Okay, I hope everybody's enjoying their first day of the best week of the year. I'm so happy to be back in Auburn at the Mesa Institute with all you fine people. So I get to talk about money, and it turns out money is a really important topic, not just for us in life that we want money in our wallet, but it's an important topic. It's crucial in Austrian economics and it's central and that's why we have it on the first day of the week, first day of the conference. In Austrian economics we say that analysis is done in money prices. Calculation, which we're going to be talking about tomorrow and later in the week, calculations only possible with money prices and really with money and extending beyond with what Professor Rittenauer said money and division of labor is really what allows civilization to develop. If not for the Austrians, we would still have the state theory of money. That money is what the sovereign state said it is and that's that the currency has value just because of the sovereign's decree. But in 1892 we had Minger's theory of money and told the story of how money originates, which I'll just be going through in a little bit. In 1912 Mises expanded on that in the regression theorem in his first book, The Theory of Money and Credit. Of course we have other great works on money. Of course what has government done to our money by Rothbard and my favorite is actually the mystery of banking. So money is an important topic that's for the Austrians. That's why we have it on our very first day. An important topic for us to get into so that we can then have the ground laid for what we're going to do the rest of the week. So by the end of the by the end of this week you'll be well versed in hopefully understanding why we're having this inflation that we're price inflation that we're experiencing now. You know it's not because of corporate greed which we're hearing about. It's not because of climate change. It's not even because of the Swifties. It's gonna be about something we'll understand why we'll understand why we're having while we're experiencing this price inflation now. Okay so let's talk about let's start with who needs money. We all raise our hand we all need money right. If we start with Robinson Crusoe alone on the island right he has no need for money. Robinson Crusoe he can't eat gold coins even if we had if he was you know living under a gold standard he would have no reason for having gold coins that's not gonna help him survive any better. There's no shopping mall on this island where he's by himself for him to go spend his gold coins. Even when he meets Friday somebody else who shows up where he discovers somebody else on the island they really have no need for money to trade their fish and berries because they can just do that on the basis of their subjective values for those goods. But when society expands beyond just a few families then the stage is set for the emergence of money. So remember voluntary exchange happens because the two parties expect to do what they expect to benefit. They expect to be better off from the exchange and from Professor Rittenauer's lecture these exchanges come from this need or want to exchange comes from this variety this big difference that we have an aptitude also and our skills and abilities and also even the locations where we are and from that natural fact comes comes this impetus for exchange and with specialization exchange the division of labor we each develop our best skill where we have our proficiency and each region developed its own particular resources and so we found that compared to producing only for our own consumption and remaining self-sufficient we found that we're much better off when we when we specialize we produce a limited number of goods in abundance compared to what we would consume we produce more than we'll consume to exchange it with others and we are much better off doing that getting most what we consume through exchange rather than self sufficiently living self sufficiently and nearly starving and probably going naked or close to naked right so we have a higher standard of living through specialization exchange but exchange for of goods for goods or what we call barter or direct exchange is hardly any better than remaining self-sufficient right that's really close to being self-sufficient because of the two basic problems of the two basic problems of barter some goods are indivisible it's very difficult to divide them up into smaller exchangeable units and then also the double coincidence of what wants requirements so this year in the spring or youngest some of you may have met Bonnie's a student here this week but this year Bonnie turned 16 and started driving so the mama taxi service after 26 years as close-up shop so I handed down my car to Bonnie and I went to buy myself a new car so here I am in my my new car pretty a little silver Atlas and it turns out cars are really pretty expensive it is shocking but let's imagine me we're talking about barter let's imagine me buying a car under conditions of barter what can I offer in exchange well I have specialized where hopefully I am proficient in economics lectures so I teach economics at Baylor University and not surprisingly I'm very popular and my classes are in high demand no pun intended my economics class are in high demand and my class stories have long waiting list to get in actually here's the the registrar has a picture these are students who are they were camped out waiting for a spot in in my class so naturally when I'm bartering with my economics lectures I have a lot to bring to the table right however as amazing as my lectures are what if the car is more valuable what if the car is even twice as valuable in exchange as my economics lectures what is the Waco Volkswagen dealer going to do can he just sell me half a car if we think about the indivisible of goods can you sell me half a car and if so which half would I want do I want the front half there the front do I want the front half maybe I want maybe just so I can get around maybe I want the driver side and not the passenger side or what if the half of the car is the half without the engine and then we just run on Peter Power so that could work right so then I could say okay here's my course in here's my course and money and they give me this car so trading goods that are not easily divisible is going to be a hindrance to trade under barter but even when goods are divisible into smaller units though it's very difficult for two exchangers to find each other right sometimes because this double coincidence of wants requirement that I have to have what you want I'm sorry yeah I have to have what you want and you have to have what I want at the same time in the same place where we can exchange so for example if I have some really incredibly passionate and eloquent economics lectures right so people are hanging on my every word and the Volkswagen dealer has this really beautiful mom mobile right that I think I just really want that how are we going to get together if the Volkswagen dealer isn't interested in learning economics but wants to learn Taekwondo then we have we the exchange doesn't take place I can't teach Taekwondo but don't mess with me okay so the survival of my for the survival of my economics professor colleagues I am glad that we don't live under barter anymore because I worry about us trying to eke out an existence based on just trading our economics lectures okay so one more problem of barter besides the indivisibility of goods and the double coincidence of wants requirement is the number of prices if every good trades against every other good they're gonna have to have a price for my economics lectures or for the or the Volkswagen Atlas in every other good right so for every good would have an array of prices not just one money price but an array of prices in a barter economy with only 1000 goods there would be almost half a million prices okay for a sense of scale looked it up average Walmart carries over 120,000 good so a number imagine the number of prices that we would need without without money so Mises pointed out that as division of labor expands more and more and it gets finer and finer money becomes even more necessary so it's clear that any sort of developed economy is really going to be impossible under direct exchange or barter so under indirect exchange we have indirect exchange you sell your good not specifically for the good that you need not the good that you're going for right you sell it for another good that you can then in turn exchange it for the good that you want and at first this seems like gosh you're just adding extra clunky steps in there you're making this harder money instead of easier right why can't I just trade my economics lectures for the car right why can't I do that well it turns out this is really not more difficult it's simpler it simplifies everything and it actually allows us to go beyond self-sufficiency that we were close to being stuck close to being stuck with self-sufficiency before before indirect exchange so under barter we go back to trading goods for goods we can imagine that goods would have different degrees of saleability right some goods are easier to sell to sell in the market than than others and the more saleable a good the more easily its owner can find somebody exchange with in the market we can it's easier for them to find somebody will make an exchange for them at some price okay so someone who's selling rice taking rice to the market to exchange in barter they're going to have an easier time finding trading partners then I would if I'm taking my pool vacuum to the market and I'm looking for somebody who needs a pool vacuum just for my own show just for my own reference for later on to win an argument do people know what a pool vacuum is by show of hands okay Peter okay do you see that all right Peter said they're not gonna know what that is okay so anyway if with a pool vacuum I'll have a more difficult time finding trading partners but of course even that is not impossible especially if I'm willing to discount my pool vacuum I'm willing to accept a much lower price in exchange than what I may have been hoping for but clearly a pool vacuum is less saleable than say rice the person with rice will have an easier time that finding trader partners so owners of the relatively less saleable goods like my pool vacuum I will exchange my pool vacuum and other people have less saleable goods will trade those not only for the goods that they directly want to consume but for almost any other good that I don't directly value but I will accept it as long as it's more saleable more acceptable in the market than the good that I'm gonna give up so over time Minger argued the most saleable goods were desired by more and more traders because of this advantage because it allows them to go and buy almost anything in the market okay so the demand for the very saleable good changes so it's not only demanded for its use value but it's also demanded for its value in exchange for its exchange value so that good becomes then a medium of exchange where people are going and saying I will take this good it's not the good that I want it's not the good I'm going to accomplish my purposes it's not the good I want but it's going to allow me to then turn around and get the good that I do want so this choice of a good or goods as medium exchange is a gradual self-reinforcing process as more people accept it the commodity then becomes even more marketable even more saleable I've heard Bob Murphy make the point that he doesn't know or that we don't know how long this adoption of this most saleable good how long that process takes but he said it might happen fairly quickly just because the people exchanging are going to very quickly at recognize its obvious benefits of taking a more saleable good okay so what makes a good be more likely to become that medium of exchange well if it's easily divisible it's not like the car it's not like the the mom mobile if it's easily develop divisible into smaller units without losing value when you break it into smaller pieces if it's durable over of over long periods of time what exchanging hands and it's not breaking down if it's easily transportable right so that means it has to be for very small units has to have a high value high value to weight ratio so we're not lugging you know pieces of iron to market so also it's fungible one unit of money is basically equivalent to any other unit of money and if it scares eventually one or two commodities or once they are used as the generally accepted key words generally accepted medium of exchange that is an almost all exchanges then those goods are called money okay so historically we've had lots of different commodities that have served as money I've got some pictures here some beads some shells even some nails but through the centuries the one that has been chosen most often has been gold and silver and these have displaced other commodities and have served as generally accepted medium of exchange or money so Austrians because we talk about superiority of gold serving as medium of exchange we get criticized and made fun of and called gold bugs and we like gold because it's shiny and pretty really it's we like it because it is the the commodity that's been chosen by the market more often than any other but Austrians we'd be happy just as happy with some other commodity if it worked as well as gold even if it wasn't shiny and pretty okay so Carl Minger point out it's not necessary or even really conceivable for money to be established by some authoritarian decree or by some explicit contract among the people in fact there's really no historical record of that ever taking place the more plausible explanation the one that makes sense and that we can easily say yeah that that that would work that makes sense is that money originates spontaneously because the immediate and obvious benefit of using the more marketable good as a medium exchange that benefit is recognized by the parties involved and so then it becomes adopted and becomes money it's hard to imagine anybody conceiving of the idea of money without experiencing it experiencing it in that way right if you're sitting around in a barter economy and you haven't experienced that how's money gonna the idea of money gonna come into your to your mind so Minger said here's a quote he says hence it's also clear that nothing may have been so favorable to the genesis of a medium of exchange as the acceptance on the part of the most discerning and capable economic subjects for their own economic gain and over a considerable period of time of eminently saleable goods in preference to all others that's from the origins of money so money is unlikely to have originated any other way because embedded in the demand for money is the knowledge of the past prices what did this good what did this commodity trade for under barter what was kind of its value in exchange before it became a generally accepted medium of exchange unlike consumption goods money has to have pre-existing prices right and on that then we can have the grounds to base our demand for to base our demand for money on so Mises explained this in this regression theorem that that can only happen by beginning with a subjectively valued useful commodity under barter and then adding to it the demand for the medium of exchange to the to the demand for use so we have now this commodity has demand for use and the medium of exchange demand component as well so we have we had gold we said has been the one that's been chosen most often in the market and then we had paper so how did this how this happen will paper compared to gold does not have as much value in exchange right so people wouldn't be willing to surrender you know I have worked and labored and built this made this machine and now I'm going to give it to you for paper doesn't make sense so people were unwilling to surrender their goods for paper but so how do we go from paying with commodity money like gold coins to paying with paper well gold is heavy right it's heavier than paper and dangerous to carry around somebody can come and knock in the head and take your gold but people started storing their gold in gold warehouses and when you put your gold in the warehouse you would get a receipt for your for your paper claim for your gold that stored there and then to make purchases you could either go go to the gold warehouse and withdraw some of your gold to go make your purchases or for your convenience you could instead just sign over your paper claim to the gold and so eventually more and more people did that and the paper claims to the gold deposits in the the commodity money in the warehouses became generally accepted medium of exchange okay so what are the benefits of money so elimination of the disadvantages of money of course all the problems of barter are gone we don't have to worry about indivisibilities or double coincidence of wants also there's going to be a reduction in the number of prices for each good right instead of going to from each good having a wide array of prices now each good has one money price so we've already seen that without money there could not really be real specialization and therefore no advancement of the economy above a primitive level but with money we can get this elaborate structure of production can be formed with land labor and services and capital goods all receiving payment in in money at each stage of production so we have this this cooperation of these in the elaborate structure of production can now be established so also only if money can we have can we have rational economic calculation right where businessmen can now do compare revenues and costs in the same terms right so now we can tell is this are we earning a profit or a loss when the costs and revenues are denominated in the same terms so also with money people can compare the market worth of each good to two other goods this can be done this can be done easily where if we have a gaming desktop computer so my son has one of these I don't I had to look at my notes to even get the word right a gaming desktop computer if that costs about an ounce of gold and a new stripped down basic probably used for to escape costs 20 ounces of gold then we can see that escape is going to be worth what how many gaming computers about 20 right so so it's easy to make these comparisons now of value when they're all done it with one in one one commodity money okay so most physical goods are sold in terms of weight so tons pounds grams ounces and the size of the unit really doesn't matter because they can all be converted from one unit into another so one pound is going to be 16 ounces right one ounce is 28.35 grams so if gold is the chosen commodity money the size of the unit that we use for the currency really does not matter and we'll see that many different units have been chosen so I can sell something for one ounce of gold in the US or 28.35 grams in France and these are the same price right because those are the same weight just measured in different units and this seems like duh how obvious why is she going on and on about this move on well it's because people forget this they forget this simple truth and because of that it creates a lot of confusion and so people think of the money as being some abstract units of something even when we did have a gold standard people thought in terms like this they were like well in America the money is dollars and in France it's Frank's before the euro and in Germany it was Mark's and so they're thinking in terms like in terms of that however all of those monies were tied to gold all of them were tied to gold but people thought of them as sovereign and independent monies and they're thinking of the names and not that these are tied to some unit some weight of gold so before before government fiat money the various names were just simply defined units of weight of the commodity gold so before 1933 people would say that the price of gold was fixed at $20 per ounce that's really while that's true but it's really kind of a misleading way to say that the correct way of looking at me to say that the dollar is the name given for 120th of an ounce of gold that's really a more straightforward and honest way of putting it okay so but because of this misunderstanding the monies being named different of the monies just being names for defined units of weight of gold it was misleading to talk about exchange rates it's unclear what does all this mean but it's really pretty simple so the pound sterling we were told exchanges for five dollars okay five dollars is one pound but the dollar at that time was defined as one twentieth of a gold ounce right and the pound sterling at that time was one fourth of a gold ounce and so we've got one twentieth of a gold ounce exchanging for I mean sorry one fourth of a gold ounce is exchanging exchanging for five twentieth of a gold ounce so one twentieth sorry five twentieth equals one fourth so it's really it was really simple but misunderstanding this or forgetting that these were tied to gold is what may made it more difficult and more confusing okay so what about the specific value of money what exactly is the price of money so we can get to that but think starting with something else say my laptop if I take my laptop to the market and I'm going to sell my used laptop how much money would it command in the market okay so my example is a hundred dollars it's probably closer to like 15 but anyway a hundred dollars so the purchasing power of my laptop my laptop then is going to go and buy one hundred dollars if we think about it that way so I could say that one dollar then is going to buy one percent or one one hundredth of my laptop and it's the same thing with money if I sell my money then what can I get for it in exchange what can I get for my money in exchange the laptop when I went and sold my laptop to buy money my laptop was only exchanging against money but money trades against everything else money trades against everything else we need to list all the possibilities that one dollar trades for right so a dollar buys one one hundredth of my laptop a dollar buys one pack of gum apparently not anymore it's not even gum is not you can't get a pack of gum for a dollar anymore it buys one thirty thousandth of apparently because I've used recently been in the car market a really crappy used car but so money has this array of prices so we think of what is the purchasing power of money it's this whole array or quantities of other goods and services that the money commands in exchange so the purchase of power of the dollar is the inverse or the reciprocal of the overall price level so if all the prices double the general price level doubles what happens to purchasing power of money is it's cut in half now a dollar instead of buying one one hundredth of my laptop it buys one two hundredth of my of my laptop so purchasing power of money can be thought of as the price of money where the price just like with other goods is determined by supply and demand and just like with supply of demand I mean just supply of demand for other goods excuse me if there's an increase in supply if there's increase in supply of this good then it loses value declines in value in exchange if there's a decrease in supply then its exchange value rises there's increase in demand for money it's value exchange rises if there's a decrease in demand for money it's value in exchange falls so we should note here demand for money when we're using it in this way demand for money it's not just how much money you want right mean to say I would never say I didn't want any more money but the demand for money in this case is worth referring to as the amount you wish to hold in cash balances okay so what is the optimal supply of money was the optimal supply of money we always hear the Federal Reserve they're increasing the money supplier they're gonna tighten the money supply what should the money supply be is there an optimal amount does that optimal amount ever change okay Rothbard points out this is really a silly question nobody is asking what's the optimal amount of tennis shoes what's the optimal amount of pizzas nobody is nobody's asking that for the optimal amount of any other good the reason why is there's an increase in consumer and producer goods that are going to be used up and worn out when we have an increase in those those make us better off right because more human wants are satisfied by these by these extra consumer goods and producer goods but money is different as a medium of exchange money is not used up and worn out it's transferred from one person's cash balance to another's cash balance so that's why any money supply any amount of money is just as good as any other in performing the minimum of exchange function the purchasing power of money will always adjust to permit all the exchanges to occur that people desire to make a money supply of 20 billion is able to finance the exact same number of transactions as a money supply of 200 billion okay with a smaller money supply the price level would be lower but the higher my supply price level would be higher we can see the effects of an increase in money supply with the story of the angel Gabriel and the story of benevolent but economically ignorant spirit descends to earth and wants to benefit mankind and decides the best way to do this by magically working some voodoo and doubling everybody's cash balances overnight while we sleep okay when we wake up every person finds that we have excess cash balances we have more money in our bank account than our demand for demand for holding cash balances and at the prevailing price level we rush out and we go and spend and buy more consumer and producer goods with this extra cash balances okay the result is there's an increase in demand for these goods and services and what happens when there's increase in demand for goods the price those goods will rise and so the price level rises and it turns out society will be no better off from the angel Gabriel's doubling of all cash balances because no additional human wants were satisfied with the same number of goods and services same number of productive resources those have remained fixed technology didn't improve so we're no better off no additional needs have been met so despite the doubling of the number of monetary units the real money supply which is the amount of money divided by the price level that's remained unchanged because they both they both doubled price level I'm sorry the purchasing power of money has just been cut in half okay if you look a little bit more closely at what the angel did then we can see that actually the people who spent the money early they were benefited at the expense of the people who spent it later even though all people receive the same proportional increase in their cash balances so the early birds or I call my freaks they wake up early and they rush out right and they go and they they spend their money before the prices have risen okay so they get out there and so they have gained in real income but those who slept late or waited a few days because we are showing prudence and wisdom in our spending choices we waited a few days before we went to spend the money we then spend after the prices have risen and our cash balances have decreased dramatically in purchasing power so increase in money supply did not benefit mankind or society as a whole but the early spenders are benefited at the expense of the late spenders so since every money supply is equally optimal and a larger money supplies no more beneficial to society than a smaller money supply nobody including economists and the central bakers and anybody else nobody needs to be concerned with what the optimal money supply is because the price level will adjust so that every money supply will finance all the transactions that we want to make okay so I want to talk a little bit about supply of gold in the counterfeiting process under the gold standard under the gold standard the one and only way to increase the money supply is to dig more gold out of the ground right so mining and mining is a costly activity and it takes scarce resources to do it so the money supply under a gold standard is really determined by the profitability of mining right the profitability of gold mining profitability of gold mining revenues minus costs that's going to be affected by the price level by the cost of mining gold if these costs fall the cost of mining gold fall then mining becomes more profitable and we'll see more of it happening when the price level rises then gold mining is less profitable and production will decline or may even disappear altogether so the price level in there when the price level rises the price of the resources I already said that price when the price level rises then we'll see that gold mining is less profitable okay so we should point out that an increase in commodity money when we're digging more gold out of the ground that does benefit society right because not all of it necessarily has to become gold coins in the money supply but it can have consumption value so it can go into productive uses or jewelry and also apparently it's used in electronics so you can get it by buying it or mining it or you could also counterfeit it right you could also get gold that would be fraudulently getting it by counterfeiting it so I want us to look at the effects of counterfeiting so we can better understand the inflation process so let's say some bad guys or girls equal opportunities some bad guys I'm including girls in that but anyways the bad guys they get together and they decide to mint some counterfeit gold coins and they're actually made of brass but these fake coins fake gold coins that they make are to the naked eye they're not it's not easily distinguishable they go undetected when the bad guys spend them when the counterfeiters spend the money okay so they spend these fakes they go out and they spend these fakes and they increase the money supply and in doing so they're increasing demands for the goods that they buy right so they go and buy more because they have this extra cash now this fake cash so that increases the the price level and decreases the purchasing power of money okay so this is just like the Angel Gabriel story except there's one crucial distinction remember Angel Gabriel increased everybody's cash balances but the with the counterfeiters this new fake money it's going to enter the economy at a specific point right so that money enters the economy where the counterfeiters go and buy goods so whatever the bad guys are buying use your imagination they spend the money there and then where they bought their money where they bought those people now have more cash balances and they spend it and spend it and it gets re-spent throughout the economy and as it goes then there will be increased demand at these as it ripples out and so increased demand for those goods and the price level gradually rises so the result is the demand for local goods bought by the bad guys increases first and then increases those prices then it gets re-spent and spread until eventually all prices are all prices are affected okay so the counterfeiters and those that they buy from they get the money early in the process and they benefit at the expense of those who get it much later or not at all so the people who the people who are late in the process if we think of say what the one we always hear of the widow on the fixed income right so if we think of the widows on fixed income they're going to be worse off because they saw this so they see this increase that may supply not at all they're on the same income but at a higher price level they're the same income with lower lower purchasing power so they are made worse off so it's not the and unvaccinated who are killing grandma it's really the stained counterfeiters so them get them okay so leave the rest of us alone so counterfeiting is really a subtle method of fraudulently gaining at the expense of the rest of society through this and inflation process it's a transfer it's a transfer from those who get the money late to those who get to spend the new money first we can see this through the through the example of the of the counterfeiters okay so last thing we would not expect money to be paper paper we said has a low value in exchange it's also very easy it's very inexpensive to to produce right just turn on the printing press especially now it doesn't even have to be printed it can just be some keystroke so just how long it takes me to do like that so it's very easy to produce but paper very cheap and easy to produce probably why it's chosen also we would not expect money to be national okay now we're back to the double coincidence of wants requirement at the border I go up to Canada or to Mexico and I got to have different money before I can buy anything there or I have to find somebody who wants who wants dollars for their goods we would not expect money to be under the control of any entity why would it need to be that when any supply of money will adjust in value to enable us to make any trend all the transactions that we want to make so if we would not expect money to be paper or national or under the control of any entity why is it that we see it that way now well we're going to hear a lot more about this this week but it's just as we saw the counterfeiters issuing currency is a way to transfer wealth to the issuer right and so it turns out a monopoly in some geographic region if you can be the one who gets to be the though if you can be the one who gets to decide how much money we're going to have in circulation that is a very valuable tool to have and that's a monopoly that the state has found is what works for them it's a very powerful desirable tool so we'll hear more about a lot more about that this week so thank you very much


This is Think Tech. I'm Jay Fidel. Our show right now is a middle way. It's about China, but other things too. And the title of our discussion today is teaching young people globally part two. The future belongs to young people who said that. Obama said that. In fact, I'll quote you. The future belongs to young people with an education and the imagination to create Iraq Obama. And for this discussion, we have Russell Liu, my co-host on the show, the middle way. And we have David Larson, who's with Mitchell. We get this right, Hamlin School of Law in Minneapolis. St. Paul. To us in Hawaii is pretty much the same thing. Sorry, David. Yeah, if you look at the twist, it is, you know, you've got more of a divide. But, okay. And Russell, my co-host, has taught in China, worked in China, practiced in China for over 15 years or so, and now he's here back in Hawaii. And that's a beautiful library he's in right now. And welcome to your show, Russell. Welcome, Jay and Aloha. I'm glad to be here today. You know, just before the show, we had a discussion with someone named Michael Davis, who's also a Hawaii lawyer, who is now with a think tank in Washington and other connections. And he's a specialist in Hong Kong. He taught at the Hong Kong University Law School for years and years. And he was talking to us about, you know, the emergence of this kind of nasty thing. I was teaching Ping right now. And, you know, teaching Ping is even more aggressive now than it was a year or two ago, at least with Hong Kong. And of course, it's complicated. It's complicated in relations between China and the US and between China and certainly and Taiwan. And, you know, the whole One Built One Road initiative, or shall I say, Built and Road initiative. But we should talk about the, you know, the delicate balance, the tension, if you will, between believing optimistically that the students in China who are more sophisticated, perhaps more global every day, you know, will change the way China operates going forward. And likewise, we should certainly discuss whether the students here, and I mean students of all ages, will learn more about global affairs. And we'll, like Obama says, take us to the next generation of better time. It's actually not clear. Russell, why don't you introduce the track of this discussion? Great, Jay. I'd first also like to introduce David Larson, who's a law professor at Hamline College of Law in St. Paul, Minnesota, who's joining us. And he's going to, I think he has more expertise teaching American law students. He's also taught in China, in the Chinese law schools. And my background, Jay, is teaching Chinese law students for last 20 years. I've seen several generations now of Chinese law students, young people who are making their way into life. And so those are my observations, Jay. I'll talk about the generations, the current generation, Z, which are the, I call them the zillennials, and the generation Y, the differences. You know, I'm very concerned about that Z thing. You know, why? Because what happens after Z? It's only rhetorical. After Z, we have no more alphabet. What do you go? Double A? What happens? We go back to A. Simply keep it simple.  There's other alphabets. Well, let's go to you, David.   Are they going to be able to take us to a better world? Well, you know, young people always, I think, kind of intuitively have that optimism. You know, it's, it's, I think we're going to talk about education and students that we have to talk about technology and social media because that plays a role in people's perceptions and ways that it never has in the past. Social media is incredibly powerful. You know, you look at the studies about people looking at their cell phones and millennials look at it every 12 seconds and generation Z looks every second seconds. And so in terms of whether people are connected globally, I think because of technology, they are connected globally in ways they were never able to before. There was one study that said that generation Z believes that national borders are relics of the past because they cruise the world every day with complete freedom. And, and I think with that idea that I've got that kind of mobility and ability to touch people globally that I think maybe I could affect more change. So I think there is that optimism that there's a technology available that I'm speaking now as generation Z that I understand better than you do that I'm going to be able to to employ and utilize more effectively than you can because you don't have the same intuitive understanding you weren't birthed with it like I was. And I'm going to be able to use this technology in ways for productive change that you just can't, you're not going to be capable of. You know, what about the, what about the downside, the flip side of social media? I know it's not, it's not limited to 140 characters anymore, but it's short bites anyway. And people are interested in short bites. Young people are interested in, you know, the headlines and the first paragraph maybe. And social media is loaded with misinformation, disinformation, propaganda from all sources. How can you be educated and thoughtful and constructive and take the world to a better place if you don't know what's going on because you're misled with social media? Yeah, I'm, you know, I think as educators we have a real responsibility to tell people to have a real broad perspective when it comes to information to kind of understand that a lot of social media information is driven by analytics. And the goal is to keep people on the screen. That's kind of, the goal is to have advertisers. And I only can sell the advertisers if I have a lot of users. So my goal isn't so much to educate you accurately, it's to keep you on the screen. And I'm going to do whatever I can to keep you on the screen. And one way I can keep you on the screen is to look at what you've looked at before, and then funnel things to you that are similar to that that kind of reinforce what I know you already like, and keep funneling that kind of information to you. And people get more and more siloed as that happens increasingly, just keep hearing that same voice. And I think as educators, we have to make it clear that that's happening. That's how social media works. And to be aware and attentive of what's happening, that there are other voices out there and other opinions, and that it's really important to make an effort to identify and hear some of those voices. How do you as a law professor cope with the tension between an accurate statement of our world through the law? Because that is the reality and the lack of reality that these kids and students are exposed to. I mean, I'm thinking, for example, the way the Trump administration and people in and around the Trump during the time of the Trump administration, learn how to use social media to disinform, you know, hundreds, hundreds, thousands, millions of people. And they are still misinformed and disinformed today. Very hard to change it once you make your impression on them. How can you, David, how can you and college teachers, even high school teachers, you know, counteract the corrosive effect of the disinformation these kids are exposed to? Yeah, well, it kind of goes back to what I said a minute ago, that you've got to make people aware of how they're being manipulated by social media in terms of these analytics and the idea that things are being channeled to you that are only one perspective. And there's not a lot of fact checking going on. It's more topic focused that if it's on the topic that you're interested in, I'm going to channel it to you and I don't really care if it's true or not. And people need to be aware that that's happening so that they can, and then you've got to encourage them to make an effort to look at other outlets and other media to try and get some kind of balance. And in this world, and I'd still like to believe that there are some more, there are more trustworthy sites as compared to other ones, ones that have been around for a long time that have some responsibility to do investigative work. You know, and granted that they sometimes have political leanings and I guess they frequently do nonetheless, they try to be fact driven for the most part. So, you know, on the conservative side, you've got, you know, Wall Street Journal on the more liberal side of New York Times, you know, read some of those different publications and see what they're saying and what facts they're calling on. Yep, got to do that. So how would you compare, because you're familiar both sides of the equation, and I will ask Russell the same question, how would you compare the experience in this regard, the effect of all these sources of information, the effect of critical thinking as it can be developed with students X and Y and millennials and the like in the United States versus students in China. And I'm reminded of a woman I met on my first trip to China. And I said, are you a student? She says, I was a student. I'm working now. I'm working only to raise the money to go to my next school. And my life will be one school after another as long as I can afford it. And I thought that was really interesting. It didn't matter too much what she studied. She just wanted to be in school. So, in a query, how do you compare the, what do you call it, the life, the motivation, the dynamic of a Chinese student as against an American student? Yeah, so I'll just, Jessica is a kind of preview, is a prelude. I'll just mention that. So at Mitchell Hamlin School of Law, we have a traditional brick and mortar program where we teach face to face. We also have a well developed remote learning program. We're the first to get American Bar Association accreditation for a pilot program now going in our eighth year. So we started that much earlier. And what that allows us to do is get students not only from around the country of all different ages, because they can do it asynchronously, but we do get some international students. So even though I'm in St. Paul, I'm having some contact with international students. And then a few summers ago, three summers ago, I had this wonderful opportunity to come to China from a professor at Tianjin University of Finance and Economics School of Law. And he invited me to come and talk about ODR and I taught at Tianjin University of Finance and Economics. I think it was at Wenzhou University College of Law and Politics, China University of Political Science and Law. So I did have fairly recently some exposure with Chinese students. And my experience, and I don't know how the students were selected to attend my lectures or classes, were that they were very well prepared. They were very well engaged. They asked good questions. I had a very good experience with them. I think right now that students in the United States, they are being hit with very serious challenges that are forcing them to kind of look inward, look outward and reflect on where they're going and what their future is going to be. So I think students in the United States are thinking about being more occlusive, more global. I think that they're concerned about climate change in ways that prior generations weren't. I think that, for example, given that the George Floyd trial is beginning here in the Twin Cities today is one example. Students are very attentive to what's going on and they're concerned about social justice. And events like what happened here in Minneapolis bring that home. The January 6th activity at the Capitol, in the anticipation of today, actually sent out the questions to my students and kind of got some of their opinions. And one thing they responded was that, in terms of where are they politically, is that they were shocked by what happened January 6th and they were frightened by it. And it gave them a real motivation to try and make certain that kind of thing doesn't happen in the future. So I've got to say I've had good experience with both Chinese and students, albeit I've had much more exposure to American students. Sure. One thing that strikes me from what you said is that we've had a kind of examination of who was there on Insurrection Day. And there's various right-wing groups and some law enforcement officers or former law enforcement or military. And it's really, it's a potpourri. However, I don't hear a lot of, that there were a lot of students there, especially law students. I don't hear that there were a lot of college students for that matter. And I think that really tells us something. We're going to know more as these investigations proceed. But it's refreshing to find, at least on the surface, it does not appear there were a lot of students at the Insurrection. So Russell, can you make that same comparison? Can you compare the, what do you want to call it, the critical thinking capability environment for an American student versus a Chinese student? And I might add, by the way, that one factor in China that I became aware of is that social media can be closed down in a moment's notice. And there was something called, I think it's called clubhouse. It was a kind of oral audio type of social media. The government closed it down one fine day because it was getting around their efforts to limit the written social media. Anyway, can you make that comparison for us too? Okay, Jay, thank you very much. As I've mentioned before, my background, it really has been teaching mostly Chinese law students in China and Beijing for the last 15 years. And one of the things that I've noticed that's different, at least with my limited exposure with American students is that the Chinese students are much more global. And I see that although there's a lot of discussion about their media being shut down, they do still find ways to hear about things outside of China. And one of the things that I find that is vastly different is that the, at least the students I teach, and all the students that go to college in China have to have a very high level of English proficiency. The Gao Kao, the exam to get to a good university, it can be make or break if their English scores are pretty bad. Okay, so when they come into our university, which not only teaches law, but also multiple 93 different languages around the world, the students have a second language in command. To get to a very high level of English, they've had to familiarize themselves with the culture, the literature, movies, books from the US. So there is a certain level of understanding. It may not be up to date, but very fairly high level. The second thing I've noticed with the Chinese students is that more and more especially in Generation Z, the parents will take them out every year to take a global trip somewhere. It could be Cairo, Egypt to see the pyramids, which I've never seen. It could be Kenya, Africa to see what Africa is like, because China is doing many projects there. But the reality is that the Chinese have this saying that to get that outside education, international education, we believe that traveling internationally is worth a thousand books. So they do get exposed to outside. And they also have technology now where they can still be in touch with friends through WeChat or other people through WeChat in the US, as long as WeChat still exists. So I see them a very technology driven just as American students. But I think they are much more global than maybe Americans may want to realize. And I say the people versus the government. And so I think there is a very high level of intelligence interest in the US. And I teach courses that are American law courses at the university. I use a Socratic method. And I have them read cases. And they have a litany of legal writing. I teach the common law contracts courses. And the traditional, I even taught a constitutional law classes. And we read cases like Roe v. Wade about the abortion issue. So they do get that exposure. And the government makes sure that in the law schools, they do get these courses. When you teach them American constitutional law, this is really important. Are they invidious? And they say, gee, wow, that's the heart of democracy. I mean, maybe I should be speaking before Trump or before the insurrection. That's the heart of democracy, the Capitol building. These people come, they're representative. They run for election. They have to satisfy their constituents in some way. They meet. They deliberate. They make legislation. And there's not a lot of limits on that. And this balance between the three branches of government, however imperfect, that's the American constitutional system. So when you help them read cases, the Supreme Court, when you help them understand the American branches of government, is it encouraging to them? I mean, do they feel that's a really good system, maybe even better than their system, maybe better than the People's Congress or the Politburo? So a query, can you tell what you're teaching them? Let me give you an example. I think they have a very intellectual, very intellectually curious, and they do respect our system. And if they went to Washington D.C., the first thing we want to do is they want to get a picture at the Supreme Court. They want to go into see the Declaration of Independence, maybe more so curious in most Americans. But what I find is that there's a really a big divide, a conceptual misunderstanding between, I think, American students and the Chinese students. Well, let me give you an example. I have friends who have children that have grown up in Hong Kong. And then I see my students. The difference is that somebody in China, a student, they're concerned about something very different. They're concerned about economic freedom. They're concerned about making living because they don't have a social net, a social belt like we do, you know, like the social security system that really is supposed to be a play state. They are starting to have one, but they don't have that. They are subject and required by their culture to take care of their parents when they get old, that there are no butts in this. In America, parents go to old folks' homes in China. They don't do that. They take them at their home. So they have an economic burden. So their focus in school is getting a better education and having economic freedom. Somebody from Hong Kong, students, they are grew up in a different system where it is not economic freedom. It's personal freedom. This is what we equate in America, personal freedom, liberty, all that stuff, life and liberty. But I think there are two different things we're looking at. I think it ends up in the same place eventually. So I'm not troubled too much if, you know, they don't agree or, you know, have a position as which systems is better. I think the most important thing is that they're exposed and able to see different things. Yes, you know, but the question really, the underlying question this whole discussion is whether they will have the opportunity to reform things, to improve things, you know, to make a better world. In a world of, you know, hard government, call it hard government in China, repressive government, you can find a lot of terms around, you know, hard government. It's hard to change the government. And, you know, look at, look at Hong Kong, it's going the wrong way. Those students would like to have greater freedom. They want to, you know, participate in government, make government better and so forth. But they're going to go to jail for their efforts. And so the question I put to you is, in China, how likely is it that a generation of enlightened kids will be able to reform the country and make it not necessarily the American model, but a more democratic society? Well, Jay, if you ask me the question, I think it's really up to them. Okay. This is their future. They will make that decision when and if they're ready. But I think, I think that the thing, if I were to look at it in a very analytical point of view, you know, our country has taken 200 years to get where it is. We didn't have the civil rights movement until the 1960s. And we had hundreds of years of no really, I think a lot of bad things going on. We had the George Floyd incident just last year, you know, awakening and everybody's seeing something different. It's been taking many years. So in one sense is that if we're looking at China, if we look after 49 or when it opened up in the late 70s, we're talking about a 50 years. And I think it's very different to equate 50 years with even us over 200 years. So there's a there's a process that takes time. And, you know, hopefully it will come out the way that they want to come out with. And I think that that's a big difference if we were to look at it. And we can't just impose our values and say, you have to be like us. Now it's 50 years, and you have to follow exactly the way we are. That doesn't work. A very different culture, different problems. You know, their problem is 1.4 billion people. How do you feed them? Imagine if they had a problem where they can't feed them. The rest of the world would have to pitch it. Okay, then it would be a very different situations. They've been able in the last 50 years to lift 800 million people out of poverty. They're heading in a direction, you know. Well, they're very successful. They're one of the most successful economies of the world. And I think they could walk in true gum at the same time.  I have trouble calling it a democracy. But if you want to, you know, talk about their age in the current model of government, yes, it's 1949. It's not that long ago. But I think they could handle all of this. And really the question, I'm going to put this question to David Larson about the American students, is whether they understand and are able to reform things that need to be reformed. One of the things that I wanted to ask you about, David, is the constitutional law aspect, as Russell has mentioned, you know, query whether we have a generation coming up that understands what it is to live in a democracy, that understands what the constitution is, you know, the social legal constitutional framework, which we've all enjoyed since the 18th century. Are we there? I mean, these kids understand when they leave your school, then they understand, well, when they arrived at your school after college, do they understand? That's a lot of, that's a lot of questions. So I'll put out a couple of comments. One, in relation to what you were talking about with Russell earlier about the probability or possibility of doing any kind of real change. And this whole is true for China and the United States. Bloomberg Media had a study recently where reported that members of generation Z make up one third now of the world's population. One third of the world's population. Well, you know, there's strength in numbers. And to the degree that generation Z has some different ideas, they have certainly have a critical mass to begin to make that happen in different places. The people under the people of the students in the United States understand the Constitution. I think, I think it's being brought home now in the last couple of years more intensely than it has been for a long time. You know, things like the things that people are saying about, I don't have to wear masks. I have a constitutional right when I go into a store. Even though for decades, stores have said no shoes, no shirt, no service. That didn't seem to bother anybody. But if you want to add a mask to that list, well, now suddenly I've got constitutional, I don't have a constitutional right not to wear shoes or shirts, but I got a constitutional right not to wear a mask. I mean, I think those kinds of discrepancies are being brought home very intensely now. And people are asking, well, what are the constitutional rights? Is there really constitutional right not to wear a mask on someone's private property? And they're learning that there isn't. So I think current events are bringing life to the Constitution in ways maybe it hasn't in the very recent past other than civil rights movements, which of course, put a real focus on, you know, starting, you know, when the march is in the 50s and 60s. But yeah, I think that attention is being paid to the Constitution. Law school applications are going up again, which means that people are thinking about what are the laws and the laws need to be reformed. And if I want to reform laws, I need to have some skills. And I'm not going to have those skills unless I go to law school and get a degree and understand how to read a law and how to read a case. So I think right now there is more attention being paid to the Constitution, to laws, and to legal reform than there has been for a while. I think going to law school so they can reform, you know, I mean, you know, to me, my experience is that in different times and generations, kids go to law school for different reasons. There have been times in, you know, in the time that I have interviewed lawyers for firms, I found one interesting period where they wanted to change the world. That would be back in the 60s and 70s. That was the time when they wanted to make as much money as possible and be damned the rest of it. There was the time when they wanted to go into politics and have control. It's a generational thing in my observation. So can you say now these days why the bulk of them are going to law school? Well, I think, you know, for example, in Minneapolis, you know, on our Lake Street, tens of millions of dollars, hundreds of millions of dollars of destroyed property in our neighborhoods, you know, there are events that are unavoidable that are happening right now. You just, you can't pretend that things aren't happening and that you can't ignore the questions about why are these things happening and if you don't like what's happening, is there anything I can do to stop it? And one answer that people are gravitating towards is that maybe I can stop it if I can get involved in the process in a productive, quote, official way and change the direction of the legislation. And I think there's a feeling that maybe I can. Will we like what happens here? I mean, there are a number of states where the Republican community is moving to suppressed voting. In my view, that's disgraceful. But that's what's happening. And they're passing those bills. Will we like it? What happens when this generation steps up and takes control? They may like it. By definition, they would like it. That's their generation, their time. But how about us guys, the older guys? Will we like it? What they do? Well, you know, there's a lot of talk about white privilege and benefiting. And the fact is that that's happened. So it may be that the old way of reaping benefit at the expense of others will be mitigated to some degree. And if all you're worried about is kind of how's it going to hurt my pocket, you might think that this is a bad thing. But I don't think that's the way we should think about it. It's not that, what do I think I'm going to lose? We should be thinking about what do I think I could gain by being more inclusive and by giving opportunities to people that have not had opportunities before. And how's that going to reflect the stability of my community? And the way I feel when I walk down streets in certain neighborhoods, I mean, if people feel more secure and more stable, maybe my world will be better, even though in the short term, I thought, oh, it's going to be my disadvantage. Maybe really it's going to be to your advantage. So Russell, we're almost out of time. But I certainly like to hear your thoughts on these issues and kind of a summary of where this generation is, how they feel about Western liberal democracy, how they feel about, you know, government in Asia, specifically in China, how they feel about the relative position of the U.S. as against Europe as well. So can you summarize and point me where we're going on this? That's a big question there, Jay. I think from David what I've observed, I think the word is inclusive. And I've observed that many Americans who have come to probably point of time, it's sort of like our cultural revolution, asking who are we, what are we, what is the constitution about, which I think it's all good, all necessary, and becoming more aware that there is a world outside of our local world and U.S. And I think for the Chinese students, again, the key really is we have to, again, the word is engaged and involved in the world, because if we want any reform, and as David mentioned, it's a third of the world's population will be the generation Z. It's important to be there inclusive. And again, through education, dialogue, exchange, I think that makes it better for both students of both sides of the world. Again, they may not be in a position, students at this point to make a change, but it's an investment in the future, and then hopefully that they will make the good changes in a few years as they become adults more responsible. So in summary, it's all about there's a lot of similarities between the generations Z students in America and China, but the focus may be a little bit different at this point in time. In America, we're asking who we are, and about being inclusive in China, they need to get more global. I mean, if we we need to keep that exchange between the world so that they can someday will take some of what they learn and the ideals and incorporate it into their world. Yeah, down with borders, down with nationalism, students of the world unite. You've heard that phrase, right? David, can you tell us what you would like to leave with us and our viewers today about the subject? Take a minute and give us nothing short of profound. Very high bar. So I don't think I'll shoot quite that high. You know, I think that what I'd like to leave with, you know, when I talk to my students is that you know, don't try, try, given some of the things that are happening, the January 6th capital event. And, you know, what's happened here in the Twin Cities is that try not to get demoralized. You know, try not to think that all is lost. You know, I tend to be more glass half full than half empty. So, you know, I feel that that if things have turned in a bad direction, that there are things we can do to turn them in a more positive direction, and to not give up hope and to the degree that you have high aspirations, I encourage you to embrace those and try to achieve them. And I'm sure you do tell them that law, law education enables them to participate more than most and they have a duty as professionals and lawyers to do exactly that. They have a duty to improve our society. And Russell, what are your closing thoughts? What would you leave with our audience? I think that hopefully that these generations, these students will, as I agree with David, that they have to have hope, think the glass is half full with much more opportunities. And I think it's these all these things that have happened here in the U.S., the January 6th. It's really something as a positive thing so it makes us to think and makes us to think ahead. And I think the students, the generous you see, they're really an investment for for us so that they will make a better world. And I think keeping that optimism and especially my thing is I always like to see more American students go out and get global, learn another language. It allows you to see things differently. You can become more positive and enlightened. So that's that's my closing word that I just want to share with you Jay and the audience. Well, yes, and yes, we should ask them to give us an age of enlightenment. That would be nice. We can all agree on that. All the generations will agree. Russell, you, David Larson, thank you so much for joining us today for the Middle Way. We look forward to the next discussion on this show. Aloha. Aloha.


The biggest cost when you're running a restaurant, labor costs, costs of good solds and your rent and as of late third party delivery app fees as well.  So make sure you guys keep watching. All costs aside the biggest devil in the room are definitely the third-party delivery apps. It is definitely a love hate relationship with them. On one hand you love them because it allows you to have their technology. Leverage their technology so then that way you can get their sales. Also leverage their technology so then that way you get the delivery logistics which is a big big problem that they're solving and on top of that it allows you to reach a bigger audience, wider range of audience online people that wouldn't be coming to your restaurants otherwise and this gives you potentially more revenue. Now on the other hand revenue does not equate to profits. They charge an up to 30% in commission rates which really kills a lot of restaurant because restaurants are already notorious for their slim margins. Not one restaurant owner that I consult with that I talk to love third-party apps.  And that's reason why I'm super excited to share with you guys Square Online. This is a tool that I wish I had when I was running my ice cream shop 720 suites. This super powerful tool allows you to take back control of your business that allows you to save more than 30% of the commission fee that we were just talking about amongst the other benefits that we're gonna be diving in just a second. The beautiful thing about Square Online is that it is free for you to use so if you're just starting out this is the perfect tool. If you need more features in the future then you can subscribe but aside from that there's no subscription fee which is way more than fair. So make sure you guys check it out in the link below. I actually reached out to them so then that way when you sign up using the link below and the code you actually get more free credits on your account so make sure you guys check it out in the link below. So let's dive straight in and see how Square Online allows you to make more than 20% more in profits for your restaurant. So to illustrate this I'm gonna be providing you with an example with Wilson's Wings. Let's say for Wilson's Wings we make $100 in our order out of the $100 around 30% of it would go to third-party apps like Postmates, Uber Eats and DoorDash. Out of the $30 this would include their transaction fee, commission fee and delivery fees. Now after all is said and done $70 goes back to us as restaurant owners so that way we can pay for the cost of goods sold and our labor and our rent. Do when we are utilizing Square Online's on-demand feature. Same example Wilson's Wings makes $100 in order. 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So in this case Wilson's Wings again $100 in order a $1.50 goes to Square Online and then the $7.95 goes from your pocket as well. So in total you would get back $90.55. Now the third option is a hybrid of both.  So in that case you as Wilson's Wings once again when you get $100 in the order $1.50 goes to Square Online and you pay out of the pocket of $2.95 that gives you back in your pocket $95.55 to account for your labor your rent and your cost of goods sold. With this model it allows you to actually be much more creative with this and when you're creative what you can do is that you can waive delivery fee if someone orders above a certain threshold. For example I am going to waive the delivery fee if you order anything above $100 because this allows you to push people to order more food from you. It would increase your average order value and thus you have more margins to pay for your delivery fee and you make more money your customers are happy they feel like they're being taken care of and everyone just becomes a happy big family. The beauty about this service is that Square Online allows you to have the reliability of the delivery fleet drivers from the third-party apps without you having to pay for the commission fee which is why it's such a powerful tool that you should definitely check out and I've already illustrated to you the different scenarios scenario one using third-party apps or scenario two using Square Online. Just imagine that you as Wilson's Wings in a month you're making $60,000 in sales. How much money can you actually save just by using Square Online? If we're talking about a conservative number let's say you save 20% from the commission that's more than $12,000 a month of savings guys a month of savings. Imagine the money that you're gonna be able to save over the course of the whole year. Now simply put when you're using Square Online you're basically getting back your control of who pays for the delivery fee. Either you pay for it or your customers pay for it and this actually allows your customer to really support you because a lot of times customers understand that these third-party apps charges an arm and a leg and they want to support their restaurant but they just don't know how because they just want the convenience of their food at their own home without traveling. That's the reason why this is the perfect tool for you to utilize and your customers gonna be happy while you are gonna make more money. 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And the last step it is to yell it out tell your customers it is time to put the money back into your pockets share with your friends share with your family share with your customers tell them that you are now accepting orders from your own website and delivery is also gonna be available as well. So go ahead right now and click in the link in the description so then that way you can set up your delivery page all for free. Now the best part about working with Square Online aside from the 20% that they save you is the fact that you get to own your customer data now why is this important it is because now you can reach out to your customers share with them your promotions share with them your brand story share with them when you have a new product share with them anything that you would want to this allows you to build a much stronger brand that is worth a lot more money if you were to sell your restaurant in their future as opposed to you working with third-party apps you never get the opportunity even the option to message those people that's reason why it is so so powerful when you get to own your customer data and if this is something you're interested in about then make sure you stay tuned for our next video because that's when I share with you how you can do this using Square Online's platform and why it is such a powerful tool that allows you to build a much more valuable restaurant so make sure you guys stay tuned otherwise I will see you guys in the next video


What's up everybody, Jason here for jazzy's case breaks.com. This is jazzy's four box high-end basketball mixer number one random divisions $1,000 a spot gets you a random division in the NBA So we have one box of 1920 immaculate basketball hobby, which of course is almost like a $4,000 box alone We have a 2021 mosaic hobby box a 1920 crown Royale box in a 2021 contenders optic So we have two different years worth of drop class here Here's a dice rotor. So will got the two spots straight up carlos won in prism. Uh, cello Uh, number 146 and then nico won a number 147 and will won 148 and 149 So congrats to the winners there. There is the atlantic central southeast pacific southwest and northwest division Let's roll it and we got ourselves a four and a six for 10 times So good luck guys 10 times on the names and the divisions one two three four five six seven eight nine 10 All right 10 times there Need to go down to will get in your sheet actually really quick one two three four five six seven eight nine 10 boom 10 times southwest down to the pacific Maybe divisions because sometimes I Kind of forget some of the divisions But nico you have the southwest which of course I believe uh southwest Oops excuse me What divisions, bro Not eastern and western So the southwest is uh the dallas mavericks houston rockets memphis grizzlies, northerly pelicans, and the san antonio spurs Will you have the atlantic? Which would be Uh, boston saltings, brooklyn nets nicks 76ers in toronto carlos you have the northwest Which would be nuggets Minnesota timber wolves Portland trailblazers okc thunder and utah jazz will with the southeast Which is atlanta charlotte hornets miami heat orlando magic and the washington wizards And as well as the central which would have the calves bulls pistons bucks pacers and of course the pacific of course We'll have the lakers clippers Warriors sons and sacramental kings So there you go guys. I'll give you guys a quick minute if you guys want to make any trades I know man nico got crazy luck today, man It's nico. No, he's I think he's in there. That's who my messages aren't going through A box uh I don't know probably like Well, look at the price point online and then you can see nice. That's awesome jack. I expected that to sell out We will do that after my dinner break I figured triple threads and one and one will definitely go tonight. I don't know about anything else after that though All right guys. Well trade when to close it and stick to what you got All right, so I think we'll just go down the line We'll go with prom reality and contenders optic to mosaic and end up with immaculate, of course It does man. Definitely definitely does All right, so there's the divisions. All right. Good luck everybody Kevin porter jr demarger rosen kbj of course going to cleveland And uh cleveland we part of the central division which is going to will brandon angrily for the pelicans and a knight's corners all for the cows That is con sex and there is garland and kevin love to 75 Another one right there back to back for will and the central Zaum willinson it's a relic It's still very nice That'll be for the pelicans And of course the pelicans are um In the southwest Which would be nico Rookie silhouettes part number 128 jaylin. No, well, that'll be for the timber wolves So minnesota timber wolves would be the northwest and carlos So All right, let's go to contenders optic We have a rj barrett team tandems with julius rando And we have a uniformed with james harden nets Are in the east and are in the um Atlantic And so is the nicks Which will be going to will drew holiday and buddy yield And a nico mannion for the golden stay wars rookie ticket I think played in italy now Or france overseas But there you go that is going to go to the pacific and will Alrighty Next one Which would be a mosaic hobby box 2021 Yeah, those are gravity feeds. So I mean I don't guarantee autographs. Why?  You can mix it up a mellow wiseman And a jamaical green Out of 49 heaven booker, okay Jay shuntate silver for houston isaac joe Anthony Edwards coral james harden yokech Lamello Halliburne for the pacific Center stage Jason Tatum Rikki rubio blue Blue chips anthony Edwards dirk lebron Wiseman quickly swagger anthony dais And magic johnson for the lakers Of course, one of the pacific and will that's your last spot mojo spot as well And brandon england if I gotta pull a lot of magic johnson out of mosaic Here and on the personal side There Yeah, I know man, I don't even know where we had this box I don't know if this was some personals or we just had a case that we opened up It's a little in the store. I have no idea where this came from All right guys. What's so far though a little magic nico manion Jaden Noel Let's get a big box right here guys Of course, this is the biggest box of them all it feels like four grand Let's get a big rpa Or lobal man either one Good luck guys After this guys, I'll get together the list and we'll do the little randomizer to give away the break credit $2,000 one person of course will win uh 1500 and uh Two through six win a hundred bucks each so We got a couple winners first one we got is eric paschall for the um golden state wars It's going to the pacific We have the standard that's bam adibao for the miami heat Which again uh miami heat will be the southeast Which is also will We have a bruno fernando jumbo Jersey numbers 36 out of 50 three colors Uh, that'll be alana hawks Which is also part of the southeast and will We have a diran williams who I think is fighting Frank or I want to say dallas mavericks 10 out of 10 Which uh dallas mavericks will be the southwest Which is nico All right, did I get that correctly? We have a jaylen noel rpa to 99 for the minnesota timber wolves One two three color patch and autograph And timber wolves is part of the northwest Which is regardless All right, the last one's actually a redemption Actually a thicker redemption too. So maybe a patch autograph Good luck guys whoa Whoa, hold on rookie patch autographs jersey number so This is numbered to the jersey Let me pull up and maculate so that is an rpa And there is jersey number parallels. Yeah. Wow. Okay. Good luck guys So rookie patch autographs jersey number card number 119 Which is bowl bowl. Wow. There you go I want to say I don't even know what number bowl bowl is Well, this is 1920 jack. So like xion would have been a 101 actually Um What number is bowl bowl that is uh Denver nuggets Which is uh, let's see Northwest which is carlos. There you go He's number 10. Okay. So that's out of 10. That's pretty cool. That's actually really nice So, yeah, like it like Anthony Edwards or if there was one like this, but like xion would be one job around would be at a 12 Uh, etc, etc That's really cool. There you go. And I mean actually, uh Put up on the other redemption that I got The division that is Northwest All right, guys. So there you go. Bowl bowl rookie patch autographs jersey number, which would be out of 10 for his jersey Uh, that was the break Jasper's four bucks high and basketball mixture sold out number one Like I said, uh, so what I'm going to do guys is uh, I'll switch scenes and I'll start a new video But uh, we'll be doing the uh, all spot. So approval If all of these breaks in here sold out including fillers, um, Then we would give away $2,000 in break credit. So Appreciate it guys Good luck everybody


How does a seismometer work? We have here an example of a very, very primitive hardware store seismometer. These are all components that you can buy in a hardware store or an electronics store. The main part is this boom here, and that boom is suspended on two springs.  And when the ground starts shaking in this direction, then this boom would move back and forth like I'm inducing now. And we have a set of magnets in this part and a copper plate and copper wires in the copper colored part, which is the actual mass. And when you look at some of the basic laws of physics, you know that when you have an electric conductor moving in the magnetic field, that this induces a current. And we pick up this current here and then run it through another device called a digitizer and then into a computer where we can store and analyze the data. Now, what happens during an earthquake? Of course, currently we don't have an earthquake here, so let me simulate an earthquake. Now I hit the desk with my fist. The desk shook in the same way or in a similar way as it would shake when an earthquake would hit McCone Hall here. And you see that this instrument moves, the mass moves due to the shaking that I induced. And we can see the shaking here on the screen after it went through the digitization process.