Get him out here so you can spend as much time as possible hearing from your Ron Brooke the kind introduction and for all of you guys so Showing up and being here You know steamboat is one of the few places that have the courage to keep inviting me back so You know one of the great mysteries that all of us face and I think that everybody in the world faces Particularly people like me who are advocates of capitalism and many of you who are believers in capitalism one of the great mysteries is Why we're losing Because we're losing We're losing, you know, we're losing socialism today is more popular among American young people than ever before social democracy Social democracy Which is just a code word for socialism Couched in friendly terms is gaining popularity Across college campuses and really across the American people But and I know this won't be too popular even on the right We don't know what capitalism is or how to defend it anymore. I'm sorry But tariffs are not capitalism I'm sorry But limiting immigration legal immigration is not capitalism the government decided which kind of workers Industry needs in which they don't and how many they need is not capitalism. It's not freedom Freedom means capitalism means government staying out of our lives Freedom means not telling me what to buy at what price to buy it from what country I should buy it But leaving me free to make my own decision about what to buy where to buy it from and at what price to buy it my decision not Washington's decision not any bureaucrats decision not any president's decision my decision That's what this country is founded on individuals Individualism individuals standing and pursuing their own values We've lost the sense of what capitalism really is about There's no accident that this is the first really capitalist country in history Because America was founded on very specific clear principles. It was founded a moral principles It was founded on the principle of individualism The Declaration of Independence does not declare Does not declare your responsibility to take care of your brother It does not declare that we have a responsibility to our community and certainly not that we have a responsibility to our State to our nation to our country it declares That you have an inalienable right an inalienable right nobody can take it away from you, right? That's what the inalienable means to do what to your life to live your life as you see fit To follow the values that you believe will lead to your success to your prosperity and that the government's job is to do what? To protect you To protect you from people would stop you from that pursuit You have a right to liberty you have a right to think for yourself You have a right to follow those thoughts to act to speak to write the debate as You see fit and to make choices for yourself Not anybody telling you and commanding you on how to act and finally It says that you have a right to pursue your own happiness and They establish a political system that basically protects those rights, and that's it Unfortunately Thomas Jefferson crossed out an important right which would be serving us well today if it stayed in the Declaration of Independence And that is appears in it in the Constitution of Virginia, and that is the right to property that would have completed that nicely life Liberty property and pursuit of happiness would have been a slight improvement on the declaration But who are any of us to critique the geniuses the genius of our founders? Property it's your property you get to decide what to do with it You get to decide what to do with it means by the way You get to decide who to employ you can decide how much to pay them you get the site went to fire them tell that to California And you also get to decide where you're gonna put your plant And if it makes sense for you to put your plant in Mexico, it's none of the government's business We might want to ask ourselves why American businesses are moving to Mexico and Maybe fix our regulatory environment and the cost of labor in this country and all the massive regulations and making it possible to do business in America But the government doesn't tell me what to do with my property. That's not capitalism. That's not America it is that idea of defending individual rights of leaving individuals free to pursue their happiness to pursue their life That made America capitalist economy that made America the first capitalist country in the world because what is capitalism? capitalism is the social economic system Where individuals are left free to pursue their life liberty and happiness It is the political system in which the government protects rights Primarily property rights, but otherwise leaves us free leaves us alone That's what capitalism is and the amazing thing and this is why it troubles me so much that we're losing The amazing thing is everywhere. It is tried and to the extent that it is tried It is a massive success What was the percentage of the world population? There was poor and I mean poor I mean two dollars a day poor. I mean poor like nobody in the United States of America is poor What percentage of the world population was two dollars a day or less of income poor 300 years ago? 95 95 is a good number. Nobody knows exactly, but it's in the high 90 percentage 95% indeed since the beginning of time since the beginning of human beings trading and What percentage of the human population has been below two dollars a day? of income equivalent of 95% it goes up a little bit sometimes like under Rome Things are improving and they did clients during the dark ages and then improves a little bit in renaissance But generally income has been flat for 10,000 years at two dollars or less a day And then what happens something miraculous happened something the most important thing in all of human history Happens there's nothing more important than this fact suddenly Income and wealth go like that and I can't get up on my tiptoes to go high enough that And what's the date when does that happen like when is that to any point? 1800s Yeah, I mean I like I like a particular date. There's a particular date. I like Yeah, 1776 that's a great date for when that happens. I mean no dates is accurate But but that's a good day three important things happen in 1776. You obviously know one of them but one of them is The first commercialization of the steam engine in England the beginning of the industrial revolution were commercializing power To fuel the industrial revolution second thing happens a famous book is published the most important book of its time on the value of free trade Somebody somebody in the White House should go back and find this book and read it Called the wealth of nations by Adam Smith Why milk untilism is bad and free trade is in is is the only system that enhances human well-being and The third thing of course we declare to the world that Individuals have ineligible rights and we are free as individuals to pursue a life liberty and happiness and The world takes off in terms of wealth and it's true Some of the world doesn't and it takes a long time to catch up and some of the world stays flat At about two dollars or less a day, but at what percentage of the world today the world We live in right now lives on two dollars or less a day Somebody said 40 that is a that is a common common answer anybody else want to suggest another number 70 $2 a day or less 70 anybody else 5% okay 5% is the closest number. It's actually eight. So you're a little bit more optimistic only 8% of the world lives today on two dollars a day or less.  Because countries have adopted a little bit of capitalism not even the full-fledged capitalism that I would like to see that some of you Would like to see but just a little bit of it and bam They are no longer poor 8% of the world which is too much and if more countries adopt capitalism Guess what that number is going to drop to zero very quickly Very good Africa is on the road to eradicating extreme poverty because some of the countries in Africa Adopting private property the rule of law and the idea of individualism to some extent and They're getting the same result we got in 1776 so yes the graph stayed flat for all those countries But it started going like this in Asia anybody know the date When does start going like this in Asia? Yeah, 1980s a good date. It's probably a little earlier.  They should die and Don't chop paying who's much more of a pragmatist starts implementing kind of free market policies in India It happens a little later in 1991 as they adopt free market policies But it doesn't matter every one of them has the same result as soon as they add up free market policies wham wealth disparity human well-being increase and yet The intellectual battle for capitalism We're losing particularly here. It's easier today to talk about capitalism in Asia It's easier to talk about capitalism in Latin America than it is in America today the birthplace of capitalism both place of the ideas that were institutionalized Into politics that made capitalism possible ideas that came from the enlightenment came from Europe came from John Locke and the Enlightenment thinkers of the 18th century and We have to ask our question ask ourselves. Why? Why is it so difficult to make the argument for freedom? for individual rights for capitalism when we'd be so successful So successful. I mean think how rich we are today. We take it for granted Our kids certainly take it for granted As long as the next iPhone comes out, they're happy Where it comes from? Nobody knows by the way, anybody know where iPhones are made. There's so big part of our life where iPhones made No, they're not made in China. Anybody know where they're made? They're actually assembled in China, but that's just assembling. That's easy where they made I Think the number I saw was something like 58 different countries You want to block international trade? 58 different countries make stuff that goes into the iPhone You know this stuff from Taiwan and this stuff from Korea and there's actually raw materials from Africa and it all comes to China and they put it together, but where's the idea for the iPhone made? here here Right, so we we're producing the whole idea that America doesn't produce anything is You know, I don't have a nice word for this nonsense You know how much actual industrial production happens in the United States everybody's talking about with the end of you know At the end of manufacturing in the United States Do we make more met do we produce more manufactured good in the United States today than we did in 1979 or less? Double more than double We've never manufactured more stuff in America than we do right now today in the United States But we do it with less than half the people why? Because we're much more productive why we more productive because we have robots and we have computers and we have beautiful things How many people worked in agriculture a hundred years ago? like I Mean 200 years ago. It was 90 something percent of the population a hundred years ago Maybe it was 50 percent of the population. How many people work in agriculture today? Less than 1% is that a good thing or bad thing? That's a great thing. It's wonderful. And by the way, do we produce more food or less food? More food should be celebrate more food Even though it means less jobs Yeah, because all of those people are working Not in the old jobs those horrible jobs those back-breaking jobs those nasty jobs now. They've got much better paying jobs much better jobs So what are we complaining about why is manufacturing jobs a measure of anything again? That's not capitalism talk about manufacturing jobs the jobs at Apple are Not manufacturing jobs even though the end result is manufacturing. What are the jobs at Apple? Ideas jobs we're good at ideas we Thanks to Relatively loose immigration laws in the past we are brought to this country some of the smartest people from the world and they brought ideas 50% of startups in Silicon Valley. They go up to be successful are started by immigrants I know it's uncomfortable to talk about it, but it's fact We're supposed to be the ones for free speech Talk about anything We up we are the people of ideas we created the ideas of 1776 that liberated the world from poverty No country no system in human history has done more to eradicate poverty Then capitalism indeed I would flip that around and say the only system in human history To eliminate poverty even a little bit is capitalism, but we're not willing to defend it Our kids are enamored of socialism. What's a good example right now of socialism? Yeah, Venezuela is a great example Great example. What's happening in Venezuela? They were a little poor. They're going down towards that $2 a day They can't have they don't have food. I Know people who are from Venezuela and who visit Caracas and they tell me that there are no pets in Caracas Because they've eaten them. We know that they've broken into the zoos and eaten the zoo animals Middle-class kids are dumpster diving, you know to collect food and dumpsters because there's no food Why is there no food? Why is there no food? Why are farmers Venezuela's on the richest soil in all of Latin America 30 years ago? Venezuela was the richest country richest country in all of Latin America. They have more oil reserves in Venezuela Then it's Saudi Arabia. So why is Venezuela so poor? They should be rich They nationalized the farms get guess what happens when you nationalize farms Guess what happens when you make farming collective? Nobody produces food Guess what happens when you nationalize oil industry? You can't keep up with technology and you can't get the oil the oil in Venezuela is hard to how to get it's in the ocean Whereas the oil in Saudi Arabia is easy to get it's on the surface. That's why the Saudis can do it But the Venezuelans can't The Saudis are so smart They allow lots of foreign investment in the Venezuelas don't because they're committed socialists and they don't want those capitalists benefiting from their oil So Venezuela's poor because of socialism nothing else and they say no no They just had a bad leader. How come every single country in history that socialist has a bad leader? How come the so that the Stalin's always show up in socialist countries and in the capitalist countries get the good leaders? I mean really is that the problem? Maybe there's something wrong with the system that encourages bad leaders to loot and to steal and to take everything away from people The system is corrupt and therefore corrupt leaders are attracted to it. It's not the corrupt leaders corrupt the system It's the other way around and yet What do people tell us about socialism? What do you say when when you tell people well look at Venezuela, what do they say if they stick around to talk to you? It wasn't real socialism next time next time. We'll get it right and When you say and when you give them another example, I see the cause we're getting lots of cards I'll leave plenty of time for Q&A When you give them the next example that wasn't right Stalin wasn't good and Lenin wasn't good and China wasn't good And Mao wasn't good and this wasn't good and that wasn't good.  It's social. It's political. It's about freedom That's it being an incredible success story and you've got one economic system political system. That's been a disaster And yeah, what does everybody want? They want the disaster Now until we understand why that is until we figure out what is actually going on. We will continue to lose Because there's something we are doing that's wrong There's something We are messing up because the knowledge is out there.  They know Venezuela's poor. They know they used to be rich, but they're not attributing to socialism Why they know we were poor and now we're rich and they're not attributing that to capitalism? Why?    I think I've said this at Steamboat before right? You got to go to Hong Kong at least once in life. You got to see it It's magnificent. It is beautiful Skyscrapers more skyscrapers than New York City on a smaller footprint Seven and a half million people living on this small little place and They're producing and they're creating and they're building and there's energy and everybody's moving everybody's moving and Hundred years ago less than a hundred years ago. Hong Kong was a little fishing village. There was nothing there and Today the GDP per capita is higher than the United States of America America what it took us to produce 250 years It's taken them less than a hundred and they've done it They're richer than we are It's pretty amazing. Why why how did Hong Kong do it? Capitalism freedom no safety net there is one a little bit now But they never used to be people used to swim there needs to get on little boats from Asia and row there They used to do everything. There's that struggle risk their lives to get to Hong Kong and And they were dirt poor when they arrived that they just like all our ancestors were dirt poor when they arrived here and they worked And they struggled and they built and they created and they made and they're rich now just like we are Because of the hard work of our ancestors and our own hard work Because we were free to do so and because in Hong Kong they're free to do so they're rich So why doesn't everybody look at Hong Kong say we want that instead they look at Venezuela and they go We don't really want that but we want that It's weird The people really want poverty and misery and and and most people don't I mean some a few intellectuals do granted There's some professors at universities who do and they say so they don't like human beings They don't want us to be around But most people don't want that they want to be successful. They want the kids to be successful Why aren't we all capitalists? It works So I don't have a lot of time to give you the answer to the why but I want I'm gonna give you some hints I want you to think about it because it's the most important question. I think we face Again, I don't care who's in the White House. I anymore that much because it doesn't matter Congress just passed up Spending bill that's bigger than anything Obama did They're spending more money than the Obama administration did Republican House Republican Senate and Republican president and we can't keep spending under control Yeah, we cut taxes. It doesn't matter.  It does not matter You want to reform health care? Well, what Dan Mitchell didn't tell you is that 90% of those health care costs are Medicare and He got it dramatically Reform Medicare, I'd like to see phased out. I don't like Medicare. I think it's a really, you know socialist medicine anybody here for social Socialized medicine anybody Good is anybody here for Medicare? Because Medicare is just socialized medicine for anybody over 65 So why is it good for people over 65 and not good for people under 65 if we hate socialized medicine? We have to hate Medicare and I know some of you receive Medicare So, you know, I'm sensitive to that fact. But again, you it's you you come out as a hypocrite We all come out as a big and this is part of the problem of us advocating for capitalism if we advocate for free market health care But force Medicare Then we are contradicting ourselves and we're hypocrites You have to be consistent. That's one of the lessons. We have to learn in defending capitalism. We have to be consistent So as long as government spending is going like this as long as you know regulations are better But I haven't seen Congress pass one bill that significantly Deregulate an industry. I've seen it the regulatory agencies They are tinkering with stuff and lower regulations and as soon as the Democrats come back to White House They'll increase the regulations and we'll play this ping-pong, right? But if Congress actually passed a bill getting rid of regulations, that's hard to overturn. That's hard to undo We have the House or you have the House the Senate and the White House and they haven't done it They haven't even proposed it. Never mind done it This isn't Ronald Reagan This isn't the 80s when real deregulation happened at the at the legislative level not just at the administrative level So I'm I'm kind of giving up on politics because this is education at the end of the day. What do we do? Why does nobody buy it? And I think that the fundamental thing is This idea on which America was founded which nobody really wants to talk about and it's the idea of individualism America was founded on the idea of the sanctity of the individual not of the group not of the collective and not of the nation The idea of the sanctity of your life You are the measure of all things The government's job is to protect you as an individual and Yet we live in a world of tribes and collectives and groups and the individual has been lost It's all about which group and which tribe and and and which collective you happen to belong to and again The left has been very good at this game Identity politics is there, you know is they currency and what they pitched to us all the time But the right is catching up In this collectivistic tribalistic game That's anti-american It goes against everything that the founders believed in It's not what this country is really founded on it. It's not cannot be the basis on which we build a capitalist society Capitalism is about individualism individuals pursuing their happiness individuals pursuing their lives individuals making the most of the one life we have on this planet It's not about the group however you want to define that group and if you believe in groups if you believe fundamentally morally that The central purpose of the individual is to live for the group to sacrifice for the group to benefit the group Then they're left as one they've won the battle because what is socialism about What's the essential characteristic of socialism? What's that? In what but what does it manifest itself? How does this collectivism manifest itself? What the socialists want? They want to sacrifice individuals to the group and The more individuals they can sacrifice to the group the more worthy they are the more marble they are the more virtuous They are you know if you have to kill what did what did Lenin I think say or Stalin You know you have to break a few eggs to bake to make an omelet Well a few eggs is 40 million people in the case of Stalin in the case of Mao Zedong It's 60 million people but nobody cares Right you walk into a room you walk into a room and you say I'm a Nazi everybody goes Oh my god get out of here.  Oh, really? That's kind of interesting quaint not so quaint these days. I guess there's too many of them Nobody shudders with fear. Nobody resents what it is. Why? Because supposedly socialism is moral. It's ethical. It's virtuous. It's about helping the poor It's about Helping the group and we have to sacrifice a few individuals on the side. So what they were rich or privileged or whatever term you want to use at the time if we don't value the individual quiet a vigil if we're willing to sacrifice the individual for The sake of the group then socialism is right around the corner that moral question About whether individuals should be sacrificed or not is the key question It doesn't mean you don't fight for your values It doesn't mean soldiers don't fight for their values It means they fight for the right values the values that are important to them as individuals They don't want to live in a world without freedom But if we start saying oh we can sacrifice this industry to that industry or this group to that group Or we're gonna favor these interests instead of those interests right now farmers poor farmers tariffs are really hurting them So we'll give them 20 billion Make them happy. I mean what wait wait wait. That's my money. It's your money that I did I agree to that? I thought it was my money property rights. You remember those So this question of collectivism versus individualism which crosses party lines is the key fundamental question that we have to debate discuss what is the unit that's important is it America Like I would like to see a presidential campaign run on the slogan. I want to make individuals great again Well, how about How about as president? I'll defend the rights of individuals like our founders did I You know, I love America. I came to this country. I'm an immigrant. I you know, I know America I'd fight for America. I fought from my country. I kind of was forced to but you know, I did that But I would fight for America. I love this country. This is the greatest country in human history Why because it's the only country in human history built created on a moral premise That your life is yours Delivers you see fit and then me as a politician have no right to it have no right to your time I have no right to anything about you. My job is simple as a politician protect you. That's it Military police force judiciary other than that. Nothing else is my business Thomas Jefferson said if my neighbor doesn't have his hand in my pocket, he can do whatever the hell he wants He didn't say hell, but whatever the hell he wants in his home That's That's what we if we do believe in capitalism need to defend the right of the individual to live as he sees fit and until we're willing to really defend that and Until we're willing to put aside the collectivism the tribalism the nationalism in the negative sense not in the patriotic sense Then we cannot win because the left has their more consistent. You want sacrifice. They know how to do it Your nationalism they know how to do it You want any of these things they know how to do it is that time Yeah, I'm almost done So what we need last sentence promise What we need is to resurrect what's truly American Is to go back to our foundations to go back to our roots My favorite document in all of human history is the Declaration of Independence what we need What we need is to resurrect those woods That each one of us has an inalienable right then no democracy no group no collective can take away from us We have an inalienable right to our own life our own liberty and In the most individualistic thing ever that any political entity ever othered we have a right to pursue our own Happiness when we get that right We will win. Thank you What's that? All right, we have good questions Where is John Gault? Is it he's not here. Is it better for capitalism to go For capitalists to go somewhere else and start over or stay here and fight for freedom Um, so I've always I'd always say that that it's better to stay here and fight for freedom And I still think that but less so than I used to I guess Because I think that there's something about America because of where it comes from Because of its founding documents because of its heritage that they still that spark a personal responsibility Of taking your life seriously of that individualism that just doesn't exist in other places around the world But I have to say that over the last few years as I travel around the world speaking I'm seeing more and more of that on the rise in other countries and more and more of that in decline in America And that saddens me to no end I'm seeing particularly in places like eastern europe Latin america some places in asia where people are discovering the power of freedom and they want more They don't want less They've done socialism. It didn't work. They've done fascism. It didn't work It seems like we have not learned from other people's experience. We want to do it ourselves right So It's hard to tell these days where now again starting over is tough because uh, where do you go? I mean, we're still one of the first country though. You know an economic freedom index the united states is now 15 to 19 depending on the on the thing I mean countries like like those wonderful socialist countries supposedly socialist like sweden and danmark Above us in economic freedom. You know, canada is more economically free according to these indexes than america And what a travesty is that and it's not because they became freer It's because we became less free yb All right. I'm not sure what that says conservative libertarian. Oh Conservatives and libertarians often scoff at iron ran when she has more influence than all of them combined I didn't say that. Why do beltway conservatives? Why do beltway conservatives? Um I mean iron rands controversial, right? I mean and and this is why people scoff at her Yes, she's had more influence than than almost anybody in the 20th century in in in many parts of the world um The positive influence has been plenty plenty of people providing negative influence But they very very few and milton freedman basically resurrected the term capitalism capitalism was a dirty word in the 50s Nobody talked about capitalism in the 50s and milton freedman and iron ran resurrected that word and created it I don't know that ronald reagan would have been elected in 1980 if not for iron rand Even though she refused to vote for him For a variety of reasons but iron rand Conservatives don't like her and and there's good reason for you guys not to like iron rand, right? She was an atheist. You heard what our previous speaker said about atheist um me included I guess Uh, she's an atheist. She was uh on social issues You many of you would be opposed to her views. She really believed in capitalism all the way no No compromise conservatives often compromise on capitalism. They don't want purely free markets There's often a compromise. She believed in individualism all the way She proposed a moral system based on individualism That placed your well-being as an individual long term rationally determined as the primary moral focus of your life So yeah, she overturned Much of the philosophical foundation that we've been living with for 2000 years So yeah, it's gonna take a while until people start taking us more seriously than they have been but it it's coming it is coming um What's your best explanation why capitalism emerged and where did in where it did is it Protestantism? No, it's not Protestantism capitalism emerged Where it did in the really in the 18th century into the 19th century because of the enlightenment um now i'm gonna be controversial so You know, you knew what you were getting I don't believe capitalism and the founding of america based on the judo-christian tradition. I do not I believe that indeed they are based on The the the partial rejection of the judo-christian tradition. It is the thinkers of the enlightenment It is the thinkers the enlightenment that are basically saying religion Keep that at home But here the principles by which we build countries. This is the principles by which we build societies These are the principles by which you should for the most part live your life And what's another age for the age of enlightenment from which from which America is the pinnacle the the massive achievement. What's the age for that era? It's not the age of faith. It's the age of reason It's the age of reason It's the elevation of reason during the 18th century that made america possible when time if you look at thomas jefferson's memorial What it says on the top and i'm paraphrasing because i should know this by heart it says before everything bring Before reason bring everything even the existence of god reason is the pinnacle reason is everything reason is the way in which we know about the world It's a scientific revolution And the enlightenment the age of reason revolution that happens in the 18th century that made this country possible There is no right to life liberty pursuit of happiness There is no freedom of speech in the old testament I know the old testament, you know given my background from israel not the new one, but there's no free speech in the old testament Now you you disagree You're done Ask moses ask someone and moses comes down from the from alzina He's got the 10 commandments and some jews are worshiping a golden calf. He doesn't go up to them It says hey freedom of religion. Do you do your thing? We'll do our thing We're gonna part ways here by no he picks up a sword and kills I think it was 30 000 people that day and gets rewarded for it That's the old testament So no the idea freedom of thought comes from the idea of reason if every one of you is capable of reason If every human being on the planet is capable of using their mind Then if we can do that if we can understand the laws of physics If we understand as it is newton has shown us if we understand all this scientific stuff about what's going on in the world Then surely we should be able to choose our own profession Surely we should be able to choose who we marry surely we should be able to choose who leads us politically So if we have reason if we discover as the greeks did an enlightenment that reason is what makes us human Then we want freedom to allow that reason to flourish to manifest itself in the world And that leads to political freedom because again if you have the capacity to think for yourself You want to choose your political leaders. That's where democracy comes in. I mean, I'm not a big fan of Big d democracy, but the elections there are no elections before that There are a few republics here and there they all fail But only when we discover this do we get freedom The freedom of the individual freedom of thought freedom of speech all those wonderful Rights in the bill of rights are products of the thinkers of the enlightenment. Who is the most cited thinker in the federalist papers? Most important documents leading up to the to the to the to the really creation of this country Who's the most who's the most? Cited thinker anybody know Yeah, you think John Locke. That's what I would have thought when I when I first was asked this question, but no, it's monoskew From the French Enlightenment Which was super secular A super secular enlightenment. You cite monoskew. They said Voltaire. They cite Locke. They cite cum. They cite, you know, they cite the thinkers That's what they're talking about. They're not citing passages from the bible. They're not It's not what the founders were doing. They were engaged in intellectual pursuit of figuring out what was true Not what was written in a book Now maybe the same the two are the same some of you would argue fine, but their focus is on reality. They discover truth That's what they were focused on said came about because of those great thinkers and it's all uh, if you look at history, it's all uh I think we're a we're a Greek We're very much a Greek culture if you think about the ideas of Greece a rediscovered in the renaissance That's what's called the renaissance, you know renaissance of what? Of greek culture they discover the scar statues and the thinkers and Aristotle and Plato And the renaissance leads directly to the enlightenment and that's where we are. We have very much children of avastar We're children of greek philosophers What should our national policy on? Immigration be okay. What's our national policy immigration be? All right, you ask the easy ones, huh? I say I would make it very simple So we have a welfare state today. I mean generally if we had a lazific capitalist In america if it was really capitalist in america today If we were truly had a free market if there was no welfare state If there's no redistribution of wealth if if there was real freedom in america Then the only immigration policy consistent with american principle is that the founding is the immigration principles of the 19th century You're welcome We do a background check. You're not a terrorist You don't belong to some islamist group You don't have you're not a criminal and you don't carry an infectious disease. Welcome Welcome to the land of the free Where we are welcoming of anybody who's willing to work for a living and since there's no welfare state either work for a living or starve That would be my policy under freedom. Now. We're not in a free market. We have a welfare state I would say I would make it very simple. This is actually, you know, helen kreber helen kreber who's From denver uh or was I think she lives in connectica now. I don't know how you do that move, but anyway, um helen proposed what I think is a very rational immigration policy Her proposal is this get rid Of all the visas get rid of the state department issuing people visas get rid of all of that and give the ability to give visas To employment agencies Have them employment agencies open offices all over the world And give them the ability to run fbi background checks And give them employment visas anybody who can get a job in the united states, please come Right now, there are hundreds of thousands of openings in construction, which we and americans are not filling There are hundreds of thousands of jobs picking apples and strawberries all that farming by the way in california Is moving to mexico because the workers can't come here. So we're moving the farms over there Is that better for us or worse for us, right? If you are if you if you have an idea on how to start a business, please come if you are high tech engineer, please come Let me say something again. There's no such thing as an american job. There's no such thing as gdp These are collectivistic Aggregation terms who cares what the gdp is what you should care is about your job You don't have a right to a job. So what should you do if you care about your job? work hard learn new skills Keep making yourself better so that nobody can take your job Challenge yourself. You know who's going to take your job? It's not going to be an immigrant.  Who's going to take your job? A robot So you better figure it out because no matter what your immigration policy is Robots are coming and we're not going to ban them. I hope I mean we could But I don't think there'll be fewer jobs when their robots are here There'll be more jobs when the robots come because they always are technology always creates more jobs than it destroys But you but they're going to be different jobs. So be flexible. I hope in business schools That's what we're teaching. You got to be flexible You got to think about your career over decades and therefore think about career in terms of change How do I constantly keep up? How do I change? That's reality So, yeah, bring them in being anybody who's willing to work in this country Bring them here because you know what they'll make they'll produce they'll build as I said half of silicon valley successful companies were started by by immigrants the ceo's of microsoft of google One or two others are immigrants. We want those people But we also want the apple pickers because you know what americans don't do it But even if they did If the mexicans can do it a little cheaper and I can spend less on my grocery bill and apple good Why is that a bad thing? That's the american way of doing it. I'm done. I know So look, I think this is how you measure. Uh, this is how you measure any political policy any proposal Does it increase freedom or does it decrease freedom? That's it. Does it increase A movement towards protecting individual rights or does it violate individual rights? Obamacare violate individual rights. That's easy medicare violates individual rights. That's easy How do we reverse those those you got to have plans for that But the way to judge a policy any policy is does it increase freedom or decrease freedom? I don't know about you guys. I'm for freedom all the way every time. Thank you all


Hello and welcome to the session. I am Deepika here. Let's discuss the question which says a right triangle whose sides are 3 cm and 4 cm other than hypotenuse is made to revolve about its hypotenuse. Find the volume and surface area of the double cone so formed choose value of pi as found appropriate. Now we know that volume of cone is equal to 1 by 3 pi r square h where r is the radius of the base of the cone and h is the height surface area of cone is r n where r is the radius and l is the slant height of the cone. So this is the key idea behind our question. We will take the help of this key idea to solve the above question. So let's start the solution. Let in this figure a b c be the right angle triangle such that a b is equal to 3 cm and a c is equal to 4 cm and this is made to revolve about its hypotenuse. So a dash b is also equal to 3 cm and a dash c is 4 cm. So let a b c be the right angle triangle such that a b is equal to 3 cm and a c is equal to 4 cm. So by Pythagoras theorem we have b c square is equal to a b square plus a c square or b c square is equal to a b c cm so 3 square plus 4 square and this is equal to 9 plus 16 that is b c square is equal to 25 so b c is equal to 5 cm. Now let o b is equal to x cm and a o is equal to y cm. So this is x cm and this is y cm. So by Pythagoras theorem in triangle o a b we have k is equal to o b square plus o a square a b 3 cm so 3 square is equal to o b x cm x square plus o a is y cm y square therefore x square plus y square is equal to 9. Let us give this as number 1. Again in triangle o a c we have c square is equal to o c square plus a o square by Pythagoras theorem. Now a c is 4 cm so 4 square is equal to now b c is 5 cm and o b is x cm therefore o c is 5 minus x cm. So this is 5 minus x square plus y square because b c is 5 cm and o c is equal to b c minus o b that is 5 minus x cm. 5 minus x square plus y square is equal to 16. Let us give this as number 2. Now subtracting 1 from 2 we have 5 minus x square plus y square minus x square plus y square is equal to 16 minus 9. Now we will solve this equation so we have 5 minus x whole square plus y square minus x square minus y square is equal to 7 this implies 5 minus x whole square minus x square is equal to 7 this implies 5 minus x plus x into 5 minus x minus x is equal to 7 because a square minus b square is equal to a plus b into a minus b. So this implies 5 into 5 minus 2 x is equal to 7 and this implies 25 minus 10 x is equal to 7 this implies 10 x is equal to 25 minus 7 and this implies 10 x is equal to 18. Therefore x is equal to 18 upon 10 which is equal to 1.8. Now by putting the value of in equation 1 we have my equation 1 was x square plus y square is equal to 9 so 1.8 square plus y square is equal to 9 this implies now 1.8 square is 3.24 plus y square is equal to 9 this implies y square is equal to 9 minus 3.24 and this implies y square is equal to 5.76 therefore y is equal to under root of 5.76 which is equal to 2.4. Therefore we have is equal to 2.4 centimeter o b is equal to 1.8 centimeter and o c which is equal to b c minus o b is equal to 5 minus 1.8 and this is equal to 3.2 centimeter. Now when the right triangle is made to revolve about its hypotenuse double cone is formed. We have to find the volume and the surface area of the double cone. Now volume of the double cone is equal to volume of cone a a dash, volume of cone b a a dash and this is equal to now volume of cone c a a dash is 1 by 3 pi r square. Now r is a o into h h is o c plus volume of cone b a a dash that is 1 by 3 into pi into r square h is o b. So this is equal to 1 by 3 into pi into o a is 2.4 centimeter so 2.4 square into 3.2 plus 1 by 3 pi into 2.4 square into 1.8 centimeter cube and this is equal to let us take 1 by 3 pi into 2.4 square common we have this is 3.2 plus 1.8 centimeter cube and this is equal to 1 by 3 take pi is 22 upon 7 into 2.4 into 2.4 into 5 centimeter cube and this is equal to 633.6 upon 21 centimeter cube and this is again equal to 30.17 centimeter cube. So this is the volume of the double cone that is volume of double cone is equal to 30.17 centimeter cube. Now surface area of double cone is equal to curve surface area of cone a a dash plus curve surface area of cone b a a dash and this is equal to now curve surface area of cone c a a dash is pi into r which is o a into l which is ac plus curve surface area of cone b a a dash is pi into r o a into l a b and this is equal to pi into o a is 2.4 centimeter and ac is 4 centimeter plus pi into o a is 2.4 centimeter into a b and this is equal to let us take pi into 2.4 common we have 4 plus 3 inside the bracket let us put pi is equal to 22 upon 7 into 2.4 into 7 centimeter square and this is equal to 52.8 centimeter square therefore surface area of double cone is equal to 52.8 centimeter square. Hence the answer for the above question is volume of the double cone is 30.17 centimeter cube and surface area of double cone is 52.8 centimeter square I hope the solution is clear to you buy and take care


So, yeah, thank you everyone for joining us. We are really excited to be hosting a session on pay for impact. So my name is Rebecca Kadiru. I'm the Managing Director for Solidaridad in North America. And Solidaridad is a global nonprofit network organization that works to promote sustainable and ethical supply chains globally. One of our core goals moving into the next five-year planning period we have for ourselves is really focusing on building an economy and sustainability solutions that work for everyone, particularly those at the bottom of the pyramid. And so we're really excited to host the session on pay for impact. I'm going to give an introduction to our speakers and then I'm going to just run through a brief of how the session structure is going to work. So we have from Solidaridad, from our Brazil office, we have Monique Vani, who is our manager, our global digital innovation manager. We have Frederick Klossin, who leads our impact investment team out of the Netherlands. And then we have Hammond Mensa, who leads our impact investment team out of our West Africa office in Ghana. And then we also have Ani Patan Powers, who is joining us from the United Kingdom, though originally from South Africa, if I think I've got it correctly. And then we have Karim Harji, who is also joining us from Oxford University as well. So we're really excited to have everyone here. Our session is going to look like this. We're going to run through a test case of what a potential impacts and pay for impact scenario looks like. And then we will break up randomly into four breakout sessions that will represent four stakeholders in the process. So farmers, investors, verifiers and outcome payers. And then we will come back together and share those learnings. So we're excited for this to be an interactive workshop. And I am going to hand this over to my colleague, Hammond, who's going to walk through a little bit more on what pay for impact means and the test case that we are going to be doing in this session. So thank you, everyone, for joining. All right. Thank you very much, Rebecca. And good evening, good morning, good afternoon, everyone. The problem that we are trying to solve at the moment is that according to data available at the World Bank, only 2% of the $391 billion in climate finance go to farmers. And there are two challenges that we see. One is that farmers lack the technical knowledge to adopt resilient behaviors. And in even situations where they have the technical know-how or the financing or the inputs to adopt such behaviors, measuring the impact of their actions in a manner that is transparent and cost effective is an issue. And therefore, we haven't seen the finding from climate finance flow into production or into food production. Why it is important that we solve this problem is that smallholder farmers or farmers in general amongst some of the most vulnerable to climate change, farmers are also instrumental in safeguarding the food chain for a vast majority of the global population. And then agriculture also has a capacity to play a crucial role in carbon sequestration. So it is important that the problem that we have identified is resolved. So we have looked at the structure that you see on your screen currently, which we believe would promote the flow of climate finance into the farming space. And the actors that we have in there are the investors and these are investors who are looking for ways of expanding their ag sector portfolio in a cost effective manner. And there are also, of course, the impact makers, which are the farmers and also service providers to farmers who are looking for financing for their operations. There are corporates, both public and private, who are interested in paying for climate or positive climate outcomes. And of course, the independent verifiers who play the role in ensuring that predefined outcomes are verified and made available to all the actors within the chain so they can take decisions with respect to the flow of financing from investors to the impact makers. Next slide, please. So in terms of what we have done so far, this is an aggregation of a number of partnerships and platforms that we have within Solidaridad that has culminated in this project known as Farm Impact. And the main aim of this platform is to solve the difficulties that we have in measuring adaptation impacts because, as was said earlier, it is a hindrance to investment in climate smart agriculture. So what has been done on this platform is that we have developed a cost effective or lean way of assessing climate risk or climate vulnerability. Once the assessment is done, the output from that assessment is used to generate a pathway towards farm level resilience for smallholder farmers. Smallholder farmers who adopt or implement this plan generate tokens that they can monetize to do various things. And as part of this platform, also we have created an opportunity or a platform for farmers who have the tokens to be able to connect to investors who are interested in purchasing these tokens. Farmers can now use the incomes that they make from selling these tokens to pay for inputs or reduce the cost of borrowing for investment into their farms. Next slide, please. So these are the key actors that we are looking at. The impact makers specifically for this session, we are looking at cocoa farmers in Ghana and Côte d'Ivoire who currently live on less than $1 a day, even though they produce about 60% of the global cocoa output. And also SMEs who provide services to smallholder farmers who are not able to do that on their own, either because they lack the money to do that or they lack the manpower. To provide the services on their own. And then for the investors, currently there is a demand for about $240 billion for farm level investments, which has not been met at the moment. And the reason why the funding is not flowing is because value chains in the cocoa space are not tight enough. They are pretty loose. Farm operations are not as professionalized as they ought to be to be able to attract the kind of investment that is needed. Traditional verification methods are prohibitive because they rely largely on boots on the ground. And then new technologies that have come up also do not have ground access and therefore deploying that have a few gaps that have to be addressed. And then of course the auditing system also lack continuous improvement mechanisms. Outcome payers are public and private funders who are interested in paying for climate outcomes at a smallholder level. Next slide. So I would hand over to my colleague Manik Vani who will take us through the rules for the breakout sessions. Thank you. Hi. So I think that we should sit down with our individual stakeholders. However, it is that we are going to be distributed and have a little bit of a look at what motivates them, who they are, what they need and what they are looking for and see what that means in terms of designing such a financial instrument. What are the specific needs and what are the specific processes and aspects of this product that each of these stakeholders is going to need. Each of the leaders of the state of the groups will take you through. And then that will let us come back to the session with everyone together and understand what are the building blocks of a solution that meets all of these needs. How do we construct something that is a meeting point for all of these often conflicting interests and how do we build something that will bring them together. I would like us to pay special attention to some specific issues which have to do with making these things efficient and scalable, but also ethical, especially relating to privacy and security of data of farmers, which is often an issue when we are trying to verify on-farm practices. I think that is it for the moment. Should we break out? Sure. Just finishing off the... I'm going to spend a couple of minutes now with... It's okay. Maybe I got it. I'll just share my screen here. A couple of minutes now with each of the rooms to report back on their discussions. And then I'll try and pull it all together for us to finish. So can we start with the farmers, Hemans? Tell us how your discussion went and what you have come up with here. Discussions went very good. We were fortunate to have someone who had worked in the cocoa landscape in Sehry also in Ghana. No way. We had someone from USAID in ours. I mean, I think it's totally randomly. And we had some great allocations. Yeah, that was one of those fortuitous moments. So that was good. And in terms of discussions or what were proposed, there was a proposal to look at the minerals that sit underneath the farmers field. Currently, there is a lot of illegal mining happening in the cocoa landscape. And that is a big source of worry for cocoa farmers. So if farmers have the rights to the mineral that sits underneath their farm, I believe that would go a long way in stemming that. Land rights. And let me take that together with tree rights. Land rights, tree rights, big issue in Ghana and Côte d'Ivoire. Situations where farmers are tenants. It becomes very tough or almost impossible for them to implement good ergonomic practices, especially when it comes to rehabilitating or renovating their farms. Because as soon as you remove the old trees, the land reverts back to the landlord. So that's a big issue that ought to be looked at. Cash incentives to prevent deforestation. Deforestation is not a big issue in the cocoa landscape. It threatens trade development. And so we also came up with a proposal to look at cash incentives to prevent deforestation. And then, of course, there was an interactive voice response, or what was referred to as a talking book for delivering a good ergonomic advisory services to cocoa farmers. In terms of desired impact. But I'm sorry, I'm going to stop you from going through each bullet point. Tell us what your solution looks like in the middle of the week. Great, great. So the solution is a digital tool that collects data on the adaptation behavior of farmers. So they can generate points and trade those points for money. So they can invest those money in farm-level productivity activities. One thing that also came up was to ensure that there are quick wins to encourage continuous investment. We don't wait until the end before farmers begin to benefit from this solution. So that was the outcome of our conversation. Excellent. Is there anyone else that was in the farmer discussion that wants to add anything? You all did, Hammond, speak for everyone. You all got all good? I guess. All right, excellent. Great. It was perfect. Perfect, wow, that's impressive then. All right, Frederick. Yes, can you hear me? Yes. Good. Investors. Yeah, we definitely had the best brains at the table. And I'm really grateful for my fellow companions in the breakout room. Without them, we would never have this brand new product at the table, which is, I think, a crushing, eye-striking new solution that will completely disrupt the whole impact investment industry. So, yeah, bear with me. The bar is being set very high, I know, for the other groups. But the product that we're looking at is that we want to make sure that blended capital comes in when impact is being verified. And only, you know, the current system is that blended capital comes in, in a lump sum often, at fund level, to actually take the first losses or, you know, make sure that the returns are better, you know, given the risk. And now we want to change that system that instead of putting it all at once at the table, what all donors do, we only do that when impact is being verified. So, that is quite a change for investors, because at that moment, you know, investors really need to prove that the impact that they achieve by their capital allocations is real. So, and then, of course, you know, we make use of the new technology with the verified impact, and we will, you know, hear more about the other subgroup, you know, how that will play out. But that's actually the basic thing. And, you know, we were so happy and champagne was flowing all over the tables, until the moment that we start challenging ourselves, which was actually one thing we should not have done, because then the big questions came up.  But what what happens when, you know, you know, farmers plant trees, they use a lot of water. And then you're actually overshooting your actually goal. So that became a real question. So how can pay for impact avoid these unintended side effects? And that's what we hope that will come out of one of the next groups, a solution. But that's it, Oni. Yeah, it was an honor. Very interesting. Did Frederick, did Frederick cover everything anything else anyone wants to add from the investor group? All right, the verifiers. We're all talking about all of this impact that we want to have. How do we actually make sure it's real? Maybe I'll start on you and then I'll let Monique jump in. So we had some really good discussions. I think we were just getting into the solution when time ran out. But we think we have a good number of things that maybe respond to what people have said so far. So just in terms of the kinds of things we discussed, initially, we talked quite a bit around also making sure that it includes, you know, farmer perspectives, provides values to farmers, and then there's different ways in which you could provide value to make it easy for farmers, etc. But when we think about the kind of complexity of this ecosystem, there are a number of almost like decisions or choices that we have to think about, because one of them is, you know, who does verification provide value to. And so that's one of the questions that we'll come back to shortly. We also talked about some of the tradeoffs between, for example, costs and accuracy that we can get a lot of data, we can get incredibly precise data, but it also costs money, even if we're using technology to be able to do this. So, you know, at some point, that becomes a really important piece when we think about how we're engaging on the ground. A number of people also just, you know, made this point around the relationships that you need on the ground to do this well, to be able to enhance your credibility and trust, and that both in this sector as well as maybe in some of these regions, the assumption is that maybe this just doesn't exist on its own. So both the verifier as well as the kind of approach you take needs to be able to enhance the credibility and trust as a result of the process. And it should strengthen and contribute to building some of that social capital within the community. We talked a little bit about incentives that are being tested, for example, in other areas we know nudges, and those kinds of incentives can be helpful. There's also monitoring incentives that can be used. And then we spent a bit of time on thinking about some of the ethical principles, and the big questions are really, you know, whose data, who owns the data, how do we think about use and ownership in ways that actually protect farmers in this case, and again, enhance credibility and trust in the process. And it was important, I think pretty much every comment was that it should be community driven. And so Monique, maybe I'll hand it over to you to fill in a couple of other points and talk about the components of the solution. Yeah, so I think verification is where everything, all the complications of Frederick's accession kind of fall. And verification is something that then needs to be negotiated, and the trade-offs in order to have trust need to be clarified and systematized. I think that's the best that we can achieve. I mean, we can't expect to do away with complexity, but I think we need to identify and map the pros and cons as we go along. So for example, we were talking about, if you're talking about cost versus accuracy, for example, I don't think there's going to be one solution. I think that different investors are going to have different comfort levels of what they're looking for. And what you have to be able to offer is options along that gradient, and technology helps us do that. So you can say, oh, I want everything to be third party verified, or I'm happy with some proxy indicators and some spot checking, and you're going to have to build a lever along that verification gradient to meet different investor's needs. And this is why having things that work on platform models where different competing interests can work together is also crucial so that you can have these different layers and these different orientations working together. Another thing that I find key is we cannot go into positions where we shy away from real community impact in adaptation because it's complicated to verify. We need to move past this deadlock and start working with what we have and let the advances of AI and other things take away the complexity with time. Because or else we're going to end up with climate finance that when it goes to farmers continues to go to large mitigation schemes for large farmers and what small holders need really is adaptation funding. So we need to find the levers of simplification and get into it because if we shy away from complexity then the farmers will not receive the investment. So we have to parameterize and move ahead.  I feel like I should have been taking notes. Excellent. So then our last piece was around the outcome payer. I told my group we had the hardest one but that's what you always tell the teacher anytime you need to any group so but I'm sorry to dissuade all of you from they know you actually believe me. So we also had an amazing group because we actually had someone from a DFI around the table and so Zach was able to to guide us as we were as we were looking at what would be important to the outcome payer. So I think I might put Zach and Marianne and Elsa maybe even on the on the spotlight here. Does anyone else want to I've been talking a lot. Does anyone else want to talk about kind of what we what our discussion looks like. Everyone's gone back into conference mode. Just sitting and listening. All right. Wait Elsa you're you've unmuted. Go ahead. Oh dear. I just wanted to say that I don't know if I feel comfortable enough to present what we what we discussed. So no I'd rather leave it to you. Sorry. No worries. That's fine. All right. Well I've given you guys a chance please weigh in as you go. But so really from the outcome payers perspective you know one of the things that we discussed a lot was both the weighing up of both a mission oriented outcome payer as well as a financially aligned outcome payer. So someone like a development finance institution like USAID who is needs to buy these outcomes because it's part of what their social contract is. That's what they do is they create development and create social environmental outcomes as opposed to potentially a corporate or an insurance company that is financially incentivized to create these environmental outcomes or for instance a corporate with this large supply chain that would be interested in being able to have the transparency around their supply chain from a farming perspective. So it's both of these things and potentially you know both and not either or. And so one of the things that we talked about is as the outcome payer what what could one idea could work because one of the things that USAID and other development institutions have is they do have a kind of a set of criteria and one of the things that we talked about from my experience building outcome-based contracts is that the complexity comes in getting the different stakeholders around the table to actually come to an agreement because there's so many limitations sitting around the table that finding the section that overlaps can be very difficult.  And so we played around a little bit with you know would it be something where USAID potentially would be willing to be the payer for a certain period of time with the idea that you can that you'd have to over time get additional outcome payers potentially more financially aligned outcome payers that would come into this type of contract over time. So kind of like a Gabby model where they would essentially fund it over period and then hopefully you would get it to a point where you had kind of more financially motivated outcome payers. And then I think just one last thing that I'll bring up here obviously we talked about data privacy as well and that would be something really important. So one more thing that we talked about which is important for all of us I think is around the contracting of this and we have in here you can see the force majeure or what's called a MAC clause material adverse change clause. And so there's been a lot of interesting work done on the contracts of outcome based instruments and and one of the pieces that is very interesting is around what happens in a time of crisis or when things don't go as you expect them to go. And Deborah Baranson put a lot of work on this from NYU and what she's found is that essentially the best way to deal with this is something called incomplete contracting which means you come back to the table. So not every scenario is actually worked out in the contract and so you're willing to come back to the table to negotiate and to be able to find something that works for everyone because people's everyone's incentives should be aligned to actually creating the impact. So something that we have to consider when we think about outcome based contracting. All right so we kind of created something don't you guys think? We have farmers that are able to there's a bunch of different ways that Hammond and your group on impact makers created ideas that would be able to use the technology that Monique and Karim and your group talked about being able to collect on a regular basis and I think you know Frederick this idea of linking it in with blended finance is a great one. There's lots of work being done we're about to start a big project with Roots of Impact and UBS on this. I think it's a really interesting way to think about you know how do we align the outcome payers into an investment agreement that then aligns the incentives of the investors themselves and it provides from the outcome payers perspective the trust and the verifiability of what they're actually looking to create in the long term. So I think that you know there's there's a lot of ways in what we're talking about to be able to link in multiple different parties and to be able to potentially build a structure that allows ongoing impact verification as well as the contracting the financial contracting to make money flow. Before we turn it over to Karim to wrap us up quickly I'd love to hear from anyone else anything that you took away from this questions that you still have that you know haven't been answered from this. Yeah I mean from I think that the suggestion to ensure that blended finance is flowing as verification is done is a very good one and that ties into the suggestion that was made in our session that farmers must be given quick wins and not wait until the end of the period to deliver the payment to them so that's that's what I took away from from this one so good job impart investors and outcome payers and verifiers. Yes I think this notion that you need to be able to again this platform model not the platform as in an IT platform but a platform business model where different interests on both sides at community level but also different profiles of investor from institutional to donors come together in ways that are more seamless is crucial to us cracking this thing in an efficient way especially because we're talking about not only the different types of investment but the different investment cycles and periods of time that you're going to need to sustain change over time so if we're able to find smarter ways of collaborating that don't involve massive MOUs and contracting and agreements and endless conferences for different institutions to collaborate then I think we'll have done a great thing as well. Annie if I just go that then thank you so much for having me in this workshop and it was actually Freda amazing doing the moderation of it and I was just very inspired because we are we are working right now in in the cacao industry in Colombia supporting ex cocaine producers and work victims and one of the things that we approached was to actually invest in giving them a smartphone with a platform that allow us to lay down the foundation so that in the future these producers can have easier way to collaborate with stakeholders like at USAID or with investors and how do we aggregate them digitally so we could reduce some of the cost of operations the risk but what is most important what you just what I just heard from Monica it is how can we create a decentralized system where you know where we reduce some of those risk of like I don't want to share data because this isn't we don't want to share this and how do we create something that is a little bit more traceable transparent but mostly that allow us to forge trust among different stakeholders and that at the end can benefit not only the producers for sure but obviously also how we do business as investors as a dfi and certainly as a local partners so thank you so much very inspiring sounds like you've got a perfect platform to use it what else anyone else take anything away yeah yes um sorry um can I speak noise good yeah so I also took something away from from the verification team um uh to the effect that we cannot have a one size fits all and therefore there is a need for us to create various um verification uh requirements across that gradient for for various for various constraints so so that that's a that's a very good one that I took away and also from the uh the outcome peers team uh forward contracts or forward agreements was a very good one which I took away so bravo everyone excellent yeah I think there's I think there's also um something that um this is something haven't said something to me the other day actually but that's I think it's also come up here is that we can start layering financial instruments as well because if we feel like there's a payout for a final impact we can start pre-financing impact to finer to farmers and and and uh kind of so carbon bartering or whatever mechanism you want to call it so they start getting a kind of you know immediate uh pre-finance to adopt the practices that will generate the impact you can start combining these instruments in ways that will really create interesting propositions across stakeholders without just one stakeholder having to be involved if you can find different ways of putting together the pieces of a puzzle that could be really interesting as well environmental invoice factoring yes that's cool yeah uh great crim do you want to have an episode sure thanks annie so yeah I really enjoyed the discussion um and certainly um hopefully you found this format refreshing I know several of you enjoyed this it's something that annie and I've used in in our teaching recently and we think it's much better than your standard kind of panel um you know discussion where you're talked at in this way hopefully a Sergio you you described right you could see how this could be adapted to your own work and and you are part of the solution so maybe just a couple of kind of higher level comments you know back to the theme that we were we were starting with around why pay for performance is exciting we know the status quo doesn't necessarily work as well there's the opportunity to be a bit more efficient and and effective um you know get more impact for your dollar or shilling align incentives improve transparency we hear all of these things right but when we talk about what it means in practice this is exactly the kind of discussion we just had and so some takeaways are you know Hammett as you you really reiterated from you know what Monique was saying there are different configurations of verification and there's also in these kinds of um collaboratives different enabling conditions so we have to be clear around what is it that we're actually solving for what we think good enough looks like and then the opportunity again to bring those ethical principles at each stage of the design process and the way that we did today um if you think about putting the lens of the farmer or a community at each stage of design so that in a sense empowerment is the goal it's not just a byproduct you know in our group we talked a lot about trust as well you know sometimes that is seen to be a thing that happens after you know after you do this well and make all the mistakes and etc then there will be more trust but if you design with trust in mind it completely changes the way perhaps everything happens and so I think that that's actually quite encouraging um that I think all the groups talked about that of course there's complexity in terms of all the things we talked about different kinds of data etc different stakeholders we saw that play out today and I think one lesson though is that each of us probably could better now appreciate what others might be designing for and and you know when you look at instruments or tools and and see that perhaps they're incomplete or don't account for things it's because perhaps some of the sharing hasn't occurred in the way that we we tried to almost role play out so I think one message perhaps is that um as impact investors more broadly are recognizing that they need to be aware of and account for both positive and negative impacts part of how we have to be better around is designing processes like this so that as we think about what each stakeholder would optimize for what they think good enough looks like that essentially they have the option to come together before a design is finalized or before governance structures are finalized and so when verification regimes you know are actually designed to include community at the front end I think it's quite exciting and Sergio you pointed this out that the option to strengthen trust itself I guess could be quite transformative if you build it in right from the beginning so I think it's quite exciting this I know is a much different discussion than we've had five years ago when we talk about pay for performance where it was all about the structures and the financing and all of the stuff that made it less accessible to community and I think this kind of discussion hopefully it you know shows that we we moved I think past that or at least moved a lot forward compared to five years ago so maybe on you that that's it for me excellent thanks Rebecca is there anything that you would like to add no I just wanted to add that we had some questions in the chat about you know following up with the recording of this and if anyone is interested in getting the slides that we put together and as a group that we filled in we don't have a way of from this presentation of getting your contact so if if you're interested in it please kind of drop your contacts in the chat or you can come by solid air that also has a booth so you can leave contact information there and so yeah I see you've pasted it on in there as well excellent and thanks everyone I appreciate the the time and energy of participating in a in a workshop format versus I think a lot of people kind of log on just thinking they can listen in so thank you for the time and effort of doing that excellent yes I agree I think there was a few sort of startled people when they came in and they were all you know we had to go right back out and then join back in so excellent well thank you guys so much and thank you Rebecca and Libby for all the work that you did put together and I hope everyone else has a great rest of so captain we will see you soon see you soon everybody thanks thanks for listening in thank you bye thank you thanks for joining


فشرف بل اشتغالي بالعلم ولا تبغي به ما عشت يا دا دا دا لا وياله من شراف عظيم الحمد لله رب العالمين له الحمد الحسن والثناء الجميل وأشد أن لا إله إلا الله وحده لا شريك له يقول الحق وهو يهد السبيل وأشد أن سيدنا والنبينا محمد صلى الله عليه وعلى آله وأصحابه والتابعين لهم بإحسان إلى يوم الدين أما بعد إن شاء الله تعالى today we are going to start مختصر حديث الصيام أداب وأحكام أما أحكام وأداب رتن با الشيخ عبد الله بن صالح الفوزان حفظه الله تعالى هذا أصدقائه من أحاديث بطيني تفاستين رولين ومانز عبد الله بن صالح الفوزان who is the author he is still alive في قيد الحيات the sheikh he resides in Al-Qasim Buraida الله سبحانه وتعالى he gave us the opportunity to meet the sheikh and to benefit from his ocean of knowledge رحمه الله to take something from it he is a well-known author and a well-known scholar for the excessive books that he has written and those which he has explained he has a shahrahan بلوغ المرام which is a very good explanation which is a shahrahan بلوغ المرام he also has an explanation on الورقات by Al-Imam أبي معالية الجويني رحمه الله and when we were explaining al-warakat we relied on his shahrahan عبد الله بن صالح الفوزان and his explanation we relied on that and he has many other books he has many other books رحمه الله حفظه الله this book is a summary of a hadiths pertaining to fasting the way the author organized it is he brings 20 narrations for the first 20 days of Ramadan 20 حديثs for the first 20 days of Ramadan every day you take one hadith and he wanted it for people to take it after asr every day to release one hadith for the people so they can benefit from it 20 days and then he made 9 hadiths pertaining to the last 10 days of Ramadan so in total Ramadan could be 29 nights the sheikh has a hadith every night for it then what he did was he placed 4 hadiths after Ramadan is over and the month of Shawwal comes the sheikh رحمه الله he wrote 4 narrations so in total how many hadiths do we have 33 every single day every single day we're going to do one hadith extract benefits from it and Insha'Allah allow you all to benefit from it Insha'Allah we're now going to insha'Allah start with the hadith and the first hadith the first hadith what's the chapter for it and the first hadith في وجوب الصيام والشيء من حكم that fasting is obligatory and some of the wisdoms in fasting that's the chapter of the first hadith the sheikh that brought the hadith of Abdullah ibn Umar رضي الله تعالى عنهما أن النبي صلى الله عليه وسلم قال بني الإسلام على 5 شهادة أن لا إله إلا الله وأن محمد الرسول الله وإقام الصلاة وإتاء الزكا وحج البيت وصوم رمضان متفق علي في هذه الحديث there's an evidence that fasting is obligatory and that it is a pillar from the pillars of Islam الله سبحانه وتعالى He made it obligatory upon the creation for a wisdom and reasons are behind while Allah تبارك وتعالى legislated fasted the one who knows it knows it واجهلها من جهلها the one who knows it knows it and the one who's ignorant about it is ignorant about the wisdoms that are in fasting the first wisdom in fasting is that is in fasting the first is and of course the first ruling so in this point of the hadith we're talking about what حكم الصيامي the ruling of fasting and the secrets and the wisdom behind fasting أنه عبادة لله تعالى fasting is a worship for Allah in which a person gets closer to Allah by doing it and it is leaving what you love what you desire you're leaving it for Allah سبحانه وتعالى in obedience to Him in following in following His command and then what becomes clear your Eman the essence and the true claim of your Eman becomes clear now فيظهر بذلك ستق إيماني your Eman being true now becomes clear also what becomes clear is وكمال عبودية لله your complete servitude for Allah that you are a complete slave who submits himself to Allah وقوة محبتي له and that you excessively love Allah تبارك وتعالى that you would push aside your whims and desires and what you love you want to eat but you say Allah told me not to eat you want to have intimacy with your wife you say I'm not going to do it because Allah told me not to do it you push it aside what you want and what you desire because you love Allah ورجائه ما عنده and you also are hoping what is with Allah جنة seeing Him the day of judgment you are doing it for that sake as well because that slave knows that Allah being pleased is connected to you leaving of your desires and he puts forward and he puts forward that which pleases Allah تبارك وتعالى over his own whims and desires and because of that فإن كثيرا من المؤمنين are a lot of the believers if he was beaten or if he was even imprisoned for him to break his fast one day and a lot of Muslims won't break their fast and a lot of them they won't because there is that spark of good in them there is that spark of خير that is still present in them number 2 so those are wisdoms that's the first wisdom that are in fasting number 2 andه سبب التقوى fasting is a means to piety it's a means to piety it's a way to purify yourself it's a way for one to purify his soul by obeying Allah by obeying Allah in that which he commanded you and to stay away from when انتهاء عمانها to stay away from that which Allah تبارك وتعالى to stay away from قال تعالى الله says يا أيها الذين آمنوا oh those of you who believe كتب عليكم الصيامة fasting was made obligatory on you كما كتب على الذين من قبلكم like it was made obligatory on those who came before you why لعلكم تتقون so you may gain piety from your fasting وتقوى piety is جماع خيرائد دنيا ولاكرة piety is the summary is the conclusion of the good of this world in the hereafter that's the gist of خير that's the true essence of خير which is what in this world and also in the hereafter it's تقوى every fruit that comes from fasting every effort that comes from fasting it actually springs from piety and تقوى point number 3 from the wisdoms of fasting is حبسوا نفسي عن الشهوات to imprison your soul yourself and your soul from desires by what by staying away from food and drinking then that would lead to what the person's veins tightening and once your veins start to tighten it ships from شيطان some of his ability because that's where شيطان flows in the person شيطان runs in the person where the blood flows that's where it runs so by abstaining from drinking and eating the blood flow becomes low and little and it weakens شيطان's ability and once it weakens شيطان's ability what happens تقل المعاصل the sins become little the person is not now driven by whims and desires and that's why the prophet commanded the young boy who's full of desires he said يا معشرة الشباب من استطاع منكم الباءة فلا تزوج anyone of you who has sexual desires then marry and if you're not able to get married and you can't then upon you it's fasting why because fasting will prevent you from falling into zina because your body becomes weak your system becomes weak if you only think of something your mind is only going to think about food number 4 ومن حكم الصيامي from the wisdoms of fasting number 4 is أن القلب يصفو the heart becomes pure the heart becomes cleansed ونخل لفكري with ذكر the heart and the mind becomes free to think clearly and to think straight and also to remember Allah because taking in your desires يقس القلب it taints your heart ويعمي عن الحق and it also blindness you from the truth and fasting يحفظوا على القلب protects your heart والجوارح and it also protects your limbs it protects it in terms of its spiritual side and it is also proven that it also protects it the physical side of your body as well you see countries that complain about obesity fasting is a form of diet that one can protect himself from having high level of cholesterol diabetes and whatnot number 5 from the wisdoms of fasting is معرفة نعمة الله knowing and acknowledging the blessings of Allah على العبدي upon the slave by fasting you will know the blessings which Allah has bestowed upon you بالشبع والري by your body being full when you drink and you eat a lot you will realize that you used to have a lot of food and you will come to realize how much when you were thirsty you had a water to drink and then it leads you to remembering what the فقراء and the مساكين those who are poor and hungry and the people who are starving around the world you will realize they never had that option that I have today you go to a chicken and chip shop and you choose what meal you want to have and you say I've had this so many times try this one you have options to choose from when you fast you realize these options are now it's not something you have anymore so it actually makes you remember the blessings that you had and then it also reminds you of those who never had this blessing not just Ramadan but there are people who Ramadan is every day for them they don't have this at all you have nothing to drink they drink dirty water they eat food a day and maybe another day they may not have no food to eat a mother has to choose between her children she has to choose between her children which one is she going to let that to die so she can give the other one food and then it will lead to gratitude which is a characteristic that is needed when you remember all of those things you start to come with gratitude a characteristic that is needed and you will also become one who realizes where you feel you will come to I know the pain and the suffering that my brothers and sisters around the Muslim world were suffering and this is the principle brothers when نعب لا يعرف قدرها إلا بفقدها the blessings the weight in which that blessing has you never know unless you lose it this is the principle لما يفتقدوا المدر المعاصرة حرمان كامبانيون شب is a form of prevention or companionship is something that prevents you from really seeing things as it is really your friend while he is with you you don't really know what he is you don't understand his quality but the day he moves out of that position and every spot that he was holding on for you start realizing I never used to think about doing this some people complain about their parents they say my dad doesn't do much for me my mom doesn't do much for me the day they die you realize that space is now open for you that little spot that he was holding on to you start to realize the position that they were holding ولي ذلك that's what امامان does to you it takes away from you something so you can come back to your senses again to realize this blessing that you have number 6 ومن حكم الصيامي from the blessings of fasting is the health benefits that come with it the health based benefits that come with it because when a person eats less they've got a healthy body and it protects your body in that formal way what people don't tend to understand is that it doesn't just it doesn't just become something that helps you in your physical health but it also benefits you in your time you've got more time the time that you used to sit down and you used to eat so you've got more time to you've got more time to do خير and good that time is not there anymore we spend hours of eating if you calculate a day time when we walk back or the time that the wife prepares the food or the time or this or that or the time that you sit down and try to sit down and eat the food it's what it's a what it's time calculate it per day you seed maybe an hour or two you're spending eating that now is time which you can sit down and do اذكار and remember الله تعالى in conclusion brothers conclusion the wisdoms in fasting are great والله and those were only some الله تعالى و تعالى connected to fasting a lot of reward and a lot of agile in which a person will gain if only we were allowed to be given an understanding of the reward our minds would fly we don't even know the reward that's prepared for us for fasting because later we're going to come to the حديث where the prophet صلى الله عليه وسلم said الله said الصوم ليه فاستيك السمي و أنا أجزي به I reward the one who's fasting and he's not even talking to us what Allah is going to reward them with the principle is when the reward is hidden from you when Allah tells you I'm going to do something for you and he doesn't tell you what he's going to do for you يدل على قدري يدل على عيدة من أجر it shows how high that this reward is going to be الله is saying to you the ones who are fasting I'm going to reward them I'm going to reward them is that going to be like something cheap or something simple or easy لا والله so there's a lot of reward but we can't even comprehend that reward and we'll speak about that in more details in the upcoming a hadith that we're going to take we'll stop there for this hadith إن شاء الله و تعالى والله و جنّبنا أسباب الهلاكي والشقاء and prevent from us the path of destruction و رزقنا الفقّة في الدين and give us understanding in the religion و الوفاة على السنة خاتم النبيين and make us those who die upon the sunnah of the Prophet ﷺ وغفل لنا و ليوالي دينة forgive us and forgive our children and our lineage و لجميع المسلمين أقول ما تسمعون وأستغفر الله لولكم و لسائر المسلمين من كل ذنب فاستغفروه إلا هو الغفر رحم سبحانك اللهم بحمدك أشهد أن لا إله إلا الله أستغفروك وتوب إلي