Let's open the Bible to book of Daniel and chapter three and verse six. And whoever does not fall down and worship, this statue shall be cast immediately into the midst of a burning fiery furnace. And verse 16, she drug Mishuk and Abednego answered and said to the king, Oh Nebuchadnezzar, we have no need to answer you in this matter. If this is the case, our God whom we serve is able to deliver us from the burning fiery furnace and he will deliver us from your hand, O King. But if not, let it be known to you, O King, that we will not serve your gods, nor will we worship the golden image which you have set up. I'm going to speak today on the topic of transgenderism. One of the reasons why is because from the book of Genesis chapter three, Satan has been assaulting humanity's identity. He has said to our first parents, if you eat of the tree, meaning if you declare independence from God, you will be like God.  That was the first lie and humanity believed that lie.  If you are the son of God, Satan always launches an assault on your identity. Christianity is a faith that alters your identity because Christianity is the faith where we identify with Jesus Christ. That's why we're called Christians. When we are baptized, we are buried as Jesus was. When we come out of the water, we identify with His resurrection. There is over 70 references in the New Testament of in Christ, in Him, in Him, in Christ, where the branch is divine. That means that our identity is Jesus Christ. We were made in the image and likeness of God, the core of Christian faith is that He died for me, I died with Him. Say this with me, say, He died for me. Come on, I can't hear you in the second section. Say, He died for me and I died with Him. Paul says Galatians chapter 2 verse 24, I've been crucified. See, my old life was crucified with Jesus Christ. That means my old identity, whatever that identity is, I'm not going to call it a new identity. Whatever that identity was, was crucified with Jesus and in Christ, I have new identity. He calls me with a new name. He gives me new heart. He gives me a new eternity because He gives me new identity. That's why we're born again with a new identity. That's what the whole Christian faith is and the enemy what He does, He creates a counterfeit. And in our culture, we see that prevalent today, confusion, doubt, when people don't know who they are anymore, when people don't know what love is anymore, we live in a culture today that says love is love. Imagine using the same logic for the water in your house. Water is water and give your kid a straw to drink from toilet. It's water. No, that logic doesn't work with water. Yes, it's water, but everybody here knows and you don't have to be and have a PhD in H2O to know there's a water from the sink. Probably not a good idea to drink from it. There's a water from the fridge that has a filter safe. There's a water that's bottled and has little electrolytes added. Very safe. And then there's the water in the toilet.  But my Bible makes me to understand you and I were made in the image of God. We have dignity. We have value. Every human being, whether they're blind, deaf, crippled, whether even if they are physically deformed or mentally not there, every human being has a value in the eyes of God. And God respects every human being's choice and commands us to respect every human being. We're not animals. We are made in the image of God. When God created us, he decided our gender. When you were in your mother's womb as an embryo, unfortunately God didn't send you a survey and says, what gender would you like? And I'm glad he didn't because you wouldn't even know what those were. God chose that in his goodness. He chose you to be a male. He chose you to be a female.  You must understand as a Christian, we deal with it simply. We submit to a good God, trust in his good plan and our desires and our mental preferences. We submit to his word. This is not oppressive because sometimes we don't even know what we like. Have you ever had moments in your life where you wanted something until you got it? Some of you have a husband like that. You got it like, oops, I didn't know what I wanted. A lot of us have that. Not in relationships of course. We're talking about your friends. We're not talking about you right now. You made a right decision marrying that person. So many people want, they want to get what they want until they get what they want. And you have to understand as Christians, we submit our feelings to our faith, our chemistry to our convictions, our biology to our theology. We're not mastered by our passions.  We are not our emotions. We have emotions, but we are not feelers. We are believers. But see, when you're not born again, your spirit is dead. All you have to lean on is your mind. That's unreliable. To trust your mind to guide your life is like to trust a blind person to lead you. To trust your mind to lead your life is like to trust a toddler to make decisions about your mortgage. You can't trust it. Your mind's supposed to be discipled and trained, not trusted. That's why the Bible says lean not on your understanding. But see the idea of what's happening in our culture today. The spirit behind the transgenderism really teaches you. You have to lean on your mind. Your mind knows better. Your thoughts know better. You're hurting. You're suffering. There is a solution. Do what your mind wants. But if you don't have a spirit that's born again, that's all you're going to do. And it's not that those people are bad. It's just that's what happens when you're spiritually dead. We live in the generation today like it happened in the days of Daniel. Daniel was in exile. And as he was there, he was taught in their theology. He was taught to deny God. He was taught in their pagan ways, astrology, all of those. But David still kept purity of his heart and devotion to Daniel, to God. And Daniel refused to eat of the delicacies of the king. And then we see Daniel and his three boys, three friends, these three friends refused to bow to the idol that the enemy has set up. We live in the enemy occupied territory. This is not a pessimistic negative message, but it's a realistic message. We live in the enemy occupied territory. The ruler of this world is still the devil. He rules over, he's the prince of the air. He has principalities and everything established in his culture. But we are rebels. We are people that cause opposition. And I love the fact that they set up a statue and Nebuchadnezzar had some people who wouldn't bow. They stood tall. They didn't fit in. And the enemy is setting up his statue today in our culture. And it's this whole idea of woke progressive ideology. This statue today is highly exalted. The percentage of people that identify as transgender is very small. But the idea that people support is extremely high. It's extremely sensitive today. It provides, even maybe some of you, you're already getting triggered with the fact that why is pastor talking about that on Sunday morning? It's a political issue, really. Issue of creation is not political. Issue of creation is biology. Issue of creation is our Christian faith. We believe that God made them male and female. That has nothing to do with what's happening in the White House. This is what's happening with my Bible. It's what's in my Bible, in your Bible. Amen.  Like significant distress and discomfort. And it's a mental pain that people are experiencing. Gender dysphoria. Transgenderism goes further when an individual whose gender identity does not align with the sex that they were assigned at birth. Person embraces. Gender dysphoria is there is a struggle. But transgenderism is there is no struggle. It's that there is an embracing of an identity that contradicts your biological sex. Now, in the beginning, the Bible says God made them female and male, or male and female. Time magazine called transgenderism the next civil rights movement, which I believe is a great insult to the people in the United States who were slaves and anticipate the freedom that happened and the moral injustice that was taken place by people enslaving other people based on the race. The whole slavery, the idea of it is not biblical because a human being should never be enslaved by another human being. And Satan wants to enslave us by sin and he wants to use people to enslave other people and that is demonic. Today in America, and I just released a video, there's a movie coming out called The Sound of Freedom. Today in America, there is more slaves in the world today than there has ever been in the history of the world.  So if you think that our culture got better because we have cellophones that are smarter than us, it doesn't mean it's true. We are still deprived. We are still deprived.  Because when you remove the idea of God who teaches us to value another human being, you begin to use people instead of loving people. Slavery is wrong. Slavery is demonic. And we must understand transgenderism is not like next civil rights movement. Martin Luther will churn in his grave to hear that insult. Bruce Jenner who was married to Kardashian's mom, won a gold medal in 1976, was one of the most prominent athletes who publicly came out as transgender. Also Elliot Page, the girl who played in movie June, when she came out, not only she came out but also became a huge spokesman saying, Times recorded this, embracing my trans identity saved me. But I want you to notice that a lot of people who come out as transgender, and as we heard in a testimony today, it doesn't satisfy or fix that thing that they feel inside completely. Now our culture is going even further. As of right now, 2023, there is 107 transgender identities. They get added. I think last year was about seven, you were 80, today it's 107. And more are getting added because it's not enough.  And it's the same thing. There's a God-shaped hole that exists there as surgeries and hormones. And they can't fix what is deeply broken on the inside. There's a person in Netherlands, he's 69 years of age. He went to court to change his birth date to be 20 years younger. Do you know what his argument was? And you shouldn't be laughing at this because that's harassment. You know what his argument is? The same argument that is used by transgender community, I identify as a 49 years old. What can you say about that? And the judge says, well, that's not true. It's not fixed in reality. He says, it doesn't matter about the reality. It's real in here. Now for those of you, even maybe who are sitting here and you maybe have a, you know, support for the transgender community, you're like, I won't be one, but I just understand them. It's okay. Why can't we just let them do that? The precedent by which the transgenderism operates, if you take that logic into every aspect of society, we will have what we have as one person did.  And you think $200,000 and 14 surgeries would be enough, but it wasn't because at the end he still wasn't happy and took his own life. The idea that you can identify with something that's not anchored in reality. I know it sounds cute and it sounds trending in our culture today, but we must understand there is truth and there is your fantasies. There are facts and there are feelings. There are things that are anchored in reality and there are things that are just floating in the air. If everybody has the right and the government has to support everyone's fantasies and they're not anchored in reality, we will have a world where guys will become tigers, where somebody who will be 50 years of age will claim to be a 13-year-old girl going to a girl's bathroom. We will have that. Then it will lead to men sleeping with children. Why? Because love is love. The rule for this, if we open this can of worms, it will lead our world into self-destruction in a way we will be too late when it hits there. So therefore as Christians, we have to understand. I know the culture is not going to speak up against this. I believe it's a demonic agenda. I'm not against people that are battling with gender dysphoria. We are not against people even who are transgender. We love them. They are welcome as any and every sinner is welcome to the church and receive the gospel and receive Jesus Christ. What we are standing for is the truth. It's not what you think the truth is. The truth is Jesus says, I am the truth. Buddha said, I'm the secret of truth. Muhammad said, I'm the prophet of truth. Jesus says, I am the truth. Our government cannot change that. Your inner brokenness should not alter that. The truth is outside of you. It is eternal. It is fixed. And we realign our life to that truth.  This idol that is set up today, this thing that is there's a demand to worship it. This is focused on this idea that truth doesn't exist anymore. Your truth, my truth, all of us have our own truth. Rachel Dezal, she is US race activist. She claimed that she's black. She identifies as black even though she's Caucasian, which is very insultful. People are not happy in their skin. Some wanting to be animals, some wanting to be opposite sex, some wanting to be black when they're not, some wanting to be younger when they're not. I mean, imagine going on a bicycle race on a motorcycle. And you claim that you identify as a bicyclist. It's not fair. And nobody can say anything. Why? Because they're discriminating against what you feel to be true. We as Christians, our faith rests in facts, not in fallacies, fantasies, Christianity. Christian faith is not discover yourself and chase never ending cycle of your fantasies. Christian faith is if any man desires to follow after me, let him deny himself.  And every person who discovers the real self that it happens at the end of their funeral, spiritually speaking, at the end of them denying yourself. And the new age teaches the same thing, discover yourself, tap into your inner chi, realign your chakras, communicate to the mother nature, begin to connect your energies, begin to talk to the universe. And everything is about glorifying yourself. And there is really, you become your own God. But the Christian faith is there is a God. It's not, it's not you. This God is good. And you are not, you're broken. The Bible says none are righteous. All have fallen short, including you and I. And this good God, he's not somewhere distant. He sent his son to die for our bad. He took our bad. He paid for it with his precious blood. Because this good God, not only he is good, he is holy. Which means he doesn't tolerate sin, he punishes it. And he punished that sin in Jesus, so God can be forgiving and righteous at the same time. If we would get a God who puts all our sin under the carpet, he would be a corrupt God. But our God is not a corrupt God. He's a holy God. He's a righteous God. He's like, man, holy, righteous, trigger words.    You wouldn't want a God who says one thing and then gets moody like Zeus or some of these other Greek gods, twisted and lustful and vengeful and hateful. Our God, we didn't make him. He made us. We rebelled against him and he pursued us and brought us salvation. And all we gotta do is renounce the thing that flows in our veins from our enemy called pride. And when we renounce that, that's our biggest problem. And our sin is not a problem for God to forgive. It's the pride that says, no, I won't, I know better my way or the highway. I will live my life to prove, to prove.  It corrupts us even deeper than our sin. But when we strip ourselves from pride and some of us don't strip ourselves from pride until life hits us straight in our throat.  And then God comes and rescues us because now we're broken. The idol that was set up in Babylon, the Bible says that whoever wouldn't bow to it would get thrown, not de-platformed, censored, lose their nonprofit status. Like they would go to the furnace of fire and they would get killed there. And then these three Hebrew boys who worked for the king, so they worked for the government, when they stood up and they said, we won't bow down, Nebuchadnezzar, their boss brought them in and says, hey, guys, I understand your Jewish faith and Jewish religion, but I'm going to give you a second chance. While I'm giving a second chance, I'm going to heat up the furnace seven times more. So threats. I mean, imagine, I'm pretty sure there were more Jewish boys and girls working in that government who simply said, you know what, we're going to believe in God in our hearts. We're just going to bow with our foot, with our knee, but in our heart, we won't be bowing. Because why? I mean, do we really want to irritate our boss? Plus, the guy's putting Moody in cranky, he kills people on spot, like, if we stay in the courts, we can be a greater witness to the culture that's pegging that we are kind of compromising half and half, and so if we, if we just bow, you know, we'll keep our jobs, but if we don't bow, I mean, it's over just this right here.  You stand forward, you get burned today into ashes.    Just believe it. Just pretend that you believe in your body, but in your heart, just be committed to God. That's how a lot of people live today in this culture. The demonic agenda wants to bully you into saying something you know it's not true, because we're afraid, losing our job, being called with names, not belong to that crazy group. If it's going to offend people, then what's going to happen? I will get penalized for that. So what I was something that I wanted to encourage you with today is to not bow or be bullied into silence. UK doctor was fired for refusing to use trans pronouns. Intentional refusal to use someone's correct pronouns is equivalent to harassment and violation of one's civil rights. That's the National Institutes of Health in the United States. It's already in our law. University of Colorado issued a statement that using a person's pronouns is the most basic need they have to feel safe and exist in public spaces. New York City official state website said this, property owners in the New York City will be fined upwards to $250,000 for using improper pronouns due to new transgender laws. It involves three things. Intentionally fail to use an individual's preferred name, pronoun, or title. You can be fined upwards to $250,000. Enforcing dress codes, uniforms, grooming standards that impose different requirements based on sex or gender. Failing to provide employee health benefits that cover gender, affirming care, or failing to provide reasonable accommodations for individuals undergoing gender transition, including medical appointments and recovery, whereas such reasonable accommodations are provided to other employees. So I just want to take a moment and address the issue of pronouns. Today, if you don't use the proper pronouns, you get accused and labeled right away. You actually have a statue against you of harassment. Now, some of you as Christians maybe say, well, Vlad, no one need to talk about this stuff, but I do believe that I want to address this issue in this congregation. So those of you number one who have maybe children who are battling with this or going through with this to know kind of what can a Christian do? What should a Christian do? And even in the public space, in the public square. Jordan Peterson, who is not a Bible believing Christian, I think he's going to be very soon though. He said, I've studied dictatorship for a very long time for 40 years. He says, and they all started by people's attempts to control the ideological and linguistic territory, meaning your language territory. He says, every time dictators came to power, one of the first things they did is they muzzled people's mouth or they forced them to say something people didn't believe in their hearts. It's one thing to be told you can't talk about God. It's another thing to be told you should say something you don't agree in your heart is true, which is for Christians is a lie. Calling people by their pronouns is speaking something you don't believe is true. Respecting somebody doesn't extend to endorsing ideas that are not biblical. For some of you may say, but Vlad, you know, I just want to, I just want to be loving. My Bible, your Bible also tells you that do not rejoice. Love does not rejoice in iniquity, but rejoices in truth. Love rejoices in truth, not intolerance. As Christians, we don't pursue intentional fighting with people that are not of our faith. We avoid purposeful conflict, but don't pursue peace at all costs. Some Christians have become pacifist and they think that you can achieve peace with everyone at all costs. There are people in this world that are broken. There are people in this world that are foolish. And there are people in this world that are evil. You don't get peace with evil people. Evil, you don't negotiate with Hitler. You don't negotiate with terrorists. Now in any way, am I connecting these people to what is happening in the transgender community? What I'm saying is this, is that if we live with this view that I'm going to have peace at all costs, it is not a biblical view of peace. The Bible makes it very clear, Romans chapter 12 verse 18. In as much as possible depends on you, live peaceably with all men. Interesting, Paul doesn't say live peacefully. He says as much as it possible, meaning it sometimes will not be possible to be at peace with other people. If somebody comes into your house with a gun and they're not willing to put the gun down and you have a concealed carry and you have a gun, well peace in this situation will only work if you use your peace. Somebody's like, well, I'm just going to pray for them to be saved. You do that, I'm going to pray for them to be saved on the way as they meet what's going to come out of my shotgun. Why? Because they stepped on my house and if they are bent on evil, evil doesn't stop. Evil has to be stopped. And as Christians, peace means this, that we seek peace to the best of our ability. But I like what Martin Luther said. Peace if possible, truth at all costs. I seek to have peace with people all the time. But if that means I give up my right to love Jesus, you can take my life or I am not going to give up this truth. Jesus died for me and I'm not going to compromise on him. Don't be a part of deception that leads people into dark path by constantly referring to people by their pronouns. Rosaria Butterfield, who's a former professor of English and women's studies in York University, who was an openly lesbian activist, and then she encountered Jesus at 1999 and wrote a book about it today. She's a pastor's wife. She released a blog recently, but I'll give you a little background. Before she released the blog, she was speaking at women's men's conferences, encouraging parents and other people to not to make a big fuss about the pronouns, just kind of address people how they want to be addressed, just take the bite, take the bullet, go extra mile. This is not worth standing up for your right or your truth and stuff. And recently she released a blog actually just a few months ago and said this, why I no longer use transgender pronouns and why you shouldn't either. She says why she used the preferred pronouns. She says it was a carryover for my gay activist days. I wanted to meet everyone where they were and do nothing to provoke insult. Using transgender pronouns is a sin against the ninth commandment, encourages people to sin against the tenth commandment. She said using transgender pronouns is a sin against the creation ordinance. It is a sin against image bearing. She said it discourages believers progressive sanctification and falsifies the gospel. She says that it cheapens redemption and it trembles on the blood of Christ. It fails to love my neighbor as myself. It fails to offer genuine Christian hospitality and instill yields definition of hospitality to liberal progressivism, identity politics and human flourishing. This comes with a broken heart even as I'm sharing this because I do understand, I'm not speaking this of just about I've read something or I don't know of anybody. We have people in our church who have children who have before they came to Christ were identifying as the opposite gender. In fact recently I was talking to one mom and one father who just came to Christ not long ago in our church and they have a son who transitioned to be a female. Before they came to Jesus Christ they really was doing everything to tolerate to accept that. They didn't believe in the harsh, this was the right decision but they were so afraid to lose the child and they wanted to save the child that they were willing to do whatever that child would want them to do. They bought them makeup, they bought them high heels, they did everything that they could just make sure that the child does not feel hurt or rejected. But you must understand something about that. If you cave in to the transgender ideology it doesn't end with them transitioning to the other gender. The spiral will continue and they will take you with them and it will never be enough otherwise the transgender ideology wouldn't end in more pain and suffering in even in their mind. And something that a person told me in the first service they said being transgender themselves and now coming to Christ they said this, when a Christian calls a transgender by their preferred pronoun, a transgender knows that the Christian is lying.  So you calling somebody out of politeness is not enough, they see right through you and they also see that you're scared. So sooner or later either you go all the way and you change your beliefs or you stand on God's truth and you love a person without compromising the truth. So this mother she came after she became a Christian and her father they came to their son and they said something like this, I truly want to respect you but I also need to honor my God. I believe that God created people as male and female and that gender specifically is the part of his created order. I will be as respectful as I can but I'm asking you to also respect my beliefs and my freedom. I don't believe that I can refer to you with gender neutral pronouns and be faithful to my God and their son and they said this, we gave birth to you as a son, we dedicated to you as God, you to God as a son, we gave you that name and that never changes. Whatever the thing that you're going through, we're praying for you, we'll always be there for you but we cannot endorse something, we believe, biblically and biologically is just not true and people who come out of that lifestyle, I've heard countless testimonies already on YouTube who would go to youth group and people will love them and accept them but not conform to their ideology. When they came to Jesus Christ, one of the things they appreciated about Christians is that Christians had a spine, what they believed was true and they were willing to lose politeness in the eyes of the world with respect and say I believe this is God's Word teaches, I love you, I respect you as a human being but I can't endorse something I know is not true. Three Hebrew boys didn't bow, it cost them their life but see God came through, God came in the furnace of fire, God promoted them and God got them breakthrough and I want to tell you something that we are believing we're going to see more and more people from homosexual, lesbianist and transgender community coming to know Jesus Christ, the same way we see drug addicts, the same way we see people from religions, other religions, the same way we see people that are lost in their sin, the same way all of us came to Jesus Christ and no God is no respecter for persons, he can take somebody who's been in the deep end of this lifestyle or that lifestyle and bring him to a new life in Jesus Christ, can somebody of you give God some praise for the power of the cross, the power of the blood and the power of the truth of God, it changes a sinner like me, it changes a sinner like you, it is still the same God who is yesterday, today and forever the same, somebody in the second century say yes, you may be seated, but I want you to notice is that when they were in Babylon they had to reject the diet of Babylon, something that I want to highlight right now is that we need to be teaching again more and more in our churches, through our small groups and even our students, in Genesis chapter 18 verse 19 God said to Abraham for I have known him speaking of Abraham in order that he may command his children and his household after him, that they may keep the way of the Lord and do righteousness and justice that the Lord might bring to Abraham what he had spoken to him, that means one of the reasons mom and dad listen very carefully that God has known you is not only so you will go to heaven is so that you will teach your children righteousness and justice not greasy grace whatever goes nor legalism where if you do this you don't this God will not love you, we have to teach God's truth of righteousness and justice and now we're off into the extremes of legalism or into the extreme of loose kind of godless lifestyle and say all under the umbrella of God just forgives it doesn't matter what you do repentance is no longer required love of holiness doesn't longer required because just God just understanding God just loves you the way you are God loves us the way we are but he doesn't leave us the way we are he changes us by the power of the truth and by the power of the Holy Spirit can somebody say amen the Bible says go into all the world and make disciples of all nations baptizing them the name of the father son and the Holy Spirit and teaching them somebody shout teaching teaching them to observe all things we must understand is that somebody's diet determines their destiny if you want to change somebody's destiny you got to change their diet and so that's why Babylon was seeking to contaminate their diet and Daniel says I won't be eating this I won't be eating this I believe spiritually it applies that we have to be careful what our children are eating we have to be careful what we are eating some of you are battling with lust only because you are feeding on lust and if you will disconnect from the lustful source you will see greater purity in your life and you connect yourself to the source of the Holy Spirit can somebody say amen same thing with our children why am I addressing the issue of children and the young generation five percent of young adults in the USA according to Pew Research say that their gender is different than their sexual then there sex assigned at birth 1.6 million Americans now identify as transgender it's a very small percent of people in the United States among adults is like 1 percent or something but among the youth the percentage is greater what we've been seeing lately is a rapid onset gender dysphoria actually they even have a name for this rapid onset gender dysphoria what is this it's a rise among the girls teenage girls who identify as transgender who don't have signs of gender dysphoria as most people who had battles with gender dysphoria in their young age due to few factors one of them it is easier to become popular by coming out as transgender than to win at sports it is easier to become popular today to come out as someone than to be good in school secondly one of the ways that the best way to get back at your parents is to do something that you know they won't like and traditional conservative parents will give birth to a son or to a daughter nothing hurts them more than when they see their child confused with their gender and that is used as a tactic to rebel against parents it's also being filled with all of the tick-tock with all of the exposure people coming out and sharing their stories sharing their experiences it's causing just more accepted being more accepted and those people who didn't even battle with that who didn't even have the traumas and all of the stuff are beginning to take on this identity just because it's cool what do we do as a church well first few things is that we have to bring our kids to church we have to bring God's word to our kids parents it is your job according to God's word to teach your children God's word if you send them to public school and use like well I want public school to teach them the truth that's not gonna happen you have to teach them God's word you have to also they are under your roof you have to be careful how much garbage and what garbage goes into their mouth and into their life you may say oh but they will grow up not knowing trust me it's better I grew up without a TV for about 15 or 14 years of my life yes I thought I missed out because all of my friends get TVs but honestly we had life and we'll learn how to have life without a screen it was soccer it was planting milking cows and getting chickens and yeah I was on a farm felt like we were poor until I came to the United States and realized to have a farm is actually a wealthy people have farms so I take my parents and mom and dad thank you for making us grow up in a wealthy home even though we felt I felt like I was poor I want to challenge your parents also when we are gonna move into a new building when we have the VSA the VBS children's program summer camps youth conferences there is a lot of money and focus is put into children we are intentional why because our goal isn't to change all the kids in tri-cities our goal is right now to build a core of few hundred just filled with the Holy Spirit loving Jesus kids who will go to universities and without losing their faith to a professor that has more degrees than a Fahrenheit and is a fifth divorce who's struggling with himself and starts to confuse our children but that they can go to university without losing their faith but they only go there to get education and then their peers might we're off into all kinds of lifestyles sin is still sin and it will destroy people and once it starts destroying they need a place to come to for rescue and that place has to be here we're playing a long haul yeah our kids are not generation of tomorrow their generation of now now they're going into schools and evangelizing like we were at the camp right now right now the people from football football teams are in our camps that our kids invited and bringing them to Christ their parents they're not Christian but God is gonna use this generation to reach the next generation so I want to invite you to pray and fast I want you to in I want to invite you don't choose a church and the place to live based on your preference choose it for your children choose it for an environment for your children my pastor always taught me this and our pastor sitting in the second century he said this he says I don't build church for old people he wasn't even old now he's older and this is not offensive for those of you who are older than me you're old it's not offensive because now I'm getting old and there's a lot of gray hair here he said this is I build a church for kids he says kids will always bring the parents but parents don't always bring the kids and we're seeing that and that's why our church there's a focus on young adults focus on youth and focus on children because we want the world is focused on them this whole agenda is focused on them a lot of them are in that age they're confused they're looking I remember myself going through kind of figuring out who I am and all of this stuff we want to be around that place where it helps them to navigate all of these struggles with Jesus in the center healthy family spiritual family around if they don't have a physical family so that they can find that anchor in Jesus Christ not go and castrate themselves mutilate themselves and find out that this was a wrong decision but all they needed was a healing from a trauma that they had in their life but let them go to an encounter experience that healing come out with joy come out with peace come out speaking in tongues come out wearing things that glorify Jesus Christ because we will raise for such a time as this our children will possess the gates of our enemies the Bible says in the last days I will put out my spirit upon all flesh your sons and your daughters they will prophesy your sons and your daughters they would dream dreams and they will have visions our generation belongs to Jesus and every parent every grandparent makes some noise and give God some praise the person who pushed this idea of gender ideology in the United States who was one of the first scientists and who was the first big researcher his name was John William Money he's the father of transgender identity he's a New Zealand American psychiatrist and sexologist he was also a professor at John Hopkins University he researched human sexuality and gender his few conclusions and I will highlight only two and I will mention one person that he did his studies on his first conclusion was that gender is a learned social construct so this was in 1921 that he was born he died at 206 so this was about probably 50 something years of age already idea that he was pushing and he said this the gender was a societal construct malleable from an early age he emphasized that once gender traits associated with once public presentation of gender had to be learned for example a woman who wears a dress and high heels is publicly displaying a culturally accepted female gender role which is learned behavior gender identity on the other hand illustrates one's internal experience of sexuality dr. Money was one of the first scientists to acknowledge that once biological sex may not correspond with his or her gender identity now 50 years ago this can get you stopped this was completely revolutionary which is what made him revolutionary but people started to embrace because America likes new stuff and we like to kind of venture off into the unknown as the people started to embrace his ideologies his second thing that was also revolutionary is positive pedophilia money studied pedophilia in particular he identified distinction between love based attraction to children and sadistic pedophilia sadistic pedophiles according to money abused and sometimes even killed their victims but affectional pedophilia by contrast was due to a reticized parental love and money emphasized that this type of pedophilia had little to do with sex some critics claim that money was tolerant of pedophilia though others have welcomed his research as a better way of understanding inappropriate sexual attractions now the case that money used to drive his point home was the case of David Rayner Raymer after a butchered circumcision David's parents took him to money now David had a sibling brother and money recommended that this boy who just went through traumatic surgery gone wrong to be completely castrated and raised as a girl this was done David reported that he never felt like a girl he eventually married a woman who had her own children and David committed suicide at the age of 38 David eventually reached transition before that at the age of 14 he would fight with dolls ride trucks and until they tell him told him at the age of 14 you're actually not a girl you were born a male and he doesn't make sense why I never felt like a female so this money doctor money's idea that you can condition somebody into a different gender that has nothing to do with your gender is really fraud but it's still being propagated today even though the subject of this study it never worked on him and he committed suicide David's brother also overdosed now in their family there was a lot of other things that were going on not only this issue what I want to encourage you with today is the Bible teaches us that God created male and female God created and separated heavens and earth for example light and darkness water from the ground animals from humans and then he created two separate human beings males and females when they come together they produce something they cannot do without each other a family men and women are different on the deepest levels of their being our chromosomes are different our brains are different our voices are different our body shapes are different our body strengths are different our reproductive systems are different the design for our bodies are structured and designed to be different and these designs bear witness to differences that reflect God's creative will for the humanity male and female sex organs not only they fit together but they function together their shape their size their fluids their tissue type everything about our anatomy and physiology is meant to work together sex organ is the only body part that requires another human being of an opposite sex to fulfill its ultimate function sperm and egg never actualize their full potential until they unite it's the way God created it it's the way biology works God went further in Leviticus said that men should not act sexually as women Leviticus 11-22 the run in 225 God said men shouldn't dress as women first Corinthians 11 Paul teaches us that men and women should embrace shouldn't be embracing other gendered expressions or it's a disgrace so he would talk about hair he says for a woman it's good to wear hair this way for a man he says it's a disgrace meaning there was certain things that are gender-based expressions that are part of our culture but they really originated in our creative design our world is broken it's not the way God created it Romans chapter 8 it tells us that the creation was subjected to futility not willingly but because of him who subjected it in hope because of the creation itself will be delivered from the bondage of corruption into the glorious liberty of the children of God for we know that the whole creation groans and labors with birth pains together until now things don't work as they should human are broken our hearts are broken and what we try to do is we try to fix it by ourselves some of us we have to understand we are better at fixing at breaking things that fix it in my family my dad can fix everything in my family I can break everything and sometimes when I break it I know one thing if I broke it I won't fix it because if I try to fix it I break it more so what I do is I call my dad and I said dad I was trying to fix it he's like oh son I already know if you said word fix it I know it's ready broken when it comes to the brokenness that people would gender dysphoria people with homosexual tendencies people that are maybe been abused molested rape but even if there was no abuse all of us are broken on the deepest level of us all of us none of us are here living how God originally intended us to live we live in a body that's decaying and dying we're breathing an air that has more toxins and it's killing us slowly we're eating food that is made today by companies they're far more interested in your in their money than in your health and we all every day every breath you take you're taking one closer to your death God never intended it like that we live in a world where demons feed us with lies we live in the world today where you have to lock your doors because you don't know who can come and steal something God never intended it like that to blame God for the pain and suffering is as wrong as to blame the minister of transportation for the accidents on highway 395 it's humans that break rules and broken rules break our lives now what the transgender community wants to offer as a solution is what it's called transition transition is when you begin to identify with gender dysphoria you're struggling with your identity and it's not matching the sex given to you at birth by God the first step of course is to take hormones is you take pills that begin to change something in your body you're really fighting against biology and after that of course it's not enough and not many people do it but people do it today is you go under a knife people as young as 14 years of age are getting what we call today in our culture gender affirming help they're getting gender affirming surgeries it's irreversible surgery we're perfectly working body parts are being mutilated and removed now something that people don't like to talk about is the stories of people who transitioned into transgenderism and then came and call it they call them detransitioners and they came to Jesus most of them came to Christ and they left that lifestyle there's a survey of 100 of them in fact on March 12th is the detransition awareness day they're trying to sound the alarm that not everything that the community the culture is teaching I believe everything that the culture is teaching is wrong but but they're trying to sound the alarm they say listen there's a lot of stuff that's going on that's being hidden from the media and I'm gonna quote few things that these people who detransition say 40% of participants who detransition they used to be trans now they do transition felt pressure from healthcare professionals to medically transition 57% of detransitioners felt their evaluation of gender dysphoria was inadequate 65% of detransitioners reported that possible contributing facts like trauma and other mental health issues were not considered during their gender distress assessment about 45% of biological females stated that their mental health did not improve after transitioning meaning the promises they were given they were not delivered upon 41% of detransition after realizing their gender dysphoria was caused by something other than their gender identity such as trauma and other mental health diagnosis and 40% of biological women reported that detransitioning worsened their mental health as underlying issues were not addressed by the gender clinic or a therapist think with me you have a car in your garage it's not working transition is bad died engine dead and what you decide to do is you take it to a mechanic and mechanic says no problem I will repaint it for you and it'll start working you look thank you they repaint it you come back you see the new paint the car still doesn't work you come back and he says oh I know I'll repaint the tires you say okay thank you they repaint the tires while they're charging you it's still not working you come back and you say well it's still not working he says and they say well let me repaint the chairs inside they repaint the chairs but it's still not working until you keep painting and repainting but they never addressed the big issue which is the engine the Bible says the engine of your life is your heart and the Bible says that heart is so sick that it can't be fixed by a surgery by a doctor by religion it has to be fixed by Jesus taking it nailing on the cross and giving you a brand new one your heart is beyond repair that's why it's so broken and it's responsible for all the unhappiness in your life I know we can blame it on the devil I know we can blame it on the society mom and dad even if there are contributing factors for your brokenness like abuse ultimately something you share with me and every human being on this planet including the worst people on this planet is a broken engine called a heart God's remedy is not external behavior modification God's remedy is internal transformation and how he did that is he sent his son Jesus Christ 2,000 years ago and Jesus endured agony in the Garden of Eden agony is emotional when he was praying his sweat came like drops of blood so he knows what it's like imagine son of God who was never trapped in the body now lived in the body for 33 years human body he was divine perfect self-existent no beginning no end this son of God now experienced betrayal and rejection the human sin he never came in contact with sin as God it was it was against his nature now human sin was placed on him Corinthians it says for he who knew no sin became sin for us maybe you're here today and you struggle with gender dysphoria and you say you don't know what it's like to experience something that is contrary I don't but he knows what it's like to be perfect and carry sin for you he let his body be broken he let his body be whipped beaten made fun of scorched he carried a beam of a hundred pounds tied and then he collapsed under that beam most likely breaking everything inside and having internal bleeding he was tied to a cross nailed with railroads railroad spikes in his hands and in his feet and from nine in the morning until three afternoon he was there God rejected him because of that sin that he carried he experienced all the suffering and all the affliction you can experience he didn't do it so you he can sympathize with you he did it so he can save you yes he knows what it's like to go through suffering but he also is the only one who can hope if you open the hood he can replace the engine and give you new identity identity that's anchored and secured not in a fantasy but in a historic fact of the cross on the mount of Galgotha only there your chasing ends your fantasies they go under his word and God gives you new mind and new life and you no longer have to chase the next thing you rest in him and he begins to cleanse you and deliver you sanctify you and make you more like you why because you were made to be like him when he makes you more like him he actually makes you more like you and you will say things like I've never felt so alive I've never felt so me even though I denied me and I accepted him but when you deny you you discover true you that's always been trapped hidden in him your life is hidden in him you will never find your true self without him you can get the money you can get the girls you can get the drugs you can get the surgeries you can try to be a tiger a parrot you can try to be younger older cuter do all of that stuff none of it will fix the engine why because none of it can go that deep that the work of the cross none of it pay the price for you as he did he loves you so deeply he wants to forgive you today so graciously but he does require one thing is that you repent and believe repent of your sin repent of your pride and believe in the cross in his death for you that he is your God he's not a bad oppressor he is a good liberator the doctor of all doctors the first and the last the beginning and the end hey thanks for watching this sermon if this was a blessing to you would you let me know in the comments below what stood out to you from this message what are you taking home with you from this message also if you enjoyed these messages would you help us and hit thumbs up to this video and subscribe to our channel so you can get new videos every single week delivered to you on your YouTube app if you go to hungry gen.com forward slash sermons you'll actually be able to download the transcript the notes and the quotes of this sermon and the rest of all of our sermons free of charge until next time


This review focuses on the development of active, stable, and low-cost catalysts or electrocatalysts for efficient hydrogen production from water-splitting electrolysis through electrocatalytic hydrogen evolution reaction, HER, and oxygen evolution reaction, OER, in alkaline and acidic media. The review highlights recent advances in the design and preparation of nanostructured noble metal and non-noble metal-based electrocatalysts, as well as new strategies and insights in exploring their synergistic structure, morphology, composition, and active sites for increasing electrocatalytic activity and stability. The future challenges and perspectives in the design of active and robust electrocatalysts for HER and OER towards efficient production of hydrogen from water-splitting electrolysis are also outlined. This article was authored by Shan Wang, Aolin Lu, and Chuan Jian Zhong.


According to the RBC Daily on Monday, which cited two sources in the investment market, Goldman Sachs Group Inc. has restructured its Russian assets. This might bring the US bank closer to a complete exit from the nation. Since Russia put tens of thousands of troops into Ukraine last year, American banks have reduced their exposure to the country, but international lenders need special approval from President Vladimir Putin to sell holdings. In November, Goldman Sachs announced that it has cut its credit exposure to Russia by 9 percent to $205 million in the third quarter after announcing in March that it was closing down its business in the country. One of RBC's sources claimed that local management had purchased Goldman's asset portfolio, which included minority shares in the employment agency headhunter and the real estate database Keyin. An email seeking comment was not immediately answered by Goldman Sachs. Putin signed an order on August 5 that forbade foreign investors from selling stock and important banks and energy projects. Putin was given the authority to provide exceptional waivers for particular transactions under that order, which is currently in effect until the end of 2023. What do you think about this occurrence? Post your comments with your ideas.


Now let's look at some resistor examples for Kirchhoff's voltage rule, and again focusing just on the potential versus the voltage. So here I've got two examples of resistor symbols with an arrow indicating the current, both the direction and the value for the current. And just to make the numbers a little easier in these examples, I've given both resistors two ohms and both currents five amps. Now from Ohm's law, the voltage across that resistor is expected to be the current times the resistance, which means it's five amps times two ohms, or we expect ten volts. Now practically speaking again, we have to think about which side is the higher side and which side is the lower side. For resistors, the side the current comes in at is the higher side, and the side it goes out at is going to be the lower side. And that's just letting you know that you've got a value there that the potential is changing. We can do a similar sort of thing with this resistor, but recognize it's still the higher side where it comes in, and it's still the lower side where it comes out. Numerically then we could start figuring out some potentials and how the potential changes. So let's say I've got a system where it came in at ten volts, but it has to drop by ten volts, and so that means the value on the other side would have been zero. If for some reason my circuit was grounded over on this side, then that would mean my value of zero volts would have been over here. Now it doesn't move the ten volts there, instead it still has to drop, so you'd have to have minus ten volts on this side, because this side must be lower than this side. So if this side was grounded at zero volts, as if this side went underground downhill to give you a value of minus ten volts. Now we can do the same sorts of things with things over here, and again if I've given a voltage on one side, or not the voltage, excuse me, the potential on one side, I can figure out the potential on the other side. So if this one was the same sort of thing, two ohms times five amps, which means the voltage is going to be ten volt difference. If I was at 18 volts on this side, what would I have to be over here? What would have to be ten volts lower, which would give me eight volts? But the circuit could be rearranged, this might be within a larger circuit, let's say it was 18 on that side. Then over here I would have had to have been up at 28, because this side has to be ten volts higher than the potential of 18 volts. So remember that that voltage is really a difference in potential from one side to the other of any resistor. And regardless of how the resistor is physically oriented in the circuit, you could even have ones that are going at diagonals or straight up and down. You look at the direction the current comes in, and that has to be the higher potential side, and where the current comes out is the lower potential side. And so when you calculate your i times r, it has to be higher to lower, and that means you'd go a decrease in potential. Or if you happen to be going across the circuit in the other direction, the potential would have to increase going opposite of the current. Keep these individual examples in mind as we move on to do full loops.


Okay, hello, and welcome to the Market Maker podcast is episode 104. And today I've got two topics to talk about with Pierce Curran, who is the co-founder of Amplify Me. And we're going to talk about Jerome Powell's testimony to Congress, arguably the biggest by far macro event, because his moves have triggered a cross asset class response. And that meaning in simple terms, stocks are down and quite aggressively so in the US. So we'll talk about why and what's happened and obviously what this means for interest rates because the event from the FOMC is looming in just about two weeks time or so. And then the other headline story, capturing attention at the end of the week, SVB Financial, holding company for Silicon Valley Bank. Some of you might have heard of them, I'm guessing most of you haven't. But what happened was a collapse in their share price and that sparked a degree of contagion among financial stocks yesterday. We did see the big four US banks, Bank of America, Wells Fargo, JP City, they were down ranging from four to six and a half percent and actually saw around 50 billion dollars worth of market value wiped off their share price. It just yesterday alone on the back of SVB. So how does that happen? We'll explain. Let's dive in with Jerome Powell. So to set the scene, the way that this operates. So the Fed have eight meetings per year just to set the scene. This is where they'll officially set monetary policy. In between this, they have the semi-annual testimony. So this is where Jerome Powell will basically report back to politicians. Now, just to be clear, the central bank and the government operate independently or should do in the best intention to do so. In the Western world, at least. But what makes this slightly convoluted is that although there's independent thinking at the central bank in the end, the central bank has to report back to Congress. And this is one of these events. And it's always been a platform whereby historically, if so required, the central bank head or the chair, in this case, Jerome Powell can use it as a staging post to sort of set out his latest forward guidance. And so the Federal Reserve, he said, would likely need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the totality of incoming information suggests tougher measures are needed to control inflation. Does that summarize all anyone needs to know? Or is there more that people should be aware of? That summarizes it. I think that what you've just said, that's it. I mean, basically this.  What was it like an hour and a half or something? Pretty lentily generally, yeah. It's a pretty lengthy thing, right? And what he does is he delivers a statement, a pre-prepared statement at the start, then all the senators start grilling him. And if you've ever watched one of these things, which, which unfortunately I have, my, my Lord, it's you get these. I mean, all right, some of the senators are quite savvy. They understand the world of economics and they understand the world of markets. And therefore they understand interest rates from a sort of markets and economics perspective. Others have just got no idea, which is fair enough. They're not from an economic background. As you get these senators, these like 70 year old senators, just banging on about something entirely irrelevant. And they just use it as a bit of a platform for themselves to basically say stuff that their, their electorate will like.  Anyway, it was about an hour and a half yesterday. All you needed to know was in the first five minutes. And that was in his pre-prepared statement. And I don't know. I'm, I was quite surprised that the market, well, I don't know. I would say that without the SVB bank situation this week, I would say, yes, markets sold off on Tuesday, but then they were, they were kind of stabilizing. Before now we've got this latest story on SVB, which has taken things another leg lower. So I think there was a negative fallout in stocks, what Powell said, but it wasn't a huge one. And that's because what he said wasn't particularly surprising. We've known all of this. That's why we've been selling off for the whole month of February. You know, we know that data out of the U.S. has shown that the U.S. economy is way more resilient than we thought. Therefore inflation is going to stay higher. Therefore the Fed are going to hike rates more. And I guess the only thing about it yesterday was just how explicit he was about the fact that there's a rate hike acceleration is back on the table. So to quote him exactly, he said, if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes. Now, that means that is very, very, very clear language, which is very unusual for a central banker. It's funny, though, because actually step out of the of the situation and just think about what he's just said. If data comes in strong, we're going to have to tighten faster. It's like, yeah, it's funny how markets are so behavioral. It's just this uttering of like we could go faster. Bang, everyone just starts selling at that point. And then it's like, well, there is a condition to this and there is major data coming down the pipe, right? There's literally non-farm payrolls, which is super key is later today from when we're recording this. And then you've got US CPI on Tuesday next week. Yeah. So I would say those two pieces of information will entirely determine what the Fed does on the 22nd of March, which is when their meeting is. And if these two pieces of information come in strong, they're going to hike 50 basis points. Powell just told us now the probability of a 50 hike at the March meeting went from a 30% chance to a 70% chance off the back of his comments. So yeah, there's been a pretty major shift in near term rate expectations. Yeah, federal funds rate futures now have actually leveled off. It's 50-50 price now. OK, so it was swung from 30 on Monday up to 70 plus it's dropped back to about 54 now. So yeah, but actually the other thing to contemplate here is I think he's done he's done a good job. He's done the right thing because there's the blackout period. This was actually one of his last movements to communicate. And he's communicated that, look, there's data coming. Everyone knows that. And there's no point us, I don't think, speculating because the question would be, what do you think, 25-50? It's like, I don't need to guess. Let's just wait and the data will tell me 25 or 50, basically. And I think the reason that probability dropped back down a bit was because of data we had yesterday where we had initial jobless claims from the US, which just tracks the number of new applicants for jobless support each week and it came in at 211,000. Why is that important? Well, it's the first time that number has been above 200,000 since mid December. So, you know, above well above what was expected. So that that's kind of maybe the first chink in the armor of this super strong labor market, maybe that jobless claims kind of just points to, well, a turning point. And perhaps now that labor market is going to start to weaken, maybe, I mean, we're going to get the non-farm payrolls data today. And I think the big argument is that the one kind of last bit of hope. You know, if you're if you're wedged in massively long stocks and you've taken a big hit in the last month as we've pivoted on our rate high expectations, then your last ray of hope is the argument that the January jobs data was only strong because the weather in the northeast of the US was much milder than normal in that month. And the northeast of the US makes up 20 percent of the whole US economy. So was it the milder weather that led to a strong jobs number? We're going to find out today because we're going to get the February reading and the weather definitely when I was in New York a couple of weeks ago, and it definitely was not mild. So you're going to see that weather argument finally get put to rest today one way or the other. Yeah. So the headlines you've sped to the 200 got a range 78 to 325 at the high ADP came out, which is often seen as the precursor for this is private payrolls. That beat expectations came in at 242,000 earlier this week against market estimates of 200. I did see one stat and I was just looking at the a chart but to average out the numbers, basically ADP has dramatically under forecast the BLS's official job gains for months. It's the best reverse indicator you possibly get. Yeah, like to put to put that into context. So the ADP they're trying to measure just private job creation. Right in the private sector, not fun payrolls as private and public sectors. Right. The ADP number in January was 119,000, the lowest reading for well over 12 months. In that same month, the non fun payrolls came in double expectation and was like the highest reading in many months. Right. So yeah, I wouldn't be looking at that ADP report and drawing any conclusions whatsoever. And if any, using it as a reverse indicator. OK, let's see. That's for educational purposes, not for investment advice. I must stress. But look, let's jump on to the other story. So SVB financial. And let's kick it off with who exactly is Silicon Valley Bank? Yeah, well, as the name probably suggests, they're well, probably the best way to describe it. They're the bank for tech startups in Silicon Valley. And yeah, their share price tanked, cratered, whatever word you want to roll out, dropped 60 percent yesterday. OK, not great. Right. Why would a company basically have such a meteoric decline like that? Yeah. Well, I think there's two.  So, you know, we're not messing about here. So the question is, well, what happened to Silicon Valley Bank? Could that happen to the other banks, the big boys? And that right there is the critical question. But what happened here specifically to SVP?  But so the thing about their bank is they got an unusually high proportion of business depositors. So look, go back to the basics here, a bank takes in deposits, right? And normally a bank would have consumers, individuals that is depositing money. You know, where do you put your paycheck every month and your bank account, right? So all these deposits are coming in all the time. So you either have consumers or you have businesses. OK, so you have a business bank account, of course. And so in there, you're depositing your money, right? Now, SVP have a very unusually high proportion of business depositors compared to individual consumer depositors. That's number one really important differentiator from the big guns like J.P. Morgan, for example. We'll come back to why that's important in a second. What happened in the financial, sorry, what happened in Covid? In 2021, particularly, investors went crazy, pumping money into tech startups. And it was one of the biggest years, one, sorry, not one of, it was the biggest year ever for investors funding tech startups, right? Where do these startups put the money? So when the investment comes in, right, great, we've done a capital raise. Perfect. Right. Now we're going to execute our growth strategy. But of course, you don't spend all that money bang in one go. You put it in the bank and then you spend that money in the months ahead as you're deploying your growth strategy, right? So what happened to Silicon Valley Bank is their deposits went through the roof in 2021. OK, and normally what a bank does, their model, they take in deposits and then they take that money and then they lend it. OK, and we talked about net interest income. That's the their profit margin, basically.  OK, now, the problem that Silicon Valley Bank had was that they that the rate at which deposits was increasing was so rapid. They just didn't have the capacity. And actually, there wasn't even the demand to lend that money at the other side. OK, so what did they do? They instead invested that money into government bonds and mortgage back securities because they wanted to generate a return from that money that was higher than the deposit interest they're paying to their customer. OK, and the only way to do that, they had to buy safe assets, OK, because they couldn't lend it. They had too much money, right? So that that's the premise, right? This is in 2021. The issue they had is they bought super long term and they bought they put it in their halter maturity portfolio. OK, they kind of wedged in on a fixed rate return. OK, now, the issue was that then interest rates start to ramp higher in 2022.  Well, bond yields go up. OK, but that means bond prices go down. So they got locked in at a relatively very low yield in 2021. And so then their securities portfolio is suffering as prices drop in 2022 as the Fed hikes rates. OK, so now suddenly they're losing money on their securities book. So what's now happened to compound this is investors have stopped investing in tech startups. Number one, so there's less new deposits coming in. Number two, businesses are very conscious of the rate of return they're getting on their deposits. And if your bank account isn't providing you with anything particularly meaningful, then the CFOs in these businesses will take the money out of the bank account and they'll buy government bonds to generate a higher return on their cash. OK, but this now means deposit withdrawals. So SVB Bank has seen deposit withdrawals just as their offsetting kind of securities book has declined in value. And so what they've had to do is sell some of these securities that they bought. Now, the problem is these were marked to market on their book at the prices they bought at in 2021 prices have gone south. So they've had to sell their position at a quite a big loss. OK, and this was all revealed yesterday. And they've had to issue new shares to cover this kind of shortfall. And all of a sudden, everything's gone a bit panicky. And so they're stopped dumped 60 percent. So the contagion effect then is that appropriate or was that an overreaction in what we saw yesterday with the big boys? I think that's a very hard question to answer. The initial reaction is contagion.  Excuse me. The the sell-off in JP Morgan shares wiped. What was it? I did have the stat. I don't know where it is now. Oh, yeah, here we go. So JP Morgan's valuation declined to twenty two billion yesterday. Because its share price dropped five point four percent to twenty two billion. That twenty two billion loss from JP Morgan's valuation, that's more than double the entire valuation of the whole of SVB.  They've done the same thing, right? In twenty twenty one deposits went up and maybe they couldn't lend that money out so they bought securities. But what I would say is a couple of differences, which hopefully will mean this contagion thing is temporary and then things stabilise and go back to normal. That's what should happen. We'll talk about why it might not happen in a minute, but it should happen because for a star SVB is unusual in having a very large proportion of business depositors. Most other banks don't. Mostly their deposit base is consumers. Consumers historically are just way less savvy and can't be asked, to be honest, to change their bank, right? So they don't go around going, oh, I'm only getting one point zero five percent interest on my bank account here, right? I can get if I bought two year US government bonds, I could get five percent. Right, I'm going to take all my money out and I'm going to buy bonds. They just don't do it because they don't know about it or they just don't have time, right? So normally these other big banks are not seeing deposit withdrawals, like you're seeing SVB take on. Secondly, these banks have not invested as much to the proportion of the bank's book on the asset side is much smaller in terms of their investments into these locked in long term securities. But that doesn't mean to say they haven't invested in those at all. They have and this has shown that the value of those assets that they've got on their book are possibly lower. If they were forced to sell like SVB were, then maybe those assets aren't worth as much, which is probably what you saw in yesterday's share prices. You know, investors just adjusting the value of those assets, right? Now, it shouldn't go any further than this, but you were around in 2008 and you know, panic is irrational and you know, this is where logical sense goes out of the window. So the question is, are we at a 2008 moment? If I'm a betting man, I'd say no, but that doesn't mean to say the risk of that is zero because it's definitely not. Right. So how I would have done my job in my previous life before Amplify because right now this would be like the hot focus. And I guess the market to me is quite is going to be in today's session specifically, although there's payrolls, which might absorb a lot of the attention as it naturally does. And it's important as we discussed, but today specifically, just given the aftermath of what happened with the bank stocks, I would be super conscious of the rumor doing the rounds where a big bulge bracket bank might get named. Yeah, I would be actively now talking to my contacts to try and get ahead of that for any feelings on who this could be. And some of the just getting under the bonnet a little bit that you can't find through a Bloomberg terminal. And that would be me doing my job then. To try and arm you, the trader with the Intel to answer that question. Is there going to be another? And the important point there is, as you rightly said, psychologically or behaviorally, it doesn't need to be another. There just needs to be speculation that there's someone else at risk. That's all it would take is not 16th largest US bank. But if we break into the top 10, top five, then you've got some serious issues because for that session alone and that moment in time, you probably would get a repeat type move in the market. If it doesn't transpire to be anything, which is probably likely then to be the case because, as you said, they're generally a more diversified business. That doesn't mean that there's not short term opportunity before then the dust settles. So I think today is really important from an inflation flow point of view. I don't want to be too sensationalist, but I'm going to be. This next week, back today. And Tuesday, well, let's call it yesterday, today and Tuesday could be. A phantom, the most important five day period of the whole of 2023. There you go. Never could never tell it can never tell that you're a trader. You were about to say fantastic then, weren't you? Look, I can see the dollar signs in your eyes when the VIX is up 30 percent here, right? There is content that people have panicked a little bit. There's a little bit of a panic, not massive. If you layer on top of the potential banking crisis, if you layer on top, really strong non-payrolls number and a higher than expected CPI reading on Tuesday, then our rate high expectations continue to rise. The very thing that has put SVP or one of the things that's put SVP in trouble. So if if yields on bonds rise further off the payrolls reading and the inflation reading SVP, SVP, their problem gets worse. And then this panics people a bit more about the others. And so I'm just saying it has the potential. It could be that the payrolls number today is soft, much weaker than expected. It could be the CPI number drops quite sharply, in which case that's all take a breath and everything's fine. But yeah, this is this is the moment. If you're interested in markets, you need to be all over this data this afternoon and on Tuesday afternoon, because it couldn't be more important. OK, and for anyone listening, that is Piers Curran getting mega excited. This is as far as he gets. All right, well, look, on that note, I know that you're on client site today.  But thanks for giving up some time. Well, it was a pleasure. Enjoy the weekend. All right, take care, everyone. Yeah, that's it.


Let there be one measure for wine throughout our kingdom, and one measure for ale and one measure for corn, namely the London Quarter. And one width for cloths, whether dyed, rusted or hulled, namely two ales within the salvages. Let it be the same with weights as with measures.