Hello everyone. Welcome to another international relations capsule for the Shankar Academy. Today our topic is a former president, Harvest Musharraf, former president of Pakistan, who died recently in Dubai and was buried in Pakistan a few hours ago. We are discussing it because his whole legacy is being reexamined at this time. He has always been a controversial person in various ways in Pakistan itself. But today the controversy is not in Pakistan but in India. In Pakistan, they decided to bring his body back from Dubai, though he was in exile and buried him with military honors but without the presence of the president, prime minister or the chief of staff. So that chapter is closed. But in India, the discussion is whether he was a villain or a hero. This question is open because his period of tenure as the army chief starting from 1999 and then as president from 2001. He was a very distinguished military official. He was born in India before partition. And he was in Turkey as a young student and then joined the army in 1964 and rose in the hierarchy, but smartly and particularly. Till in 1999, President Nawaz Sharif appointed him as the chief of army staff on the top of several others who were equally competent and senior. And in 1999, he undertook an adventure against India without any provocation. It is not very clear who thought of the idea, but it was clear that the brain behind it was Nawaz Sharif. Parvez Musharraf who was the chief of the army staff and Nawaz Sharif who was prime minister was probably unaware of it. But Musharraf says in his book that it is a myth to think that he did it without taking the political leadership into confidence. That's all he doesn't elaborate. So it is not very clear whether it was with the support of Nawaz Sharif that he undertook this exercise. Which was basically to find a new route to Kashmir across the line of control and try to capture Kargil, which is a very important post on the Indian side of the line of control. And whether it was properly planned or not, it turned out to be a major war between India and Pakistan. And finally, of course, there are different claims as to who lost more lives, etc. We have done a lot of studies and we know that Indian soldiers were killed there. And still we refrain from entering the LOC on the Pakistani side. We tried to meet the threat from our part of the line of control. And therefore we got some kind of appreciation from many countries and particularly the United States, which for the first time in the question of Kargil supported India. Because it was Pakistan which has crossed the line of control and the United States has some commitment to the line of control. And therefore they considered Pakistan's action aggression, at least irregular action or whatever. And therefore, President Clinton summoned, as it were, called the Prime Minister in our story to Washington on a 4th of July, which is the national day of the United States. And engaged him for the whole day. In fact, he was also keen to be in touch with Prime Minister Vajpayee. Prime Minister Vajpayee declined to go to Washington because we don't want this kind of mediation. But President Clinton kept Prime Minister Vajpayee informed of the developments and what happened. And at the end of the day, he gave Nawaz Sharif an argument that the Pakistani troops withdraw behind the line to Pakistani territory on their side of the line of control. And without much trouble, Nawaz Sharif managed to get the army pulled back, even though the army was not very happy with it. Mushroff himself was not so happy. But this is what happened in Kabul. Kabul has been discussed in great detail. We have done a study as to what his implications were. It was a major war in India and Pakistan. And there was no doubt that the man behind this adventure or misadventure was Mushroff himself. Then we know that in October 1999, Mushroff dismissed as army chief while he was traveling from a visit to Sri Lanka, coming back to Pakistan. And his plane was not allowed to land. And it was asked to move out of the Pakistani airspace urgently. This was the message that he received in the plane. And he didn't understand why it was so. But he managed to contact his generals on the ground and prepared rather safe landing for him. And he landed and that was a big provocation that Nawaz Sharif had tried to dismiss him or even kill him. And as a consequence of this particular incident, or at least as an excuse, Mushroff took over. He staged a military coup. It was a bloodless coup because he didn't have to kill anybody. But he arrested Nawaz Sharif and took over charge. For some time he ruled as a, there was no martial law or anything. He was not worried about backlash because the army was with him. And then he suspended the constitution and went through several steps. In 2001, he became the president of Pakistan. And he had a certain legitimacy because it was under the constitution that he assumed office. And then something very strange happened that Mushroff for some reason or the other decided to stage a peace initiative with India. This is a bit mysterious because we do not know what prompted him to suggest various proposals to resolve the Kashmir issue and to become friendly with India. This is where the contradiction is because as a champion of Kargil and as someone who tried to fight a war with India, suddenly becoming a peace, proposing a peace initiative. And we know that there was a meeting with Prime Minister Vaishwari in Agra in 2001. And the two sides discussed various things, various possibilities of peace between the two countries. This was preceded by backdoor, backstage negotiations between diplomats on both sides and there were some proposals there also. So always put together, he made a very major push to persuade Mr. Vaishwari to agree to some kind of an agreement. A draft declaration was suggested and they came to a point of agreeing on that. Because the details are still not very clear. The whole idea was to change the story as far as the Kashmir issue is concerned. To open up the issue because it is frozen in the context of India claiming very strongly that this is a particular part of India and Pakistan has nothing to do with it. It was constitutionally legally part of India and therefore Pakistan had no real say in negotiation. There was no negotiating point as such. What he wanted to do was perhaps to open out this for further discussions because we agreed to discuss Kashmir only in the context of terrorism, not in the context of its status. The status as well as we are concerned. Yomo and Kashmir is part of India and that's all there is no further question on this. So he tried generally to get around to this by opening up now some new proposals. And then he put forward the famous four point formula for Kashmir which totally went against all that had happened till then. It goes against the question of India's sovereignty over Yomo and Kashmir etc. He wanted areas to be identified as areas which needed attention and then have some kind of a different administration. That is Pakistanis, Indians and Kashmiris jointly administering these territories which is far away from the position of India and also to keep the borders open. And all this was tried but the last minute India rejected it. Another effort was made by the president and it was again rejected and Mushara was rather disappointed. And later of course there were many developments in Pakistan itself. So he reinstated the constitution elections became president then 2007. He had a quarrel with the judiciary and in 2008 his policy is a party totally failed. And he had a lot of difficulties and he eventually resigned as president in 2008. So he again tried to become the president through a new political party all Pakistan Muslim League. But in 2013 a Pakistani court disqualified him and he was arrested in 2013 on charges that he had a hand in the murder of Benazir Bhutto. And so the Bhutto assassination he was considered a conflict. But and also he was sentenced to death for height reason by a court in Pakistan. And but he was allowed to leave the country because he was not safe and so he has been living in Dubai since then. He could not return to Pakistan. And there he was very ill and he passed away. It was not very clear whether his body would be brought back to Pakistan because he was exiled in a sense, and also he was a criminal. But contrary to general expectation, he was allowed to be brought back. He had only army owners and the civilian government would participate in that and there ended the story of Musharraf.  He tried to damage the judiciary, but that was not possible and eventually he was exact. So that was the end of the story. But now the question arises as to what was the nature of his presidency. This is particularly because some of our political leaders, you know, referred to him in some glowing terms as it were. He recognized that he was an enemy of India. There was no question about it. Argil was really his creation and therefore there is no way we can consider him to be a friend of India. But some people felt that his efforts to make peace with India and Kashmir and the efforts in Angra to bring up some new proposals made him a power for peace. And therefore he could be considered not a friend, but at least he was reasonable with India. But this is rather strange because I do not think that there was any justification for us to think in terms of being friendly to India, except for that particular situation when he tried to bring about some positive change in India-Pakistan relations. But if you look at the proposals that he put forward and tried to promote in Agra, hoping that Prime Minister Vajpayee would agree, they were fraught with dangers. It was not at all in the interest of India to have changed the situation and it was foolish of him to think that this would be accepted by India. He expressed great disappointment. He put the blame on some of the Indian officials for sabotaging it, etc. And the only justification for such effort was the fact that tracked two discussions between India and Pakistan officials and made some suggestions on the line that his proposals were put forward. So to think that he then only tried for peace in Pakistan in the percussion room. And therefore he could be considered a favorable figure in the history of Pakistan. He's a little skewed and there seems to be no justification for it. He would continue to be a controversial character in the history of Pakistan and also he will study all his activities and actions. He will certainly be considered numerical to India like all other leaders and army chiefs in Pakistan. But there is a certain love-hate relationship between India and Pakistan because we are the same people, we are adversarial in nature, but in many ways we feel comfortable with Pakistani leaders and Pakistani diplomats even when they are very adamant on their differences with them. But socially Indian diplomats get on well with Pakistani diplomats abroad because of the cultural linkages, music and general common history of the past etc. So similarly we also have the tendency to look at Pakistani leaders with certain amount of consideration because the Pakistani leaders are generally very sophisticated and they put on an air of friendliness and informal interaction etc. General Zia was perhaps the most hardened anti-Indian chief of army staff. But even he, if you read writings by journalists or the so-called peace nicks in India who want to negotiate peace with Pakistan, they always talk about him as a very charming, friendly, courteous man. We would walk up to the car when Indian politicians visit him and this kind of some kind of an artificial born homie was created by some of these generals in the past. And they are quite westernized and army of course, many of them have worked with our senior military officials and there is some amount of probability. But even Imran Khan who was a great friend of India, millions of fans in India, he did not raise a little finger to change the situation. And therefore on a personal network or on a personal impression for each other, such problems cannot be solved. We have learned that. And that is why Prime Minister Mair Anuram Modi after he made all these efforts soon after he became Prime Minister, invited the South Asian leaders, speaking to the Pakistani Prime Minister and sending gifts for his mother and even attending a wedding in the Navashri family. All these were very warm gestures on the part of Prime Minister Modi. But after the Mumbai attack, things changed completely. And he went back to the original position that India held that we shall have no negotiations with Pakistan till Pakistan abandoned terrorism as a state policy. This is the firm belief of the present Prime Minister and the government. The same position was held even during Dr. Manmohan Singh's time, but often not talks were held formally and informally to see whether there is any possibility of assuming the negotiations. But now Prime Minister Modi has put a halt to all that. And he firmly holds the view that we learn nothing to do with terrorism and terrorism. That's a very firm position we have today. And that is why, even though at the time of the pandemic we called a meeting of Sark, it did not take off as Pakistan is interested on discussing Kashmir and the meeting was called for dealing with the pandemic. So there is no way of considering all these statements and positions taken by them in good faith, not at all. No Pakistan leader has put forward any proposal. They made proposals like no war pact, South Asia as a nuclear weapon for his own. All these sound very reasonable to outsiders. But if you look at them, you will find that they were all various tricks to somehow change the situation on the Kashmir issue. So there is no doubt that Musharraf should be considered a hero in India. And that has been very clearly mentioned by those in the government as well as in the opposition. So with his contribution to the Pakistan peace is negligible. He made a very sincere effort for no reason, maybe to serve his own purposes and not to resolve the issue or to give any concession to. So that is what we need to remember when we make an assessment of his contribution. He was impressive in many ways, very stylish. He enjoyed a scotch, not in public, he had dogs, generally a tolerant machine. That is the image that he gets physically. The fact that he was born in India was also, you know, highlighted. And he wanted his birth certificate which is given to him by the Prime Minister. So all these gestures and so on went on. But basically having been in the orbit of Kargil and later trying to hook India into new proposals on Kashmir, he would certainly judge him not as a friend of India, but as someone who was very clever and tried to do various things with his own people and also with India. And he met a tragic end, but massively he died in his bed. He had four assassination attempts against him by the terrorist groups inside Pakistan. And he survived all that and he was able to die in peace in Dubai and he was buried in Pakistan in spite of all this has happened. And we should be able to close that chapter with that kind of a judgment. Our policy is not to negotiate unless they give up their inimical and definitely their agenda is to destroy India. That is their agenda because they are very weak, too weak for that, but they have nuclear weapons and so on. So there's no question of any kind of peace with Pakistan unless they stop terrorism, which they are not willing to do. So on what basis can we negotiate? As far as we are concerned, what we want is recognition of young and Kashmir as an integral part of India, which they are not willing to do. So they're trying to do various things, some of which we ourselves have considered, but none of them were as practical enough. And now because you know that the present government has also said that any solution will mean also return of Pakistan occupied Kashmir to India. And then Article 370, you know. So the situation has become very rigid and I see no possibility of any peace negotiations at this stage. Thank you very much.


What's up everybody? This is Melissa with Oxmore Auto Group and today I'm out here at Oxmore Toyota with Kenny And he actually just got out of the meeting So we are actually going to be going over the best way to get one of these 2020 forerunners due to production and everything That's going on right now. Yeah. Yeah, so yeah, we were with Toyota yesterday. I was with them quite a bit yesterday We are the largest in Kentucky as everybody probably knows by now have been for a number of years We have the largest inventory, but still production issues are out there. We've got 17 Forerunners just for example that are between being built or they're set aside for us or in freight of those seven of them already sold So the good news is if you get in here and you figure out what you would like We probably have something in our pipeline for it. We have a couple forerunners on the ground We're gonna go over this really cool one here just second But you can still schedule your appointments through our BDC with the phone number that'll be at the end come in We have half our forerunners are already been picked out by other people So it's just the way of the world right now production is going to get better over the next probably three months But we do have the you know the chip issue that's affecting so many different industries So we've got more than anybody and we'll take care of you with it But if you're going about the route of just kind of wait until they get on a lot and look around stuff Just doesn't last very long right now for Toyotas on our lot. They last about six days Well, they've normally last 35 or 40 days when we had more of them So update on that but we've got them coming in and this one's really cool I customized this on a little bit and Melissa's gonna go over it with some neat little things I did to this one. So Melissa All right, that sounds good. So yep up next. We are going to be going over this 2021 forerunner TRD off-road premium So stay tuned for that All right guys, so once again, this is going to be a 2021 forerunner TRD off-road premium This is a 4x4 vehicle. So it's going to come with a couple of different features Once again that blackout badging right up front is going to be one of those fun features That Kenny was able to go ahead and add on to this vehicle in particular, but it's also got the skid plate under there So when you are going off-road, it'll have some protection right there on the underside And then moving around there's that hood scoop on the front And moving right along over to the side here This vehicle is going to come with those really nice 17 inch alloy wheels Another feature that Kenny was able to go ahead and get added to this vehicle is that that black Running board right there. So that's a really nice feature It's going to tie really nicely in again with that black TRD off-road badging Which is going to be really consistent throughout the vehicle That'll be on the front the back the sides and on the inside There's that TRD badging which is also going to be seen all the way throughout the vehicle the front back the interior But that window up there that is going to be a power rear sliding window So that'll be a feature that you can actually control from the inside of the vehicle It does have the toe hitch on the back And it also comes with that full-size spare tire So moving on into the inside here some of the features that it's going to come equipped with is the premium audio That's going to include the 8 inch touchscreen Dynamic navigation 8 speakers hands-free Bluetooth Serious XM radio Android auto and Apple CarPlay compatible and Then since this is the TRD off-road another thing we wanted to point out to you guys is those multi terrain select and the Crawl control features up there on the top that are going to be controllable from right there in the driver's seat Also that sunroof there in the top of the vehicle These seats right there are going to be the soft-text trim seats and that front seat is power and heated Here's the back row Those are going to come with several USB outlets so everybody can stay connected even in the back seat of the vehicle And that's a very very quick overview of this 2021 TRD off-road premium So once again if you guys do want to go ahead and get ahead of the curve You can find us online or you can give us a call all of that information will be right up here on the page. Thanks so much


Sometimes we try too hard to affect these narcissists, but there's really nothing that you can do. Sometimes you just have to step back and watch while you stand back and continue being yourself. Don't get pulled into it. It can be a very empowering thing to do when you do that. Because it really reveals to you a new start fighting against it. The cypher who is who. And that's why it's so important to stand back so that it really reveals who the issue is there. You have to look at things from a higher standpoint. When you're dealing with a narcissist, I don't want it to sound egotistical, but just imagine you're standing up here on top of this hill. You're observing them from an elevated position. A position where you are able to think clearly and have good judgment and make appropriate decisions. And I'm not saying you have to be that way all the time. Now there comes a time where you do just want to go with the flow. You want to feel grounded in your natural energy. But with these narcissists, it's best to stand back rather than get pulled into their pit. You don't want to get dirty. You want to stay clean from the mess created. The best way to defeat a narcissist is just to stand back and watch them defeat themselves. Because they always do that in the end. Just come out here in nature on top of these hills. I'm sure there's better air quality up here. So you just come up here and breathe it in. When the narcissist is constantly pulling you in all different directions, they're pulling you apart. They're tearing you to pieces until you don't even know who you are. Sometimes it's just to come out here. You can hear the birds singing. The wind is blowing through your hair. And it's just a beautiful view to live in your best life. So yeah, this video isn't really about the narcissist. I'm taking the focus off of them. What you enjoy. Just a quick video. One message. It's important to remember this. Not to get too sucked into the narcissist and their games. You've got to stay out of that. To remember who you are, what you value, what you believe in. Let me just look at these people. They stand for nothing. There's no beliefs, no principles. They don't believe in anything. They stand for nothing. And that is why they fall for anything. Remember that. Anyway, thank you for joining me on the second. I hope that it inspired you. I hope that it has brought you peace and joy. That's why I do what I do. Yeah, thank you. Thank you all. And you all take care of yourselves.


I don't mean to drop this many jump shot videos, but this one here is a necessity By the way, if y'all are new to the channel, be sure to subscribe. We're doing 2k 18 everything How is that some can just turn up? Hey, I need lighting my guy So a few days ago. I told my guys at NBA 2k lab to test out by D'Angelo Russell release They got the modded controller. They could hit everything statistically with precision So I wanted to know if it really was the best release because I talk a lot man I'm always talking right so they came back with the results and I just want to say I told you so that's what I want to tell y'all all jumpers have been greening at 64 to 68 percent consistently Russell hit 72 percent green highest so far and keep in mind It's being tested against the releases that were patented to be amazing in 2k 17 See while everybody goes ahead and just uses that stuff that worked last year I'm over here trying new stuff because you never know they added a bunch of new releases in the game The first thing I did when I hopped on 2k 18 I tested Carl Anthony towns Sean C. Billups and D'Angelo Russell They were all slow releases, but they looked like they could have been legendary of those three releases by far My favorite was D'Angelo Russell I tried a bunch of new upper release ones and twos with it and I found one that worked perfectly I went to testing and I found out not only is this good, but it's really good But that's not a one to be really good You have to be amazing but not just amazing you have to be a special kind of amazing and surprisingly this early in the year There was a jump shot that beat all of those levels to reach the highest tier of a one And I first I thought that meant that the a one release had a giant green window I got gas. I'm like, yo, of course, but actually I made 2k lab is saying it has a pretty small green window At least relative to some of the other bases they've tested but the percentage it hits green is Significantly higher which means the release itself Although it doesn't have the biggest green window is the most forgiving release And that's exactly what I look for in a jump shot because I play with jump shots where if you can hit greens And it's super simple to hit greens But when you miss and you don't hit a green but all whites break all the time if shots like that are Frustrating because it's so difficult to be consistent based on latency things are gonna change right the last thing you want is you have A off game or you don't hit the green and now you're just missing all your shot The a1 release hits all whites with a really good percent I know that through personal experience, but they're saying it hits the highest percentage of green lights Even though the window isn't as big of all the jump shots they've tested and who knows There's likely gonna be a jump shot that knocks it off eventually It's not like this is the one and only although there's a possibility all of Twitter was going agent Of course, he was right. Yeah, I swear there's some youtubers that just make stuff up, right? Like oh, it's the best jump shot because I hit a few greens with it I'm not playing when I make jump shot videos And you know what I could be but I would never play around with a1 to lie about a1 is to lie saying we'll lie We'll lie to a1 releases wavy. We'll lie. You can't like if you're missing. It's a user miss So I have to hop on the park I got a ball out on this momentous occasion a low key I want to test out a different version of the a1 release using that same D low base Let's get it started man. I'm never not right man I'm creating a series of D'Angelo Russa related jump shots. Listen, I'm hopping on the park I'm about to find a cue and hopefully light it up. We'll see I don't want anybody in the comment section to ever question my jump shot expertise ever again Yo, that John wall might be one of my new favorite releases, bro I've been really messing with that John wall that released to this Watch that Have a key down it just hits don't disrespect this shot my guy. Oh You know, I was almost savage like that test this release. I know it's big. Oh, he's a stretch, right? Actually, he might be able to hit that Racker gets messed up Just cuz I'm trying to test these new releases. I want y'all to drop a like on this video, man. Oh No, no there hold up. That's OD Give me that Let's go. Hey, it's not too much room guy in blue. Give me that. Oh, oh Okay, he thought he was me real quick. Let me show you how it's done son green light I don't even need the shot meter on my screen. I don't use that D low in my veins. Y'all see his PSN. Oh, wow Bang, I need to test the limit list of this release. Yeah, I said double screens for me That might drop Peachy finding these new releases, but this is how it always turns off except on rare releases where I just start off Just killing it up cut back this way That's not what I wanted to do still hits though. Was that green I couldn't see if that was green I'm gonna juke out young test of that new one. I'm gonna hop off real quick I'm gonna switch to my a1 then we just played these guys. He just gave him his hundred L He doesn't give up.  There is no excuse. There's nothing called too slow I just remembered how a1 this was bro. Oh, I was supposed to be a flashy pass Is that oh, why did give me that release the release I could have hit animation people keep trying to tell me agent You're out of position. That's no it happens every time regardless of my position Green Jesus


and ask the colleagues from the Izabee who have the microphones to pass them on. I would say Richard has his hands up, I see Adrian, and afterwards, Francesco, please. Thank you, Stefan. Well, first of all, the link between banks and shadow banks, they're not linked anymore, you know, shadow banking has been transformed into resilient market-based finance, didn't we all know that now? Sorry, I'm being a little bit difficult. But what I want to be positive is on Stein's smell test. I like the smell test idea, and it's not just looking for implicit backstops, I give you another clue, if you like, and that is the relationship between risk and return. We regard that as something fundamental in finance. And regulation tends to reduce risk, that's part of the point, and of course, reduces return. One of my favorite examples of that relationship, and where the smell test should have operated and did not, was AIG, AIG's CDS market activities in the period leading up to the crisis. There's this small London office, 20 people or so, producing a very large revenue stream. Nobody in New York on the board or in the management seemed to have noticed that this was a very profitable activity. What was going on that was so profitable, the answer is that they were taking huge risks. That was a shadow banking activity, par excellence, and it seems to me that we might add that criterion, as it were, to your smell test toolkit. Do you want to respond directly? No, no, I agree completely. The market discipline doesn't always work, and there are some obvious signs for sure exposed, but even ex-ante. I would even take a broad, I mean, we don't necessarily always try to make the market discipline the system, and we know there is a volatility paradox, et cetera, but we could do some data provision for sure help the market better discipline, I would hope. We could also think of some structures, mutual insurance, I mean, if you go back centuries ago, there was a lot more mutual operations in terms of clearing houses and what have you, that exercised quite a bit of discipline in the system. We've done away with that, and we've replaced it largely by the states, back to the backstop, but we have to introduce that to some degree, because we're never going to be fighting this war and winning it if we keep relying on the regulators to do this. We have to allow the market to do a little bit better, and that goes back to the data. We don't necessarily provide analytically useful data for the market to identify these risks, and we're always hiding behind, oh, it's confidentiality and what have you, but at some point we have to stop saying that argument, because we're not going to win the war this way. Adjo. Yeah, I have a comment on the modeling, so I think in the general equilibrium exercise, you want to think about additional frictions as well, like behavioral biases, like neglected risk, or contractual incompleteness. I think that shadow banking per se might not be dangerous, but if it's combined with things like biases and ratings, or counting ways of hiding risks, or behavioral biases that drive up asset valuations above fundamentals, it's that combination that makes it dangerous in the aggregate, so it might be useful to study that. Yeah, I completely agree, I mean, definitely, yeah. Now, next one is Francesco. Thank you. I remember the days when we started this institution, at that time we were all reading the papers of Gorton saying that basically the crisis has been a run on shadow banks, and we were mostly worried about money market funds as being one of the first recommendations we have been issued. Then at a certain time, a new phase came in which people were saying, well, you know, it is very unpolite to call these people shadow banks because it's almost a terminology which is negative, we should call market finance. And now if we will understand basically the thrust of the discussion is that you can continue to call them shadow banks because they are not dangerous. Now, what I'm asking myself, and if any, the things which you have to do is an empirical work to look at the numbers, but at least in line of principle, more shadow banking is better because it is less dangerous than banks. So I would like to ask them the question, which is to a certain extent a question I've asked myself also in terms of policy work. Does it mean that systemic risk is originated only from banks? I guess, Leon, as this goes right, I'd like to do you. Well, I mean, it depends. I mean, of course, not always, right? In the US, certainly not. But it just goes at the heart, and then it goes also to what Tobias said. I mean, it's not so how current modeling frameworks haven't agreed upon yet a consistent behavioral framework that would encompass all those issues that Tobias was talking about. So this is hard to model. And therefore, if you do just the regular frictions that can cause excessive risk taking, you will conclude that shadow banks may not an increase in those shadow bank activity may not be as harmful. But I'm not saying at all. I mean, that's my personal view because I'm very aware of those other features. And I'm thinking it's very important. We need to study and we need to understand this much better. And as a consequence, as we know, that the risk may emit from many other institutions as well, not just traditional banks. That clarification was a great relief, I think, to many people here in this room who dedicate their lives to understanding the system. There is a risk. So there are risks. There may be risks, right? Fantastic. I think David was also interested in asking a question. If I take the BIS data, so global GDP, 85 trillion. Banking assets, 160 trillion. So two times global GDP. Equity, it's 5 trillion. So basically we have a system that is extremely highly geared. The losses incurred in the systemic risk is only a function of one thing, leverage and gearing. Because what you thought was safe, Greek bonds, Argentinean bonds, triple-A mortgages, you have it in massive amount. And that's what kills you. Anything that you deem risky, equity, shadow banking, because you can have so little, it never kills you. So the question I ask the panel, when you say risk today, is the shadow banking system leveraged or not? Because I live in it. And I have 400 of equity, 85 of risk. OK? And when I look at any banking or any insurance, they run between 15 and 20 times leverage. So I ask myself, is the leverage in the shadow banking such a risk? Because operationally, we don't set. And for the simple reason, because we are forced to invest in anything that is risky. Because if it's not risky, someone comes with zero financing from VCB or the Fed. And then, of course, they can win, just maths. And so I'm asking your question, if you're so worried about the shadow and not actually what is triple-A, which is what is me the most. Because then someone wakes up, Korea, Lehman, Greece. Stan, you want to respond to that? You may well be in a segment of the industry that I wouldn't call shadow banking for that reason, because your low leverage, you're doing intermediation that doesn't pass my smell test because you're well covered. And in that sense, the regulation should be proportionate. It's largely disclosure. And the rest is up to you and your shareholders and investors to worry in the governance sense. So that goes back to definition. Yes, we have to be careful about what we define shadow banking and how we apply the regulation accordingly. So there are some commands that shouldn't be there. Having said that, your interactions with other parts of the financial system, not you personally, but that part of the industry could create prosyclicality that should be a concern to us, because, again, we can get an overall bad outcome. There, the toolkit is a little harder to apply. So I'm not yet ready to say, OK, we're going to now regulate that part in the following way. But nevertheless, we should be wary about it. And certainly, I can say a word about it. Leverage, in any of those entities, is of central interest to us when coordinating and defining our analytical work. And I'm speaking here for the ISABEE, for ESMA, for other institutions involved. It is the core identifying element for our risk analytical work, both at a monitoring level, but also for individual studies. And to give you just an example, we are concretely looking at leverage in hedge funds, for example. And that brings us just to say that at a number of very interesting problems. I mean, first of all, we need to differentiate between conventional financial leverage on the one hand and then synthetic leverage through the use of derivatives. For example, we have a European regulatory system where leverage is not in a unified way defined across entities. So we're dealing with different technical definitions of leverage, even if we as analysts have a joint view of what it is. Technically speaking, it is different for different entities and so on. And then on top of that comes the data question, I think, that has been highlighted by all three of our panelists, Stephen Juliana and Stain, that yes, the data are becoming available, but it just will take a lot of time to become as routine and as perfectionist as our banking supervisory colleagues and the central bankers are in monitoring the banking system. So it is for us a real central concern. I see no more direct hands up in the audience, but let me therefore ask a closing question to the panel. And this is more like a more popular sort of question. Maybe each individually, what do you think is the most pressing risk at this stage in the shadow banking system? And I will start maybe in reverse order with Stain and then Stephen and then Juliana. This is too low of the question. That's not, well, I'm going to cop out on this one. So I think we have to keep monitoring things on a regular basis. It's very difficult to tell. I think we have a situation in which we have elevated asset prices around the world. There's a lot of disconnect between what we see in terms of the financial markets of volatility and what we see in terms of policy uncertainty. So as a general observation, I would say we should be wary. And to be as it's always been wary. So it's sometimes the crying wolf, but I think this is a particular time when that may be a good thing to do. Stephen. Yeah, let me pass this question because I'm waiting for the data. Juliana, waiting for the data too? No, you've got some. Well, I can reiterate what I would say before. That I mean I also would wait for the data where actually it shows itself. But I think conceptually it's anywhere where those behavioral aspects can come into play. So what are the assets or constellation where we think we are safe? So the wrong belief of being safe is typically what triggers the problem. So availability of data is a determining factor. In this game, I think that is one major takeaway from this discussion. We know that more will be coming. So maybe it is both things, having more data and also having the capacities and the resources to actually tackling them that will be important going forward. Also take it from your findings and what you said that the definitional question remains acute just because it is a moving target. It remains a mutating concept, not least in light of financial innovation, correct? And that will need to remain active and agile about exactly understanding what shadow banking is and how we define it. And that in turn is important for us to identify the main risks that we actually want to get our heads around. And the items that we have tackled today was in particular the risk of arbitrage from within the banking sector, outside the banking sector. And we've seen some very interesting insights both from Juliana and from Stephen. And in addition also questions of leverage and liquidity in the system and the interconnectedness of those entities, both in our own jurisdictions but also then in international connection. With that, let me thank Juliana and Stephen and Sting for the great presentations, for the great discussion. Thank you very much. And also to the audience for the active involvement. Thank you.


and welcome to this session in which we will discuss tax accounting methods. Now what is the big idea when we say accounting method? Well accounting method tells us when do we recognize the revenue and when do we recognize the expense. We learn about accounting methods in our financial accounting courses such as financial accounting and intermediate accounting. For tax purposes we also have different accounting methods whether that is cash whether that's a cruel whether that's hybrid. We have to determine how to use those accounting method in recognizing revenue and in recognizing expenses which are deduction. Now think about the IRS objective. What is the IRS objective? Well the IRS objective is to raise is to raise the money collected for the government. Therefore generally speaking the government want you to recognize revenue immediately why because they wanted this revenue to be taxable and when it comes to expenses they want you to delay the expenses and as a result we have three generally permissible overall method of accounting for tax purposes. One is called cash receipts and disbursement we know it from financial accounting as the cash basis of accounting. There is the accrual method we should be kind of familiar with the accrual method because at this point you took financial accounting you took intermediate accounting and there's the hybrid method as the hybrid method suggests it's a combination of the accrual and the cash method. In this session we are going to see which method is allowed under what circumstances and there are many many exceptions and we're going to work many examples. In this session specifically I will focus on when can you use the cash method and just show you a few examples about the cash method. I will keep accrual method for another session because we need more time and I don't want this recording to be very long so we're going to focus on the cash method. Let's go ahead and get started. Before we proceed any further I have a public announcement about my company farhatlectures.com. Farhat accounting lectures is a supplemental educational tool that's going to help you with your CPA exam preparation as well as your accounting courses. My CPA material is aligned with your CPA review course such as Becker, Roger, Wiley, Gleam, Miles. My accounting courses are aligned with your accounting courses broken down by chapter and topics. My resources consist of lectures, multiple choice questions, true-false questions as well as exercises. Go ahead start your free trial today. Cash receipts and disbursement method also known as the cash method when it comes to income income is recognized when it's actually received because it's the cash method when you receive it or we have something called constructively received. What does it mean constructively received? Let's assume you have the check in the mailbox well you have access to it you can walk to the mailbox by December 31st and pick up the check but you chose to keep to keep it till January 3rd well guess what if the check is in the mailbox as of the end of the year and you didn't pick it up until the following year well it was available in year one not year two or for example the money was credited to your brokerage account in that particular year so you have either stocks bonds or bank account and interest and dividend was credited to your account well you did not receive it yet it's in your bank account though you can use it you can withdraw it you can transfer it it's constructively received so whether it's received actually or constructively received you would recognize the income. How about expenses? When are expenses deductible? Well expense is deductible since we are using the cash method when they are paid. How about prepaid? What is prepaid? Prepaid is when you prepay your expenses upfront. In other words you have an expense and what you do rather than wait the pay the expense on a monthly basis or on regular basis you prepay the expenses. Some examples will be you might prepaid your rent you might prepaid the your utilities expense you you prepay something upfront so for example you are in September and you prepay in September from September year one till September year two so you prepay this whole period and you are still in year one the question is when can you deduct this payment because if it's paid well but you prepaid you have year one and year two well the IRS is a little bit generous here they say you have what's called a one-year rule for the prepaid. What is that one-year rule? You are permitted to deduct the expenditure in year one for the right that do not extend beyond the earlier of 12 months after the first date on which the taxpayer realized the right so what is realizing the right? So permit the taxpayer to deduct the expenditure for the right the right means you are using the expense you are enjoying you are utilizing the expense so as long as that expense as long as that right do not extend beyond the earlier of notice the earlier of 12 months after the first date on which the taxpayer realized the right so we're going to assume you're paying in September first and you are enjoying this right the prepaid insurance your coverage start on that date or the end of the tax year the end of the tax following year of the payment well the following year is year two make sure that right that green part that enjoyment that utility that benefit do not extend beyond year two in other words it doesn't extend beyond year two December 31st year two as long as that's the case then guess what you can deduct the expense in the year paid now the best way to illustrate this concept is to look at an example let's assume on December 1st x3 maple a calendar year taxpayer paid 25 000 for 12 month insurance policy property insurance policy with coverage starting February 1st x4 and the benefit ends January 31st x5 let's take a look at a timeline here this is x3 this is x4 and this is x5 those are the years in in place maple paid on December 1st so sometime here they paid this is when they paid the money the policy doesn't kick in so the policy doesn't start until February 1st this means the right to that right to the benefit don't start until February 1st and goes from February 1st till January well move it back one month till January 31st year x5 so the benefit goes from February 1st till January January 31st well can we use the one year rule one year rule to deduct the expense to deduct the 25 000 in year three now why do we want to deduct the 25 000 in year three the assumption is this you want more deduction up front more deduction now from the time value of money you get more benefit so as a taxpayer you want to deduct the full amount in year x3 can you do that well you can't why because it expends since the date expends beyond the earlier of 12 months after February 1st okay so notice what's happening the the benefit extend 12 months after February 1st or 2004 or the the end of the next year so notice it doesn't stop here if it stopped at x4 the benefit you would have been fine but it goes to x5 so it beyond it it goes it goes over basically three period three years period one i'm gonna put period one is x3 period two and this is period three so notice if it stops here you would have been fine okay but it does not stop here and it's does not stop at this at x4 therefore we cannot take it why because the earlier of the next visit next year tax year it goes beyond it goes to January 31st year x5 now let's change the scenario a little bit so the 12 month rules don't apply let's assume you pay it in year x3 December 15th let's assume you paid it in December 15th okay and it ends now we're changing the scenario then it ends December 14th year x4 so now notice now we're not going into year year x5 so we're gonna remove x5 because it has nothing to do with year x5 so you paid it in December 15th x3 and the benefit goes immediately from that date to x4 December 14th let's assume even you paid it December 1st okay then under under those circumstances the benefit does not extend beyond the earlier of December 14 x4 or December 31st x4 so yes the benefit don't go over x4 therefore guess what the one year benefit would apply and the company maple will be able to deduct the 25 000 in year x3 so this is the one year rule simply put the way you want to look at it is something like this you have a year one year two just make sure whatever you pay if it's for one year whatever you pay make sure the benefit don't extend over year two so if the benefit goes let me say the benefit don't go beyond year two the earlier of 12 months after the date that you that you start and to receive the benefit or the end of the next year so once it goes under the third year what do you have to do then you have to prorate this insurance you have to think rattably take the 25 000 divided over the period covered and this is when you take your deduction there are restrictions on the cash method on the cash receipts and cash disbursement okay for example you need to know that cash method cannot be used by corporations there's always exceptions we're going to show you the exceptions or partnership with a corporate partner not partnership partnership with a corporate partner once we cover the partnership we will see the methods that we can use and also the cash method cannot be used by tax shelters make sure you memorize this every time you see a tax shelters just say cash method cannot be used don't worry why we need to know what tax shelters are just know cash method cannot be used okay now there are exceptions as i told you there is always exception for the rules farming business there are many exceptions for farming business which will not go over also qualified personal service company they're called pscs those companies they could be c corporation which is a corporation but what happened is the employees they perform the service for example lawyers account and doctors architect and the employees slash owner own substantially all the stock simply put they are the owner slash manager slash ceo of the company so own employee own substantially all the stock regardless of the cash receipts now there's also an exception for c corporation okay a corporation or a partnership with a corporate partner that is not a tax shelter whose average annual growth gross receipt for the past three years are 20 29 million or less is also exempt they could use the cash method if they choose what does that mean it means you look at the corporation and they look at their gross annual receipts year one year two and year three they look at the past three years and they average this number up over the past three years if the average gross receipts if they are making sales average gross receipts less than 29 million and this number will change for example this is i believe for year 2023 if you're looking 2024 2025 i could assure you they go up every year so it could be a different number regardless what the number is there the threshold they look at the past three years and if you're studying for your cpa exam you don't have to worry about the number specifically if you're studying for your enrolled agent make sure to know what that number is because it changes from year to year as long as your gross receipt is less than 30 million average for the past three years then you can use the cash method you are allowed you don't have to use it but you are allowed once you go above that number you are no longer allowed to use it that's what we are saying here also you cannot allow to use the cash method if you are a tax shelter just need to know how about if you have inventory and cost of goods sold why is that important remember what we learned in financial accounting in financial accounting when we buy inventory we debit inventory for let's assume ten thousand dollar we credit accounts payable for ten thousand dollar so inventory is an asset then when we sell this inventory let's assume we sold it for fifteen we debit cash for fifteen thousand credit sales for fifteen thousand debit cost of goods sold for ten thousand and credit inventory for ten thousand so we did here is first we bought the inventory the inventory was an asset inventory was right here and we did not expense it we did not made a cost of goods sold until we made the sale so what we are doing here we are matching the inventory to the sale okay therefore generally speaking regulation mandate that a cruel method for measuring sales and cost of goods sold when inventory are significant to the business and this ensures that income and cost of goods sold are matching clear reflection of annual income that's fine that's all good make sense however the tax cuts and jobs act of 2017 which is there was a major change of the law brought changes permitting small businesses what are small businesses less than 29 million in gross annual revenue which is the this is what you know less than this average for the past three years again this number could change but if you are considered a small business you can guess what use the cash method even if inventory is relevant to the to your operation so what does that mean it means even if you have inventory even if you have inventory you could still use the cash method as long as you are considered a small business which is what less than that threshold 29 million or whatever the government decides that threshold to be you are okay you can buy the inventory expense the inventory now why do they have this rule for in quote small businesses because they want you to have deductions deduction reduces your taxable income deduction reduces your taxes and when you buy inventory you stimulate the economy you can deduct it then you buy more and when you buy more you employ manufacturers when you employ manufacturers they make more they make more money they pay more taxes everyone is happy it stimulates the economy that's the that's the assumption there's always special rules for small farmers which they give them more leniency let's take a look at an example when it comes to personal service companies so you understand how it works aram and noah consult a consulting firm is a c corporation owned by 10 cpas that provide accounting tax and audit services its average annual gross receipts are to 35 million okay since this entity is qualified personal business corporation it has no inventory it's eligible to use the cash method now remember the 35 million it's above the 29 the threshold for that particular year now you could be viewed in this recording in 2027 and you'd say well we're below the threshold now we're assuming the threshold here is 29 million you're above the threshold but you don't have inventory in your qualified service company remember that's an exception let's take a look at another example relaxation have an ink is a c corporation that operate a chain of massage parlours its average annual gross receipts are 36 million okay now stopping right here relaxation must use the approval method okay c corporation its average granular receipt for the prior three years exceeds 29 million then they have to use it if its average annual receipts in the prior three years were 29 million or less it can use the cash method we're assuming here that the average annual gross receipts for the past three years is 36 million if it was less they can use it now if relaxation were the sole proprietorship a partnership without a c corporate partners or an s corporation for that matter it would be allowed to use the cash method regardless of the gross receipts since it's not subject to the requirement of accrual accounting and also relaxation have an massage parlour we're going to assume it has no inventory no inventory now in this session we use the we emphasize the cash method or the cash receipts and cash disbursement tax accounting method and we see when we can use it we see when we cannot use it in the next method in the next session what we're going to be focusing on is the accrual method accrual and hybrid because once we talk about the accrual hybrid is pretty straight forward what should you do now go to farhat lectures look at additional mcq's examples that's going to do what that's going to help you understand tax accounting methods and this is important whether you are a cpa candidate accounting students or an enrolled agent good luck study hard and of course stay safe


AI is a frontier issue in health sector, as well as in many others, and in the era of sustainable development it is important that we make full use of the potential of AI to find solutions to address the multiple goals in the 17 goals of SDG. Now, more specifically for health, goal number three is on health. How do we promote health and well-being of people? And AI has great potential, but having said that, I also need to encourage people to be a bit more cautious with AI because we don't have answers to all the questions and we don't even know to answer all the questions. So I mean, you know, we need to find the right balance. Well, I think the AI summit organized by ITU is extremely important because it provides a neutral platform where experts, be it in computer science, you know, AI experts or in other health sectors, as well as civil society and the industry, come together to share experiences, best practices, and lessons learned. The reason I'm saying this is because AI is a very cross cutting issue. It touches many disciplines. The fact that this platform gives a place where people can come together to learn from each other. Really amazing. Now in health sector, truly, I think AI can help us to mine the multiple databases and help us to detect patterns of, you know, overuse or underuse. In a way, at the system level, it helps us to assess the performance of health systems, whether or not a certain doctor or a hospital is over surfacing or under surfacing patients. Now at the, you know, individual level, it can empower individual to make healthy choices and to stay healthy and happy. At the, you know, government level, it can help us to also make proper decisions in terms of our health investment into the right area that will yield the highest return on investment. On the doctor and the nurses level, I mean, you know, AI has a potential to organize data, structure data, and simplify processes to help doctors and nurses to make decisions. Now we must recognize the context for healthcare decision is extremely complex.  So these are regulatory issues that we need to address because doctors, nurses, as well as the training of doctors and nurses and medical institutions are accredited institutions. So in order to reap the potential of AI, we also need to look at the regulatory issues as well as the ethical dilemmas. My worry is that the potential of AI is good, but it may further increase the inequity between the rich and the not so rich countries. Until and unless, through the ITU and many other partners, we can democratize and promote the access of internet to all countries on an equal basis. The potential of AI is too far away for many developing countries, but we should not give up. We have to continue to explore the potential of AI.


Thank you very much. Thanks for coming. I'm going to talk a little bit how I got into the project. It's really John Walter and John McDonough's baby, and then I came in to kind of help finish it up. John Walter couldn't make it because he's dealing with some health problems. He's 88, 88, 88. I think he just turned 89 years old, so he couldn't make it up here. So basically, John Walter was a former chief of the map and geography division at the Library of Congress, and John McDonough was the historical manuscript historian at the Library of Congress. They retired in about 1998. When they were looking through some of the materials that were being used, found, they came across this one little journal about a teenage boy going with Commodore Perry to Japan, and as they started researching, as anybody used it as primary sources, they basically found that nobody who wrote biographies, just topics on Perry, no one used this diary. So they got together and asked the NHPRC to endorse the project, and of course they did, which basically means they put the stamp but they wouldn't give any money to them. So it's very nice that they gave the stamp of approval, and they started working on it. Unfortunately, both of them were a little older and they started having health problems. What they really wanted to do was finish it in 2001 for the anniversary. Both of them basically kind of just went downhill. John Walter had both of his eyes replaced. He also got a pacemaker, and John McDonough, who basically died in 2009, basically had the same health problems. So this project just did not go. So when in about 2000, well right before John McDonough died, John Walter was living near Salisbury University, and that's where I've been working. He approached a professor there asking, is there any way they could help them finish this project? I have a master's in history, master's in library science. I worked on the Thomas Edison papers in Rutgers University, which is a doctorate editing project, similar to basically these books, but we do larger scale. I also work for the papers of the War Department, 1784 to 1800. So I was used to looking at documents, transcribing, and editing it. So I basically said, yeah, sure, that'd be great. And as you can well see, we finished it up and we got it published. So basically the journal itself is very interesting. It's about a teenage boy's perspective. And because of the interesting lineage that he has as well, he is part of a group of important people, and he tags along, and he sees a lot of the things that are going on. His father, William, I say Speedon, you could say Spidey, William Speedon Sr., was a very distinguished sailor. He was part of the Wilkes expedition. There's an island named after him. He was a purser on that. So when they were figuring out about this expedition to Japan, he got tapped to be the purser for the Mississippi. So just like, you probably all have seen the U.S. Mississippi, but this is the U.S. Mississippi. And this is his father, William Speedon Sr.  And do you want to be the purser's mate on the U.S. Mississippi with me? Of course, you know, you want to go with your dad? Sure, why not? Let's have some fun. Well, little did he know, he's going all the way across the world and to experience one of the most important things that this nation has ever done, which is open up trade with such a closed society that only the Dutch were allowed to speak to them for the longest, longest time. So very cool. So basically, on November 8, 1852, from Baltimore, Maryland, after President Fillmore, Secretary of the Navy John P. Kennedy and the Maryland Governor Enoch Lowe gave their blessings, they sailed basically across the Atlantic. After a brief stop at Merdina, they arrived at the island of St. Helena on January 10, 1853.  As probably a lot of you know, this is the island that Napoleon died. And so he walked up and it became a tourist attraction during this time period. This is 1852. You had to spend 25 cents to see the grave and 50 cents to walk through the house. So of course he pays. He's all excited. He has a group of his little friends. One of them actually jumps the fence, lays down on the grave to pretend he's Napoleon. The caretaker comes running out screaming at him and then starts telling them little stories about Napoleon himself. There was the fish pond where he could fish. He actually walked through the house which had a billiard room, a parlor, a dining room, and a bed chamber. Also there was a new house that was never built, never finished. So he was allowed to see that. So the first, basically the interesting thing about William Speed and Junior, and I assume a lot of the sailors that were on, they are excellent artists because how, of course there's, pictures are just becoming, are developing. So you need somebody who can sketch. So the top one is actually William Speedon. He drew that. And the bottom one was another gentleman that was with him. Let's see if this works. No. Hold on a sec. So as you can see the designs, you could really tell what the house, because I Googled, this is the digital age, the house looks just like that. And the graveyard, it's changed a little bit, but that's what it looks like. So after he gets back on the ship, they travel down to Cape Town and stay there for about 10 days. Well, what do you do? He jumps off the ship and he starts going through the town of Cape Town. During this time period, the British are fighting against the indigenous tribes. They call them the coffers. And that's basically, when I looked it up, it's the N word for these people. So, and that's, when you, when you read a little bit about the coffer chiefs, they're actually, this is like the worst name you could ever give an African.  So the interesting thing about this, this is actually a transcription, but this is, I know there's a lot of words and I'll, but he, he actually describes some of the chiefs. He actually walks to a prison and he, he describes a chief, a C. Yolo, he's six foot one, three fourths, 35 or 36 of age, a powerful, strong man and about 200 pounds. His wife is four foot 19, very thin and puny looking. So in this, in his diary, he's going around and he's describing what these people are looking like. He has a chief counselor who doesn't really need to be there, but he wants to be with his chief. So he actually goes to prison with him and stays with him and his wife actually follows as well. So it's a, it's an interesting social aspect of the Africans where if your chief's in prison, I'm going to go to prison too. So that's just an interesting, back in the 1850s, how it is. He also described, he also tells about how the English are spending three to four million dollars to just get rid of these people. And the, the interesting thing is the, the Africans actually do a pretty good job except that the British just have better technology and basically weight them out and then takes over South Africa basically. So as he's also walking around again, he talks about the vegetation. There's peaches, pears, plums, grapes, bananas, apples. Oh, he also talks about a chief, a dilly with a withered leg. If they catch in the world end, they're putting 500 pounds on his head. So it's, he's a great, a grand scamp and strong effects is being made to capture him. And so he also draws what these people look like. Zulu Fisherman, the Bushman, Cooley, Makomo is another chief that's evading capture. And he actually, in his diary, he actually draws the poster and that's what the poster looks like. So it's, it's just fascinating how he's telling what's happening during this trip. And I didn't really, I came in, I'm American Revolutionary. So colonial and civil war basically. So I'm more American history. And so this is fascinating for me because I, for, for anybody to really find out what's going on. This African history, very fascinating. Today in academia, African history is being pushed to be taught. A couple of years ago was Latin American. And now they're trying to push African history. So I find this very fascinating. So as you can see, they go around the Cape and they go to Mauritius and they head towards China. The Mississippi basically continues across the Indian Ocean. And for a better part of a month, April 7th to May 4th, 1853, the Mississippi remains on the China coast. During which time, Speedon took a side trip by fast boat up to Pearl River to Canton. On April 21st, upon departing from the city, Speedon and his comrades had what he calls a jolly time firing crackers and sending off rockets. Leading to the conviction that the Chinaman must have thought we were a set of demons just let loose. So then on May 23rd, after the ships were scrapped and painted, the squadron sails to Napa in the Luchu Islands. And basically that becomes the headquarters for Commodore Perry. Trying to open up trade, you're also trying to find coal, provisions, clean water. So if we know we're coming from the Pacific, we want to make sure we have stopping points. Just like when they were going to the Atlantic over, you had to stop at Mauritius. You had to stop at St. Helena, Cape Town, to fuel up basically. So now they're trying to find, as you can see, they're scavenging around trying to find the islands that have coal because this is during the time period where our sailing ships are, although they do have sails, we're now moving into steam engines and coal engines in our ships. So we want to make sure we have the fuel. So remaining there through the end of June, the crew surveyed the coast land, explored the interiors and made and received formal and informal visits on board and on shore. By daybreak on July 2nd, cold and freshly provisioned, the Mississippi made the final approach to Japan. The first sighting of Japan came early in the morning of July 8th and four ships proceeded up to the Bay of Edo, which is basically Tokyo Bay. To the point opposite of the town of Yuraga, where they anchored at 4.30 p.m., there is immediate contact with the Japanese. And he basically writes, as soon as the Mississippi anchored, a number of Japanese boats came alongside several of them attempting to board us. Call away the first division of boarders and repelled them. They, after making a great many signs and endearing without success to put on board of us, the usual implications to foreigners to depart left us and went towards the shore, where they must have certainly have all come to the opinion that we were a queer sort of people. The boats also clustered around Perry's Susquehanna, the crew declaring it to be accustomed to do so. So supposedly the Japanese, if they see a new ship that's foreign, they all come running out. Now the boats they were using are what they call fast boats or they're very small boats. So you're thinking about our big, what we call the black ships. They're massive.  And so of course, Commodore Perry looks at him and goes like fleas get away from me. He's, during the whole journal, speed in actually just makes it sound like Perry is above all. And later on, he, when everything is finished, he believes that he should be the next president of the United States because of the accomplishment he did. So basically Commodore Perry signifies that this is not an American custom. And if all the boats were not away in 15 minutes, that he would not be responsible for the consequences. Speed in remarks, he took the hint, they took the hint and turned vermoosed. This visit was basically the beginning, which lasted only a few days. But basically they started posturing with each other to make arrangements so that Perry could deliver the president's letter of opening up trade, and as well as presenting Perry's letter of credence to make sure they know that he's the one that has the honor to present these letters. Finally, on July 14th, Perry went ashore for the first time and speed in was privileged to be included as a member of the Commodore's large and regal escort. They were met on the shoreline by the Japanese to a number of six thousand. It was an impressive scene because the Japanese were drawn up in a line along the border of the bay. Their front file exceeded over a mile and with their banners enumerable and blue and scarlet pennants presented the most beautiful appearance. When the bands from the Susquehanna and the Mississippi struck up Hail, Columbia, speed and said that it made the blood thrill in his veins. After the ceremonials were observed and the letter and his credentials were presented, it was agreed that Perry would return in the spring for formal discussions. So Perry squadron left on July 17th calling at Napa for several days before returning to Hong Kong. Over the next five months, the Mississippi remained in the Chinese coast during which time speed and celebrated his 18th birthday, thinking it not much of a, not really thinking much of it. And he noted that nothing of much interest had occurred although there was the Tappan rebellion happening nearby. During this time period the Chinese were having a little squabble and the Americans had to basically be on alert and Perry actually sent a couple of the ships to kind of help. So, but Perry remained intent to fulfill his mission, however as soon as possible sailed again to Japan once more by the way of Luchu. Early on the morning of February 13th, as the squadron approached Japan speed and was on deck and saw Mount Fuji, Fuji, sorry, in the distance all covered with snow. Soon after the American ships entered Edo Bay and shipboard visits from Japanese officials began anew. The Japanese emperor in response to Fillmore's letter concluded that Japan should not continue bigotedly attached to the ancient laws to do so would seem to misunderstand the spirit of age and it was time to conform to the necessity required. The earliest discussions on board the ship however were basically marred with debate over which site the treaty negotiations should be held. Of course, Perry wanted it in basically Tokyo where the emperor was. They wanted it back in oh I'm sorry I'll get to these later but basically they wanted back in Yoraga.  So I forgot to show these but while he was in China he sketched what some of the Chinese looked like and then while in Luchu he also sketched what the Luchuians looked as well and so this is where basically the Bay of Edo on the bottom is where Yoraga is and what he wanted and so what they wanted where you see Mississippi Bay that's where the treaty is going to be signed and as you can see we start Americanized some of the names of places the ports the islands you have American Anchorage so even back then we tried to make it our own so very interesting. So when preparations of the new site was finally completed on March 8th speeding was not fortunate enough to be included in the party to go shore but the chaplain on the Mississippi filled him in to all the accounts of the proceedings. Speeding recognized this was an important and great day. In the morning the nine American ships took the assigned positions with their broad sides brought to bear on the shore as you can see at the bottom. 27 boats bearing 500 members of the American treaty party marines and arms sailors and officers as well as three bands of music headed to the beach to wait for Commodore Perry to arrive on his barge and it was herald also by 17 gun salute as well by the Macedonian the reception oh and I basically blew it up so you could see a little bit more the reception assured involving the usual flurry of of drums and arms the the procession to the hall erected for the discussions and the exchange of gun salutes the elegance of the receiving rooms and the various ceremonies and the food and drink were all reported to speeden the first day of the conference ended in 330 and the Americans returned to their ships and speeden what optimistic about the about the outcome he basically remarks we think that the Commodore will get all that he reasonably asked for or expects at this time they seem to show every disposition to be accommodating and then the three sketches which grace greatly enhanced the the account of the first days the deliberations what was the sketch this sketch of the actual conference room which was drawn by uh aton portman who was a dutch interpreter during this time period as i was saying the dutch were the only ones that had any communication with with the japanese and so when when the americans or or anyone the british the russians as well the russians at this time i should i should mention the russians at this time were trying as well open a trade with japan and we were trying to beat the beat them at it um so um so if you had to talk to the japanese you had to get a dutch interpreter because the japanese had a dutch interpreter so basically it was a it was a three-party system and it's very interesting because how do people interpret what other people are trying to say so i bet it took very long time a very long time i bet it took a very long time to have the uh the conversations um so so basically anton apportment drew this uh where the the japanese are on the the right and the americans are on the left um and you have uh common or parry you have uh commander adams uh portman's in the middle you have uh commoners parry's son uh oliver parry and you have uh um sw williams who was another interpreter so uh that's the old that they were the only ones to negotiate the treaty so on march 17th parry went ashore again to continue the negotiations with some high prince who recently arrived from from yido another group from the squadron was also assured assembling some of the gifts that were presented to the japanese uh one of the one of the more remarkable was a miniature railroad consisting of an engine car and and and tender and the length of the track uh downstairs on the scroll um there's there's a drawing of the uh of the the railroad track and and another thing that they were also setting up was a telegraph line they wanted to show people uh the japanese oh there's a new form of communication as well as other little trinkets here and there but um basically uh speed and who had not seen it yet but had heard of it but was um basically it was a perfect piece of workmanship so and another noteworthy event was a banquet that was on board the the bahat in um which was tendered by parry uh basically to show uh hospitality he brought some of the japanese um uh officials to the ship and they had a little party well unfortunately uh one of the uh japanese officials got a little tipsy and he threw his arm around the commodore and placed his head on his shoulder and laughed and chatted at a great rate so it's it's interesting to see that um they can also let loose as well um basically um the the alcohol that they used was called old tom which was a cherry uh cordial and champagne so if you didn't have it before it probably really hits you and uh they were having a nice little time with that uh so basically uh speed and looks back um and and remarks that really the whole thing from beginning to end was no doubt a remarkable situation and we hope that americans and japanese will soon be on a lasting terms of friendship with each other and truly believe that the new era which is now about to take place in the history of japanese empire will be one that is far more greater change it will in which far more greater changes will occur than we have at this time any reason to anticipate and that too before many years has passed um on the following day perry met with the uh with the japanese to conclude the treaty arrangement and on march 31st the treaty was signed and this is a drawing that the japanese uh sketched about perry uh during that time period uh as you can see he's japanese now uh which i bet you guys didn't know um but it's very interesting to see how uh and you can see downstairs as well uh that they you like to what we call it uh americanized or angolized they japanese um the the figures so um so basically on uh on that day as i said before he was very excited and he basically said cometer perry should be the next president in united states and uh that he sketched that that was his sketch of cometer perry uh well not all the world be astonished to hear of our success of making the treaty with japan and a greater part of it to be attributed to the good and management of the commander in chief and that he let him to know that he's the candidate for presidency so just like war in general uh back in the olden days you know grant and and oh even eisenhower and all that kind of stuff um so it's it's interesting to see that even uh a young man again can think that the uh the commodore can be presented as well um on april 10th uh perry attempted to see the forbidden city of edo but um was basically um was turned back because the officials the japanese officials threatened harry carry if he and and and basically what he did was he saluted the emperor instead um in the days to follow the squadron began to disperse and um april 18th the the pohattan with perry aboard and the mississippi sailed to to the ports uh of uh uh schomodo schomoda and hako da te uh these words are um basically those were the two ports that opened up because of the treaty and they wanted to visit it and and make sure uh everybody knew who we were and all that kind of stuff also um perry also goes back to luchu the island of luchu and they also set up a compact uh with luchu so in this whole situation he opens up trade with japan but he also makes another port with the luchu luchuians as well which is uh uh very very interesting as when you look at when you look to see um what he needed to accomplish this was kind of like a side note you need to make sure that you wanted to uh open up trade uh on september 11th 1854 perry uh basically left and he traveled overland to america which we still don't understand why uh um he he leaves the his command and he goes across to germany basically he goes to to desden and the interesting thing about it he also brings with him the his flag lieutenant uh sylas bent who uh did a lot of the the surveys and uh john walter he's very interested about this about a couple months later in germany you see our charts pop up and so we're trying to figure out why germany why um i could understand maybe the dutch uh maybe england but why when he goes across does he stop in dresden and all of a sudden a couple months later the the charts that we uh in the surveys and all that kind of stuff we did they they come out of germany so it's a very interesting thing why you went across uh we're still trying to figure that out we might do a little article to try to figure that out so uh it's just a really interesting thing so basically after that uh speeding uh basically heads home uh stops over in hawaii uh before he hits hawaii they go through a typhoon and basically almost wrecks the mississippi but they they go to hawaii and then they they go to um california uh san francisco he has relatives there i they were going to port anyways the mississippi was heading there but then you find out that he has relatives there and he starts from november 21st to december 16th he reports what's going on in california he's going up to sacramento he's going to uh up the american river uh where the first uh gold rush was found uh he also has a tour with uh thomas larkin who uh was a us um uh council to the california republic and he he promoted basically back in that back in the time where california was uh they're trying to get california to be a state but they're not so they're basically what texas did they wanted to be a republic but then we basically we got them to be to be statehood um he wanted basically he was promoting what they called the bear flag uh revolt um and he was the signer of the original california constitution he basically has a tour with him and it's just an interesting thing where his father i guess is is so well known because of the the wilk's expedition that he has you know he's a little famous so his son follows his father and then he meets these pretty important people uh and explains that um he basically as you can see after that goes around south america and heads home back to to um uh oh and i have images of of hawaii that um he and another individual uh william henney drew uh hawaii and also san francisco this was a gambling house that he he went to um so basically the mississippi ends up in brooklyn uh navy yard and on april 23rd 1855 from 315 to 350 perry visited the mississippi for one last time two days before it was decommissioned um so that was his last time he ever saw the mississippi um speeding uh basically returns back to china in 1856 to be the the united states navy storekeeper at hong kong for health reasons he returns back to the united states in 1860 and then resumes his post back in 1861 um and then from 1870 to 1910 he's in charge of the coast wise entry and clearance desk in in brooklyn um he passes away in his uh in new york city august 20th 1920 and he basically is buried in uh greenwood's cemetery in brooklyn uh he's i i try to figure it out i think he's the second to last person to be alive uh during this exposition there was just one other person i could figure out um so what happens is he becomes a spokesperson for the perry expedition he writes a huge article in the uh japan and american uh in 1902 that that's basically during the time period where they're doing the celebration um he also goes around new york city and talks to garden clubs women's clubs uh churches on the subject of of the trade of the treaty of japan he also blasts people uh in the new york times if people were saying bad things about perry or the the japanese expedition um as you can see this basically this one here a word of protest from one who was with perry in 1853 and he wrote it to the editor of the new york times and then he you know signs it at the end a member of the perry squadron uh so basically there was an article basically saying this was was as horrible and he went to the defense of perry and and in america um so the other interesting thing about the speed in uh journal is what's called pith paintings there are over uh 29 of them and basically what pith paintings are i can figure it out they're like postcards uh chinese postcards um and the interesting thing uh with them is they're only three by four in size and painted with what's called watercolor and what's called gouache and when this mixture uh mixes up it makes it look 3d so he has these wonderful um uh postcards of china that he picked up so you got criminals you got the um imperial family but you can start seeing that they all look the same so as like postcards there's probably one person doing the same thing over and over again um oh this is the imperial family again um we got a chinese painter and uh the governor canton and his son and daughter but they all look the same um and then a showman uh and then here's some of their uh junks and and barges and then some uh scenic landscapes that they have and the the journal itself now is down in library the library of congress and when you actually look at them this doesn't do justice they are so bright and brilliant and and they just they come right out it's a wonderful um uh just wonderful artistic uh expression again um here's warriors um um the those are just the beggars or craftsmen so basically that's that's the parry expedition through the eyes of uh william speeden jr so thank you very much oh go ahead uh you know about the connection with new force with this whole family oh i've heard it yes okay yeah almost everybody has told me about it everybody let you know all about that anybody from the attorney church will let you know all oh yeah no and i found out um a couple months ago that that the black uh black ship uh festival which i didn't know existed which is very cool uh yeah no um i knew i knew he's from this area but i didn't know how the family is like rooted here i did not know that no uh well if you go there you'll notice there are placks up on the wall from matthew and another one yeah yeah no i um parry himself is is fascinating because he's um well just doing some research uh and also reading his memoir because you know he makes himself bigger than than everything but it's just he had a goal and he went for it and didn't care what the japanese wanted him to do now he was being a little flexible of course but even after he signed the treaty because that was the whole big thing about um uh tokyo yido um uh the the emperor who was a very young child uh i think 11 12 years old i think um they didn't want the emperor to come down so they basically said no no no we don't want anybody to come to the forbidden city and after he signed his his treaty as i said he went you know what i'm gonna visit and he went up there and they basically the the only reason why he stopped was because they were gonna try to blow him up you know they were going to do a suicide bombing on on the ships so so he very nicely just saluted him so uh but yeah he was interesting interesting character the treaty that was negotiated is called a treaty of kanagawa i notice you didn't mention that oh the oh um kind of it gets um passed over that's why uh in the journal i think yeah yeah because you uh well especially for the beginning of it um it's the chaplain so the chaplain's really just talking about the festival itself and what's happening doesn't really because only those five people were in the treaty now in the book um i believe i do put uh in the appendix uh the writings um same thing with the the compact of luchu as well um also the interesting thing about the journal which i didn't really talk about because there's so much to talk about is that um he also uh writes kind of verbatim what the log book is saying with the mississippi so if there's nothing really interesting happening he just copies right off the log book you know we saw a whale we saw this that kind of stuff so that's that's an interesting thing about the um the journal itself as well is that you see one person dies one person gets injured uh they had to throw away three barrels of pickles because it went bad that kind of stuff so very interesting and then also the general orders as well or is in the book as well too yeah yeah okay were there any lethal uh altercations between the parry party and the japanese no but with uh luchuians yes uh william board uh basically i think he got drunk try to rape a a woman and the luchuians came out and stoned and drowned him so and so what happened is they found out that parry basically goes berserk and he goes you know you're touching an american kind of thing but then they find he finds out what why why they did it because the the way in board he got a little bad and so yeah so that's the only thing that i know um in the journal itself um interesting thing as well is um in luchu there's actually uh an american burial uh graveyard uh because the grandson of is the grandson of uh john adams he dies during the um during the trip and he's actually buried uh in luchu i'm trying to remember uh his name but yeah so but i that's the only thing that i remember there's another time where he sent ships out because there were pirates so he sent one of the ships out to stop the pirates from harassing people that kind of stuff but the only like real confrontation was was that that he mentions is william board yeah and so so even with the well the the the compact of luchu they actually in the in the compact say you can't touch our people if something goes wrong you have to bring them on board and then we deal with them our way and if we deem that he needs to be back to the to the to the inhabitants then we'll do it but you don't take the law in your own hands so yeah yeah we're sure you mentioned that carlo ferrari uh left his his flyship and and traveled over land yeah he traveled where did he where did he start that journey and oh and also is there uh are there any writings about ferrari that uh as far as his intent in germany uh was that unexplored or is it well um in his memoirs he doesn't say anything he just basically says he leaves um and he and he goes overboard uh over ground over land um but no and that's what bewildered john walter because he because of being the chief of of the maps and and geography division he doesn't know why germany months later has these maps um now sylas bent it was one of the key people that did the surveys and that kind of stuff but why germ why germany we don't know why germany uh that's and so we'd like to look into it yeah um oh yeah well that's uh that's one looking up i forgot to yeah oh read the book yeah no it goes like the the suey canal i have it i have it written down here it's in an end note um but yeah yeah no i because i i figured out um like what was his trip unless you unless that the major um because most of them were going out to see about the islands surveying all the islands around all the coastlands um but when the only the only time they really got together was the big ceremony time where they had to be broadside so we could see you know show our strength basically so yeah oh i gotta find it i i always like it because i because this was when i took a long time oh go ahead how about your ships when uh leave when you return oh well major ones it was it was seven seven but then you also had the uh the store ship and all that kind of stuff yeah no there was the um it's a susquehanna the the saratoga the um uh mississippi uh mesedonian uh the bohatten and i'm missing two others but yeah read the book yeah go ahead yeah power structure in japan not that um but the interesting thing was when when parry did come up and say i want to talk to the big boss uh the little um basically the we called the governors they all came out and said we're it and he goes no no no that's not it uh so he knew that there was this this forbidden emperor that no one was supposed to see and they actually um um well truthfully well in the book one person comes out says he's the big boss and he goes no you're not it so then another person comes out says i'm the big so there was this big chain of of the high priest uh high prince that they were just kept going going going until he said i want to see your emperor and they said no you're not allowed to so then the the one closest which i think it was the uncle of the emperor he comes down and he talks to commoner parry so yeah but there's not really that much uh discussion about um well how the the the structure is made like the fiefdoms that kind of stuff they don't really talk about that kind of stuff so yeah yeah i call it's fief i say it's not really fiefdoms but it's that kind of the end of the show yeah yeah i try this is going to kill me that i can't go ahead dutch and chinese i forgot to mention the chinese too but no he he didn't have that he he no no reversed that um he did have one but then he picked up another one in china and that was uh portman uh yeah that i know of i would assume you know there was because you had the dutch you have the chinese so yeah just go it was parry at the uh washington conference of 1852 because i know there's a lot of resentment against the british when you asked about why yeah that's the british it's the uh primaridian and just guys you can go out there if you can see that no i don't know i don't know i don't know sorry okay financed and the commoner very yet individual rewards for success or did he oh i mean he got rewarded um well financing wise it's it's this is what philmore wanted so president philm well this would be even before philmore um they were talking about this but philmore he wanted open up trade with japan so it probably came from from the president that the financing happened um i'm trying to think of um i do not know what kind of awards are uh that kind of stuff that he got but i assume he did i mean uh i didn't live too long afterwards well yeah i lived until 1878 yeah so we've had too much time to receive too many accolades to live on it but yeah that's your man yeah so i didn't know that yeah i was going to mention this i buried that over here locally in the local cemetery oh okay all right matthew okay father and the mother and the old gang yeah who pre-deceased you oh cool they were buried um can you could you read it yeah it was like the pen like the peninsular yeah oh i was stopped in germany remember it was october fest for the whole time yeah and that's yeah no oh yeah no probably well not well back in those days no one of the things yeah on time put me is he uh goes on to he goes back and also and becomes a liaison for the american company so the american business yeah um but he was a dutch right yeah he was a dutch interpreter so he was a dutch interpreter oh sure you know and also be and um uh and just with all the the the drawings and everything a lot of them come from him and william um hind uh those are the two big ones uh they actually do during this time period they're doing um glass negatives and they they um a lot of that stuff well a lot of the the glass negatives got lost but yet the the drawings from the glass negatives still exist and yeah so that's another thing there's so there's so much oh no it's it's china it's right before they go to the pacific what was it yeah yeah he went across europe in asia well what was it was it was uh susan it yeah the canal okay here you go so it's uh yeah so well there's nobody it's the the it's the peninsula and then and then he goes to vienna dresden berlin and then holland uh 231 uh note number 22 now the train was involved in the establishment of the train in china or in japan rather from yeah uh tokyo to iokohama so they didn't have trains or anything there was no train when they took over that gift for the number that was the first introduction for that and then university it has a website for anybody that likes to really delve around on the computer if you go to their asian studies at brown university they have a wonderful collection they have another set of the black ship scrolls like we have downstairs plus they also have a lot of photographs and you can see a lot of pictures that they they have that we don't have in our collection um from the uh anna sk brown um yeah and sk brown library over there she has a wonderful collection of them like that that's it that's how many 34 of the hate that it is so it's a beautiful collection so if you really like to see that so i would first say go on to the website those are the ones locally but anyway thank you very much thanks yeah and there's a lot more in the the book that you can cover i mean there's he yeah so if if you want to give me royalties my book my the book and the books are on sale yeah in the bookstore so if i like but no so thank you all for coming and we'll see you next