The House of Squib presents Academy of War. Tonight, Ronald Coleman in Lost Horizon. Every week Squib brings you Hollywood's finest. The great picture plays, the great actors and actresses, techniques and skills chosen from the honor roll of those were won or been nominated for. The famous Golden Oscar of the Academy of Motion Picture Arts and Science. For generations, the House of Squib has been known for the high quality and unfailing dependability of its products. Each the result of a never-ending quest for perfection. Today the great family of Squib products reflects the tremendous advance of science in its contribution to human health and well-being. The name Squib stands for progress through research. Squib is a name you can trust. Tonight Squib brings to Academy of War James Hilton's famous story, Lost Horizon. As our star you will hear Ronald Coleman, who as best actor of the year, has three times been nominated for the Academy Award. You are now deep in the mountains of Tibet, the highest part of the Earth's surface. That snow-capped peak above you is Karakal, and below in the valley of the Blue Moon lies the Lamaseri of Shangri-La. It was a strange and incredible sight. A group of coloured pavilions clinging to the mountainside, like flower petals impaled upon a crag. Overhead, a dazzling pyramid of snow, beautiful, terrifying. From the stormy cliffs on which we stood to the serene peace and quiet of Shangri-La was like a descent into another world. I came to this world across the mountains from India. We had been flying from Basque to Peshwa on the northwest frontier. I was the British consul in Basque, and my vice consul, young fellow named Mallison, was making the trip with me. Besides us, there were two other passengers and the pilots. Our plane should have landed in Peshwa at about 5.30. We never arrived at our destination. Conway? Sir Conway, are you asleep? What's that? What's the matter, Mallison? Anything wrong? I'm not sure, but I think our pilot's off his course. Off his course? None. Look down there. Nothing but mountains as far as you can see. I don't recognise this part of the world at all. Yes, I should say you were right, Mallison. The man's lost his way. What's that, Conway? Did you say we were lost? Lost? Good half. It's quite all right, Miss Brinklow. There's nothing to be upset about, I'm sure. Silver's nothing like finding out, is there? Shall I speak to the pilot, Conway? Don't bother. I'll do it myself. He'll there. Pilot. Open the panel. Now, open up. I want to speak to you. I advise that you ask no questions, please. Oh, certainly. Look here. We want to know where we are. I advise that you be seated. I will not be seated. I want to... Well, Mallison, I don't know whether you've noticed it, but there's a revolver pointed directly at my chest under the circumstances. I think you'd better do as the gentleman suggests. For hours after that, we sat in the darkness. The beach was pretending to sleep. There was a plain lurch and sharply. There was a loud rushing sound in my ears. I realized that we were coming down. But fast. Much too fast. Badly shaken, and all but the pilot uninjured. The cold was intense. The solid icy cold that you could touch with your fingertips. I knew we must be somewhere in Tibet. A vast barren region of winds swept up them. Conway, come here. But something the matter with this pilot, fella? There was little we could do for him. And as the early rays of the sun caught the summit of the mountain, the man died. I say, Conway. Yes? I've just been looking at that mountain. Seeing things, all those men coming towards us. They were men.  As they drew near, we saw they carried among them a hooded chair, and in it a heavily robed figure. An elderly Chinese. A grey-haired, clean shaven. I come from the lamassery of Shangri-La. My name is Chang. Would you be good enough to present me to your friend? Oh, yes, of course. This is Miss Brinklow. How do you do? Mr. Barnard and Mr. Mallon. How do you do? My name is Conway. Conway? Yes. Your ship is beyond repair? Yes, I'm afraid so. And anyway, our pilot is dead. Yes. You will come to Shangri-La. It is a hazardous journey. I'm the only place of habitation within a thousand miles. I shall be happy to accompany. Very kind. Thank you. We'd like to hire some of your porters to help us on the journey back. We want to return to civilization as soon as possible.  There was a pass at 20,000 feet, which we managed with the aid of long ropes. When we had struggled breathlessly to the top, I saw above us shimmering in the rosy twilight the loveliest mountain on earth. That snow-capped peak above you is Karakau. Unbelow, in the valley of the blue moon, lies the lamissary of Shangri-La. I remembered how we arrived at the lamissary. The thin air had a dream-like texture, and I was conscious of a strange sensation, half mystical, half visual, of having reached at last some place that was an end. The finale. I learned was a sort of monastery whose inhabitants ruled the natives in the valley below. Those in full lambhood numbered about 50, and their prevalent belief was in moderation, the virtue of avoiding excess of all kinds. These things I learned the first night as I stood with Chang on the broad balcony overlooking the valley. There is something more you would like to know, Mr. Karakau. Please. I want to know, this morning, when you found us, were you setting out on a journey? No. Then you came there deliberately to intercept us. Now, how did you know we were coming? You are very clever, but I should counsel you not to worry your friends with these abstract discussions. Oh, no, they want something more concrete. They want to know exactly how long you're going to keep us here. There will be certain unavoidable delays. How long? The difficulties of the trip, securing the necessary porters. How long? Please. You may tell your friends a few months, but you don't guarantee it, huh? Is that what you mean? For myself, I can't actually mind a great deal. It's a new and interesting experience. In time to come, you may find it even more interesting. Good night. In the days that followed the Shangri-La, I gave myself over to a rich and growing enchantment. In the petal-colored buildings which dotted the mountain, I recognized priceless treasures of art. Paintings and sketches, exquisite ceramics, preserved for more than a thousand years. In the spacious library, I discovered the great literature of the present and of centuries past. One morning, I stood beside a lotus pool in an open pavilion of the lamasery. In an archway behind me, a young girl was seated at the harpsichord. A girl in Chinese dress. Her jet-black hair was drawn tightly back and braided. Her mouth was small and pink. She was like a delicately-painted miniature. Very lovely. You are pleased? No more than pleased. Oh, my name is Hew Conway. They call me Lord Sen. Lord Sen. And do you live below in the valley? No, I live here. At the lamasery? Yes, but as yet I have not attained the full lomahood.  Yes. I'm a bit confused. I thought only men could be lamas. They will tell you when you have been here longer that in the lomahood there are no distinctions between a man and a woman.  Shall I play for you again? Please. Good morning, Chang. You are pleased with Lord Sen. She plays beautifully. She has studied for many, many years. How could she? How old is Lord Sen? I'm afraid I cannot tell you. One night the moonlight fell on Shangri-La bathing the pavilion in a sea of blue. I am sorry to disturb you at this hour but I bring you important news. Yes, Chang? I congratulate you, sir. One night you are to be received by the High Lama. Chang threw the lamas away. I knew I was on the threshold of some great discovery. Pattering in front of me he mounted his spiral staircase to a door which opened noiselessly before him. Chang left silently. I became accustomed to the gloom. I saw sitting before me a small and wrinkled man. He was motionless. The fading antique portrait in Chinese dress his face thin and drawn tight over the frame of his skull and his eyes I felt dizzy beneath the gaze of those ancient eyes. You are Mr. Conway. I am? It is a pleasure to see you, Mr. Conway. Please sit down. I'm an old man and can do no one any harm. I feel it a great honor to be received by you. Thank you. Chang tells me you have been asking many questions about our community and its affairs. Oh, yes, I'm very much interested. Then if you can spare me a little time I shall be pleased to give you a brief account of our foundation. There is nothing I would rather hear. The history of Shangri-La begins rightly in the city of Peking in the year 1719. For it was then that four friars set out on a long and perilous journey. They traveled south-west for many months by Lan Chao and No Conor, facing many hardships. Three died on the way and the fourth was not far from death. When by accident he stumbled into the rocky defile that remains today the only practical approach to our valley of the blue moon. There to his joy and surprise he found a friendly population who bade him welcome and quickly he recovered his health. His name was Father Perot for more than half a century. Father Perot labored with his hands like any other man killing his own garden and learning from the inhabitants as well as teaching them. Then in the year 1789 news descended to the valley that Father Perot was dying at last. He bade his friends farewell but the end was not yet. He lay for many weeks without speech or movement and then he began to recover. He was then a hundred and eight. In Lama Pao what he had told me was not beyond belief but as he went on I was held speechless with wonder. It was 14 years later he told me that a wanderer found his way to Father Perot's monastery an Austrian named Henschel. A great friendship sprang up between the two and Henschel stayed on. It was then they had a while fantastic dreams. Art treasures from Europe and Asia were purchased with the valley's gold and stored at Shangri-La. The library was filled with the world and later it was decided to admit travelers and strangers would last their way. Yes Mr. Conway strangers might come as freely as they wished but with one important proviso. And what was that? In 1910 Henschel died. He was killed. In 1910 but you said he came here in 1803. And he was killed you said? Yes. A traveler shot him that had been a quarrel about some porters Henschel had just told him of the important proviso that governs our reception of guests. Perhaps you are wondering Maria Conway what that proviso may be. I think I can already guess. We are to stay here for all of our lives. And can you guess anything else after this long and curious story of mine? It seems impossible and yet impossible as it may be I know that it's the truth.  For a fresh start anytime you need it for a quick thrill of exhilarating refreshment and delightful squib-dental cream. For squib-dental cream changes the wholesome habit of brushing your teeth into a refreshing new experience. Cool creamy fragrant with a spicy tang of mint squib-dental cream quickly foams into lively action that wakes up your whole mouth leaves it pleasantly alive and tingling. You'll enjoy a reassuring sense of extra cleanness extra freshness you've never known before and your smile will have new beauty For squib-dental cream sweeps away the dullness that hides the natural luster of your teeth. So brush your teeth soon and often with squib-dental cream. Use it whenever you want to look your best feel your best and make the best impression. Remember to ask tomorrow for squib-dental cream. Taste, feel and see the refreshing difference. And now the House of Squib presents Part Two of Academy Awards starring Ronald Coleman in Lost Horizon. Conway learned the secret of Shangri-La that night the secret of prolonged human life of a high lama who sat beside him had lived for nearly two and a half centuries. Conway's coming was no accident he said there had been no travelers to Shangri-La for twenty years many llamas had died and the pilots had been sent out into the world to bring new life to the lama's race. Then there is death at Shangri-La. Yes, my son, there are many of us who live no more than a hundred years. And if one of your llamas were to leave the valley of the blue moon he would die. His ears would fall on his shoulders like a great burden and he would die very soon. An old, old man. You have seen the high lama? Look, then, when did you come here? When did I come here? I was betrothed to a prince of Turkestan. We were traveling to Kashgar to meet him when my carriers lost their way in the mountains. When did this happen? I was eighteen. Eighteen? Then now you are... Missionaries of Shangri-La found us. He brought us here. I never saw the man I was to marry. Then in all these years you have never known the meaning of love? Lord Sen, is there no love at Shangri-La? She didn't answer. But I saw faint flush rising in her ivory cheek and then I was aware that someone had entered the pavilion and was watching us. It was Malenson. One night at midnight I was summoned to the presence of the high lama. Tell me, my son, have you been happy at Shangri-La? Quite happy, Father Pero. And what of your friends? Will they learn to be content also? Well, I'm afraid Malenson is going to be a problem. He is going to be your problem. Why, my?  You, Father Pero? Yes. I am so mortal even here in the valley of the blue moon that I must feel at rest before I die. That is why I sent for you tonight. You do me a great honor, Father. I have waited for you, my son, for a long time. My son, there is a great storm gathering in the world a black fury which will not spend itself for many years. It may rage till every flower of culture is trampled and all human things are leveled in vast chaos. But I believe that you will live through the storm. I see a new world stirring in the ruins seeking its lost and legendary treasures. And they will all be here, my son, hidden behind the mountains in the valley of the blue moon.  My son, may please in your hands the heritage and destiny of Shangri-La. The High Lama stopped speaking. The glow in his eyes faded. Presently it came to me as in a dream. The High Lama was dead. I've been waiting. What's the matter, Conway? Are you ill? No, just tired. Well, just put yourself together, man. The porters are waiting for us. The porters? It's all arranged. They're going to take us back to Peshwa. Miss Brinklow and Barnard are staying here. Who's been making all these plans? Loutsen. She's with the porters now. She's waiting. No. I'm in love with Loutsen and she loves me. She's coming with us. Loutsen mustn't go. It's impossible. Why? Why is it impossible? You must take my word for it. Loutsen must never leave here. Conway, we need your help. We can't manage the cliff without you. I want to get away from this place. Loutsen too. She's young. Doesn't she come? Loutsen is not young. Not young? What a raising man. It's the truth. Her beauty is a fragile thing that can only live where fragile things are loved. Malenson, listen to me. I tried then to tell him the secret of Shangri-La. He looked at me as though I were mad. And as I read the disbelief in his eyes, I began to doubt myself. And then Loutsen came to me. You will help us, please. We need you. Loutsen, do you wish to leave Shangri-La? Yes. You know, you understand the risk? If you leave this valley, you will fade away like an echo. Oh, you have been listening to the fables of these old men. You mean? I love him. If he is not with me, I would die here. As I paced the balcony, I couldn't tell whether I had been mad and was now sane or had been sane for a time and was now mad again. But always before me were the wistful, cleaning eyes of the little mansion girl. And I knew that whatever was her fate, I must share in it. That morning, with the wind roaring through the jagged tips, we made the descent from Shangri-La. As they traveled toward the east, Malenson, Loutsen, and Conway, then the porters began to desert. One by one, they disappeared. Then there were just the three of them creeping like snails across the desert wilderness. Then, for a long while, there were only two. Malenson had died. At first, Conway tried to believe it was the hardship of the journey which had changed Loutsen. I am tired. I can't go no further. The will is to go on, Loutsen. I am tired. Look there, that must be the last range. There, mountain. You see, Loutsen? It is too far. I cannot see so far. One more step, Loutsen. One more step. One more. No. No. You must go on alone from here. The rise were deptless shadows. A skin drawn the color of ancient parchment. The cheekbones. Loutsen! Loutsen! I am old. I am so old. They found us on the road to Chunqiang, and we were taken to the hospital there. Loutsen, they told me later, Loutsen died that same night. The oldest woman they had ever seen. The storm of which Father Perot warned me still rages. Not yet has the Christian ethic been fulfilled when the meek shall inherit the earth. But Shangri-La has a heritage to cherish and bequeath, with such wisdom as men will need when their passions are spent. Soon, I hope I will return. Somewhere beyond Latter, on the high roof of the world, I seem to picture a long plateau running north. Far away a mountain, rising white against the sky. I hope to find it again, for this, I think, is Karakau. And beyond is Shangri-La, and the valley of the blue moon. Like the cool crystal clear air of a high mountain valley, Squib Dattle Cream invigorates and refreshes. That's why millions call Squib Dattle Cream refreshment in a tube. The very instant you touch Squib Dattle Cream to your teeth and gums, you'll sense a sparkle and a zest you've never known before. Then, as Squib Dattle Cream bubbles into exhilarating action, you'll enjoy a delightful new sense of freshness.  And that puts you so much more at ease when you're meeting people. So use Squib Dattle Cream whenever you want to look and feel your best. Try it yourself tomorrow. Ask for Squib Dattle Cream. Taste, feel, and see the refreshing difference. Next Wednesday, another great story. The House of Squib will present Academy Awards starring Joan Fontaine with John Lund in Portrait of Jenny. The script for today's broadcast was adapted for radio from the Decca Record album of Lost Horizons, which also stars Ronald Coleman. Our writer is Frank Wilson. The original musical score was composed and conducted by Lee Stevens. Our producer director is D. Engelbach. Tuberculosis can often be prevented with your help. Buy and use Christmassy. Remember, you're giving the greatest good to the greatest number when you help to fight Tuberculosis with Christmassy. This is Hugh Brandage bidding you goodnight until next Wednesday at the same time when you're invited to listen again to Academy Award, presented by Squib, our name you can trust.


to this last section of this course which is on hydrogen safety. This particular section is divided into 3 parts. In the part 1, we will look at the important characteristics and properties of hydrogen which are important to be known for hydrogen safety perspective. In the second part, we are going to look at the possible hazards, accidents that can occur across the entire hydrogen energy value chain including production, storage, transport, utilization. And in the part 3, we will look at the various international standards, regulations and codes which are in existence for safe usage of hydrogen. Now, hydrogen has been used as a chemical feedstock and as an industrial gas for more than a century and industry has an excellent safety record for using it in the controlled industrial premises. However, there has been a very limited historical evidence of its use and its access of risk assessment for the general public. For a very long time, the perspective of general public was related to certain incidents like the Hindenburg disaster in 1937 or hydrogen bomb or the Challenger Space Shuttle accident explosion that was in 1986. However, over a period of time, the perspective has changed, experts they are now they know that the there has been a tremendous dramatic technological advancement that has occurred and with the with the confidence that has been gained in the industrial usage of hydrogen for such a long period, the perspective is changing. Now, as the use of hydrogen will increase as an energy carrier, the layman, the laypersons will be using hydrogen and as such having an adequate safety measures and precautions becomes very essential. Now, when it comes to hydrogen safety, what will be the acceptable level of safety? What we can determine by calculating the risk which is in terms of the probability and cost. Now, to find out this risk, to calculate this risk, we should know the probability of occurrence of an accident or hazard and the cost or the consequences associated with it that could be loss in terms of property, unfortunately in terms of lives as well. However, in case of hydrogen, there is very limited knowledge about the probability of occurrence as well as the consequences associated with it. So, as such there are different techniques which can be used for assessing the risk associated with hydrogen use in the different energy systems.  There are several methods which can be used for finding the risk in the hydrogen energy systems like the quantitative risk assessment QRA, commonly known as probabilistic risk assessment. However, these techniques, these are used for large scale systems, complex systems, however they can still be applied to small simple systems as well, but these are costly. So, as such there are different softwares which has been developed, there are different programs using which we can do a detailed study of the possible hazards, their consequences, the risk associated with the use of hydrogen. When it comes to risk management, it is identification, assessment and prioritizing the risk. What could be the possible risk, a detailed study and which risk could be more devastating that we need to find out. And thereafter a coordinated and economical use of resources is required to minimize, monitor and control both the probability of occurrence, the frequency of occurrence of such accidents and the impact, the consequences of such catastrophic events. Just to give a brief background, there have been some past incidents like the well known Hindenburg disaster that occurred in New Jersey on 6th of May 1937, wherein hydrogen was used to provide buoyancy to the giant's airship Hindenburg.   So, at that time it was considered that the accident occurred because of hydrogen. However, thereafter several studies were carried out on to understand this disaster and it was found that the outer shell of the aircraft that as well as the paint that was there on the airship that was flammable. And on that day the conditions were such that there were electrostatic charges which were developed. So, that electrical sparks they initiated ignition in the airship and that led to the well known Hindenburg disaster. Another incident that occurred in Houston that was on 23rd October 1989 was the hydrogen vapor cloud explosion. And that occurred in a very large polyethylene plant which resulted into extensive damage of the plant. Taking away 22 lives, there were 100 injuries and there the release of process gas during maintenance was found to be the reason for that accident. On investigation it was found that there were several flaws with the installation in the plant. There was no hazard assessment that was carried out. There was inadequate safe distance between the control room and the reactor. There was lack of even permit for the maintenance that was being carried out. There were design errors with the building ventilation and all these together led to the catastrophic event. One more incident to quote here was in 1991 in Frankfurt where a compressed hydrogen tank which was holding 45 bar pressure hydrogen with a volume of 100 meter cube it burst. And that explosion was such that the shock waves and missiles that originated from the compressed hydrogen tank that led to lot of damage to the industrial plant. The reason that was found was at the welding points there were metallic cracks that were propagating from inside the tank to outside. And these welding point became the stress centers where in hydrogen we know that it is the smallest molecule it diffuses fast it penetrates through these cracks joints welds. So, it further increased that crack size and finally it led to the failure of the tank or rapture of the tank. However, with that incident in the country there was a lot of measures that were taken and that led to improving the standards and safety protocols finally led to the improvement in the hydrogen tank safety features. Now, there is if we look at these accidents that have happened in past there are several databases available to record these accidents like US DOE they have record of such accidents and there have been several studies that have been carried out. So, from a reference if we see that studies they have done and they have found that out of the total accidents that have occurred incidents related to hydrogen significant portion has been in the laboratories. Then the fueling stations and then comes the commercial facilities. Thereafter power plant, tube trailer or delivery system at the chemical plant or the nuclear process fuel processing refineries storage and the production facility. So, an appreciable number of such incidents have occurred in laboratories and the major reason that was found associated with these incidents in the laboratory was human error and the equipment failure. Now, among the equipment failures the major challenges or the major reasons of such equipment failure were associated with the piping fitting and walls their rapture. So, the pipings they ruptured or the fitting and walls they break down. 15.5 percent of in such incidents they were associated with the hydrogen storage equipment and these failures were result of the damage of the outlet of the cylinders. So, that was at the points of walls or regulators. So, whatever were the peripheral equipments attached to the cylinders there was damage to those and that resulted into the failure of the hydrogen storage equipments. Among the major accidents as mentioned the equipment failure and human error the design flaws these were the three leading reasons for such incidents and among the equipment failure hydrogen embrittlement and the facilities fatigue were the major dominating cause of these equipment failures that led to several losses in terms of property loss, injuries to certain extent loss of human life. However, in many cases there was no loss, there was an incident and explosion, but still there was no loss that occurred on the point of accident. Now, it becomes very much essential to avoid these unforeseen circumstances to avoid happening of such catastrophic events and there are several projects which are undertaken globally to study these risk associated what could be the origin of these incidents and how these can be avoided. With that there have been improved technologies infrastructure and strategies in place that we will learn in the hydrogen safety section. Now, before we go into what could be the possible accident scenario we should we need to understand and revise some of the important characteristics and properties of hydrogen. Hydrogen we know that it is a colorless, orderless, tasteless gas and it is not detectable by human senses. So, if there is any hydrogen leakage we cannot find out that leak by human senses. However, this is a potential asphyxiant that means if hydrogen is released in a confined environment it displaces oxygen and if that oxygen level reduces below a certain level below 20 percent it can lead to health hazard. Like if the level is between 15 to 19 percent there will be reduction in the human activity. If it is 12 to 15 percent in that case the respiration will increase, pulse rate will increase. If it is between 10 to 12 percent then giddiness, if it is between 8 to 10 percent then unconsciousness and if it is less than 8 percent then it can be life threatening as well. Another important property of hydrogen is its buoyancy. Hydrogen has the highest buoyancy on earth it is 14 times lighter than air. If there is any leak it moves upwards and that is the biggest safety asset of hydrogen. If it if there is a leak it has a tendency it has an ability to flow away from the accident site. As such the hydrogen leak that will very fastly diffuse it will combine with the air in the environment and the concentration of hydrogen will reduce below the lower flammability limit making it much more safe. So, the important characteristic that it does not get accumulated in unconfined space is the biggest asset which is associated with hydrogen. This is against the heavier hydrocarbon where in case of heavier hydrocarbon they form a huge combustible cloud and that could lead to even dangerous accidents then compared to hydrogen. The examples of such accidents in past have been in Flicksburg 1974 and in Brucefield 2005 where there was such a cloud hydrocarbon cloud explosion fire followed by explosion and that has led to a lot of loss. It has been found that the buoyancy has more effect compared to the in the dispersion of hydrogen compared to its diffusivity. Diffusivity also plays an important role as well because the diffusivity of hydrogen is if we compare with methane it is about 3 times higher for hydrogen and it is an order of magnitude higher than that of gasoline vapor. So, as such hydrogen diffuses very fast and it becomes safe in case of leakage. This is a challenge when it comes to storage of hydrogen because it diffuses fast. Now, these are some of the properties where we have compared hydrogen with the closest one being the natural gas. So, the density we can see there is an order of magnitude difference and the other parameters. Now, hydrogen we know that it has a low viscosity together with its small size of hydrogen molecule it becomes very easy for hydrogen to achieve very high flow rates in case of any leak which occurs at the pipings, fittings, seals or walls and that leak results into very fast escape of hydrogen. Another important characteristic of hydrogen is that it burns in clean environment with an invisible flame. In a clean environment we mean that if there is no other material around which could burn if the other material burns then there will be volatiles that will be released and then we can see the hydrogen flame. However, if it is a clean environment the hydrogen burns with a flame which is invisible and as such that could be more dangerous in the sense that the average adiabatic flame temperature for hydrogen it is very high. It is like 2403 Kelvin and as such it can cause very severe burns as well as very severe incidents as well. Now, if we see the flammability limit of hydrogen in air at normal temperature pressure it ranges in between 4% to 75% as against that for natural gas which is 5 to 15%. So, we can see here that the flammability limit for hydrogen is very wide and that makes it like the leaner mixtures of hydrogen with air or oxidizer can form a combustible mixture at the same time the concentrated mixture 75% of hydrogen in the in air that can also form a combustible mixture and provided if there is any ignition source can lead to fire. Now, this flammability limit that can further expand. So, this is at NTP normal temperature pressure the lower flammability limit is 4%. However, if we see that at 100 degree centigrade then this is 3%. So, this also changes and this expands depending upon temperature pressure. Burning velocity of hydrogen is 2.65 to 3.25 meters per second as against the natural gas which is 0.38 meters per second. So, we can see that it is an order of magnitude higher for hydrogen. This burning velocity it depends upon temperature pressure composition and it gets very difficult to arrest to quench to confine a flame which comes from hydrogen. It is explosion it is very difficult to confine if it is detonation because the velocity involved in the detonation is 3 orders of magnitude higher. And the pressures involved the speed involved in detonation these are much higher than in deflagration. Now, what are these terms that we will see in the next class. The escaped hydrogen is very easily ignited if there is any ignition source. Now, this ignition source can be a strong ignition source or a very weak ignition source but the minimum ignition energy of hydrogen in air we can see it is very small. So, for hydrogen it is 0.017 millijoule as against natural gas which is 0.31 millijoule. That means it can be ignited very easily if there is any ignition source. Now, this ignition source can be open flame, it can be a electrical short circuit, it can be a hot surface, it can be a spark, a person smoking or even it could be a static charge that could initiate the process of ignition. So, it is required for hydrogen safety that any sort of ignition source should not be in the proximity of the place where we are using hydrogen. Hydrogen as such is an electrical insulator. However, when hydrogen flows or because of any agitation there is if there is a movement in the liquid hydrogen or gaseous hydrogen there is any agitation while we are transferring the storage vessel in that case that itself may generate static charge. And as such all these storage vessels these are grounded so as to avoid that static charge. Hydrogen flames these are very difficult to quench, their quenching distance lowest quenching distance is 0.64 millimeter as against that for gasoline which is 2 millimeter. That means hydrogen flames they travel very close to the cylinder and that makes them very difficult to quench and they also have a tendency to backfire. So, what we have seen earlier was the properties of gaseous hydrogen associated with the accidents. The properties of liquid hydrogen we need to consider when it comes to using liquid hydrogen transporting or storing liquid hydrogen. Now there is a difference between the compressed hydrogen and the liquid hydrogen the major difference is if there is a leakage or if there is a spill of liquid hydrogen the density of liquid hydrogen at these cryogenic temperatures is very high and its density is higher than air. So, if there is a liquid hydrogen spill it will move close to the ground and immediately after the release it will move downward. So, it will continue to stay close to the ground and thereafter after some time it will gain heat from the environment that liquid hydrogen will start evaporating and then it will convert into gaseous hydrogen. So, it is if in that particular time there is an ignition source that can lead to fire or explosion or the boil the BLEV. Another interesting thing that we need to note here is that the pipes, orifice, vents and walls if there is a high air inflow into these elements then the moisture in the air that can get condensed into the liquid hydrogen and that can block these components like the pipes, orifice, vents and walls. For example, if there are there is a pipe between two walls the air can get condensed can form ice and when it will recasify the pressure will immensely increase and that later can lead to failure of that pipe. So, that moisture in the air can get condensed inside these pipes and components which can later on lead to excessive pressure and release of hydrogen in the form of a jet resulting into mechanical failure and it could even lead to potentially boiling liquid expanding vapor cloud explosion BLEV. Now, when we are liquefying hydrogen or condensing any gas we know that the volume of the gas it reduces. Now, as the volume reduces it creates a vacuum because of that there could be an air inflow it can draw air inside that air will carry moisture that air will solidify and get stored along with the liquid hydrogen. Now, during repeated filling repeated pressurization repeated filling this concentration of air which gets into the liquid hydrogen will increase and at times it may produce a explosive mixture with hydrogen. So, when the liquid hydrogen will be warmed for maintenance the frozen material that will recasify and that will that can result into a very high pressure and increased pressure and it can also lead to an explosive mixture. So, usually what is being done is these storage vessels they are kept under a positive pressure. So, as to avoid any air inflow into the vessel avoiding the formation of flammable mixture. So, these liquid hydrogen vessels are from time to time these are warmed they are purged to remove that condensed the air that gets into the oxygen level that is kept below less than 2 percent by warming and purging from time to time. Now, when liquid hydrogen spill takes place this liquid hydrogen as mentioned that will form a cloud and that will move close to the ground unlike the gaseous hydrogen which rises very fast. Now, this liquid hydrogen spill that liquid hydrogen itself will convert into gaseous hydrogen by taking the atmospheric heat the surrounding heat and that gaseous hydrogen which will be at normal boiling point will further convert into gaseous hydrogen at normal temperature pressure condition. Thus, this conversion from liquid hydrogen to gaseous hydrogen that will result into volume increase. So, this volume of liquid hydrogen expands during this transition phase transition from liquid hydrogen to gaseous hydrogen at normal boiling point and then to gaseous hydrogen at normal temperature pressure condition. So, if we see how much is the volume change this volume change the final volume to initial volume ratio is 847. So, the volume increases when liquid hydrogen forms gaseous hydrogen at NTP by 847 times and that could lead to an increase in pressure to 177 MPa from an initial pressure of 0.1 MPa. So, as such the pressure to release this excessive pressure relief valve is an integral part of liquid hydrogen storage facilities or places where liquid hydrogen is being used. Similarly, there could be expansion when gaseous hydrogen compressed gaseous hydrogen leak is developed. So, expansion ratio for gaseous hydrogen which is say stored at 25 MPa and if there is a leak to atmospheric pressure then the expansion ratio is of 240. So, it is 1 is to 240 from 25 MPa to atmospheric pressure. Hydrogen embrittlement we have seen earlier that this is the major challenge when it comes to selecting the materials for hydrogen storage whether these are different materials for confining for hydrogen storage for piping, fittings, tubings, walls and all the peripheral components. When these materials are subjected to hydrogen or when they come in contact with hydrogen for a longer duration at a certain temperature and pressure the properties of the material changes. There is a deterioration in the mechanical properties of metals which is observed. The metals they usually change their characteristics from ductile to brittle and as such it is very important to select an appropriate material when it comes to hydrogen safety. So, that material which is selected should be metallurgically stable and the phase change should not occur with time with repeated thermal cycling. So, to summarize this part we have seen the different properties associated with hydrogen. We have seen past accidents some of the past accidents that have occurred when hydrogen was being used. It is very it is it would not be correct to say whether hydrogen is more safe or more dangerous than other fuels best would be to say that it is different from other fuels and for safe use of hydrogen the underlying safety measures and possible hazards we should know and these should be taken care of at all the points in the hydrogen energy value chain. Thank you.


Felly mae'n gweithio i'r ffyrdd o'ch cyd-dweud y Gweithredd Rhyw Llywodraeth. A oedden ni'n 12 nafmbu 2009, Gweithredd Rhyw Llywodraeth Llywodraeth wedi'i gilydd ac yn gweithio y bwysig o'r modd gweithredd ar y Gymdeithas Llywodraeth Cymru gyda'r gweithredd ar y Gweithredd Rhyw Llywodraeth i'r UK. A oedden ni'n gweithredd Rhyw Llywodraeth, mae'n gweithredd ar y Gweithredd Rhyw Llywodraeth must take account of it in their decision making. So how does the plan have effect? Into section 58.1 of the Marina Coast Laxis Act, a public authority must take account of any authorisation or enforcement decision in accordance with the appropriate marine policy documents unless relevant considerations indicate otherwise. Into section 58.2, a public authority may take an authorisation decision otherwise in accordance with the appropriate marine policy documents but must state its reasons for doing so. Into section 58.3, a public authority must also have regard the appropriate marine policy documents in taking any decision which relates to the exercise of any function capable that effected in the UK marine area even if it is not an authorisation decision. The plan as well as the UK marine policy statement are appropriate marine policy documents. Some organisations can have both the section 58.1 and section 58.3 responsibilities. Importantly, public authorities that have responsibilities far from the marine area can affect and be affected by the marine environment. All relevant public authorities therefore need to be aware of the Welsh National Marine Plan, the UK marine policy statement and comply with the requirements of section 58 of the Marina Coast Laxis Act. So who will use the plan? The plan provides policies port and direction for decisions with the potential to affect the marine area and should also be used by both applicants and relevant public authorities who have a decision making room in development of proposals and consideration for authorisation. It should also be used by relevant public authorities in making non-authorisation or enforcement decisions which have the potential to affect the plan area. Notably, any decision with the potential to affect the plan area including those related to terrestrial activities should be taken in accordance with this plan. If the decision has the potential to also affect another marine plan area then it should also be taken in accordance with or regard to the marine plan for that area. Action is required by a range of parties to ensure the effective implementation of the plan including developers, public authorities and other users. Key roles and responsibilities for developers includes engaging early with relevant stakeholders and applying the policies and the plan to shape development. There is a full list of key roles and responsibilities for developers on page 7 of the plan. Relevant public authorities are responsible for assessing where the proposals are in accordance with the plan in making planning, policy and authorisation and enforcement decisions. Again, the full list of key roles and responsibilities for RPAs is listed in the plan on page 8. To help RPAs understand their role in applying the plan to the decision-making we established the Marine Planning Decision Makers Group in August 2018. Please get in touch with the Welsh Government Marine Planning Team for more information. We are continuing to develop a range of material to support decision-making including guidance, case examples, evidence and interactive planning portal. A governance report is already being produced and when available will act as a reference to describe which organisations have marine functions and where they operate. The Marina Coastal Axis Act describes RPAs and the different types of decisions these bodies may be taking. RPAs make an authorisation and enforcement decisions in Wales under section 58.1 of the Marina Coastal Axis Act include some of the organisations listed on screen. This slide gives examples of some of the decisions that will be considered under section 58 of the Marina Coastal Axis Act. Section 58.1 decisions are easier to identify and cover activities such as marine licences, planning authority, development consent order authority to discharge or impound or extract water. Other examples are on the slide. Section 58.3 means public authorities must also have regard to the appropriate marine policy documents when taking decisions such as management measures for example switch between harbour birthing purposes, marine resource strategic management for example change in aggregate tonnage limits and others listed on the slide. We are producing a report mapping out decisions taken by RPAs in the Welsh Marine Plan area. This will be published in late 2020 and can help RPAs understand more about the types of decisions they take that need to be made in accordance with the marine plan. The level of detail required to demonstrate compliance should be proportionate to a project scale, potential impacts and risk in accordance with policy gen 02. Similarly, the level of assessment and engagement undertaken for any project should be proportionate to the scale and potential impact of the project and in accordance with any relevant project assessment requirements. For practical purposes relevant authorities may consider it appropriate that proposals be categorised into bands to guide understanding of the level of detail likely to be required in proposal design and decision making. There are three categories of proposal types to support understanding of the practical application of this plan's policies, for example in relation to marine licensing. The image on screen is taken from page 11 of the plan. Band 1 activities are low risk and little or no additional evidence is likely to be required to demonstrate compliance with the plan. Band 2 activities are medium risk. Some evidence is likely to be required to demonstrate compliance with the plan. The level of evidence required to be based upon the level of risk associated with the project. Band 3 activities are higher risk, including projects that require formal project assessment processes. A greater level of evidence is likely to be required to demonstrate compliance with the plan. Proposals falling into bands 2 and 3 should include a clear supporting statement on which plan policies are relevant, the extent to which proposaler complies with the policies and how the proposal contributes to the plan, vision and objectives. The plan contains general cross cutting and sector specific policies. Sector specific policies operate alongside general policies and relate to particular activities. Both general policies and sector policies should be applied unless associated policy narrative or supplementary planning documents indicate otherwise. The plan provides an integrated set of objectives and policies for sustainable development of the plan area and as such none of the objectives policies of supporting text should be considered or applied in isolation. If to any extent a policy stated in the plan conflicts with any other statement of or information in the plan, that conflict must be resolved in favour of the policy. Where there is the potential for conflicts to arise between plan policies, decision should be made on a case by case basis to best support the delivery of the objectives of the plan. Table 2 on page 9 of the plan gives an overview of the process for developing and authorising proposals of relevance in the plan. We have produced implementation guidance to support the Welsh National Marine Plan. It provides further detail on plan policies to help ensure they implemented effectively and consistently and does not introduce new planning policy. This guidance sits alongside other non-statutory plan related policy guidance and evidence to support marine planning for Wales and will be updated periodically. The first version of the implementation guidance was produced in June 2020. This guidance should be read alongside the plan. Where there may be uncertainty over the requirements or implementation of the marine plan or any of its policies, decision makers should refer to the plan for the definitive policy word in an intent within the context of the overall plan. The introductory section covers things that are relevant to all proposals, decisions or policies. It has sections on the role of RPAs, information on preparing a proposal, how to apply the plan policies and terminology used throughout the plan and the implementation guidance. There is a chapter for general policies and a chapter for sector policies. Each policy is addressed in turn with specific guidance relevant to that policy area, including things to consider in preparing and determining a proposal. At the end there is a glossary which includes a list of definitions for terms used in the marine plan and the implementation guidance. The implementation guidance makes it clear that it should be read in conjunction with the plan and that it does not introduce new policy. Let's take a further look at some of the chapters in detail. The introductory chapter considers the application process for developing and determining proposals and gives process diagrams. On the slides an example which shows a method of policy screening showing the sequential process of reviewing and identifying policies relevant to a proposal and the effective screening out of policies which are not relevant. It also considers the use of proportionality in this process highlighting that a proportionate approach should be applied in determining the evidence to be provided for individual policies in relation to a specific decision. Together with a consideration of scale, type and location of the proposal along with a level of risk posed. There is a section on terminology which goes into detail on the avoid, minimise, mitigate, decision hierarchy here providing definitions of each of the terms and examples for each one. In applying the hierarchy the focus should be to exhaust the possibilities of one level before progressing to consideration of the next. Proposal should seek to address any identified adverse impacts through firstly considering avoidance measures and only progressing through the hierarchy to minimisation and then to mitigation measures where achievement at the previous stage in the hierarchy can be demonstrated to not be realistically possible of fully adequate. Under this section the implementation guidance also discusses other relevant terms in more detail including the meaning of significant adverse impacts considering this in a general policy context and in a sector policy context separately. Presenting a clear and convincing case for proceeding under a policy and what that means in terms of what we would expect applicants to include with any justification. Exceptional circumstances relating to sector safeguarding policy going into what would be considered under a case for exceptional circumstances assessment of impact on existing use social, economic and environmental considerations and providing the lists for applicants and decision makers of what should be included in any consideration of this kind. Encouraged with policies including encouragement for proposals which can positively contribute to the achievement of relevant marine plan and sector objectives or for proposals which include an aspect of enhancement. The guidance goes into more detail of what will be expected under this aspect for policy and where this might come into play. And displacement. The guidance discusses where this comes into play and the considerations that will relate to this including suggested methods to avoid, minimise or mitigate impacts of displacement. Each of the general policies is addressed in turn. For the general policies guidance is split into two parts policy context and general guidance and advice for applicants and decision makers. The policy context and general guidance section contains information on who the relevant regulators or other organisations are as well as signposts into other relevant legislation. The example on the slide Historic Assets Policy SOCO5 signposts legislation such as the Protection of Wrecks Act and the Historic Environment Wales Act and the other relevant bodies it gives the roles of Cadw and the Royal Commission on the Ancient and Historical Monuments of Wales their roles and responsibilities for historic assets in the Welsh marine area. Under the advice for applicants and decision makers part the guidance covers individual policy specific considerations for applicants to think about and include in their proposal and the things for RPAs to take into consideration when making their decisions where this policy is a consideration. The example on the slide Policies Psi 01 risk based decision making this is provided specific advice relating to adaptive management listing the critical and important considerations for both applicants and decision makers when preparing or determining a proposal which is to include some form of adaptive management things such as identifying early warning triggers and feeding back into future decisions. Similar to the general policy chapter the sector policy chapter considers each of the sectors in turn considering the support and safeguarding policies for each sector separately. Support and policy each policy against the section on policy context and general guidance and the section with policy specific guidance for applicants and decision makers. On the slide the aggregate sector under the policy context and general guidance section it does where the policy applies whether this is to the inshow or offshore region of the plan area or both. It lists the relevant public authorities for the sector and then it gives definitions for any sector specific terms which are used in the plan or within the guidance. For aggregates that includes definitions for accounts to the resource aggregate reserve and rollover tonnage. This part of the guidance also signposts to other relevant legislation for this sector and for any other licences or authorisations which are required for different sectoral activities. Each sector then has a section with advice for applicants and decision makers. This includes detail on the likely impacts associated with activities under that sector and signposts the general policies likely to be relevant to any application made from this sector. It then includes sector specific considerations with different advice for applicants and for decision makers. The example on the slide aggregates, advice on transport movement, title constraints and local development requirements. Sector safeguarding policy. This is laid out similar to the other policy sections. It sets out where the policy applies and in what circumstances. It also then gives any sector specific terms or definitions and then based on the intricacies of the individual sector and likely relationships with other sector activities and potential for impact. It gives sector specific considerations and guidance related to safeguarding for each sector. That concludes the presentation on implementing the plan. You can view further presentations on Marine Planning for Wales including in relation to resource areas and strategic resource areas, the Marine Planning Portal, monitoring reporting and an overview of Marine Planning. And finally, this slide provides you with a high level overview of available resources to help you understand and apply the plan as well as contact details for the team.


Good morning, everyone. Yes, friend, I'm here. You should see when someone's in the room. It should be at the top, the little green guy. When it's me, it's me. When it's Gerard, it's Gerard. And also, just so you know, if neither one of us are here, no one can access the room. So if nobody's here, you wouldn't be able to be in. There has to be a moderator in the room at all times. So I got less than two minutes here to make a decision. We have two good gaps today, which is interesting, and they're both in the opposite direction. So I'm torn, torn. Goldman is a short and JPM is a long. I think JPM is going to work, but be wild. I think Goldman is going to work and be wild. So that is not what I want. I want easy peasy. Let's watch them both. Let's watch them both. I don't have a choice. We need to get something good today. It's earnings season. We're going to start out strong. I don't think today is going to be easy to follow me. I apologize for that, but we're going to watch one long today and one short. And that's why I'm saying it's not going to be easy to follow me. There's not much I can do. So Goldman's up as the main one today. JPM is in the middle here. JPM is a long. Goldman is a short. Just so you know, I will be specific about what I'm doing and what I'm calling since we're looking at two things. There's nowhere the way around it. I want to make sure we get something. I got to watch them both in the open. That's what it is. So be on your peas and queues today. I don't think today is going to be an easy day to follow me. So stopping this Goldman is going to be, I'm going to say 202.60 just to keep us in it. 202.60, and I don't have the entry yet. Let's do 99 by 60 Goldman short. 99 by 60. 99 by 60 Goldman. And it's 202.60. It didn't hit yet. Entry's 99. JPM looks like it's going to go to. These are probably both going to work. Just wait. Just wait. OK, we can do 49 by 65. 49 by 65 Goldman short. 49 by 65, and man, JPM looks good too. Let's go long JPM with a stop under 118. 117.80. Let's go long JPM 119. In fact, just put the order at 119 in case that hits. Put an order out for JPM long at 119 and see if it hits. Stop is 117.80. Goldman we're going to do under 50. So we're going to do two things, but just have the order for JPM. Here, Goldman, 49 is good. There, get it. Just get it and broke. It broke. Don't worry about where you got failed. Get the stop in. Sorry. I told you, just don't worry about it. It's going to go. Here it goes. 202.65. Put it our 202.60. I don't think it matters. Now let me just look at this and see if I want to cancel this or keep it. No, leave it. If you have an order out at 119 for JPM, leave it. Leave it, leave it, leave it. Leave it. Leave it be. All right, let's focus on this first. And if we get filled with that, we'll flip around. OK, it broke hard. That's fine. Don't worry about it. Let's see where the next number is. 200. 200, 199, 198. This has some big targets here. Goldman Sachs, everyone should be in it. Here we go. Here we go, here we go, here we go. Here we go. Let me just look at the market quickly. Doop-a-doop-a-doop-a-doop-a-doop. If this breaks 118, I will cancel the order. If this breaks 118, I will cancel it for the day trade. For the day trade anyways. All right, here we go. Goldman.  Here. Here it goes, here it goes. Here, let's watch how it breaks 200, and then we'll decide on the fly. Here we go. You could get out. You could get out here if you want. I'm going to try to hold it for a baby amount. Nice trade. Here, 199 if you're still in it, but really, you'll have your hand in the button. We got one more break. Good job, everyone. Here, 199. Oh, here it goes. Wow. All right, hold on. Let me situate myself with this. Wow, two things at a time, but it's earnings season. We have to make the donuts when the donuts want to be made. All right, let me just look at everything in the world. We did everything right, and we did everything great, and we did everything fantastic. Cancel the order on this JPM, at least for the day trade. Not necessarily for the option for the day trade. Cancel the order for the day trade. Screw it. No. I mean, technically speaking, it's only a little bit broke, 118, but 13 cents. But I'm not going to go after this here now after this. Oh, good exit on that. Here, what's everyone doing?  Is everybody profitable in Goldman? You should be out of that at least 75, 80% of it. 75, 80%. 75, 80%.  I did say 80. No, I just don't think this is going to go easy. I said that. I said that. I said that before the open. If you want to do this, I think I'm going to leave it. Nice day, fabulous day. Carl's out. Great opening day. Jackie was right. If you really want to do this as a day trade today, the confirmed number is 119. If you want to be aggressive, 118.50, stop where I originally said it.  No, I'm happy. We had a great morning. We had a wonderful morning. I'm leaving it. If you want to do this over 50, long you can. I'd give it 70 now. 117.70 if you want to. I'm just going to be happy with what I have. This is a great start to a fabulous, fabulous, fabulous running season. I hear this is back again in 199. And I called the puts in this and let this ride on out if you're in the puts. The day trade, if you got out, great. If you're still in this, 198. In fact, I think it did not break 199 yet. Got close. All right, let me just look here for one more thing. Woo, here this goes.


is a PhD worth it. That's what we're gonna be talking about today, but before we get into that, let's gently tap the like button in order to defeat the evil YouTube algorithm. On this channel, we talk about personal finance, college degrees, careers, and opportunities that are gonna lead you to success. And we also go over some of the common mistakes that you see so many people falling for. Now, if you're new here and that sounds like something that interests you and you haven't done it already, go ahead and hit that subscribe button and ring the notification bell so that you never miss out. So with that out of the way, let's jump right into it. So I've decided to save you all the suspense in this video and just tell you right off the bat what the answer is to the question, is a PhD worth it? That's right. The answer is, it depends. Bruh. Okay, okay, you want a more specific answer? Fine, fine, I'll give it to you. This is a personal finance channel, so you have to keep that in mind. So from a personal finance perspective, a PhD will usually not be worth it. And by that I mean getting a PhD versus getting a master's or a bachelor's, you're probably not gonna make that much more money, but there are a few exceptions and I'm gonna talk about those in this video. And I'm also gonna go over reasons other than the financial aspect of why a PhD might be worth it. But first, let's go ahead and talk about the fact that student debt is absolutely out of control. According to the National Center of Educational Statistics, the average debt for a PhD graduate is around $108,000. Now part of that debt is gonna be from their undergraduate degree, usually that's gonna be a bachelor's and then part of it might be from them getting a master's and then going on to get a PhD. There are many instances where PhD programs are fully funded so you actually don't have to gather any student loan debt while you're in the program itself, but many of them unfortunately aren't. Now I couldn't find any exact figures, but the ones that tend to be fully funded are usually in degrees that are already good in the first place. Majors like engineering, math, technology, et cetera, those do tend to be fully funded. Whereas ironically, a lot of the time the degree tracks where you might have to actually get a PhD in order to work in that subject or that field are the ones that unfortunately aren't fully funded. So if you do decide to go this route, make sure to get into a fully funded program because $108,000 of student loan debt is a lot. The total federal student loan debt right now in the United States is about $1.7 trillion. Now we're not gonna get into how this ridiculous catastrophe happened. I've made other videos where I talk about that, but basically most people know it's bad, but it's actually even worse than it looks. The total credit card debt in the United States of America is over $1 trillion, which is a lot. The total amount of auto debt, AKA car or vehicle debt is about $1.2 trillion, still not as much as the total amount of student loan debt. Over half of the $1.7 trillion of student loan debt is from graduate school alone. In fact, graduate school might be the biggest offender in the student loan debt crisis. The reason for this is there's a lot of arguments that the way the college system is set up is that it incentivizes people to go into particular degree paths that won't end up getting them a job with just a bachelor's level degree. Then a lot of them end up going to graduate school because they pretty much don't have any other choice, and of course the school benefits from that by making a lot more money. And this leads to my second point, which is if you do end up having to pay for graduate school using loans, the type of loans you take out are actually much worse. Now typically undergraduate loans are gonna have an interest rate of somewhere around 3.5 to 5%. On top of that, when you take out these undergrad loans in order to get a bachelor's degree, they usually don't start accruing interest until after you've graduated. Now 3.5 to 5% really isn't all that bad, especially when you consider the fact that if you were to just put money into the stock market, like an index fund, for instance, you'd get about 7% return on average. However, when it comes to graduate schools, you take out what are known as grad plus loans, and the interest rates for these loans are over 7% per year. For instance, last year the interest rate on these loans were 7.6% and the year before they were about seven. On top of that, there's about a 4.2% servicing fee that they take out right at the beginning when you first get your loans. And if all of that wasn't enough, the money that you take out starts gaining interest right away. This is why if you're becoming a doctor, for instance, that might take seven to 10 years of schooling, all of that interest is going to be accruing and compounding the entire time while you're still in school and you're not able to make any payments. So by the time you start paying your loans, the total amount might have almost doubled and you end up as a clickbait thumbnail on a Dave Ramsey video. Now the average student loan amount that you take out for a bachelor degree is around 40,000 a year. For a master's degree, it's gonna be around 66,000, and for a PhD, it's around 108,000. And a lot of that 108,000 dollars on average, again, if you get it fully funded, you don't have to worry about this, but on average, a lot of that 108,000 is gonna have 7% plus compounding interest. So I guess the big point here is make sure that if you do go for a PhD that it's fully funded, because the next point is that it's going to take a really, really long time. Now most people think that a bachelor's degree takes around four years, and then you can tack on another two years for a master's degree, so that would be six years total for a master's. So a lot of people also think that getting a doctor would be another two years on top of getting a master's and that would be about eight years total. But unfortunately, nope, that is completely false. The average PhD completion time is about 8.2 years on its own.  If you get a bachelor's, then you go directly into a PhD program. It's gonna be four plus 8.2, which is around 12 years.  And all that time while you're getting your PhD, they are gonna be working you hard. You're probably gonna be working like 12 hours a day, six to seven days a week. Now for me personally, and I think a lot of people who watch this channel are the same way, is yes, I do like to work, I wanna have a good income and make a good living and all that sort of thing and I wanna enjoy what I do, but I also wanna have a good work-life balance. I want to have a good work-life balance. I think a lot of people are like this as well. And working 12 hours a day, seven days a week throughout all of your 20s and then into your 30s is probably not a great way to have a good work-life balance. It's nice to have the freedom and flexibility to start a business, travel the world, enjoy time with your family and your friends. I know I'm like this and I think a lot of other people out there are like this as well.  And here's the thing, this is all assuming that you actually finish your PhD. And that brings me to my next point, which is many people end up not finishing their PhD. In fact, only about 57% of PhD students will finish it within 10 years. Now that's on average, but it gets even worse when you dig deeper into it and you look at the field of study. When you look at it closely, you'll find out that the types of PhDs that weren't able to get a job with just an undergraduate degree are also the ones that have the lowest graduation rates. For instance, the 10 year completion rate is only about 49% in humanities. So the students that need to have a graduate degree the most in order to be able to get a job in that field are the ones that are least likely to graduate. And I guess if you look at it from a supply and demand perspective, that kind of makes sense if you have a ton of people graduating with this degree because of the fact that they couldn't get a job with a lower level degree, that means there's gonna be a lot more competition. To put this in another way, the students that are most likely to go to graduate school out of necessity, not because they chose to but because they basically had to are the ones that are least likely to graduate. They're the least likely to get through graduate school and finish their PhD. Now there's a number of different factors that go into this, but just to mention a few, you have to write a dissertation where it is basically original work in your field.  And one of the people grilling you is going to be your advisor and this is kind of a make or break situation. If you have a really good advisor, it's probably gonna be a lot easier for you. And if your advisor isn't so good, it's gonna be much more difficult. Oh, and by the way, if you end up not getting your PhD, you still have to pay all of that student loan debt back. The school has no skin in the game whatsoever. There's no accountability there. You take on all of the risk yourself. So if you end up dropping out a day before you're supposed to graduate, then you have nothing to show for it. Now the next thing I wanna mention is gonna be a little bit controversial but just hear me out.  Now I'd like to point out that this does not apply to all types of PhDs out there. There are some that are pretty good and you can actually get jobs that you wouldn't have been able to get otherwise with a PhD. For instance, there are a lot of opportunities out there for people who get PhDs in engineering and mathematics that you wouldn't be able to get into otherwise. And these opportunities will likely not become saturated in the future just because of the fact that you can easily get a job with just a bachelor level degree. And so there's not that many people that end up going for a master's or a PhD. However, for a lot of other types of degrees, my research was a little bit shocking. One thing I found out when researching graduate level degrees, especially PhDs, is that they were very similar to a pyramid scheme. Now a pyramid scheme, if you're not aware, is an unsustainable business model where only the few people at the top end up profiting and pretty much everybody else ends up either losing money or not making any. So basically how this works is the people at the bottom of the pyramid end up going into a particular field and they get a bachelor level degree because they think that they'll be able to get a job. A lot of the time they'll find out three or four years in that they probably are not gonna be able to get a job in that field. So many of them will end up going for a master's or even a doctorate level degree. Now even at the doctoral level with a lot of degrees, there's still not a lot of opportunities out there. And so a lot of them will end up trying to become professors. Now don't get me wrong.  And many people work their way up the hierarchy in the university system and they could even end up becoming presidents that can make millions of dollars a year. But very, very few people in some of these degrees end up making it to that top level becoming professors or becoming presidents. First of all, a lot of them end up dropping out and not getting their PhD in the first place and the few really stubborn ones that get their PhD, very few of them will end up becoming a professor. Very few of them will even end up working in the field that they got their PhD in a lot of the time. Now, if you think I'm some kind of crazy conspiracy theorist, go ahead and check out the subreddit r slash grad school where they talk about this stuff all the time. So a couple comments on here is, one of the funniest, most depressing parts of this sub is how many of us have independently come to the conclusion that academia is a pyramid scheme. Another one here is the PhD postdoc professor system is most definitely a pyramid scheme. There is even a comic on the website phdcomics.com. It's literally called PhD Comics that kind of makes fun of this whole system. So I'm definitely not the only person talking about this and warning you guys about this. It's a really big problem. Now, the next thing that I wanna talk about here is the fact that you don't make all that much more money than if you got a bachelor's degree. Now, I know what you're gonna say. Master's degree, PhD holders, they make way more money than their bachelor degree holder counterparts, right? Nope, actually, in general, master's degree holders only make around 23% more than their bachelor's counterparts, even though they take out a lot more in student loans. And with a PhD, it's even worse. You only make about 26% more, so 3% more than a master's, even though they take out way more in student loans and it takes a ton of time. Now, for the purposes of this video, just to illustrate this, I set up a very simple spreadsheet where I talk about how much you earn with a bachelor's degree, a master's degree, and a PhD, and how long it would take you to catch up with a bachelor's degree if you decided to go back to school and get your PhD. Now, again, this is not perfect, but let's say you start off at about 22 years old with a bachelor's degree, you're earning $50,000 a year and you have $35,000 in student loan debt. With a master's degree, you'd be starting at 24 years old, you're gonna be making around $61,500, which is 23% more, and you're gonna be starting with $66,000 in debt. With a PhD, you're gonna start off at 30 years old. Yes, I'm being nice here because the average PhD graduate is 33, but I'm gonna go ahead and be nice. You have around $108,000 in debt and you're gonna be making around 63,000 a year, which is 26% more than a bachelor's degree holder would be making. Now, I kept this extremely simple for the purposes of this video, but when you run the numbers, it becomes very obvious which ones are the best. So, a bachelor's degree holder will have the highest net worth here out of all of them until about 32 years old. At this point, the master's degree holder will have a higher net worth. The doctorate degree holder is way behind both of them though and they will not catch up to the bachelor's degree until they're over 60 years old and they don't catch up to the master's degree holder until they're 276 years old. But wait, there's more. We never added in student debt. When you add that in, it's going to skew it even a little bit more. The bachelor's degree holder will have the highest net worth until they're about 36 years old. At that point, the master's degree holder will overtake them. And the PhD will not catch up with the bachelor's degree holder until they're about 68. Now, it gets even worse when you factor in the interest rates on the grad plus loans. In that case, it's hard to calculate because some of it's going to be undergraduate loans and some of it's going to be grad plus loans, but you could probably tack on a couple more years at least. So, the bachelor's degree holder is going to have the highest net worth until around 38 to 40 years old somewhere around there. And the PhD holder would not pass up the bachelor's degree holder until they're both in their 70s and probably retired. So, this shows that getting a PhD from a personal finance perspective is not that great. And honestly, I was being really nice to the PhD and the master's degree in this situation. There's probably a bunch of other things that we could add in there, like opportunity cost and all kinds of things like that that make it even worse. And it's just crazy to me that a lot of people aren't warned about this before going to college.  And university, unfortunately, just like everything else at the end of the day, is a business. But let's say that you have your heart set on going to graduate school and getting a PhD.  Fair enough, I respect your decision, but there's a few things that you wanna think about before going. There's really only two reasons that you should be going to get a PhD. One is you're going for a position where there's no other way that you could possibly get that position than getting a PhD. Something like becoming a rocket scientist for NASA or a professor at a big university that has to have a PhD. There's just no other way for you to get there. You absolutely have to have that piece of paper, that PhD, in order to get hired. And then the second reason is that you want to understand a subject on the highest possible level. You understand it so well that you're actually going to be contributing to the field as a whole. And you'll likely sacrifice a ton of time and money in order to do this, but if it's something that you're extremely passionate about, then it can be worth it. If you haven't done it already, go ahead and gently tap the like button, hit the subscribe button, ring the notification bell, and comment down below any thoughts, comments, criticisms, et cetera, that you have on the video. And before you leave, don't forget to check out my other videos right here. I made them just for you.