So, today hopefully we will wrap this up with little bit of research direction. So, if you are interested and want to contribute what should be your focus that is the whole point of discussing this. So, as we have already mentioned depart pipelines need much better predictions, because your mis-prediction penalty increases, because the distance from the time you make a prediction to the time you execute the branch, essentially the cycles lost which will make an inspiration, because during this time you will be fetching along the wrong path. So, just to give you some example although these are kind of old example, which RTLK has a 5 stage integer pipeline. So, that is just like what we are doing. Alpha 21 to 6 4 has a 7 stage integer pipeline, Intel Pentium 4 extreme edition has a 30 1 plus stage integer pipeline. So, this was actually when Intel peaked in terms of frequency. So, it was around 40 grand frequency. So, to get frequency they were making the pipe deeper and deeper. So, what this means is that essentially that you can assume that in this 31 plus stage integer pipeline, you will make a branch prediction quite early in the pipeline. And this is where the branch executes after 31 stages. So, during these many pipeline stages essentially means these many cycles, if you make a mis-prediction you will be fetching from the wrong path, essentially you fetching wrong. So, ultimately it is to wasted of cycles. So, which is why as you make your pipeline deeper and deeper you need better predictors, you need more accuracy. Today's Intel processors do not have such a deep pipeline, it is actually shorter, the pipeline is much shorter, but definitely bigger than 10, 10 stages. So, you still need better predictors. So, what is branch mis-prediction penalty? That is the number of cycles between prediction and verification. So, from the time you know whether the prediction was correct or not. So, until verification you will believe the prediction and fetch along that path. On verification you will find that you made a mistake in which is you have to throw out all the work that you have done and start afresh from the correct path. So, essentially on a mis-prediction this is the amount of time that you lose, this is the cycles that you lose. And remember that this is the minimum mis-prediction penalty, it can be larger. For example, there may be a branch which requires some data to execute and that data may get delayed because it may have a cache miss or something. So, for example, if you have a load instruction that loads from this address in register 2 and then there is a branch instruction which consumes R 2. Then what may happen is that even if the branch has reached its designated pipeline stage for execution, it may not be able to execute because R 2 is not yet available. Because the load instruction before it is still pending because it took a cache miss when to memory to fetch the data. So, this is minimum, it may be larger from many branches. So, deeper the pipeline is more work is lost due to mis-prediction. So, what are the challenges? So, these are the basic research problems in this particular area. First one is how do you remove destructive aliasing in branches with data? So, remember that in the example that we discussed yesterday in the GAG example, we had severe aliasing in one of the BHT entries. So, question is how do you really get rid of this problem? So, in a sense this is really a hashing problem you have to come up with smart hash functions. So, I will discuss some of these today may be one of them just. And the second one is there is a need for larger history because larger history often happens. So, if you can look over a large window of history normally gives you much better idea about what is happening there. However, here the problem is that there is an exponential relationship between the history lines and the storage that you require. So, just remind you. So, if this is x then this is 2 to the power of x. So, this is the exponential relationship. I want this to be bigger so that I can encapsulate bigger history, but that makes it taller and that this growth is exponential. So, that is a big problem actually. So, that is what makes this very challenging. The question is what kind of other branch predictors that I can come up with where this exponential relationship goes away. I can have bigger history, but I have a predictor which does not have this problem. Sir, bigger history will also need now more time to meet the study state. Yes, that is true. We are learning time, but that is hopefully once you change your train. It is just one time. Every time you go over a phase change, this will happen once you learn, then you can make better. Better prediction for data dependent branches. So, this is a very big problem. So, for example, you might remember from your sorting algorithms. So, a typical comparison that you do there is you often know this. For example, it is extremely difficult to predict this branch because it depends on the pattern of the data that you have in the array. So, this may even be better, but think about doing something like AI compared against some value here, some constant let us say. So, these kind of branches are very frequent in programs. So, these are data dependent branches and these are the branches that lower your prediction. So, essentially what you are asking is how predictable is this value? That is what really you are asking. That is extremely difficult to predict. And the third problem is not really about direction predictors, but it is about efficient handling of indirect calls. So, if you have a direct call, that is fairly easy to predict with the help of branch timing problem. So, this BTB will be correct every time because the target is constant. For indirect calls, the target will vary depending on the chain of the program. Because these are essentially function pointers or virtual methods, the target will depend on what you are really doing. And your BTB will be extremely inaccurate in this case. And remember that for calls, procedure calls, we really cannot take any help from the direction predictor. So, the only machinery that we have for predicting calls is the BTB. That is it. There is nothing else actually. So, this is a big problem. And this is a big problem essentially, especially in your object oriented languages, because they are virtual methods like in C++ or Java language. So, programs between these languages have a lot of indirect calls. So, this has to be addressed. So, pretty much these are the four problems that are challenging today. So, let us go through each of them quickly, some solution at least. It is impossible to give you what has happened in all these four departments as such. So, there is a family of predictors known as G SKU predictors. They are trying to address the first problem of reducing BHT alas. So, here the idea is that you have an odd number of branch history tables. And these are all G and G predictors. So, I will be a little more general here. So, suppose this is your global history register. And this is my branch PC. I have three different hash functions H1, H2 and H3 that index into my BHT. This is BHT1. So, what I want is, finally, how do you combine these three predictions? Any suggestion? Majority vote, that is why I wanted to have odd number of BHT. So, I take a majority vote and that is my final prediction. So, the question is that how do I get rid of this particular problem of alas? So, there is a requirement on these three hash functions. If there are two addresses that conflict in BHT1 because of H1, you should try to design H2 and H3 such that they do not conflict in these two BHT.  These two will actually be correct and you will win in the majority vote. Is this here? So, that is essentially a problem of designing hash functions. So, one hash function that people often use rather one family of hash function. So, I will simplify this a little bit. So, I will assume that the input to the hash function is some value x. Let us first fix this size. Suppose, this is some power of 2. So, I will write. So, x is essentially a combination of the g h r and p c which is the input to the hash function. So, I write x in base 2 to the n. So, I can write it as let us say x naught plus x 1 into n into 2 n etcetera. So, if I do a modulo 2 to the n hash in here. So, if I do if I just do h 1 x where h 1 is a modulo hash. What is the result of that? x naught. Is that the theory that h 1 x if h 1 is just a modulo 2 to the n hash function. Now, what I want is suppose I have x and x prime and both of them have the same x naught. In that case they will alize on in the first stage. I want these two not to alize for h 2 and h 3. So, what people often use for h 2 how many of you know about perfect shuffle. So, what it means is that if you are given a bit strange. So, there are two types of perfect shuffle. You divide into two parts. So, let us suppose this is n bits. So, you divide into two parts n by 2 and 2 by 2. And what you do is you put the bits from here alternatively. So, you just insert them here. So, for example, if they are 1 0 1 0 0 0 1. So, you divide it in this way insert a 0 here. So, it becomes 1 0 then you have this 0 here insert the next 0 1 here next 0 1 1. So, what have I done what have I done this one here this one here. So, alternatively I take bits from this side of that is the perfect shuffle of this particular string. So, I could do it in some I could do it in a different way also by starting with this particular bit. So, instead of inserting 0 here I have to have started with 0 first and then inserted 1 and so on. So, I can alternate in two different ways. The function that I apply your x that is h 2 is h 1 x plus a perfect shuffle of x h 1 applied. You have two addresses that match the same slot for h 1. This will have actually a very low probability of that happening this particular hash function for these two addresses. So, I am not going to go into that. So, perfect shuffle is one of the hash functions that have this particular property. That if two addresses are aliasing one of the BHT's they are not aliasing the other two. So, for h 3 you can choose h 1 x plus sigma square and fix one apply shuffle twice. And there are nice properties of shuffle if you keep on shuffling ultimately you get back the same string. So, if you have too many hash functions you cannot do this actually for small number hash function. So, it is a basic thing here that what I require then I have a hash function h 1 which has a conflict under that condition I will make sure that h 2 and h 3 will not have a conflict. The majority function will pick this one the last repetition. And why is it called a skew predictor is because now people found out that actually if you make the tables of different sizes you get even better prediction activities. So, essentially what happens is that these BHT's will now have different size of history inputs. Now, when there are papers that try to look at the relationship between these histories. For example, if this history is n bit how many history should I put in BHT 2 and BHT 3 to get better accuracy. So, there are papers which look at geometric history lines. So, anyway so that is your G skew family of predictors they are extremely good and have very high accuracy. If you want to read up on that I can give you some references send me an email. Now, the second problem is the history relationship. So, here essentially we have the same problem I have n bit history here I will have an exponentially large table total power of n entries. So, how do you get rid of that. So, neural networks have some beautiful properties and that actually come into play here. So, how many of you have heard of perceptron. So, it is a simple thing actually let me give you an overview of what perceptron does. So, perceptron is the kind of a neural network.  So, for our purpose here the inputs are distributes. Suppose I have n bits of history and what I do is I weigh them with some weights and there is an extra input called a bias. So, what comes out here this is just a sum of this and on this you apply a function. So, this one is going to be a real number what you get because the weights are all real numbers and what you apply a function which gives you a binary output. So, often the function applied here is the sine function. Sine by sine I need not remember which is sine function you take the sine of this value positive or negative. If it is negative your output 0 it is positive your output 1. So, what have we got. So, the perceptron is same as k of summation w i h i plus the bias. So, why is this relevant at all can somebody guess. So, I am saying this is my branch predictor now I give some history I get a binary output and it is relevant because a branch predictor is essentially a linear function. So, your history can be seen as a vector in the dimensional space if you want to input the bias is actually in plus 1 dimensional space when you want to include this 1 also. So, it is a vector and what you are trying to see is given this vector you tell me whether this vector belongs to the taken side of the space or the not taken side of the space. So, this one here is a plane it is a hyper plane in the dimensional space this one. So, essentially what you are trying to do is you are trying to learn this particular plane. So, in the 2 dimensional space if I have just 2 histories it is right h naught and h 1.  So, after this history I always see a 1 that is a taken whenever a branch comes up with this history I see that this branch is same. So, I mark this history let us crosses here and I may have histories like these history points whenever they show up the branch is actually not taken and what we are trying to come up with a plane that separate these 2. So, like for example, this one this is what this perceptor is trying to learn in the ways they will come up with a ways. So, that you get this particular plane and then when you apply the sine function you will clearly separate these 2 you will say that oh it is related. So, you belong to this particular part ok alright. So, your ways will be adjusted. So, there is a training of Gordon to address the ways which I will not discuss here. So, here the what is to be observed is that I do not have a VHD anymore I can make my history as large as I can only thing I remember is the weights. So, now I told you what it becomes linear in the history size. If I have an n bit history I need n weights to remember that is it. So, now of course, a single perceptron cannot predict all branches for example, if I have a pattern like this. So, whenever I see a history of 0 0 the branch is not taken after that whenever I see I. So, this is H naught and this is H naught and H naught whenever I see a history of 1 1 the branch is not taken whenever I see a history of 0 1 the branch is taken whenever I see a history of 1 0 the branch is taken. There is no plane that can separate this plane that is impossible we cannot talk about that. Whatever you try you will always mix up something if you draw this plane 2 different points are on 2 sides. If you try this plane same problem try this plane same problem. So, perceptron only will predict this branch you need multiple possible points. So, I am not getting that the point here is that this problem is actually solved. I can now have large history and my story over it is linear in the history it is no longer exponential. There is a predictor called a profit critic predictor. So, these are very general kind of predictor prediction technique which are often called overriding predictors.  So, you are driving the car in a friendly city and you are trying to get from a station where you have been before. So, now, but you just why do not remember clearly how to do it. So, what happens is that you are trying out different lanes and whenever you get into a lane you proceed a little part your friend tells you that it does not seem like we have been here seems very important. So, you quickly backtrack start some other way you go around that path and you can then you trend again say this looks linear I do not think we have seen this. So, the point here is that after a branch prediction is done you start going along some path right. Suppose we get some of those history bits from the wrong path or from the correct path you can that you do prediction. So, you predict a branch you start fetching from the predicted path very soon you will come to one more branch right on the predicted path you look at the outcome of this branch and then when we predict this branch right and you go along the predicted path again you come to another branch. Suppose I give you this two extra bits after you have made prediction of this branch can you not tell me whether prediction was correct or not. So, it is actually incorporating a little bit of future information notice that this is not same as giving you two extra history bits on that side. So, what I am saying that suppose you make a prediction of 10 bits of history and then you get to see two more branch outcomes this is not same as giving you n plus 2 bits of history I can attach two more history bits there, but it is not going to be that good as this one because here it is telling you that after this prediction have you ever seen these two predictions or not right. When you went along the type of do you see these two predictions to happen in the past that means you must have made on this prediction. So, this is essentially an overriding predicted where you make a prediction first then observe for a while and then you try to make that prediction. So, the first predictor is called the prophet the second one is often the critic of that prediction because of that was correct or not. So, the second predictor is actually predicting the corrective of the first one. So, this one is very helpful in often predicting data dependent branches correctly, but anyway nonetheless predicting data dependent branches remains a big problem it is a huge problem and there is no good solution so the gap is huge. The second the last one is how do you handle internet cost right. So, here one solution that is often used is you use the path history to index into the BTB instead of using the PC to index into the BTB. So, essentially what I am saying is that before you reach the call you must have seen a few branches. So, that defines your path through which you actually make the call. So, that has a very good correlation with where you are going to going to going to make the call. So, what I am saying is that suppose you have a function f and there is a function pointer here which takes you somewhere right. What I am saying is that the path that leads to this particular call determines has a very good correlation with where you are going whether you call some function x through this pointer also for some function y through this pointer determines through which path you take. So, instead of using the PC of this branch to index to the BTB you use a hash of these PC's that you have seen along the path to this particular call. So, that is also seen to prove accuracy. So, of course, this is very handling if you want details let me know I will give you papers you can read upon that. So, one problem that is that cross cuts all these prediction research is criticality of branches. And here the main point is that not all branches are equal in point. So, you might end up investing a lot of time trying to predict a branch which is not very important. So, that is not really a good thing to do. So, predicting some correctly is critical to performance while others have very little impact on performance. So, it is known that all branches are not equally critical the question is why is that. So, here is a list of factors that often influence your branch criticality. So, one obvious thing is misprediction penalty. So, when you misprint a branch how many cycles do you use before you go along the path. And every branch does not have equal misprediction penalty the reason we have already discussed one of the reasons is that if the branch is data dependent and the data is not ready the branch may have to wait longer. So, minimum is the number of five stages between last direction prediction and branch execution. So, remember that we can have multiple direction predictors in multiple pipe stages. The last one to make a prediction is hope to be the best one from that part onward to the time you execute the branch is the misprediction penalty. Certain branches make a delay due to data dependence and predicting these correctly is important for performance because here if you mispredict you are going to lose a large amount of cycles. So, predicting these branches is very important if you have data dependent branch. The second point criticality factor is cache pollution due to wrong path execution. So, when you are going along the wrong path you are bringing the data instruction into a data instruction cache. Conflicting instruction and data working sets along the two branch paths will cause a big problem. So, for example suppose along one path you have certain number of certain instructions in the cache. When you go on the wrong path these instructions may conflict with these instructions in the cache and may actually evict these instructions along the cache. So, next time when you come along the correct path you will start in instruction cache. Same may happen with the data execution. And criticality of the correct path that is for example, if the correct path always starts with an instruction or data cache miss.  You cancel all the instructions you start fetching from the correct path and at the very beginning you take an instruction cache. So, this entire latency will actually show up in your execution because you cannot do anything actually at the time you do not have the instruction to proceed. The pipeline is empty we are waiting for the instruction place to complete today. So, that also adds to the criticality of branches. So, the branches that often have these things become critical and those are the branches that you frequently want to predict correctly.  So, critical branches need high prediction accuracy. Identifying branches that miss predict frequently is actually easy it is not very difficult. And the reason is that you can just have a small cache of recently miss predicted branch basis. You can maintain a cache which you at any point I am telling which are the branches that miss predicted people. However, all of these may not be critical. So, that is what is most important. A branch may have a very high miss prediction accuracy, but even if you increase its accuracy by a large amount it may not affect the whole cache because it is not critical. So, discovering good features that correlate well with the behavior of the critical branches is difficult. This is a very hot research topic. So, if you want to invest time on branch predictors you can look into that. So, here by good features I mean what program property you tell you that this branch is actually critical. Most of these branches are actually data dependent that is what it turns out ultimately. And prediction accuracy depends on the entropy of the data that depends on. So, as you know if some pieces of data have high entropy then they are usually not very predictable. You want low entropy in the data in the predictor. Today's best direction predictor has very high prediction accuracy which means small number of branches actually cause most of the miss predictions and these are highly critical branches. The performance gap between such a predictor and the oracle is large. Which means even if you have 97 percent prediction accuracy the major chunk of work is still left and this is the hard part. So, there is a big room for improvement and this is one of the big problems that identify critical branches. So, quick summary of cultural hazards redirect fetch from various stages of the pipeline with increasingly better prediction. So, some of the machineries that we have discussed are branch target buffer return address stack direction predictors. The fetcher selects the most appropriate next PC every cycle from among different indications coming from different stages. Research problems focus effort on critical data dependent branches what features correlate well with the behavior of these branches can the compiler offer help in any way. One of the things that that is very interesting is can I pre-execute branches in a separate thread. So, today we have a lot of threads and codes in our processors. So, what I can do is I can translate program on one code and only execute the branches in some other code. So, I can pre-execute certain number of branches and actually can know the outcome beforehand before this code actually gets to that point. Of course it is not as easy as said you have to figure out the instructions that lead to this branch which we have to execute actually, but there are proposals that try to get to that point. All right any question before I move on to some other types of hazard so you never have any questions. So, the other type of hazard that is important in a pipeline is data hazard and this arises because pipelining disturbs the sequential hard process and data dependencies among the instructions starts short. So, here is an example. So, the first instruction adds R 2 and R 3 puts the result in R 1. The next instruction subtracts R 5 from R 1 and then puts result in R 4. Third one adds R 1, R 7 puts in R 6 and this one or R 1, R 9 puts in R 8 and exhaust R 1, R 11 puts in R 9. So, here you can see that result of add is needed by all the instructions. So, in the pipeline what you can. So, this is shown in pipeline actually. So, this is the add pipeline that is going through here. That instruction will execute here, but right back to register 5 here. Other instructions will read R 1 in this stage. This is the state where you read the register 5. So, as you can see here, these three instructions marked in red will actually read wrong values. This XOR instruction will read the correct value because it happens after the values written back. So, how do you solve this problem? You can solve these three instructions. So, this instruction can be solved by how many cycles? I can move the decode here. So, it can solve by three cycles then everything will come right. After that everything will flow through as they are right. So, all by three cycles after you get a solution as we will see we will get a solution something else that can be done. Why is the value produced R 1? Which pipe changed here? X. X the value is known here. So, can I do something sorry. Completely pass the value. Exactly. So, since the value is available in the pipeline somewhere. I can pass the value to this guy. I can pass the value to this guy and then I can pass the value to this guy and this guy will read the value from yeah read the value from the register 5. So, how do we avoid increasing CPI? So, stalling is clearly not acceptable. So, there is something called a phased register 5. Which solve the three cycle apart wrong. So, what is that? What it does is that just like the way we had a you got it of one branch value. By doing a phased branch execution here what we can do is you can see that register right back completes in the first half of the cycle alright. And register read happens only in the second half of the cycle. In that case I can actually save this one. This one will actually get the correct value from the register 5 in that case. So, this actually solves three cycle apart raw dependencies. By the way these are called raw dependencies or read after write. You are reading after a write. So, these are three cycle apart raw hazard happening in this instruction that can be resolved by having a phased register 5. You can complete your register right in first half of the cycle. That still does not solve the problem with these two instructions. So, as a as somebody has suggested why do not we forward the correct value in the same time right. So, this value is produced here. I can directly forward it to the input of the ALU alright. And that is exactly when it is. So, what will happen is that it will read a wrong value in this particular stage. Which will be overwritten by ALU by the correct value here before it enters the x values. Similarly, if you remember the pipeline this value will be carried forward in the pipeline latches. So, here it will be available here right. And that can forward to the this ALU. The same value R1. So, read wrong value in ID RF stage, but bypass value over writes it. So, question is how to really how do you really implement it right. So, you always feed bypass value to the ALU input. The question is how many sources in bypass network and do we need bypass to memory stage also. Here we are showing bypass only to the execution stage. So, first let us take each of the questions at a time. So, how do you implement this bypass? Let us focus on this bypass. I read a value from register which is wrong right. So, there are two questions that is before I enter the value to the ALU how do I know that I read a wrong value. That is the first question. And if I can figure out that I read a wrong value how do I overwrite it. What kind of logic circuitry I require. What else is that I read a wrong value. So, if you have forgotten the instruction stream that will show you. So, you are talking about these two instructions at this point here to here bypass. Yes. Answer to R 1. And now I am reading from R 1. So, there is a I am reading the wrong value. Yes. So, what kind of what kind of operations am I doing to resolve that that I am reading the wrong value. So, comparing. Comparing what? Destination register of the previous instruction with the source register of this. Exactly. So, I have to compare both the sources with the destination of this one. If there is any match I know that a raw hazard has happened. So, what does that mean. So, let me take you back to our. So, how does this change. I have two inputs coming into the ALU and register file produces this value. And this value. I have a multiplexer here which depending on the op code selects either the immediate or the register value. And here either the next PC PC plus 4 or register file value. So, how do I modify this? So, if I ask you to write a piece of program that describes this logic what is that that might be more that might be easier to think actually that way ok. I am writing a C program what should I write it? What am I comparing? How should it change? So, I have to somehow change the inputs to the ALU based on some indication that I made a mistake. What was the right register of the destination register? That is carried forward remember that there is a latch. So, when so we have an add instruction right which is currently executed in this multiplexer right. The sub instruction is currently here right one cycle behind reading the register file ok. So, that means what the add instructions source register and source registers and the destination registers are in this latch stored in this latch you can assume that. And the sub instruction is currently being decoded. So, to compare what? The load registers will be less when you write a destination. Where should I put the comparison which stage is it? In the decode stage why do you want it to be in the decode stage? So, that the decode stage will tell me whether the address is right or not ok source. The problem with putting it in the decode stage is that you get to know my I mean sub instructions source registers only after this decode it. So, wherever you get to know it probably here before you get to know the instructions right yeah. Can I put it in the decode stage? So, the problem with putting it in the decode stage is that you get to know my I mean sub instructions source registers only after this decode stage. Can I put it in the execution stage? Is that possible? We can put it in the execution stage we will then use these two latches the EX. Which one? The add instruction would be in this latch. Yes ok. And the destination of this compared with the sources of this. Ok alright. So, I need two comparators right I need to compare the destination of this latch with the two sources here. I need two comparators ok. So, comparison output goes back what we do with the compared logic. So, I have two comparators and what does it compare? This is my X name. So, it takes the register identify R D right compares it with R S ok. So, it tells me yes to answer the compiler. So, what? How do I use it? I need to overwrite the inputs trade this one is wrong this one could be wrong both could be wrong one could be wrong both could be correct how do you decide? The value to the input mixes and use output of the registers and actinies. These mixes. So, what you are suggesting is so, I have one more input right. So, both these mixes have an input extra input which is output of the my good. So, there is my A and U the output goes into two mixes. So, these mixes already have two more inputs right. So, the selection logics will be off code and combination of this comparator. So, here for example the comparator says yes they actually match I should pick up the A and U output instead of picking up the one coming from the register point ok. The other input will remain unchanged which will be selected by the off code whether if I am selecting the immediate and of course it does not matter whether there is a matter or not in that case hopefully they will not be matched is this there. So, this path is known as the bypass path coming from the destination of the A and U to the sorry output of the A and U to the input of the input this A and U is handling actually right is it ok. Now, how do I do this by us the next instance that also has to happen at the input of the A and U right. But the only thing is that the input is coming from a different pipe stage right. So, when this instruction is executing this instruction is now in the right back right that means the value that it is writing to the register is currently in this latch which I need to buy this right. So, what that means is you have to add one more input to this particular multiplex and your selection will now be based on R D of this and R T of this R D of this and R S of this. We need two more components. So, now there is a small problem on the problem this example does not have a problem ok, but the problem arises in problem ok. So, is this there ok. So, now how do you answer this particular question. So, we know how to implement a problem we have some idea with that. We need bigger maxes in front of the A and U's and how many sources in the bypass network. So, in this case I have shown two sources one coming from coming from X Mem Latch is actually X Mem Latch. So, it will be taken from the X Mem Latch and one coming from the Mem right back latch. Are there any other sources in this particular pipeline from where I need to bypass and is it that the destination is always saying that is the destination always X state or there could be other destinations as well. So, do I need to bypass from the fetch state my engines could there be a situation for them to bypass to the fetch state something cannot be right I know what we have produced in the fetch stage. I produce an instruction and that cannot be input to some instruction an instruction cannot be input to an instruction. In the decode stage I produce some internal decoded signals they also cannot be used. Here I produce values may require bypass here also I produce that may require bypass. Do I need a bypass from here no am I sure. So, if I want to bypass from here where can I why do I bypass what are the possible inputs. If I bypass from here to here I can bypass from here to here the next instruction that will come here we will have the decode stage here we will read the file here and we will get the current value input. So, I should never need a bypass from here to here that is not needed. What about this to this and this to this are they needed. If I want to bypass from here to here that means I am bypassing the result of this instruction to this instruction for it to line back that does not make any sense why should I do that. What about this to this what does the memory stage need it needs an address for sure and it needs a value for store instructions. What if this instruction was a store instruction which stores R1. Suppose this instruction I will write down the instructions use the R1 to compute the address store the value R1. So, this particular bypass I am talking about this instruction. So, this particular bypass takes care of forwarding why should I bypass R1 also I am talking about why do I have to delay to this point there is no reason right. So, we are currently so we need just these two sources X and M M will bypass two kinds of values one is values produced by any instructions here which are bypassed one cycle rate and values produced by no instructions. So, that takes care of this particular question right. So, we will come back to this question next time.


Personal Finance PowerPoint Presentation, Treasury Bills, T-Bills, prepare to get financially fit by practicing personal finance. Most of this information can be found at Investopedia, Treasury Bills, T-Bills, which you can find online. Take a look at the references, resources, continue your research from there. This by Adam Hayes, updated June 2, 2022. In prior presentations, we've been taking a look at investment goals, investment strategies, and tools keeping those items in mind. We're now considering what is a Treasury Bill, T-Bills? A Treasury Bill, T-Bills is a short-term U.S. government debt obligation backed by the Treasury part in a department, in essence, the government, with a maturity of one year or less. We got a short-term type of investment, one year or less, backed by the government, therefore very secure. Treasury Bills are usually sold in denominations of $1,000, however, some can reach a maximum denomination of $5 million in non-competitive bids. These securities are widely regarded as low-risk and secure investments, so we've talked about different kinds of investments. We've talked about securities in general, investing in stocks, which are typically going to be a little bit more risky, but have a higher possible rate of return. One of the most least risky type of investments you can have would be then the Treasury Bill, due to the fact that they have that short-term kind of investment so that your money will be freed up in a short period of time. They're backed by the government, so you would think that unless the government was to default or have a problem of that nature, which would be a big problem in any case, then they would be able to secure their debts, and of course they have the printing press, so you would think that they would be able to pay them back in one way or the other. The Treasury Department sells T-Bills during auctions using a competitive and non-competitive bidding process. Non-competitive bids, also known as non-competitive tenders, have a price based on the average of all the competitive bids received. T-Bills tend to have a high-tangible net worth. Understanding Treasury Bills, T-Bills, the U.S. government issues T-Bills to fund various public projects, such as the construction of schools and highways. So clearly the government is the one you're basically loaning money in essence to the government in exchange for the Treasury Bill. If you're buying the Treasury Bill directly from the government, then the government is receiving money that they can use for various projects such as schools and highways. So when an investor purchases a T-Bill, the U.S. government is effectively writing an IOU to the investor. So basically it's kind of like a loan situation, so you've got a T-Bill, meaning you're giving the government money, they're giving basically a promissory note in essence to the Treasury Bill to be promised a repayment, the amount of the repayment possibly being higher than the amount that you loaned them, the difference in essence being interest. So T-Bills are considered a safe and conservative investment since the U.S. government backs them. So unless the government went under, stopped paying their debts, which would be a catastrophe, then it's safe and they got a printing press. So you would think they would be able to pay it back in some way. So T-Bills are normally held until the maturity date because they're short-term kind of investments you would think that normally you would hold them until the maturity date. However, some holders may wish to cash out before maturity and realize the short-term interest gains by reselling the investment in the secondary market. So you could, just like with other kind of bonds for example, sell the bill on the secondary market. The primary market would be that we're buying it from the issuer, in this case the U.S. government. The secondary market would be that we're buying or selling not from the issuer, but on the secondary market to some other investor. So T-Bills can have maturities of just a few days or up to a maximum of 52 weeks. So we said they're short-term, they're usually under a year, 52 weeks are in a year. But common maturities are 4, 8, 13, 26, and 52 weeks. The longer the maturity date, the higher the interest rate the T-bill will pay to the investor. So if you're, and this is kind of just the norm for investing generally, if you're going to lock your money, if you're going to be promising a longer term, then you would expect a higher rate of return than if you have a shorter term type of investment because it'll turn over at a shorter time and you're going to be wanting to line up what happens in the market, for example, to your basically your investment strategies. So T-bill redemptions and interest earned, T-bills are issued at a discount from the par value also known as the face value. So when you buy the T-bill, that means that you're going to be buying it the face amount of the bill, you're going to be purchasing it for something less than that. And then when you get the amount at maturity, then you're going to have the face amount which will be more than you paid the difference in essence being the interest that you earned. So of the bill, meaning the purchase price is less than the face value of the bill. For example, a 1000 bill might cost the investor 950 to buy the product. So you pay 950 for it and then at maturity, like 52 weeks later or 26 weeks or whatever, then you're going to be receiving the full thousand dollars. They're going to give you a thousand dollars instead of the 950 you gave them due to the fact that you basically have interest on it. So when the bill matures, the investor is paid the face value, par value of the bill they bought. If the face value amount is greater than the purchase price, the difference is the interest earned for the investor. T-bills do not pay regular interest payments as with coupon bonds. But so meaning a normal bond, you might think, is going to be paying you interest periodically, possibly semi-annually as a common type of payment structure. But obviously the T-bills are so short in nature they're only a year long that it doesn't really make sense to be paying the interest possibly on a periodic framework, but instead at maturity you're paying the interest. So it's similar to any other kind of bond where you really have the factors of the face amount and then kind of the interest rate that you have and then how much you're going to pay for it. But instead of having the interest rate basically pay out periodically, you're going to get the interest by just the maturity point of the bond having an amount higher than you paid for it basically. So but a T-bill does include interest reflected in the amount it pays when it matures. So T-bill tax consequences. The interest income from T-bills is exempt from state and local income taxes. So that can have a significant impact but note that it will be dependent upon where you live, what states you are in and your income level and what kind of tax system the state has is that more of a progressive tax or a flatter kind of tax system. So taxes always complicate things. However, the interest income is subject to federal income tax. So it is subject to federal income tax. Investors can access the research division of the Treasury website for more tax information. Purchasing T-bills, previously issued T-bills can be bought on the secondary market through a broker. New issues of T-bills can be purchased at auctions held by the government on the Treasury direct site. T-bills purchased at auction are priced through a bidding process. Bids are referred to as competitive or non-competitive bids. Further bidders can be indirect bidders who buy through a pipeline such as bank or a dealer. Bidders may also be direct bidders purchasing on their own behalf. Bidders range from the individual investors to hedge funds, banks and primary dealers. The competitive bid sets a price at a discount from the T-bills par value. So when you're looking at the bidding, you've got a market kind of structure happening. How does that work? Well, they're going to try to set the price that they're going to pay below the face amount, the difference being what the interest that they're going to earn at the end of the maturity date. So letting you specify the yield you wish to get from the T-bill, the yield being in essence the return that you would be getting, the difference between what you paid and the maturity price or the face amount. Non-competitive bids auctions allow investors to submit a bid to purchase a set dollar amount of bills. So a non-competitive, I believe they said is going to be based, a price kind of based on the competitive bids, possibly taking like an average of them in that way so that you can have that kind of purchasing process. The yield investors receive is based upon the average auction price from the bidders. So they can take that average price because that's kind of like the market consensus and use that. Competitive bids are made through a local bank or a licensed broker. T-bills investors can make non-competitive bids via the Treasury Direct website. Once completed, the purchase of the T-bills serves as a statement from the government that says you are owed the money you invested according to the terms of the bid. So it's kind of like a promissory note that you're receiving saying we're going to pay you so much at the maturity of this thing for whatever you paid them and amount less than the face amount. So T-bills investment pros and cons, Treasury bills are one of the safest investments available to the investor. So you're buying from the government. You would think the government's not going to default if they did it would be a major crisis. They got a printing press. You would think that they can pay back their obligations one way or the other. So but the safety can come at a cost. T-bills pay a fixed rate of interest, which can provide a stable income. So however, if interest rates are rising, existing T-bills fall out of favor since their rates are less attractive compared to the overall market. So clearly if you have that level of security, which is extremely high, then you would expect that people are willing to pay, they can sell them then those securities at a low return because of that high level of risk-free-ness. So that's going to be of course the trade-off. It's a very safe investment. You're not going to get a whole lot of return on it. However, it's typically thought of as kind of a boring kind of investment and whatnot. But if the market declines, then it may be able to be used like as a hedge is a good place to be to at least not be losing money. So as a result, T-bills have an interest rate risk meaning there is a risk that existing bondholders might lose out on higher rates in the future. So same kind of risk with bonds in general. If you hold on to the bond, now note you're only holding on here for a fairly short period of time, but holding on to the bond if the market rates go up, then now you've got a fixed rate and if you had the money elsewhere, you might be able to invest it at higher rates of returns for similarly designed investments. So the market fluctuation will of course be a factor. So although T-bills have zero default risk, their returns are typically lower than corporate bonds and some certificates of deposits. So again, you could be purchasing your bonds, loaning money in essence not to the government but to corporations. Corporations can't print money. Even a large corporation, something could happen and they go under or something like that so they're not as safe as you would think the U.S. Treasury bonds would be. The T-bills. So since Treasury bills don't pay periodic interest payments, they're sold at a discount price to the face value of the bond. The gain is realized when the bond matures, which is the difference between the purchase price and the face value. However, if they're sold early, there could be a gain or loss depending on where bond prices are trading at the time of the sale. So if you sold them early, then you could have a gain or a loss at that point possibly subject to capital gains or some kind of taxation at that point. So in other words, if sold early, the sales price of the T-bills could be lower than the original purchase price. Pros. Zero default risk since T-bills have U.S. government guarantee. T-bills offer a low minimum investment requirement of $100. Interest income is exempt from state and local income taxes, but subject to federal income taxes. Investors can buy and sell T-bills with ease in the secondary bond market. What are the cons? T-bills offer low returns compared with other debt instruments as well as when compared to certificates of deposits. You don't have much of a return happening there, but at least they're not going to go down. You're not going to lose. So the T-bill pays no coupon interest payments leading up to the maturity because basically the interest rate is fixed into the fact that you're paying for something less than the maturity price. And when you receive it at maturity, that's basically your gain or interest in essence. So T-bills can inhabit cash flow from investors who require steady income. T-bills can inhibit cash flow. So T-bills have interest rate risk. So their rate could become less attractive in a rising rate environment. What influences T-bill prices then? T-bill prices fluctuate similarly to other debt security. So it's kind of like a bond kind of situation here. Many factors can influence T-bill prices, including microeconomic conditions, monetary policy, and the overall supply demand for treasuries. Maturity dates. T-bills with longer maturity dates tend to have higher returns than those with short-term maturities. That's just kind of the general rule. If you're going to be locking in to a longer maturity, you're doing so in exchange generally for higher interest rates, hopefully, because you're taking on some risk with interest rate risk on the market. So in other words, short-term T-bills are discounted less than longer dated T-bills. So longer dated maturities pay higher returns than shorter dated T-bills because there's more risk into the instrument, meaning there's a greater chance that interest rates could rise. Long-term market interest rates make the fixed rate T-bills less attractive. So market risk, investors risk tolerance affects prices. T-bills prices tend to drop when other investments such as equities appear less risky and the U.S. economy is in an expansion. So if everything's going good and people are saying, hey, the economy's on fire, then everybody runs to the equities because they're trying to get a higher return. So that means they might be running out of T-bills at that point in time. On the other hand, conversely, during recession, investors tend to invest in T-bills as a safe place for their money spiking the demand for these safe products. So in other words, if you anticipate and recession coming, you may not want your money in equities because then you might lose money because it has the potential to actually go down and people start parking their money in treasury bills, which aren't very exciting in that they might not be getting a return, but they're not likely to go down. They're going to be a safe place in the event of a downturn in the market would be the concept. The Federal Reserve, so when you're looking, you're trying to gauge the market, then you might be looking at T-bills and saying, okay, everybody's running the T-bills. That's not a good sign, right? So the Federal Reserve, the monetary policy set by the Federal Reserve through the federal funds rate has a strong impact on T-bill prices as well. The federal funds rate refers to the interest rate that banks charge other banks for lending them money from their reserve balance on an overnight basis. The Fed will increase or decrease the Fed funds rate in an effort to contract or expand the monetary policy and the availability of money in the economy. A lower rate allows banks to have more money to lend while a higher Fed's fund rate decreases money in the system for banks to lend. As a result, the Fed's actions impact short-term rates, including those for T-bills. A rising federal funds rate tends to draw money away from treasuries and into higher yield investments. Since the T-bills rate is fixed, investors tend to sell T-bills when the Fed is hiking rates because the T-bill rates are less attractive. Conversely, if the Fed is cutting interest rates, money inflows into existing T-bills driving up prices as investors buy up the high-yielding T-bills, the Federal Reserve is also one of the largest purchases of government debt securities. When the Federal Reserve purchases U.S. government bonds, bond prices rise while the money supply increases through the economy as sellers receive funds to spend or invest. So when you're thinking about strategies on the government side of things to stimulate the economy, they can have an impact on the interest rates. And they can also purchase and sell their own Treasury bills. So they might be purchasing back, for example, their own T-bills on the market. So they have already issued the T-bills. They buy the T-bills back. What that does is put more money back into the economy because they're giving money, basically, to the investors at that point in time, which is supposed to stimulate the economy and so on. Funds deposited into banks are used by financial institutions to lend to companies and individuals boosting economic activity. So inflation. Treasuries also have to compete with inflation. So inflation, meaning the value of the dollar going down, therefore, you can purchase less good, which measures the pace of rising prices in the economy, meaning stuff's getting more expensive, the dollars not containing as much value. So even if T-bills are the most liquid and safest debt security in the market, fewer investors tend to buy them in times when the inflation rate is higher than the T-bill return. So notice we said if you put money into the Treasury bills, you would expect that you're not going to get lost because they're backed by the Federal Reserve and you have that fixed interest rate. But what if that rate that you're receiving is actually less than inflation? That means the actual purchasing power of your investment is still going down. You're still kind of losing money in that situation, which of course is kind of a problem if you could find some other place to put the money. So for example, if an investor bought a Treasury bill with 2% yield, well, inflation was at 3%. So this is another, now you've got a situation where the inflation is higher than what you're getting a return on. You may still want your money in the bonds because if things are bad, you might be saying, okay, I'm losing a percent return, but if I had my money in the stock market, which is tanking at this point in time, I could lose a whole lot more. So losing 1% could be a better option if you think everything is going down or so on. But obviously you would like to be getting a return greater than inflation. You would like your purchasing power to be increasing, not decreasing if possible. So the investor would have a net loss on the investment when measured in real terms. As a result, T-bill prices tend to fall during inflationary periods as investors sell them and opt for higher yielding investments. Example of a Treasury bill purchase. As an example, let's say an investor purchased a par value of $1,000 T-bill with a competitive bid of $950. We pay 950, we're gonna get $1,000 at maturity. When the T-bill matures, the investor is paid the $1,000, thereby earning $50 in interest on the investment. So notice we don't really have the rate of return like specified on the bill, but that's interest because we got a return on it of the $50, which you can figure what the, so the investor is guaranteed to at least recoup the purchase price, but since the US Treasury backs T-bills, the interest amount should be earned as well. So as stated earlier, the Treasury Department auctions new T-bills through the year on March 28th, 2019, the Treasury issued a 52-week T-bill at a discounted price of $97.61 about to a $1,000 face value. In other words, it would cost approximately $970 for a $1,000 T-bill. So what are the maturity terms for Treasury bills? US Treasury bills are short-term government bonds and are issued with five terms. These consist of four, eight, 13, 26, and 52 weeks. What kind of interest payment will I receive if I own a Treasury bill? The only interest paid will be when the bill matures. So you're not gonna get the semi-monthly, you're gonna get it at the maturity date in the form of the face amount being higher than what you paid for it.  How can I buy a Treasury bill? US Treasury bills are auctioned on a regular schedule. Individuals can buy T-bills from the government using the Treasury Direct website. It is free to register and it will function like a brokerage account that holds your bonds. In addition to bidding on the new issues, you also can set up reinvestments into securities of the same type and term. For instance, you can use the proceeds from a maturing 52-week bill to buy another 52-week bill. Certain brokerage firms may also allow trading in US Treasuries. Where is my paper hard copy of the T-bill I bought? So now you're gonna think, well, how do I have the evidence of the T-bills? T-bills and other government bonds are no longer issued on paper and are only available in digital form through Treasury Direct or your broker. So you don't have the paper forms are going the way of the dodo, which died a long time ago. So in any case, how are T-bills different from Treasury notes and bonds? T-bills are short-term investment debt instruments with maturities of one year or less and they are sold at a discount without paying a coupon. T-notes represent the medium term maturities of two, three, five, seven and 10 years. These are issued at par $100 and pay semi-annual interest. T-bills and otherwise identical to T-bills are otherwise identical to T-notes but have maturities of 30 years or longer in some cases.


Hi everyone, Joe for Jaspyscasewrakes.com with a quick number block randomizer For these three teams right here Broncos Bill Saints for pick your team eight Which is coming up in a separate video if you're watching the replay of this There's all the stuff for the number block right there. I think everyone knows how this works Big thanks to these folks and there are the numbers right there. Let's roll it. Let's randomize it four and a two six times for each list and sixth and final time Jay down to send yin six in final time after six We've got four down to five All right So jay with four Aaron with three Andy with zero Diane with nine Xiang with one Justin with six Brandon with seven Andy with eight and two Sanyin with five. So let's order these numerically Right there and there you have it coming up next in a separate video will be pick your team eight stick around


Welcome to George H. Smith's Excursions into Libertarian Thought, a production of Libertarianism.org and the Cato Institute. I'm your host, Terence West. Natural Rights and the Moral Foundations of Libertarianism. Part 2 by George H. Smith. In part one of this series, I discussed how many of the works on international law, especially those published during the 17th and 18th centuries, provided the infrastructure for a libertarian theory of rights. This was called the Law of Nations in its early stages. The word international was coined by Jeremy Bentham in the late 18th century. I don't wish to suggest that all natural law philosophers reached libertarian conclusions. On the contrary, some, such as Samuel Pufendorf and Christian Tomasius, defended a form of political absolutism, whereas others reached more liberal conclusions. Such differences highlight the fact that philosophers who began with the same basic premises may develop and apply those premises differently. I will discuss these and other problems in a later series on the natural law, natural rights tradition, but they're too complex to cover here. Over 40 of the most important works on modern natural law theory have been published by Liberty Fund in a series on natural law and enlightenment classics. The significance of this ambitious and scholarly project for the history of classical liberal and libertarian thought can scarcely be overestimated. I noted in my last essay that philosophers of international law typically base their ideas about the rights of sovereign nation states on the natural rights of sovereign individuals in a state of nature. This analogy is unjustified, in my opinion, since nations should not be viewed as autonomous moral agents. Nevertheless, this methodology, by focusing on the rights of sovereign individuals, yielded a number of significant results, including the following. One, international law, by its very nature, must apply to every nation, regardless of the dominant religious beliefs of a particular nation. This requirement led to a greater emphasis on the distinction between natural law and theology, especially divine revelation as it was believed to exist in the Bible. As Hugo Grosius famously remarked in the Prolegomena to the Law of War and Peace, 1625, what we have been saying about natural law would have a degree of validity, even if we should concede that which cannot be conceded without the utmost wickedness, that there is no God, or that the affairs of men are of no concern to him. Although many Catholic philosophers prior to Grosius followed Thomas Aquinas in affirming that the precepts of natural law can be known by reason alone, their Protestant counterparts believe that the Scholastics had relied too much on revelations in their discussions. Not surprisingly, Protestant philosophers also objected to Catholic efforts to elevate the authority of the Pope over secular rulers. This is not to say that Protestant philosophers excluded God from the realm of natural law altogether, but again, this is a complicated controversy that I cannot discuss here. The secularization of natural law was inherent in the very nature of international law, since to stress the Bible as a moral authority would not be accepted by non-Christian nations. Only an appeal to the principles of reason could lay claim to a universal validity among all nations, Christian and non-Christians alike. Moreover, the claim that sovereign nation states have equal rights, regardless of their religious affiliations, could only be justified if religious beliefs were irrelevant to the natural rights of individuals in a state of nature. Although it would be wide of the mark to say that Protestant theorists of natural law were always consistent defenders of religious freedom, it is fair to say that most advocated religious toleration. 2. The primary purpose of theories of international law was to establish universal criteria based on reason for a just war. Whereas earlier philosophers had typically used terms like injury to specify when a war is justified, a provisio that permitted a broad range of interpretations, natural rights philosophers insisted that only a violation of rights can justify a war, and that these rights place moral restraints on what belligerents may properly do while fighting a war. As Grosius wrote, least of all should that be admitted which some people imagine that in war all moral laws are in abeyance. On the contrary, war ought not to be undertaken except for the enforcement of rights. When once undertaken, it should be carried on only within the bounds of law and good faith. In order that wars may be justified, they must be carried on with no less scrupulousness than judicial processes are want to be. According to Grosius, natural rights are violated by physical force, so a nation may go to war with another nation only when its rights have been violated by the use or threat of force. The philosophers of international law generally agreed that the internal affairs of a nation are not the concern of other nations, a principle that was intended to lessen the pretext for war. This reasoning had significant implications when applied to individuals in a state of nature. Sovereign individuals, like sovereign nation states, may use force only in defense of their rights or to rectify a previous injustice. This reasoning entailed a private sphere of activity for individuals in which others may not coercively interfere. Having discussed some implications of just war theory for libertarianism, I shall now turn to the justification of natural rights. In the natural law tradition that I've been discussing, there were two basic methods of justifying rights, which I shall dub the theological and the secular. Put in legalistic terms, the theological approach to rights may be summarized as follows. God created human beings, so we are His property. We are all equal in the sense that God did not invest some people with an inherent authority over others. Moreover, God would not have created us without a reason. So we have a duty to preserve our lives. Suicide was therefore condemned throughout this tradition. And from this duty of self-preservation emerges my natural rights relative to other people. My right to life means that others have a duty not to say murder me, because to do so would be to destroy God's property, in effect. In this way of thinking, which was defended by John Locke among others, we may be said to be self-owners with moral jurisdiction over our lives, liberty and property in the context of a human community, though not in relation to God. Such rights were implicit in the very act of creation. The fact that God endowed us with the power of reason and made our reason our basic means of survival clearly indicates that He intended us to use our reason to preserve our lives. And since reason is nullified by coercion, persuasion rather than force is the proper way to deal with others. Thus, the theological approach begins with duties, and it generates rights from these duties. From our duty to God to preserve our own lives flows our duty to respect the lives of other people. And from these duties emerge our rights to life, liberty and property, moral claims that are essential to human life. The secular approach to rights is a bit more difficult to summarize, but we should not suppose that all defenders of this approach were deists or atheists. Christians sometimes took the secular route in an effort to ground rights more firmly in reason alone. For example, the Swiss philosopher, M.R.D. Vettel, 1714-1767, the most popular and influential writer on international law in 18th century America, attempted to ground natural rights solely on rational self-interest or self-love as it was commonly called in his day. In order to understand what was involved here, we need to distinguish a rights claim per se from our obligations to respect such claims. Contrary to those contemporary philosophers who seem to believe that David Hume was the first to appreciate the difference between is and ought, or facts and values, the distinction was well understood and thoroughly discussed by natural law philosophers prior to Hume. Although all such philosophers agreed that the principles of natural law, including natural rights, can be discovered by reason, they sometimes disagreed over the source of our obligation to respect these principles. The theological approach, as we talked about earlier, was an effort to ground our obligation to respect the rights of other people in our duty to God. The secular approach, in contrast, attempted to establish the moral primacy of rights over duties. But even if we agree with the most common secular argument for rights, according to which rights are a necessary condition for the pursuit of happiness in a social context, the question remains, why should I respect the rights of other people? As some natural rights philosophers saw the matter, the problem of moral obligation was inextricably linked to human motives. In other words, even if I agree that rights are a social necessity, why should I be motivated to respect the rights of other people in particular cases? Especially if I think that my self-interest will be served by violating their rights. Some philosophers, such as Francis Hutchison and David Hume, attempted to solve this problem by appealing to a moral sense. According to this approach, which had variations that I cannot discuss here, humans have an innate sense of right and wrong. And though this capacity does not tell us specifically what is good and what is evil, it does motivate us to pursue the good after reason has identified it. In contrast to the moral sense school, which tended to identify obligation with a feeling that motivates actions, stood the so-called rationalist wing of natural law theory, as exemplified in the writings of Samuel Clark and William Walliston. This was the approach that Hume attacked in his famous distinction between is and ought. In this way of thinking, moral obligation is a species of rational obligation. Just as we are rationally obliged to believe a proposition for which sufficient evidence has been provided, so are we morally obliged to observe a principle of action that has been sufficiently justified. The moral, in brief, is simply rational judgment applied to actions instead of beliefs. Having discussed some features of modern traditional natural law and natural rights, I shall now indicate my own beliefs. In my last essay, I noted my basic agreement with the views of Einrand, especially as expressed in her essays, Man's Rights, Collectivized Rights, and the Nature of Government. I also noted the significant similarities between her ideas and some earlier natural rights philosophers, similarities that emerge from parallel reasoning rather than from familiarity with earlier sources. Consider, for example, this passage from Man's Rights. Rights are a moral concept, the concept that provides a logical transition from the principles guiding an individual's actions to the principles guiding his relationship with others, the concept that preserves and protects individual morality in a social context. The link between the moral code of a man and the legal code of a society between ethics and politics. Individual rights are the means of subordinating society to moral law. As Rahn put it later in the same essay, the principle of man's individual rights represented the extension of morality into the social system, as a limitation on the power of the state, as man's protection against the brute force of the collective, as the subordination of might to right. These passages mesh nicely with the approach to rights that we find in some of the 17th and 18th century literature on natural rights, especially as defended by Grosius and his followers. Nevertheless, Rahn is all too frequently dismissed by academic philosophers, including some libertarians, as little more than a quack.  A problem here is that many academic philosophers are woefully ignorant of early works on natural law and natural rights. We are sometimes told, with an air of assurance appropriate to declaring a self-evident truth, that only an ignoramus would attempt to ground rights in self-interest. Why? Well, one common reason is that the notion of obligation supposedly applies only to other people. We cannot be said to have obligations to ourselves. It seems that early natural rights philosophers did not get this memo since many of them wrote extensively on duties to oneself. This remark by the Scottish philosopher George Turnbull, 1740, is fairly typical. It may very justly be said that the whole of our duty consists in a well-regulated self-love, or in the pursuit of our true happiness. Although Rahn is often portrayed as a philosophic maverick, she actually represents an earlier method of doing philosophy, including moral and political theory. Of course, since she wrote essays rather than technical treatises on these topics, she cannot be said to have justified her approach in detail. But some of Rahn's admirers, such as Thibaut McCann, have developed her ideas in depth. I especially recommend Liberty and Nature and Aristotelian Defense of Liberal Order, open court 1991 by Douglas B. Rasmussen and Douglas J. Denial. It was Rahn who first convinced me of the reasonableness of natural rights, and though I have read extensively in this field for well over four decades, more extensively, I dare say, than any of her libertarian critics, I remain with the lady who brought me to the dance. This has been Excursions into Libertarian Thought, a production of Libertarianism.org and the Cato Institute. To learn more about libertarian philosophy and history, visit www.libertarianism.org. I'm Darren Swest. Thanks for listening.


Hi friends, welcome back to my channel and welcome. If you're new here, my name is Jen. I'm a certified weight loss and nutrition coach and I'm on the WW or the Weight Watcher's Blue Plan. It's Friday, so it's another weigh-in day. We're gonna talk all about this week's WW workshop. I'm going to share my weigh-in with you for the week, kind of how my week went this last week and what my goals are moving in to the new week, the third week of January. I can't believe we are already three quarters through the first month of 2021. It's crazy. So I'm excited to share all of my goals and my weigh-in with you and talk to you all about this week's WW workshop. So if you're excited for today's video, please give it a big, huge thumbs up. It means a lot to me and let me know to keep putting out these weigh-in videos every single week. One of my goals for 2021 was to weigh in every week. So I like sharing that with you guys for motivation or even for support on my end from you if it wasn't such a great week. So give it a big thumbs up so I know to continue doing these videos. Don't forget to hit the little subscribe button and of course the bell next to it so you're notified whenever I upload. I do a weigh-in every Friday so you should see a video every single week so you don't want to miss out. Don't forget to check out that description box down below where you're going to find my custom 2021 calendar. Although we are partly through January, it's not too late to get your hands on one of these incredible calendars.  So it's just a great way for a little piece of extra accountability. You'll also find my nutrition coaching website where I offer personalized macro and calorie calculation. Really important to have this information, especially moving into the new year so you can be as successful as possible. Let me do the calculation for you so that it's accurate and personalized for you. Also I offer one-on-one coaching in both 30 and 60 minute sessions. So if you're looking for a little bit more one-on-one individual support, that's a great tool to have as well. You'll also find links and discount codes to my favorite things and last but not least, my Facebook group. We'd absolutely love to have you join that community so head on over and join us there. So let's jump into this week's workshop, weigh in and let's set some goals moving into the new week. On how my week went. So this week I killed it. I mean, hashtag nailed it this week. My nutrition was on point. I set myself a goal on Sunday that I was going to have a perfect week when it comes to staying within my points. You heard me right. This last week I only tracked my WW points. I stayed within my points every single day. I did use my weeklies as always on Saturday. So the rest of the week I committed to being on point with my points. I stayed within my points every single day. Of course the calorie counter in me did a little bit of math in my head each day to see where I was falling calorically. I tried to make really good decisions on the food that I chose. I tried to really focus on the zero point foods to make sure that I was eating enough calories. Even though I wasn't tracking them, I know that in order to hit a decent caloric level every day on WW, you have to focus on zero point foods, less processed food, more real food. So that's exactly what I did this last week. And I would say that on average I was under my calories every day, but not a lot. Just a couple of hundred normally. So I felt good about that. I didn't feel like I was eating in such a deficit that it would cause metabolic adaptation or that I would feel lethargic and kind of fatigued throughout the week. So I felt great on my food. I really got to eat all of my favorite foods. I didn't worry about counting my calories for fruit. It was actually a little bit of a nice change of pace since I've been double tracking now for quite some time. Now moving into this next week, I don't know that I'll just count points. I'll probably go back to double tracking. In fact, I'm planning on filming another what I eat in a week. So I wanna hear from you guys, what do you wanna see? Do you wanna see a what I eat in a week points only? Or do you wanna see what I eat in a week points and calories? Or do you want me to just eat my points and see where I fall calories every single day so that I can share with you kind of how best to work the WW program and what happens on days that you eat more zero point foods or less zero point foods. So let me know, let a girl know down in the comments so that I can plan to film that what I eat in a week. The absolute highlight or the high of this last week for me was the fact that I got to go back to Jazzercise. They finally reopened the in studio classes. So you can bet your bottom dollar that I was there as fast as I could get my little self there. So I worked out on Tuesday night. I also am working out today after I finished filming this video and then I have the 8 a.m. class in the books for tomorrow morning and let me just tell you after about 30 days of not doing Jazzercise, I almost died. I legitimately almost died in my class. It was so, so hard and it is just proof that even 30 days of not doing exercise can have a big impact on your body. So I am back. I have it on the schedule for three times a week for the next two weeks. Once I get back in the swing of working out, I'll probably add an additional date of my week, but I loved it. It was amazing and it was so nice to have nutrition in check and a workout in check. So before we jump into this week's weigh-in, let's talk about this week's WW workshop topic. This week's topic was ready to set an intention for the new year. It's not too late to set some intentions, set some goals for the new year. So what we're going to do is we are going to set an intention for the next three to six months. So we're going to look at the shorter term, not so long term like the end of the year or the end of 2021. We're going to stick kind of in the short term. So we're going to set an intention for the next three to six months. And then we are also going to set a small goal to do with that intention over the course of the next few months. So to set this intention in this goal, we need to ask ourselves three questions. Question number one is what do we value the most? Our values and the things that are important to us really represent who we are the most. Number two is how do we plan on showing up? By understanding the things that are of value to us, we can then set our intentions to put those things into action. And number three is how are we going to act on these intentions? So here's an example. Let's say that your health is what is of value the most to you. And I would say that the majority or a lot of us on a weight loss journey or a healthy lifestyle journey value our health. That's part of the reason that we've chosen to get healthy. So the first thing that you would say is my health is the most important thing to me. Number two, I'm going to prioritize my health. And number three, to set this into action, I am going to focus on healthy foods and move my body more. So now that you've set an intention and that is to better your health, now we need to set that small goal to help us get there to get to that intention. So we are going to use what is called the STAR method for setting our goal. And we've talked about this before. It's actually been in a couple of the different WW workshops. It's actually a great tool to use. So grab a pen and paper and jot this down because it's something that you can use in a lot of the different areas of your life. So what STAR stands for is the S stands for specific. So you're going to select a specific goal. The T stands for truly doable. So the goal that you pick has to be doable. Don't set yourself up for a failure and pick a goal that really isn't truly doable for you. The A stands for actionable. So is this a goal that you can take action on to help you reach that goal? And the R is relevant. So is this goal relevant to your health journey, to your overall big picture for what you're trying to achieve? So let me give you an example of how to set a STAR goal based on what we just talked about. Making our healthy most important priority for us. On Monday, Wednesday and Friday, I am going to take a 30 minute walk after lunch so that I can prioritize my health. The specific or the S is the Monday, Wednesday, Friday. The T or the truly doable is a 30 minute walk. We're not saying that we're going to take an hour long walk or two hour long walk. We're shooting for a 30 minute truly doable goal of a walk. The A, the action item is walking. That is the action that we're going to take to reach our goal is to go on a walk. And the R stands for prioritize my health. This is how it's relevant by going on a 30 minute walk, Monday, Wednesday and Friday, we are prioritizing our health, which was the most important value to us. So use your intentions to guide you towards those small goals. I really truly love this STAR method. I'm actually going to put this down in the description box. I'll lay it all out down there for you as well in case you didn't grab a pen or paper. I'll let you know what the S, T, A and the R mean and how you can use those to set yourself some goals. I love it. I really truly love this. I myself am going to make a note of this so that I can use this in the future as well. So now let's jump into my way in. Before I tell you guys the number, I forgot to tell you when I recapped my week, fortunately for me, on Monday my favorite, favorite time of the month came my way. So that's a little bit unfortunate. I felt a little bit puffy and fluffy leading up to Monday, so Sunday. And that's when I really told myself you've got to get this week as a perfect week. You've really got to nail it. And let me just tell you that Tuesday had a double header for me. When it came to potentially failing in having a good week, I got up at 3 a.m. when my husband left for work and could not go back to sleep. So all day Tuesday, I was incredibly tired. And we've talked about sleep and how important it is to weight loss.  So I had to consciously tell myself three, four, five times during the day on Tuesday that my goal is to have a perfect week. So I don't want to ruin that by making a bad choice because I'm hungry. And luckily I had four nutrition coaching calls on Tuesday. So that really helped me because here I am, coaching people on eating healthy and setting some goals and sticking with those goals. So how can I coach them if I'm not doing the same thing myself, right? So Tuesday was a success, you guys. I didn't do it. I didn't have the snacks. I didn't reach for the sugar to give me quick energy. I stuck to my goals. So with all that being said and still being on my favorite time of the month, when I stepped on the scale today, I'm down 1.2 pounds. That means that every week so far in 2021, I have lost weight. I am so proud of myself, you guys. This is exactly what my intentions are for 2021 is to see a loss on the scale and to hit 50 pounds down this year. I'm gonna do it. I am gonna do it. I am on a mission to actually lose 50 pounds this year. So these first three weeks of January are setting me off on the right foot. So now I wanna hear from you guys. Number one, I wanna hear how your week went. Was it what you expected? Did it go as planned? And number two, what are your intentions and what is your star goal for the next week, for the next month or the next few months? So let me know down in the comments. Also, if you enjoyed today's video, don't forget to give it a big huge thumbs up. It means a lot to me and really, really helps out my channel. And if you're new or you're not yet subscribed, take a moment and hit the little subscribe button. We'd absolutely love to have you be part of our community.  So come on over and join us. Don't forget to check the description box out for that 2021 calendar, nutrition coaching. Definitely take advantage of the services that I can offer to help you reach your goals. Links and discounts to my favorite things. And of course, my Facebook group. We'd love to have you there as well. So that's it for me today, my friends. Happy Friday. I'll see you guys all in tomorrow's grocery haul. It's gonna be a good one. Bye.


Hey guys, what is up? Welcome to my channel. So for today's video, I'm going to be doing my very first Riley Rose haul So if you're interested in seeing what I got because I got so much cool stuff, then just keep watching so first of all this makeup look and like I had more of a vibe earlier like this and It and then I got really cold. So I had to put on my grandma sweater It's snow today.  It reminds me of a Sephora for a younger set It's a lot more cutesy whereas Sephora is a lot more sophisticated But Riley Rose has a lot of awesome brands a lot of like Korean skin care brands and a lot of those like indie brands that I heard of That people love that I never got to try I just I you'll see in the haul like some of the brands But they have such cool brands and it was just so cool for me to see because it really gave me a chance to try out These different brands that I'd heard of but never really knew where to get my hands on them So it was great to see them in person I did upload a couple photos on my Instagram because it's literally the cutest store I've ever been into I didn't know what to expect, but I literally had the time of my life and I want to live in that store now So their skincare section was amazing They had like all these really neat Korean brands and not just Korean brands But I'm really attracted to Korean skincare and this is the three Or just getting the naughty nose three-step charcoal blackhead remover I've used something like this before but I just thought it was cute It says the naughty nose and yeah It's basically just a blackhead remover for your nose and they just had so many cute things like this I had to pick one up also kind of skincare-y. I got Okay, I'll be back and My camera's about to die. I think my memory card's full and it's about I also got the Bioderma. It's like a micellar water I got the small pink one for sensitive skin because I have very sensitive skin when it comes to removing makeup I find that when I use normal makeup remover, they really just make my skin burn. So I heard Okay, so I heard good things about Bioderma for sensitive skin But if you have the same problem for me, can you let me know what makeup removers you use? If you find that your skin just like hurts and burns when you use makeup removers, let me know what worked for you But I'm trying out Bioderma now. Also fun fact about me. I'm really obsessed with Hello Kitty This is also by the cream shop and they're a Hello Kitty cleansing wipes. I really have no explanation For getting these. I just they're really cute and they're Hello Kitty I'm telling you they had just so much cute stuff. Okay, this is a great place to go to give gifts and stuff And then this is random. I just got a little bath set. It has like an exfoliating glove a loofah It was like four bucks. This is something you'd find at Forever 21.  Oh my goodness. I couldn't This is the last skincare thing. This is by I don't rude.  I've always wanted to try those peel off nose Masky thingies. So I got one. I'm telling you they had such cool things So I was so elated to pick this up now another brand that they had that I was really excited to see was Sigma now Sigma's pretty mainstream, but I've never really seen them Oops, but I've never really seen their whole brush line like in person and they had a whole Sigma display with all of their brushes And you know, I had just the night before Bit on the Sigma website because there was a couple brushes that I wanted to pick up But I just added them to my cart didn't really purchase yet I mean what a coincidence that the next day they actually had them in store So I picked up the two brushes that I've been wanting. This is the Sigma f 77 It's gonna be a hassle to open this isn't it? Oh my gosh. I can't open this my camera is about to die I don't have time to try and open this so Basically, it's just like a really thin chisel brush this I swear is the best nose contour brush in the world My nose is so weird to contour. I literally need something straight just to stamp down my nose The best contour brush for your nose ever and then you also got the E06 and look at the shape of this It's just like a very interesting liner brush I bought this mostly for doing makeup on clients because I really think it's gonna make it a lot easier Kind of filling in the eyeliner on that outer corner a brand that I also was very excited to see there was the bomb They had a whole bomb display and I've only seen things from the bomb at Nordstrom rack Which was like leftover stuff. So this actually has like their good stuff.  So I wanted the little quad So I thought this was a pretty good stable to try out to really introduce me to the bomb I purchased a couple of pallets from them before but it was from Nordstrom rack So I don't know how good and reliable buying those from there are but I'm really excited I'm able to pick up some staples from the bomb. I also got the lime crime Venus XL 2 I've been eyeing this was never sure if I really wanted to buy it and then I saw it in person and she's gorgeous So first of all interesting packaging. I don't know how much I like the outside But look at the inside of this. I wasn't sure if I was going to really like it But you guys this is such a unique palette We always go on on YouTube about how all of the palettes are the same, you know There's not a palette that you don't already have this is genuinely a very unique palette I don't have a palette like this in my collection and the colors are gorgeous And I can't wait to play around with this more Maybe I'll do like an Instagram tutorial or something which I hate saying that because then I never end up doing it But guys my last haul I promised I'll do a Dominique Cosmetics Bering Cream tutorial for IG and I just filmed it so I'm on to better things on to better things I also got a pair of lashes from Lily lashes They had a whole lash display and Sephora of course has a few styles from Lily so does Ulta But they actually have like a full display of Lily lashes, so it's really great to see them in person I ended up getting makeup by Samuel. This is gonna be such a pretty fluffy lash They're not too long They're very fluffy and layered and they go from shorter on the inner corner to longer on the outer corner So excited to see how this looks on my eye I think this could potentially if it's going in the direction that I think it's going in could be one of my favorite lashes This one was funny. This is from their bath section, which they had a really great bath section I just got this as a joke for my boyfriend. It says studs for studs use before dates and job interviews I mean it smells kind of good, but get this my boyfriend.  It didn't make my boyfriend laugh All right, so the next thing I purchased is from Galactic again I've never seen Galactic in stores and I love their liquid lipstick formula They have my favorite liquid lipstick formula of all time I only have two that I got in boxy charm, so I was so excited that I got to pick out a color I picked up the color spice. I didn't really like the color selection they had I was looking for more lighter nudes and honestly at the store I think this was the lightest nude that they had so and all of the nudes ran very red And I just wasn't a fan of that so don't really like their color selection, but the formula is a one So I'm still just happy I got to add another Galactic lip paint to my collection Oh, I think these are the two things that I'm most excited for have you guys ever heard of ace beauty I've seen their palettes like on trend mood and stuff, but I always thought it was kind of a sketch brand I just wasn't too sure and they did have some ace beauty palettes So I picked up the two that I thought were the prettiest because like I said the brand's a little sketchy to me But now that I could see it in person it made me more excited to spend some funds towards the brand So the first one that I picked out was called classical paradise and this is like subculture vibes Maybe the quality is going to be better. Maybe it'll be worse. I don't know, but gosh They have the most beautiful layouts of palettes love the color story for this So excited to try this out. I also picked up paradise fallen which here is what the outside looks like and then Look how perfect this palette is.  I'm so blown away by the way their palettes are their palettes color story I just hope that the quality is as good as they look We will see I really hope these are good quality so that could say I found gems because I love their palettes I just don't know about the quality yet. That is everything that I picked up from Riley Rose I really want to go back really soon. They had so many more amazing things I'm so interested in trying and I think it just excites me so much because it's so different It really is allowing me to expand my content try out a lot of different brands I love Sephora. Don't get me wrong Sephora is my favorite store in the world But this was just something different and I'm really excited about it and you guys know I'm so passionate about makeup So being able to have access to these brands that I never thought I would be able to have Access to just really excites me for the future of my channel and just you know for my personal enjoyment So that being said, I hope you guys enjoyed this relatively quick haul Let me know if you've been to Riley Rose before if you haven't or they don't have one near you They do have a website that has all of this stuff on there If you are interested in picking any of this stuff up and you can just kind of see the awesome brands that they Have there again a really good way to try out these brands that you've seen about maybe on like Instagram and stuff But I've never had the guts to really buy. I think that just the most exciting part for me So anyways, I will see you guys in the next video. Remember to subscribe to my channel like this video And yeah, I hope you guys have a good rest of your day. Thank you for taking the time to watch me


What's up everybody Jason here for Jasper's case breaks calm This is our last pack filler here to give away the last three spots in the NT team random We're gonna do 21 22 prism hobby pack number 18 Random teams first and then at the end we'll randomize customer names and top three get in And of course we only sold 22 spots We're giving away eight free spots to customers that bought in so we're gonna do that randomizer first and use the same Dice roller for the giveaway plus the names and teams for the pack filler So we go dice roll it boom Three to one four times boom Top eight get extra free spots one Two three four Four times three one four David May Gretchen Timothy Gretch Gretch Carl Barry Gretch so extra eight free spots for you guys All right, so here we go three to one four times one Two three four Carl and close the last one for Have you not seen Star Wars Rex? The Gungans did it. Why can't we do it? All right, see what you got there, but that is true though I mean, I think Joe's kind of right. I just don't think People care about underwater in the ocean in the world They most rich billionaires care about his space They're just more fascinated with space Than what we have here already Bobby Portis Sean Holmes. All right switch scenes Now let's do the giveaway guys. Here we go roll it four to one five times one two three four five Five times here. We go 27 sad people Extra sad is number four Gretch. No All right Gretch to see if you're still in you to get a lot of teams or a lot of spots Gretch love it when that happens you're in Gretch you're in again and Gretch your free spot. Wow that happened to Carl earlier today. I think There you go or Barry actually I think that happened to Barry So there you go after five times Boom so now your extra spots there are from pack fillers coming up next is the team random