A fiery horse with a speed of light, a cloud of dust, and a hearty hyosilver, the Lone Ranger. With his faithful Indian companion, Tato, the daring and resourceful mask writer of the planes led the fight for law and order in the early western United States. Nowhere in the pages of history can one find a greater champion of justice. Return with us now to those thrilling days of yesteryear. From out of the past come the thundering hoofbeats of the great horse, Silver. The Lone Ranger rides again. Come on, Silver! Let's go become the Lone Ranger! Dan Reed, 14-year-old nephew of the Lone Ranger, was riding in the stagecoach to Orrie City after visiting with friends some distance away. The stage was a few miles out of Orrie City before the only other passenger, a stout, jolly-looking middle-aged man, who had slept most of the way in spite of the rough riding, finally yawned and woke. Well, yes, I must have been asleep, was I? Yes, sir. You've slept ever since I got on the stage. Well, I can't say, sir. I've been very good company for you, then. Oh, I don't mind, sir. Going portion? I'm going to Orrie City. I have friends waiting there for me. Orrie City, eh? What I hear, that's a mighty rough and ready sort of place, isn't it? Well, it is sort of rough, I guess. You've got to expect that in these far-west frontier towns, Regan.  Every time I go to get on a horse, the poor critter looks around at me, and it sort of gives up. Oh, golly. Yes, sir. When I get into one of those there Western saddles, I sort of flow all around it, like a hen sitting on an egg. Oh, God, you are that fat, sir.  Why, when I got on this stage, it took two men to squeeze me through the door of the coach. I sure hope they don't have to take the coach apart to get me off. My name's Tom Slater. What's yours? Dan Reed, sir. Good name. I like it. Like you, too, Daniel. Well, thank you, Mr. Slater. Always did like boys. It was nice and polite to their elders. My sister Miranda has a boy. Must be about 20 now. She has a small ranch outside of Ori City. She's a widow named a seller. Do you know the place? No, sir. I didn't think you would. Just a small place. Her son Jim got himself a job of some kind over in Pekos. Pekos isn't very far west of Ori City. It can't be too far, because Jim goes home quite often. Seems to make a lot of money, too, she said in her letter. Asked me to come out to visit for a week or two. I come from Dallas. Oh, I've been there. Up and coming place, Dallas. You'll have to come out and see us, Daniel. Miranda wrote that Jim would come to see me while I'm there. He'll probably come out tomorrow, knowing I'm expected. Oh, that's nice. You got a horse? Oh, yes, sir. I have a fine horse named Victor. Good, good. You'll ride him out to the seller's place tomorrow and meet Jim and Miranda. You'll like him. All right, sir. I'd like to. I guess I can find out where the ranch is if I... Great day. What's going on? Do you see? Look, golly, some horsemen are coming. They look like outlawers. Holy gravey, now it's that sound. Here they come. They're all wearing handkerchiefs over their faces. Don't be scared, Daniel. Just let me do the talking. Hey, you up on the roof. I don't have money box. Hurry up. There's two of us. You hurry right away, Mr.... There must be three of them. Yes, there are. Hey, Jack, get off your bike and help Bill with that box. Golly, that must be Turk Banner in his measure. You know him? Oh, no, sir. He leads a gang of outlaws. I can't catch up with him. I'll take a look in the coach. Here he comes, Mr. Slater. You just sit tight, Daniel. All right in there. Climb out it. Chopin' catfish. Don't tell me all that's just one ombre, isn't it? Yeah, I reckon it is, Mr.... Tom Slater, the fattest ombre in Dallas, that's me. As for climbing out, if you ombres want to take the time to pry me out of this coach, it's all right with me. Look inside there. There's a kid in a... Holy cow. What is it? If I was worth my weight in gold, I might pass for the United States Mint, huh, Daniel? I gotta hand it to you, mister. Hey, now you're taking our minds off our business. So hold up. Look, Fatty, you can set where you are. You and the button. But hand out your money and valuables. Proud of both of you. Here's my wallet. It isn't gold, but it runs if you shake it now, man. Ah, keep the watch. We don't want this. Now take the wallet. And that ring you're wearing, too. Oh, there, there. I was hoping you'd miss that. Not this worth much, mind you, but it's kind of hard to get off. My fingers got fatter since I bought it. There, I managed it, here. Get almost wear for a belt. Come on, Turk. That big walrus hasn't got anything else worth taking. Oh, to search the kid's pocket, so just in case you... The funny thing, last time I went through Junior's pockets, I got nipped by a small snake. He has the darkest hair.  Well, you know, mister, the saying is boys will be boys. I remember one when he...  Come on, Bill, let's get going. All right. All right, Tyler, get that skater. Get going. Get up there.  Wish you were fooling that time. Golly, but they took your wallet and the ring. The ring, I'm sorry about, but most of my money isn't in the wallet. You see, I'm sitting on it. Wish you were fooling that time. After arriving at Ori City, Dan Reed went to the livery stable where he had left his beautiful stallion, Victor. Riding into the hills outside of town, he soon arrived at the Lone Ranger's camp. Dan lost no time in telling the Lone Ranger and Tato about the holdup. So it was Turk Bannonies' men who held up the stage on Dan? Yes, sir, I'm sure it was. One of the men kept calling him Turk. Not him all right. The driver went right to the sheriff to report the holdup. Mr. Slater went along with him. Mr. Slater seems to be quite jolly. Oh, golly, he's sure funny in the things he says. Seems to be smart, too.  That's right. Him think plenty quick to fool outlaws. It doesn't seem possible, he's as stout as you say, Dan. You ought to get a look at him, and then you'd see for yourself, sir. I appreciate his kindness to you. He was awfully nice. I'm going out to see him tomorrow at the cellar's place to meet Mrs. Sellers and her son, Jim. Sellers' place? Oh, that's a small ranch a few miles up the trail from here, Tonneau. That's right. I was going to ask if you knew where it is. You know, I noticed one thing while Mr. Slater was talking to the outlaws. Oh, what was that, Dan? The one they called Jack sat on his horse, waiting. I noticed his boots were covered with a strange-looking red-colored clay. Really? Uh-huh. And when Turk and the other one walked away from the coach, their boots had the same stuff on them. And it was on the horse's hooves, too. Ah. Dan, keep eyes open. Him see plenty. Yes. Tonneau, do you know of any place where there's clay like there? No. No, me not no, Kimusavi. We could find out. It might be our chance to round up the Turk banner gang. That right? We'll inquire around town about it. All right, come on, it's time to have some supper. The following day, Tonneau made discreet inquiries around town, but no one seemed to know about the location of the red-colored clay. That afternoon, Dan left the camp and rode to the cellar's ranch. He rained up in front of the house. Oh, perfect. Oh, boy. Thank you, fellas. Golly, there's Mr. Slater sitting on the porch. Hello there, Dan. Come on up and sit. Hello, Mr. Slater. There's a horse I told you about. Gosh, Dan, you sure are dandy.  Oh, thanks. Miranda! Miranda! What is it, Tom? Give me a minute. Here's that boy I was telling you about, Miranda. Meet Dan'll Reed. Now, how do you do, Mrs. Sellers? Well, I do declare. So this is a boy who was in the holdout with you. That's right. Dan'll never win tonight, either. Got a lot of gumption for a button this size. Tom was telling me about how he fooled those outlaws, Dan. Being so fat, he gets away with a lot other men couldn't.  Dan'll, the truth has never hurt anyone. Especially when it's something everybody can see and you can't deny. Where's Jim, Miranda? Jim's around back, saddling his horse. He says he has business in town for spells afternoon. Well, I don't want him to get away without meeting Dan'll. And you like Jim, Dan'll? Fine lad. Yes, sir. He's just as lean and slim as you are almost. Not much Slater, into my reckon. Jim's riding around now. There he is. Jim, oh, Jim. Get off that bronc. Come up here a minute, Jim. I want you to meet a friend of mine. All right. Tom, easy boy. Jim, shake hands with Dan'll Reed. He'd come in on the stage with me yesterday. Ah, they're dang glad to know you. Same here, Jim. I've heard a lot about you. Uncle Tom gets most of his exercise talking, seems like. Now, Jim, don't talk about your uncle that way. I reckon he hit the nail on the head of that. I guess it's a good thing you can't talk like you do, Mr. Slater. Yesterday when the stage was held up, you... What are you staring at, Dan'll? Oh, nothing. I guess you were looking at my dirty boots. I didn't get a chance to wipe them off. Well, I get my boots dirty, too, sometimes. Boots don't look right. Leg it dirty, I always say. I'm afraid I'll have to leave now, Mr. Slater. I'm sure glad to have met all of you. Oh, do you really have to go, Dan? I was hoping you'd have some supper with us. Thanks, but I really have to go. I'll come back sometime soon. Glad I met you, Dan. Goodbye. So long, Dan'll. You come back before I leave here. All right, Mr. Slater. Goodbye. Bye, Dan. Steady boy. Easy, Victor. Come on, Victor. Then rode to the trail outside the entrance to the cellar's ranch. He rode into a thick clump of trees nearby and rained up. Oh, Victor, hold on. Jim had clay on his boots just like the kind the outlaws had on theirs. Well, I'll wait and follow on, Victor. Within a short time, Jim rode from the ranch and started up the trail. When Dan decided it was safe enough, he started after Jim. Come on, Victor. For some distance, Dan trailed Jim without being seen. Finally, Jim rode through a pass into a hidden valley beyond. Though Jim was no longer in sight, Dan rode toward the pass with hopes that Jim was riding to the outlaw camp. As Dan approached the pass, he slowed Victor's pace. Easy, Victor. Easy boy. He was about to enter the pass when suddenly a shot rang out. The curtain falls on the first act of our Lone Ranger story. Before the next exciting scenes, please permit us to pause for just a few moments to continue our story. As Dan lay unmoving at Victor's feet, two horsemen came out of hiding and rode over to him. After the love of Pete, look here. It's only a kid. Kid. Wonder why he was followed. Hey, this is the kid that was on the stage yesterday with that fat ombre. You sure? Sure, I'm sure. See if he's hurt bad. Hey, look. Here's where the bullet hit him. Just creased his temple a bit. He'll be all right, kid. He got creased by a bullet. Lucky you weren't killed. Maybe you should have been. Had no business trailing Jim. He would tie this handkerchief around his head. Sure. Jim. Jim Sellers. Now I remember. I was following him. He must be an outlaw with Turk Banner's gang. There you are, kid. That'll hold you. Listen, Jack, did you hear what he just said? He's wise to the fact that Jim's with us. Yeah. We better take the young Maverick to Turk. I'll say we better. And Turk's not going to like having this fresh kid knowing so much. Come on, get up, mutton. I'm all right now. And get on your horse and get going with us. Turk Banner will take care of you and good. All right. Steady boy. Come on, Jack. All right. Let's go. All right, kid. Get going. Through that pass over there. This gun says you don't pull any tricks. I'm going. Come on, Victor.  Get up there. After darkness had fallen, the lone ranger became anxious about Dan. A bright full moon lit up the countryside so that he and Toto could see for some distance down the trail, which they watched anxiously. Finally, the lone ranger spoke. Toto, I'm worried about Dan. The cellar's place isn't far from here. It should have been back long ago. Isn't that right? We'll ride over to the cellar's place and ask about Dan. I'll be relieved if we find his till there. It'd not take us long to get there. I know. We'll go right now. Here's a look. Come scout. Let it be clear. Easy. Easy for us. Come on, silly. Come on, scout.  Hold on. Hold on. Hold on. Wait here, Toto. Uh-huh. Well, what can I... Six alive. A masked man. An outlaw. Forget the mask, Mr. Cellars. I'm not an outlaw. Is Mr. Slater here? Well, yes, he is, but... What's all the play about, Brandy? Why don't you... Holy gravy. I didn't expect to be held up every day of my visit. I don't have to ask if you're Tom Slater. Dan told me about you yesterday. You mean Dan will read?  The mask doesn't matter. I'm a friend of Dan's and I'm worried about him. Was he here today to see you? Yes, he was here this afternoon. That's right. Little Scallow Egg didn't stay more than five minutes at the most. That's strange. Why did he leave so soon? Don't reckon I can tell you that. Seems like he was sitting there in a porch relaxing and talking and all of a sudden up he gets and takes himself off. Oh, I hope nothing's happened to him. So do I. Do you have any idea why he left so suddenly? Nope. A minute this afternoon I got to thinking Dan was so persnickety that when he saw all that reddish-looking stuff on Jim's boots he didn't want to mix with such careless folk. Seriously though, I don't know why. Just a minute, Mr. Slater. You mentioned the reddish mud or clay on somebody's boots. Oh, he was talking about Jim my son. He's careless about such things. I see. Oh, is he home? No. He was just getting ready to go to town when Dan came. Yep. Dan will stare at Jim's boots a minute and then excuse himself and let out Jim left right after.  Sort of got to like him for the lad. Yes, I have too. Well, thank you for talking to me. I'll see you again sometime. Sure. If you're a friend of Dan will come on around any time. Mask it off. Thanks. Goodbye. Goodbye. Goodbye. You find out anything, King of Slubby? Yes, Tutto. Something very strange. Dan noticed reddish-colored clay on Jim's seller's boots. Like on outlaw's boots? That's right. Dan must have planned to follow Jim and run away from here just ahead of him. That mean Dan go out to trail and wait there maybe. Yes. We'll ride out there and try to pick up their trail. Moon is plenty bright enough. Come on. Come on. Riding out to the entrance to the seller's place, the lone ranger and Tutto rain to a halt. Not all the only possible hiding place in which to watch anyone coming from the ranch would be in that go of trees. That's right. Can we go look there? Yes. Come on, seller. Get them up to the scouts. Oh, now, easy. Easy. Easy. Easy. Look, King of Slubby, footprints here. So I see somebody stopped here, then rode out that way. Ah, footprints, not go toward town. That means Jim Sellers didn't go to town as he said he was going to do. Dan must have followed him toward the hills. All right, let's get going. Meantime, the two outlaws had taken Dan through the pass into a narrow valley, the floor of which was composed of a soft reddish clay. Two cabins with a large lean-to behind them to shelter the horses stood off to one side. The smaller and better-looking cabin was the headquarters of Turk Banner, the outlaw leader. The cabin was empty when Bill and Jack took Dan in and tied him up on a cot. It was some time later that Turk Banner arrived after a trip to town and entered the cabin where Bill and Jack were playing cards. That beats me, Jack. Oh, hi, Turk. How many times do I have to tell you I'm ready to use your own cabins to put who's there down the cot? The kid we caught trailing Jim into the pass. Yeah, Turk. He's the same button that was with Fatty on the stage yesterday. I thought that kid looked a little too wise for comfort. Untie his feet and bring him over here. Then go get Jim. I'll get the kid. Jack, go after Jim, will you? Yeah, sure. Guess he's sleeping in the other cab. Oh, still here, son. I'll get him. Not something done here. There you are, kid. Now you can get to your feet. Come on, Turk wants to talk to you. All right. I'm a little stiff from those cords. Here is Turk. Yeah, so I see. You're smarter than I thought, button. So you trailed Jim out here, huh? Yes, I did. But may just suspect he was coming here. I saw Clay on his boots like the Clay on yours. Well, what do you know? This kid isn't dumb. Trouble is he's too smart for his own good. Who did you tell about this Clay idea, kid? Nobody. When I noticed Jim's boots, I didn't have time to tell anyone. I just followed him and... Well, then they shot at me and brought me here. Yes, Jim, Turk. What do you want, Turk? I'll just... Man, Reed, what are you doing here? A little coyote trailed you here because the Clay on your boots looked like the Clay on ours. He was on the stage we held up yesterday. Holy kid, you shouldn't have done it. It's a slater and your mother are sure going to be sorry when they find out you're an outlaw. Hold on, Dan, I'm sorry too. Because I sort of liked you when we first met. It didn't look like you could be like these... I like these others.  Oh! If my hands weren't tied, I bet you wouldn't slap at me like that. Listen to him talk stuff, huh, Turk?  I'll take that out of him. Wait a minute, Turk. Don't hit him again. Who says I won't? Well, I'll slap that daylight out of that button. I say so. Get him up and don't move any of you. What? Put down that gun, Jim. It's suicide. It's gonna be suicide if you don't do as I say. Get over there and there, Bill Jack. He's gone local. Dan, turn around and back up to me. While I hold this gun on him with one hand, I'll try to untie the coat on your wrist with the other. Golly, huh. Oh, I'm turned around.  Get him and head for home. It's loose. Right. Why, you fool? He won't get passed red out of the pass. He's unguarded there. No, he isn't. He's tied up out in the lean to. What's that? Hey, I don't get this at all. You will. I didn't intend to show my hands as soon. When you started slapping this kid around, I decided to do something about it. You're one against three, Jim.  Before you go, Dan, go behind Bill and Jack there and take the guns. Be careful. All right. I'll plug the first one and move. I haven't. Here they are. Put them on the table. All right. Good boy. Now beat it and get your horse. But what about you?   It sure will, kid. Put that gun, Jim. What in places is this? Next time you better be sure you learn how to tie or not. I saw it through the window as I was coming to tell Turk what you're done. Put that gun. You're in work, Red. I saw you sneak open a door.  Look out! Ow! My elbow! Let's get them back. Me not being cold. The gun's on the table. Don't move either of you.  I'll get those guns. That's good, Dan. Dan, are you all right? Yes, sir. Ow! Ow! There. Looks like we got here too late for the fun, Jimmy. Hey, this masked hombre is still holding guns. Reach, Mr. Yeah, he's all right, Sheriff. He's all right. I can vouch for him. I'll say he's all right. If it hadn't been for him and the Indian, I'd be a dead duck right now. Hold on. What's this all about? Jim, are you all right? Jim pulled the gun and made them let me go. I guess a little explaining's in order. I didn't suspect, Dan, to follow Jim out here. Anyway, this will explain a bit. Yeah, Marshall's bad. Yep, from Dallas. Turk Banners wanted there for a bank robbery six months ago. But I don't quite understand that. And Jim isn't an outlaw. It's my nephew an outlaw, of course not. He telegraphed me. He had a line on Turk Banner. He had a chance to join his gang for evidence. Jim's a deputy marshal in Pekis. That's right. I got word to the sheriff in Orye City to raid this camp tonight. After Uncle Tom said there was evidence to prove Turk was an outlaw. You can't prove anything you're canceling. Oh, I can. We'll let ring your word with all the string wrapped around it. To keep it on is the one you stole from me on the stage yesterday. I made sure you saw it after I heard an outbreak call you Turk. Oh, I knew. Let's start things against you, Turk. We'll make some of your men talk, too. Just wait and see. Then if Dan hadn't followed you, the gang would still have been captured. Am I right, Jim? Oh, sir. Good thing Dan brought things to a head and you came when you did. The outlaw read that I brought him from the pass and tied up, got loose. It would have got wise and cleared out. Dan's sure a smart youngster to figure out that clay angle. Thanks. I guess you others can handle things now. Adios. Long time. Adios, sir. Who is it, man? I guess you all wonder who that is. He's the figure of a man I'd like to be. I make two of him in size, but, holy gravy, he's got me beat a mile for brains and brawn. I knew when I first spotted him that he must be the Lone Ranger. This is a feature of the Lone Ranger Incorporated, created and produced by George W. Trendle, directed by Charles D. Livingston and edited by Fran Stryker. The part of the Lone Ranger is played by Brace Beamer.


It's a great pleasure to meet our beloved Prime Minister Narendra Modiji. I represent a group called Live Indians from all, on behalf of all, Live Indians. I extremely welcome Modiji. And it was great. Modiji when I spoke to him is like, when I said I'm from Andhra, I said like, oh, Andhra Garu, it's really good. And yeah, it's because India is an emerging country in terms of, I'm an IT professional basically. You can see how India is emerging in terms of IT and all the reforms that our Indian government, especially under Modi's leadership, has brought all the reforms. And it's going to be great soon for all the people in India, not only IT in every sector India is growing, and especially it's great to see Modiji a part of being the COP26 and bringing the things that need to be helpful for all the world, not just for any country or for all the world.


Good afternoon, everyone, and welcome! My name is Melissa Armell and I own a company called the Stock Swoosh LLC. Welcome to an upcoming webinar. The topic is one high- income-paying strategy. Feel free to reach out and email me if you would like more information at Melissa at thestockswoosh.com. You can go to Twitter, YouTube, LinkedIn, Pinterest, or Skype at any one of these places and feel free to reach out to me if you'd like questions about the upcoming webinar or the strategy that I trade. And again, you can email me at Melissa at thestockswoosh.com if you have any questions. The webinar is Monday, October 6th at 4.30 p.m. Eastern Time. You can go to this link right here, click on it, sign up. Registration is free. It's required ahead of time. However, it's free. The webinar is Monday at 4.30 Eastern Time. First week of October and earnings season starts on Monday. So it's a great start to the fall, trading season starts next week of Monday. It's going to be a busy, busy week. And then all through October, all through November into December, earnings season runs about eight weeks. So very excited for next week to start. Can't wait for it to get here actually. We're going to talk about goals in this webinar and having to focus each day to achieve these goals. It's extremely important. It's great to have very specific goals, monetary goals, strategic goals, trade goals, number of trades you want to take, and then a focus every day to achieve these goals. How do I do it? I do it on just one strategy. Just one strategy. That's it. That's how I do it. One quality strategy is all you need to pay yourself on a regular basis. Knowing one good strategy you can replicate over and over for profits can change your trading world. Having one powerful strategy that pays will open up your eyes to the true profit potential of the market. The market can offer your real life long career if you have a strategy that makes money consistently. And that is the point. You want to do something that you can do and look for each and every day consistently over and over. And I've been able to do that. I've created a system to focus on that one strategy and we're going to talk about it on Monday. Now let's look at this move here that Dow had. This is on October 1st. This stock fell off and was a short. So if you wanted to watch Dow on this day and focus on this, it had one nice trade, one solid move at it. Could have even done an add in this too. But again, you're looking to do one solid trade, two solid trades a day. Now, earning season does tend to have multiple things you can do in one day. I like to have one focus. If you watch Dow here, you could have shorted this beautiful short right in here and here's the drop. This is what I call the money move, which is you're just looking for this. I mean, just something like this. If you can duplicate something like this every day, boom, boom, boom, you can make money trading. Okay, it's about getting the correct entry, knowing where to put the stop and also knowing what to look for the targets. And this actually had a better move than expected in here in the day as fast as it did. And the right time of the day makes a big difference too, which we're going to talk about on Monday as well. Price of the entry is $35.22. Size, $3,000 shares is an advance size. If you took it in this, you need to be able to have the BP to take this. Again, you're looking to trade an account for a day trading account that would involve having margin. Okay, so you don't need the actual cost of the stock here dollar for dollar to take it. You're trading a margin. Exits are $34.40. It actually dropped down to $34.20 in there. Could have got to $34, but this still was a beautiful move in here to happen very, very quickly in the morning. Total profit risking 3,000 shares is $24.60. Risk to reward is 4.39 times the amount risk made in profit. So beautiful move in the dial. Again, it's all about the thing that you're focusing on. How are you going to do this? You have to learn one strategy that you can focus on every day and have your goals. We're going to talk about that strategy on Monday. It's about empowering yourself to trade the market successfully so that you can do it. I teach a class on how to do this. It's called the Golden Gap course. It's a full two-day course on how to strategically find, pick and play stocks and professional bearish gaps. Retakes are free. The class is online. If you're interested, email me and Melissa at thestockswitch.com to sign up. You can be anywhere in the world and take the class. And as long as you register, you can retake it another time for free. The class is October 11th and 12th from 9 a.m. to 5 p.m. Eastern Time. Class of the class is $29.99. If you're interested, email me and Melissa at thestockswitch.com. Monday, October 6th is a webinar at 4.30 Eastern Time. Go to this link right here. Sign up. Again, registration is required ahead of time and is free. I will see you there. Don't forget. I'll see you at the free webinar Monday. Thanks everybody. Have a great day.


Family discovers truth of missing dog when mom opens the trunk a year later. It had taken a year for them to face the fact that there was no closure, and there probably never would be. Their hearts had just begun to mend and they were slowly forgetting about Lola. It had taken a year for them to face the fact that there was no closure, and there probably never would be. It's never easy for a family when a pet goes missing. But when their mom opened the SUV's trunk and they saw what was inside, they finally knew what had happened to her. Anyone who has ever owned a dog will understand the feeling of devastation when their furry friend goes missing. Dogs have a way of becoming part of the family, and when we lose them it is a difficult experience for everyone involved. The Robles family from Texas was no exception. Indeed, they had given up hope of ever seeing their golden Labrador, Lola, again. It was the summer of 2016 when Isla Robles realized that the family dog missing. After calling the local shelters and vets, putting up flyers, and searching the streets, she was still nowhere to be found. When the days turned into weeks, the whole family knew that the chances were slim that they'd find her. Isla had to break the news gently to Jesslyn and Joshua, and it broke her heart. The weeks became months, and Isla had explored every possibility. But she still didn't know how Lola had gotten out. She checked the fence for holes, so she was sure that Lola hadn't escaped. And she had always been vigilant about making sure she didn't dash out as she opened the front gate and pulled inside. So, where was she? The odds weren't on her side. Isla had done the research. In 2012, the American Society for the Prevention of Cruelty to Animals conducted research into how many missing pets are actually returned home safely, but the numbers didn't look good. In fact, although more than 80% of dogs are rescued and put into shelters, many owners are unaware that their pets were ever found. Would Lola become a statistic? Isla had been sure to microchip Lola when she was young. So if someone had picked her up, surely they would have scanned her chip and contacted her. But Isla had also read about incidents where the microchip had migrated and hadn't been picked up on the first scan. The thought of Lola sitting unidentified at a shelter somewhere not at her day and night. But, unbeknown to the Robles family, it would only be a matter of time before they finally discovered what had really happened to her. An entire year had passed since Lola had disappeared. The Robles family did their best to move on with their lives. Isla and her husband discussed that maybe it was time to get a new puppy for Jesslyn and Joshua. The house just hadn't been the same without a wagging tail and a happy face to greet them when they got home from school. They knew it was time. But then, Isla got a strange call. Jesslyn and Joshua heard their mom coming home one day and ran down the drive to meet her. Isla opened the trunk of the SUV and paused for a moment, seeing her kids coming toward her but trying to block their view. But she couldn't stop her children from running up, and when they saw the look on her face they stopped dead in their tracks. Jesslyn cries, what the heck, when she sees the expression on her mother's face. Her eyes travel to the trunk of the car, immediately suspicious. There is something in the back. Something large. Did you get a dog? Jesslyn asks. Isla shakes her head slightly in motions for her children to come and look in the trunk. Indeed, there was a dog in the trunk. But the children never expected to recognize her. Their faces fell as it dawned on them that it wasn't a new puppy. It was Lola. It took the children a few minutes to process it all, after all, it had been an entire year since they had seen her. What had happened to her? On that fateful day, Isla had received an entirely unexpected call from Dallas Animal Services. They said that Lola had ended up in their shelter, and they had scanned her microchip immediately. Thankfully, Isla's contact details hadn't changed and they were able to track the golden lab back to her. All Isla had to do was go and pick her up. But when she arrived, she hadn't been prepared for the transformation Lola had gone through. Jesslyn stood frozen in shock, and Joshua screamed when they recognized their beloved dog. Thankfully, she was alive and well after all this time. She bounded out of the car to greet the little humans she loved so much, with her tail wagging so fast it was just a blur. Isla, touched by her daughter's reaction, takes her into her arms and comforts her. It's Lola, she says soothingly, and Jesslyn begins to cry tears of joy. Isla couldn't help but shed a tear, too. Oh my baby, she exclaims and holds her tighter. Joshua, overwhelmed by it all, runs to his mom and sister for a group hug. With two sobbing children, Isla says we have Lola back. Do you believe it? But the children had some questions about Lola's appearance. When Dallas Animal Services had called Isla with the amazing news, they told her that Lola had been well looked after during her year away from the Robles. In fact, she had even put on some weight. It was the first thing that the children noticed.  But where had she been? Where did you find her? Joshua asks in disbelief as he watches her gallop around the garden, clearly ecstatic to finally be home. Isla explained. They picked her up, and they found her. Because she has a chip, they were able to call us and say, we found your dog. She added, can you believe we have Lola? As if not quite believing it herself. Lola was then taken inside, where she walked into the kitchen for the first time in a year. The children give her tickles and cuddles as she rediscovers her home. Everybody rub her belly. She missed everybody. Isla exclaimed. And Joshua and Jesslyn don't need to be told twice. A friend of Isla's captured the touching reunion on camera and posted it on Facebook, where it received a lot of attention. The Facebook caption read, this dog is about to reunite with her family after she was missing for over a year. The video has since been viewed more than 2 million times. People just can't get enough of the heartwarming reunion of Lola with her family. Many were so touched that they left comments about how the video made them feel, and some highlighted an important part of pet ownership. Okay, I'm crying but tears of joy. It's so important to get your pets chipped, that way dogs like Lola can be found and return to their proper homes, one user wrote. And another commented, I'm a huge advocate for chipping and registration. But even though microchipping is essential for pets, some viewers had questions about Lola's whereabouts. Great story, but I wonder. If Lola had a chip and that's how they managed to find the owners, why was she gone for over a year, someone asked. And Dallas Animal Services think that they know the answer to this burning question. Isla was mystified as to how Lola had gotten out the yard, but perhaps she was stolen. Whatever the case may be, the Robles are overjoyed to have their furry family member back home safe. But if she hadn't been microchipped, it's unlikely that they would have ever found her. There's no telling what perils Lola faced on the streets, but one thing is sure, the lucky pup is happy to finally be home.


A popular method of forming words in present-day English takes a multi-word expression such as beginner's all-purpose symbolic instruction code and takes its initial letters to form a pronounceable word with well-formed syllables. The result is referred to as acronym. Here is another example, United Nations Educational Scientific and Cultural Organization. The initial letters of each content word in this expression build the acronym UNESCO, which consists of three well-formed and thus pronounceable present-day English syllables. Note that the formation of acronyms is neither restricted to the initial letters of the items of the underlying expression, nor to its content words as shown, for example, in radar. Here the first two letters from the first term, r, a, and the initial letters from the remaining words are combined and build two well-formed syllables. In summary, the formation of acronyms is relatively flexible. It is a language-specific purely orthographical operation which is permissible as long as the resulting abbreviations are pronounceable and at the same time related to the underlying multi-word expression.


Now that we have a feel for how large our planet Earth is, how high the sky goes, and how we measure and calculate these distances, we'll finish the chapter with a look at some of our great cities at night from space and identify their distances from our home base, San Diego, California. Astronaut Don Pettit went to significant lengths to get high-death pictures of the Earth's cities at night from the International Space Station back in 2008. I combined his pictures with the time-lapse photos taken by the crew of expeditions 28 and 29 aboard the space station in 2011. The space station orbits 370 kilometers above the Earth. We start with nearby cities. Like nearby stars, these are the most familiar to us. Distances are measured in hundreds of kilometers. Nearby star distances are measured in trillions of kilometers. As we move east across the North American continent, distances grow to thousands of kilometers. Similarly, distances to faraway stars grow to hundreds of trillions of kilometers. We jump by thousands of kilometers as we cross the voids created by great oceans such as the Atlantic. This reminds me of the galaxy voids in the structures known as superclusters. Here's one of the furthest cities from my home base in San Diego. From here, because the Earth is round, we start measuring distances to the West. It's interesting to wonder if the same sort of thing could happen if the universe is curved enough to be closed.


virtually the same and easier, but on that one, you all won, it goes hand-wrist, right? Remember I talked about, he won't feel this, if I'm up here, I'm almost in front of him, but you gotta go out and around on it. Now you guys are trying to drag it from over here, I'm in front, he's got a head position. I'm getting around his body, Here, I'm getting around his body. You can sit here, out and around. So, that motion is identical to this one. Look, I do a lot of 201 stuff. I developed a lot of stuff from here, I feel like when I got here, I got a lot of options. I can step here, I can use my front hand, that's the one that gets me down. Right, I can use that to a woman, to a foot hooking, he posts on my head, and I might bump the double, he goes wrist, I might drag. There's a lot of stuff in it, so I don't like to just stay basic guys all the time, and that's not a hard tie, look, look, he's working it. If I'm going to my underhook, I'll either, right, just bang a guy down front head, stuff him, slide into my underhook, and when I go underhook, I go elbow against the wrist and the lat, I go hook on the shoulder, and I pressure his head, and who's got head position? Huh? Right, I have a patrol situation, the guy doesn't want me to be there. David got 201, he doesn't want me to be here because I can start dropping, right, I can start peeking through. From head to get into it, stuff him, pass it. I know some guys that just bang, they just bang into their underhook right here. Okay, I can go miss the shots up here. Right, got him underhook, elbows down inside, hands on the shoulder, head position. Austin, now you might get in this fight. It's in here playing this game with the hands. I'm sure you guys have been here seen it, right?  Now he takes hand position, double down, right? You think he feels comfortable? Huh? Better than he was. And what's he doing with his body weight? Lean in. Now this one's easier because it's hand mounted. That was right under knee. And you've got to go out and around. Head position, I can go whether I have his wrist or whether he has mine. It's better if you learn it when he's got yours because he feels real good. He feels like, okay, I'm still fighting an underhook, but I got head position, I got his wrist, can't do anything. Right, he's leaning on me. As this one's coming out of my feet, he ain't going the same time they were running. Take that weight away from him. Take that wall he's leaning against. Get rid of the core. That's where my bissy drags. Go on the slide in, here, bang him out. He bangs back, get him, bang him out. Hide in that armpit again. The finesse part is what? Rarely would I just get position. The greatest threat. Right, I usually, if I pick up on something when I'm wrestling the guy, whether he's got it off him, if I'm wrestling the guy, okay. I'm saying to myself right now, okay, there's an arm track later on. Get out of there. I start thinking about that drag. I don't typically just bang and go on it. I want to make sure I get him leaning and leaning. Keep getting back there. Keep getting back there. He's got wrist, he's got head position. Good to take. Question? Alright, one, two.


The panel that we're doing today is really about the biggest topic here at Davos and the biggest topic around the world, and that is inequality. And in particular, we're going to be talking about rentier capitalism, and we're going to define it. We're going to talk about how it's getting worse, and then hopefully we'll address a little bit some of its potential solutions for the rentier economy. So the IMF has told us that we're in this unprecedented period of growth. We have 120 countries around the world that are doing better in the past year. They're growing more and thriving, and yet at the same time, inequality in both the western world, the developed world, as well as other countries in the developing world continues to get worse. So I've heard many CEOs. I was just on a panel with some of the banking CEOs and the head of Barclays Bank. He made the case that for him, the biggest problem in the world today is not the next financial crisis. It's inequality. So this is clearly on the minds of everyone at Davos right now. To get into these issues more, we have two incredible panelists with us, a guy standing a British professor who lives here in Switzerland and thus was ready for the snow with his great snow boots. He is a professor at the University of London and is also the author of The Corruption of Capitalism, a book that I think he'll share more with us throughout the conversation. And here we have Ricardo Hausmann from Harvard University. He heads the Center for International Development there. He was also born in Venezuela and was a minister for several years in Venezuela and brings that perspective as well. So to kick it off, what is rentier capitalism? R-E-N-T-I-E-R capitalism. We're going to ask you to try to give a 30 second definition, so almost like an elevator speech and then we'll get into more. Guy, let's start with you. Well, thank you very much for coming. It's difficult to compete with Modi, so we're very grateful for you being here. I think what's happened is the neoliberal experiment that started in the 1980s created the conditions for the emergence of a regime of intellectual property rights, property rights in various form, and the growth of monopolistic, pricing monopolistic capitalism. And essentially one can define rentier capitalism and I wanted to call the book that title, but the publisher said not sexy enough because nobody will understand rentier capitalism. Rentier capitalism is about the existence of a system in which the return to private property rights exceeds the return to production. And I think that what we've seen is a huge shift in the distribution of income, in the functional distribution of income, where the shift has gone more and more to profits, as we all know, that's the Piketty story. But if you look at the data, forms of rental income have been extracting more and more of the total. And even within the shrinking share going to labor, the share going to forms of rent for the top groups within the labor market have been growing. So you've got a double whammy taking place and I think we'll discuss that as we go through. Ricardo, how do you tell your classes at Harvard what a rentier economy is? Well, we have the sense that there is some relationship between effort and reward, that whether you know you reward work, you reward savings and so on. But when you look at the way value gets distributed, a lot of it gets captured by things that are in very short supply or inelastic supply and where you have property rights on that. So I mean, the reason why the Gulf countries are so rich is because oil reserves are in short supply and people have property rights on that. It's not that the money came from discovering how to find oil or how to extract oil or how to refine oil or what potential uses of oil. A lot of engineers, scientists and so on developed all of that, the invention of a car, the invention of all these things that use oil. But a lot of that innovation that is part of that value chain, all of that gets in some sense captured by the owners of the asset that is inelastic supply. So natural resources is one example of things that are inelastic supply. Others are things like real estate where central positions of land in a city. So in Piketty's book, I mean, Daniel Quinn has shown that if you redo the numbers of Piketty, a lot of the income to capital was the appreciation of real estate in land. So it means that you don't produce anything. You just own a structure that was already there. But that structure, because it's so central in a network that is becoming more valuable, captures a lot of the value that is there. And then there is this third thing that captures value, which is standardized systems like credit cards. There's only Visa and MasterCard or there is Microsoft and Apple. And there's Google and Apple as two platforms. So things that become, there's a natural monopoly around them. They tend to capture a lot of the value. And this is in some sense exacerbated by legislation because property rights and intellectual property rights by the belief at least of many economists have been overprotected. Let's pick up on that because that's what makes rentier capitalism different today in these technological aspects. When I first heard this term, I immediately thought of the 19th century of the land barons and of course they owned all the land and the property and most people were working for them on the farms. But what you're describing is something very different today that it's going beyond just property rights or oil rights, these things that have been around for many decades, if not centuries. Can you, what's different today with this rentier capitalism? Well, I think what happened is that the neoliberal experiment led to an incredible domination by financial institutions or financial capital. And the US administration, encouraged by Goldman Sachs and the like, created an international architecture for an intellectual property rights regime. The key event was the passage of trips in 1995. Can you spell out trips first? Trade related aspects of intellectual property rights. And before trips, fewer than one million patents were filed with WIPO, the World Intellectual Property Organization, per year. 2016 was the first year when over three million patents were filed. Now each and every patent gives a monopoly income to the holder of patents for 20 years or in the case of pharmaceuticals for 40 years and there are various ways of extending it. And the income attributable to patents has multiplied seven-fold. Rough estimates put it at the stock value of patents today globally is something like $20 trillion, phenomenal amount. And it has been cemented by the fact that we have over 3,000 trade and investment agreements in force, most of which have entrenched intellectual property rights. They also have copyrights, which have been vastly extended, particularly for corporate copyright, where it gives a guaranteed monopoly income for 95 years, listen to that, which gives phenomenal property rights and monopoly income. You have trademarks, which have expanded, and you have industrial designs that have expanded. And at the top, the cherry on the cake is what's called the ISDS, the investor-state dispute settlement process, which is most undemocratic way of guaranteeing corporate income. If any government introduces any policy that affects the profits and the opinion of the corporation, they can sue the government and they get to appoint two of the judges in effect, of the three. It's a system which is really boondoggling for rentiers. And we have a system where intellectual property rights have extracted so much of the income that you get the growth of monopolies in the United States in particular, the five platform corporations, who have blocked competition by buying up potential rivals. In the last 10 years, those five platform corporations have bought up over 500 other corporations. So as soon as they become potentially competitive, they buy it up. And they've been hoovering patents. So Google, for example, bought Motorola at $6 billion, sold it two years later for $2 billion. Everyone thought, wow, they made a loss. What they've done is they kept their 6,000 patents, adding to their thousands and thousands of patents. But the big story, of course, is the emergence of China. Because China has become the leading country in the world filing patents. Last year, it filed more patents than the United States, South Korea, Japan and the European Union combined. And it is becoming the rentier economy. And I think that partly explains the Trump type lurch to protectionism by the United States. Ricardo, I want to give you a chance to jump in. You have long been warning the world that property rights are key to any sort of development. But what do you respond to what Guy's saying that really we've moved beyond property to this patent and IP world? So it depends on whether you want to focus on the rentier side of things or whether you want to focus on the inequality side of things. Because if you want to focus on the inequality side of things, a lot of the inequality in the world is between countries. And if you want to explain what makes countries unequal, its differences in their access to, in their implementation of technology, that countries are less productive. What makes a region more poorer than another region is that they're also less productive. They have implemented less technology. If you look at neighborhoods in the city, well, poor people tend to work in informal sector on their own and so on. They're disconnected from the more modern, more technologically advanced part of the economy. So a lot of the story of inequality is inequality in productivity. And a lot of inequality in productivity is inequality in access to the modern technological economy if you want. So if you focus on inequality in developing countries, you would focus your attention in expanding the scope for technological diffusion. Now here, so that more, so people can work just more productively. Now an important patent is one way of measuring the output of R&D. It's also a way of measuring the definition of obstacles for the next innovator. And here I think we have to see the good and the bad about patenting. The good and the bad about patenting is that it means that you're coming up with something that somebody decided was relatively new. The bad thing about patenting is that whoever wants to build on it now has to negotiate with you if he doesn't want you to compete with him. He can block you and so on and so forth. We do exactly the opposite in the academic world. We, when we come up with something, we publish it and we get excited by the number of citations we get. So citations in patenting imply that one patent owes money to another patent and it's sort of like there's a claim on future innovation. So a very important question is, is this over patenting, are these patenting trolls bad or good for technological development? And I think the consensus among many economists is that they have gone overboard in protecting patents to the point that there are companies that do no innovation, nothing. They just trade in patents as ways of maximizing their value and extracting maximum rent from that. So I'm on the side of rethinking intellectual property protections, so as to facilitate technological development. But some of the rentier characteristics of a lot of these companies, you call them platform companies, they would still probably be there, even if you took many of those protections away because they're just held together by these enormous economies of scale when things get standardized. That if everybody uses the same platform, it's easier for them to communicate. And that those structures might be there. So I would even consider not disrupting those platform companies per se, but just taxing them. Okay, so a more direct redistribution to help inequality.  So it sounds like perhaps you would agree with Ricardo on redistributing income, taxing and redistributing, or is there more to it? Well, I wrote my first book on the other side of the coin in 2011. And I said unless the inequalities that are being generated by rentier capitalism are addressed and the problems faced by the precariat, the book was on the precariat, we're going to have the emergence of a political monster. That's on page one, book 2011. Been translated in 20 languages and you will not be surprised that in November 2016, I received an enormous number of emails saying your monster has arrived. I think what the growth of rentier capitalism has done is led to a growth of what you could call, and it's not too strong a word, a plutocratic fiscal and monetary policy, in which the plutocrats who've gained from rentier capitalism are able to shape the democratic forces through funding politicians, through lobbying, through command of the media, etc., etc., and have shifted fiscal policy decisively towards giving huge, huge subsidies to the rentiers. We have a subsidy state at the moment where tax cuts are being given for rich corporations, rich individuals, huge tax cuts, tax reliefs and various forms of tax holidays, and a beg-a-my-neighbor type of competitive policy. We cut our corporation tax to attract that multinational to our company or keep them there, and then it has to be responded. So we've had corporation taxes halved in the last 20 years and it will go down further as a result of the U.S. tax reform that we've just had. So we have a subsidy system which has created budget deficits, and the budget deficits have led to this horrible word of austerity. We need to cut our public debts, therefore we're going to cut public spending. Public spending that's easiest to cut are social benefits, welfare, housing, infrastructure. So you've had a decline of the sort of incomes that the precariat need desperately. Meanwhile, because of globalization and the technological revolution and the rentier capitalism, wages in real terms have been stagnating for the past 30 years. But at some point the election of Donald Trump, at least in my country, was really driven by this precariat or members of it getting upset and feeling that he could help them. So what you're describing is you're saying that Trump or other leaders who have been elected in this populist wave may not actually help these people. So is there going to be another uprising and another monster to come? Yeah, I think so because I think the precariat is not a homogeneous group. There is part of it, the old working class and old working class communities. These are the people that are turning out for Trump and Marine Le Pen and various other populists. But there's another part of the precariat and this is the group that I'm finding myself address all over the world, which are the young educated who were sent to university told you will have a career and a future. And most of them are coming out with huge debts, with prospects of no career and they're getting angry. They're not going to vote for the neo-fascists. A lot of them have not been voting at all, but they're beginning to articulate and develop a progressive politics. That's about another session that I'm addressing. But I think the inequalities have been vastly intensified by rentier capitalism and the structure. There's a disregard for monopolies. If there's one thing that probably Ricardo and I have a slight difference on is I think that antitrust mechanisms have to be greatly strengthened. I think it's horrifically dangerous when you have billions and billions of dollars going to a very small handful of extremely powerful corporations who are able to manipulate knowledge, information, communications, extracting rent from every time we use the big data, etc. I think that these are powerful robber barons of the 21st century. Ricardo, there's a lot to respond to there. You can sort of take your pick. I don't know if you want to respond to the last point or if you want to help us understand more what's happening. He's described the situation in the United States and in the United Kingdom and parts of the developed world of the reaction in those countries to rentier capitalism. Maybe you can walk us through what might come to pass in more of the developing world. I'm not so sure that the reaction in the U.S. is to rentier capitalism. I think the reaction in the U.S. is a bit to globalization, that the U.S. had a comparative advantage in a bunch of industries that have now diffused technologically. You had to be in Detroit if you were to make cars. Now, even if you were to make cars in the U.S., you don't need to be in Detroit. You can be in Mississippi. You can be in South Carolina. You can be in West Virginia and they make cars there. So this sort of like worker monopoly that was shared between Ford and the auto unions was disrupted because technology became more accessible. So part of what's happening in the world is that technology has diffused, making other people able to enter the industries that you used to make your living off. So that aspect has disrupted a bunch of mid-sized cities and towns in the U.S. and every city needs to live off of some kind of export industry because export meaning that it sells stuff to people who don't live there, who live outside the city because the city needs to import a lot of stuff that they don't make. They need to pay that with things that they sell to people who don't live there. And if you disrupt the quote unquote export industry of a city, it's not just those jobs that gets lost. It's the grocery jobs. It's the barber. It's everybody else in town that feels the hit and then has to leave. So part of what I think has been happening in the U.S. is this reduction in global inequality. This reduction in global inequality, which is, if you want to talk about inequality, this reduction in global inequality that means that the Indians of the world and the Chinas of the world have seen these rapidly rising incomes as technology becomes accessible to them, disrupting livelihoods in the rich countries. That's why it's sort of like in the U.S. has this right-wing flavor of being anti-trade, anti-immigration because it's sort of like we are in the defensive. Our livelihoods are being threatened by browner people, people who we feel should be poor because that's where they belong that suddenly are catching up with them and this is very uncomfortable. So a lot of the unhappiness is not necessarily to the 1%. It's to the people with less power than yourself. Well, let's shift back to a discussion about potential solutions to these deep inequality problems we've been talking about. You know, we're sitting here in Davos, Switzerland with some of the most powerful people in business and in politics on this planet. What do you both hope that they start doing, that they're not doing right now? How can we potentially change these situations that you're describing? All right, we'll start with you for once. So first, I think that when we talk about rent here, we have to separate two things. Temporary monopolies that bring innovation and change and transform things versus guys that try to stifle innovation and competition to maintain their rents. So I think that that's an important divide, sort of like incumbents versus newcomers. And I would put it to you that whatever is, there's a lot of innovation and part of the shell shock and a lot of the discussion at Davos is that is the fear that innovation will be too quick, too rapid for social absorption. That, you know, there'll be automation and a lot of job losses in parts of the economy and so on and that societies might not be able to cope. So it's not that progress is being stifled by rent here, it's that innovation might disrupt too many industries at the same time. So that's one part of the discussion. A part of the discussion that is less present is a fundamental question that will determine whether these new technologies will enhance equality or enhance inequality. And that has to do with the diffusability of these new technologies. That is, can you install them in a mid-sized town in Africa or in Latin America or in Asia? Can they participate in 3D printing? Can they participate in AI? Can they just, if they have a minimum connection to the cloud and so on, do a lot of things? Or do they have to have a lot of stuff simultaneously there so that only very advanced places are going to be able to implement these technologies and this will constitute a new divide? And to make that happen, is there something that business and political leaders could do to ensure that that 3D technology does make it too a part of? Well, I think that probably nobody, the important thing is that nobody knows what the new industries are going to be, what the new possibilities are going to be. This is going to be an exploration. But we need to be aware that these new things can either allow countries to leapfrog because these technologies, the factor will be, in some sense, simpler to implement. And that means that it will be good for global equality, but it will be bad for the incumbents. And the incumbents might be the plutocrats. So in some sense, if you look at the world from the south, you would say we're all for this technological progress as long as we find a way to participate in it and that this does not become a new divide. And that the fear is that the ones that are in the game now, the incumbents, might want to slow it down, stop it so that they can maintain the status quo and keeping the rest excluded. And what about you, Guy? What's your main message here in Davos to the leaders? My main message here, first of all, is we should have a war on subsidies. We should be rolling back subsidies. They are regressive, they're distorted, and they are costly, and they help to drive down the incomes of the precariat. Second, I think we need a real reversal. We haven't talked about this, but I'm talking about it in another session, of the plunder of the commons, which is taking place at the moment. The commons, which the neoliberals regard as having no exchange value and therefore free for exploitation, are actually vitally important for the precariat and we need to address that that's taking place. And the third and what I've been working on for many, many years and have books on it and we've done pilots around the world, is we need to move to a new income distribution system as such in which a universal basic income of some sort has to be the anchor of that system. It's affordable, it has positive dynamic effects, socially and economic effects, and I think it's a vital part to deal with the chronic problems of insecurity. Whether global income inequality is falling or not, and I have some problems with the data, without a doubt income inequality within countries has been growing all over the world. No more, more so than in China where the huge precariat has been growing and we need to find new forms of income distribution because millions and millions of people in the precariat, however hard they work, they're in full-time jobs, their incomes do not give them adequate subsistence. That's a reality and it's not a reality of since the financial crisis, it's a reality for the past 30 years and when the global labor supply is quadrupled in that period, it's going to persist in the OECD countries as a major problem of distribution and is affecting productivity, growth, et cetera. So I think we need to be much more thinking out of the box of how we reform our income distribution system as such. Now you mentioned income redistribution earlier, the potential to tack some of these companies that are stifling innovation, pulling onto their patents and not actually doing much. Is universal basic income something that you agree with or does it take a different form in your mind? Well, if you look at the world from the south, it's a non-starter because fiscal structures, tax structures are so weak that they're insufficient to fund basic things like the extension of water system, road systems, electricity systems. It's not that you would have to improve taxation and so on to a huge extent before you have enough of a tax base that you can redistribute much. There isn't much to tax to begin with. If you have a country that's at an income per capita of $730, that's $2 a day per capita for everyone. So if you redistribute perfectly, everybody will be poor. So it's not feasible, but if a country like Switzerland finds itself at an income per capita of $60,000 and they don't want to see people around that are living at $15,000, they can make sure that everybody lives at $15,000. But if you have an income per capita of $2,000, you cannot guarantee everybody an income per capita of $15,000. So that's just the realities of the thing. But it is important, and here's another important point to make. I am still more interested in taxing land. A lot, see, I would tax land more, just land because land is not going to run away. No, land, you don't tax the business, you just tax land. You want to use land, you pay it land tax. You don't like the land tax, well, you can't take the land away, the land is there. So that's a pure rent. And it's where a lot of things get captured. For example, a lot of them, you'd say, what is the secret of the wealth in China? You'd say, well, China, all these manufacturing industries that export so much and so on. But if you look at the wealth in China, it's being captured by real estate and real estate and those that finance the real estate. So that part of the economy. So I think that part of the economy can tolerate more taxation. And there I'm in agreement with Guy that probably there's more, we need to make sure that we tax the government adequately and that we try to, you know, taxing rents is less distortionary than taxing effort. So I think that there's a good efficiency reason in the top of a redistributive reason to tax rents. Maybe we'll try to wrap it up on a more positive note. And what's the most encouraging thing to maybe a discussion or interaction you've had here with Davos, I know you're both in demand, you're both on a lot of panels, a lot of CEOs wanna talk to you both to try to understand any quality better and what they should be doing. Have you had any breakthrough discussions or anything that gives you hope that some of these changes might happen? Yeah, we did a pilot basic income schemes in India where we provided thousands of people with a basic income, very modest and did a randomized control trial and we found huge improvements in nutrition, health, schooling, economic activity, and gender equality. And I was very encouraged by the fact that after we had done these pilots and we had a conference in New Delhi, the Minister of Finance of the Government of India tabled a report in Parliament alongside his budget on the 31st of January last year saying, in India, a basic income is affordable, is affordable, listen to that word. And all we would need to do is roll back most of the regressive subsidies that exist, energy, fuel, unnecessary, very corporate subsidies that are going, because at the moment the Indian government spends over 8% of its GDP on regressive subsidies. That's not including those that are regarded as progressive. And so I think a lot of countries are in those circumstances where moving towards a basic income is affordable. The big challenge is political and getting this debate legitimized. I'm enormously encouraged, enormously encouraged. Just come from giving a talk on this to the World Bank in Washington and I'm enormously encouraged by a large number of people in the corporate world who are coming round to say whether it's robots, whether it's rentier capitalism, whatever, we need to move in this direction because the political imperative is saying if we allow the existing inequalities to continue to grow, our own sustainability is under threat. I think that's enormously encouraged. I don't care what's the reasoning, but in a sense for Mark Zuckerberg and people like that to come out in favor, I think it's helping, and I've talked to Christine Lagarde and they're now much more open than they were as a development tool, not just for the rich industrialized countries. So I do plead that we need to be more open and I think this is happening. And if they wanna read more, can you just say your book again, your title of your book? Well, the corruption of capitalism, but there's also a book called Basic Income which has just come out. Great. And Ricardo, final thoughts from you that you're hearing in these last few days. Well, the first thing I want to say is in response to Guy's suggestion, I think that most countries in the world spend too much money subsidizing things and not enough money subsidizing people. And I wouldn't call subsidizing people, I would call investing in people. That is, it's the adults of the future have to be fed, have to be educated, have to be taking care of their health and so on. And if the current family isn't able to do it, society has an interest in making sure that the future labor force is adequate. And so as a consequence, I would call it not so much from the point of view of rights and so on, but as from a point of view of development of inclusion that society should worry that everybody gets to participate in the economy and so on. So I think that an agenda for inclusion is critical. I think it's very important. And I think that reducing indirect subsidies to fund more direct subsidies is an important avenue going forward. But I would want to put the emphasis on where I started. The largest source of inequality in the world today is inequality in productivity. And the largest source of inequality in productivity is the uneven diffusion of technology because technology requires technology. That is, the use of one technology implies the previous diffusion of other technologies. I can diffuse TV remote controls, but a TV remote control is not useful if you don't have a TV and it's not useful if you don't have electricity and it's not useful if you don't have other things. So the problem of development is making sure that these different technological platforms get the fuse to more people so that we can make more economic activities feasible for more people so that their productivity comes up. And as their productivity comes up, there will be people in the North that get upset. And we have to manage the fact, the political tensions arising from the reduction of global inequality. Great. And in your book, you have several, but if people wanna read more, what would you recommend? The Atlas of Economic Complex. Great. Thank you so much and to our viewers around the world for tuning in. Thank you very much. Thank you. Thank you. Thank you.


October 12, Christopher Columbus's expedition day Christopher Columbus was an Italian explorer, navigator, and colonist who completed four voyages across the Atlantic Ocean under the auspices of the Catholic Monarchs of Spain. He was born in 1451 in the Republic of Genoa, or what is now Italy, then he moved to Portugal, and later Spain, which remained his home for the rest of his life. He led the first European expeditions to the Caribbean, Central America, and South America, initiating the permanent European colonization of the Americas. His first voyage into the Atlantic Ocean nearly cost him his life, as he was sailing, he was attacked by French privateers off the coast of Portugal. Columbus proposed a three-ship voyage of discovery across the Atlantic, first to the Portuguese king, then to Genoa and finally to Venice. There were focus on a war with the Muslims, so they initially rejected Columbus. Columbus continued to lobby the royal court, soon after the Spanish army captured the last Muslim stronghold in Granada in January of 1492. In August of 1492, Columbus left Spain from Palos de la Frontera, with three ships. After 36 days of sailing westward across the Atlantic, Columbus and several crewmen set foot on an island in the present-day Bahamas, claiming it for Spain. Columbus and his men continued their journey, visiting the islands of Cuba, which he thought was mainland China, and his Spaniola, now Haiti, the Dominican Republic which Columbus thought might be Japan, and meeting with the leaders of the native population. In the two remaining years of his life following his last voyage to the Americas, Columbus struggled to recover his lost titles. Although he did regain some of his riches, his titles were never returned. He died May 20, 1506, still believing he had discovered a shorter route to Asia. Even in death, Columbus continued to cross the Atlantic. Following his death in 1506, Columbus was buried in Valada Lid, Spain, and then moved to Seville. At the request of his daughter-in-law, the bodies of Columbus and his son Diego were shipped across the Atlantic to Hispaniola and interred in the Santo Domingo Cathedral. DNA testing in 2006 found evidence that at least some of the remains in Seville are those of Columbus.