So, when I was growing up, I had a good friend who has since moved away. And I don't see him very often, I see him about once a year. And we don't do a very good job of keeping in contact. But the one positive thing that's come out of all of this is it ends up being really interesting to see snapshots of his life each year and the way things change. And a few years ago, I caught up with him and he talked about how he was taking up fishing. And one of the things he bragged about being economical, it was as a hobby. He said, listen, Sal, I bought a rod in a reel. I even dig worms out of my backyard for bait. I eat the fish after I catch them. I'm making money on this hobby. And then I saw him the next year and he had a little more equipment. He bought waders and a different tackle. Fast forwarded this year when I was talking to him and he's buying a boat. So, with many things, his hobby grew and in many ways I see this in websites. When I work on websites often with WordPress, I start out and right out of the box, I've got a great website doing what I need and then little by little, we need to grow it. We need to add some things. So this is an example of this happening. I was working with a client. We're working with a 2016 theme and they had a request. They said, hey, Sal, here's what a post looks like. What we'd really like to do is we'd like to add a subtitle. And I said, no problem. We can add a subtitle. And so I hopped into the editor and I went into the content and I put an H2 there and I said, all right, we've got a subtitle. And they pointed out that the word subtitle, if you break it down, sub means below, title. So here really what we added was a heading to our content rather than adding a true subtitle. So, okay. I needed some way to subtitle in here. And so I did the first thing I did is I took my theme and made a child theme out of it because I didn't want to edit the original theme. And I'm going into the child theme and I found template parts slash that single, which spits out that header area. In that header, you can see there's the title and that spits out an H1 tag. So that's that. And I said, great, we need a subtitle. So I went in and I added near the bottom H2 put in a subtitle. It's a beautiful day. And I took a look at the site. And indeed, now I've got a subtitle. I've got this under the title. Everything's good. But of course, this solution probably wouldn't please any client because those of you may have noticed I hard-coded this, which means that every post on the entire site is going to have the same subtitle. It's a beautiful day. They won't. But I think this is important and this is a big part of my process. I often feel a little overwhelmed with any programming task. If I can break it down, OK, I need to get a subtitle display. Well, can I just get an H2 to display with something in it? And then once I get that to work, then I can work on and build from there. And that's what I did in this. So we've got Hello World. And as we can see on another post here, this is my introduction to post MetaPost, I've got that same subtitle, not what we want. So we don't want this to be hard-coded any longer. So we need to put it somewhere in WordPress in the back end. So log in into WordPress and looking at the back end, we've got our title and we've got our content area. And it turns out we've actually got another area where we can store information. This is called our custom fields. And by default, it's there but not displayed. So here I'll show you how we can display it. If you scroll to the top, there's a screen options dropdown. You click it.  And when you check custom fields, now you get this new custom fields box down at the bottom of your post where you can add this information. So that's exactly what we're going to do. We turn this on, we get it, and here's a zoom in of it. I'm on my Hello World post, it's my first post. And in here, I've got Add New Custom Field. And it's got room for me to add things. I'm going to add a name and a value. Now when it comes to naming it, it's sort of the title, what label are we putting on this? This is a subtitle that I want to put in. But now this area, these custom fields are used by lots and lots of WordPress plugins and even WordPress core itself. And I want to make sure I don't conflict with somebody else's work they're doing. So I'm going to prefix my name that I'm using here. I use fe underscore as my prefix, fe are the first two letters of my last name. So I use that and then subtitle to ensure uniqueness. So the name is fe subtitle and then the value I'm using is seize the day. I feel that would be a good subtitle. Seize the day and now I go up and I hit my update button and the page reloads in the back end and this value is still there. And I go to a different computer and I log in and I pull up this page to edit it. And this value is still there. This is important because it means that we've now stored it somewhere in WordPress, which means that we can then use it. It's important that when we put this information in, it persists. So we've got it in there. Now we need to spit it out. So this is that template part we looked at previously where we hardcoded our H2 in there. And so as we decided hardcoding in H2 isn't going to do what we need. So taking a look just at that one line, we're going to replace it with some PHP code to get that value that we've entered. And this is the code. We are going to dive into this and go through it. But right now I'm just going to call this magic code. It does what I need it to do. It pulls out that information. But there is one small piece I want you to take away from this magic code in this moment. And that is please note FE subtitle in that code. That is the name we used when we added our information. So we've got that code block and we will explore it. But right now just note we are using that name that we used. FE subtitle. Great. So there it is again. We put it in. We named it FE subtitle. Seize the day is that value that we put in there. And it turns out using that magic code, if I go visit my page now on my Hello World post where I added this, it says seize the day. I do have resources that I'll be tweeting out at the end. You've got the slides up right now. I do have links in here to some template code. I have that child theme that I created available on GitHub to anyone if you want to check out the code. That'll come out at the end. So I'm now hopping to a different post, an introduction to post meta. Hello World was my first post. This is the fourth blog. And I go down to my custom fields and I notice something different. And it's pretty cool. And that is when I get to that name area, I don't just get a blank field. I get a dropdown I can choose from. WordPress says, hey, I noticed you'd use Fe subtitle on one of your other blog posts. Maybe you want to use it here too. So that saves me from making those typo errors and making something plural or prefix. And then I didn't get it right here. So it has that prepopulated. So I'm going to use Fe subtitle here once again as that name. And my value is going to be extend WordPress posts. That's the subtitle I want on this post. So now when I take a look at it, indeed my magic doing its work. This is post number four, an introduction to post meta. I've got the subtitle I entered here. I go back to Hello World, my other post. I get the subtitle I entered there. So now I've got the functionality that I wanted. My client can now enter subtitles on all their different posts and have the information they want. Grocery shopping. Every time I go to the grocery store, I am faced with that decision as I get to the bill. There's the little cart and the big cart. And I go, I don't even look at the baskets anymore. I've got two boys at home. And so the basket is definitely way too small. But I'll often look at that list and I'll say, you know what? I think I could use the little cart. And inevitably, I get halfway through the store. I'm about to the deli and I realize there is no way making it through the shopping trick. So I get the big cart and I take things and I put them in.  Fortunately, WordPress is smarter than that. WordPress is ahead of me on this. WordPress does not make us choose between a little cart or a big cart. WordPress is built to grow and handle additional information that we're adding. This information goes in the database. Now, I need to confess, when I started programming and for a long time after I started, I was terrified of databases. And slowly I've overcome that fear to some degree. A couple of things help with that. One of the big things is I now run my websites locally when I'm doing development and I'm changing things. That way when I break everything, there's still a good website out there running for everybody. But my copy here I can break and then go back and fix. So that's probably the biggest thing that has allowed me to dive into databases. But what that has allowed then is for me to get a better mental model. And I realize that databases are a lot like spreadsheets. And once I started thinking about database in terms of a spreadsheet, my life was much smoother. So for WordPress, there are a number of database tables, they call them. And a database is very much like a spreadsheet tab. You have a spreadsheet that has multiple tabs, you flip through the sheets, each table is like that. So one of these is called WP posts. And this is where our blog posts go. When we type in that blog post and we put in the title and we put in our content, all of it is stored in this table. And it has columns. It's got 23 different columns, ID, post title, post content. And so ID is a self-incrementing number. That just keeps track of what post this is. WordPress likes to have that identifier. Okay, it's that post. Hello world is the first post, post ID one. Then our post title, our post content, even though content looks like a small box there, everything that you put into that editor gets stored in this area. Post status, post status, did you publish this post? Is it a draft? And there's a number more, as I said, there are 23 columns. But what there is not, is there isn't a subtitle column. There's no spot for that subtitle to be stored. Instead WordPress has a database table, another sheet, another tab in that spreadsheet. And it's called WP post meta. Post I have to be a confusing term when I stick with it, because I thought of it as after meta. Like post apocalyptic is after the apocalypse. But here what we're doing is we're saying this is post as in blog post meta. Meta information is just information about something. Meta information about me is my height, my shoe size, my age. So post meta is information about posts. And this table has only four columns, the meta ID. Again, this is one of those self increment ID numbers. We've got two right now, next one would be three, the one after that would be four. I'm gonna hop over to meta key, which looks familiar as that name we put in when we added our custom field, our custom value there. And then the value that goes with it is our meta value. So you see epi subtitle and seize the day, epi subtitle and extend WordPress posts. And then we have that post ID column. And so this is a really clever thing that they do. So instead of trying to jam everything into the WP post table, they have this entirely separate table where we do things and we map them back. So post ID tells us which post does this information go with. The subtitle seize the day goes with post ID one. Going back post ID one was our hello world post. Looking down post ID four is in the post meta. And indeed our second subtitle has a post ID four. That's how the information's being connected. So what we have these two different database tables, the information is still being applied back to the original posts. So how do we get this information out of the table? Out of this spreadsheet. We've got it living in there, but now we wanna pull it out so we can use it. And to do that, we use a thing called get post meta. In general, it takes three parameters. The post ID, we just saw that ID, that value that indicates okay, is let's go with the hello world post number one, introduction of post meta post number four, or some other post. So that number that identifies the post we're interested in, the meta key, and then a third value, which can be either true or false. Now I need to tell you, I have been doing this for a number of years and I have literally never used false as the third value. I read an interesting post about that false works as a good third value. I have it linked in the resources, certainly you can take a look at it if you wanna learn more. For right now, use true. Your life will be easier, just use true. So in my example here, I get post meta and tell it I want post number four, I want that FE subtitle, and then I give it true because I always give it true as that third parameter. And that is going to go into the table, find the matching row and give me that value back. So in that case, that would give me that post ID four, FE subtitle, and I would get extended WordPress posts back. So get post meta is what we use to pull information out of that table. And there it is. So let's dive back into the subtitle code that was ever so magical and see if we can take away some of the magic. So the first thing we do is we call a function called get the ID. And what get the ID is it says, okay, I'm WordPress, I'm showing you some page right now. What ID goes along with the post that I'm showing you? If you're looking at the hello world post, the ID is gonna be one. If you're looking at the introduction to post meta, the ID is gonna be four. So get the ID is gonna give us that number. So post ID is now the number of the post we're looking at. We're gonna use get post meta that we just looked at. We give it that post ID. This is the one we're looking at right now. So we're showing the right subtitle for the right post. I'm using fe subtitle to tell it, this is the key, the meta key I wanna look up. And I'm using that third value of true because I always use true and I get back my subtitle. Now I'm gonna do one last thing before we display it and that is I'm going to check and make sure we got a subtitle back. We added a subtitle to two of our posts. Right now this website has four posts. It can have 100 posts and only two of them have subtitles. So we don't wanna spit something out on pages that don't have subtitles. So I'm gonna check and say, hey, if there is a subtitle, then echo out H2 tags with subtitle in between. When there is no post meta in the table, the get post meta, this subtitle value would have a value empty string. That's like having an opening quote and a closing quote right next to each other with nothing in between. That comes back. So in our if statement we're checking saying, hey, is this true? Or do we have something? And that spits out. So our subtitle code to display it. And indeed we did see this out what we need. Now I have a confession to make. I have a pet peeve reading blog posts that talk about code and have coding tables. I get all excited and then I get to this point where they say, this code is not productive ready. Do not use this code on a live website. And I get so frustrated because I just wanna copy and paste it, make my life easy. So my confession here is this code is not production ready.  However, we're gonna fix it so you can run it on a live website. We're gonna refactor this. And the whole thing here that we're gonna refactor is down in this echo statement when we're spitting it out. Now our problem is when we have that field there that we allowed them to enter. We can have a website that we control. We have lots of people writing different blog posts. They're entering and they go in and they put in a subtitle. And maybe they put in something malicious in this subtitle field. One example of something malicious that could go in there would be a script tag that loads JavaScript from another website. And that other website could then load JavaScript which comes back and does something that varies. Like, listens for the cookie of a log user, sends that information back. So then what else could login as the user from a different machine based on the information they stole. So we don't want to allow this type of thing to happen. One of the things we really don't want is the idea that people could put tags in there and load JavaScript. So we're gonna make one small change on that line. And that's it. We're gonna wrap subtitle in a function call to escape HTML. And what that's going to do is it's going to prevent any HTML that is entered in that field from rendering on the page. Try and put in a script. It's not going to work. So anytime we're outputting information here we want to escape it to make sure that we're not allowing anything that varies in it. This code is now refactored.  The link to the template code has this in it. I would feel comfortable deploying this on my own site or a client site. So let's take a look at more fun that we can have these custom fields. So you'll see here that we've added a second one. There's that add custom down there. We can add more than one of these. We're not limited to one. And here I'm adding FE underscored because I'm using that unique prefix to make sure somebody else code. I don't conflict with them. At the time I'm calling it learn underscore more. And I'm gonna put in a URL. As a matter of fact, this is a URL to my companion blog post to this talk which I will tweet out at the end of the talk. And so that has more information here that people use. If I take a look at my WP post meta table and after I save this, hey, look, I've got a new row. I've got a meta ID of three, right? It keeps auto incrementing each one that gets added. The post ID is four because we added this to post number four. The meta key is different now at four because that's the key we put in. And the meta value is that URL that we just entered. Great, our database. I can pull it back out using get post meta. If I give it the ID of four, that meta key, FE learn more. Third value always true. That will pull that URL back out and I will have it to work with. So now once I have it, I can use it and display it on my page. So my code to display the learn more link would look something like this. I'm gonna grab the post ID. I'm going to get the URL by calling get post meta. I'm going to check and make sure I got some value back. Does this post have this information? And then I'm gonna echo out. And in this case, I'm creating a link with an A tag. It's always gonna say for and the URL is what's gonna go in the A track. And indeed, if I do this, I put a little bit of CSS on there to make it look like nice pretty new button and I get this learn more button on there. Again, I've got a link to the template code. So we'll take a look back at this. And once again, I need to make my disclaimer. This code is not production ready.  So we'll fix it. And to fix it, again, we're gonna change that echo statement because that's where we need to focus. And before we even fix it, I'm going to change it to make it easier to fix. And that is by using the printf function. The printf function is highly underutilized and super awesome. And I wish I started using it sooner because it makes my life so much easier. Printf takes a string. But in that string, you can put some placeholders that say, hey, hang on to this. We're gonna put something in here. That's what we've got. We're spitting out an A tag with an href, our quotation marks. And then I put this person which says hold this spot. We're gonna put something here. And then we close it and we have learned more and I'll press it. And then on the next line, I tell it, hey, this is what to put in that percent S spot. This is particularly nice when you have a bunch of pieces that you try to need to put together. And I don't know if you've ever got to the point where you're opening quotes and closing quotes and putting periods in between them to take a whole bunch of strings and put them together. This is a really nice way away from that and be able to pull things together in a nice, tidy way. You can see what it's gonna look like at the beginning with your placeholders and then just tell it, these are the pieces to go in. This also works very well in making a room and making it cleaner when I add my escape in functions. Last time we escaped HTML because we were displaying some content. We were worried that somebody might put in HTML tags there. We didn't want that to happen. Now here we're not putting in content. Here it's a URL. So we've got a different escape in function called escape URL. Again, there are tricks people can use. If you're doing something with an href you could do JavaScript colon and then put JavaScript to execute in there. And again, we really don't want to give people the ability to just add JavaScript to our pages. So this is going to make sure we don't have any problem like that happen. So escape URL, this is now refactored. This code is good to use. I would use it on my own site. I would put it on a client's site. All right, if we can hang on to questions for the end. I would love to take them, thank you. Going back to the hello world post. I'm gonna add another piece of post meta here. And I know we're adding lots of post meta. This is the last one. And this one I'm calling fe underscore color. And some of you who spend time with CSS recognize what I've put in there. I'd ff0000 that is a decimal color. That is red. So I'm giving it a color in CSS format. Take a look at the WP post meta table. Indeed it shows up there. We can see my post ID is one. We're down at the bottom here. Meta ID is four, fe color. And then we've got that red color here at the end. ff0000. And using that, I can add some code then why that in my theme. So much of this should look very similar. So we'll break this part, right? Post ID, we've got the post ID. Get post meta, we give it the post ID. We give it our fe color. We always give it true as the third parameter. We get our color back. Now we're gonna do something just a little different here. And that is we're gonna have a default. So I'm gonna say if there's no color, if that color was an empty string that didn't give us anything, then I want the color to be set to black. There are some CSS colors you can define by name. I could have instead used pound sign and then six zeros behind it. You can do by name. In this case, I'm doing it by name. We'll use the color black instead. So that's our default. Default color is black. If there's a value stored in our post meta, we're gonna use that. And then I'm using my print f. I've taken my header line and added this style, style color, and then percent s because that's the point. And then we are putting in the color. I've wrapped that in an escaping function. In this case, escape attribute because we are working on an attribute in here. So there are a lot of different escaping functions. Really, those are the three big ones I use the most escape h, escape url, escape. But whenever we have people putting in this information, it's a good idea to escape it. We're putting it out. So after we do all this, what's it look like? If we go and take a look, oh, now I can change the color of my header. That's fun. Gutenberg is coming. If you were here for the previous talk, you've heard a lot about it. A lot of interesting stuff going on. One of the things that happens with Gutenberg is the custom fields meta box is going away. You can't go up and pull the check box and have that pop up. Which sounds like a bad thing, but it really isn't. And that's for a couple of reasons. Two primarily. The first reason is that you can get it back. There's a plugin called the Custom Field Gutenberg Plugin. You run that plugin, you will get that same box that we were just looking at on your Gutenberg site. So you can get it back. But the real reason that it isn't as important or not really bad news that it's going away is that that box we've been working in isn't really the best user experience. Now I certainly managed some post meta on my own site in that way. But I'm working with a client to tell them, oh, well you need to scroll down to the bottom and then type in fe underscore subtitle and then you can put the subtitle. Not a real experience. And so the good news is there are some tools we can use. One of them that I really like is called CMB2. This is a WordPress plugin on the WordPress.org repository. It is freely available. And it allows you to create custom fields. So if you take a look with a little bit of configuration and I've got a link to that in the resources here, you get this cool meta box of custom fields. And it says, oh hey, title color is the label I gave it. And I told it I want this meta box to be wired up to fe color. So notice that little red swatch in there that it gives us as the preview. So now if I go in and click that select color, I get this nice color that comes up. And I can go in, I can pick a different color. Here I pick the blue that I use in a lot of my branding. I hit update and take a look. You can see that my title color is now blue. And when we look down here at fe color, that blue value is updated there. And if we go looking wp post meta, notice that last line, that value has been updated there. So we're doing that same post meta update. But now we're using some additional tools on top to really improve the user's experience. Because it's no fun typing in fe underscore color. So we populate that in, they're good to go. And there we can see if we go and view it. Yes, indeed, showing the title with that new. CMB2 has a lot of different field types. We can be helpful. For example, the email type. If I try and put something in that doesn't have an at sign, not going to let me put that in, I'm gonna have to admit that isn't helpful. So there are a lot of different field types, a very useful tool and really makes the experience for our clients much more friendly. So to recap, you've got the wp post meta table, where we've got post meta information. We tie it to the post table through that post ID. And we use the git post and meta function to pull that information out. By giving it the post ID, the meta goes with it. And then always that third value of truth. I am Sal Farello. I do work as iron code studio. I do have a blog post as a companion to this at salcode.com slash post dash meta. I am on Twitter as Sal code and I will be tweeting out that link. And I appreciate your time today, thank you. And we do have lunch coming up at this starting in seven minutes. So if anyone wants to run out the door, I will not be offended. But if anyone wants to ask a question or two, we can do a few here. After this, I am heading to the happiness bar, which is the desk area out there where we're providing support for anybody who needs it. And I will be out there and I would love to continue conversations out there as well. But does anyone have any questions in here? I just have one question, yes. So the question was when working with printf, we had that percent s in there, which is our placeholder. What if we had more than one of those? What if we have a whole bunch of them? Printf actually, really cool. First, you can have lots of them and then give them sequentially and they will get filled in sequentially. You can also, and I never remember the format and I always have to look it up, you can do something where you give it a number in it. It's something like percent one dollar sign s, percent two dollar sign s. And so you tell it, this is the first one, this is the second one, this is the third one, which works well in terms of changing order. And that comes up sometimes when creating translations, people will use that for translations because maybe those fields get reversed in different languages. So short answer is it will do them in order. Most of the time that works fine for me. Occasionally, it's nice to have one in there where you designate what order you need them in. Correct, yep, just comma's going right after it. So it's a little weird in terms of a function because you give it always that first parameter but then however many more parameters you need to give it just with commas, right? So comma, first value, comma, second value, comma, third value, absolutely. Good question, question in the front. Yeah, very high level. How would you choose between advanced custom fields and CMB2? So advanced custom fields is a commercial plugin that you can purchase, which is a very reasonable and terrific plugin and does great stuff. It actually has a drag and drop editor that you can create, which is nice. You know what, they are both nice. ACF does have an advantage if you need to have nested fields within nested fields. That is not a capability that is in CMB2. So in that case, I will definitely go there. My one thing that I really like about CMB2 is by default you define a PHP code. ACF, if you define it in the editor experience there, I always export that to PHP code because I want my configuration to live in code. If I make a copy of this site somewhere I don't have to worry about, I need to copy the database to get the same behavior over there. So I tend to lean towards CMB2 for that reason. And that is always publicly available and if somebody else wants to use it they don't have to worry about purchasing the plugin. But ACF is very powerful and a wonderful value and I do use it on some projects. So any other questions? Awesome, great. Well let's wrap it up. Have a great lunch. I will be at the happiness bar and I would love to continue any conversations there about PostMiller. Have a great day.


Success means you are living your life to your full potential. You should not be aspiring for success, it's a miserable way to structure your life. You will simply cause pain and suffering to yourself and suffering to everybody. So do not ever think of success, just see how to make this into a full-fledged being. This will find expression, if it finds good expression people around you will say oh he is a great success.


Russell Fork Pharmacy is your locally owned pharmacy offering fast, friendly service with competitive prices and free delivery. Call<PHONE_NUMBER>. Visit RussellForkPharmacy.com and download our free mobile app for refill requests and more. A Pike County man under indictment for allegedly strangling his girlfriend in July has had his bond in that case revoked. The revocation comes after the man was arrested again just last week on the same charge for which he was already under indictment. 36-year-old Dyke Newsom of Mike's Branch near Pikeville appeared today in Pike Circuit Court before Judge Eddie Coleman. Coleman ordered Newsom's bond be revoked on an indictment from earlier this year, charging him with first degree strangulation after Newsom was arrested on a new strangulation charge last Friday. Newsom's defense attorney Ron Diddle told the court that given the circumstances of both the indictment case and the new case, he could not defend Newsom against the motion to have his bond revoked. Assistant Pike's Commonwealth attorney Melissa Goodman said in both the July incident and last week's incident, Newsom allegedly strangled his victim in the presence of the woman's child. She said Newsom's alleged pattern of violence against his girlfriend, whom is the alleged victim in both cases, is disturbing and warranted the bond revocation. She got a domestic violence order against him and when he came to Circuit Court, he was ordered to not have any contact with her. We are here today in court because on Friday, December 6th, he violated those orders, was back around her, and again he strangled her again. So it appears to be a pattern of conduct with Mr. Newsom. Goodman also said this latest incident occurred on the same day that Newsom appeared in Pike Circuit Court and was released from one of the conditions of his bond from the earlier case. On December 6th, Mr. Newsom came before the court seeking a modification of his bond and that would be he was asking to go off MCR. That's a monitored conditional release where a person has to check in with pretrial every so often and they have to call in every day to see if they're drug tested. He was removed from MCR on the very same day. He picks up this new arrest for again strangling Shelly Lowe. Even in the first incident, was it concerned to me because he almost strangled the life out of Shelly Lowe. So yes, the fact that he's been to court and he's been ordered twice now to have no contact with her and he does have the conduct and he strangles her again, it's really an eye-opener as far as her life is concerned to him. I really am in fear of Shelly's life. So we had his revoked bond revoked today so he will be staying in custody until at least the next court date which is set for January 31st. Goodman said it is not uncommon for victims of domestic violence to return to their alleged abusers. She said the reasons vary but the fault falls squarely upon the person committing the alleged abuse. So it's really an insult to the court that Mr. Newsom would snub his nose at court orders. I used to prosecute domestic violence cases in Fayette County and through my years of prosecuting domestic violence cases I've learned that domestic violence victims are often either emotionally dependent on their perpetrator or financially dependent and just for various reasons they it's not unusual for them to go back around their perpetrator. Newsom is still lodged in the Pike County Detention Center. Reporting for Mountain Top News, I'm Chris Anderson.


Though the night was dark and dismal, yet the form of the unknown might now, in some degree, be ascertained.  He made no offer of molestation or sociability, but came aloof on one side of the road, jogging along on the blind side of old gunpowder, who had now got over his fright and waywardness. Ichabod, who had no relish for this strange midnight companion, and bethought himself of the adventure of bram bones with the galloping hessian, now quickened his steed in hopes of leaving him behind.


Hi, everybody. Andrea Cheroski here. I'm a mobile dental hygienist with my own practice, but I've been a dental professional for almost 18 years now, maybe almost 19 years for a while. And a very common question is what actually happens at my first dental appointment? Or if you haven't been to the dentist in a while, you're 25 years old, you're 30 years old, 40 years old, as an adult, when you're going to a dental office for the first time, what can you expect? How many x-rays are they going to take? What type of exams are they going to do? What if you have cavities? What's going to happen? So this is what happens. Every new patient, we book a new patient exam.  They're going to check your gum health. We need to see a baseline of how things look now. So we do an overall assessment inside the mouth. For example, we look to see how many teeth you have and every single tooth we look to see what shape they're in. Have they had a cavity before? Is there a root canal? Is there a composite filling? Is there a crown? Is there a bridge? Is this tooth sensitive for you? We make note of all of these things. This is all part of the new patient exam. But we are also going to do what's called an oral cancer screening. It's not scary. All we do is we have a look inside the mouth with our tooth mirror and we check to see if there's any lumps or bumps inside the mouth. On your tongue, inside the cheeks, on your palate, that kind of thing. Because we're probably the only ones who are going to be looking in your mouth that closely. So we do check for anything that looks abnormal. This takes maybe a minute, maybe two. That's it. Now, when it comes to x-rays, you might be wondering how many x-rays are they going to take on you? Maybe you want to know because you just want to know what to expect or maybe you want to be able to pay for it. You want to know how much things are going to cost. What are they going to do? Please keep in mind, you can always say no to x-rays. They could be done at a later time if you're worried about cost or anything. If you just don't want x-rays that day, you typically don't have to have them. But we do like to take x-rays at the new patient exam appointment because if we don't have any to go by, we're not able to treat you properly if we can't see x-rays. We need to look inside that tooth to make sure everything's okay. Just because you don't have pain, it doesn't mean nothing else is happening. So typically, what we do is we are going to take what's called checkup bite wing x-rays. We might take two on this side, two on that side, or one on this side, one on this side, depending on if you're missing any teeth. These are to check if there's any cavities in between the teeth. And sometimes at new patient exams, we are also going to take an x-ray of your front top teeth and the front bottom teeth because those aren't x-rays we typically take. You know, we don't take those every six months to check for cavities. So it's nice to take them this time so we can check to how things look. And sometimes we take something that's called a panoramic x-ray where you stand and it goes around the head. We see a full overall pictures of all the teeth on the top, all the teeth on the bottom. I personally love that x-ray because we can see everything in one shot. It's not always covered by insurance companies or it's covered once every five years. So let's say you had that x-ray at another dental office two years ago, it might not be covered. So we might want to talk to you about that first because it is expensive. It's typically $70 to $90 or more depending on the dental office. But I personally love to take them because I can see a good overall picture and it helps us to get a baseline of how things look now. So let's say you come back in six months and you have a toothache up here, well we can take an x-ray but we'd like to compare it to what we have before. But that's all that typically happens at a new patient exam. Even if we notice in the x-rays you have a cavity or two or maybe you need a root canal or maybe you need a crown or bridge. We won't do everything that day. We will probably give you a list of a treatment plan. So we give you a list of things that we would like to get done so then you can plan things according to your schedule. Some people say, well, I don't really care. I need to get it all done. Let's just do it all next week if your office has time or some say, you know what, I need to budget for this because my insurance isn't going to cover everything if you have insurance. So let's do my crown next week and then let's wait a couple months for that cavity. Let's wait a couple more months for this or that. So it's kind of nice to have a good overall picture. So don't worry. Don't think for your first appointment at that dental office, you're going to have a new patient exam x-rays plus fixing cavities plus all of that. And then you have this big expensive bill afterwards. What we're going to do is the new patient exam, which is the full examination of your mouth and then also take x-rays. We might take two x-rays. We might take four. We might take five. It really depends on that office, but never hesitate to ask questions. There's nothing wrong with saying, do you mind explaining to me what you're doing today just so I have an idea? Because quite often they might just be going through the motions and they don't think to explain things because they might just assume you know what's happening. So don't be afraid to ask questions. So I do hope this helps you guys. Let me know if you have any questions and I'll see you in the next one.


The study examined the movement patterns of people during daily tasks, such as preparing and eating breakfast. It was found that these movements could be described using a combination of basic configurations, which were consistent across subjects. The study also revealed that the temporal structure of these movements was more important than the spatial structure in determining the overall complexity of the movement. This suggests that the simplification of motor commands occurs primarily in the temporal dimension rather than the spatial one. This article was authored by Danielle Silly, Chiara de Georgie, Alessandro Pizziti, and others.


What's up, how are you guys today? I'm going to show you how to get the most even tan possible because I think we've covered just about everything else Regarding Sun and vitamin D on my YouTube channel. Whether it's what vitamin D does how much you actually get in the Sun Whether or not you should wear tanning lotion if tanning beds are safe You guys can search my YouTube channel vitamin D tanning and I've covered that over the past few years in massive depth So I'm gonna show you how to be evenly cooked and red like a lobster So all I have here is my three towels. I do bring some bug spray with me But obviously from my past videos you guys know I don't use any tanning lotion and of course I bring some water with me But this is really just gonna be about you know how to maneuver yourself and kind of how to flip around So when you're tanning the front of your body when you're lying on your back You're going to lie parallel to the Sun so you guys could see the Sun is like right behind me right now and The towel arrangement is going to be facing that way as well as you guys could see right here. So when I lie down I basically just close my eyes because The Sun will damage your eyes if you look at it At least especially me because I had LASIK eye surgery So I actually tried to not look at the Sun as much as possible and then when I'm just lying on my back I usually keep my arms like this most of the time So I tan this part of my arms because when I'm lying on my stomach tanning my back The other side of my arms are getting tan and what I'll also do is I'll put my hands like maybe here Just so I tan the front of my hands equally as well Just to keep it as even as possible and then you know 20 30 minutes Is when I flip it over and then we have to put the towel arrangement the other way So now the Sun is in the same position still directly behind me. We're standing parallel But the towel arrangement is perpendicular to the Sun and when we lie down, we're going to be perpendicular to it so When I'm on my stomach I'm going to turn one side of my face Towards the Sun and this time it's my left. So I'll be lying down with the left side of my face Getting the Sun exposure and my arms are gonna be like this So as you guys can see when you're lying on your stomach Only this part of your arm is going to get tan, which is why when you're lying on your back You kind of want to keep your arms open wide and since you know only the left side of my face is getting Sun what you want to do You know it's flip twice as often So you might do 30 minutes on your back, but you're going to have to do 15 minutes for each side of your face So we just move the towel over to the other side And depending on your towel arrangement you might not have to move the towel But what you have to do is you know we were just on this side Left side of our face facing the Sun now we got to go the other way and put the right side of our face Facing the Sun just to keep the Sun exposure even on the face so again on my back 30 minutes Then when we flip over and I'm tanning my back lying on my front is when you have to flip more frequently just to keep the Sun exposure on the face even and If you do have an uneven tan and you could always just put on some clothing like a lot of the Times your hands and your face won't be as dark as the rest of your body doing this usually prevents that when you do this Usually your face is gonna stay Pretty tan comparatively as long as you're in the Sun a few times a week But you know if your hands or whatever you can actually put on a long-sleeve shirt Put on some long-sleeve pants and one day when you go to the park to tan You know only tan your hands and face by wearing the clothing What's easier what I do sometimes is I'll just go to the tanning Sun for one day or two days a month Wearing the the clothing just to keep the tan even that's if you're really OCD and crazy about it You're trying to perfect it, but for the most part The only real concern might be like your feet because sometimes the feet aren't as tanned as the rest of your body We do have a moisturizing cream on Frankie's naturals that can accelerate the tanning a little bit and sometimes using Moisturizers and oils on certain parts of your body can help Because sometimes the reason that your feet don't tan is because the skin is a little dry And there's a lot of dead skin on it kind of covering it So the moisture can kind of help the Sun penetrate that But I think that's really it Obviously if you're just shirtless and you're walking around or exercising that's even better because you know You're gonna constantly be moving around and you're not gonna have to worry about you know Kind of flipping and trying to position yourself in the best-case scenario for the Sun But then again if you're walking around or exercising you're probably gonna be wearing shoes And then your feet aren't gonna get evenly tan, but I guess that's what we're gonna cover today I'll briefly touch on some basics. So obviously, you know, you want the sky to be as clear as possible like this There's still a little haze around the Sun because whatever they spray here in New York But this is about as perfect as it gets no clouds in the sky So you know that the UV index is high enough for you to actually tan You don't want to really be using any tanning lotion to be covered that in the video And of course really importantly just stay super hydrated when you're out here So, you know, you don't get headaches and you don't feel bad and you definitely want to Have some food in your stomach, especially some starch and some carbohydrates just to kind of ease the the stress of the vitamin D on the liver and Correspondingly having plenty of B vitamins in your diet and even taking like a natural B complex that we have an organ supplements Is really gonna help you with that We are using just regular cotton towels and since we're lying on the ground here. We are grounded So you don't really want a tan on a chair. You don't really want to be like on a surface That's not natural You want to be earthing grounded connected to the earth because there are natural antioxidants in the ground and of course, I don't think New York City has the freshest air but You know me being the sensitive sissy that I am with my liver damage, you know When I come out here and just stay hydrated. I'm okay I don't I don't get headaches really, you know, there's a lot of people in the park today There's a lot of people around here as long as I'm kind of far away You know, I'm not right up next to them and I keep my phone on airplane mode. Everything's good So, you know, this little towel maneuver is something that I've been doing just to keep the tanning even most people just like Lay down in the sun and like it doesn't really matter. Sometimes the tan's not even sometimes you don't have tan lines But you know like me when I'm spending, you know Most of the time at least as much as I can in the sun trying to maximize the UVB This is what I'm doing and I mean if I could be naked. I probably would just to get the extra the extra sun exposure on those parts of my body that makes a huge difference and I'll leave I'll leave the rest of it up to to my other videos So if you guys want to learn more definitely check out all the other vitamin D videos I don't think I put them on a playlist, but Maybe I will after this I do have to organize my playlist pretty pretty badly because the past few hundred videos have not been organized But as always thank you guys for joining if you could please drop a like on the video Leave a comment down below make sure to subscribe and check that notification bell And if you guys do want to support me you can go to frank dash to fauna calm See you guys soon


It's my great pleasure to announce the Friedrich A. Hayek Memorial Lecture sponsored by Donald and Judy Rembert. Nicholas Kachanowski is an associate professor of economics and director of the Center for Free Enterprise at the University of Texas at El Paso. Senior fellow at the American Institute of Economic Research and fellow of the Yusema Friedman Hayek Center for the Study of a Free Society. He also serves as associate editor of the Southern Economic Journal. Kachanowski is past president of the Association of Private Enterprise Education and a former director of the Mont Pelerin Society. His work has been published in outlets such as the Cordley Journal of Austrian Economics, the Review of Austrian Economics, Review of Financial Economics, Journal of Institutional Economics, Public Choice, and the Journal of Economics, Behavior, and Organization, among others. He is co-author with Emilio Acampo of Dollarization, a solution for Argentina. He will address us today on the topic of a case for Argentina's dollarization, why and how to implement it. Please welcome Dr. Kachanowski. Thank you all, thank you the institute, thank you the donors, thank you everyone for inviting me to be here as I was talking with you. I think my last time here was something like 10 years ago, so I'm very happy to finally make it back. Okay, I want to split my talking three parts. The first one is why there are talks about dollarization in Argentina, the dollarization case if you want. This topic by itself can take us hours. I want to focus mostly on Argentine-specific issues or arguments. The second part is, well, how you do it? And I get that the question a lot. Okay, Nicolás, you talked me into dollarization, but how this happens? So that will be the second part of the talk. And the third part is what's going on today? Is there any chance Argentina will dollarize? What's going on now that Millay, who advocated for dollarization, is president? Okay, why dollarize Argentina? What's going on? If you look at this country, you have decades, a large number of years of monetary mismanagement. We're not talking about just the last 10 or 5 years of high inflation. Since 1945, at least Argentina has high inflation. You have high inflation, volatile inflation with all political parties, with any type of government, with signals to you this is an institutional problem. It's not a matter of choosing the right central bank president or choosing the right government. We always have high inflation. An institutional problem requires an institutional solution. If you look at Argentine history, when you have currency boards, types of monetary policies back in the late 19th century and the 20th century, those are the times where you see the macro of Argentina in better shape or not so bad as its standard. So when you have strong monetary regimes, this is when things seem to be working a little better. So you have long-range economic underperformance. You want to produce an institutional shock if you want to change that overall trend and performance. So let me show you some numbers. This is the yearly inflation rate in Argentina since mid-1940s until, I think, a couple of months ago. It's very volatile. It's very high. Pay attention to the vertical axis and you will see how high those numbers are. If you take that time frame, the average inflation rate is 60% per year. We have, in average, 60% inflation per year for 80 years. The only time where you have inflation more or less under control is the 1990s, which is when we had this sort of currency board, the closest you can sink in Argentine history of being dollarized. Other than that, nothing works. Argentina is, I think, the only country you can find that implements the famous and fashionable inflation targeting regimes and fails. Any other country they do that, it works. In Argentina, it doesn't. So you have a very deep institutional design problem here. This has consequences. So here we have, in 1880 until 2016, the ranking worldwide of income per capita in real terms. For a number of reasons, Argentina likes to compare itself with Australia. Similar weather, similar agricultural production and so on. And Australia is a country that Argentina likes to compare to. We want to be like Australia. That shady area, if you are in there, you're in the top 20% income per capita worldwide. That's Australia, right? Flatline, always doing pretty well. I'm going to applaud Argentina. It did pretty well once the country becomes geographically solidified in 1880s. And at some point in 1945, if I remember the year correctly, Perón decides to change the constitution, and that becomes an important institutional shock, and you start to see Argentina falling in the ranking. You have a downward trend. It doesn't matter what you do, you have a downward trend.  The last few years is really bad with taxation. The idea behind a strong monetary reform like dollarization is to change the trend, not just to change how you are doing in a few years. And changing a trend requires a big institutional shock. Dollarization is part of that menu. This is more recent. So now we have what's happening in the last 20 years. In the recent taxes, you have how many of the last 20 years your GDP had a negative growth rate?  In the vertical axis, you have how many of those years your inflation rate is more than 10? The farther you away from the origin, the worse, right? You want to be very close to the beginning of the graph. These are all the countries I found information for. One of those is Argentina. Which one do you think is that? But hey, we're talking about Argentina. This is not Iran, Sudan, Yemen, Zimbabwe, Libya. Don't go crazy. That's Argentina. Pretty bad. Who is Argentina surrounded? Who is close to Argentina? Iran, Sudan, Yemen, Zimbabwe, and Libya. We are not as bad as Venezuela, but we might be getting there if you don't change course. So if you look at the last 20 years, you have a large number of years worldwide where you have very bad macro performance. High inflation, more than 10% your GDP is falling. The point of showing this graph, and this is only for my Argentine audience, to realize that you are doing really bad. You don't fix this with an aspirin. You need something stronger. Those three, El Salvador, Panama, and Ecuador, those are the three dollar ice countries in Latin America. They are doing pretty well. So how do you go from there to here? Can you do that without dollarization? That's the underlying debate, no contention in this debate. What people that advocate for dollarization say is you need to have a strong, credible institutional reform. Dollarization gives you that. If you cannot do that, if you start at road, it's going to stop like we did so many times before. This is the inflation rate in Ecuador. They dollarized in January 2000. That year, the inflation was 96%. The next year, it falls more than half to 37%. The year after, it falls again more than half to 12%. And then it remains flat, around more or less US levels of inflation. Even if you have Korea's president, even if you default, even if you are hit by the 2008 crisis, it doesn't matter what happens, your inflation gets anchored more or less around US levels. We're not talking about a super free economy here.  In the case of Argentina, that would be the US dollar. When we're working on this reform, we try to optimize something with some constraints. We are economists, that's what we do. We optimize with constraints, I guess. One of the things that this reform is trying to do and other reforms discussed in Argentina may be trying to maximize something else, like how much the central bank can do. But that's not what we're objective. What we are trying to do is minimize the likelihood that the reform will fail. We are working under the assumption that Argentina has no margin of error. The value at risk, if you put the reform and face again and you walk into another crisis, can be really, really bad. So our objective is you cannot miss. You have one bullet left in the gun. The hungry lion is running to you. You cannot miss a shot. So we're not trying to optimize what the central bank will do in New Argentina. We want to minimize the likelihood of mistakes. And that's something to keep in mind when you look at any monetary reform, what is that this reform is trying to optimize? Some constraints for any reform, dollarization or not, the central bank in Argentina is bankrupt. Oops. You have a lot of central bank liabilities like in deposits in the commercial bank. So you need to be very careful how you deal with those. Domestic politics is not only non-credible, they cannot create credibility. Nothing they say will be believable. So how you create a credible reform if you're not credible. Institutional anatomy, this basically means you pass a law and it's worthless. Argentina goes back over their laws and nothing happens like that overnight. So you can declare that the central bank is independent by law and that's meaningless. And we prove that repeatedly. Then there are some political reasons why you may think about the realization. Whoever was going to be the new government they were going to take office in a very difficult, put it in a nice way, scenario. Argentina needs to do a lot of things. Balance the budget. The labor reform, open to trade and you can make a very long list. Those reforms take time to implement and takes time to see the effects. The new government balance the budget in January and February and we don't know if that's going to stick until the end of the year. We have to wait and see to be sure. You don't have that time. Before you know it you are in midterm elections and now your whole incentive change. You don't have to wait until the elections in Congress. Dollarization is fast to implement and has a faster impact on the price level. Now you have the political space, the political bandwidth, the political capital and incentive to move forward with the other reforms. And this is one of the main reasons why we were advocating at least I was advocating that if you want to dollarize you should do it sooner than later because if you change this and try to dollarize later the time may play in the future. So if I put the summarized section the different monetary reform discussed in Argentina have a central bank independence by law have by monetarism which basically means have the Argentine peso and the dollar compete with each other and the equal conditions in the market. This is the most popular right now have the peso convertible with the Brazilian real that was a real proposal technically consistent. Meaning if you start them they can work in theory. They won't break down by themselves. But those three are not credible because they depend on domestic politics. Dollarization doesn't depend on domestic policies and it's credible. It's very difficult to undo and that comes with the credibility component that you need for this to work. So where do economists disagree on the dollarization topics? I think there are two main issues. That's Argentina have enough dollars to dollarize. I hope I will show you in the next slide that you don't need as many dollars as most critics think. The other one is the credibility assumption. Whether you think that you can create the needed credibility for other reforms to work. If I look at Argentine history my reading of Argentine history is that that empirical evidence says you don't have the credibility. It's very unlikely that you're going to be able to sustain this in the long period of time. Other than your intuition and what you can think in the white world was your evidence that Argentina can create that high level of credibility. And that's where most, in these two points, where most of the debate takes place. Okay. Maybe I open your mind to think that dollarization might be a good idea for Argentina. So how do you do it? Every country dollarizes in different ways. This is not like one menu that fits everyone. I like pizza with pepperoni. You may like pizza with, I don't know, something else. Nothing wrong. But both of them are pizzas. So there are different ways that you cook dollarization. The first thing to keep in mind is that you need a dollarization rate. At which rate you change the pesos to dollars. Conceptually speaking, this is your equilibrium exchange rate. If you're in Argentina and you pay your money to whatever you can, your legal market or the black market to buy dollars, this is how many dollars you get once you transform your pesos to dollars.  Now, what the number is depends when you dollarize. It's not the same if you dollarize this month, next month, one year from now. So no one can give you a specific number because it depends on when you want to do this. But conceptually speaking, you want to dollarize around your money. Now, I find it easy to separate what needs to be dollarized in three groups. The first one is bank deposits. This is the one that you can dollarize the fastest. Then you have the currency circulation, the pesos that people have in their wallets, that store managers have in their stores and so on. And then you have a very specific Argentine problem which is the central bank liability. The Argentine central bank has reached a large number of short-term liquidity bills. They are in pesos and they are in dollars. So I'm going to go through all those three from the fastest to the slowest which is also the easiest and the most difficult. Okay. So bank deposits easy. You set your dollarization rate. Basically what happens with bank deposits you swap those unit of account from pesos to dollars. So I log in into my online bank tomorrow and my pesos were converted to dollars at the dollarization rate. So you have a lot of physical dollars to do this. It's as if it were digital money. In the bank account, it changed the unit of account. When you need dollars is in the case that you're going to face a bank run. Which in Argentina is a very big concern. I'm Argentine. I'm in Argentina and you tell me my pesos are now dollars. I'm thinking that of the bank right now. That's a concern. So I think this is unlikely that you're going to see a massive problem. So I'm going to talk about the reasons. One is, okay, let's look at international experience. When Ecuador dollarizes in 2000, they see an inflow of money going to the banks. They had a banking crisis last year, not 20 years ago like the case of Argentina and the real interest rate was negative. And money was flowing to the banks. A reason is that the realisation shifts your expectations but also you go to the bank because you want to invest. We should let's do the next point. Bank money in Argentina today is transactional. The money in the banks is the money because I need to use to make payments. So even if I take the money away today, I need to put it back in the bank because I need to use the transfers and all that. In the short run, you're going to need small change. If the assumption is you want to take your money away and I want my cash. When I go to the grocery store, I need small change. Which in Argentina you don't have in dollars. The lowest nominated dollar bill is 100. Okay. So I need change. I will want to have pesos because in pesos I can have small change. And I don't mind their pesos because I know I can get rid of the pesos very easily. I make a bank deposit, they become dollars. I pay taxes. I give the pesos to the government. And when that goes to the bank account, they become dollars. Or I used to buy at the store and the store manager says do you give me pesos? No problem. I can make a bank deposit or pay taxes. So once you dollarize having small change in pesos is not much of a concern. It's not a problem. This reform includes a banking reform. Part of this reform is establishing what we call the Argentine Bank of Reserves or Banco Argentino de Reservas. This will be in an international safety jurisdiction outside of the government, Argentine government reach. This will be an extra component of safety to your deposits. And the idea is if you are the public and I'm the government, it's easier and faster for you to move the money around than for me to grab it if it's outside Argentina.  And then banks, if you want to withdraw dollars instead of giving you this back of dollar because you don't trust the government. It's more pragmatic for you to be with a car than a stack of paper bills and it's also safer for you. Because if I steal your dollars, I can use them. But if I steal your car, I cannot use that. And that's a concern actually in Argentina. So it's also an extra, it's safer for people down there. Now the reform has a way and this will be more clear I think in a few slides that you can bring a case that you're going to face a massive bank run, you don't need a lot of physical dollars to dollarize bank deposits. This is not to say this is not something to pay attention to, but there are still ways to deal with this and move forward if you want to dollarize. Okay, moving to currency, right, paper money. There are different ways to deal with this. In Ecuador, dollarization was compulsory. You have nine months to change your secrets to dollars. After that they lose validity. So the central bank in Ecuador has to go and facilitate for you to change the secrets for dollars. In El Salvador the dollarization of the currency circulation was optional. The solace, the colonists I'm sorry, they don't ever lose validity. You want to keep your pesos, keep them, no one else. You don't have to change them for you. If I'm in Argentina and I dollarize the currency circulation this way and I'm the central bank I may say I'm not dollarizing the pesos in circulation I don't have to change them for you. You want to dollarize, what do you do? Make a bank deposit, pay taxes. So as a central bank you don't need to have the dollars to change the pesos in circulation. And you can say well we're going to start with El Salvador way and do it optional and after the number of months let's say one year we're going to see the currency circulation falls below a certain threshold and if it does then you transfer to an Ecuador case and now you have another year let's say to change the remaining pesos to dollars. This gives you two advantages a few others but two important are one the central bank is bankrupt as I was saying before so now you are delaying for the year or the time you choose and give the central bank time to collect dollars to make that change. The other thing to achieve is that you reduce how many pesos will have to be changed for dollars. So let me show you a couple of graphs. This one is tracking the evolution of currency in circulation in Ecuador and El Salvador does Ecuador remember that they had nine months to change the supers and that's the time frame where you see the currency circulation fall into low levels. Then you have El Salvador where it was optional and it took around two years for that colonists in circulation to disappear. The remaining amounts you have it probably bills that got lost damage and who knows where they are but accounting speaking they still exist somewhere. This graph is what happened to Ecuador central bank once they announced polarization. So these are your central bank reserves in Ecuador they dollarize in January 2000 so that's the second line. This line is currency in circulation in Ecuador and you see it's going down as they dollarize the currency circulation but you don't see reserves going down. The postings go up. So how they dollarize a big proportion of their currency circulation as I said before go to the bank. The money going back to the bank so the central bank is not facing a loss of reserves. So central bank liabilities again we went through the second part of the realization the currency in circulation and as you can see you don't need a massive amount of dollars. Central bank liabilities this is a very Argentine particular problem. The central bank is insolvent. It needs to be recapitalized. There are different ways to do that. Who owns the Argentine central bank is the owner. So how can the owner of this firm bring more capital to the firm? One is you issue debt. Argentina issues sovereign debt. They sell the bonds, they get the proceeds, send them to the central bank. This is transparent, easy to understand. We can see what's going on. The problem, no one wants Argentine debt. So not doable. Option two, the Argentine government decides to expropriate all the assets. A few years back the government decided to expropriate all the private retirement funds. All your 401Ks, IRAs, that's mine now. Thank you for saying yes to my not question if you are willing to give them to me. So the Argentine government has a big financial portfolio that is sitting at some office used politically if you want. So one option is to take that, sell it in the market, deposit, send it to the central bank. Again, easy to see transparent, understand what's going on.  So you cannot sell that in the market. It's too big. The market is not big for you to absorb this.  So this can be even if you can't do it. So what do you do? You go fancy. Structure financial solution. The upside. This is the financially speaking best way to go around this. It's the cheapest way. The downside is the most complicated part of the proposal. It makes it confusing. I even had discussion with the Argentine economy that, you know, we're trying to talk how you discount the cash flow in a bond and we cannot just get around that, right? So this requires using instruments that are not typically present in Argentina. So I'm going to explain this the easiest way I can. I don't want to go into the details because that's boring also for me. But it's interesting to see how it works. It's not that, you know, that crazy. So we have the Argentine Central Bank where you have your monetary assets that will be reserved, very low, and then you have monetary liabilities. That's basically the base money. And just from now, we talk about the bank deposit, the currency circulation. We're going to focus on the orange part. So in the financial asset, you will typically have Treasury bonds that you go and sell in the open market but not in Argentina because those are non-negotiable bonds. The Central Bank cannot sell those bonds. It has to sit on them. And so the Treasury, instead of paying off those bonds, they roll them over and they have to stay at the Central Bank. On the liability side, because the Central Bank in Argentina cannot sell Treasury bonds to withdraw money supplied from the market, they have to issue their own bonds and sell them in the market. Those are those equity bills I was mentioning before. And that's the, on the liability side, the orange part. So we need to shut down the Central Bank. This proposal is working with setting down the Central Bank. We don't want to leave it open. So we need to liquidate this. So the first step and I'm going to separate this into steps to make it conceptual easy. The Treasury is going to take those bonds. The Treasury is the issuer and it's going to swap them for the same amount, hopefully larger duration of bonds under international law. So your typical sovereign bond and these bonds are never going to hit the market. These bonds are going to be relocated in an international trust or a special purpose vehicle if you want. Sitting there. Now you want to diversify as much as possible the exposure to Argentine risk in this trust. That's only so much you can do. But we can diversify the cash flow that this trust is going to be collecting. So the government is going to send to this trust maybe other assets and for example. So maybe I'm going to some of the exports, taxes I collect, that's what's going to go to the trust. Fresh dollars to this entity. Those financial instruments I mentioned the Argentine government has after the appropriation of the private funds send them to the trust. And now you're collecting dividends and coupons that don't come from the Treasury. If Argentina sells the 5G network those projects can go to the trust. I mean, you can come with examples. The point is to diversify that cash flow as much as possible. So we send that to this trust as well. Now we have these liabilities on the central bank and they are going to be re-denominated and the issuer will be the trust. So you find a bank and I have this short-term peso bill now it becomes a short-term dollar bill like a commercial paper. So now you can proceed close down the central bank I will have me drink that day this source of high inflation for years be done. Okay, so once you have that you can insert some extra tools try to reduce the risk of this trust because you have someone who is issuing these short commercial papers who are sitting at banks. You don't want to default those you need to keep paying them. And now the issuer, if it's international entity whose income depends on Argentina so you can add a couple of things these are pretty common but to give you an idea of how you can start to play with this instrument you can have a first loss guarantee you can have a backstop facility so if the market price commercial papers of these dollar papers falls too much, someone 16 and push the prices up. This trust default someone comes in and pays for them so you start to protect that risk with a limit but as much as you can you cannot do this in Argentina this is one reason why we move this outside Argentina jurisdiction. If Argentina is dollarizing if you create these additions then the market value of this instrument needs to increase and you benefit from evaluation upside. Okay fine so what is this? Now what? Now you have a computer. The computer says every dollar that comes to this trust through all these assets has to automatically be used to pay off this debt that was coming from the central bank so we have hundred dollars of these central bank liquidities that expire and I collect twenty dollars, I pay twenty dollars off I roll over eighty. Next year I get paid fifteen dollars, I pay fifteen I roll over the remaining amount until I pay off all of them so as time goes by those liabilities on the trust start to go down and down and down because you have excess collateral you can use that to attract dollars and send that to Argentina as I was mentioning before to help with the banks so once you are done and there is nothing else to be paid off this automatically self liquidates all those assets go back to Argentina and you just dollarize and create the largest reduction in Argentine debt in history without defaulting they should be exciting for any presidential candidate but none of them bought it so ok so this is the most complicated part of the reform this is how we go around the problem that commercial banks are sitting on that debt and we cannot default that and we need to find a solution where we don't have dollars to buy them outright so as I was saying before and as you probably know Argentina is going through difficult times Argentina is a country with long-term fiscal deficits that's the case now as well and you may be concerned that now that you move those bonds treasury bonds from the central bank to the trust the government cannot roll them over anymore they need to pay and those dollars become the source to start to cancel off the central bank bills so given that the treasury is in deficit is basically in default you are going to put all that extra expenses on the treasury how you deal with that one of the advantages of going this way is that you can play with the timing of those payments so one way to deal with this fiscal cost is that you when you change those bonds at the central bank to the new ones you impose a grace period ok these are the new bonds the same amount of debt you postpone when the bond starts to pay and you buy time for the treasury to fix their own situation another way is to extend the duration of the payments with the new bonds so those are your original payments now you swap the bonds and you make payments go less per year but for a larger number of years or you make a combination of both the point is that you have a variable you have this to help the treasury solve their problems without sending them bankrupt by doing this ok so how long it takes to do all this for the public once you change the unit of account once you say you are dollarizing you say your your dollarization rate just your dollarize yeah maybe you have pesos in your wallet but now your country currency is the dollar you are already standing on the dollar done for the government it's a little different you dollarize the bank accounts that's fast currency circulation may take nine to twenty four months if you take Ecuador and El Salvador cases as you know as benchmarks changing or dollarizing the central bank that can be longer maybe you take four years to pay off all those bills, debt, bonds that the central bank has it doesn't matter the point is once you announce your dollarization with central banks and so on it doesn't matter for the public at large so this is not a long process when Ecuador dollarizes I think it's announced on a weekend that Monday interest rates collapse money starts to flow to the banks probably the government was still trying to figure out how to do this the announcement itself was a game changer ok there are a number of things that needs to happen other than dollarization dollarization is not trying to substitute or replace other reforms dollarization is not sufficient but a necessary component if you want to really change Argentina and it's also gonna help you carry the other reforms so one of the things we talk about in our book is a bank reform to give you an example think of Panama a very internationally open and integrated financial system other things that needs to happen whether you dollarize or not you need to have other structural reforms you need to balance the budget you need to change your labor regulations you need to do a lot of things even if you don't dollarize you need to correct your exchange rate this happened already so this bullet is solved but even if you don't dollarize you will have to depreciate the peso that's one of the first thing that the new government did you may need to have a sovereign depth swap or renegotiation some of that is already taking place so all these problems are not reasons to dollarize because you have to deal with them one way or another okay so that's a summary of how you do this there are different ways to dollarize that's the way that we proposed it in our book so what's going on these days during the presidential campaign the topic of dollarization became very intensely debated what we presented is to more than one presidential candidate the current president Javier Millay he announced in the presidential campaign that he wanted to dollarize he said he wanted to do it following this proposal so this was highly debated but then soon before the elections the plans changed so Argentina it's today not dollarized I get a lot of questions what can happen so let me tell you where we are now so you can have in principle three scenarios for anyone who was going to be a new government you dollarize soon or as soon as you can you dollarize later meaning you want to balance your budget first you want to pass some reforms and then you dollarize or you try to keep the peso alive those are basically the three scenarios and keeping the peso alive can mean different things different forms trying to do that whatever those are those are your three broad strategies you can follow so we know that early dollarization is off the table so now we are between are we going to see a later dollarization or are we going to see trying to keep the peso alive and it's very hard to tell because if you look at this from my view what the government is doing that's consistent with trying to keep the peso alive so if I follow the facts it's not starting out to me what the government really wants to do there's another scenario if Argentina dollarizes how can that happen one scenario they actually do these reforms and they dollarize later by conviction that's what the government wants to do they manage to do it they do it and that was the most likely for me and keep in mind we started to work on this book in 2020 way before Millay was even presidential candidate anything like that is that what is pushing Argentina to dollarize is Argentina's economic conditions Millay can be same publicly every day the dollarization is the worst idea in the world it will still be on the table whereas Argentina has been talking about the dollarization for years so the other scenario is more similar to Ecuador's case Argentina walks into another very serious crisis because they're not trying to minimize the likelihood of failure like we were saying in the first place and the only way out they find is dollarizing however they can at the last moment and that's the reason to have a proposal written in the first place we don't want Argentine Congress to innovate dollarization overnight in the middle of an emergency may not be the best so how do you minimize the errors of improvisation have a proposal out there ready to serve as a guideline that was the initial motivation behind this so if Argentina dollarizes my sense is more likely going to be this like this case this year, next year, five years from now, ten years from now I don't know but there are not many monetary regime options out there that can function unless you have a very serious credible institutional reform that's what I have I'd be happy to talk about this or answer any questions I can and thank you for being with me