Okay, welcome everybody and welcome our guest, Martin Sambu, who many of you will know from the Comancial Times and will read them regularly. Martin is going to talk, we just had lunch and we've been completely dominated by a subject, guess what? He's not talking about the B-word today, he's talking about the future of the Eurozone, a subject on which he has written not only regularly in the FT but also book, thank you. Martin's been with the FT for almost ten years and has done a range of other things in his life before that and has degrees from both Oxford and Harvard. Good, Martin. Thank you very much. Thanks for having me. Yeah, it does feel a little bit surreal to be here and talk about an issue that isn't related to Brexit although it may come up in questions afterwards. But I've been asked to talk about the future of the Euro and I think it's timely because my sense at least from kind of travelling around European capitals is that there is quite a lot of momentum at the moment that we will see something being agreed this spring by June. And so I think when I suggested a title for this talk I said who will govern the Euro and who should. So I'd like to structure the talk and I don't want to talk for too long because I'd like to get a discussion going by talking a bit about what I think might happen now in the short run and then give my view of what should happen in terms of Euro governance. So just starting by where we are politically at the moment as I said the time seems ripe for arriving at some sort of compromise of Eurozone reform that brings the whole construction a significant step forward. Partly that's because all the technical work has now been done to death if you like to such an extent that everyone knows what the various options are what can be done depending on what you want to do. So in a sense there's not much left to do but decide what we want or what the Euro area governments want. Of course that's the hardest part but the technical work has been hard too. But the second bit is that there seems to be to me at least to be more will more desire than there has been in a long time to actually kind of get this get this issue a bit more settled and pick some of the technical options come up with some sort of package that will put the Euro structure in a safer place and a more solid place than it is perceived for a bean in the past. I say perceived because it's not obvious to me that that is entirely correct. But I think you know one sort of straw in the wind that is both technical and political was when was it a month or two ago a group of 14 economists seven French and seven German very carefully picked and counted came up with a series of technical proposals for Euro governance reform covering all the bases from types of fiscal risk-sharing to restructuring to capital markets union and so on. It was very good paper it was quite technical but it just felt to me like there's an appetite in the technocratic world and in the political world for getting this done whatever this is. So what is this are going to be? There are at least three levels at which you can interpret the question who will or who should govern the Euro. One is is the Eurozone economy going to be governed at all if we understand by governed governed by decision-making by policymakers or will it be governed by rules which is one alternative or simply market forces which is a third alternative that the answer is obviously it'll be a mix but I think it's useful to ask the question in the form what will be the mix between policymaking rules set down one set the start and then in principle applying forever and third the mechanisms of the market to the extent that it is policy decision-making that's going to govern the Euro which policymakers and especially at which level national policymakers or decision-makers at the centralized level and that's maybe one of the biggest axis axes of debate and finally who is going to govern or decide the answers to those questions in the few months ahead and that's where I think is useful to to start what is happening right now there will be a summit in June that in principle is supposed to decide on Eurozone reform it's very much driven by a Franco-German agenda whereas you'd say a French agenda and the German agenda because as always much of the answer to who governs will be whatever the French and the Germans managed to agree on but they're not the only ones and so I take note of this paper signed by is it eight or nine finance ministries a couple of weeks ago including the Irish one in this new northern grouping that now seems to be called the New Hanseatic League which I think is the old Hanseatic League plus Ireland which seemed to me to be a fairly German if you like take on what the Eurozone needs and then you can think about the other wing of the European continent or the geographical Eurozone area where you see that the countries on the Mediterranean are largely missing in action or if they are contributing by now it's largely deciding behind a French position I'll make an exception for Portugal which is doing something interesting that I'll come to later but not so much in influencing the principles debate that's happening right now now I'm not going to spend much time on this the Franco-German divides because you all know them very well and they are you know that they kind of keep coming back and slightly different guises but there's a French proposal or push for more common decision-making but also more common funds the risk sharing part of this debate if you like versus a German insistence on rules and self-reliance and discipline the risk reduction side of this debate so it's a little bit of an impoverished way of putting it but it's still a useful dichotomy between risk reduction and risk sharing now it seems to me that what is likely to happen is more or less something quite close to the German position since Emmanuel Macron was elected we heard a lot about the need for a Eurozone finance minister the need for a Eurozone common budget some sort of proto or mini fiscal union from the French government that hasn't really got very far and it seems to me from conversations in Paris that it's not a priority for the French to actually get that secured this time around the French are surprisingly keen on banking union one reason for which is that it will favor big pan European banks and many of those are French so they're actually quite on board with what one might naively think is a more German vision of getting the eurozone to work through market discipline in the private market through banking union with its bail in provisions and so on the French are quite keen on working on tax harmonization corporate tax reform which is obviously an issue that matters a lot for Ireland and it's not really logically a eurozone issue but in Paris you often hear it as one of the main pillars mentioned when you ask about what are the priorities for eurozone reform in the next months and years finally the focus on a eurozone budget and a fiscal union is still there but it seems to me that it would be possible for France to agree to some kind of roadmap for what might happen later and letting all these other building blocks be put in place first so my best guess is that what will happen in this phase is that by June or shortly after if the agreement hasn't quite been struck there will actually be a strong agreement on finalizing banking union various ways moving ahead with capital markets union beefing up the European stability mechanism into something called a European Monetary Fund fund an important package of things with some promise of looking more at a eurozone budget in the future but nothing very concrete decided on that particular part of the of the package so you may call this perhaps a a German victory the places where the Germans will probably give in I think is that there will be some agreement on a pan eurozone deposit insurance scheme there will be some agreement on backstop funding for bank resolution which will be seen as a German concessions but really things that I think the German government has come to feel that it can live with so the question is I think is that enough so there are many people who will say that that does not really fix the problems in the eurozone so if we want to move from what will happen to what should happen you really need to ask the question which is not asked often enough in my view which is what is really the problem that we want eurozone reform to solve and there could be many answers to that and I think some of the difference you see in choice of instruments and technical solutions and policies really come down to different views of what the problem is that we're trying to solve so let me give you at least two ways of answering that question what is the problem that eurozone reform is supposed to solve maybe four two and two one is crisis management the idea the purpose here should be to avoid a crisis like the last one managing it better if it happens or make sure it doesn't happen but crisis management essentially so the view here would be the eurozone wasn't really fit for purpose in terms of fighting the crisis that needs to be fixed and that's what these reforms are about and they kind of you could divide this up you know one is one part of crisis management is what do you do when a eurozone country government suddenly cannot borrow in the markets and needs to finance its deficits so this is something about just the ability for a government to refinance its debt in a balance of payment crisis another side of this question is how do you avoid the damage prevent the damage to the real economy from being too great which it quite clearly was in the way the eurozone handled the crisis last time round so that's one sort of problem you might think you need to solve another sort of problem is the general functioning of the eurozone economy in normal times and here again it could be you know related a bit to the crisis but rather than how you manage the crisis how do you make a crisis less likely to happen in the first place how do you prevent balance of payments crises to occur in the first place or more ambitiously how do you ensure better convergence between the members of the eurozone a convergence is one of these words that people tend to use everyone uses it in a slightly different way one view of convergence has to do with sort of income convergence and it leads you in the direction of thinking there has to be transfer mechanisms from richer to poorer eurozone countries another view has to do with policy convergence that there are some policies that make for better growth and in order to make all eurozone economies make the poorer ones catch up with the richer ones they need to have better policies and eurozone governance has to do with getting those policies implemented labor market reform and so on now my general take on all of these questions is that we're probably closer to a well functioning eurozone than we often like to think and I say that because I think that the problems that the eurozone has been through both in the crisis and in the lack of growth until recently don't have all that much to do with the architecture of the eurozone and have a lot more to do with the policy choices that have been made within that architecture in terms of crisis management things could have been better handled in the crisis but above all there already are a lot of new tools available there is a European stability mechanism to help a government that runs out of market access and in terms of having a less counter cyclical less pro cyclical sorry response to crises well that's sort of a question of what policies are imposed from the central level or from the entity that gives rescue loans in the first place but it's not as if there were any tools preventing the Troika from recommending or requiring slightly different policies that wouldn't have been quite so pro cyclical and hindered growth quite as much as they did in many crisis hit countries so on crisis management I submit to you that actually the tools are pretty much there the existing institutions can do things differently and everything really depends on what political choices are made in a crisis and the question we should ask is will these eurozone reforms that are on the table or others that are being proposed actually make it any more likely that the right choices are made when a future crisis hits the answer to me seems to be no I don't see much reason why it would change what politicians and technocratic policymakers would do unless they themselves have changed their mind about what the right thing to do is on convergence I think there's a hidden premise in the idea that eurozone reform has to have as its goal to help the poorer countries catch up with the richer ones and have a more convergent eurozone economy as a whole maybe two premises actually one premise is that the currency regime actually can do this that which currency regime you have actually has a significant and an important impact on whether you grow faster slowly that's quite an ambitious demand from a currency regime that may not actually be warranted growth depends on a lot of things what currency regime you have maybe one of the less important things so you may always have been a bit too ambitious to either expect the euro to improve growth or to think that it has to be fixed so that that happens but the other premise is that it is possible to bring good policies to bear on countries that don't want to adopt them themselves that through some sort of centralized eurozone policy architecture you can get better economic policies structural reforms and so on to happen then you would have otherwise now that's true in the narrow sense that if somebody wants your money and you can tell them what to do in return you can force some policies to be adopted there wouldn't be adopted otherwise but the political sustainability of that I think is very much to be doubted so the politics really is what we're coming to here and I think on on an economic from an economic point of view there's less that need to be fixed than we often think but the politics of the eurozone means that you need to be very cautious about the way you try to implement whatever economic fixes you think you need because you need to do it in a way that will command enough political support over the long term and so here I think we come down to the very deep division one view is that if citizenry's in crisis hit or slow growth countries feel that the economy isn't delivering for them the euro itself will lose political support and eventually it will break up therefore the most important thing is to through whatever means impose to use a hard-word policies that will work better the other view which I think is more or less diametrically opposed is to say that anything that any kind of policy that's imposed that doesn't have the buy-in from the people who are imposing it on will itself erode the political sustainability of the euro so these are incompatible views and they take you in very opposite direction it was how you think about a policy and governance architecture now my my view is I'm in the latter camp I think that the worst thing we could do to the euro is to push very hard for reforms that have very little political support on the argument that this is necessary because otherwise the euro won't work well in an economic sense that is in a sense doubling down on the disenchantment that many citizens of eurozone countries fell into after the crisis where they had been promised 20 years ago that the euro would lead to prosperity it would lead to political equality it would mean not having to follow Bundesbank dictats anymore for example and on the side of credit to countries the promise was this will not force you to have to bail out countries in trouble or responsible countries those promises maybe not legally but politically were broken by the choices that were made in the eurozone crisis and to now go down the route of saying well this time trust us we need to do even more of the things you don't like because otherwise we won't fix the problems that we caused by doing that in the first place in the first time around I just don't think that is politically sustainable and if you think like I do that economically there is less that's dysfunctional about the eurozone and many people will claim then it would be downward right reckless to start imposing politically controversial reforms for no very good economic reason but that would erode the already threadbare trust we see between publics and their governments especially at a time where growth has returned and you can hope that things will actually start improving themselves just in the way they do when people get jobs again when they start to see their wages increase and so on still a long way to go for that but at least things are now going in the right direction so all of that to say that if what we get in June is what some may think is a modest package of finalizing steps on the banking union beefing up the crisis fighting mechanism putting some funds in common for through European deposit insurance and and a way to make bank bail ins and bank resolutions happen more smoothly if that's all we get that's not just good enough but I think politically maybe actually a very good outcome one that will not test the political support for the euro as a as a whole any more than it's already been tested and something that economically speaking is certainly better than what existed back in the crisis but more importantly I think on the whole adequate and indeed contrary to what some say fit for the task I will stop there and I hope we can have a discussion about you know from that starting point so thank you very much for coming in for your attention


Sermon over to the left-hand side and Ryan Fraser, Neil Mill here with almost eight minutes played in the third round of the FA Cup. Back to Phil Billing, little ball down the left side of the box, wants more for Rico's, get forwards a good effect so far. That cross strikes the first man, Billy Willeby! That minute in, the Cherries have threatened, they've pressed and now they have the goal. Billing's first in the Cherries' shirt. The fast side of Harry Wilson goes bounding on, beyond Jones, he tried to pull it first, chalked off, with a goal, almost within two minutes of coming on and has Callum Wilson put the tie to bed at 2-0. It's a functional from the Cherries, they look good at times and they look for Callum Wilson down the inside left channel. They haven't stayed in the game for a long time but it's a difficult night for them now as the Cherries nearly make it four.


It's really been exciting to work on this project. It's a project that the Center for Global Enterprise published with CREATE as a project partner and it really looked at the digital supply chain and the implications of that for the future, really looking at 2020. And one of the things that we did that I thought was really exciting was to be able to come up with a definition for the digital supply chain. So instead of looking historically, supply chain was kind of a sequential linear thing. And what we think is that the digital supply chain is really a customer focused platform that is going to pull in real time data from all different sources and that's going to be used for demand stimulation, demand management, demand matching and also to be able to optimize performance and to mitigate risk. A lot of it will have to do with predictive analytics and the ability to use data to predict where your risk could be. In addition, what we were able to do was to really break it down into practical terms for senior management. What can senior management do to be able to actually transform their business to be able to take advantage of the digital supply chain? And what we saw there is that there are really four areas that senior management needs to focus on. Demand, people, technology and risk are the four areas. So the white paper goes into a lot of detail in setting the stage for that transformation. In the coming year, we're going to be focused on more practical application and really digging deeper into some of these topics to see what companies can do to accelerate their transformation to a more digital supply chain and improve their performance.


He's my good boy. Oh, buddy. Huh? So, hold on. Your ear splits back. You weirdo. Okay. Today, I want to talk about something that I don't do enough, I think. And my concern is that when you guys see my content, that it just looks like everything is always rosy, and everything is great, and I'm always optimistic, and positive, and nothing can take me down, and I'm the king of the world. But in reality, the truth is a lot of the times I struggle. It might be different than the way a lot of you struggle, because I think I'm at a place now where, yes, I do incorporate a lot of positivity, and optimism, and gratitude, and focusing on the things that I want in my life, and that I want to attract versus like, you know, focusing so much on the negatives, or the things that are out of my control, stuff like that. Because I've done a lot of inner work. Not perfect. I'm far from it. But I've gotten to a place where my thought processes are usually pretty constructive and helpful to me in the macro. But I am always pushing myself, and I'm always kind of keeping myself just outside of my comfort zone. So just the nature of being out of your comfort zone is going to be a form of struggle, because I'm always going to be just a little bit uncomfortable. And then it throw in bodybuilding and always being sore, and tired, and dieting, and being hungry. That can make the day feel like a struggle. And it is that way for me a lot, especially when I'm prepping for a competition. So I want you guys to know I'm not just like skipping around with butterflies and little singing mice around me and stuff like that. Oh, that would be nice, but that's not reality. And so I just wanted to share with you because I'm having an especially difficult past week or so. So since I got back from world pride, so I thought I'd dive into that a little bit and share that with you. Why not? Yeah, here's some things that I'm just dealing with in my life. So a couple months back I got an accident that was my fault. It was very minor. I was just turning right into a driveway and there was a car parked to my right. And although I was cognizant of the car there, I noticed that there was a person on a scooter right behind me. And I could tell that they were like pushing up right on my bumper and they were like deciding whether they were going to try to like speed by me between me and the parked car as I was about to turn right. So I was like closely watching them to make sure that they didn't try to go because I didn't want to like clip them. And in so doing as I was turning, I ended up clipping the parked car that was right there. So my rear right side door ended up getting dented in because of that. And because of that accident, my car had to be totaled.  The cost to repair my door isn't more than the car is worth to the insurance company. So they had to total it out. And therefore I can't really drive the car until I get a salvage title and that's the whole process. I have to forfeit my license plates. And so my car, I've been putting that off. I have anxiety about it. I know it's a big ordeal. I've had a lot going on. I'm like, I need my car. What am I going to do? For the most part, I haven't been driving it, but when I go to the gym in the morning, it's like a few blocks away. And I'm like, I'm going to risk it. It's a risk to drive because if I get pulled over for any reason and they haven't sent me my new registration because of the fact that I need the salvage title now, even though it's paid for and everything, I don't have a new registration. So it's expired. So I could get pulled over and then I'm screwed because I'm driving with a car that I shouldn't be and all that. So I'm going to the DMV. I need to go to the DMV and apply for a salvage title and start that whole process. Meanwhile, my current living situation is no longer feasible. I have to move. And I'm currently living in a rent control department. So I'm paying very, very, very little to live where I'm living in West Hollywood, close proximity to work, close proximity to HF, close proximity to everything that's in my life right now. So and not having a drivable car at the moment, I need to stay in this area. It's important to me. And so I'm quickly looking for an apartment. And I've also decided that I don't want roommates anymore because I want to be able to have my space be a place that's not only for me, but also one that's functional for vlogging and for creating content for you guys. So I want to be able to completely design the space that I'm in the way that I want with lighting and with the way that it looks so that as soon as I want to turn on my camera, things are ready to go. It's the way it's set up the way I want it to. The lighting's right. It feels right. And it's just something that I want to show off. And in realizing that I want to get my own place, the reality is it's going to cost me to get my own place, of course. It's always cheaper to live with roommates. But this is something that's really important to me. And I think it's an important step in getting to the next level. I'm going to be spending so much time at home because home is kind of like my office as well as my living area. So I know I'm going to be in that space a lot and I want to feel good in that space. It's very important to me that I feel good in my home space. It's light. It's bright. It's airy. Just good energy. I'm very sensitive to all that. So I'm looking for a place that's going to fit all those requirements in this area and it's going to cost me. My rent's probably going to double. So I'm just coming to terms with that and organizing my finances and making sure that that's all going to work out for me and that that's going to pay off in the long run. Meanwhile, I've been a little dismayed lately because the YouTube algorithm has changed a bit in the past months. And slowly but surely it's been suggesting my content less and less. And that's just been a downward trend. I've talked to other people on YouTube that I know and are experiencing the exact same thing. And it's very frustrating for them. It's frustrating for me. But I want to keep pushing and obviously I just posted this 10K milestone which is huge. It's amazing. But it was like to get to the last few hundred to 10K it was like inching and it was going slower and slower because my content is just being pushed less and so invariably that makes me question what I'm doing and doubt like if my content is worthwhile, do people really care? Is this something that I should keep doing? Am I just wasting my time and my energy? Is it going to be like a few years from now and I'm going to be like in the same place wondering did I just waste the past five, six years of my life trying to do this? So I've had a lot of self-doubt and I'm doing my best to keep myself focused and not lose heart. And at the same time, I work a bartending job as my survival job. I was able to cut down on hours but now that I'm going to be moving into an apartment that's going to be more expensive I'm going to have to go back to my full-time bartending gig at the same time that all my content that I'm trying to create, that workload excuse the sirens, that workload for all my content is kind of doubling now. It's growing, it's not slowing down. I'm pushing out more and I want to push out on more platforms so I'm expecting more of myself in that regard and with AAHF and also realizing I'm going to have to work more so in the car situation and not knowing where I'm going to live it's a lot at the moment. But with that said victim mentality is not welcome in my life anymore and what that means is that I'm in control I take responsibility I'm the leader of my life, right? I take responsibility for the situation that I'm in. I could have handled this DMV thing a lot sooner had I not procrastinated, I did because it was just something I didn't want to deal with and that's on me and now it's falling in the same timeframe as me having to move. I'm choosing to move into a more expensive living situation more expensive than it has to be to move into another place anyway and I want all these things I want to create more content I want to push all this so that's on me to have to work more to be able to pay for that and all of that stuff so it's at least comforting and assuring to know that it's my decision it's my choice to do this and so that gives me purpose and I know that my purpose and my passion are meaningful and that they make me happy so I at least feel good about what I'm doing even though at the end of the day it might be hard, it might be a struggle I might be extremely tired and extremely grumpy but I know that I'm doing something that I'm passionate about with the faith that it will pay off in the long run and that it will come back to me so with that being said I also ask myself in these situations when I'm feeling down when I'm doubting myself when I'm tired and I'm just like what am I doing?  For example, I realized I haven't done my journaling in a bit I haven't done my gratitude journal I haven't done my planner I've kind of let that slide to the wayside because I've been busy and I'm like, I don't have time for that right now I've got a meal prep I've got to do all this other stuff I've got to get the gym in I've got to go to work I've got to go early I've got to look for apartments blah blah blah stuff like that easily falls to the wayside so I've got to remind myself no, take five, ten minutes to sit down write down what you're grateful for plan out your day plan out the week and it's worth it it's going to pay off it's going to be greater than some of its parts to just sit down for a few minutes and handle that every morning also, I talk to some of my friends and they recommend meditating I know meditating works I've done it many many times but have I been meditating at all lately? No, I haven't so that's something I can definitely incorporate and do so it's about yes, I'm in this situation but I'm also I take account of like what can I do to if I can't improve my circumstances improve my perception of my circumstances and stuff like gratitude journaling and planning and meditating and taking time for myself are things that will help me change my outlook because nine times out of ten that's the most difficult part is our perception of things is our outlook on the world right? because we all go through struggles we all have things you know, pop up when it rains it pours and it's just really how we weather that storm so that the lows aren't as low as they have to be that's the goal is to mitigate the lows so that they you're not like crashing every time things go wrong yeah, you're going to sink down a little bit but you've got you know processes and procedures in place that are going to keep you pretty grounded and focused on your goal and then as you come back up then everything's good again and you can kind of like ride that wave until the next dip and it's just a cycle of that over and over anyway, I just wanted to share that with you I'm struggling right now it's difficult I've got a self doubt I'm questioning myself I feel tired I'm hungry my diet's only going to get harder I'm sore all the time I'm working hard at the bar trying to create more and more content for you guys and be consistent I know I'm not on a consistent posting schedule and that's so much a goal of mine I want you guys to know that you're going to get consistent posts from me so just wanted you to know I struggle and I'll see you guys soon in the next video deuces


USS Pearl Harbor arrives in Tonga. Nukuulafa, Tonga, Pacific Partnership 2023 members and sailors assigned to the harper's ferry-class amphibious dock landing ship. USS Pearl Harbor, LSD 52, manned the rails during the ship's arrival, November 11. Now in its 18th year, Pacific Partnership is the largest annual multinational humanitarian assistance and disaster relief preparedness mission conducted in the Indo-Pacific.


of viewers in the session we will discuss about money market. Money market is a market for short term funds. It deals with financial assets and securities which have a majority period ranging from a single day up to a year. It is a wholesale debt market for low risk, high liquid short term instruments. Money market is dominated mostly by governments, banks and financial institution. Now we are going to discuss about the characteristics of money market. Money market is a market for short term financial assets that are close substitute of money. It is a wholesale market for short term debt instruments. It is not a single market but a collection of markets for several instruments. It facilitates effective implementation of monetary policy of a central bank of a country. Transactions are made without the help of brokers. Here in money markets it establishes the link between the central bank and the other banks. It is basically an over the phone market. Money market is basically over the phone market. The players in the money market are central banks of the country. In the case of India there will be a central bank. In the case of other countries like USA there are several central banks. So I have mentioned central banks. Governments, commercial banks, brokers and other companies organizations relating to short term funds. Now we will discuss the functions of money market. As I have mentioned earlier money market plays a vital role in the economy. The first function of money market is it facilitating adjustment of liquidity position of commercial banks, business undertakings and other non banking financial institutions. It enabling the central bank to influence and regulate liquidity in the economy through its intervention in the market. Money market providing a reasonable access to users of short term funds to meet their requirements quickly at reasonable cost. Money market is providing short term funds to the government institutions. It enabling businessmen to invest their temporary surplus funds for short period. It facilitating flow of funds to the most important users and serving as a coordinator between borrowers and lender of short term funds. Lastly it is helping in promoting liquidity and safety of the financial assets. The instruments which are traded in money market. There are so many instruments traded in money markets. First of all call and short notice money, then commercial bills, treasury bills, certificates of deposit, commercial papers, repurchase agreements, money market mutual funds, depository receipts like American depository receipts, global depository receipts etc. Now we have to know about the components or composition of money market. In the money market there are several sub markets namely number one call money market, number two commercial bill market, number three treasury bill market, then certificates of deposit market, then commercial paper market, acceptance market and collateral loan market. Now we are going to discuss the characteristics of a developed money market. A developed money market has various characteristics, number one it has highly developed commercial banking system. Commercial banks are the nerve center of the whole short term funds. They serve as a vital link between the central bank and the various segments of the money market. When the commercial banking system is developed or organized the money market will be developed. The next characteristic of developed money market is presence of a strong central bank. In a developed money market there is always a central bank. The central bank is necessary for direction and control of money market. Central bank absorbs surplus cash during obsessions and provides additional funds in the busy seasons. This is done through open market operations. Being the bankers bank central bank keeps the reserves of commercial banks and provides them financial accommodation in times of need. It is said that without the support of a central bank a money market cannot be functional. The next one is existence of sub markets. Money market is a group of various sub markets as I mentioned earlier. Each sub market deals in instruments of various majorities. There should be a large number of sub markets. The larger the number of sub markets the broader and more developed will be the structure of money market. Besides the sub market must be interrelated and integrated with each other. If there is no coordination and integration among them different interest rates will prevail in the sub markets. The next characteristic of developed money market is availability of credit instruments. The continuous availability of readily acceptable, negotiable securities that is near money assets is necessary for the existence of a developed money market. In addition to a variety of instruments or securities there should be a number of dealers that is participants in the money market to transact these securities. Next one is existence of secondary market. There should be an active secondary market in these credit instruments. The success of money market always depends on the secondary market. If the secondary market develops then there will be an active trading of the instruments. The next characteristic is availability of ample resources. There must be availability of sufficient funds to finance transactions in the sub markets. These funds may come from within the country and outside the country. Under developed money markets do not have ample funds thus availability of sufficient funds is essential for the smooth and efficient functioning of the money market. The next characteristic is demand and supply of funds. Money markets should have a large demand and supply for funds. This depends upon the number of participants and also the government policies in encouraging the investments in various sectors and monetary policy of the central banks. And the last characteristic is some other factors. It includes industrial development, volume of international trade, policy stability, trade cycles, foreign investment, price stabilization, etc. These factors also influence the money market. Money market can be designed in a diagram. The structure of money market can be designed in a diagram. We will provide those diagrams in the slide. Now we will discuss about the participants of Indian money market. We are going to Indian money market. In Indian money market the participants are first of all number one governments either state or central governments. Next is the Reserve Bank of India, the central bank. Next commercial banks, cooperative banks, financial institutions like IFCI, IDBI, ICICI, SIDBI, UTI, LIC, etc. Discount and Finance House of India, various brokers, mutual funds, public sector undertakings, cooperative units, etc. Now we will have to know about the characteristics of Indian money market. Indian money market have some specific characteristics. First of all number one characteristic is existence of unorganized segment. Organized sector consist of RBI, commercial banks and financial institutions, etc. The unorganized sector consist of indigenous bankers, money lenders, SID funds, NIDIS, etc. In India we have this unorganized sector which is special characteristic of Indian money market. The RBI does not have the control over the unorganized sector and they do not follow the rules and regulations of the RBI. The next seasonal scarcity of credit. Another important characteristics of Indian money market is the seasonal scarcity of loanable funds and the consequent high rates of interest during the busy season. But in the off season banks have surplus funds so they are eager to learn more and more and often reduce the rates of interest. The next characteristics of Indian money market is lack of integration. Indian money market has several segments but the segments are not connected with one another. Each part of the money market such as RBI, SBI subsidiaries, foreign exchange banks, cooperative banks and indigenous banks carry on a particular type of banking business or provide a specific type of financial services. Each financial institution acts independently. The next characteristic is the absence of bill market. The existence of an organized bill market is essential for linking various credit agreements with the RBI in an effective manner. No doubt there is a treasury bill market in India but the commercial bill market has not been fully developed. In 1970 the RBI introduced a bill market scheme known as new bill market scheme under which the RBI re-discounted genuine trade bills. The next characteristic is volatile call money market. The interbank call money market is the market for short term funds known as money at call and short notice. The borrowing rate in this market is known as the call money rate. This rate is determined by the market forces that is by the forces of demand and supply. The demand or short term funds organizes originates from all types of banks, nationalized, private or foreign. Most banks bankers are either borrowers or lenders but most banks acts as both. Now we shall have to look into the defects of Indian money market. There are so many defects in the case of Indian money market. First of all existence of unorganized segment is a great defect in Indian money market. Then lack of integration, disparities in interest rates, seasonal diversity of money market, absence of organized bill market, shortage of funds, ineducate banking facilities, inefficient and corrupt management, limited instruments, limited number of participants and no contact with foreign money markets are the other defects of Indian money market.


Hey everybody, it's Hari Swaminathan from optiontiger.com and you may have seen a video on the multi time frame trend indicator. This is a very, very powerful indicator that can tell you a stock or an index is trend across multiple time frames in one visual representation. In fact, you can see five levels of time frames. Now I want to have a free webinar on Monday night at 9 p.m. Eastern time. So let me give some details about this webinar that is going to be happening on Monday night. This is the first webinar. There will be a couple of others as well. You don't need to register. Registration is optional. But if you want to be updated about the future webinars or if you want to receive recordings in case you can't attend it live, then please visit this link right here, bit.ly-algo-webinars and I'm going to show you what that link looks like right now. If you come to your browser and if you click this, you can see that I've got the bit.ly link there and if you click OK, you'll be taken to this page. And so here what you're going to see is, you know, you're going to see some details and also if you want recordings, then you want to register in this free course. It's a free course so you can register there. And finally, the link to join this webinar is going to be bit.ly-o-t-webinars and so this will be a go-to-meeting link behind this bit.ly link and you'll also see an email from me with this link. Once again, you don't have to register but if you want the recordings or if you want to be kept updated about future webinars, you want to register on the free course. So both these links will be included in the email that you receive. Look forward to seeing you on Monday at 9 p.m. Eastern time. Thank you.


Between 1990 and 2010, some of our leading cause of death and disability haven't changed. Heart disease was the leading cause of loss of life and health then, and remains the leading cause today. Some things got better, like HIV AIDS, but others got worse, like chronic kidney disease—a doubling. In the tens of thousands of deaths, in the hundreds of thousands, whose kidneys fail completely, requiring kidney transplants or lifelong dialysis. And about one in eight of us now have chronic kidney disease, whether we know it or not. And most of those with chronic kidney disease don't know it. About three-quarters of the millions affected are unaware their kidneys are starting to fail, which is particularly worrisome given that early identification provides an opportunity to slow the progression and alter the course of disease. So what can we do about it? The Western-style diet is a major risk factor for impaired kidney function and chronic kidney disease, also known as the meat-sweet diet, or standard American diet, causing an impairment of kidney blood flow, inflammation, and subsequent leakage of protein in the urine and a rapid decrease in kidney function. Table sugar and high-fructose corn syrup is associated with increased blood pressure in your acid levels that can both damage the kidney. And saturated fat, trans fat, and cholesterol found in animal fat and junk food negatively impact kidney function as well. But the consumption of animal fat can actually alter the structure of the kidney. And the animal protein can deliver an acid load to the kidneys, increase ammonia production, and damage the sensitive kidney cells. That's why restricting protein intake is recommended for preventing kidney function decline, though it may be animal protein in particular, not just protein in general. So the source of the protein, plant versus animal, may be more important than the amount regarding adverse health consequences. Animal protein intake has a profound effect on normal human kidney function, inducing what's called hyperfiltration, increasing the workload of the kidney. This may help explain why our kidneys fail so often. Unlimited intake of protein-rich foods, now generally regarded as normal, may be responsible for dramatic differences in kidney function between modern human beings and their remote predecessors, who hunted and scavenged for meat here and there, and sustained rather than intermittent excesses of protein, requires us to call on our kidney reserves continuously, causing a kind of unrelenting stress on our kidneys that can predispose even healthy people to progressive kidney scarring and deterioration of kidney function. It's like always revving our engine into the red. On the other hand, administration of an equal quantity of vegetable protein does not appear to have the same effects. Eating meat, for example, increases the workload on the kidneys within hours of consumption, but apparently taking care of plant protein appears to be a cinch. This was done with beef, but any animal protein will do. Eat a meal of tuna fish and you can see the increased pressure on the kidneys go up again within just hours for both non-diabetics with normal kidneys and diabetics with normal kidneys. If instead of having a tuna salad sandwich, you had a tofu salad sandwich with the same amount of protein, no effect. And same thing happens with eggs and dairy protein, both in people with normal and diseased kidneys. Short-term studies have indicated the substitute in plant proteins like soy for animal protein is associated with less hyperfiltration and protein leakage, therefore slowing deterioration of kidney function. However, the long-term effect has not been adequately studied until this study was published in 2014. A six-month double-blind, randomized, placebo-controlled trial soy versus dairy protein, and the consumption of whole soy tended to preserve renal function, kidney function, compared with milk in individuals with lowered renal function. Similar results were reported in diabetics, and just giving isolated soy protein appeared to make things better compared to dairy protein, which made things worse. Once once kidneys have deteriorated to the point where they're actively losing protein in the urine, a plant-based diet may help turn it off and on like a light switch. Here's protein leakage on a standard low-sodium diet switched to a supplemented vegan diet. Low-sodium vegan. Low-sodium vegan. What is going on? Why does animal protein cost that overload reaction, but not plant protein? It appears to be an inflammatory response triggered by the animal protein. We know this because administration of a powerful anti-inflammatory drug abolishes the hyperfiltration, protein leakage response to meat ingestion. Here's the typical kidney stress response to a meat meal, but here's with the anti-inflammatory drug on board, confirming the role of inflammation and the impact of animal protein on our kidneys.