I see many of my old colleagues, I see many of them in the audience, faculty, distinguished guests. I consider it a great honor to be invited to talk on the occasion of people's memorial function. It's indeed a great honor I thank the organizers for inviting me for this honor as responsibility. When Ajit talked to me, he told me that normally we expect someone to talk about policies. I told Ajit that I'm not much of a policy man. The only thing I understand is process control, process optimization, process systems engineering. Policy is for those who seek much above what the positions I have held. I said I'll talk about something close to policy, something which relates to systems. Because systems are always vehicles for implementation of policy. So I decided to talk about systems view of engineering education. I give this lecture as a mark of respect and salute to Professor SK Bose. As indicated earlier, I came to the institute in 1960 as a student. Bose was very much there to see him moving around personally at the possibly expanding campus. My encounter with him was first in the sports field. I mean, when he just started the basketball activity, Bose was there to sort of encourage us. And if he didn't play well, he's to China. I said, you're a healthy man, why are you not running faster? Subsequently, when I became a faculty, I think he interviewed me for a faculty position. And he used to be very friendly with the faculty as well as the students.  So he was there all the time and man who looked, his military discipline saw that the infrastructures are getting him very fast. But he has a softer attitude towards academics. He saw the need of what is needed in an academic institution and saw to it that the welfare of the faculty and the students are taken care of suitably. Now moving on to the topic, if you look at the broad goals of engineering education, I would say that knowledge dissemination and knowledge creation, knowledge dissemination through academic programs, knowledge creation through research and development programs, aims being high quality manpower, my own prescription of high quality manpower, they should live in their own perspective areas. Idea theory is processes, products and solutions, which would have an impact on society, scientific and industrial world. Issues related to engineering education. If you look at engineering education today, there are a few things we have to see. What are the status of an existing education system? What are the national and global scenario in engineering education? Contacts in an environment in which engineering graduates have a function in mind and there are several stakeholders who have to look at their needs and also we have to define a pivotal role for engineering education in our nation. We have to formulate a purposeful education program and it's a growing population. We have to see that we plan for capacity expansion and capability building. Underlining all this is a quest for excellence. Engineering education has not been a static. There are a lot of changes from an inflexible, mono-disciplinary character about varying degrees of flexibility, both in terms of content, blend of theory and practice, more theory and less practice as somebody who complained right now in recent times, but I think a judicial blend of both theory and practice, programs are diverse, durations are varying a little bit and there are a bit tighter program assessment and monitoring and instructional process and delivery model have also changed from teacher centering to other learning styles. With all this and also to put it together we'll have chemistry, physics, areas of discipline, compulsory, if you look at the inflexible, mono-discipline focus earlier, we used to have only a few different areas with a little sprinkling of humanities, social sciences, but with a little more flexibility we have electives coming into the picture, the courses became a little more flexible. And if you look at chemical engineering as an example, this is all the profession as the one, education as the one, chemical engineering started as an industrial chemistry, and it started as a unit process and unit architecture, and this theory started living large chemical engineering sites, which brought the whole thing into material balance, transport phenomena, transfer, transport and reactive processes, and all lots of other things coming like process control, biochemical engineering, environmental engineering, et cetera, molecular biology and computers started becoming important and management principles also became part of the engineering curriculum. So there has been evolution from the basic industrial chemistry to how they looked at it, from operations, the process point of view, to the science point of view, and dissecting the science into various components and trying to structure a curriculum, blended with many other enabling subjects to make this curriculum where it is. There have been concerns on air very frequently in U.S. that are engineering graduates. There have been concerns that engineering graduates do not respond to the change in the changing world scenario, and the rapid developments in technology and their impact on industry. There is a globalization of business, environmental has become an important issue, with lots of technologies being developed, IPR is an important issue, technologies are getting solid faster, and new technologies are coming with the current trend for nano, bio, et cetera. Work environment has also changed, and now the engineers have to be dynamic, have to work in a dynamic and learning environment. To put all this into a neat picture, we have the, if you look at the status of engineering education, you'll have the knowledge explosion on one side, rapid technology development, competitive nature of business, societal concerns, environmental concerns, dynamic environment, and idea potential issues. View of education is that existing education system is not flexible enough or enough to require management skills, multi-disciplinary skills, and learning skills, engineering education, and look at the stakeholders. I designed a vector known as APEC vector. APEC is aspirations, P is perceptions, E is expectations, C is concepts. So I put APEC for faculty and students, because there's something individualistic in this. In an organization, the aspirations is a little more collective aspirations. I thought it is, no aspirations, I got into the administration because they are slowly tied up with the faculty and students. So aspirations are not captive into the administration, but I put aspirations only for the two individualistic orientities in the whole educational system. Government, society, professional world, and global community. Globes all have a perception of engineering education. And if you look at students, his perceptions is drawn from what he sees from the professional world, his own perception of what engineering education is, and what is the role of an engineer in society. When you go to any counseling, when I used to do IIT counseling, my students had perceptions about a branch. In fact, one student, when I told him that you take civil engineering, he says, sir, what is the use of civil engineering? It's just building something, not very impressive. There are no impressive engineering there. And he wasn't giving a very alarming status. Sir, in a particular IIT, a lot of civil engineering graduates are not employed. They are not getting placement. So why should we run a curriculum? Youngster telling me when I'm counseling, why should I learn civil engineering? Who convinced me why civil engineering is an important profession for me? I'm nothing against civil engineering, but I battle my way, rightly so, to say the things that civil engineering can do. So perceptions can be deceptive. As students, we always look at the students here because we are always here for students. Their aspirations can be individualistic. They are a profile of a profession. They say that computer science, sitting in grass, it is politic to talk well about computer science and information to problem. Computer science is a dream profession for me. I expect this to happen in my profile. And the quality of education, what are the demerits and merits of various professional avenues?  So they have a perception. They also have an expectation that the education that they get would help them to realize their aspirations. They are concerned again that I'm going into a competitive environment. So this aspect vector, which one has to encompass in looking at each of the stakeholders in our analysis. So engineering education has to manage multiple stakeholders. So what do we do? We can harmonize their perceptions. We can reconcile their expectations. The natural aspirations of key constituents, it's politic for me to talk about students and faculty, because they have an experience with other people who are going to be deeply involved in educating these students. Faster synergistic interactions between the stakeholders minimize softened divergent positions between the stakeholders. Can we do this? It's important. A case for systems view engineering education will be that since we have multiple stakeholders, multiple perspectives, defined contextual roles of stakeholders, distinctive characters of central entities in the system like faculty, students, employers, many of the influences which affect the education system because it's a human learning of many other factors. Complex causal relationship model if I do this, will it help the student? If I do this, will I help the student? And also defining policy actions and roles. Systems approach, provides a framework because it can look at systems, look at the whole process of a structural, functional, behavioral aspects, look and look at interactions between various components. Can look at causal aspects, what is the policy, what is action, what are the results of that action and what can be an artful decomposition. To solve a problem, a rigorously decomposition may be difficult in problems of complex angles. We could do an artful decomposition of the problem based on structural, temporal, functional aspects and we can, above all, we can look at multiple scenarios. We can get a philosophical paint on which we could, and which could hang this, put this engineering education. There are lots of philosophers like Lebanese, Locke, Kant, Hegel and Singer. This thought came to me because I was doing a project for Hanivan on the design of a decision support system. So I thought everything should have a philosophy. So philosophically, various philosophers like Libyan, Lebanese, Locke, Kant, Hegel, Singer they all proposed various philosophers looking into a complex organization system. And Singer of the Man would look at the most complex system which he called the Wiccans system. They are these. So hard solve systems in which a lot of complex relations require that. It permits a holistic view can analyze complex social issues developed by broad envelope for analysis encompassing all other objects. You put everybody, you put all stakeholders into your framework for analysis and understand and interpret interrupting influences and generate multiple perspectives. In fact, there is an excellent paper by Courtney on how the decision support system was helpful in looking at some of the civic projects they handled. I thought maybe we should try to look at Singer's organization model as a potential model on which we could analyze engineering education as a system, as a complex system. Complex and as Singer says, Wiccans system. Wiccans not because of the personalities and not because of the character of the complex. So if you look at basis for decision making in order to look at the society for some reason that color has become green because I think accidentally I put green but in society we look at a green environment so by accident it came to happen but it is quite providential and it happens to me that green because later on I get to say something about it. In the employment segment they don't think together they think together. Global community, academic industry, student community, academic people, educators, professional bodies and I should have put alumni also here seeing so many alumni here but I would not have put that box there. So assume that there is a box of alumni also in this. So if your planning body adopt a Singerian model and look at the viewpoints of all the stakeholders here and see that what could be the profile of a graduate? What could be the educational problem program between the best people? So through to Singerian model Singerian models and nobody is supreme. Everybody has a view, everybody has got a solution. So Singerian model comes out with multiple perspectives and multiple models. So let's get a sample of this. Socially, one should smile and say I want an educational, socially beneficial, affirmative action. There are some other work done which I will not mention here. Industry, there is a professional accent. Employability is a very dangerous term in the IT situation. Driver of economic growth. Economic view is I want strong research focus. I want to do something I want to do something really. I want some flexibility in the case of academic freedom and I want to be in the state of the art. Government when we look at manpower development, social life, societal benefit and contribution to economy I am not including political dimensions here because I think the most memorial lecture we leave those things out. Student to put it succinctly a pathway to successful category. Globally they are looking at manpower resource and how we can contribute to the engineers, the products of engineering as we can contribute to economy. I read Ram Kalkar's newspaper report names and world class events and tried to preserve that brand name all the time. So that was Ram Kalkar's message which I sort of put into this. We can also look at fusion of multiple perspectives which is quite consistent living in the Hungarian youth. When I happened to read the statement of Deversion I think why yes sir I made a mistake maybe in the second why we ending up when I looked at it I think I made a mistake in that. He says I have a triple bottom line triple bottom line Ekra like societal and environment and greening industry he talked about the greening industry and a need for long term mission which essentially means that you have to look if you have a long term mission each person will accept their own influence on engineering and you need to have an overall system you have to look at engineering and not a selective view of a stakeholder. Now question comes you have made all these statements what is the evidence that these things work. I confess there are no studies study reports on analysis of a total educational system which encompasses all this this is a proposition I have put but systems approach have been used for some component of engineering there was an interesting project done by someone in US how teaching and research how they affect each other and how it can be enhanced using a system engineering system model. Educational process is a manufacturing system which is a little hard to understand and there was one thing another paper was improving the retention rate because in India we have got lots of people 3 lakh students right for beta in US and other places especially in Europe they have problems of numbers. So how to improve the retention rate so study the entry characteristics of students and align the program which you will see in the program for a longer time. If you look at the how people have reacted to this look at recent reviews of engineering education where they have a lot of committee Mackenzie report which is confidential but I have good I have confiscated a copy of it I have at USA Bologna process Europe and Union are concerned of winning numbers in engineering education they are formed together in a consortium of students across Europe and Union an interesting initiative was done by Boeing and the chemical engineering community not without them have the frontiers in chemical engineering initiative and in India itself we have the Waila Ravi committee I don't know whether they have submitted the report now some of them may have used the system due to varying extent especially the USMF I particular my single one is a very consistent Boeing initiative is interesting because it brought a lot of things people together if you look at the educational process as a system we have a student population a screening process which could be J, C, D, Q which brings up the student in tech and we have a knowledge transfer skill development process I will now put everything into systems an educational process which does the skill transfer process you can graduate and systems view will always have to characterize the input you have to characterize the output you have to measure the performance and give feedback for improvement of education or improvement of the screening process this is the loop which is important love can this loop be managed and we have another interesting love if you look at the student in tech knowledge transfer skill development and educational program look at statistics you have a student with a prompt frequency distribution I am going to push this to a level where you have a higher level where the accomplishments go to a higher level then narrow band this is how we begin manufacturing if I have to take a system view of manufacturing you have to reduce quality variation bring them around to a mean so one statistical view of engineering education will be transferred to a narrow band of high attainers that is another goal can I take a broadband input can I push them into a narrow band of high attainers is one of the possibilities look at entire engineering education student in tech infrastructure and leadership support graduate profile model curriculum we have all options dual degree M tech, Bologna process model co-operating model and recently somebody has put a transdisciplinary model curriculum structure and curriculum vary from continent to continent IIT to IIT to some extent there now the learning has become much wider highly directed learning, self-learning collaborative learning experimental learning project-based learning and problem-based learning in fact lots of people are working on each of these modalities so the an assessment which leads as an important element this is the whole system known place model management how will I optimally package the knowledge and skills using judiciously the tools available the capabilities available of all these learning modes and technology being a supportive agent to all these things I was looking at a chemical engineering curriculum and trying to find out how I can within the limit of time how I can pack more into the category and found some ways of doing it I think this is not the occasion there are only a few chemical engineering and this is not the idea here so it's the idea of how I use the available resources and try to get the best model which gives the knowledge to answer as efficiently as possible implicit systems approach is a review, they started with the review process involving all stakeholders Abert is the accreditation body for engineering and technology in the US and that's why I'm trying to put it together a review process involving stakeholders this thing of weakness in current education is a scenario which I already explained earlier a proclamation of an engineering criteria which is the main thing engineering criteria have guidelines on program formation outcome, curriculum formation how do you measure the outcome what are the protocols for the outcome what are the resources I have use of our subsequent feedback for program correction they are going to create details of how it can be done so that when the accreditation body come to the university they have to quickly look at various protocols only they will get satisfied a far cry from the way it happened here in the education institution that started with very little screen now I look at only the top few things are all general things functional and multidisciplinary scheme that's going to be professional and thick and responsibility communicative and effective in fact of engineering solutions in a global social context engaged in lifelong learning knowledge of contemporary these are some of the special qualities they expected out of this field and learning also there are a lot of skill requirements communication skill etc the important thing what they have done is in the assessment procedure our assessment procedure student write an exam you go on their assessment procedure creeps into the curriculum you explain how in your curriculum these things and these outcomes which I indicated earlier will be realized by your program they look at the curriculum and say if it is an interdisciplinary component of learning how is that in your curriculum they have to write a course matrix in 4 places where these attributes will be actually satisfied so deep insight into how the curriculum is performing how the learning methodology is done how the exam assignment all are evaluated as per some criteria internal external service interviews and to act to IIT students of Ramak I learned more from hostels than from department unstructured learning to humor the IIT students they say we learn more from hostels so that is an unstructured learning which I have put there how much of it is true is open to debate so the assessment process gives you written matrix and to go further I have quality control charts what they have done is they have adapted the quality control normal quality control manufacturing machine they assess these and there are some 21 ways in which they assess these these heterogeneous kind of input which comes going at different upwards they started with a round table for enhancing engineering education it had workshop round table discussion there are actual implementation models they came up with the desired attributes of an engineer and there are model engineering from ground it's an interesting paper that you and I have got an actual review so basically what they have done is it is interesting they got all these people together the professional societies ASSE, AVE&T which is accreditation and found what is known as IUGRE and looked at funding and program development etc into a certain active collaboration and they have done some implementation model etc and they came up also with the profile of an engineer which is again interesting you look at things they are expecting history they want history of technology and after I went through I did some homework when I am doing the study of systems history is very important because some of the beginnings of engineering education came essentially with a theory of Harveys and blood circulation they said the beginning of engineering was studying the blood circulation which handled in human being and communication everybody talks of ethical standards and ampillity as some cannot to adapt to practical major changes curiosity and desire and this is very important life long learning is the most important thing and curiosity and desire to learn is a profound understanding of team these are some of their prescriptions but basically the idea here is engineering education industry and stakeholders are deeply involved in this exercise as a total system now definition of outcome confidence or outcome summary from this is confidence or outcome can go beyond academic attainments and if I extend it further outcome should be defined for different possible graduates they have only done it for bachelor degree undergraduate we have to look at how we can define an outcome idea is that we can add a brand value that is UG, PG and Ph outcome so defined academic attainments skills, attributes, awareness affecting our learning yourself program weakness and deficiencies could be used in the overall assessment of the institution if you have this assessment measures you can even assess how good that institution is I am coming back for that later to get this further if you look at the assessment can tell how good that program is we can also get a total graduate profile which can give you better employment I will give you some examples and under PG students can say with a profiling can I say that I am much better than a UG student so I can profile the PG UG students to show normally industries that we are only interested in we will talk about it when we take my M-tax program don't talk to me as I will give you only M-tax students we have this and that so with this kind of profiling maybe I can differentiate the values of a UG and sometimes we can even challenge the employer so that happens once a Ph.D. student was with whom I have advised the multinational companies and he is not good he is not fit for my student was in that company valued rightly or wrongly my students were better now so he kept on insisting that the company has a mother and says he has all these qualities so I told ultimately you have seen this man over a telephonic interview from US on a highly research course but I have seen this man for 5 years I know exactly what his potentials are so you better these values are not stated in this so after that he got employment in that company so he can be used even as a tool to reconcile employer assessment with our own internal assessment and he interested in that somebody can ask why don't we characterize the input also for the academic we only look at the grades for this one can you also assess them for various attributes which they have in that respect now I return all the attributes in that respect I have dropped the types of in the report ingredients to create an instinct he says that if I tell you the ingredients there are the ingredients to make an instinct so if I can profile the input maybe I get the ingredients to make the instinct how about that profiling means I don't know but I just thought that times up in the report which came only yesterday I thought it was interesting and says now it's a system philosophy in structuring the whole educational process which involves knowledge of core discipline, problem solving put the vast amount of information into a a similar one for the instructional learning style information literacy all this together becomes engineering education and the education there is also an eye on employment arena not all people have told me about life MIT led the initiative said look we are looking at a emerging generation of engineering they said we have to look at it after more so they have said that they have not looked at all this they said we have to look at it all systems are nano micro, mega I must look at them in that so my engineers will be able to look at the my uterus of process take place in the atomic learn the same time they will be able to look at large scale systems and do their analysis so they are trying to restructure their curriculum to a more different drastic restructuring of the curriculum they said 2010 that curriculum they want to implement industry has not spoken much about it I thought there will be some strong reaction from the industry and I have not seen too much of a report about this so it might come into force and in this there will be a lot of in the US participating in this new curriculum initiative which is totally from futuristic role of all this and one important thing which comes out of all this product design product design is going to make an important impact on engineering I feel that what chemicals will go out only is speciality chemicals will come out so future environmental chemical engineering will be in all these specialized chemical industries and that will be there I will spend a little time on postgraduate some unique features since postgraduate education has been done in detail study so I look at the we have a student population the aspirants which go to the screening process not all of them belong to the top one we have screening process which can be gate we have student intake and knowledge transfer same same cycle the idea here is we don't get the best of the inputs to under the course of postgraduate so can we restructure can we sort of get better quality input into our program sharpen our knowledge transfer process so that we can increase the brand value we always talk about brand value can you enhance the brand value with postgraduate students amazingly India has a love just turned out of postgraduate students with the numbers I have which I don't want to say supply is less than the projective demand there are quality concerns about employment availability of active alternate options like where they can go to ITGF here means there are many employment and they are concerned with UVG and when they say that we are not much better than a UVG student in terms of place and there is an employment expectation gap I study more about what we are doing I do the same thing this gate exam in a discriminatory component called characterise quality is a question which I pose we can profile the postgraduate student as one who has knowledge technical as well as specialized skills enhanced domain knowledge skills personal maturity and leadership differentiate UVG and PG and may be PG among PG is dual degree and PG we can differentiate like any other system we should be able to differentiate our graduates in a position that what we do need for a suitable outcome measure similar to the engineering criteria 2000 what are the problems here also we have a lot of options but flexible I would like a course in dominant or research dominant the thing which I want to say is we can also liberate the research profile teaching other two things which I want to say is I had the review committee I had shot down the development they said it's not I had review committee I said dual degree may not be the best idea reasons not known so which program best suited for the job profile how do we effectively use students and improve their skills tutors you know now if you call a tutor they say why I have to be a tutor it's better to take tutoring as a learning experience a couple of my students have taken a scholarship under me say sir give me as much work as I want because I want to learn if you make tutoring as a learning experience it will be and not as a load in that aspect even teaching when some faculty said I have got teaching load I get a little scared it should be always teaching assignment and not a load teaching load we don't carry load which carry assignment and responsibility so research profile I had to start with the mini program which I thought was interesting so enhancing value will challenge the research path the first option for the project we should have I had a very good student in 1977 that man was very bright he could walk through any exam any political exam in IIT we all managed to shorten his stay here he had a wonderful work in instrument for the research part he went through that first track option after pulling a lot of wires here and they didn't go out of the institute faster than he can work in his band organising this excellent process and he draw his name I will not disclose the name he got A in everything though he took a heavier load than all others I will everybody talk about everything in this world should get assessed and when I take a process control class I said a controller everything has to be assessed I think in performance an academic institute has also to be assessed to sort of round calculers interview that accountability I will not worry about that pointing finger I don't want to do we have to assess for quality and in fact to claim for students just if I claim for excellence another thing is achievement I can set targets as per mission I may have set a target I want to know where is my and third is identification of avenues for improvement capacity capability capacity versus action am I doing as well as I should do given this in hospitals usually what we do is we have some international ranking report which is published by US Gohavan report someone saw one year there I had the Mumbai's place of 53 and they said 53 we are happy and I always wondered how an institution in this educational institution has no dynamic systems for control theory how they suddenly jump from 3 to 8 is something I don't understand because they have not recited capability how they jump from 3 to 8 is something which bothered me quite a lot so issue this we don't examine the integrity of ranking external ranking what are the metrics to be used for performance assessment what are the robustness of our assessment process what are the implementation mechanism how to project the results of ranking into meaningful performance measures and lastly use assessment results for performance enhancement education program we can use the philosophy I have a total assessment I have a UNESCO report which you can look at research look at three parameters research capacity what is the capacity to do research second is research quality what are the metrics there are all kinds of metrics like the citation they are the third uncomfortable element which is research utility what is the utility of research it's very uncomfortable for all of us to say that one way research is useful many of it is very uncomfortable dimension but you have to research I think as responsible we have to say what is the extent of the research utility these two are quantifiable research product and quality are quantifiable to some extent research capacity research capacity can also be managed but the research utility needs to be looked at even more series it could be a service to industry quality of service and in fact an external ranking may not look at all these they have not said to measure it now looking at another aspect of performance assets lab and infrastructure I went to another event where I was reading youngsters paper and an adaptive enterprise he talked about assets what is the asset of my lab we have intellectual asset we have intellectual pool of people in specific areas above a critical one in IIT itself we have somewhat built up excellent facility there are no full of when he goes all the facilities is dying because otherwise you don't take out so if we have a way of sustaining this intellectual pool of mass it's an intellectual asset so I did a notion of intellectual asset and in the notion of where in all organiser there is an asset and liability liability which I have told will be a lot of people look ask and say for instance there is a liability unemployment of my graduate what do they say do I say mention anything about unemployment of my graduate I should also factor it into my analysis if my students are unemployed my peers to their students it's a liability and moral liability is out of 5 years you are no longer with me moral liability and second is loss of potential talent attention to dropout of failure these are performance metrics they also have to be built into the system performance mechanism can you put a reliable internal performance assessment system which can look at the good understanding of the functional operational features of the system develop an information network IT can help in developing the network and design an assessment framework by incorporating all the features and develop performance etiquette at various granularity levels at granularity level at this top level this is the performance good individuals and do it so I feel that we need we should not look at external they want to look at how well we are doing we know the process of the measurement we should try to assess ours in that whole system perspective we should assess ourselves we should not allow others to assess we are internally allowed to assess ours they can do that it is something like internal model control and process control they have internal model control we can assess ours I think we need to assess ours planning for the last length planning for future we should have a growth plan of employment I look at the planning problem a growth plan of the employment sector not always felt out very clearly for file of student output and student eye contact not always feel with clarity demand estimation of students seldom described with clarity and granularity resources depending upon all this resources requirement to meet this demand what is the capacity explanation needed do I put an IIT in Kerala I come from Kerala, I will say Kerala is my first I am also from Bombay already as an IIT second level is Kerala another IIT in Kerala multi-site capacity explanation a classical over capability enhancement and students on the other side horizon of 2006 we are the past I will say forget about the past I will say forget about the past I think you cannot forget about the past that is the liability we have you know manpower shortfall capacity constraint capability gap student population aspiration that is on one side the other side is the new it has to be realistically assisted and type of planning problem looking at the past and planning planning objective is good what is the planning objective economic or the triple mantra in the usual taking a social cost that let me educate whether they are employed or not is my concern global outreach all these IITs concept is useful for problem problem complex problem is how to tackle and systems can formulate formulating the problem is always interesting treating it a little more then we always talk about inclusive they are working in inclusive inclusive education engineering education driver of economic when I say inclusive it is so of the interest systems approach can holistic view can let variety system is controlled should have greater variety than the system is controlling so our education system requested variety and that kind of an important assessment of performance of all activities development of measures to enhance brand value of those programs which need that kind and internal performance mechanism as a conscience keeper it is a conscience keeper to strike for better performance systems systems of course can help in realizing the goals of an adaptive institute of learning we have to be an adaptive institute of learning so you have to sort of put the systems concept now I am talking about IIT has sheltered me for better learning for a long period sometimes I am confused when they are still working or little time they seem to be holding on for years and chemical engineering for its magnanimity for keeping in its family we talked about asset and liability as a permanent asset or liability faculty and staff of IIT Bombay my students generation of my students they are always very intelligent which are some of the manners he is missing at that time Mr. Ajit Gopal that possesses skill he asked me to talk I will talk if he had persuaded me to sing maybe I don't know how to sing maybe I would have sung ultimately the thoughts of ideas of someone who had dealt with education as a faculty not as an expert who sat from above the bottom of view of someone who has 30 years of education not a top down view of an expert who has sat from the directors or in the secretaries of someone so mind may be a little nape something silly to senility if I am silly I am 60 times of anything I say I will talk from like you say but I say all this is always sincere passion for a very good education system of the world thank you very much


Crypto unlock schedules and dumping. So this was brought to my attention from CJ Reichel. He is an advisor to Marco Rebellion, Marco Rebellion, John and Peter Jerry's company for options trading and things like that And he was just we were chatting one day he goes Hey, there's some pretty big unlocks coming up and some and potential dumps and When we talked about and I haven't a show and we did this show Gosh was it four days ago or so so I linked that in the description and you can follow CJ Reichel on Twitter I linked that in the description as well. And what do we talked about in the video was data from Misari and The data Will show a lot of different things I mean it'll show how much you know private sale and public sale and VC funding and and and the community and of course we've seen This type of data a lot, right and of course if we're looking at the equality Of course public sales the more blue you have in this in this graphic I think the better But some people will say now we need VCs and I probably need some some big money to be injected into it But you can see this polka dot Cardano, Solana and of course you got community and insiders So the more insiders you have I think the more dangerous it is I mean, it's it's like fishing with dynamite. So it's pretty effective, but it's dangerous and I think when you have a lot of insiders in there the chance of it If it if everything goes along pretty well on the bull market so much the better, right? The bull market great everybody's making money fine But as the bear market comes in and you got a lot of people like, you know what I Made a lot of money already. So maybe it's time for me to take it out all depending on a lock-up schedules So these are just something to to look at but these are just graphs So like how do you do your own research to make sure that this isn't like did Rob create this that he just put it in? So maybe you can just go to this website called Masari.io. I linked in description and I'm gonna show you exactly how to find this data That will equal out to this stuff. So I found this fascinating Shout out to CJ again for helping me out with this one.  I get you but if you see overview profile markets Just click on profile and then go to see right here versus contributors investors and token economics If you take a look at token economics and just it tells you like like a history This is just you know, this is Bitcoin if you go to the launch and initial token distribution Of course for this one, there was no like private sale and stuff like that because it's it was the very first So it should not come out and tell you exactly what it is but what's interesting me is these things these graphs what's called the supply schedule and For Bitcoin, you can see it's pretty damn linear pretty darn linear, right? I mean, of course, this is all by proof of work So it all depends on you know the halving and of course we can see it You can see it right here how it gets cut halving 2012 and 16 and of course now We're really leveling off because we're in a point right now where You know, there's already you've already mined 19 million and only got about a million and a half or so to go So it's it's pretty stable along this continuum, right? Got you So that's the supply curve and and of course there was no private sales. So let's go back real quick burn for birth Let me just click on Masari there. Let's look at Ethereum So I click on Ethereum and the same thing I'm gonna click on profile. I'm gonna click on token economics The launch and initial token distribution and I'll tell you right here the original token distribution event managed by Ethereum sold roughly 60 million ethers, which was 80% 80% of initial 72 million need supply now The supply is is infinite there is no cap on Ethereum, but it goes very slow sales took place between 2014 July and September 2014 the ether purchased by crowd-sale investors were not usable or transferred before the launch of the block on 2015 so this was like the the very beginning very beginning. So if you had a lot of money, I don't think there was any kind of like Provisions where you couldn't buy a ton of it and a lot of people did but at least it was a little bit fairer It wasn't like to some kind of private sale. So 3700 Bitcoin were raised in the first 12 hours because that's what they took and that's why Bitcoin maxis will talk about how this was a Ponzi scheme because they're like the only reason the theorem was around is so they can get Your Bitcoin which I get it because they raise a ton of Bitcoin And then off it went and if you want to take a look at the whole history take a look at the infinite machine It was a it was a behind-the-scenes look at how Ethereum was created anyhow, so Three Miller were allocated to a long-term endowment six million were among any five developers and so on and so forth So founders and projects 60% 83% went to that crowd sale. Here's a supply schedule And you kind of see it I mean this one looks fine too, right? 2015 is one that when it got released and you saw a lot of people come in and you can just see that 22 Let's see rewards the crowd cell participants 64% and it looks okay, and where are we at now around here? So we don't see a huge increase in unlocks is this that's not how it is. That's how Ethereum is So it's very linear Pretty darn safe in my personal opinion. Now, let's take a look at something else Yeah, let's take I'm gonna skip forward to Algorand So Algorand I'm gonna click on profile and I'm gonna click on token economics That's gonna tell you exactly what it is the launch and initial token distribution It was launched in June 2019 public auction sold 25 million algos or a quarter of the initial supply at 240 per token That's pretty bad raising total of 60 million four hundred two thousand dollars and then the end of the sale Which created 10 billion algos a Genesis a total of 2.5 billion Or 25% I know initial supply were granted to the founders and the Algorand Foundation to support continued protocol development Okay, gotcha, but take a look at this 10% let's let's take a look at the supply breakdown founders and project is a quarter Investors at 30% so you're looking at 55% Is in the hands of the few and then you got 45% so me personally I like Algorand Macaulay, I believe this is the gentleman's name Touring award winner very smart guy and it looks like a pretty great project It's just like I've always said the tokenomics look a little bit off to me and then you can take a look at this Here's the liquid supply curve. This is not looking great So when we saw with Bitcoin, it was pretty much a nice even even out if they're in the same thing now Let's take a look at the supply curve here. So in 2021 you saw there was a big unlock supply Bam here. We are in March 2021 and we saw it kind of gets going now January 12th Kind of a little bit of a linear or so so but you can see it's going up pretty high 2023 so on and so forth then of course there's another big unlock in 2024 and then the thing is once these get in unlocked It's an opportunity to really start selling now. Will that happen with Algorand? I'm not saying it will I'm not saying you won't I'm just giving you the information that you have So you can make the best decision for yourself. Let's take a look Let's go back and take a look at Cardano. This ought to be good. So Cardano Again profile Token economics Let's see here. Let's see here. So the public sale. It was all public sales Which is pretty much the data that we see over here Cardano a lot of blue a lot of public sales 17% were insiders company VC purchase tokens Okay, 2% was the community allocation. All right. So let's see here initial supply founders and project investors a 3% Let's break it down. Here's the liquid supply curve. It almost doesn't get any flatter than that Let's just be honest and there's a lot that's actually Locked up right now. So as far as like supply curves and Unlocks first of all you can unlock. There is no lock up periods. It's already already out there essentially and of course for If you want to stake it, there's no like lockups like avalanche You just take it out and you want to sell you sell it but very even kilter not too bad. Now. Let's take a look at avalanche where we go avalanche profile token economics Here we go 360 million avax were minted and sold through public and private sales All right, the remaining 360 are for staking rewards distributed the following decades. That's not bad half and half So staking rewards 50 percent tokens are minted at launch And then of course the remaining 360 will be utilized as staking the seed sale 2.5 percent Private sale 3.5 percent public sale option 1 to 1 percent that seems kind of low And then of course, oh that was an a1 1 percent then 8.3 then public sale 0.67 Foundation it doesn't matter. Let me just go over here So again founders and projects that's a lot 20 percent investors 16 percent but 64 percent here's The issue the steepness Of this supply curve and you can see it. I don't have to I mean the things that we just took a look at The steeper that the the supply curve is the more chance you have it for to unlock Have potentially be dumped and that is just something that is what it is So this is last year. You can see the steps Where are we? We're right around so march 7 2020 Between february and march was a big unlock And then we have another one coming up around june 20th So if you think there might be a dump coming that's Pretty good bet and you're gonna see it just going up and up and up and up of course. It's over years I understand but it doesn't take a lot in a 1.26 trillion market to change some favors All right, and then lastly, let's look at why I get back here. There we go Let's look at salana So salana Overview in history investors token economics Let's see No, no, no launch initial token Okay, it breaks it down like this 15 point almost 16 to the seed round investors those the people that get in early, right 2.6 to founding to founding sales investors. So you're looking at almost 20 percent 5% developed to validators, which I got to tell you it's super hard to be That's not super hard to be validators. You got to have a ton of salana to be a validator Almost 2% of strategic sale investments 1.6 to public auction 12 and a half the team members 12 and a half the salana foundation 30% of the community. All right, that's not bad. So here again, what we got founders and projects and investors Premind rewards and airdrops. So I like that part but 25 and 37. I'm not too sure. Here's the supply schedule So I know people are worried about it But in all honesty the big supply unlock already happened So we had December 14th December 28 2020 and then january 11 2021 That was the big unlock and you probably saw a little bit of dip, but that's what it is But if you can take a look here It's actually Pretty stable and you can just take a look As far as things move along staking rewards founders Where are we? Let me go to here So you go from staking rewards 9.6 on may 30th to the next Swing up 9.8. So not by much in all honesty. So even if we're worried about like, well, this big unlock schedule honestly Looks pretty linear Of course until we go to like 2027, but whatever. That's what it is. So anyhow If there's anything else you guys would like to see as far as these unlock schedules Drop that in the comments right now and I'll take a look if not And you can do all the the data collection. You want to I gave you the information Masari.io I told you exactly how to go it profile tokenomics look it all up Be aware of these unlock schedules because potentially that could be one of those times They might see a dump like why did that happen? Oh, yeah, that's what it is Of course, that's the whole thing. We're in a macro environment. We're not in our own little bubble You also got to be aware of the supply chain issue. You also have to be aware of inflation You also have to be aware of when j power comes out and says we're gonna go to a full three quarter point to the half Of point and that's really what it comes down to doing research. It's a lot of research. So that's


Hello, and welcome to the session in which we will discuss interest capitalization. What is the big idea for interest capitalization? Well, simply put, when you are constructing an asset, a building, a machinery, office complex, well, you're going to capitalize labor, material, and overhead. What does that mean? It means you're going to treat them as an asset as part of your basis. So when you incur those expenditure, they're not really expenses, they're part of the asset. The question is, how about interest? So should you expense that interest, or should you capitalize? What does that mean? Expense, it goes to the income statement. Capitalize, it means the expenditure goes on the balance sheet. And the answer, yes, you can expense interest under certain condition with slight modification, not all the interest, some interest. So what conditions are required to capitalize the interest? One is the asset that you are dealing with has to be considered a qualifying asset. Well, if you are doing the construction of an asset as a discrete project for sale lease, or for your own use, then this is considered a qualifying asset. So the asset itself, whatever you are doing has to be a qualifying asset. And these are the conditions. This does not include inventory, if you are producing inventory, or, or routine produced asset, you produce it on a regular basis, you cannot capitalize the interest. Then you have to know when does the capitalization period start? So when do you start to treat interest expense as an asset? Well, first interest has to be incurring, you have to have interest costs. It starts with when the expenditure made for the asset, and the construction or the activity is in progress. And this process ends, the capitalization process end, when the asset ready for its intended use, so you are done with building the asset. Now you no longer capitalize the asset. Any interest expense, I'm sorry, you no longer capitalize the interest expense. Any interest expense now is actually interest expense. Now this topic is covered in intermediate accounting as well as the CPA exam. Whether you are an accounting student or a CPA candidate, I strongly suggest you take a look at my website, farhatlectures.com. I don't replace your CPA review course. I'm a useful addition. I'm a supplemental material to your CPA review course. I explain the material differently, slower. I will show you the theory behind the concept than your CPA review course. Your risk is one month of subscription. Your potential gain is passing the exam. If not for anything, take a look at my website to find out how well or not well your university doing on the CPA exam. This is a list of all my college courses, which include lectures, lectures, and practice multiple choice questions. My CPA supplemental resources are aligned with your Becker, Wiley, Roger, and Gleam. So it's very easy to go back and forth between my material and your CPA review course. I have all the previously released AI CPA questions, almost 1,500 of them with detailed solution. If you haven't connected with me on LinkedIn, please do so. Take a look at my LinkedIn recommendation. Like this recording, share it with other connect with me on Instagram, Facebook, Twitter, and Reddit. So why do we capitalize interest and how much do we capitalize? It's based on the matching principle. And what's the matching principle? The expense, the cost, when the asset provide the service through depreciation. What does that mean? It means right now you are building an asset. So this is the building stage. When you are building the asset, you are not using the asset. So the asset is not in service yet. So any expenditure you include in this operation, it's considered an asset. Then in future period, when this asset started to service the business, in the year of service, this is where you start to expense it. So you expense it during the service years through depreciation expense. So how much to capitalize?  Now, how do we compute the avoidable interest? Well, we're going to take an interest rate, some percentage, and multiplied by something called average accumulated expenditure, or for short, AAE. Now, what is AAE? AAE is the expenditure during the construction period that could have been avoided, that could have been avoided, if no construction took place. The assumption here is, you did not have to borrow money, if the construction is not undergoing, if the construction is not undergoing, you would not have to borrow any money. Therefore, you have to compute this AAE, which we would learn how to compute the AAE, multiplied by a certain interest rate. And this is going to give us the avoidable interest. So what is the avoidable interest is the interest that we could have avoided, if that project, if that asset was not being built. So we have to know how to compute this. So we have to know how to compute the AAE. So what is the AAE, average accumulated expenditure? It's the weighted average accumulated expenditure, which is way during the construction period. So we can compute this in two ways, either the weighted average, or we can use the simple average. I'm going to show you the weighted average, but the simple average is pretty straightforward, or the simple average of the expenditure was occurring equally throughout the period. Now, on the CPA exam in your classroom, make sure whether you are being asked to use the simple average or the weighted average. Okay, so let's just kind of walk through this so I can show you how the weighted average work. When you start construction, maybe at the beginning, you need to clear the land. So you started by clearing the land on January 1st, and you incurred $10,000.  Then you had to pour the concrete on March 1st, $15,000. Then you started the actual construction on April 1st, you paid $100,000. Then you started the framing, the painting, the electrician started their work, someone and so forth. So notice you are spending money, okay? And on each date, you know, when did you start that expenditure? So how do you compute the weighted average accumulated expenditure? Well, when we spend this $10,000, think of it this way. Think of it as on January 1st, we went to the bank and borrowed this money, and we spend it. How much did we borrow $10,000? Therefore, the money was outstanding for 12 months. Then the following $5,000, we went to the bank, we borrowed it, and I'm going to put borrowed in quote because we could have borrowed it earlier, but the point is this is where the interest start. On March 1st, we pour the concrete, same thing. Therefore, what we do is we take $10,000 times 12 over 12. Why? Because the $10,000 expenditure spent on land was outstanding for 12 months. The second $5,000 to dig the foundation, we took this money out February 1st. Therefore, we multiplied by 1112. The $15,000 was taken out March 1st. It will be $15,000 times 1012. The $100,000 was taken out on April. Therefore, it would be $100,000 times April, May, June, July, August, September, October, November, December, 912. So on and so forth. So for framing, for electrician. So the point is theoretically you borrowed the money when you actually started the spending. That's not true. This is theoretically. So this is when you start to compute the interest. So this is how you compute when you did all of those, then you will get your weighted average accumulated expenditure that's needed. And that's what's going to be multiplied by the interest rate, by the interest rate, which we will see which interest rate do we use now for using the simple average. It's pretty straightforward expenditure. We assume the expenditure was incurred spent evenly throughout the year. Okay, for let's assume for a total of 150. Therefore, our average accumulated expenditure is 150 divided by two. So if you are told on the problem, the expenditure was occurred evenly. That's easy. You will take the amount divided by two. And that's going to be your way or your average accumulated expenditure times the percentage versus you might have to do the computation. Let's take a look at an example to further illustrate this concept. Adam Company started construction on a building for its own use on January 1st, 20x5. We're going to assume this is a qualifying asset. Adam borrowed 300,000 at 10% for this project from Wells Fargo Bank. So this 300,000 we're going to call it. I'm going to call it here just kind of if you want to write this down just for a moment. Specific borrowing. What does that mean? It means you borrowed this money specifically for this project. Otherwise, you would not have to, if you did not undertake this, if you are not undertaking this project, you wouldn't have to borrow the money. Construction on the building started on January 1st, 20x5. And the following expenditure were made prior to the completion of the building. So this is what we did. We spent 150,000 January 1st. April 30th, we spent 250. November 1st, we spent 100,000. December 31st, we spent 80,000. Hold on a second. I borrowed 300,000. How come I'm saying I spent 580? Well, I borrowed this money for the project, but I also had other sources of money. That's not the only funds I have. So the next thing you have to do, you have to compute the weighted average accumulated expenditure, but we have to know, too, that you have other debt. Other debt, you have $400,000 bonds payable and you're paying 14% on it. It's a 10-year bond and you have another loan for $200,000 at 12%. So you do have other debt. This is where the money is coming from. It could be coming from that money as well because notice we spent 580. The point is you spent more money than the 300,000 at least total expenditure, but that doesn't mean anything. Why? Because we need to compute the weighted average accumulated expenditure. So how do we do this? Well, we're going to start the 150. We spent the 150 on January 1st. We're going to take 150 multiplied by 12 divided by 12 and we're going to come up with a weighted average accumulated expenditure of 150,000. The April 30th, be careful whether it's April 1st or April 30th. If it's April 30th, so it's only outstanding for May, June, July, August, September, October, November and December, it's outstanding for eight months. Be very careful whether it's April 1st or April 30th. So we take the 250 multiplied by 812 rounded 166,666. So simply put, think of it this way, on April 30th you went to the bank, theoretically you took that money out to spend it on the project because this is when your interest expense should start to count. On November 1st you took out 100,000 and you still have November and December 2 divided by 12 times 100,000 is 16,666. On December 31st you spent 100,000. There is no interest incurring because there is no time that took place. So all in all, all in all your weighted average accumulated expenditure is 333,332. So this is the weighted average accumulated expenditure. So this is the amount, this is the WAAE, sounds like a wrestling federation but yes, this is the weighted average accumulated expenditure. Once you find the weighted average accumulated expenditure, well you said I borrowed specifically, you remember when I talked about specifically, I borrowed specifically for this project 300,000. So let's go back here. So since I borrowed specifically 300,000, the first thing I'm going to do, I'm going to say well of this amount, the Wells Fargo amount, the 300,000 it's going to be applied toward that project. So first I'm going to use the 300,000 to I'm going to assume I used specifically this 300,000 to cover my weighted average accumulated expenditure. So what I'm left with is 33,332. So what I'm going to do next, I'm going to say since I spent this 300,000 from the Wells Fargo bank loan, I'm going to incur 10% interest and as a result I have 30,000 of interest expense and this could, this is considered avoidable. Why avoidable? Because if I did not undertake this project, I wouldn't have to borrow the money, I wouldn't have the interest expense. So now the remaining amount, how about the remaining, the 33,332. Well we have to find the average interest rate of other debt and I emphasize here other debt. So you have to find the average interest rate of other debt. You have two other debt, you have those two debt. Now we have to find the average rate. Well the loan, the 200,000 dollar loan is 12%. It's going to give you 24,000 dollar in interest expense. The 400,000 dollar loan is incurring 14% and that's 56,000. Together those two together will give us 80,000. So we have interest of 80,000 and we have loans of 600,000. 80,000 divided by 600,000. The average interest of other debt is 13.33. Now bear in mind it has to fall between these two and it should be closer, it should be closer to 14 because we have 400,000 at 14. The answer makes sense. So the remaining 33,332 will be multiplied by the average of other debt. So what we are saying is this. What we are saying is the amount that we used to cover the additional expenditure, the additional 33,332 is coming from the other debt. Now who knows where it's coming from. Maybe it's coming from our revenue but the assumption is since we cannot differentiate where it's coming from we assume it's coming from the other debt. That's also considered avoidable interest expense because if we did not undertake this project we wouldn't have this additional 33,332 of the weighted average accumulated expenditure. So now the total avoidable interest to that potentially could be capitalized is 34,343 which is what which is the 30,000 let me 30,000 here. Let me put it in a different color. Let me erase everything. So now we are computing the avoidable interest. So the avoidable interest is 30,000 here. Whoops go back. 30,000 and 4,443 so in total 34,443. Remember we have to choose between the avoidable interest and the actual interest. What's the actual interest? We already know the actual interest on the 2 debt is 80,000 right here on the 2 debt is 80,000 24 and 56, 24 and 56 plus we have a third debt they went from Wells Fargo at 10 percent that's an additional 30,000. So the actual interest was 110,000. Now we compare the 110,000 to the 34,443 and we capitalize the lower of the two. Hopefully you know the lower of the two is 34,443. Now this is called the specific method. How about if you are told use the average method. What is the average method? The average method simply put you have weighted average accumulated expenditure of 333,332 multiplied by the weighted average of all interests of all interests. Well what's the weighted average of all interests? Well let we can compute this real quick. We know those two loans it's 80,000 and 600,000 therefore 80,000 in the numerator 600,000 in the denominator then this is we already computed this then we do have another loan that for 300,000 for 300,000 and that loan incurred 10,000 of interest expense. So now what we do is we divide I'm sorry 30,000 not 10,000 30,000 of interest expense therefore now what we do is we'll divide 110,000 of interest cost divided by the total amount of loan 900,000 and this will give us 12.22 percent. So our average interest for all loans now all loans including the Wells Fargo Bank and the other two loans is 12.22 so if we're using the average method you will take 333,332 times 12.22 percent and this will be your avoidable interest and you'll compare your avoidable interest to your actual interest the avoidable is lower and you'll go with avoidable. Now what's the journal entry that you have to make? Well the journal entry is we're going to assume that you always debited interest expense as you are accounting for your interest expense so you have to do now you have to take out you have to back out you have to credit interest expense you have to remove from interest expense 34,443 and debit the building increase the asset and what we did is we reduced the expense and increased the building now 34,000 is part of our assets part of the building and this is what it looks like on the income statement let's assume we have income from operation 400,000 interest expense is 110 we computed this less the capitalized interest so we have to show on the face of the financial statement and in the notes this information so we told the users look we had interest expense total of 110 we subtracted out of it 34,443 what's left on the income statement is 75,567 gives us income before taxes then we deduct the taxes then we come up to net income to net income so this is the presentation now the best way to learn this is to work additional multiple choice questions additional exercises go to my website to do that this is what you want to do if you want to practice this at the end of this recording i'm going to remind you again to visit my website farhatlectures.com i don't replace your cpr view course nor your accounting course i'm a useful addition i can help you understand the material better the cpa exam is worth it study hard for your exam it's a lifetime investment you have to pass once do it get it done and move on


So, of course, if something is too inconvenient to use, it won't be used. And so one of the ongoing challenges is to make sure that RSA, which is a relatively good crypto system, is actually practical to use. And the biggest problem, the biggest limitation with RSA is that Shen really requires doing lots and lots and lots and lots of computations. So for example, let's say Alice sets up her RSA system using the public number 3293 and public exponent E equals 35. Now Bob wants to send her the value M equals 153, so he computes 153 to power 35 and finds 2494 is the number two set. Alice receives this, and since she set up the system, she knows what the corresponding decryption exponent is going to be, works out to be 2987. And so in order to decrypt this number, Alice must evaluate 2494 to power 2987, mod 3293. And again, remember that in a real RSA system, this encryption exponent may have 100 digits, this decryption exponent may have 200 digits or something like that. So the computations here are non-trivial. So in any case, that's quite a bit of work, even with the fast-powering algorithm. So the natural question to ask is, well, can we do this more effectively, more efficiently? And the answer is we can go back to our Chinese remainder algorithm. And in general, if I have a congruence, if a number is congruent to a mod A product, then the number is going to be congruent to the same value mod P and mod Q. Now note that A could be larger than P or Q individually. So this may necessitate further reduction by the modulus, but we know that at least we can start off with these two congruences. And what that means is the following. What I need to evaluate, what Alice needs to find is C to power D mod N. But because she set up the system, she knows how N factors. N has a factor of P times Q. And so rather than finding C to power D mod N, she can try to find C to power D mod P, C to power D mod Q, and then solve the Chinese remainder problem to find the number that satisfies both of those congruences. What makes this work is that since P and Q are prime and much smaller than N, first of all, I know that C anything to power P minus 1 is congruent to 1 mod P, and likewise C to power Q minus 1 is congruent to 1 mod P. So at worst, we'll have to compute C to power P minus 1, C to power Q minus 1 instead of a much higher power of C. Also, in general, we know that C back here could be as large as N, but if C is larger than P or C is larger than Q, I can also reduce it. So using the Chinese remainder algorithm allows me to reduce the size of the numbers that I'm working with. So for example, let's take Alice's cryptosystem, and again she knows what the factorization of 3293 is. So if she wants to evaluate 2494 to power 2987 mod 3293, she can solve this system of congruences. But she's not going to solve this system of congruences. She's going to be clever and reduce this to a simpler system. So we can reduce both bases by their respective moduli. So 2494 mod 37 is 15, 2494 mod 89 reduces all the way down to 2. Next, since I know that 37 and 89 are both prime, those exponents can be reduced. So this 2987, what I'm going to do is I'm going to split off factors of 37 minus 1, 36. So that 2987, 36 times 82 plus 35, rearrange, 15 to power 36 to the 82nd, 15 to the 35th. 37 is prime, so anything to the 1 less is going to be 1. So this first factor here is 1. I can ignore it, and I have x congruent of 15 to power 35. Likewise, this 2 to power 2987, 89 is prime, so I can split off powers of 89 minus 1, 88. So that 2987, 88 times 33 plus 83, 2 to the 88 to the 33rd. And again, 2 to the 88th power is congruent to 1 mod 89. So I'll drop out that first factor, and I'm left with this much nicer system of congruences. So at this point, I can use the Chinese remainder problem algorithm and solve this system of congruences. And it turns out that 15 to power 35, that reduces to 5, 2 to power 83 reduces to 64. I can solve this system of congruences. I'm looking for something that's congruent to 5 mod 37 and 64 mod 89. So multiple of 89, that's congruent to 5, well, there's 1. A multiple of 37, that's congruent to 64, there's 1. And I can add the 2 together to get a solution and then reduce that solution mod the product. So here is a solution, and I'm going to reduce that mod the product. So 37 by 89, note that this is Alice's public number N, and I get this number 153, which is the number that I started with and the number I'm looking for as my decrypted value.


Hello, you're watching the International Daily Roundup by People's Dispatch, and we bring you major news developments from around the world, our headlines. New York City Taxi drivers go on hunger strike against crushing permit debt. Pakistani man cleared for release after 19 years of wrongful detention in the US. Israel designates six Palestinian rights groups as terrorist organizations, and teachers go on strike for improved salaries in the Democratic Republic of the Congo. In our first wordy, we go to the US where taxi drivers in New York City have launched a hunger strike. The New York Taxi Workers Alliance or NYTWA has already been protesting outside the city hall for over 35 days. They are demanding debt relief for the crushing loans they have had to take to buy taxi permits or medallions. On an average, drivers owe $550,000 in loans to purchase a permit which costs up to $100,000. Some have paid up to $1 million. The union has argued that these loans disproportionately targeted immigrants of color. A 2019 New York Times report revealed massive debt traps which forced drivers to forfeit their legal rights. Over 900 drivers were filed for bankruptcy. Meanwhile, the city government made $855 million in revenue of medallion sales. The emergence of app-based rights services such as Uber also led to a decline in earnings for yellow taxi drivers. The value of medallions has plunged to around $75,000. Nine people have committed suicide due to the crisis since 2017. The NYTWA has also denounced the city's current relief program as a banker bailout. The government has proposed $20,000 grants to restructured debts. The plan will allow lenders to extract up to $2,000 in monthly payments. The NYTWA is demanding that loan debts be capped at $145,000. Monthly loan payments should also be limited to $800 a month, they ask. Continuing with the U.S. of Pakistani Rohingya, a man has been cleared for release after being wrongfully detained for 19 years. Ahmad Rabbani was captured and sold to U.S. officials in 2002 after he was reportedly mistaken for an Al-Qaeda leader. He was then detained at Kabul's Kobal prison, which is also called the Dark Prison. Officials soon realized that they had captured the wrong person. However, Rabbani was tortured at CIA Black Sites in Afghanistan for 545 days. He was then sent to Guantanamo Bay, where he spent the next 17 years without charge or trial. The 2014 U.S. Senate report on torture also established the misidentification and torture of Rabbani. However, he remained in detention and spent years on hunger strike. He was finally cleared for release by six U.S. intelligence agencies in October 22. This followed just two days after the U.S. court ruled that the detention of Asadullah Gul was illegal. An Afghan man, Gul was tortured and detained in Guantanamo for 14 years without charge or trial. A petition of habeas corpus was filed on his behalf by the group Reprieve in 2016. He is the first person in over 10 years to win a habeas corpus petition in the U.S. court. We now go to Israel, which has designated six Palestinian civil society and rights groups as terrorist organizations. They have been accused of operating on the behalf of the left-wing popular front for the liberation of Palestine. Among the six are prisoner advocacy group Adhameer and Al-Hak, which also works for the United Nations. Others include the defense for children in international Palestine. The offices of the organization were previously also rated in July. Several computers, hard drives and client files of child detainees in Israeli military courts were seized. The latest terrorist designation will open up other Palestinian groups to similar attacks. It will effectively ban their activities, authorize the closure of their offices and the arrest of their staff. It will also prohibit funding and support. Also included in the list is the Union of Palestinian Women's Committees and the Bisan Center for Research and Development. The Union of Agricultural Work Committees has also been outlawed. The group's office was raided and ordered closed for six months by Israeli forces in July. The office of the Health Work Committees was also raided and closed in June. Its director Shatawadeh continues to be in arbitrary detention at the Damun prison. And for our final story, we look at an ongoing strike by teachers in the Democratic Republic of the Congo. The protest action has especially impacted public schools in several areas including the capital of Kinshasa. Teachers walked out on October 4th, which marked the first day of the school year. Their demanding improved salaries is agreed upon by the government when free education was introduced in 2019. Other issues raised are related to bonus pay and the retirement age. Unions including the Catholic Teacher's Union and SYECO are taking part in the action. During the military negotiations, the government offered a salary increase of 20,000 Congolese francs or 10 US dollars for teachers in urban areas. For teachers in rural areas, the offer was 20 dollars. However, the unions are demanding a minimum increase of 50 dollars. Meanwhile, the Minister of Primary, Secondary and Technical Education removed some of the striking teachers from the payroll. Hundreds of students stormed the Congolese parliament on October 21st. Raising the slogan we want to study, they demanded a solution to end the teacher's strike. That's all we have time for today. We'll be back on Monday with more news from around the world. Until then, keep watching People's Dispatch.


Here with the 11 AM Tiger Financial News Network, a market update and don't forget, go to the front page of TFNN to see the fantastic Tiger dollar sale going on for any subscriptions that you might want to be buying or any of the services here at TFNN. The Dow is up $244,000, $35,275. So far it's full of the gap in from Friday into Monday's gap down open, sharp move to the $34,715 level, and now it is a $35,424, nice, very nice bounce, but it needs to climb above the 9 and 14 period moving averages, resistance at $35,420, and it should do it within today's Tuesday. By Wednesday afternoon Thursday, at this time when I do my show Thursday, we should be talking about the Dow at the $36,500 level, and then we'll be looking to see when does it turn around or if it turns around to complete this H pattern on the way down. In the meantime, the S&P is lagging a little bit, it's still doing okay, but it is lagging the Dow. It is up 25 points at $45,94. It has $46,29 as the very strong resistance level, it had better hold $45,74, otherwise that's a real problem. If you're looking at the QQQ, it gave up a chunk of the gains, it's trying to get some of it back to now it's up $1.28 at $38,195, but it needs to climb to the $387s to be able to show that it has really strong internals, at this point the internals are actually quite weak. I'm watching this one scan, so I think there's a problem with the NDX100, IWM, really strong move to the upside, but it's had a really sharp decline in the H pattern. It's gone from 244 back in November to the 212 level just recently then it tries to rally. Now yesterday it went to 209, this is really not very good action. Gold has been trying to rally, but it's very difficult for it to hold, it's now down 8 at 1786. Oh, I never did the dollar earlier in my show that Tiger Technicians are holding very well near the highs at 96.54, and if you're looking at crude oil, crude oil is holding quite nicely up $1.67 at 70.28, but it's kind of stuck in the range. I wouldn't be surprised if there's a lower case H in the daily, turns into a lower case M as it just goes sideways. It's the big talk for me is the TLT, the TLT plunged the downside 163 down at 148, wow, if it closes under the 200 period moving average of 147, that's a big problem. And you've got Larry Percevento coming on, great programming all day, don't forget, check out the Tiger Dollars and of course, don't even have to tell you, check out Larry Percevento. Have a wonderful day, see you tomorrow.


Now that the world is opening back up that means we're gonna travel and of course when you travel you got your essentials but a lot of people don't want to talk about how traveling affects your skin and how to keep your skin care routine convenient. So let's talk about my favorite skincare from Japan Balcon. They have a new travel kit that is solving all those issues. We're gonna talk about why traveling can mess up your skin. We're gonna also travel to some really dope Japanese dessert spots around New York. Big shout out to Balcon for sponsoring this video. They are the premier luxury skincare for men from Japan. They are putting everything from this into this for their new travel kit. Alright so real quick we got to talk about three reasons why when you travel and I've been through this myself your skin might get worse. Some of you might be saying to yourself right now, Andrew you don't have flawless skin why are you telling me about skincare? Yes that is a good point. Naturally I just do not have the J-pop K-pop skin but I have to work to even get to this point and my skin even looks this good in part because I use Balcon all the time. Reason number one is traveling and changing climates and air quality can really affect your skin. Listen your skin is a breathing living thing that's on your body so when you change environments whether that's from humid to dry no sun to very sunny it can affect your skin. I can tell you from personal experience that living in the St. Gabriel Valley of LA is a lot drier for my skin than living in for example Seattle or New York. Point number two long plane rides can actually make your face greasier. In a plane there's not going to be a lot of humidity right there's not going to be a lot of moisture they're gonna make it dry for a reason and also the air is being recycled within the plane so that's why after like a six seven hour flight you might feel your face and it feels kind of greasy that's because it's so dry your skin is actually overcompensating and producing more oil on your face. Point number three when you're traveling you're just living a different life you have a totally different regimen sleep pattern everything is different. For me personally sleep means a lot so when I'm changing different time zones or I took a red eye and I have jet lag I can tell you that my face can break out. I'm waking up the next day with a little bit more red blemishes, acne whatever you want to call it and it's just like makes the trip a lot less enjoyable and another thing a lot of people don't think about is that your regimen is off. You're not even using necessarily the stained skincare routine that you're using at home and you might be using it at different times you might be skipping some hours because you took a red eye and then the flight's over that you know you went back in time so I don't know whatever it is it's just messing every regimen also when people travel a lot of people don't drink enough water and water is really good for your skin and for those reasons I'm recommending Balcom's new travel kit it's minimalistic it's cool and it has all the components from the full-size skincare routine that I talked about in previous videos. Oh it's 11 p.m. I gotta wash my face. Here are some reasons why I think that this is the best travel kit out there. First of all it's the same luxury skincare from Japan that you're getting from these guys. Second reason why is it's cool it's minimalistic it's small compact fits in a bag fits in your carry-on. Number three this whole pack should last you about five days if you're using at night and day but depending on how much you use maybe it could last you more. Reason number four is that this miniature foaming net actually still provides a lot of the same experience as this full-size one. Yes you might get a little bit more bubbles here but think about it you can get that same luxurious foaming rich sensation that you get from this from just this. And number five if you travel a lot you know that you have to keep like a little travel kit on the side that you can just grab and go so you're not always grabbing all your bigger bottles and squeezing them into these little travel size things no they put it all here for you right now this is the miniature version of my favorite skincare so it's super easy I'm just gonna let this sit on the side I won't use on my day-to-day if I'm at my house but if I need to travel I'm just gonna pick it up and go. Overall if you've seen any previous videos where I talk about Balcom you'll know how much I love this product it's a great experience it has great ingredients macadamia oil yuzu apple green tea extract this is just my favorite skincare of them all it's made design and created in Japan and used all around the world it's super famous in Europe and a lot of other places in Asia so you guys check it out if you're interested in the new Balcom travel kit you can actually click on this link down below and get 15% off for the rest of the month of June and if you want the full-size versions you can just buy them off at amazon.com on Amazon Prime so they'll ship super quickly to your house the world is opening up soon I plan on traveling a lot more and this is one of my essentials now alright so I know I'm not traveling very far but I will show you how I use this Balcom travel kit even when I just go to Brooklyn alright so our first Japanese dessert spot is a really cool spot out in Brooklyn it's on the edge of Williamsburg and Greenpoint so this is called Patisserie Tomoko the chef Tomoko she's from Japan but has worked in a lot of famous French pastry shops what she wanted to do was keep the French technique and form but with Japanese flavoring so things are not gonna be too sweet they're gonna have a lot of green tea a lot of yuzu and yuzu actually funny enough is one of the ingredients in Balco I didn't plan for this I'm just saying it all works together let's go try some desserts alright starting off I'm not gonna lie I wish David was here to join me because I know David likes desserts here is the green tea tiramisu tiramisu of course you know the famous cake but everything is replaced no coffee green tea so first of all let me go for the yuzu that wha yuzu that wha it just broke down in my mouth super light and fluffy pastry that yuzu cream is delicious alright man let me try this green tea tiramisu David don't worry I'm gonna bring the rest back for you green tea tiramisu green tea is really light not too sweet Japanese people they don't want things sweet too salty just right nice in the middle okay this is the fruit tart I'm not gonna lie I don't really know how to bite into this or use my fork because I think it's all gonna crumble so I'm just gonna take bite it is what it is what is this the bulk home foaming face wash I got all over my face I love it I like how it's really semi-sweet cream puff two types of cream let's check it out I might just have to take the top off yo definitely better than beard poppers however wow my favorite things and the things you must get are the de quoi the light almond pastry sandwiches I mean I think it was cool to come to like a Japanese this is from a Japanese person but it's like in a French form with Japanese flavorings and then bulk home as a face wash you know as skin care is made in Japan but it has kind of like French influence in the name and kind of what it's trying to accomplish so it really makes sense that we're here but I got one more spot to show you it's kitsby it's a Asian American owned Japanese inspired dessert spot right down there in Williamsburg so let's go alright so my next spot is kitsby it is a Asian owned one of the owners is Hong Kong one of the owners is from Taiwan they have an Asian pastry chef and they've all came together to make one of the most aesthetically pleasing Asian owned dessert spots in the whole area there's a lot of Japanese influence Japanese flavoring some Chinese influence guys there's just a lot to see they have like these special lava cakes it looks crazy super Instagram all right basically I just love how the travel kit is so compact I mean look how small it is it fits into my side bag and I still have space for other things so pretty much how you use bulk home is you're gonna have your foaming net you're gonna take a little bit of the space wash so you can see it's foaming up right now it's lathering with it's rich kind of like thick foam it almost feels like a like a whipped cream on my face have no time to dry your face just gonna slap on some of this toner and it's gonna just soak in with the water alright so once my face is dried I'm gonna use the lotion that's all you need by the way my face is clean I'm super refreshed I know that that was a long trip a long flight whatever it was maybe your skin was dehydrated maybe we got too greasy on the plane but that's how easy it is to use bulk homes travel alright diving into it I gotta go with the salted egg yolk lava cake man this is probably gonna remind me of that dim sum dish the osabao let's check it out why one of the best if not the best salted egg yolk dessert I've ever had going along with the lava cake theme I got the black sesame one this one I'm sure visually is gonna blow your mind whoa whoa whoa I can smell the steaming black sesame really smells like a Chinese dessert tongue got a little ice cream steaming black sesame comparing the spot to Patisserie to Moko I gotta say this pot's definitely sweeter the flavors are hitting you harder the desserts are a little bit more rich both spots were delicious and basically visually appealing because you know nowadays most people they are eating with their eyes so shout out to Kitsby and Patisserie to Moko because they are doing some credible things with Asian flavors alright everybody thank you so much for watching that video about all combs new travel kit and why I think it's your next essential you know bulk home is my regular skincare routine and when I travel things change the environment the climate everything that I talked about earlier those things are going to affect my skin so if you guys are interested in buying this travel kit click on the link down below is 15% off for the rest of June if you use our code and use that link also if you just want to buy like the maximum bigger size regular size version you can buy those things on Amazon Prime if you want more information about bulk homes products you can go on their website or you can watch my previous video that I made you know a little bit a while ago kind of more explaining the product but hopefully you guys understand what I'm talking about here and hopefully you guys also understand why traveling can affect your skin I'm telling you it's like the worst thing you like think you're gonna go on this trip it's gonna be fun and then your skin is not cooperating and like I said it's a living thing on you so of course you know it needs to be taken care of so again let me know in the comments below if you guys have any questions about the bulk home product also let me know what other Japanese foods or desserts you would like to see us try because I'm always down to try more Japanese alright everybody till next time I'm out peace