Welcome everyone to this press conference from the 47th annual meeting of the World Economic Forum here in Davos. Welcome to all of you here in the room. Welcome to our audience on the live stream. And of course a particular welcome to my panelists here which probably don't need an introduction here but I'll do it anyways. We're very happy to be joined by Enrique Mereles, the Minister of Finance of Brazil. And we're also joined by Ilan Goldfein who's the Governor of the Central Bank of Brazil. And you didn't come here to hear from me but you came to hear from the gentleman. So without further ado, Minister, give us a brief update on the situation in Brazil, please. Okay. There are some basic themes which are being discussed here at the forum these days. One of them which is one of the, which is polarizing, substantially the question of the middle class in the developed countries which is angry and voting accordingly as a result of a perception of not shared income. In summary, the result of the prosperity created by globalization is not being shared equally. There is a concentration at the top and et cetera. Basically, I pointed out that in the case of Brazil, we are in the different point of development in the sense that we are not earning or enjoying the profits or the results of a fully integrated globalization. We are still a closed economy and with, until now, somewhat level, higher than accepted level of government intervention in the economy. And then the challenge for Brazil now is, number one, make the basic reforms as you have described in other fora and have the country growing at higher rates. And then creating jobs, which is what is more important for Brazil now, job creation because they have very high rate of unemployment. In addition to that, we also have in Brazil something that some of the developed countries don't have, which is a safety net. In the case of Brazil, Bolsa Familia and all their social programs, that the other countries, the rich countries lack some of them, not all. The Europeans tend to have it, the Americans don't. But in summary, we do have tremendous challenge, we do have a very high unemployment, we must create jobs and evidently must be sure that we do all create jobs for the lower level income workers particularly. And having said that, I think that it came out clearly what our challenges are and what we are doing in order to face that challenge, but drawing the difference between the several levels of problems and the several levels of development. In the sense of the developed countries, which the developing one are emerging who are taking very strong advantage of globalization. And the ones who are not or have not taken advantage of that globalization, which is the case of Brazil, then we have to open more and evidently we are on the other side. We want to take advantage of the globalization, take advantage of the fact that we have or could have, we should have a lower cost of production. As soon as we have the labor reform implemented, et cetera, et cetera, and all the other productivity reforms. Thank you, minister. Governor Goldfein, over to you. In order to take disadvantage of the globalization issue, you need to do the reforms in order to do and I think we are in the process of doing them. Not only the fiscal reform that were approved and was sent to Congress, we have been doing microeconomic reforms. There are issues on working on the infrastructure investments and on the side of the central bank, we have been working on reducing inflation. Reducing inflation, as you know in Brazil we had a shock, we have events that brought at the same time lower activity and higher inflation and we have been dealing with this bad outcome in the last year. We are now in a position which is much better than last year. We've seen inflation going down from 11%, 10.67 actually, to 6.3, so it's a major decline in inflation just one year and we also have been working on what we're calling anchoring expectations. Basically, the people will look at the future and see that inflation in the next year, two years, three years is already on its way to the target. I'm saying it because beyond the reforms and the investment infrastructure, the microeconomic reforms, the central bank can start the easing process and that may help us also in terms of the recovery of the economy. We expect the economy to recover this year, have positive numbers and that is quite important for us. With this, I will pass back your... Thank you very much. Without further ado, we have a full house here today. Let's open the floor for Q&A. We have a microphone. So for the sake of our online audience, if you could wait till the microphone reaches you and you could state your name and organization, please. I think we have a question from the lady over there. Microphone is on the way. Yes, hello, my name is Sir Marin Peters from Swiss Public Radio. My question would be how worried are you about the strong and even increasing dollar? Thank you. Can you repeat that? How worried we are about? About the strong dollar. The strong dollar. Strong dollar. Let me start and then you compliment. We have a floating exchange regime and the floating exchange regime is a buffer. That's our first line of defense. Strong dollar means that our currency will fluctuate. We've seen immediately after the US elections, we have seen our currency depreciate. But since then, since the first days of the elections until now, we basically saw a complete reversal of the depreciation. And one of the reasons is that the strong dollar comes with the perception that it may be the case that the growth will be higher in the world because of possible some fiscal expansion. But it also meant for some of the emerging markets that commodity prices have gone up. In the case of Brazil, some of our commodity prices went up. And that meant that beyond our reforms and our issues that we are advancing in the country, we're also having some benefit from the fact that the strong dollar is a consequence of the fact that the world is seeing some perspective or more expansion and therefore more growth and maybe more higher commodity prices, which means that for us is could limited the strong dollar effect. In summary, we are not particularly concerned with the foreign change rate, giving us a direct answer for the reasons that the governor has mentioned that we do have free float and change regime. And we appreciate that. And we think that that's the best way to manage the economy. We don't have any kind of targets or bands or whatever. And having said that, I think that what was also clear from his comments that we have international factors and we have domestic factors influencing the foreign exchange rate of the local currency, the real, against the dollar and all the currencies. Then if we take the dollar alone, which is the reserve currency, what we are witnessing in Brazil is that the domestic factors so far are offsetting or in some case, as it was the case in the last months, even prevailing over the international factors. Why? Because of the strengthening of the Brazilian economy as the basic reform, particularly because Brazil is coming out of deep recession and has this year forecast for already a sustainable growth path for the next years as well. In summary, this is our approach about the foreign exchange rate. Thank you. We have a question from the lady here and then from the colleague from Roy as if we can get those two questions together. And we've noticed that in the past. Excuse me, could you state your name and organization for the sake of all? With China Business News. With China Business News. And we have noticed that the British, Brazil central banks are actually among very few central banks who kept cut interest rate hike in the past two years because you've got to fight the high inflation. But we can notice that since this year you cut the interest rate by 75 BP, which is a shock to the market because we expect like 50 basic point. But among the rising prices, for example, global commodities and oil prices, are you still worried about your inflationary pressure or something? Thank you. So interest rates and oil, let's get the question from the lady from Reuters, please. So I should answer afterwards. If you wish, go ahead. Yeah, let me answer this and then we can get to the question. As I mentioned in my introduction, we were fighting the high inflation, securing that we enter a path where we are gonna go to the target. That was something that we managed to achieve. As you know, we always have to keep working on that. It's a continuous job. But the decision to cut interest rates that you mentioned by 75 base point is solidly based on the fact that we anchor expectations and inflation is finally going down. Regarding the surprise you mentioned, it is basically the decision to intensify it was decided by the factors that accumulated the evidence over the last month or so. And they basically appointed us that we could afford not only a 50 base point but we could afford a 75 base point. If inflation is anchored and current inflation is going down and the economy is still yet to recover these calls for intensification of monetary policy. And intensification of monetary policy. The oil prices, today we have price mechanism that will adjust the oil prices but it takes into account not only the oil price but also the exchange rate. So if it happens that when commodity prices go up the exchange rate goes down sometimes they may even cancel each other.  So that limits a little bit the increase in price. Thank you. Please. My question was similar but when you say intensification of the current situation calls for an intensification of monetary policy could you elaborate on that a little bit because what would you like to see to continue with rate cuts of this magnitude that you have done? We have stated that we have entered a new base which means that the space of 75 basis point is our new base but as you know new base at some point may change and if it changes it changes because of inflation expectations, inflation forecast our own forecast not only on the market and level of activity and the risk factors. External domestic risk factors all of this will be taken into account but we have entered into a new base Thank you. The gentleman with the red tie. Your question please? Yeah, my name is Andrew Barden with Bloomberg News. Mr. Morellez you spoke about how in terms of domestic markets the domestic conditions are prevailing over international conditions and I was wondering if you felt there was still room for Brazilian assets such as the real or the stock exchange to make further appreciations in 2017 or as you kind of carry out your models for the coming year whether you're factoring much more appreciation or what your view is on that? Well, we don't have specific forecasts for asset values. In having said that we do see a continuation of the improvement of the fundamentals in Brazil in the sense that there are still some basic reforms to be approved like the social security reform which is going to be decided by Congress during the next months. We have other reform, labor, et cetera, et cetera. And also we have a very important factor as we mentioned is the recovery of the economy are coming out of the recession and as soon as the level of economic activity shows more and more signals of actual growth, all of that together together with the success of the Central American bringing inflation out to target and all of that. I think that all of that will continue to improve the fundamentals and that's an important part of the asset price and information. But then having said that, that we have international factors we have all kind of specific factors affecting every specific market. Then we talk about the fundamentals we give basis for all that rather than specifically the stock market index or the foreign exchange rate. Thank you. Any more questions from the floor? Yes, if you could get the microphone here to the first row. Thank you. Hello, Senator Fropi from broadcast. Just to check the expectations from Brazil to GBP, will be reviving how long? Yeah, we are going to make our review which is a regular one. In about 10 days time. Two weeks, 10 days, two weeks time. And then we will be analyzing exactly the way the indicators today are suggesting the forecast for the 2017 growth and 2018. Having said that, the important point that we are addressing is the fact that since we had this deep recession, that means that we start growing from a very low basis. And that means that even with a very substantial growth as we forecast comparing for instance, last quarter of 2017 over the last quarter of 2016 we are expecting to have about 2% growth. Quarter, last quarter over last quarter. Evidently if we compare average against average since we are coming beginning from a very low basis the year 2017, this number, the average against average tend to be lower. But we think more important than that is the growth at the margin and the job creation, et cetera, which comes with that and the level of activity, et cetera. Which I think that that's going to be clearly perceived by the average population by the second half of 2020. Thank you. We have a follow up question here in the first row. Both gentlemen, I have a sort of a general question about the state of the world. What is your impression now? I mean there's this feeling especially after yesterday's speech by the Chinese president that there is a sort of a shift in the tectonic plates of the world. The narrative seems to have changed. Here is with the developing world pushing for more globalization whereas in previous years it was the western world telling the developing world we need more globalization. What has changed in your view and what is this going to lead to? Let me start. I think developing economies, emerging markets have benefited in general from globalization which means that we all support the continuation of that. Minister Merales mentioned the middle class and how is the middle class in developing economies have benefited from that. In the case of Brazil, there was quite a bit of increase in the middle class, benefits of the class in the last decades. So that has been quite important and it reflected in the positions that you mentioned of emerging markets and that Minister Merales mentioned at the beginning. We continue to support globalization because it has benefited our economies and our middle class. Minister, you wanna add to that? Yes, absolutely. I think that at the end of the day globalization is beneficial to everyone including the developed economies. I think that as we have pointed out in some of these meetings, if you take the US for instance where this problem is clear, the question of the developed, the problem of the developed countries with globalization. Indeed, you have the chip imports, et cetera, we turn one hand, eliminate some American jobs, but evidently the growth generated by that and the shift in the economy to high technology and all of that and services create all kinds of jobs and the bottom line is the low level of unemployment in the US. In addition to that, you have the whole population taking advantage of lower prices which becomes as a result of more efficiency in the economy. But in having said that, the group of people who think in a country like that or in parts of Europe, they are not receiving the benefits of globalization as it is the case of other segments. That's a problem to be dealt specifically by those governments in terms of creating compensations or safety nets or whatever it's necessary or training, even better training, skill improvement for people to move up in the payment scale. In the case of the emerging markets, definitely globalization has been positive. In the case of Brazil specifically, what we have to do is, as we said, reform the economy to take more advantage of globalization because this was not the case so far because Brazilian growth in the past was very much based only in the domestic market. We have to take advantage as other emerging economies have done and we are moving towards that direction. Thank you very much. We have time for maybe one last question. Yes, can we get the microphone? Thank you. I've got a follow-up question is on a fat interest rate high because we have to see that the EME's capital outflow is not that serious as we expected in the last December and the market now has priced in three or two rate high this year, so how do you comment on the resilience of Brazil against this normalization process? Will you use your forex reserve to prop up your currency if necessary? We've seen the normalization of the conditions in the United States as part of a normal process. The global economy is recovering, the U.S. economy in particular has recovered first. We've seen this process as a normal process. It has been, it seemed to be gradual which is something that is, in my view, a good sign. It is gradual, it's sustainable. It is something that the world should expect because it makes interest in general more normal than they were in the last eight years. So it's at the end, it's not a bad news, it's good news for the world. On your question if we're gonna use reserves or not, we use them, basically we have been intervening using instruments like the swaps that we have issued which are backed by the amount of reserve, we have 20% of GDP reserves so we can use our instance but we use them for to give liquidity to provide moments of stress as we mentioned before, the first line of the phase is the currency, the currency floats and this will continue to be the case. In addition to that, I would like to add that objectively in Brazil, we are witnessing net inflow of capital and actually the forecast for the future as it was clear in other questions is whether this inflow, the net inflow because of the recovery of the economy, because of the foreign investments in the Brazilian economy which is being attractive, very attractive, whether the trend is not in another direction. The bottom line is that as opposed to what's happening with some emerging economies, we are not witnessing a flight of capital which is worrying or propping the Brazil to use reserves to hold the currency. Other, exactly the other around, I mean we are in that regard on a balanced position, our current account balance is well along the lines with the past, the history, et cetera, et cetera. And in having said that, as I mentioned, now we are in a recovery, the economy is beginning to grow and then the trend is for investors to have more opportunities and the conversations we have had here during the last days at the forum, we have gotten indications from several large corporations who have some investment in Brazil and now they are thinking about investing substantially more, exactly for all these reasons. In summary, besides the fact that we do have a free-floating foreign exchange regime approach, as the government elaborated on it, et cetera, we are on a specific situation today which is not one of concern for us. The, just to give the numbers here to complement this, the FDI is running around 4.4% of GDP in Brazil and the current account deficit is around a little bit higher than 1%. So FDI is 4.4, current account deficit is 1.1, so it's a big, one is almost four times the other. Thank you very much. And now it's my turn to add a third number. It is one o'clock and 30 minutes which means we're concluding this press conference here. Thank you very much for watching. Thank you for being here and a special welcome, a special thank you to minister and governor. Thank you very much. Good, thank you.


CHAPTER XVIII of Anne of Geyerstein by Sir Walter Scott. This LibriVox recording is in the public domain. Recording by Dion Giants, Salt Lake City, Utah. Upon the Rhine, upon the Rhine they cluster the grapes of juice divine, which make the soldier's jovial courage muster, O, blessed be the Rhine! DRINKING SONG A cottage or two on the side of the river, beside which were moored one or two fishing boats, showed the pious haunts had successors in his profession as a boatman. The river, which at a point a little lower was restrained by a chain of islets, expanded more widely and moved less rapidly than when it passed these cottages, affording to the ferrymen a smoother surface and a less heavy stream to contend with, although the current was even there too strong to be borne up against, unless the river was in a tranquil state. On the opposite bank, but a good deal lower than the hamlet which gave name to the ferry, was seated on a small eminence, screened by trees and bushes, the little town of Kirchhoff. A skiff departing from the left bank was, even on favorable occasions, carried considerably to leeward ere it could attain the opposite side of the deep and full stream of the Rhine, so that its course was oblique towards Kirchhoff. On the other hand, a boat departing from Kirchhoff must have great advantage both of wind and oars in order to land its loading or crew at the chapel of the ferry, unless it were under the miraculous influence which carried the image of the Virgin in that direction. The communication, therefore, from the east to the west bank was only maintained by towing boats up the stream to such a height on the eastern side that the leeway which they made during the voyage across might correspond with the point at which they desired to arrive and enable them to attain it with ease. Hence it naturally happened that the passage from Alsace into Swabia being the most easy, the ferry was more used by those who were desirous of entering Germany than by travelers who came in an opposite direction. When the elder Philipsen had by a glance around him ascertained the situation of the ferry, he said firmly to his son, Begone, my dear Arthur, and do what I have commanded thee. With a heart rent with filial anxiety, the young man obeyed and took his solitary course towards the cottages near which the barks were moored which were occasionally used for fishing as well as for the purposes of the ferry. Our son leaves us, said Bartholomew to the elder Philipsen. He does for the present, said his father, as he has certain inquiries to make in Yonder Hamlet. If they be, answered the guide, any matters connected with your honor's road, I laud the saints that I can better answer your inquiries than those ignorant boars who hardly understand your language. If we find that their information needs thy commentary, said Philipsen, we will request it. Meanwhile, lead on to the chapel where my son will join us. They moved towards the chapel, but with slow steps, each turning his looks aside to the fishing hamlet, the guide, as if striving to see whether the younger traveler was returning towards them. The father anxious to describe, on the broad bosom of the Rhine, a sail unloosed, to waft his son across, to that which might be considered as the safer side. But though the looks of both guide and traveler were turned in the direction of the river, their steps carried them towards the chapel, to which the inhabitants, in memory of the founder, had given the title of Hans Capel. A few trees scattered around gave an agreeable and silven air to the place, and the chapel that appeared on a rising ground at some distance from the hamlet was constructed in a style of pleasing simplicity, which corresponded with the whole scene. This small size confirmed the tradition that it had originally been merely the hut of a peasant, and the cross of fir trees covered with bark attested the purpose to which it was now dedicated. The chapel and all around it breathed peace and solemn tranquility, and the deep sound of the mighty river seemed to impose silence on each human voice which might presume to mingle with its awful murmur. When Philip's son arrived in the vicinity, Bartholomew took the advantage afforded by his silence to thunder forth two stanzas, to the praise of the lady of the ferry, and her faithful worshipper Hans, after which he broke forth into the rapturous exclamation, Come hither ye who fear reg, here is your safe haven. Come hither ye who die of thirst, here is a well of mercy open to you. Come those who are weary and far traveled, this is your place of refreshment. And more to the same purpose he might have said that Philip's son sternly imposed silence on him. If thy devotion were altogether true, he said it would be less clamorous, but it is well to do what is good in itself, even if it is a hypocrite who recommends it. Let us enter this holy chapel and pray for a fortunate issue to our precarious troubles. The partener caught up the last words. Sure was I, he said that your worship is too well advised to pass this holy place without imploring the protection and influence of our lady of the ferry. Teary but a moment until I find the priest who serves the altar, that he may say amass on your behalf. Where he was interrupted by the door of the chapel suddenly opening, when an ecclesiastic appeared on the threshold, Philip's son instantly knew the priest of St. Paul's whom he had seen that morning at Laforette. Bartholomew also knew him, as it would seem, for his officious, hypocritical eloquence failed him in an instant, and he stood before the priest with his arms folded on his breast, like a man who waits for the sentence of condemnation. Villain said the ecclesiastic, regarding the guide with a severe countenance, dust thou lead a stranger into the houses of the holy saints, that thou mayest slay him, and possess thyself of his spoils, that heaven will no longer bear with thy perfidity. Back thou wretch, to meet thy brother miscreants, who are hastening hitherward, tell them thy arts were unavailing, and that the innocent stranger is under my protection, under my protection, which those who presume to violate will meet with the reward of Archibald de Hagenbach. The guide stood quite motionless, while addressed by the priest in a manner equally menacing and authoritative, and no sooner did the latter see speaking than, without offering a word either in justification or reply, Bartholomew turned round and retreated at a hasty pace by the same road which had conducted the traveler to the chapel. And do you, were the Englishmen, continued the priest, enter into this chapel, and perform in safety those devotions by means of which Yonder Hippocrate, designed to detain you until his brethren in iniquity came up. But first, wherefore are you alone? I trust not evil hath befallen your young companion. My son, said Phillipson, crosses the Rhine at Yonderferry as we had important business to transact on the other side. As he spoke thus, a light boat about which two or three peasants had been for some time busy, was seen to push from the shore and shoot into the stream, to which it was partly compelled to give way, until a sail stretched along the slender yard, and supporting the Barth against the current, enabled her to stand obliquely across the river. Now, praise be to God, said Phillipson, who was aware that the Barth he looked upon must be in the act of carrying his son beyond the reach of the dangers by which he was himself surrounded. Amen, answered the priest, echoing the pious ejaculation of the traveller, great reason have you to return thanks to heaven. Of that I am convinced, replied Phillipson, that yet from you I hope to learn the special cause of danger from which I have escaped. This is neither time nor place for such an investigation, answered the priest of St. Paul's. It is enough to say that Yonder Fellow, well-known for his hypocrisy and his crimes, was present when the young Switzer Sigismund reclaimed from the executioner the treasure of which you were robbed by Hagenbach. Thus Bartholomew's avarice was awakened. He undertook to be your guide to Strasbourg with the criminal intent of detaining you, by the way, till a party came up against whose numbers resistance would have been in vain, but his purpose has been anticipated, and now air giving vent to other worldly thoughts, whether of hope or fear, to the chapel, sir, and join in orisons to him who hath been your aid, and to those who hath interceded with him in your behalf. Then entered the chapel with his guide and joined in returning thanks to heaven and the tutelary power of the spot for the escape which had been vouchsafed to him. When his duty had been performed, Philipson intimated his purpose of resuming his journey to which the black priest replied that far from delaying him in a place so dangerous he would himself accompany him for some part of the journey since he was also bound to the presence of the Duke of Burgundy.  Believe me, there are but too many of them to be found there. I do not speak with reference to your order, answered Philipson, but in regard of the part which you have this day acted in abetting the execution of Archibald the Harembach, know you so little of the fiery Duke of Burgundy as to imagine you can dally with his resentment with more safety than you would pull the mane of a sleeping lion. I know his mood well, said the priest, and it is not to excuse but to defend the death of the Harembach that I go to his presence. The Duke may execute his serfs and bondsmen at his pleasure, but there is a spell upon my life which is proof to all his power. But let me retort the question. You, sir Englishman, knowing the conditions of the Duke so well, you, so lately the guest and traveling companion of the most unwelcome visitors who could approach him, you, implicated in appearance at least, in the uproar at Laforette, what chance is there of your escaping his vengeance, and wherefore will you throw yourself wantonly within his power? Were they father, said the merchant, let each of us, without offence to the other, keep his own secret? I have indeed no spell to secure me from the Duke's resentment. I have limbs to suffer torture and imprisonment, and property which may be seized and confiscated, but I have had in former days many dealings with the Duke. I may even say I have laid him under obligations, and hope my interest with him may, in consequence, be sufficient not only to save me from the consequences of this day's procedure, but be of some avail to my friend, the landman. But if you are in reality bound to the court of Burgundy as a merchant, said the priest, where are the wares in which you traffic? Have you no merchandise? Save that which you carry on your person. I heard of a Sumter horse with baggage. Has Yonder villain deprived you of it? This was a trying question to Philipson, who, anxious about the separation from his son, had given no direction, whether the baggage should remain with himself, or should be transported to the other side of the Rhine. He was, therefore, taken at advantage by the priest's inquiry, to which he answered with some incoherence. I believe my baggage is in the Hamlet, that is, unless my son has taken it across the Rhine with him. That we will soon learn, answered the priest. Here a novice appeared from the vestiary of the chapel at his call, and received commands to inquire at the Hamlet, whether Philipson's bails, with the horse which transported them, had been left there, or ferried over along with his son. The novice, being absent a few minutes, presently returned with the baggage horse, which with its burden, Arthur, from regard to his father's accommodation, had left on the western side of the river. The priest looked on attentively, while the elder Philipson, mounting his own horse, and taking the reign of the other in his hand, bade the black priest adieu in these words, and now, Father farewell, I must pass on with my bails, since there is little wisdom in traveling with them after nightfall, else would I gladly suit my pace with your permission so as to share the way with you. If it is your obliging purpose to do so, as indeed I was about to propose, said the priest, know I will be no stay to your journey. I have here a good horse, and Melchior, who must otherwise have gone on foot, may ride upon your Sumter horse. I, the rather, propose this course as it will be rash for you to travel by night. I can conduct you to an hostelry about five miles off, which we may reach with sufficient daylight, and where you will be lodged safely for your reckoning. The English merchant hesitated a moment. He had no fancy for any new companion on the road, and although the countenance of the priest was rather handsome considering his years, yet the expression was such as by no means invited confidence. On the contrary, there was something mysterious and gloomy which clouded his brow, though it was a lofty one, and a similar expression gleamed in his cold gray eye and intimated severity and even harshness of disposition. But notwithstanding this repulsive circumstance, the priest had lately rendered Philipson a considerable service by detecting the treachery of his hypocritical guide, and the merchant was not a man to be startled from his course by any imaginary prepossessions against the looks or manners of anyone or apprehensions of machinations against himself. He only revolved in his mind the singularity attending his destiny, which, while it was necessary for him to appear before the Duke of Burgundy in the most conciliatory manner, seemed to force upon him the adoption of companions who must be obnoxious to that prince, and such he was too well aware, must be the case with the priest of St. Paul's. Having reflected for an instant, he courteously accepted the offer of the priest to guide him to some place of rest and entertainment, which must be absolutely necessary for his horse before he reached Strasburg, even if he himself could have dispensed with it. The party being thus arranged, the novice brought forth the priest's steed, which he mounted with grace and agility, and the neophyte being probably the same whom Arthur had represented during his escape from Laforet took charge at his master's command of the baggage horse of the Englishman, and crossing himself with a humble inclination of his head as the priest passed him, he fell into the rear and seemed to pass the time, like the false brother Bartholomew, in telling his beads with an earnestness which had perhaps more of affected than of real piety. The black priest of St. Paul's, to judge by the glance which he cast upon his novice, seemed to disdain the formality of the young man's devotion.  His pride, whatever was its character, was not certainly of a kind altogether professional, but had its origin in other swelling thoughts which arose in his mind to mingle with and enhance the self-consequence of a powerful ecclesiastic. As Philipson looked on his companion from time to time, his scrutinizing glance was returned by a haughty smile which seemed to say, You may gaze on my form and features, but you cannot penetrate my mystery. The looks of Philipson, which were never known to sink before mortal man, seemed to retort with equal haughtiness, nor shall you, proud priest, know that you are now in company, with one whose secret is far more important than thine own can be. At length the priest made some advance towards conversation by allusion to the footing upon which, by a mutual understanding, they seemed to have placed their intercourse. We travel then, he said, like two powerful enchanters, each conscious of his own high and secret purpose, each in his own chariot of clouds, and neither imparting to his companion the direction or purpose of his journey. Excuse me, Father, answered Philipson. I have neither asked your purpose, nor concealed my own, so far as it concerns you. I repeat, I am bound to the presence of the Duke of Burgundy, and my object, like that of any other merchant, is to dispose of my wares to advantage. Doubtless it would seem so, said the black priest, from the extreme attention to your merchandise, which you showed not above half an hour since, when you knew not, whether your bales had crossed the river with your son, or were remaining in your own charge. Are English merchants usually so indifferent to the sources of their traffic? When their lives are in danger, said Philipson, they are sometimes negligent of their fortune. It is well, replied the priest, and again resumed his solitary musings, until another half-hour's traveling brought them to a dwarf or village which the black priest informed Philipson was that where he proposed to stop for the night. The novice, he said, will show you the inn, which is of good reputation, and where you may lodge with safety. For me, I have to visit a penitent in this village who desires my ghostly offices. Perhaps I may see you again this evening. Perhaps not, till the next morning, at any rate, a dew for the present. So saying, the priest stopped his horse, while the novice, coming close up to Philipson's side, conducted him onward through the narrow street of the village, whilst the windows exhibited here and there a twinkling gleam, announcing that the hour of darkness was arrived. Finally, he led the Englishman through an archway into a sort of courtyard where there stood a car or two of a particular shape used occasionally by women when they travel, and some other vehicles of the same kind. Here the young man threw himself from the sumpter horse, and placing the rain in Philipson's hand, disappeared in the increasing darkness after pointing to a large, but dilapidated building, along the front of which not a spark of light was to be discovered from any of the narrow and numerous windows which were dimly visible in the twilight.


The story of dr. Kildare What's the weather house I enter there will I go for the benefit of the sake what's the weather things? I see or hear concerning the life of man I will keep silence there on counting such things to be held as sacred trust. I will exercise my art The story of dr. Kildare starring Lou Ayres and Lionel Barrymore Metro goldman mayor brought you those famous motion pictures now this exciting heartwarming series is heard on radio In just a moment the story of dr. Kildare Mrs. Morton I feel waitin mrs. More. Oh the lady with the baby. Yes. I told her your schedule was full, but she insisted Well, I guess I'd better go see her Can't imagine why she wouldn't settle for one of the pediatricians as the baby been a patient here before no I've checked the record. I was just going off-duty Jimmy, but if you need me Oh, no, no, thanks dear, but was anything serious you wouldn't have waited this long Bye fine and mrs. Morton dr. Kildare the nurse said that you were terribly busy, but I just had You don't remember me do you remember you You look vaguely familiar, but I Wasn't mrs. Morton the last time you saw me. Do you remember Kathy Winslow? Kathy Winslow Of course, I remember but What you were only a little girl and now you've got a baby of your own I'm 19 now doctor Oh, that's pretty old isn't it you say it like it was 90 Well, how are your folks? They're gone doctor an automobile accident three years ago. Oh, I'm sorry. I didn't know Kathy. Well Did you come to see me about about the little fella sleeping in the blanket there? It is a boy, isn't it? Yes He's only a month old He looks healthy enough. What seems to be wrong with him? Dr. Kildare I I Want you to Kathy what's the matter? Get hold of yourself Sorry dr. Kildare could you Could you find a home for him? You mean you want to give your child after adoption Yes, I see How does your husband feel about this? Dr. Kildare Kathy now I've known you since you were a baby Well, your mother used to pay me a nickel to push your carriage when I got home from school. There isn't anything you can't tell me My husband My husband doesn't even know about the baby. Oh, I see Kathy, do you know what adoption means? Yes, you know once you give him up I'll be bound never to tell who has him and you'll never see him again Is that what you want Kathy? That's what I was trying to raise his head Can his mother be do want to walk out on it? Well dr. Gillespie She's only 19 a little more than the child herself died if she's old enough to have a baby She's old enough to keep it and take care of it. She married she says her name is Mrs. Morton Do you believe it? I don't know It was a sweet child though came from a wonderful family. Well, that isn't always a guarantee against trouble Jimmy I know what time be expected to get here. She's due any minute told it come back this morning at about 11 Diana will let us know when she arrives When you see her, please try to be kind when you mean You can't be kind to everybody This baby could use a little kindness, too. I know I only meant I know what you meant Jimmy I know we're doctors Other people in the world may throw stones, but we're supposed to stand by and heal the bruises if we can Something tells me Kathy's bruises go very deep You haven't changed your mind Kathy No, is it because you're afraid you can't support the baby If that's it Kathy we can help you get a job find a day nursery to take care of the child while you're working And then after work he'd be yours You wouldn't have to face years of lying awake at night wondering where he is Always growing up. I can't do it. I'd be no good to him He'd grow up hating me. Kathy.  You must know that But I don't know anything about babies. I Do things all wrong and lots of times he cries he cries What do you expect him to do laugh? He's a stranger facing a strange world and he has to learn how things are just as you have to learn how to take care of him You know Kathy being a mother isn't accomplished by giving birth That's only the beginning the baby will give you a chance Kathy. Why not do the same for him? Oh, but I am giving him a chance. I Want him to be somebody Somebody strong and worthwhile you seem to be under the impression that young babies crawl out into the world and succeed by themselves But I'm not leaving him by himself. I'm asking you to find somebody to take care of him somebody Somebody who's better than I am who you're trying to make things better for him for yourself Please don't say anything else to me if you won't help me I'll take him to some other place where they will I Only came here because dr. Kilder Because because we've known each other a long time Well, I was hoping you'd give that more thought Kathy Remember the little girl you were the tiny thing I pushed around in the baby carriage You know your mother wouldn't have given you up for the world or the son or the star If she were living I wonder how she'd feel knowing that you were giving your child her Grandchild into the hands of strangers The adoption will be arranged Potential fire you were just shouting so loud. You didn't hear me I do not show you do too. I should know better than try to argue with an old Were you sticking your tongue out for Oh, yeah, but I was just going to seal it up. Oh slipped out of my hands. I'll get it later Have you looked through that file? Oh, yes. Yes, and pretty wonderful couples who haven't been blessed with children of their own You may I know a hundred who'd be happy to take that more than baby and love it and cherish it with the rest of their life I don't know dr. Gillespie. I hate to be responsible for a decision of this kind. You don't think I enjoy it. Do you? You know Kathy wants that baby herself no matter how she acts or what she says She still wants I think so too Jimmy But what can we do if she won't keep them there must be a reason for it girl has a guilt complex feeling of inferiority But why Jimmy she calls herself Mrs. Morton But we've no proof that there is a mr. Morton. No, that's right Well, I'm going to try to find him I'm going to check the other hospitals locate the baby's birth certificate and see if I can't establish the father's full name Well, suppose you don't find anything. Well, then I thought perhaps we might let Kathy meet the couple who come to adopt the child Once she knew he was going her instinct might make her grab on to him. Oh, that's not very fair Jimmy Not fair to the couple who want the child. No, no it isn't Now we can't do that, but it might work if we got a couple to pretend they were thinking of adoption That's an idea especially if we get a couple she wouldn't want the child to be with Jimmy I know just that who you leave it to me. Yeah, you just get going and check on that birth certificate. I'm on my way Have wonderful news for you Parker you are about to become a mother a doctor killed air in just a moment We're seeing you or do you want to see that child separated from its natural mother? Adopting this baby all by myself. Oh, but I got a make-believe husband all picked out for you. Oh I sent Diana for he'll be here in a minute Matter of fact, I think I hear him coming right. Did you want to see me dr. Bless them? Dr. Crew him is you Sit down daddy remember the name of Morton dr. Kildare. I'm sure the baby was born here Must have been last month and it'll be in this record book Here we are Morton a boy born to Mrs. Kathy Morton on the 14th. That's the one may I see that of course doctor help yourself Father sergeant Walter Morton Don't you have an address on him? No apparently Mrs. Morton didn't give an address Sergeant might be a policeman dr. Kildare me or a member of the armed forces Well, I'll find out. Thanks very much Absolutely preposterous. It's also absolutely necessary. Now. Let's go over it again. Where are you from? Australia and what do you do in Australia dr. Or rather mr. Karoo We raise kangaroos Sheep you raise sheep all right dr. Gillespie sheep now.  So we'll have somebody to take care of the sheep without having to pay wages That young woman will think I am a monster. That's exactly what we want What you find out Cathy has a husband all right his name is sergeant And you've been able to okay them. Yes.  How's your plan working? You mean I have the greatest pair of prospective foster parents you ever looked eyes on Parker and crew oh The time you get Kathy's husband back here. She'll be softened up completely I don't think a female ape would hand a child over to Parker and crew Oh Dr. Kildare I'm giving you a three-day pass so you can leave the post for the doctor. Yes, sir Doc what's this all about? Where am I supposed to go with you to see your wife Kathy if you'd like Kathy? Where is she? Is she all right doc? I've been looking all over for her for months. She's all right sergeant Yeah, by the way, when did you see her last? Not since you walked out on me months ago. Look you got to take me to her. I've been half crazy worrying about her I'll take you to her but she's changed. What do you mean change? You said she was all right He is but there's another man in her life now and pretty handsome young fellow another man Who is he where is he leave me to him a punch him right in the nose? Oh, I don't think you will he's pretty strong strong I'll show him who's strong. Just wait till I get my hands on him.  Look at the grip he's got on my finger got a pretty good grip on your heart, too, isn't he? But why didn't Kathy tell me why did she run away? I'm afraid only you can answer that Did you have any sort of an argument or anything before she left? Well, there wasn't an argument exactly I Was home from the post she cooked a big dinner But it was kind of burnt. I see well then what happened well Trashy's dinners were always kind of burnt. I guess I said something about it. Hmm. Oh, what did you say water? I said you ought to get on the ball with her cooking and housekeeping And then I said it was a good thing We didn't have a kid because she never learned how to take care of it. Mm-hmm. Well, that was real bright water Tell me was there something special about that dinner? He said it was big. Well, yeah She'd baked a cake even but doc it was an awful cake. I'm just I don't care how awful it was That dinner must have meant something to him because I've got a hunch that was the day She found out she was going to have the baby and she was making that dinner so she could tell you and celebrate You can say that again you married an 18 year old girl who adored you and looked up to you And then you treated her like a boot camp recruiter, but doc I love Kathy.  You had her so frightened. She couldn't do anything like Pick up your son and come with me. You're gonna fix it so I can talk to her. Yes You'd better do some thinking about how you should talk to a young bride You know she can learn to do anything any other young wife and mother can do if you give her a chance Don't want those people to have your baby then why no no they were terrible people You've got to give them to somebody if you won't take care of them yourself. I've told you a hundred times I can't take care of it. I don't know how to do anything. I can't cook. I can't keep house I can't even make up make a bed right who said so you were 16 years old when you lost your parents What'd you do up to down I? Went to school and after that you went to work, didn't you yes So you never kept her home until you were married, did you? No, did you expect to learn all the things a woman does in a lifetime in the course of a few short months? I don't know Kathy dr. Glassman. Yeah, Mrs. Morton didn't like the Foster parents I found her baby. Oh, oh, that's too bad Well, they they wouldn't love him and take care of him the way they should give me give me a commandment, please Yes, he's waiting in the next room with the baby, but we can't let her know that yeah She's got to be willing to take the boy on her own with it without I think she will Kathy Kathy I found somebody else to take your baby someone who's certain to love him and be kind to him Can I see them and talk to them? No, I'm afraid that won't be possible But but dr. Gillespie let me talk to those other people. I told you boy I was able to do that Kathy because they were from Australia That's right if they'd taken the baby they'd have taken it far away to a different country where you couldn't have followed them trying to See the child, but it isn't fair you're asking me to give my child of people I've never seen that won't make any difference.  He'll be somebody else's baby when they take him out of here Foster parents take a child because they want them cap once he grabs a finger with that little fist He'll make a home for himself. You'll not only belong to them. They will belong to him Or you have to do wish to sign the adoption papers Kathy. He'll all be over then and you can go Yeah, right. Just write your name on the dotted line. Have you got a pen to meet? Yes. Yes here Kathy Child should have two parents anyhow and this fate decides otherwise a father to teach him to play ball And how to sock a bully in the nose if he gets in a scrap after school and his mother to feed him and wash him Take care of him when he has the measles and chicken parts and the mumps a mother's hands are wonderful They know a doctor can give medicine to a child with a fever But it seems to work best when his mother's there to put a hand on his forehead What is lips? Well, just sign the papers Kathy.  You'll say you'll never even know about it. Where's my baby. Where is he Kathy? You can't see him again. You tell me where he is. I want him nobody's gonna take him away from me Nobody just behind that door Kathy with a man who also wants him very much Yeah, I know just the place dr. G down in the basement where we can burn these adoption papers In just a moment we will return to the story of dr. Kildare Walter in the baby. I think it's gonna work out fine Jimmy daddy Karoo and Mama Parker are going to get married and move to Australia where they can raise little kangaroos Good night Parker. Good night. Oh, I have a sort of a date with Diana You might walk over at the nurses quarters with me Parker may have cooled off by the time we get there And I know how you hate to you alone Yeah, I do hating alone Parker recovers quickly. I don't know Jimmy. We better walk real slow I've heard the story of dr. Kildare starring Lou Ayres and Lionel Barrymore This program was written by Joel Murcott and directed by Joe Bigelow Original music was composed and conducted by Walter Schumann Supporting cast included Virginia Greg Ted Osborne Georgia Ellis Jack Krushen Isabel Joel and Vic Perrin Dick joy speaking


Hi everybody! It's Sandy! Welcome to my YouTube channel where today I'm going to be doing a tutorial on some super simple holiday cards and they're really easy and quick to make and I also want to share some news with you so I'll meet you back here after the tutorial. I'm going to be using primarily Hero Arts products on this card today. I've got the ombre inks out and these are beautiful three toned inks that you can use for the holidays. They have red and green now. Piece and Joy sentiment which I bought several times. Apparently I really liked it a lot and VersaMark ink because I'll do some embossing. I'm going to do this on letterpress paper because I like the texture of it. It comes in cream and white but I'm going to use the white today and I'm first preparing the surface with a powder tool. This will help to keep the static cling down so that embossing powder doesn't stick to the paper in places I don't want it to and then I'll ink it up in VersaMark which is a kind of sticky ink that will allow the powder to stick to that only and I'm going to stamp it in the lower right hand corner because the middle would be expected and I like to do unexpected things. I have my clear embossing powder in a container and I like to buy a whole bunch of it at once and then put all the dump all the containers into one so that I have just lots and lots of powder to work with. It's the color I use the most because it's the least messy in terms of it doesn't have much of a chance of leaving stray marks all over because it's clear so it will usually be hidden if I end up doing some embossing over a color ink. So I've got my piece taped down and I put the tape on the left and right underneath because I want the color to go all the way out to the edge of my front of my card. I'm going to take the ombre inks which have three inks on them and just wipe it across the surface. I'm pressing pretty good to try to get good coverage. I'll go back and forth a couple times. You can see the different colors and then I'll turn it so that I get another stripe but then it starts with the dark green and moves out to the light green and then turn it again so I get it to go the other direction. I do need to press a little bit harder around the embossing because it's raised so I need to add a little bit of extra color in there to try to make sure I get good ink in there. I'm using the corner of the ink pad to fill in a few areas that I may have missed but for the most part these shadow inks smooth out really beautifully when they're all finished and when they're all dried up. So the next step is going to be to remove the embossing. You could leave it there alternatively and just use a damp paper towel to wipe off the color but I think it looks really special when you remove the embossing and people think it's magic how you got those letters to appear out of that ink. I think it came out really gorgeous. So next I'm going to take some Hero Arts unicorn spray and add some snow to it and this is a really wonderful spray. I like how it looks like real snow on a card like this. The whole scene here in the background makes me feel like I'm looking out a window at snow and I really love how this came out. So I was hoping that I could just take this and use it as a flat postcard. Unfortunately it did go through to the back so if I were to use it as a postcard I'd have to just mount it on something but you could do a simple one layer card that way very very easily that you could use for your holiday cards. Isn't that super simple and done? So I'm going to do the same thing with the reds and just turn the ink pad again because it's got three different reds, a dark, a medium, and a light and here's the finished card that I ended up doing. I put it on a card base just to have a regular card rather than a postcard and I added a little bit of Hero Arts bling to it because bling always makes everything better don't you think? And here are both of the cards so you can see they came out very much looking like that looking out that window that that glassy window. I think the the way that the inks mesh on the paper and kind of mush together along with that spray really really beautiful. Hero Arts has a new website as of today they've been working on it for quite some time my friend Lisa is a big part of that congratulations to her and the whole team for all the work that they have done on getting that up and ready. If you have any issues with the site then make sure you email them but I got to kick the tires on it yesterday and it seemed to work pretty darn smoothly I was very excited with how easy it is to find things. On my blog today I share with you the entire list of all the stuff I bought because I could find things now and it's a long list so if you want to see some of the things that I will be using in the coming months yeah you can go check that out. I also wanted to remind you of my Bob Ross happy trees video which was so popular that you guys went and bought them all out of all the stores and they ran out well they've been slowly starting to be restocked in the different stores if you want to go check those but you can also get them right now in the hero arts store because they are available there so shop away have an awesome time I'm going to be using these for spring and summer cards too so these are very versatile trees you can click on the link in the description or in the upper left to go watch this one if you missed it. Another bit of news I'm going to be taking a break from teaching at stores for a little while I've got so many things juggling in the air right now I just can't focus on things like travel arrangements and kidding and all that sort of thing so after my trip to Boston that's coming up later in September I will be taking I don't know how long the break but it'll be a little while so hang tight if you're waiting for me to come to your store and teach classes and we'll see when that starts up again because I've got a lot of things I want to get done and in weather news it is finally cooled off it's been raining outside we've had all kinds of cool weather here in the Seattle area I'm hoping that it's raining in eastern Washington where all those fires are but I'm happy for me that I get to sit here in a shawl and snuggle in and do all of my computer work so I will see you guys later have fun shopping at the new hero arts site and make sure you check out my blog because there are lots of links there to all the stuff I bought I'll see you guys later bye


What's going on guys? It's your boy DPJ here today with another Destiny video and in today's Destiny video I'm going to be opening 10 legendary engrams that I have saved for the past two and a half weeks so if you guys do appreciate the grind, if you could leave a like I would appreciate the support and if you guys do not follow me on Twitter be sure to follow me on Twitter at DPJSC08, my Twitter is linked in that video description but let's just get straight into the video and please Kriptark, please the reef Kriptark, take pity on my ass and give me something decent, okay let's just get straight into it.  Okay oh we've got the unity clay, never seen them before, not bad we've got the imminent wargloves, haven't seen them before, not too bad at all, unity glaze, oh I'm liking it look at some of these armors I've never seen, got that already obviously, no footprints, what the hell, here we go again, what we're going to get, what we're all new monarchy, faceless demise, okay not too bad since I do rock that new monarchy, I'm quite happy to rock a new class item, legs we've got the unity clay, I've just got full unity clay, flipping legendary armor or did I not get the chest, I can't remember, we'll have a look in a second anyway, okay and we're getting that extra fee, is that extra fee more, is that, oh yeah not bad, okay moving on to the secondaries, I feel like I've got two secondaries, give me something decent that I do not have, oh a gift take equation, come on fuck this shit, give me something else, give me something else, final rest, why is it with fusion rifles, I don't like packing fusion rifles man, okay let's take a closer look at what we've got, okay let's start with the weapons, I've got the gift take equation, that's not too bad, well you know what I'll review most of these anyway so that doesn't really matter and I also got the final rest too, these ain't too dissimilar to be honest, I'll take a look at them, compare them to my other fusion rifles and see how it goes from there, might just get this mantled, we're just gonna have to wait and see, okay so I've got the unity clade, okay this is how this looks, this is how this rocks, not bad, not bad, let's find these, let's take this shit off, let's put on this one here, what's this, this is the unity clade, this is the chest armor, this offers 82 discipline and 84 strength, damn that is not too bad, okay more ammo for auto rifles and shotguns let's put that on, now we'll put on a shader, that may look pretty sweet, let's go with God of War, loving that red, that looks badass, so badass, okay so let's these are 53 discipline and 50 strength, did I get legs as well, I'm sure that I did let's actually look at the other gauntlets first, we got imminent wargloves these 52 discipline and 55 strength, increased guerrillas, good with scout rifles, increased grenade throw distance, let's take a look at these, what the hell, I don't like, look like I've got chicken wing arms, let's change them back let's put them on, I didn't get another chest armor, only got that unity clade and we also got unity clade leg armours, okay, yeah not too bad, what are they offer, what do they offer, came on for scout rifles, that's a shame, but oh well, it's quite even across the board as well in terms of intellect, discipline and strength and that's not including the helmet which I can switch them about, intellect, I've got strength and that, I can mix this shit up quite good to be honest, what else did we get here, we've got extra 3 morph, these offer 72 discipline and 68 strength and more ammo for hand cannons, let's take a look at what these bad boys look like, I'm not sure about that thing going down the right leg to be honest, let's put these ones back on, I've got a couple of all of them, look at this, they look more like this, oh yes that's what I'm talking about, I've already had that before, I didn't like it, it's dismantled it, what was this, no footprint was this, let's have a look at this, I suppose it looked really decent shaders but still I'm not that new monarchy at the minute, let's go for a few shades and see what these look like, we've got your mount, let's have a look at this shit, not too bad, not too bad, a bit of steel, that legendary dead orbit shader, yes black and white over here, let's have a look at Glowhoo, Glowhoo, damn, Chateau White, that water glass, bad boy, it's full of white, let's have a look at Null Shader, I like that, you know what I'm liking, they're grunzy goldy browns, really I'm liking a look at that, let's have a look at Bill Wolf, sorry the bad boy stands out, not too bad, let's have a look at the white helmet, that would have been better in blue, Arctic Praxi, Praxi even shall I say, yep not too bad at all and what we've got here, we've got Luna Elegy, okay, see I like the look at that, that looks fucking badass, yep guys that is what I've got from 10 legendary engrams, if you guys did enjoy the video if you can leave a like I would appreciate the support, got a few of our package and engram opening videos to come so stay tuned for them, thanks for stopping by as always, subscribe to my channel if you are new and enjoy that daily destiny and peace out until next time, peace!