the recreation of anything of anything like for instance one of my favourite aspects of medieval law which was common in the early Anglo-Saxon system is that of compugation that could only work compugation I should explain what it is is you commit a crime I swear an oath, a set oath that you have committed a crime against me and then you have to if you want to deny it you have to deny it in set terms then the local elders the local the local great men would decide how many oaths how many more oaths of other people in the local community you would need to help you out oath helpers becomes compugators hence compugation now that's a very good system in a very local kin based community and it seems to me that most things in the middle ages could only operate in that way one thing that I didn't talk about and I regret not doing but then I don't know very much about it I don't know very much about urban leagues and city states and that might be what I'm neglecting I think yes the Hanseatic League is a very good example the Hanseatic League acted very much like a state it was able to protect its members it was able to make sure that people could make sure that convoys could trade around the around the Baltic and the North Sea but it wasn't a state and it it had very loose fluid structures it had a sort of parliament very rarely and at its peak I think 38 towns were represented so yeah I would say rather than looking at chieftains and kingship and so on and so forth which probably can't be resurrected or can only be resurrected on a very small local scale I would say look at look at systems like urban leagues city states and things like that Peter mentioned that Brexit especially was quite inspiring last year for us who wants a retreat from an overarching global government or sort of global governing entity this question is for all four of you what advice would you give to the British government I mean for Sean especially beyond stop being stupid I mean what would be the advice of what to do to continue negotiations what would be in the negotiations how do you extract the concessions from the European Union you four are from very different backgrounds so I'll be interested to know how would you advise if they were to listen Shall I start well I would drive a very hard bargain and in the end if necessary just recurred to the World Trade Organization and even confront them with an ultimatum because my feeling is that the European Commission and the European Union are weaker than they seem to be London should should understand this I mean it was really a front to put Monsieur Barnier in charge of these negotiations by that they really ensured a bad outcome another question is which I can't answer is the ruling class in Britain still like it used to be let's say on the Thatcher a weak people who give in in the end it really boils down but if you confront them and act strongly you can get away with a much better deal than it looks now during these negotiations and they wouldn't have to pay 50 billion euros but I'm actually quite happy with the people in in charge of putting putting Brexit through I quite like David Davis I quite like Steve Baker they both I believe they've both actually addressed former Libertarian Alliance conferences they're both pretty hardcore Libertarians so far as any politician in Britain goes and the public line at the moment I think is as solid as it can be which is we're perfectly prepared to rely on world trade organisation rules and we're perfectly prepared to come away with no deal even if that's not possible I don't see how if you want to negotiate properly I don't see how that shouldn't be the default line to maintain in public to maintain anything less in public would automatically weaken your position but I know Sean disagrees I don't necessarily disagree my concern is that the the conservative politicians who as I said earlier have taken control of our departure from the European Union give every indication of being stupid I may of course be mistaken it may be that the British Ministers have a very clever plan and that we shall walk away from the European Union with a very good deal which gives us everything that we could reasonably want it's just that I have spent the past 40 years looking at these people and I have never been impressed by them and I have never seen them do anything remarkable the Conservatives know there is one thing they know for sure and that is that if they do not give us a decent leading from the European Union then we shall just ask what is the function of the Conservative Party this is their last chance they've lied to us too often they've betrayed us too often they have now found themselves in the position of having to negotiate an exit from the European Union they know that it has to be a departure which is acceptable to us the people and which generally works my concern is that although they are aware of the demands placed upon them that they have no idea how to satisfy those demands the the moral quality of our politicians has never been particularly high politics doesn't tend to attract people of great moral integrity the intellectual quality of our latest crop of politicians really must be seen to be believed so I don't share I don't share Keir's optimism about our current situation I don't think I'm in a position to give an answer rather I have a question which is I heard the revival of the Anglo-Saxon former colonies like basically forming kind of like a new EU among Australia Canada New Zealand and the United Kingdom in response to Brexit I don't know how it sounds a marvellous idea to me but I don't know how serious it has been discussed in Britain one thing we keep reading in the newspapers that these negotiations will go on for two or three years and are terribly complicated now what they tell us is something about the nature of this Brussels monster if you look at the legal paperwork which exists in Brussels this is nearly 100,000 pages now this explains by negotiating this or negotiating well leaving the system is terribly complicated how long does it take to go through 100,000 pages it's just crazy it shows how crazy the whole construct is so in the end it really is possible that the British have no choice but to tear it up and just throw it away and walk away Peace's question how serious is this possibility of an Anglo-Saxon alliance I don't think it's very likely at all one of the reasons we joined the European Union or the European Economic Community in 1973 was that our existing trade with the Commonwealth was not thought sufficient it was not thought a good and viable alternative to our likely trade from the European countries and apart from the fact that we all have cousins in Australia and New Zealand and Canada why should we why should the Australians want to trade with us they have a very lucrative trade with China and the other Eastern markets there is not much that we have to offer them and although their butter and lamb can be very nice we get that we get that from much closer to home from our European neighbours we shall need some kind of deal with the Europeans but let me put this very quickly the zero option the idea of leaving the European Union and relying purely on world trade organisation rules would be an excellent idea if we had a low tax likely regulated economy with politicians in charge who are prepared to make very rapid and intelligent adjustments to the remaining burden of regulation but Britain is not a low tax likely regulated country the people in charge are not intelligent the Theresa May lost her majority last June which means that her ability to do anything radical is effectively zero and so if we crash out of the European Union without a deal in our highly regulated economy there may well be indeed there will be serious problems it's very well to say well if the British government were to have a bonfire of controls if it were to repeal all of these regulations yes of course that would be an ideal scenario it's just that looking at the correlation of forces in London that is not going to happen and so I I do think the politicians should at least be honest with us that they don't know what they're doing and they don't know what they will do next they don't even know what they ought to do sorry that's very depressing but then what do you expect it's made I have a last question to first of all I wanted to thank you for the tribute to the Greek and Roman classics and second I want to ask you whether you agree with the view that Europe developed very well as long as it's based on three pillars first of all the Greek the view of Aristotle in an objective the view and belief in an objective truth of how Aristotle has described it the Roman view of law especially Volentino and Fittian Yurya so that the willing one is no harm done and third of all the golden rule so the Christian ethics with the golden rule that basically the principle that you want others to be treated as one should be treated it is arguable that Greek philosophy the Christian faith and Roman law together have made Europe what it is it's equally arguable that Greek philosophy the Christian faith and Roman law are symptoms of the ultimate forces that made Europe as it is but undoubtedly there has been something special about European development to even take I'm not talking about the past 400 years Europe over the past 2500 or even 3000 years there are so many divergences between Europe and the rest of the world and even when civilization in Europe has temporarily collapsed this has not stopped those divergent tendencies it's merely put them into hibernation as soon as the recovery has come Europe moves off again in its very different path of development and so I don't have an answer to your question I would just say that we are probably very lucky that the Roman Empire emerged in the second and first centuries BC it unified Europe it enabled the spread of those three forces the Greek philosophy of Roman law and of the Christian faith and it gave a degree of unity to Europe that it has never possessed before or since we should be very glad that this happened and at the same time we should be very, very glad that it didn't last the Roman Empire was an excellent idea and letting it fall to pieces was an even more excellent idea Question for Dr. Bandulet in view of your description of the looting of Germany what do you think about the current so-called migration crisis and the inflow of hundreds of thousands maybe millions of people which have nothing to do with German traditions, German culture and so on is this a problem that will eventually destroy Germany and maybe the whole of European civilization? Yes This part of of my subject Boiteland I wouldn't go so far as to mention these young Arabs who rape German women women now on a weekly basis by the way they seem to regard them as prey but this is something else it will be very expensive we have in Germany two experts for generational accounting and one is Professor Raffel Huschen and he has tried to calculate how much this kind of immigration will cost and don't forget 80% of them have no professional qualification whatsoever 80% and if you import them into a highly developed social state then you have a problem to give you one example our daughter has from her professional position the ability to look into personal accounts and many money transfers for instance in Munich a couple of refugees a married couple with two children they get more than 3,000 euros now compare these countries to their own countries where they come from or compare it to what they would get in Italy in Greece in Eastern Europe or in any other countries so this really draws them in and this makes it expensive now coming back to Professor Raffel Huschen he came out with the following calculation if until 2020 not more than 2.1 million refugees come all together and if they need only six years to be fully integrated in the market in the job market I mean then it costs Germany all together and that's the whole equation nearly 1 billion Deutschmark in English I would say 1 trillion because I'm talking about 1,000 billion English billion so that's a lot of money and don't forget the annual budget national government in Berlin is now around 330 billion so this whole thing will certainly cost a lot of money and it's also a prey country and again partly I understand it they were invited but they all want to go to Germany not to other countries and again here the government has kept silent during the election campaign but everybody knows next year the families of these more than 1 million refugees who are mainly male young male will be allowed to join them then nobody knows how many will come okay the interior minister the present interior minister wants to stretch it out to postpone it by one or two years or whatever but the story is not yet over by the way it really will go on and on the last calculation is that this year will be a bit less than 200,000 so called refugees coming into Germany but nobody knows and the same thing with the Euro the Euro has dropped out completely of public discussion in Germany but it's not solved I mean it's kept alive artificially by zero it's which always favor the debtors of course and by this European central bank buying up bonds, government bonds so nothing is solved situation is not very good okay


Hello everyone, Basel Chapman here for this 11 o'clock Tiger Financial News Network Market Update. What are we looking at? We're looking at the Dow came back from that smash of the downside last night in the futures. It's come back to be down 254 points at $30,800. I said to subscribers, I'm opening call this morning, right here, this is what I always give my subscribers. I said that the early Monday AM rebound is encouraging, but the Dow will need to at least hold just minus 50, 150 or better later today to show that the US market can separate itself some way from this terrible international debacle. So that's the way we're looking at it right now. Anything can happen, it's good that there's some buying because the market has to start separating out the US stock market economy, et cetera, to what's happening globally. And at the moment, we're looking at at least a nice off this spectacular move Thursday turn around to Friday, going from $33,200 to $34,000. Yep, you have to see some kind of pullback, no matter what. So this is going to be important. And how are we going to Tuesday, Wednesday? We want to see a move into the $34,000, above $34,095, the higher Friday. Looking at the S&P, it's almost the same story there, the S&P has come back very nicely. It is trading, if I can find it, okay. Oh, I just wiped out, oh, no, no, we didn't mean to do that. Just one second, I need to say undo. Thank you. I'm pleased there's an undo button. Wouldn't it be nice in life if we could use these undo buttons? Okay. SBHAC start, right? This is it. There we go. SBHAC is down 16. Can you believe it? It was almost down 130 at one point at 4368 in the futures. Now it's minus 16 in the cash. Nice comeback. This is very important. Nice move to the upside. Now needs to hold 4320s on any sudden slide in the later in the day, you never know with all the news. Oh, look at that, 346.71 up 88 cents, up 0.25 percent. That's very nice. IWM rusted 2000. Has that come back? Yep. Now it's plus a dollar and 20347. Nice market turn off the Friday's action to do this. That is very good. Let's just go to gold. Gold is maybe pulling back.  That's a big move. Looking at the TLT, has money flowed from the TLT, no, money is coming from stocks into the TLT still up $1.85 and crude oil, we're going to keep our eye on that. That's at up of four at 95.67 and we'll have a, we'll see what happens in the day. So at least good part of the rally holds into the post. Thank you for letting us enter great programming all day. See you tomorrow. Check out my video. We'll be right back.


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We are checking out this super clean 2018 Chevy Silverado 1500 crew cab short box This truck has the 5.3 liter v8 motor It has been fully safety then inspected by our service shop has a fresh oil and filter change all the fluids Have been checked and topped off and this truck is 100% ready to go Graphite metallic is the color we shoot all of our videos in 1080p 60 frames per second So if you have HD capabilities on a computer tablet Smartphone or television turn them on right now because it is definitely Your best way to check out the quality and condition of the truck before seeing it in person And if you'd like to check out all the photos on this truck in the upper right hand part of your screen Is a link to our website click that and check us out there comes with the 18 inch factory alloy rims And it has Goodyear Wrangler 265 65 R 18 tires with right around half the tread left on them front fenders in Excellent shape. I didn't see any denser dings on that does come with the projector lamp headlamps the LED running lights and the LED fog lamps Front bumper is in pretty nice condition. I didn't see any major denser dings on there Headlight lenses are nice and clear and the hood is in excellent condition. I didn't see any dense or dings on that Passengers side front fender is in nice shape as well and the passengers side rim No scuffs or scrapes on there As you go down the passenger side take note of how clean the body is how reflective and mirror like that painters Retake these HD videos So if you are far away or even if you're close by and you just cannot make the trip down But you're still interested in purchasing the vehicle You can see the truck hear the truck and of confidence in the vehicle that you're looking at before you even get here So that when you do get here, there's absolutely no surprises And that's why we offer the summit auto fast pass option in the upper right hand part of your screen a link right to our Website where you can apply for financing get pre-approved see a payment quote Even appraise the trade-off in the comfort of your own home So when you get here, you have to do is drive the truck love it Maybe I'll set the go back tires up just as much tried as the front tires and the frame and underbody looks really good Little bit of surface rust on the welds there, but nothing too bad It's like that all the way underneath Lower rockers all look really good. I didn't see any corrosion on them And it has some oh eed roll Painted step bars look pretty good z71 off-road suspension package, which gives you the rancho shocks and the skid plates Rear bumpers in great shape no denser dings on that and it does have rear bumper steps Full towing package which includes a receiver hitch four pin and seven pin wiring and the tailgate is in really nice condition as well this one comes with a Truxedo low-pro soft roll-up tonneau cover and that tonneau is in really nice condition Has a shock down assist tailgate, and it also has the spraying bed liner, which is in really nice condition, too Bed looks like it's in good shape That tailgate shuts nice and solidly as you go down the driver's side Just as clean as that passenger side Really like that graphite metallic color. It's a good-looking color And I didn't see any dents or dings on there Driver's side doors look really good. It does have the telescopic tow mirrors built-in directional signals They telescope out like so and they also fold in Inside the LT2 package gives you the black cloth interior Their ono rips or tears on the seats. They're in nice shape Does have aftermarket seat heaters in them power driver seat Factory all-weather floor mats auto headlamps turn dial four-wheel drive Power windows power locks and power mirrors and as we hop inside the truck here We'll turn the ignition on so you can see the miles and everything truck has 74,950 miles you do get a digital speedometer compass display and you get the z71 instrument cluster there Comes with the leather-wrapped steering wheel Bluetooth and information center controls on the right cruise controls on the left. I didn't see any major wear Scuffs or scrapes on there comes with the six-speed automatic transmission with the optional tap shift This one comes with the AM, FM and Sirius XM radio capabilities on the Chevy MyLink radio It also has a projection manager where you can project your cell phone to the screen through Android Auto or Apple CarPlay. So if you have a navigation system on your phone Such as Waze or Google Maps Project it right to the screen and you can use it through the screen also works for songs and media It's a really cool system. So even though this one doesn't have nav you could Display the nav from your phone on there and then use it through there So cool system has a CD player dual climate controls stability control That's for your cargo lamps and then your downhill assist control It does have a 12 volt power point and then a 110 volt 150 watt Plug-in kind of hard to see But it is down there Too dark Anyways, I gimbal to go here. There we go passenger side Format and seat are in excellent condition as well No rips or tears on that and the headliner is in excellent shape, too You do get map lights up there On-star capabilities in the rear view mirror And we'll take a quick look at the back seats and then we'll check out under the hood and Start it up Back seats are just as clean as the front seats no rips or tears back here It does have the latch child safety system for any child car seats. You may want to put back here Seats are in really nice shape Carpeting is in nice condition as well and you do get the all-weather floor mats back here, too Fixed glass rear window with the built-in rear defrost side curtain airbags Doors all look really good on the bottom And we'll start it up and take a look under the hood Starts right up No check engine lights or anything like that And I would personally like to thank you for checking out the video today and hopefully from this HD video You will have been able to tell just how clean this truck is all the way around Inside and out does have the HID headlamps In addition to those LED running lights and under the hood we have the 5.3 liter V8 motor Engine base very clean runs very smooth Once again, this truck has been fully safe and inspected by our service shop as a fresh oil and filter change All the fluids have been checked and topped off and This truck is 100% ready to go I would highly recommend it from a quality and condition standpoint and to see more pictures of this truck or one of our other 450 new and used cars trucks, SUVs, minivans, Wranglers, half tons, three-quarter tons, one tons You name it, we got to go to that website right there www.SummitAuto.com Full pictures and descriptions of every single vehicle from two locations all at SummitAuto.com And if you'd like to check out more HD videos You can go to youtube.com slash Summit Auto remember to like subscribe and share on this video and all the videos that you see there In fact in a second you will see a link to subscribe to our YouTube channel on the upper left a link to more Chevy 1500 truck videos like this one in the upper right a link to this truck on our website in the lower left and a link to our Latest YouTube video in the lower right click those check us out And we're really excited to show you and help you with this really clean 2018 Chevy Silverado 1500 crew cam short box LT2 Z71 and graphite metallic. Thanks again for checking out the video


From Soldiers Radio and Television, this is the Army Now. After four months of extensive training with one-to-one soldiers based out of Fort Hood, Texas, the Afghan National Army's Field Artillery Unit is ready to take their final exam. Today's event goes to the culmination of 16 weeks worth of training with the Afghan National Army, paired in a partnership with one-to-one and one-three-seven Field Artillery. Today's shoot was the graduation and certification shoot for the Afghan National Army soldiers. The team from Joint Base Lewis McCord's one-three-seven Field Artillery will continue to develop and fine-tune the ANA's FA mission capabilities. Reporting from Bob Wolverine, Afghanistan, I'm Army Sergeant Sacha Che. That's the Army Now.


mercial paper so I have been connected with the real investors through this mutual fund company or the liquid mutual fund which is invested in my commercial paper what did I do with the money I am the NBFC company I have taken the money and I have given to somebody else as the financing of the project of somebody else so if I don't perform well if I don't get back the returns from the project what I have invested now I have to give back the money to the commercial papers what I have taken the money through the investors so there is a interconnectedness between the mutual funds between the NBFCs and the performance of the NBFCs if something goes wrong anywhere then there is there is a interconnectedness through the liquid mutual funds because of my excessive dependence upon the commercial paper as a source of funding this is all happening in the retail NBFCs this will not be mentioned as the major problem in the housing finance companies because their dependence on the commercial paper is comparatively lesser than compared to the retail NBFCs so in case of housing finance companies they will be giving out loans for the longer term the major problem is in the recovery so they have major problem in the asset liability management if a problem comes it will come only in that whereas in case of the retail NBFCs the major problem comes through the interconnectedness between the liquid mutual funds and the NBFCs and the project's body so that is what is called as the risk of interconnectedness with liquid mutual funds mainly because of the excessive dependence upon the commercial papers reprising and refinancing is one and the same it's almost like yeah you are trying to basically if you say refinancing you are trying to finance through some other source to the other project and here you are repricing the financing from which you were taking was commercial paper and now you are going for the repricing of it so repricing can be seen as a subset of refinancing of the source of funds capital infusioners you have to just bring in capital through some other sources because whenever you are getting your capital adequacy ratio you know like it is becoming lesser if it is in case of your public sector government will come forward with capital infusion whereas in case of your non banking financial sector you won't be able to expect the participation from the government into this kind of non banking financial sector so you should find out ways of yourself in order to improve the capital and make the company into a better one. I will answer Srinath's question it is pro crony means it's nothing but there will be a preferential treatment in allocation of any particular project say for example there is a ruling party and it is wanting to give the business to a particular company without doing a competitive allocation but by doing a preferential treatment these companies they will take up that project assuming that there is a road lane project and I am the company I go and take the project from a particular party because of the preferential treatment then I don't actually do the real work which is the laying of the roads rather I will be siphoning that money which is given in the project into the giving of loan to my related parties or I invest the money into something else which is not exactly into the road making so all of these things initially it will look as if the work is happening but the work will get completed so the welfare of the people will also get affected so these kinds of pro crony allocations in chapter number 3 we have explained making use of how the whole block allocations happened through the preferential treatment and there was a huge loss because of it whereas later in other industries like cement and steel and other industries they said competitive allocations happened and because of which how the allocations actually resulted in improving the performance of the company they are doing well in the selling of their shares also in the share market so that was what the meaning was pro crony is you are giving the preferential treatment you are allocating the resources without in a competitive way these people they see only their own profits and the self motivation they won't work for the welfare of the people probably we need one more session if we want to complete 9, 10 and 11 I have in the privatization chapter and then GDP's estimation if it is insistimated or not we need to figure out and there is a last chapter on Thali Nomics which is about food inflation we will wind up the session till now as of now so 9, 10 and 11 these 3 chapters maybe one more day within this week we will try to do and let us complete volume 1 next week Monday I am planning to start 4 to 5 chapters we will be able to cover in one session


So I was finally able to actually deliver you with some good news for a change But unfortunately because we live in the United States of America and it is currently a dystopian hellscape Any victory that we get I'm just gonna assume from now on that it's short-lived So I'm of course referring to this situation in the state of Arkansas where their GOP controlled legislature Decided to pass the safe act which is a bill that bans gender-affirming care for trans youth now This is a bill that is completely Anti-science it goes against the experts it goes against the medical community and Academy of Pediatricians Because gender-affirming care provided to trans youth Isn't just something that Improves their lives from a social standpoint because they can actually live as the gender that they identify as but it's actually deemed Medically necessary so for trusting the experts and the scientists then this bill is absolute rubbish And because there was so much backlash the Republican governor actually decided surprisingly to veto this bill But because Republicans have so much power in the state of Arkansas They actually had the votes to easily override his veto and that's exactly what they decided to do So now it is the case that this bill is going to become law and it will be enacted this summer and gender Affirming care for trans youth will literally be criminalized So as Andrew D'Amillo of AP reports Arkansas lawmakers on Tuesday made the state the first to ban gender-confirming treatments and Surgery for transgender youth enacting the prohibition over the governor's objections the Republican controlled House and Senate voted to override GOP Governor Asa Hutchinson's veto of the measure which prohibits doctors from providing gender-confirming hormone treatment Purity blockers or surgery to anyone under 18 years old or from referring them to other providers for the treatment Opponents of the measure have vowed to sue to block the ban before it takes effect this summer Hutchinson vetoed the bill Monday following pleas from pediatricians Social workers and the parents of transgender youth who said the measure would harm a community already at risk for depression and suicide The ban was opposed by several medical and child welfare groups including the American Academy of Pediatrics This legislation perpetuates the very things we know are harmful to trans youth Dr. Robert Garofalo division head of adolescent and young adult medicine at Lurie Children's Hospital in Chicago Told reporters on a press conference call held by the human rights campaign. They're not just anti trans They're anti science. They're anti public health the bill sponsored dismissed opposition from medical groups and compared the restriction to other limits The state places on minors such as prohibiting them from drinking Yeah, so that very obviously is a false equivalence by someone who is a bad faith actor and ignorant who's trying to justify his bill which is Very inevitably going to increase the rate of self-harm and suicide among trans youth and the blood is on his hands for this and what I would call this is child abuse They're trying to argue that if you allow Children to transition socially and you give them puberty blockers. That's child abuse But in actuality what they're doing this is child abuse It's comparable to the conversion therapy clinics that we use to send gay children to and in some states still allow this to take place It's banned in certain states But now we're seeing as a society collectively that we should allow children and allow individuals to just be who they want to be Because it doesn't hurt anyone now what they're trying to do here is concern troll about trans youth They purport to care that young people, you know, they're too young to be making this decision Nobody knows if they're truly transgender or non-binary at a young age so what this is going to allow if we actually do allow them to Get gender-affirming care is they're gonna transition when they're 16 and then when they're 30 35 They're gonna regret that decision except that's not actually what happens. That's ignorance studies long-term studies of trans youth where the researchers will follow them When their children all the way until their adults have found that the rate of regret is Extremely extremely low some studies show that there is a zero percent rate of regret And here's the thing if you truly are concerned that trans people are transitioning to young first of all Trans children cannot get bottom surgery You can't actually get that and second of all they're not doing this willy-nilly It's not like you know parents are super hyper woke and they're forcing their kids to transition Children at a young age as they develop if you give them puberty blockers that further enables them to make a decision It allows them a little bit more time to decide Who they are so if you're worried about regret then banning puberty blockers is something that you should be against Because puberty blockers gives them more time to decide who they are and again I want you to understand that it's not like these kids are Completely just choosing on a whim to be transgender because of social pressure and it's cool now these children are bullied. They hate themselves Statistically more likely than their cisgender peers to not only contemplate suicide, but attempt suicide This is a public health crisis and what you just did in the state of Arkansas Made all of that more likely you exacerbated a problem that already existed you just made it ten times worse It's just morally reprehensible and it's especially Gross that they're doing this under the guise of protecting trans youth and they're calling it this safe act If you actually want to protect trans youth then perhaps listen to medical experts in the scientific community Kids themselves aren't just choosing to have bottom-and-top surgery and take hormones. That's not what's happening They are working in concert with their parents and doctors medical experts who have studied this for years to make a determination About what's best for them so to just outright criminalize gender-affirming care This will do untold damage and the sad part is that we're not going to realize the amount of damage this causes Until years down the road people like me are saying now this is going to lead to damage but they're not going to listen they're going to ignore this and same thing like you know the conversion therapy clinics Years down the line They'll look back at this and they'll say oh, okay. Well, maybe that is a bad thing. Maybe we made a mistake I mean Again, I'll make the same point that I made yesterday We just learned that treating gay people lesbians bisexual people as if they are These subhuman weirdos and they need to be ostracized like we we just learned collectively as a society That that's bad and being prejudiced against gay people is bad not everyone got the memo But for the most part collectively, it's no longer politically and socially acceptable to be Homophobic I don't get why we can't just apply everything that we learned To the trans issue and non-binary issue Why can't we take what we learned about? lgb writes and apply that to trans rights like I just don't understand why every 10 years there has to be a new civil rights issue It's just it's deeply deeply frustrating to me But because people are purposefully ignorant and they don't know anyone who's trans And they just perhaps are discriminatory against trans people and think that their identities are invalid Well, we have to have the same song and song and dance again rather than just fucking treating people with respect and giving them what they need It's just it's deeply disturbing and frustrating and I don't want to be one of the folks who's silent You know in the face of injustice I want to speak up and condemn this and I hope that you'll join me and I hope that you'll work to educate your peers Because what we have in America, it's not just, you know a public health issue in the way that we treat trans people It's also an ignorance issue.  This is absolutely just It's despicable. I don't know what else to say about it. It's gross