So, so something is afoot. My name is Megan, welcome to Canoe here. And today we're starting something very exciting. We are starting, I am starting finally a TBR. So this is TBR Cluedo, hence the outfit. If you know me and you watch my channel a lot, you'll know that I love murder mystery. So I have designed a TBR game inspired by Cluedo, inspired by Super Cluedo specifically. And I love the board so much. I'm obsessed with it. I'm so happy with how it's turned out. But the stage presence, I've got the voice, I've got the looks and I just have everything. And I know I have. It's been so hard to keep this a secret from you guys when I've been planning it and making it and everything, but I just love it. I just love it so, so much. And I'm so excited to play this with you guys. Let me take the hat off now. We've had enough of that. I have wanted to make a TBR game for like a year basically. Full credit and inspiration to all of the TBR queens who have come before me. I'm sure you all love watching TBR games. And yeah, I'm just really, really excited. Now, I'm gonna let you guys know the rules for the TBR game. I will split this into chapters down below.  You can do that, but yeah, let's get into the rules. Okay, so obviously each of these different rooms correspond to a different genre. So we've got horror, magical realism, which can also include anything like surrealism or fabulism. We've got fantasy, which will also include sci-fi because we haven't got a sci-fi room. We've got romance, contemporary, thriller, non-fiction, historical and mystery. First, I'll roll an eight sided dice and this will pick which person I move. So there's all these like Cluedo people dotted around the board and they've each got a number assigned to them and this dice will determine which person I move and then we'll roll two six sided dice and this determines how many steps I move and I can either use the total of these two or I can pick the sum of one of them. I have to learn either a book or a weapon for the roll to count. So on each of these books, there's a number on the back and this corresponds to a prompt. So I then have to read a book that fits that prompt and is the genre of the room that it's in. If I roll double on these two dice, I can move that amount and then roll again if I want to. The weapons that you might see dotted around are super clues. So these are a bit different. They're not exactly prompts. The dagger is a random number generator. The magnifying glass is a book recommended by the viewer. The rose is something secret that I can't tell you about yet. Well, we'll just have to wait and see. You are so inquisitive, my darling. So we just won't pick that in this month's round but I reckon by next month that we'll be ready to you guys to know about. The candlestick is a phone a friend so I will FaceTime another booktuber and they will pick a book for me. The glasses are to scroll on Instagram until I see a book that I own and I have to read that book and the wand is a book that I need to read for a themed reading blog I'm doing that month. The weapons are not constrained by the genre. So like although phone a friend is a mystery, they don't have to pick a mystery they can pick whatever they want. The staircases dotted around here will allow me to move to different rooms. So if I go through a staircase I can move to any different room. Some punishments. I haven't quite figured out how this is gonna work yet because I haven't played it yet but I think if there are three roles that I can't land on a prompt on so say I'm here and I roll a two and I can't get two a prompt in that time. If there's three of those I have to add on a book or roll. Now that may be too many it may change to two or one equals a punishment but we'll just see as we go along. And also if I don't finish my TBR in the month for the next month I will take a punishment as well. So that is the rules. Can we just talk about how cute the little books are? Tom, my boyfriend made them for me. I think they're so cute. I just love everything about this game how it all looks like all the weapons. He made them as well. I just think it all looks so amazing. Let's get into the roles. I'm gonna do six roles. I typically at the moment have been reading anywhere between like five to 10 books a month. So I feel like six is a good management number. Obviously we may end up getting punishments and that will add to the total. So I feel like starting with six is a good number. Let's get into the first role. Oh my God, I am so nervous. I'm so nervous. Okay, role one. First we roll the eight sided dice, five. So that is wide. Oh my God. It's gotta get a sip of water. T5, so we've got a double. In terms of genres I need to read this month I've got some contemporaries, some thrillers. Can I make it one, two, three? Of course I can because I can roll again. So let's go towards the relay thing. One, two, three, four, five, six, seven, eight, nine, 10. And then we roll again. Three, another double. Okay, well I'm not gonna roll again I don't think. One, two, three, four, five, six. And get that one which is number 28 which is a book you've never seen on Booktube. Okay, so role one landed in the thriller room and the prompt was a book that you haven't heard anyone speak about on Booktube. And this was hard actually because I think I get a lot of my like thriller recommendations from Booktube. But the one that I've chosen, I think it's because it's new. I just haven't really had anyone have a chance to speak about it yet but I didn't really hear anyone speak about it in like the 2021 Anticipating Releases either. And it is Hairpin Bridge by Taylor Adams. So Taylor Adams is the author of No Exit which is a super popular thriller here on Booktube. Loads of people love it, I absolutely loved it. It was a five star for me. So I am super excited to get to this this month. This is a new release, the author's next book. And what I know about this is that this girl's sister three months ago drove off Hairpin Bridge to her death leaving behind a vague suicide note and her sister is convinced that she was murdered and she goes to the area and tries to get answers out of the highway policemen but he is super like not cooperative, he's lying. And I think it's kind of similar, a similar cat and mouse game like No Exit was. I'm hoping for tension like No Exit.   I like it though. No book has ever made me feel that tense and I feel like Taylor Adams just does like really tense high-paced thrillers as well is what I'm hoping. So I am so excited to get to his new release and yeah, oh, I'm so nervous but I hope it's gonna be great. Okay, time for roll two. Colour one, which is green. Okay, that is good because I've got some fantasy I would like to read, I think. Okay, let's roll this. We have got six. Okay, let's see, where can I go? One, two, three, four, five, six. Okay, let's go there. That is number 24, which is a book over 400 pages. Roll two, I was already not happy with. So we landed in fantasy and the prompt was a book over 400 pages. And when you don't have, because obviously many of you know, I do themed reading vlogs so I've already got like a kind of TBR for this month in a way and I don't have a fantasy of a 400 pages plan in any of those videos. So now I'm like, huh, well, I've got to take on something extra here. But I did find one that I really want to read and have been super excited for. And that is Project Hail Mary by Andy Weir. This is quite long. Like it's not just over 400 pages, it is about 476 pages this book. And this is by the author of The Martian. I have heard so many good things about this. People have been like super duper excited for it. And the reviews I've seen coming in have been like five stars, five stars, five stars, five stars. Like I've heard people saying it's just as good as The Martian. Like that's high praise. I love The Martian. I think I've read that like two times, love the film. What I know about this is very similar to The Martian. This guy wakes up. He is the sole survivor on a desperate last chance mission. So he's like surrounded by his dead crewmates. He can't really remember what he's there for, what he's supposed to be doing. Yeah, I'm just excited for like a bit of high-paced, crazy sci-fi. I just think Andy Weir is a great sci-fi writer. So I'm so excited to get to this. Okay, roll three is... Oh, we've got green again. Okay. If you're in fantasy again, the fantasy book I need to read for a video, I don't, I think it's like 380 pages. So I don't think it would have been what I just picked. So do we try again? Let's see what we roll. Okay. Oh my God, that was a two. Sorry, I just flipped it. So that is three. Where can I go? One, two, three, one, two, three. Which of those do I go for? Let's go here. One, two, three. Which is, that's number six, I think. Something with white on the cover. A book with white on the cover. Okay. Roll three was another fantasy, this time with something white on the cover, with some white on the cover. Now this one is the book that I had planned in a TBR that I, there isn't over 400 pages. It's like 380. Interestingly, both the fantasy picks this month are sci-fi because that is technically, I should have had that room say fantasy sci-fi, but by the time I realized that, it had already been made. So it was too late, but it is fantasy sci-fi that room. I don't read a lot of sci-fi. I don't think I've even read any sci-fi this year. So the fact that we're gonna be reading two this month is pretty crazy. But it is The Weight of the Stars by Kay Ankrem. So I am so excited to read this. If that counts as white on the cover, right? The font is all white.  So we're counting it. Wishful thinking, yeah.  No, not really. So I read The Wicked King by Kay Ankrem and I loved it. And this is for a secret reading vlog that I'm doing. I don't know too much about it. I just know that it's Kay Ankrem. So it's gonna be told in this kind of like, is it Pistolary? No, what is this called? No, that's a Pistolary isn't the right word.  Where it's like chapters are only like a page, two pages basically. So it's a super fast pace. These kind of books you can basically read in one sitting. And I know it's about this girl who like, dreams of traveling to space and about radio signals, hence the sound waves on the edge and on the cover. And I'm just so excited to read some more Kay Ankrem. I absolutely loved The Wicked King. So I'm super excited to get to this, this month. Okay, time for roll four. I'm nervous. Two, who is that? Purple, where is purple? Oh, here, okay. There's a lot of mysteries I would like to read this month. So let's see what we get. Oh my gosh. I'm so nervous. We've got a three and a four. Okay. One, two, three, four, five, six, seven. Okay, let's go there. That is number 19, which is a book I have hauled recently. Oh my God, that is perfect. So roll four, we landed in the mystery room. And the prompt was a book that I have hauled recently, which was perfect because I have quite a few mysteries that I have hauled recently. Like I had like four I could have chosen from. But I haven't even shown it yet. I've got a book haul coming out next week. This is a little snake thing, but it was hard to choose one of them because there's so many that I want to read, but I have ended up choosing the one I think I'm most excited for. And it is Ace of Spades by Farida, a BK Eomeday. This, I feel like today, the future starts. So it's a good day. I'm excited. Everyone, everyone who's been reading this has been giving it five stars and speaking about how bonkers the ending is. And I'm just so excited. It's like set at this private academy. It's like gossip girl inspired. So like these two RT main characters, Devon and Chia Maka are having like their secrets leaked to the rest of the school by this like gossipy girl character. And I'm just so excited. I'm just so excited. I literally cannot wait to read this. Everyone has just been rating it so, so highly. It's been getting so much hype. And I just love a good mystery. You guys, you guys, I just love a good mystery. You know me. I feel like I'm starting to find more mysteries. I feel like every day, every day I wake up and I'm like, I found a new mystery. What? Sorry. Every day I wake up and I'm like, thanks for the mysteries. But yeah, the fact that this is like a mystery that everyone is reading and rating so highly, you just know I've got to read it. So I am so excited. This is like probably the number one book that I was hoping to fit on this TBR. It's not even for a set theme reading vlog. I'm just going to read it. Hope you're on holiday. I'm going on holiday in like a week or so. So I think I'm going to read it then. Roll five is two again. Oh my gosh. Okay. Okay. Okay. Okay. Okay. Four. Or I could do a one. I can't get anywhere in one. I could do three. One, two, three. One, two, three, four. Let's go. One, two, three. Which is, what is that? 16. Four or more words in the title. A mystery with four or more words in the title. Okay. Oh, that's kind of hard. I can't think of anything right now. Okay. Then roll five. We were still in the mystery room and the prompt was a book with four or more words in the title. And then this was really hard. I went and I looked on my mystery shelf on Goodreads and there wasn't many. There wasn't many to choose from. Usually I feel like mystery titles are like short and snappy, like two or three words. But I have chosen In the Market for Murder by T.E. Kinsey. This is a cozy murder mystery series set like in the 1900s, early 1900s. In England, it's like cozy English countryside. I've read the first one in this series and this is the second one. I'm super excited to get to this audiobook. They're fairly short. I think it's only like maybe seven hours the audiobook, which isn't too long. I don't actually know what this one's about but it's basically this kind of society woman and her maid servant, like her number one maid companion and they solve murder mysteries together in quaint English towns. I love it. It's like my favorite thing to listen to is an audiobook. I find those kind of books really suit audiobooks because I don't have to like pay 100% attention but it's super. I love the atmosphere and I just love the simple mysteryness of it all. So I'm really excited to continue on that series because I read the first one a couple months ago and they're just like super easy audiobooks for me to listen to. Okay, and then our last roll is this. Oh, eight. Who is eight? Blue. Oh, okay. Blue's over here. Right. Let's see what we get. Oh, wow. Okay, okay, okay, okay, okay. We've got a six or a five. I think I'm gonna go into like the magical realism-y section because I think there's quite a few I wanna read. One, two, three, four, five. I think I want the wand. Six, seven. Okay, we've got a wand which is a book I need to read for a themed reading vlog. It doesn't have to be magical realism but I think I will probably choose something along those lines. And then the last roll was a wand which is a book I need to read for a themed reading vlog. I'm trying not to like abuse the wand because it doesn't make my life easier but we were just near it. That was just what we were near that day. Then obviously the weapons don't have to fit the genre of the room that they're in but this time it actually is. So the magical realism room, as I said, also encompasses things like fabulism, surrealism, you know, all of those kind of like weird wacky books. It's kind of the weird book room. In case you haven't noticed, I'm weird. I'm a weirdo. I have chosen Summer of Salt by Katrina Leno. So this is what I've been super excited to get to. It was on my summer TBR because of the name. I literally just can't wait to read this. As many of you know, I absolutely loved You Must Not Miss by Katrina Leno. Where is she? Here she is. Yeah, I absolutely loved You Must Not Miss. So I'm hoping for similar, weird, uncomfortable, strange vibes. All I know about this is that it's like set on this island by the sea and there's strange magical things going on. That's basically all I know but I am super excited to read it. I loved, loved, loved Katrina Leno's other book and so I am so excited to get to this one. So there we go. That is our first TBR, cluedo, TBR. So it's obviously this plus the audiobook for In the Market for Murder. I counted it and it's just over 2,000 pages which isn't too bad. Obviously we have got Project Elmeri which is like 470 pages and Acres pages like 440 pages but I think this is all totally doable for me and these are books that I've been so excited to read. I'm like absolutely, I just can't wait to read all of these. We don't really have any duds, you know what I mean? You haven't had any books that I've been forced to read because of a prompt and I don't wanna read it. So yeah, I am just so, so excited to read all of these. Let me know if you have read any of these before and what you think of them and I'm just gonna hold the board up one more time because I just love it so much. I hope you enjoyed TBR, Cluedo. I actually wanna get married to this board. I just love it so much. It's like my favorite thing in the world. I literally wanna kiss it but I don't wanna get makeup on it. So yeah, I hope you enjoyed TBR, Cluedo.  I'm so happy I am finally doing a TBR game. Like I said, I literally wanna do it forever. Like I've literally wanted to do a TBR game forever but I've wanted to have a board like as amazing as this. I hope TBR, Cluedo makes sense. I think I am gonna change the rule for how we get a punishment. I think I'm gonna change that to like either two or one rolls if I can't reach a prompt that will add a book to my TBR. Let me know if you think it should be two or one because I think three will just never happen. So let me know if you think it should be two or one. And yeah, thank you so much for watching. I will see you very soon in another video. Bye.


Hello everyone good started This panel is on theory and method we're still we're missing one. Oh, here she comes So, please keep your questions Concise help us out help us get through a bunch of questions because I think this is a shorter sessions about 30 minutes long Could you comment on the idea of there being a savings glut such that there are no more productive opportunities for investment? Like what would that look like? What would be implications of that or is that even possible? Savings glut was a way that Bernanke tried to explain the very low interest rates that occurred during the Run-up to the global financial crisis and what he said was that the saving in Japan and Elsewhere was so great that it moved through capital markets They invested a lot of it in the US and that pushed down the interest rates in the United States Causing These asset bubbles people would borrow and buy houses They would refinance their houses and use them as ATM machines basically to buy luxury goods So it was really just a made-up Theory to cover the fact that the Fed was pumping money into into the economy so That's my take on it. Does anyone else want to just yeah, I actually looked at the figures for capital for direct direct foreign investment by Chinese Traders in America and I don't remember the exact numbers But if you look at the chart it started in 2000 I think you could charge it's very small figures very small again I don't remember the numbers and then and then they just balloon but when they balloon it's like 2015 So so it's clearly clearly the evidence doesn't even support the claim that there was something like a Chinese, you know this flood of Chinese Money coming to the US buying things and driving interest rates down Question I guess to all of you. Do you think in like a Kunian? Paradigmatic sense kind of like in how science shifts That the inability of Austrian economics to really sort of precisely calculate when some things happen or just seem to do I mean There is yes this critique of math But the whole inability to kind of do math in the science indicate perhaps some some failure in some of the assumptions Or maybe work where where work could be done sort of to further the discipline You want to do it David? it's certainly right that the Austrians don't characteristically use math in their theory, but I Don't see unless you don't accept the Austrian views of things I don't see that that would be a problem if you thought that math was essential to doing economics, then it would be it I I'm not seeing it's I'm slow at these things what this has to do with the Thomas Kuhn's notion of a Paradigm shift it's I don't Did you have anything could you say it perhaps a bit more on them? Oh, all right Yeah, yes well that that that is the way you're quite right Joe that is the way coonian paradigm shifts Do Austrians accept Do you know does the Austrian school accept the existence of? Giffen goods and backwards bending supply curves and if so how might it be explained in a causal realist framework? Austrians believe show that all demand curves. I don't really explain it here, but but all demand curves Slope downward and that's because of the law of marginal utility And maybe Peter Klankin say something in a moment, but there is one curve that that slopes backwards and that is the supply of labor curve because it's also a demand for leisure which slopes downward and Depending on certain assumptions It can in the real world In other words that very hot for example, well when Muhammad Ali was the champion He might he might At the peak of his fame, you know, he was making 10 20 30 million dollars a fight It may be More more profitable for him maximizes income to fight once once a year at 30 million then maybe six times a year at 2 million per fight So that's a back with bending supply curve. Yeah, it has it. It's intuitive I've written something on this and I'll let you know what what what that is Yeah, I have a short comment that I can send you as well on Giffen goods that the the example described by Joe does not It's not explained through the same mechanism as the standard textbook Giffen good model which depends on the marshallion Construction of demand so in causal realist analysis, we don't distinguish between separate substitution effects and income effects which you need to generate the Giffen good in the sort of Standard textbook model so for reasons that we can discuss later The Austrian model starts from a completely different set of assumptions about what demand is what preferences are how preferences are expressed in demand Then the textbook model so it's not really possible to generate a Demand curve that slopes the wrong way for the same reasons that you get in the textbook I was wondering if you if you comment on The fundamental problems with the which Friedman's aim in his paper I think it's called methodology the positive is economics not so much on its implications applications but on the very I guess motivations for it Well, I think one thing Friedman has a Mistaken or questionable assumption there Roderick longest one who's written on this that Friedman says in Economic theory we have to use Assumptions that aren't completely true because Whenever we have an assumption of whatever kind we're leaving material out so all Abstractions are necessarily incomplete and What he's really overlooking is that although it's true that Statement can will omit certain details of phenomena It's that doesn't prevent. It's being completely true It isn't required that to have a true statement that it Mirror every detail of reality if I say for example There are more than 50 people in this room Whether that's true or not if that's true that isn't Made less true or not completely true Because it omits various details about each person in the room You asked about the motivation and I think the answer is you prediction He wanted to be able to predict and in order to conjure up a model in which You could make those sorts of predictions. You would have to have those Precise inputs in there. You have to you have to make the precise of abstractions that long-term talked about Can I respond to that with something that's slightly off-color? Someone I know Who someone I knew who was friends with Friedman and also with Carl Popper? Once organized a small group dinner when Popper was visiting the United States Invited Milton Friedman and his wife and a few others. I wasn't present But I heard this story from someone who was at the dinner that they discussed Friedman's 1953 article among other topics and the Friedman's left the dinner first and Popper turned to the host and said that Milton Friedman not very clever is he? So we talked about firms a little bit and then today there was a larger lecture on it, but I was wondering My conception of firms has largely been built upon Coase's works Up until really now at least and there was no mention of that at all this entire week And or any of Coase's work and then especially during the lecture today. It almost sounded like it was kind of I Guess mutually exclusive with like Coase's theory of the firm and I was just wondering if Austrian theory is actually is Usually exclusive with that. I guess that's something I've wondered even before coming here, but I've never heard anyone Have an answer on it. Well, okay Why don't you save that question for the second panel and pair who gave the lecture this morning? You're referring to can address it more directly. I mean It's worth noting that both both Rothbard and Kersner Express some sympathy with Coase's idea in my mind. It's not really even a theory It's just sort of a heuristic framework an analytical device for Characterizing the difference between transactions between firms and transactions within firms Each of them gave us sort of an Austrian interpretation of what that how that framework might be put into practice But I think pairs should discuss that in more detail in the second panel What what sorts of criticisms did the German Historical school offer of praxeology and how did how was that subsequently responded to? Well, that won't prevent me from answering I Think the the German hysteresis Were questioned whether there were Economic laws that were universally true, they would say if there are economic laws they would hold only for specific periods say they would say about Price theory this might hold for the Develop capitalist economy, but it doesn't apply to Societies say in the Middle Ages or more primitive societies that they have different Laws so it's generally skeptical about Universal law so that would be their their main criticism. I would say My question is more on the direction of how we understand market efficiency Because we do we we believe that markets do not achieve equilibrium and we also Say that markets do achieve a plain state of rest every time a market price is determined And my question is more on the sense that can we affirm any Efficiency properties to markets other than market clearing. Can we say that markets are efficient? In the sense other than just establishing prices that showcase Unlocation of good satisfied marginal utilities That's a great question and the answer is absolutely The economists wh hot who was sort of a quasi Austrian had a notion called price Coordination and what markets do at any moment in time if you look at the present Prices of the factors of production land labor capital and so on all different types of labor all of those reflect the judgments and estimations of entrepreneurs of the future Values or or more marginal value products of those things So markets are always generating price coordination the entrepreneurs who believe they have the best uses or Or that they can judge the future conditions better than others and and bid a higher price for for these things Are at that moment? Setting up a scale of uses of those things. So that's in a way a sort of a dynamic efficiency if you will So it's often said in Austrian circles that the empiricists claim that for a statement to be meaningful it must be empirically verifiable What's an empiricist response to that Austrian argument So the argument which specific argument you know, which was the specific argument that you wanted The pierce is pierce's response to which specific argument the argument that for a claim to be meaningful It must be empirically verifiable. Oh, yes, that's the empiricist's claim. So you want to know what would be the Austrian, okay, so the Austrian response that that isn't in and of itself empirically verifiable. Oh Well, they had several different responses to that the one that seemed to Come out become popular most later when this criticism was raised was that their The empiricist Statement should not be taken as a statement, but just as a proposal that didn't have a Real truth value we say if you want to Proceed Scientifically you should adopt this proposal. So they would say That isn't it isn't an analytic statement, it isn't Empirical, but it's proposals aren't Regular statements. So it would be immune to the self-refutation claim of course the Contrary to that as well if it's a proposal Why should we adopt it? This is kind of directed to everyone or anyone But do you have a dominant argument or strategy for convincing neo-classicals that we are correct? I mentioned in my lecture that a lot of the The common arguments that Austrians make against neo-classicals actually have The neoclassicals have escape hatches like the ordinality of preferences So they they just they back up a little bit and say yeah We can handle ordinal preferences because we can just shift the utility function to represent any set of preferences Therefore We aren't even though we do have a number Associated with a certain level of utility It's it's still it's still ordinal because we can shift it any direction that we want to so it can reflect any Any set of preferences so I think I think those sorts of attacks aren't as What's the word that aren't as effective as as we might think Hello What I was gonna say what I was gonna say is I Think our best strategy is to do good economics And to show the mainstream that they should be doing good economics by the example of the power of our analysis Well again Where's some of the key differences between Hayek and Rothbard? height One was that they spoke different dialects of English I was at a conference once and Murray Rothbard was giving a talk and at the end of the talk Hayek Was we were standing talked to Hayek and he he turned to us. He says I can't understand one word that man says So it's Murray's New York Jewish dialect versus Hayek's Sort of British German Anyone have a more substantive What would be a good reading Joe your Dehemogenization stuff. Yeah, I think you should read Hayek's economics and knowledge and his use of knowledge in society too once the first one's 1937 and the second one is at 45 45, yeah, and then Read Rothbard's a present state of Austrian economics in which it's late in his life, but he's he's He's been exposed to him de-hemogenization debate and he saw more about Hayek because he initially Accepted a lot of the things about that Hayek said, but he thought that they were sort of just Extra glosses on mesas that that they they they helped to extend mesas But but he kind of rejects that in his later article a present state of Austria Austrian economics, which is in economic controversies I Would like to know how much of a reality. Do you think the Brick's currency is going to be and what do you think we can expect from it? It's a government scheme. I mean it's at best it would be a watered-down goal standard and at worst it would just be a sort of a cover for Them inflating in unison. So I I don't think much of it. I haven't looked really closely at the plan I I do like it because it's trying to at least the aim the stated aim is to break the dominance of the US dollar and and and to Effectively decrease the man to hold dollars in a world economy Which which would then push our interest rates up? and It would cause the Fed would have to become tighter if the Brick's currency actually came to fruition and was used I mean You covered it. No, yeah, you covered it in the sense that the upside of the Bricks and the Brick proposal and the Brick bank and the Brick Brick currency is in opposition to the US dollar and The dominance in the monopoly that the Fed enjoys and you know, it's we're exporting inflation We're exporting business cycles And these other countries which are growing And expanding And they want the political influence that a leading monetary system Would give them so it's it's political But it's political against the US dollar and the in the federal and the Federal Reserve and its dominance So it does have sort of a political upside to it increasingly kind of wing of Modern right wingism kind of offers a critique of Austrianism where they say, okay, yeah, maybe you're right but what if we want our society to be poorer and more but Like we don't want these a moral or immoral things Is that kind of a short-sighted response? What would be how would you respond to that? well anybody can you know lower their standard of living and Stop working for you know, give up their job and move into the wilderness and be by themselves and You know set up their own camp out in the wilderness You can do that today Now the problem of course occurs The problem of course occurs if if somebody some political force wants to Mandate that for everyone mandate lower standards of living Mandate certain behaviors Symbols and so forth and you're talking kind of like a form of fascism basically Which is socialism and which it you know gives the state an incredible amount of Power over people's lives and the economy If you think about HOA is the same sort of thing happens people like voluntarily go into these neighborhoods Knowing that there's going to be restrictions on the way that they use their property So this is open to pretty much all of you Where would you say Rothbard went wrong? We're not a cult right So, I mean one of the great things even in the past summers that I've been here as a fellow is Is being able to talk with with scholars like Salerno and actually talking through differences between Mises and Rothbard So like this there's this is not a monolithic sort of thing. There are differences between these economists Sometimes it's as simple as I think think Mises could have been more clear here. I think Rothbard He took this slightly different approach to explain the same sort of thing compared to Mises And sometimes there are even larger differences between them So it's it's not it's not like a great sin to to point out issues in fact You should always have your critical thinking Engaged while you're reading and one can embrace a general approach and sort of you know Philosophical system a way of doing economics while still working out some of the details and for example Rothbard his treatment in his theory of the firm of what he calls the decision-making factor And actually Joe has a piece on this too that I think is completely wrong But haven't had a chance haven't had a chance to write up why I think it's wrong But you know, there's some there are also some inconsistencies in the early parts of man economy and state His supply and demand analysis There's some I think there's some minor details that are wrong in terms of how he derives the demand curve You know, I don't think these things have a huge impact on Rothbard's overall kind of you know economic system But of course there's always room for rethinking and questioning and looking at details both substantive and also Expositional Yeah, I just want to say Patrick Newman and I are writing a book on on Rothbard's writing of man economy and state and how he developed in the very act of writing it over a course of six years into an Austrian economist and The one thing that was is clear to us is that he didn't have professional economists reading the chapters as he went along He didn't have Because people you know, he was writing on the very small or School of thought he's writing in the tradition of school of thought whether hardly any any economists So he didn't get he didn't get high-level feedback That he was the people that read his chapters were were lay people who sort of new economics So there are minor details where where I would disagree with him But the overall approach is correct and what's really amazing is the fact that he actually did what Mises Talked about but never really did because Mises assumed you had a lot of knowledge He derived the whole of economic theory The main propositions from the action axiom. I mean his deduction very difficult to find any logical errors in that deduction So I think whatever Problems that there may have been and there are a few here and there. I think it was his achievement was overwhelming I'm gonna answer that question a little differently assuming that what by what you mean by that is where did he go wrong with his career and You know because Murray graduated from the number one economics program with a PhD number one program in the world rear really Under the leading professors of economics in the profession at the time He published You know some amazing stuff including man economy and state In America's Great Depression early in his career plus the panic of 1819 which was critically acclaimed he published Articles and comments in the American economic review He was sending things to the journal political economy and publishing in other leading journals So he was on the highway to a lot of professional prestige That comes what he was under consideration for an appointment at the University of Chicago He knew and corresponded with some of the leading people in the profession like James Buchanan and Gordon Tullick Sam Peltzman just a bunch of people that I couldn't possibly make up the entire list But he went on to do other things that were professionally dangerous like Developing libertarian theory like Developing a sustained attack on central banking Things that were professionally During the Cold War and and the the rise of the central bank were not popular at all within the profession because of political pressure against that so, you know professionally, he suffered a great deal as a result of those decisions, but Frankly, we should all thank God that he did it and You know, I think one of the things that the the panel was a little bit hesitant when the question was asked is because you know, we've been following Rothbard's path and It's not an easy path to follow professionally. There's a lot of easier paths that these people up here That have been teaching you all week. They could have taken other paths to higher heights and easier circumstances So if you think that's Where Rothbard went wrong we disagree Thanks everyone next panel is in here momentarily


Live from Las Vegas, Nevada, extracting the signal from the noise. It's theCUBE, covering IBM Edge 2015, brought to you by IBM. Okay, welcome back everyone. We are here live in Las Vegas for IBM Edge. This is theCUBE, our flagship program. We go out to the events and extract the signal noise. I'm John Furrier, my co-host, Dave Vellante, our next guest, Tom Cook, the CEO of Permabit. Welcome back to theCUBE. Thanks, John. Great to see you. We're just reading online, Tom Brady got suspended for four games, we were shocked, deflated with footballs. Dave, what do you think about this? It's breaking news. It's slightly excessive. For what? For... He had no idea. Although I like the nickname. It might impact our viewership today. They were breaking cutaways at Tom Brady news. What's the, how's it going? It's going great. So give us the update on what's going on Permabit. And the industry at large, I mean a lot of confluence between actually convergence, yeah, infrastructure, software. I mean it's a storage show. They talk about big data, smarter cities, a lot of messaging on Facebook, Twitter data, all this is kind of coming together. What does this mean for the industry? Well, certainly it's a confluence of a lot of forces right now. But when I look at this show and I look at IBM Edge, I see a company that's really walking their talk. These guys really believe in data efficiency and capacity optimization. They're talking it in every single storage presentation, in every single storage product line that they're working with. And they're really riding this wave of transformation that's going on in the industry and they've embraced it fully. So it's really, And they're delivering news and products. That's absolutely right. And they're really focused on it and they're making progress as a company. So, as they've said, whether you're going to consume us in a cloud, whether it's going to be software defined or whether it's going to be an appliance, we're right there with you. And frankly, that's why we love this partnership because we deliver our products in exactly the same way. How's that going with IBM? So we're just moving into our field engagement with them now, which is a really whole new set of challenges and excitement for us as a company, which is really fun.  And we're in the Aero booth here at Edge and we're really excited about that partnership. The way we look at it is outstanding distribution, world-class distribution, Flash System that some people say is the best product in the marketplace and the Flash Space. And we think with Sandblocks, it really rounds out the data optimization and capacity optimization capabilities of that product and we feel great to be working with IBM. So Aero, talk more about the Aero relationship, the other primary fulfillment mechanism for the SKU that is the 9000, which includes your product. Talk about that. That's right, just a fine point there. So Sandblocks, now we're paired up with both the 900 and the 9000. So with the 9000, it's a full product with management suite as well as RTC and RD duplication and it just rounds out the offering tremendously to cover more workloads. Jamie Thomas was on just before me and she talked about more workloads coming into the Flash environment and it's a combination of duplication and compression that really enabled that. So we feel really fortunate to be working with IBM on that. Okay, and what about the balance of your business? Maybe you could talk about that a little bit. I know we're on IBM's home court, but you got a lot of, oh, you're an arms dealer. I mean, let's face it. Well, we started working with a good number of the majors. We're working with Hitachi Data Systems. We work with NetApp. We're working with IBM and EMC. But I have to tell you, we see this company really embracing data efficiency and I think it's really going to move the needle for them. Well, I mean, the acquisition of the store was, you saw that, you followed that, must have got your attention because you're sort of in that same space and a lot of people said, oh, they got compression and they're not going to need de-dupe. But those, they're like peanut butter and jelly, aren't they? They're totally complimentary and truthfully, it's kind of like, do you want to be too thin or too rich? Can you ever be too efficient? Can you ever get your energy cost down too low? Can you ever become more dense in your solution? So the combination of the two is always better than one or the other. And in our case, because we de-dupe before compression ever goes on, that means we save a lot of compression routines and that's a lot of cycles on the CPU. Yeah, so how should we be thinking about flash economics? Flash has been a huge tailwind for Permabit. How should we be thinking about flash economics? It was, we had the cost per bit discussion where all the vendor community say, no, no, no, don't think about cost per bit, think about cost per IO, which is another way of saying, is give us a biased time until we get the price down and then now you don't hear that anymore because the price is coming down because of things like de-duplication and compression, but there are other factors too. How should we be looking at flash economics? Well, so I think if we lay the groundwork and look at the context, for about 25 or 30 years in storage, we were going through the capacity stage of storage or the capacity era with spinning disks, where spinning disk went up and up and up in terms of capacity, but the speed was really lagging behind the needs of the marketplace. So we invented all kinds of things like short stroking and doing all kinds of gymnastics to try to get performance out of systems. When in the world would you underutilize a system willingly? But that's what we had to do in order to get performance. Flash changes that whole dynamic. So in the past, the market was all about capacity and performance was the challenge. And in the end, storage is, the cost of storage is the higher of either the cost of your performance or the cost of your capacity. And in the old world, it was always about performance.  And I'll talk about that in just a second. But the performance side is so available today. Now the challenge is capacity and bringing down the cost of capacity. And that's what we do and that's what IBM's doing with RTC. So the combination of Sandbox and our deduplication technologies with RTC is best agreed. I remember I was at an event analyst thing years ago, decades ago, Ray Abuzayad, who was the head of IBM's then storage division, said, storage is really simple. Customers want storage to be rock solid, dirt cheap and super fast. And the spinning disc failed on the third piece of it. So it was like fast as we can possibly make it given all the constraints of the physical meter, that's now changed. And it appears to us anyway that Flash is poised to actually be less expensive than spinning disc. Do you buy that? It really is. It really is. Tomorrow I'm doing a little presentation and when you look at TCO today of, let's say a major manufacturer's hybrid solution compared to a Flash system at V9000 with deduplication and compression, the numbers, the TCO numbers are extremely compelling. I'll show an example tomorrow where for 171 terabytes of storage between the Flash system and a leading competitor, it'll save over $15 million in TCO over a five-year period. That's just a big number when you're looking at that kind of thing. Yeah, and so TCO is obviously one angle, but it appears even to CapEx. In other words, the amount of, if you point out the capacity, the amount of capacity that I need to serve an application is going to be substantially less. So you can utilize much higher. So your cost per bit may still be higher for a while, but when you factor in compression, deduplication, how much storage I actually need to deploy and the number of copies that I can share out of a single Flash device, it looks like within a year or two's timeframe that Flash is going to be cheaper than spinning disk. Now, John Toygo said today, look, I was never a tape was going away, I'm not a disk is going away guy, but it looks like Flash is going to be the predominant medium within the near to midterm. It certainly is. And so one of the examples that I'd like to point to that, so sandbox is a scale up device. You add sandboxes and you can address more capacity and achieve greater IOPS. And for example, four sandbox appliances with an IBM V9000, a Flash system V9000, you can scale to, you'll have 720,000 IOPS. This is with deduplication and compression. You'll have minimal latency. You'll address a petabyte of physical storage and about 10 petabytes of logical storage or effective storage. That's a tremendous amount of capacity and you'll do that sub $3 a gigabyte. So that's a tremendous savings and the performance is just out of this world. So you're an entrepreneur. You love valuations that are frothy. That's a good thing in a way. What do you think about the valuations that are going on in the Flash world? Are they justified? Are they too rich? They about right? What are your thoughts? So I think companies are pretty significantly overvalued at this point because I don't think the world's begging for another array. When you look at the history again, going back to that capacity versus performance history. So large companies spend a lot of money, 80% of their R&D for years and years and years on getting performance out of hard disk drives. They no longer need to do that. They're doing unnatural acts as you pointed out before. They can redeploy. That's right and you can do that a lot simpler with Flash storage. So I don't think that the innovation that's occurred so much in that marketplace is so significant that big companies can't catch up and I think IBM has shown us they bought TMS and they've developed the product into a real leading solution today with their management and now compression capabilities and now RD duplication. That's a full offering that's really compelling in the marketplace. Well, what about specifically? Take Pure as the poster child for high valuation. It appears that they got one exit alternative right now which is an IPO. What are your thoughts on that company specifically? I think it's extremely challenging to build a big storage business today because the biggest juggernauts in the industry are hyperscale companies that frankly are pretty impenetrable. You said a lot of it's going to cloud. It's going to the cloud and we're going to see an increasing portion of that whether it's 50% or whether it's 70% or whether it's 25% branded storage vendors are starting to divvy up a smaller piece of the pie and so I think we're seeing moves like IBM getting very efficient saying we're going to have a cloud initiative, we're going to have a software defined initiative and we're going to sell appliances as well so they're providing solutions in all flavors and it appears very hard for an early stage company to do all those things. Yeah and it appears cloud's profitable. We saw Amazon's earnings, they're breaking out AWS. It sounds like they're allocating expenses properly and they got 17% gross profit, same as EMC. Yeah well they grew by a billion seven over the last year which is more than the entire storage industry's grown in the last three years. You know, Google Drive for work is adding 1800 customers a week. Now those aren't necessarily IBM and EMC enterprise accounts but they're starting to be accounts that grow up into those key companies.  Yeah so there's really kind of a deflationary pressure that's in the marketplace today and so I just think it's a contrarian trend to try to build a storage company into that. Start up storage company into that. So why are you confident about your future? Do you sell into the cloud? Maybe talk about that. Yeah so we're seeing actually more entrance by companies that are customers of ours so yes we're working with the big major, the legacy storage companies we're having good luck in that marketplace and building out that distribution but also we see tremendous appetite among the ODMs, the components companies that are growing up and doing more systems work today and finally in the hyperscale companies that really need to build out these capabilities so they can have margin because this is a very competitive business and they're adding all kinds of features and analytics and things like that that they can charge for so they're trying to drive down the absolute physical cost of their storage as low as possible, that's where we come in. Are we emming to those hyperscale companies? We're in works with them right now, yes. So their attitude generally is we can build it, we can put engineering resource on that. Do they not sort of likely to take that approach with something like data deduplication because it's sort of a niche or it's complicated or it's not their core competency? Well I think it's all a timing requirement and they've got to drive down costs sooner rather than later and the thing that we have is a very steely technology that's now out there in some 10,000 units in the field. It's proven it's very solid. There's a lot of edge cases in storage and if you haven't tested for them it's pretty challenging. So we don't rest on it, we're working real hard at it but I daresay I think we're investing more in this than anybody in the marketplace. Okay, well I got a break right there. Any final words for the folks watching here? IBM Edge, give your take on IBM's moves and compare that to the other big whales out there. Obviously a lot of big companies doing a lot of transformation and storage. What's your take? Well so I think making the choice to sell based upon performance rather than capacity is a real change in the storage marketplace. I'm not seeing every other company embrace it as fully as IBM. I think in the end when you have your sales team running to the same message that the corporation's running to, when you have your distribution running to that and when you have your development arms running to that I think you're going to be successful. So I think IBM's articulating a great strategy, devil's in the details and I think it's still early innings on this but they're doing a really good job and you look at the growth in Flash system and they're doing very, very well. Yeah and they're not on Island anymore. They're starting to get competitive advantage with the other groups at IBM. Yeah. All right Tom, with Permabit CEO, Permabit Tom Cook we'll be right back with more here, live in Las Vegas with you. I'm John Furrier with Dave Alonso. We'll be right back.


So if you know who I am on YouTube, you probably know me as the guy who teaches you the way artists blow up these days, and that is largely imparted in undating their audience with content. So I always recommend that every artist maximizes every song they release by trying to get as much attention as possible for it, by constantly sustaining reminders to the audience that you already have and the people surrounding them so that they see it and listen to your music since that's the goal after all. But what I hear from you all all the time in the comments and on the Discord is that lyric videos and visualizers take too much effort and you've got real important things to do, like trying to get some Elden Ring or whatever. So since your time is clearly so valuable, I have really good news. I've teamed up with this amazing site called videobolt.net that helps you make lyric videos and visualizers for your music fast and they look amazing. So in this video, I'm gonna teach you to do just that. Hi, I'm Jesse Cannon, a music marketing nerd who's teaching musicians how to grow their fan base from zero to 10,000 fans and this is Muse Formation.  But here's the good news and I know you're gonna like this. This theory teaches you to do less work and focus your hard work where it's important. Straight up, the reason we first release a video of your song with just the album cover then two weeks later we release either a lyric video or a visualizer and then we release the music video is we need to continuously grab attention and I really respect the art around music but here's the thing, the lyric video is largely just for the audience to grow a deeper relationship with the song by knowing the lyrics, which they learn in a more enjoyable way in video form than reading them in the description of your YouTube video and if you make a visualizer, it's just to put visual imagery up on the screen so that people can ingest the song and be more intrigued with it and if I'm being honest, it gives you a reason to remind your audience your song exists without crying wolf over nothing and drawing the audience over to a big nothing burger of content. So I'm trying to say here is this should not be the greatest piece of art you've ever made and instead let's save that for the music video. We wanna perform function in these videos that also feels emotional and looks as good as possible but if you're taking tons of time and budget to make a lyric video or a visualizer, you're not putting your attention to where it should go which is the music video and that's why we're gonna enlist this great tool videobolt.net to help us out and let me just say before I start the tutorial as regular reviewers of this channel know I don't do a lot of these sponsorships. I really do sometimes consider putting up a scoreboard for how many times I turned down good money to do these sponsored videos but I refuse to put my name next to any product I think would do you all wrong. I really think this is a great tool that makes musicians' lives easier so I was happy to team up with them and seriously this whole integrity thing has me leaving money in these startups pockets to spend on things like candy walls for their employees when they could be lining my influencer pockets so I could afford those Todd Snyder jeans that have those really expensive pockets. So videobolt is an online browser based platform meaning that you don't need to download any software to use it. Everything happens online, no after effects or any other software download required which is good because I'm getting pretty good at editing video but that fusion or after effects stuff still makes no sense to me. Literally everyone can create lyric videos with it, no video editing skills needed but to me what's really cool about it is you can create amazing lyric videos in an intuitive online editor using templates designed by some of the world's top video designers. You can create other things on the platform too like visualizers, intros or promos even social media assets to promote your next show or your album but today we're gonna talk about the videobolt.net lyric video maker specifically and let me give you some good news if you wanna follow along with me right now, you can because you can test out everything for free and not pay unless you're psyched on the video you make while we do this.  Okay so let's crack open videobolt.net and make a lyric video and you can see how simple this is as I do it for the first time myself. All right so this is the first screen you'll see and so what we're gonna do is we're gonna go over to solutions as you can see lyric videos with a nice new sticker on it. So we're gonna click lyric videos and remember you don't even need to log in or sign up yet to do this. So here you'll see all the templates they have. There are over 2700 video templates available on the platform which are not only lyric templates because you can also create music visualizers, intros, promos, and slideshows with the same subscription. That includes making flyers for your shows and all sorts of things. So we're gonna choose a template. I always try to think about the emotion of a song so the song we're gonna be using is one that you may have heard in previous videos. It's by a project called Echo DDT that my bud Zach does. The song is called A Million Reasons to Cry. I mixed and mastered it, I really loved the song so the other thing is it has really simple lyrics so it makes it really easy to do one of these four. So let's look through these templates. As you can see there's a pretty good variety, it's pretty easy. So I feel like the ones I see here, I mean this is fun for like a certain type of thing but I feel like this song is a little poppy and bouncy for this. This feels good because the song's a little lonely and you know, that's some lonely imagery. I'm gonna choose this. Plus like it's got kind of the hyper pop thing and we all know the kids in that genre love the anime. So let's look at this. Yeah, this looks absolutely perfect. Feels like the emotional song, I like the little heart down there. But one cool thing is so as you can see too, if you wanna make this for Instagram or TikTok, you can do that with the 916 there. All right, so we're gonna click edit to go in and make this and this is what it's gonna want you to log in. I've already made an account so I'm gonna go do that. So we're gonna name it the song title. So the first thing we're gonna do is we're gonna add the track. So as you can see here, you can do a MP3 wave flack or M4A. I suggest doing a wave since that's the best quality but you can also import from SoundCloud, which is pretty cool. I have a wave because I mastered it so easy enough. Nice quick upload. So now we wanna select the part of the song. So since I mixed and mastered this, I could see that the chorus is where the wave gets more flat line since you know, that's how I do. All right, that's a good place to do the preview. Okay, so the next thing we're gonna do is we're gonna add the lyrics. So you can use one of these .SRT files, which is like a file that links to a timeline and I could say how long it is. It's what people use for subtitles, but I'm not a nerd so I don't know how to do that. So I'm just gonna add lyrics manually because I'm not a nerd. I'm good to do a little bit of justice with this nerd thing, but here we go. Create lyrics. And so it's gonna ask me to paste the lyrics. So I have the lyrics over here. Just gonna do a chorus. Wanna keep this nice and short. So you're gonna see how simple this is. So doing a whole song would just be repetitive. It's really, it's unbelievably simple. The simplest I've ever seen of any lyric video maker. All right, so you paste it here and then you write the fill from lyrics and look at that. It's all broken down into different lines right there.  So we go to this one. And so I figured out what the chorus is about right over here. All right, so what I do is I then hit, so you see how there's these markers? You can see exactly where to drop everything as you hear it. So I hit the letter Q on the keypad and it drops the first line in. So then I listen back. I'm gonna look for the end of that lyric. And you know, we've broken these lyrics up into kind of similar amounts so that they're big across the screen. We want that to be consistent. If you just pasted all the lyrics up there, they'd be really tiny and no one could read them. So we wanna have them consistently be around the same length. As you can see there, it's not totally the same length, but like relatively there within, you wouldn't want triple the length. Then it starts to get ridiculous. Look at that. How easy is that? So now that we're done making this lyric file, you just go like this, hit save. Hit save. Creates a little file. And you close out of here. We just saved it so you can hit close without saving. And there's your lyrics. Let's look at this bad boy. So simple. So some other cool things you can do. They do have all these other themes that are related to this. Like, I mean, this one's kind of cool. We can, here, let's actually take a look at that. Like, you know, I feel like this song's about how he wants to be with his friend.  This is really cool because like it really allows you to have your own personality of the video. And with that, all right, but I am going to go back to the original one. I guess it feels like more like the emotion of the song.   So then the other thing that you can do is customize. So you got all these different fonts. You can do Google fonts. Wow, you can even upload a font that's pretty cool. So if you have a font that you use for your style, you can do that. That is pretty interesting. Oh, different languages. Look at that. Wow. So even two, you can blur some of it. You can desaturate. You can do all sorts of things to tweak this. There's even a different color scheme. So if you have like colors for your brand, you can match that. That's really pretty awesome. Oh, so we got these advanced controls. Oh, I love that. So Google fonts is really a well, as we would say, of a lot of fonts. Really, really usable stuff too. Always impressive. Yeah, let's just do bangers because it's fun. See now you have a whole different font for this. We go back, look at that. Yeah, love that. And you can really tweak this a lot. Like if you are the type of person who really wants to get specific, they got so many different little ways to tweak it. I have to say that that is really, really cool. Okay, I'm happy with this. So what I'm gonna do is I'm gonna click produce and download. Yeah, I wanna produce that. And then the video renders. Okay, then you have your finished video here, which you can download here or as a zip. You can also share it with people or publish it right to YouTube if you just sign into YouTube. I wanna show you one last thing and that's that you can also make visualizers for your music. So as you can see here, there's tons of different styles. Like really a ton to choose from and just like the Lyric videos, once you get in there, you can also change little things about the theme. Really customize it to yourself. They also have tons of templates that'll work well for like making one of those intro videos for your YouTube channel or a video to promote your show or your record. With all those credits you get, you can do tons of stuff and really make it worth your while. If you don't get that, just remember I answer every question in the comments below. Look at that, you now have a Lyric video. Also, before you pay for it, you should head to the description of this video where I have a discount link where you get 10% off your first purchase with Video Bolt. Look at how good I am to you guys. So make sure to smash that like and subscribe for more videos like this. Okay, on the screen now is a video on how to make great music videos that you should really watch. Click and keep learning. Thanks for watching.


Hello, I'm John Horgan, Premier of British Columbia here in Guangdong, China at the ancestral home of the Chen Klam at the beginning of a 10-day trade mission to China, South Korea, and Japan. Very excited to be in Guangzhou today to start that trade mission, to re-establish relationships here in Asia, back to British Columbia. So we can create a strong economy, a sustainable economy, and have social and cultural links that will help everybody prosper and grow in the year ahead. There are tremendous challenges for us always, but I'm very excited to start this trade mission in our sister city of Guangzhou, in our sister province of Guangdong, as we build positive relationships to expand our trade in forestry, energy, and in the year of tourism between Canada and China, what a great place to start here at the Chen ancestral home. Much work to do, but it's a great start and I'm very happy to be here.