I'm pretty sure it's as close to 6 p.m. as possible, and we are artists till death, I'm Erica, Jeffrey is behind the camera, and we go live every day. Usually it's 6 p.m. central, except for on Tuesdays it's at 2 p.m. central, and it's usually resin, it's always art, it's always a good time. Today we got a lot of response from our new posters yesterday, so we're doing a little bit more of them. Although this is a stand mixer, this one is by Istoio, but I just want you to know yo. I said that. That it's amazing, and they're not very expensive, I think the whole set with the stand is like 20-something bucks, at least it was the last time I looked, and anyways, get you one, available every month. I need some gloves. Should we put the mic in? I don't know, can't everybody hear us okay? So we're going to do Easter colors today. A lot of these colors I don't usually work with, because they're scary. Yellows never treat me well. Hello, Stephanie. Do you run sales for your store ever? I do. In fact, you can use code ATD, or 5% off right now. Usually when I run a sale, it's because I get a restock in, or well it's coming up on Easter, so I'm sure I'll run an Easter sale. Last time I used this yellow, I really liked it. But I can't remember what other colors I used it with. So should I do orange, you guys? Do you think orange fits this color? I think it'll be fun. I think it'll be orange and white will be fun, I think. I feel like I probably don't need this powdery blue color, since we have all those other ones. Okay, so let's start talking about colors. So all of these are paste. I prefer to use paste with my resin, because you don't have to worry about the little flecks of mica not really melting into your resin. You don't have to worry about it puffing up into the air. And it does unique things that maicas don't do. Additionally, I feel like maicas sometimes, I don't know, it kind of fades out sometimes when you use it and use a lot of heat because the particles will sink. And so that's another thing that I don't really have to worry about with a paste. This is the first color we're doing. This is called spearmint, it is by just resin. That's a lot brighter on camera. It almost looks like a teal aqua. This one is? Yeah, on camera. This looks like bubble gum. Well, it is supposed to be an Easter color. What color is this? That looks like strawberry shake. Oh, it is. Nailed it. So the spearmint is a luster. It's a metallic, it's got a little shimmer to it. So is this lemon sherbert, but the strawberry shake that Jeff is mixing up is a flat or just, I don't know. It's hard for me to call it flat because I think about flat in terms of sheen. So it's flat in terms of sparkly shimmeryness. And it's my opinion that all pieces should have something sparkly or shimmery, something flat, and then I have a couple of other things in my formula as well. What are you scoffing about? You know, this person, excuse me, appreciate the response. How can we find out if you run a sale? I found you from Mixed Media Girl. Love, Marcy. Um, we, like the only time I email anybody is when I have a restock or run a sale. Oh, that is a interesting, wow. Last time I used it, it looked really good. I think it was this one. It could have been the other yellow. So to recap, this is spearmint from Just Resin. This is lemon sherbet from Just Resin. Why didn't you put this? Do you want that one? Yeah. What is this? Oh, the white. Yeah. Oh, and then you have that. Oh, I see. We don't have a color. It's just about the same amount as every other one. Here. We are using Stone Coat Art Coat Resin today. So we have a little bit longer of a working time, and by a little bit longer of a working time, I mean two hours instead of 20 minutes. So that is an old color called Periwinkle. I made that with Wiskiria from Just Resin mixed with Powder Boy from Just Resin. Sorry, I'm having to simplify one of my pigments. Agent Reigns, Kat, hello. Everybody doing this for the evening? Excuse me. It's good Friday. Is everybody being good? Maureen wants to know how does the art resin actually work different than the countertop resin? If you're asking me specifically about Stone Coats, then I can tell you other brands. It's possible that I've tried them. It's likely that I've tried them, but I haven't tried all the brands out there. So having said that, of course, Stone Coats brand, yes. They're working with them, like using them to create a piece. We sure can, Heidi. Just give us one minute, and I'll have Erica grab those coasters from yesterday. Yeah. What was I saying? What were we talking about? Oh, Stone Coat, Art Coat. Oh, yes. Working with them is the same. The only real difference is that Art Coat has a little bit more UV resistance in it. So I only reuse Art Coat, even if I'm doing a countertop. Yeah, I'll grab those in just a moment. I'm pretty sure I'm saying this right. Agent Reigns. That's the one that was wanting to ask about this sale, and then she says, I've only used Micah. It's nice to hear about this paste. I'm getting chunks from Micah. Yeah, we really don't use a lot of Micah every now and again, and you know. That's a slurry hack. A what? A slurry hack. What's a slurry hack? You can take your Micahs and put them in whatever cup you're going to use and create a slurry, putting just a little bit of alcohol in your cup and mixing your, sorry, getting distracted, sirs. I haven't looked at them yet. Make a little bit of a slurry just to kind of start liquefying your, it's not liquefying, ultimately what it's doing is breaking up the particles in the Micah because they'll stick together a little bit. Kind of like, what are we doing? Oh, I thought I was handing you a glove, but I got them for me. I hate, I meant to hand you these. I think you and I both may be coming down with something, or an allergies. Okay, so just to recap the colors we are using are, It's the best resin for coasters as far as heat resistant goes. Patty, yo. We use art coat and heat resistant up to 500 degrees Fahrenheit and it's pretty durable. It's got a great working time and no smell. Also those things. This is color passion base cell whites. This is a periwinkle I made mixing wisteria from just resin and powder blue from just resin. This is spearmint from just resin. Shimmerine. This is a lemon sherbet from just resin or sherbet. I recently found out that I've been saying that wrong my whole life. This is Judy shimmer from passion base and this is sherry shake from just resin. We nailed it, all of them. Okay. A huge X file fan. Awesome. Are we gonna have like are we gonna are we making this a challenge or are we just arting for the sake of arting? We just are arting about it. I don't want a challenge. I don't I don't want to embarrass you or anything. For us. Done with this one. Yeah. So if you've never seen these coasters that we're using right now before they are our clear coasters and what you do is you peel one side, you art on this side, leave the backing on and then once it's cured like tomorrow then you can come back. I'll peel this one for example. It is not easy catching an edge with then see you've got drips and things back here. This is not a problem with this backing. It's so hard with gloves on. It'll make me panic when you use what I think the fast resin it was a challenge to find our coasters. It says mix media girl use your coasters yesterday. So I was trying to find find you to buy. It was a challenge. You should make her link you. Those coasters are so cool. Thank you so much. I will mention that to Marcy or I'll just send her like I'll make a landing page for her to link. When I'm laying these colors down, I'm being very mindful of what I'm putting next to what because for example, if I put this yellow next to the purple and they make a secondary color if they mix a bit, it's not going to be a cute color. So you're going full Easter egg, huh? I just wanted to do one. That's a full Easter egg. Just just one. Should I go get the, Oh, you need heat. We need some heat. I'd rather have like that's going to be so bulky. Jeff is. He will be right back. So yeah, always consider what secondary colors you could get when you put color next to a different color. And if you just have to have those two colors next to each other, then just put a little bit of clear between those colors. And it will help out tremendously. One, two, three, four, five, six. One, two, three, four, five, six. Oh, okay. And we'll just reverse it. You'll notice I'm not just pouring to these lines because then the resin's going to, there's going to be too much resin on the piece and it's going to want to find its way off. So I'll try not to do that. I win. And see. Sorry if I was on your way. You guys. Thank you, Evelyn, for doing that. You rock, Evelyn. Thank you, Kat. Don't pass out. If you heat this up just enough, it'll make it smooth enough to where you don't have to blow too much. What have you got going on over there, babe? Easter egg? My first Easter egg. Do you? How come we never decorate Easter eggs? I don't know. Because it's very, very messy. As we're doing resin. I know. What if we did some resin Easter eggs? We are. Right now. Like real ones though. I'm afraid this is going to fall over. I'm trying to make it where you guys are like right up front, but this table is so little. Love it. That's fun. I was going to do that and then boom out. Scene. That's so fun. So I put the strawberry shake on the back. Really thin so that it doesn't push too much resin around because then it'll just keep going and fall off. So in order to avoid that, we're being very specific with how much resin we're putting on these. I don't know why it was so difficult to save resin a second ago. Working with art coat again further makes me think that that quick cure was so thick. I'm going to put that orange on this. You just want some messed up colors making the secondary. I think it'll be crazy. I think it'll look good if it doesn't mix. I'm like I'm going to wait. I'm going to do. I should go get the computer so I can see what people are saying. Yeah, sorry. I'm not reading. We're using my phone tonight. We're concerned about the white dots, but I think I ultimately am cute. Thank you AI. There we go. All right. I can see you guys now. We love when you catch us live too. Thank you so much. We are family. Thanks for the tips. My first time doing coasters, it was a mess of waste. Never again. Yeah. So resin, most resins are so thick that when you pour them out, they pour out at about a quarter inch high, but it's going to self level to an eighth inch. So in order to mitigate that or avoid it, just keep the amount of resin on the surface to a minimum. Yeah. That's the cutest one. Also, pardon my sniffles. I should be using the torch. Also, let's leave the torch off camera. I don't want Google analytics to think that this is something wild. Loving these. I just had a little stroke of genius. Oh my goodness, I probably already messed up. That was a lot of resin. I'm just going to smooth it around, using our reusable stir sticks. This is definitely a lot nicer to not have to stress about the resin curing. It's so stressful. So. Oops, sorry y'all. Sorry y'all. Do you like my deviled egg? Listen, I want to do an entire set of this. And I will not feel bad about it. A lot of people left. Yeah, sorry about the freeze. But we're back. So yeah, I'm digging my little Easter eggs. Oh my goodness. Can you imagine an avocado? I'm going to put my egg over here because I don't want to mess up it. Now I have some of our little hemp. That's no yolk. I'm going to do a smush. Just a psychedelic smush. That's stuff that goes along with stuff, right? So where's everybody watching from today? Ooh, we're going to find out if this is a horrible secondary color. So if you've never done a smush, it is simple. Pretty self-explanatory, but I'm going to explain anyways. You just put a lot of color down. Do you guys know the Australian artist? The Australian artist. What would that be? Who would that be? Who tell us? We've been to Australia a couple of times doing resin art. So possible? So on this one, you can really see how the resin is self-leveling and it's making some of these on the edge oblong because it's stretching to the edge. But because these are right angle coasters, there's not too much resin on here. So it just goes to the end and stops. So that's why some of these are more oblong shaped, which I don't mind. But I just wanted y'all to know why. What do you want to do a smush? A smush? All right, y'all. So this is, we try to tell people that are always worried about when you first start doing resin. Smush. This is probably the easiest way that you can make a design and it pretty much turned out turned out good if you use the right colors. It's supposed to be psychedelic Easter. Oh, that did not did it. That's basically the easiest route to take is the smush route because it basically does the work for you. So all you really have to do, put your colors down. I prefer not to, what do you call it, put too many colors down, not too sporadic. Sporadic gives a busy result. I don't know anything about the Australian artist. I'm going to have to get Pacific. Pacific? All right, so we have a little bit of clear left. I guess we'll put some in here and some more of this. Oh my goodness, I forgot the name of it. Spearmint. Also with paste, you can mix color. So if you wanted to create a custom color, you could mix anything from any brand. Stir that up first. Yeah. So we have run out of coast food. Go grab one for some. So I guess I better put my white down first. And you want to kind of put a generous amount just because some's going to take away like one coast, take a little bit off the other coaster. And you want to make sure it's nice and nice and fluffy for the paint to kind of smush together.  Not too much because you don't want it to be too runny because then it'll get muddy. All right. I can't guarantee this, but this is there we go. What's happening? And then when I pull it apart, I'm going to kind of move it forward. That is interesting. Definitely how you pull them apart affects the design. I didn't twist it either. Normally we give it a twist, but I just wanted to see if I just flattened it and then pulled it up and kind of up and out. You all said Jeff is cutting out. I brought some puzzles. Hi, Cindy. It's hood now. In and out occasionally. Like the volume gets low or it's literally shorting out. So thank all of you guys for coming in and watching what we're creating today. I hope you're enjoying it. Lots of cells in that one. If you have any requests for us to try out anything or color scheme or whatever. Let us let us know. Happy Easter. Yeah, I think we should decorate Easter eggs one year. Okay. I mean, we do a pumpkin. Sometimes. I hope you all are keeping track of which ones your favorite ones are. My yolk's getting a little out of control. It's probably just bit too much. I did. Oh yeah, you guys wanted to see those coasters from yesterday. One minute. I'm going to try the dots again. But smush it. Botted one looks like it's like it's like like it's almost like it's rounded. Yeah. If we put some airbrush on there, it'd be like wait a minute. That would be fun. All right. So this is what we did yesterday, y'all. It's easy. These are the coasters from which she's doing. Sorry, y'all. Me and Fancy. All right. And this is hasn't yet. So we're going to peel this. This is that. What color was this? Teal luster? Yes. I do believe you're probably going to need some heat. Yeah. So this is the good thing about this is why we started doing this is selling these coasters with the paper on the back because it's no cleanup. If you do let it drip like this, sometimes you can clean them up before this happens. But just hit it with a little heat. I don't have the heat gun. Be careful.  Just give it a little heat. You're not trying to melt it or anything. Just enough to help it. Just try to loosen up that. So if you have a problem with getting an edge, just take another like a stir stick or another coaster. Your people have been buying the coasters like crazy. Wait. I'm trying to do this while sitting in back of this camera. You are doing it from sitting in the back. I know, but it's very difficult. This chair wants to hit the edge of the, uh, yes. I'm going to leave out the orange. It's so difficult doing this with these gloves on. I can't get a grip on the edge of this paper. Me too. You know, we've got to put a little more heat on these. And these little crevices here pop out. So losing any definition of said leaf. All right. I'm gonna so much. Yeah. It's so difficult with gloves on. I don't think I've done this with gloves on before. My goodness. I can never get a grip. Yay. That's so nice. I love. And also look at that. It's just like hints of the color where I just grabbed a little bit. All right. The stick doesn't work as well. Oh, well, here's the others. Sorry. That pink is nice. I think she was just doing this just to see what that, uh, what the, because the resin started setting up on her yesterday. So I did. We worked that to the end of possibilities. I'm not using too much heat because I don't want these to move. Looks like Easter. There you go. Nice sun clean. All white. So you guys. And this one is half and half. Yeah. The pink is really nice. So the reason why this, uh, is a little more difficult, this resin that's set. I think it's because it's quicker drying. So it hardens up. Yeah. It's, it's a quick cure. So it's going to, I mean, it's supposed to be like fully cured in days. Let's see.  Look at that. I almost think I feel like I just want to leave it, but that's boring. Nice cleanup. What's up, JJ? Yeah, this looks great. I love this pink and gold together. And this is just the regular coaster. See?  And it's, I mean, you could do it. It's just hassle and time consuming. Now it's like a marbledy. I can get down with pink and spearmint marble. It's kind of like that. Thank you, Cindy. Thank, thank you. You need this. I'm going to take some of these up to the DFZ. Anybody have huge family plans this weekend? Hide in the Easter eggs. Find in the Easter eggs. Finding this hot pink. I think I only have like a couple left from yesterday. This is beautiful to witness. Well, thank you very much. It's fun. And see, this two hour working time, you can't beat that. You're not being rushed. You don't have to worry about, you know, oh, do I have enough in time? How many coasters? You can kind of just sit and just pick your colors. Relaxfully. It sound like you. I'm pretty sure that's a you word. I don't think I've ever said that word. However, it sounds like a word that I would say. Isn't, isn't the puzzle piece, what is that? That's the, for autism? It may be autism. I think it's, yeah, I think a puzzle piece. So, and then I think actually purple puzzle pieces. Oh yeah, this is what I want to try on this. I did this the other day a while back. I did just the edge and I just blew inward. I haven't checked those messages or emails today, but I will be doing that when we wrap the live. What brand of resin are you using? We are using Stone Coat Powered Up Art Coat. It is heat resistant up to 500 Fahrenheit, no VOCs, great viscosity, pretty darn durable. I think it's pretty great. And if you want, you can get 15% off by using our code that is listed down in the description box. Um, it's YAL, Y-A-L-L, all caps, no punctuation. Now that is for Stone Coat's website. Look how fun that is, just doing the edges like that. I like it. That's so fun. Reverse Dutch, right? Right, and then you can do another nice color the same way. Oh my gosh, peeling these with gloves on is not fun. I'm just going to do, you don't really have a lot. I guess we'll do a little bit. We have all of this resin over here.  Did y'all see that? Were y'all with the live last night? I know that's not a lot, that was pretty interesting. Somebody must have done their part and shared. So thank you guys. Do you have a mushroom shape? You know what? It's so funny because I just texted her the other day and was like, mushrooms, probably should do like a rainbow as well. Like a rainbow, just a simple, people like to do stuff like that. Is it buffering for anyone? I'm going to do that orange. For some reason, I thought you were going to reverse that one and blowing the white into the... Oh no, there isn't hardly any white. It's hard to hear me. I do not have a mushroom shape, but we can. I think we should have a mushroom shape. Yeah.  Does anyone have any questions about resin specifically that I can help with? Or color choice or anything? So y'all, what color has been in y'all's... I love orange right here. Cindy, I do mostly use paste to color my resin. Look at that y'all. That looks so fun. Just imagine that attached to the other, to the purple one. I love that. That glow from it. Right, it's like fire. Pretty amazing. I do mostly use paste because the colors are very diverse. I can have one with a shimmer or one without a shimmer. Whereas flat micas or micas without any shimmer are really difficult to work with. Somebody was chimed out. Agent Reigns. I don't know why they wouldn't... If you were to call the Stone Coat headquarters instead of going through Amazon, they probably would have been more helpful. Cindy asked, do you use mostly paste color resin? Yeah. So I was answering that a minute ago. Are you going to do a smush? I didn't finish it. No. I peeled those for you. I don't have any gloves on. Micas, you sometimes end up with a lot of mica in the air, which is probably not good to breathe in. So ultimately, I find paste more versatile. Micas are fine. They have their uses. And you know, approach it for mica. Put the mica in first, then add your resin. So that way when you stir it, you don't get that plume of mica powder up in your face. But a funny thing with that is that's how we discovered mayron. We accidentally did that. And that was pretty amazing. You can also use acrylic paints, but just be careful when using anything water-based with resin. Resin does not like water-based things. It can kind of degrade the durability of your epoxy and also make it flash cure and just start setting up immediately. Color art products. So color art is made to be used in a water-based application. And some of them, because of the binders she uses in her colors, won't really melt into resin. And so what ultimately you have to do is mix it with the move that she has and then makes that formula into resin. One that I know for sure the color doesn't really mature until it's in resin, in the medium, and then you put the medium in the resin, is black cherry from gray brown. If you just put that color directly into your resin as opposed to making the medium and then putting it into the resin, then it'll be that very new color. Do you not have to use PPE with this resin? So in terms of personal protection equipment, if I were to have a respirator on, it'd be really difficult for you all to hear me. So this resin having no VOCs, it doesn't really smell or off gas unless you scorch it, which is putting too much heat for too long. It burns it. I always tell people to listen to their body and ask your medical professional any specific questions about PPE and resin, because I am not a doctor. I'm not qualified to give any health suggestions, but we should have a light on those. But yeah. Oh, they can see it like this. Definitely if you have any resin sensitivity. I love that. For example, Jeff got resin rash from one brand of epoxy and he doesn't get it with other brands of epoxy, so it's something to look into if you have any kind of reaction to epoxy. Looks good. Looks good. Can you use alcohol based colors? You can. Just understand that alcohol based colors are not light fast or color fast when they're put into resin, and so the colors will fade over time. Yellow, for example, will be gone within a month. I've had yellows completely disappear. Anyways, if you have other questions, feel free to message me on my website or leave me a comment down below. And thank you for watching. Please subscribe if you haven't yet. I can get all these colors, which I will go over with you one more time. On our website, artistledeth.com, I'll leave a link in the description box. The white is color passion base cell. The pink is strawberry shake by Just Resin. The yellow is lemon sherbet from Just Resin. The minty color is spearmint from Just Resin. The purple is Judy from color passion. And the orange is tangerine from Just Resin. Like I said, you can get all those colors and more on our website, artistledeth.com. Also join us on our Facebook group, ATD's Poor People, where like-minded artists come together to inspire and help solve the world's issues with resin. So yeah, please subscribe if you haven't already and leave me your thumbs. Give me a comment so Facebook knows that you aren't a bot and you like- Till then, be kind to one another because you never know what someone's going through. And always remember, we do the test. So, you don't have to, so you don't have to. Yeah. All right, you guys have an awesome weekend. We'll see you later. Bye. I said bye.


Hi, I'm Alexandra. I graduated from SOAS with an MA in International Studies and Diplomacy and I work at the Office of Protocol at Global Affairs Canada, which is Canada's Department of Foreign Affairs Trade and Development. I use the skills that I learned at SOAS every single day, particularly the skills I learned in international law. That's because I work in the unit responsible for the privileges and amenities of the members of the Foreign Diplomatic Corps posted to Canada. That's either at embassies or consulates across the country and I am certain that I would not be able to do the job that I'm doing right now without the skills and knowledge that I learned at SOAS.


Hi, welcome back to the course on Integrated Pest Management. After understanding the two important biocontrol agents that is predators and the parasitoids, now let us go into the third biocontrol agent that is use of microbial pathogen in managing the pest. We know that like all other organisms, the insects also suffer from various diseases. It is our prudency that using some of these diseases in the biocontrol program in managing the pest species. So, there are four major groups of microbial pathogens that we see like they are the fungi, the viruses, the bacteria and nematodes. So, in this class let us look at the fungi and the viruses which are quite important and also the bacterial group and what are there, the mode of action and how some of these have been used in managing the pest species. If you look at entomopathogenic fungi, so there are over 950 species which are pathogenic to the arthropods. Some of the symptoms of the fungal infection which we commonly look at and then try to identify the causal organism, one is that the insects which are infected with fungi will show the loss of appetite and they have an irritability and also the paralysis they will show. Initially there will be a discolored patches appearing on the cuticle of the integument and then the body later once it dies becomes hardens and covers with the dense white mycelial mat. So, at the end, so the body will be quite hard and it is mummified and either they will adhere to the substratum like leaves, stem or the fruiting body with an upright position and they will die. The death normally occurs within 4 to 7 days depending upon the host insect and also the environmental condition. In this slide we are going to look at the mode of action of this entomopathogenic fungi. How exactly? Generally, the fungi if you look they produce the spores and these tiny spores will be carried over either by wind or the water and then they settle on the substratum and whenever they come in contact with the insect cuticle then they start their action. If you look at it, the first step will be the adhesion of the spores to the host cuticle and once they are adored then the spore will start germinating and produces the hyphal bodies or the mycelia we can say and these mycelia will penetrate the cuticular structure of the insect and gets into the hemo seal and the hemolymph and where it produces certain toxins and which kill the cells in it and then ultimately kills the whole insect. Then after the death then the mycelial growth will produce and they actually grow as a saprophytical. Then when all this hyphal body will actually produces insides and it will emerges out and ultimately after completing the vegetative phase of the growth then it enters into the reproductive phase where it sporulates and millions of these spores will actually produce and again they will be carried and dispersed through the wind and the water. Now what are the important the fungal species that have been employed in the bio control program? If you look at it, there are 4 or 5 very important to fungal species one is the metrizium anisopliae which are commonly referred as green muscardin fungus and they are quite effective against the choleopterans, the soil inhibiting insects, some of the lepidopterans also and also the grasshoppers and other hoppers. Then the second one is the Bavaria basiana which is referred as the white muscardin fungus is quite effective against the lepidoptera, the choleopterans and some hoppers. Verticillium lacani is another important which is referred as white hollow fungus is usually effective against the scales. Then the pneumonia relay is also a very important defungi which actually affect the lepidopteran and as well as some of the sucking pest. And the Hirsutela thamsoni which is quite specific against the coconut mite and it has been used in managing the coconut mite, metrizium anisopliae so which can be used either as a spray or as a soil application, if it is an spray it can be used at the rate of 1 to 2 kg per acre or 10 to 15 kgs can be mixed with 50 kg of FIM or the vermicompost and then applied to the soil. Similarly, the Bavaria basiana 0.4 to 1 kg per acre as a foliar spray, verticillium lacani also of the same rate as well as the pneumonia relay and Hirsutela thamsoni against coconut mite can be used at the rate of 1 to 5 grams per litre of water per pump. Now let us go to the another important biocontrol agent that is entomopathogenic viruses. The entomopathogenic viruses especially those which comes under the family baculoviridae are effective against insects and they have been exploited. There are two types of virus which are quite common that we see, so one is a nuclear polyhydro viruses which are normally referred as NPV and there is a granuloviruses which is normally referred as GV. And among these two the NPV is most effective and quite widely been used even production and application of this NPV is normally done. Now let us look at the mode of action of a virus, so this NPV I will take an example of NPV. The NPV which is a nuclear polyhydro virus which normally contain an proteinaceous coating which is a polyhydral body inside which we see these the virions and these when they are actually fed by the insect and these polyhydral bodies enter into the gut system and at the mid-guit region because of the alkali pH what happens this polyhydral body will be dissolved and then they releases the virions and these virions they go and then bind themselves with the mid-guit epithelial cell. So here once they bind them then they will actually make a perforation and they will start sending the nuclear material into the cellular nuclear material and then it binds with the host nuclear material and it starts replicating and producing the viral bodies and these viral bodies are produced inside the host cell and then the few of these virions they will get embedded with the polyhydral bodies and ultimately it leads to the death of the whole cell and after leading to the death of the cell which leads to the death of the host then these polyhydral bodies will be released outside and then so they will again disperse and then infect the other insect larvae. Some of the symptoms of these entomopathogenic virus so again the larvae will become sluggish sometimes they change the color to the pinkish and then they lose the appetite then body becomes very fragile and rupture to the release of the polyhydral bodies so the whole body will be containing the polyhydral bodies and quite soft and even with a slight mechanical aberration the body will rupture and the polyhydral bodies will be released. Now especially the NPV will show a very typical symptom of what is called as the tree top disease so here you can see it here the larvae which is infected by NPV will usually climb to the top of the tree and then by adhering to the substratum with its prolegues then it hangs down so that is why it is referred as a tree top diseases. Now some of these NPV the main characteristics of this virus is that they are quite specific to a particular species so some viral bodies or the viral group which are specific to a certain species of insect cannot be used like the another species which is a huge advantage. For example, for field application we are using the NPV against helicorparamutera which is referred as HA NPV and in these cropping ecosystems like vegetables and the field crops we can use it at the rate of 200 LE per hectare that means LE means it is a larval equivalent so this is a recommendation given and similarly for podoptera litura NPV it is used in ground nuts, tobaccos, soybean or cotton ecosystem at the same rate. Similarly we have in methamnose separator NPV then amsat albistrega NPV which are quite commonly produced and then marketed. Now coming to the third important biocontrol agent that is entomopathogenic bacteria now entomopathogenic bacteria is quite popular as during the early 90s so by the discovery of a particular bacteria which is called bacillus thuringiensis then there is a lot of commercialization of this bacteria and they are utilizing in the pest management strategies. We can classify the entomopathogenic bacteria into two forms as the spore formers and the non-spore formers. Under the spore formers you get certain obligate bacteria and the facultative bacteria obligate bacteria like bacillus populiae and the populiae which is effective or used against the populiae japonica. Then under facultative you have again two form the one where they produce the toxin which is crystalliferous toxin and another one is a non-crystalliferous one. In this bacillus thuringiensis which I just mentioned which comes under the crystalliferous toxin and this is quite effective against many of the leopardopterons, choleopterons and the dipterine groups of insect. Under non-crystalliferous we have bacillus seraceous which is effective against hymenoptera and choleoptera. Under non-spore formers we have seracea marcesans which is effective against the leopardoptera and the hymenoptera. Now let us look at the mode of action of a bacteria by taking an example of bacillus thuringiensis. The bacillus thuringiensis as I explained produces the crystalliferous toxin in its cell or in the spore and these spores will have contain the spore and as well as the crystal body which contains the toxin and this when usually when an insect feeds on this will enter into the midget region and again due to the alkaline nature of the insect midget what happens the endotoxin which is present will be released and this toxin will actually go and binds with the epithelial cell of the midget and once it binds it here it causes the pores or the perforations and through which actually the cell will makes an entry and once it enters then it kills the insect cells by septicemia and after killing it then what happens it multiplies and produces in large number and then it will be released. Now some of the important the bacterial species which were employed here are the BT that is the bacillus thuringiensis and then bacillus sparricus and as well as pseudomonas fluorescence is another group of bacteria which is normally used. Then what are the symptoms of the bacterial infection as soon as the crystalline body releases the toxin in the midget then there is a rupturing of the midget epithelial cell takes place as a result the insect stops feeding immediately. And then there is a regurgitation and diarrhea due to the gut paralysis and later when the cells enter and kills the host body cells then the body becomes dark with a dark body fluid and tissue will be disintegrated and so that is how the death of the insect is going to occur. So in this class we understood about some of the important microbial pathogen which can be employed in the pest management. So in the next class let us look at the other bioagents that is other microbial agents and also the limitations and advantages of the bio control thank you.


Armenian Prime Minister. There is no country in the world to not recognize Karabakh as part of Azerbaijan. Armenia has always recognized Azerbaijan's territorial integrity, but it has not always been stated or recorded Armenian Prime Minister Nikol Pashinyan said in a briefing, I regret to say that there is no country in the world that does not recognize Karabakh as a part of Azerbaijan, he added. Pashinyan read the statements of the representatives of the co-chair countries of the OSCE Minsk Group. He referred to the Russian President Vladimir Putin, Stefan Visconti, the former French co-chairman of the OSCE Minsk Group, and excerpts from the US State Department's annual report on human rights regarding the recognition of Azerbaijan's territorial integrity. The separatists, with the help of Armenia, continued to take most of Nagorno-Karabakh and seven other regions of Azerbaijan under control. Pashinyan read the excerpt from one of the State Department's reports. Nikol Pashinyan said that Baku has never refused to discuss the rights and security of Armenians living in Karabakh at the negotiating table, said the Prime Minister of Armenia. He stressed that Armenia and Azerbaijan do not trust each other. Steps should be taken to eliminate this lack of trust. The international and geopolitical situation in the world remains tense and unstable. The world order, which is considered one of the main factors of stability in our region, does not actually exist. No one knows what the new world order will look like. Armenia's influence in the process of formation of the new world order is uncertain and intangible and the threats arising from geopolitical instability are visible and real. Nikol Pashinyan said regarding the events of Ukraine, the geopolitical influence on our region has decreased. Traditional East-West formulas are not effective enough. None of the countries bordering Armenia are in conflict with each other. The formula for solving even the most urgent issues is a policy of cooperation, which is more effective due to the balance of interests. In this regard, considering that our relations with Iran and Georgia are developing naturally and should continue to develop, it is necessary to sign a peace treaty with Azerbaijan and normalize relations with Turkey, he said.


Let's jump right in. I'm only doing about 25 games, unless I prattle on all day. So yeah, I'm gonna miss some people's favorites, so feel free to mention anything I missed in the comments. Starting with cooperative games. There's a general rule of thumb here. If it says Konami on the box, chances are it can be a co-op game, and a really good one. Most notably, there's run-and-gun games like Contra 3 and Sunset Riders. These games can be pretty tough on single player, but in co-op, it's easier to progress, which makes it that much more fun. There's Legend of the Mystical Ninja, a really solid game with fantastic visual style and a goofy sense of humor. I did a review of this game a while back. And of course, there's Turtles in Time, the best beat-em-up of the 16-bit era.  Seriously, when it comes to fun co-op games, these four Konami games are always the first ones I think of. Another no-brainer is the Donkey Kong Country series. All three are perfectly good, but the second game works best, in my opinion, because of the more wide-open level design and Dixie's ability to float. There's Super Smash TV, an arcade-style top-down run-and-gun game with tons of power-ups and weapons. Goof Shroop has you moving stuff around to solve puzzles and to throw stuff at enemies. It's a surprising and cleverly designed game. Really, it might be the best Disney-related game on the Super Nintendo. I gotta mention Zombies Ape My Neighbors, probably the hardest game I'll mention in this video. Even with two players, this game is tough as hell. But that's what makes it fun, until you get to that damn spider anyway. The Poki and Rocky games are kind of a shoot-em-up style, so there's a lot of weapons and upgrades and all that kind of stuff. This game to me is kind of like if Legend of the Mystical Ninja were a shoot-em-up. Tons of personality, a terrific art style, and great music. And then, of course, there's Secret of Mana, and second, it sets you three. Think of these games as beat-em-up games, but with a top-down perspective, only with swords, axes, spears, tridents, whips, boomerangs, and a shitload of magic spells. It's so much fun. Just know that when you start out in Secret of Mana, it is a single-player game until you find the sprite and the girl. Now I'll name some versus multiplayer games, and these are primarily in four categories, fighting, combat racing, puzzles, and sports. For fighting games, there's the obvious. There's Street Fighter II Turbo, or Super Street Fighter II, if that's your preference, but I like Turbo better because of the 10-star code. That speeds the game way up. It's so insane. There's also Killer Instinct, which is a bit more complex with this moveset. Plus, you gotta love the announcer guy. Many Morphin Power Rangers Fighting Edition is another great one. I did a review of that game not too long ago, if you're interested. And speaking of Mekrobots, if you can afford it, Metal Warriors has a badass versus mode. It's split-screen, but it's still fun. For combat racing, three games stick out. The obvious is Super Mario Kart, which holds up brilliantly today, of course. But there's also Rock and Roll Racing and Biker Mice from Mars. Both have an isometric viewpoint, so it can be tricky at first to get the hang of steering, but once you do, both games are high-quality. Now, if you're looking for a more straight-ahead racing game, then Top Gear is your best bet. It's great arcade-like fun that conveys a clear sense of speed. I did a review of this one, too. For puzzle games, Tetris Attack should be your go-to. Man, this game stresses me out, but it's a good time. Similarly, there's Busta Move, which is the same idea, just side-by-side competitive, uh, bubble-popping. Where if you get a combo, your opponent gets more bubbles out of nowhere. Even just watching this makes me anxious. There's also the Super Bomberman games, as well. There's five of them to choose from if you include the Super Famicom games, and you can't go wrong with any of them. Last, of course, there's Sports Games, and again, these should be obvious, NHL 94 and NBA Jam Tournament Edition. Even if you don't like hockey or basketball, these games are so much fun, especially with four people. NBA Jam, especially, because of all the passwords that make the game even more ridiculous. So there you go, that's 25. Okay, actually, that's like 27 or so, but who's counting?  There's games like Trottlers, which is a unique puzzle platformer that I did a review of not too long ago. There's stuff like Knights of the Round and Final Fight 2, which are pure beat-em-ups. And there's stuff like Saturday Night Slam Masters and WWF Ra, the two best wrestling games on the Super Nintendo. I want to mention the Super Nintendo 4-player Multitab. In the video description is a link to a near-complete list of games that are compatible, including the Super Famicom games. So everything from Barclay Shut Up and Jam to Battlefield Tokyo Dome is listed. Now, you don't need this accessory to play the games I'm going to list in this video. Only a few of the games in this list are 4-player games. It's just a cool accessory I wanted to point out. Anyway, like I said, if you think I missed any more games, leave a comment below and thanks for watching. I really appreciate it, and have a good rest of your day.


You pick from Alaska, from Nelson Island. When you are in the hole, the way starts in the hole. It could be changed. When you are in the hole, the way starts in the hole. You add H-O-L-A, add W to H-O-L-A-E. To express the fact that we have to start with what we are. With the total day of our being with all we have. But what we have is often defined by our personal history. And this personal history becomes fully useful only once we are ready to integrate it, accept it, and let go of it. With every new experience, I have the power to redefine my past. I am alive and well. The past has brought me to good place. The present is mine. My past has brought me here to the threshold of a new life. Blessed be my past. The future is unfolding its new path. Blessed is the promise of life. I now release my past and all its judgments. I am now ready to embrace the present and receive its gifts of life. Past is not a burden. It's a scaffold which brought me to this day. The path is now open to my full express of life. I now release everyone in my past. I am free to go wherever I want. I am free to become who I am. I am giving myself permission to redefine myself beyond my past history into the fullness of life. The past is past steps to a fuller life for me. The past is gone. Blessed be I can now close the door and move on to the other ways of being. I am not my past. I am not my present. I am that which I am becoming. I now create my own life out of past, out of the present. I have the power to reach into the past according to my own needs. It is good for me to remember all that I am, to harvest the blessings and knowledge of my life. Drivers are to be perfect and allowers are to be yourself. Drivers are to hurry up and do things, take your time, allowers. Drivers try hard, allowers to do it. Drivers please me, allowers, consider and respect yourself. Drivers be strong, allowers be open and get your needs met. I am not my past. I am that which I am becoming. I am that which I am becoming.


Welcome to Spotlight. I'm Colin Lauver And I'm Liz Wade. Spotlight uses a special English method of broadcasting. It is easier for people to understand, no matter where in the world they live. It is January 2005. A man named Lawrence Summers was speaking at a conference. The conference was about women who work in science and engineering jobs. These kinds of jobs are called STEM jobs. STEM is the first letter of science, technology, engineering and math. It is a well-known fact that most of the people who work in STEM jobs are men. At the time of the conference, Summers was president of the famous Harvard University. His words made a lot of people very angry. Summers claimed that men were more highly skilled in math and science. He said that people should consider that genetics could be the reason more men than women are in STEM work. Some people were so angry at this comment that they walked out of the conference. The next day, media around the world were talking about Lawrence Summers' comments. It is true that fewer women than men have STEM work. But is genetics the reason? Could it be culture or history? Are women able to be as good at STEM jobs as men? Today's spotlight is on women and STEM careers. Almost every part of modern life involves technology and science. The global economy needs more and more people working in STEM jobs. The UN reports New ideas and improvements in STEM are very important. They are able to help achieve long-term development and the end of poverty. The UN reports that in the area of engineering, men are the majority in almost every country. They also report low global percentages of women studying computer science. The Elsevier Foundation is an international organization that supports women in STEM jobs. The foundation did research in countries in some of the world's largest economies. These included the US, Korea, India and Europe. They found that less than 30% of women study STEM subjects. However, the problem is even more serious. In some countries, women are studying STEM subjects, but they do not take jobs in science, technology, engineering and math. Sophia Hire is the Executive Director of the International Organization Women in Global Science and Technology. She told the US News & World Report Being able to get an education is not a solution all on its own. Women are half of the global workforce, but less and less women are going into STEM jobs. Many different theories exist about why more men are in STEM careers. One of the most common is that women are less skilled in science, technology, engineering and math. Many people believe this, but Joe Bola disagrees. Bola is a math education professor at Stanford University. She told Stanford Press There is a huge belief that boys are better at math. This does not agree with the information we have. And yet, people believe it. You go into schools and the children will tell you that. People also think that women do not choose STEM careers because of marriage and children. They say that STEM jobs are more demanding and difficult for people with family responsibilities. Often, STEM jobs involve big projects. Employers commonly expect workers to leave behind everything else until the project is finished, even if they have to work in the middle of the night. Lawrence Summers also talked about this in his comments about why fewer women work in STEM, he said. The best reason I can give is the general conflict between people's family desires and employers' desires for high power and high intensity. Also, many women say that they do not try to get STEM jobs because other people discourage them. Jennifer Selvidge is a student at Massachusetts Institute of Technology. This is one of the top schools for studying STEM subjects. She wrote in a Huffington Post blog, I am an engineer, an honors student, and a woman. People have also told me hundreds of times that I do not deserve to be where I am. Many people believe that it is not fair that women do not have an equal chance to work in STEM jobs. So people around the world are trying to get more women into STEM careers. One way is by celebrating the achievement and raising the recognition of women in STEM careers. For example, the Elsevier Awards are given out by the World Academy of Sciences, the Elsevier Foundation, and the Organization for Women in Science for the Developing World. These awards go to women in science from the developing world. Ekbal Mohammed Abdu-Daukan is one Elsevier Award winner. Daukan is from Yemen. She is the head of the Medical Laboratory Science Department at the Alsayid University in Thais, Yemen. Daukan told the Foundation. My older sister is a doctor in geographic science. One cousin is an engineer. Elsevier Award winners come from all over the world. But one thing that many of them share is a strong system of support. The women scientists say that they have support from husbands, children, parents, and extended families. David Ruth is the executive director of the Elsevier Foundation. He told US News & World Report, You see a lot of women coming to get this award with their families. They have a support network. In parts of the world where gender is more of an issue, it takes more than one individual to be able to succeed. Women like Ekbal Mohammed Abdu-Daukan show that women can be very good at STEM careers. And more women are getting support from organizations like the Elsevier Foundation. Hopefully this will result in more women in STEM jobs around the world. This would provide more equal employment for women. And it would help their families and communities. But it would also help science and technology. Women often have a different viewpoint and experience than men. They bring important skills to the STEM subjects. Maybe with more women in STEM jobs, these quickly growing areas would improve even more. The writer of this program was Jen Hawkins. The producer was Michio Ozaki. The voices you heard were from the United States and the United Kingdom. All quotes were adapted and voiced by Spotlight. You can listen to this program again and read it on the internet at www.radioenglish.net. This program is called Women in STEM Jobs. Tell us what you think about today's program. You can leave a comment on our website or email us at radio at radioenglish.net and find us on Facebook. Just search for Spotlight Radio. We hope you can join us again for the next Spotlight program. Goodbye.


I'm not sure I'll be successful at that, especially if you indulged in the wine in there, but I'll give it a try. So I'm Don Cohn. I am a member of the Financial Policy Committee at the Bank of England, and I'm at Brookings Institution as well, and I'll be talking about stress tests and how we use them at the Bank of England in the Financial Policy Committee. And I guess I should do the disclaimer thing. These are my views and not necessarily those of the other members of the Financial Policy Committee. So simultaneous, transparent, stress tests are one of the most important innovations and reforms to come out of the global financial crisis. I think they're one of the most important innovations of the 21st century, but up there with iPhones and things, but at least they're the most important to come out of the crisis. They're designed to deal with a serious issue that plagued economies in the late 20th and early 21st centuries, the tendency for banking systems to make recessions worse by tightening credit availability when adverse shocks hit the economy. Stress tests inform supervisory judgments about whether banks have enough capital to continue to intermediate and lend even as GDP falls and losses mount. The tests are done concurrently on banking institutions using the same scenario, facilitating systemic judgments and cross-bank comparisons. They are forward-looking, testing bank portfolios against risks that might occur in the future, and they are transparent, affecting judgments of market participants as well as bank management and regulators. In addition, post-crisis stress testing integrated economics and supervision in a way that in my experience hadn't been done before, marrying the modeling expertise and macroeconomic perspective of economists with the deep knowledge of individual banks and banking of supervisors. When the Fed undertook the first such stress test in the depths of the financial crisis in early 2009, we put an economist and a supervisor jointly in charge of those stress tests. Seeing those two people and their teams working so well together and the two of them joined at the hip in their nightly visits to my office to report roadblocks in progress gave me hope that we could make this experiment work. And I think this conference will further develop that critical working partnership between economists and supervisors. In the UK, the stress tests are jointly run by the Financial Policy Committee, which has the macro-prudential mandate and is tilted towards economists, and the Prudential Regulatory Committee, which has a micro-prudential responsibility and is dominated by supervisors and people with experience in individual firms. Stress tests play a major role in the deliberations of the Financial Policy Committee in meeting our legislative mandates to identify risks to financial stability and take steps to build resilience to those risks. Building the scenario each year requires us and our PRC colleagues to identify risks and assess how they've changed over the year. Stress tests show us whether the banking system has enough capital to withstand the crystallization of the risks embodied in the scenario and other risks as well. So I thought it might be useful for you, a room full of researchers, to hear what I, a macro-prudential policymaker, want from the banking system stress tests. And this is my only slide, so you can stare at that and mark off how the sections go. So the first thing I want is guidance for the setting of the counter-cyclical capital buffer. The CCYB was conceived and designated to counter the pro-cyclical tendencies of risk-based capital models to call for less capital when times are good and loans are performing and call for more capital after adverse shocks hit. Indeed, the better the good times, the greater the potential setback in bad times. The CCYB should increase capital on the upswing in the financial cycles. A well-designed stress test built on scenarios geared to those economic and financial cycles will help us make sure enough capital is accumulated on the upside, that it can be safely released to absorb losses and support lending after a shock hits. The stress test should also support that release of the capital cycle, capital buffer. They should show that as risk crystallize and losses are absorbed, less capital will be needed for potential future losses. I will also address another goal that I have for stress tests, which is to improve market discipline on bank risk-taking and bank's abilities to understand and manage their own risks. And the key to that is transparency, I think. Finally, I'll take advantage of this opportunity to highlight some areas for you to focus on that I believe policy makers will find useful and several of these areas are already being addressed at this conference. So let's start with stress test and raising the counter-cycle for capital buffer. The financial policy committee recently raised the resting place for its standard time CCYB to the region of 2%. An important motivation for this decision was a review of the 2004-2007 period that raised questions in our minds about whether stress test results and committee judgment would have prompted us to raise the CCYB high enough, fast enough to avoid a severe credit tightening and taxpayer support that occurred when bank viability was threatened in the global financial crisis of 2008-2009. Bank staff estimated that a CCYB in the range of three and a half to five would have been required before the global financial crisis. Their analysis suggests that that would have been enough to give the banking system capital, enough capital to absorb the losses that followed and leave viable banks that would be able to continue accessing markets and making loans on reasonable terms to credit worthy UK businesses and households. Would the stress test have guided the FPC to such a result starting at a 1% standard times resting place, which is where we were until a month or two ago? And the answer we came to would probably not be enough to get us where we needed to go. The severity of the stress test scenarios is based on the FPC's risk tolerance. We have judged that the UK banking system should be resilient to shocks that push key economic and financial variables into the neighborhood of the first percentile of their historic distributions, a 1 in 100 shock, so that they are very severe. When risks are around a standard level, that is near the middle of distribution, that implies a scenario that in a number of dimensions, for example, the rise in UK unemployment, the fall in UK residential real estate prices, the drop in global GDP is more severe than the global financial crisis. The scenarios get more severe as risks rise and less severe as they fall. This is done in two different ways. First, key economic variables are shocked to the same 1% level as the business cycle evolves, so that a scenario based rise in the unemployment rate increases as the rate itself declines in an expansion. And a similar pattern is applied to other cyclical variables. But the FPC also assesses the state of the financial cycle to judge whether the shock to those business cycle variables is likely to be larger or smaller than a straight reading might imply. For example, unusually high levels of household or corporate leverage or bank reliance on short-term funding would tend to exacerbate a shock. In 2019, we judged that high credit growth and rising leverage in the Chinese economy and among U.S. businesses implied that downside risks were unusually large, so we increased the size and duration of the global recession in our 2019 scenario. Critically, this type of risk assessment is not mechanical, but requires policy judgment based on a variety of indicators. Bank staff estimated a hypothetical, severely adverse scenario that could have been employed in 2007 using the process I just described. They started with a level of key variables at the end of 2006, shocked them to around their 1% risk tolerance of the committee. They adjusted the stress levels to approximate how the FPC might have responded in a world where the risk environment had become elevated. The scenario they generated included a drop in UK GDP of about one percentage point larger than the global financial crisis. Applying this scenario to 2017 balance sheets yielded an implied CCYB of about three and three-quarters percent, so that's just in the range of the three and a half to five percent. I said we thought that the UK economy would have required, UK banking system required. It's worth recognizing that post-crisis reforms like central clearing and better margining for derivatives, limits on household indebtedness likely have substantially dampened some of the loss amplifiers at work in the global financial crisis, and those reforms along with the more proactive provisioning under IFRS nine imply that the same elevated risk environment might not map to the same severity of stress capital losses and implied CCYB today. But as this example suggests, the translation of the more severe scenario into sufficiently greater capital is by no means automatic. And the simulation I just talked about, the stress cap, the more severe shock in the global financial crisis produced a stress capital near the lower end of the range of estimates of the capital required for banks to keep lending through the GFC. Indeed, a larger shock need not translate into greater stress capital losses at all because that also depends on what's happening to bank portfolios. Nellie Lang and I looked at US stress test capital losses, and we saw little change in the stress test capital buffer for the GSIBs through 2018, and a material decline in that buffer in 2019 despite more stressful scenarios. Apparently the underlying improvements and the quality of the portfolios, in part as troubled legacy loans were worked off, overwhelmed the effect of more severe scenarios. In my examination of UK stress test results, I did find that stress test capital losses had risen each year, largely reflecting the increasingly severe global shock we applied. Still going forward, I think the FPC will need to pay close attention to the relationship of stress test severity and the implied hit to capital. As the FPC considered the three and a half to 5% CCYB that would have been required prior to the crisis, we could see that it would have been very difficult to get there, starting at a 1% point in standard times. The development of financial risks in the 2000s was highly non-linear, with the risks rising very sharply in the few years just before the crisis. Even as late as 2004, only about 40% of a set of core indicators we referenced were in a zone that suggested elevated risks. Moreover, because the changes in the CCYB have a one-year implementation period, we would have needed to have set a CCYB north of 3% by the end of 2006. And that would have been especially difficult in the face of the FPC's stated intention to raise the CCYB gradually. That's because large changes, requirements to raise a good deal of capital in a short time can have outsized effects on the cost of capital. Meeting capital needs by slowing distributions is probably less expensive and disruptive. In addition, the stress test process itself takes considerable time. We settle on a stress test scenario and publish it by the end of the first quarter. That's what we'll be doing over the next few weeks in London. The results come in by the end of Q3 and we're published in Q4 with the increase in the CCYB effective in Q4 one year later. So it takes quite a bit of time to get this done. And we concluded from all this that starting from 1% CCYB in standard times, we risk falling behind the curve should risk rise to elevated levels. A resting place in the region of 2% greatly increases the odds on getting to the right level at the right time. But it by no means guarantees it. If the committee had begun to recognize the emerging high risk environment in 2004, it would have needed to require a series of material increases in the CCYB to get it within the range I discussed earlier by the end of 2007. Now we've moved in half point increments. I know some countries move in quarter point increments and go to make it even harder to get there. One can envision considerable resistance to sizable increases in capital requirements when loan losses are low and the financial environment looks benign. Stress tests could be very helpful in that regard. If there are ways of helping scenarios and implied capital evolve more quickly as the risk environment move from standard to material to elevated. And my challenge to you is to find ways that the concerns, I'm sorry, that the concerns to find ways that stress tests can better take account of non-linearities in the cycle and lags in the process to help policy makers raise their counter-cyclical capital buffers soon enough and high enough when the risk environment is rising. So on to the second topic, stress tests and releasing the counter-cyclical capital buffer, those non-linearities in lives could pose an even greater challenge to stress testing after risk crystallized and the FPC decides to release the buffer. The reason to raise the buffer is to increase the amount of capital that can be safely released in a downturn to support continued lending. The FPC has emphasized that buffers are there to be used after a shock. The CCYB is a particularly attractive buffer in that regard since banks will be able to utilize the capital released by a cut in the CCYB without incurring distribution restrictions. Concerns about those restrictions say as banks run into the capital conservation buffer might make them reluctant to lend so they can hold down the denominator of their capital requirements. Stress tests will support the release of the counter-cyclical buffer as risk crystallized because the scenario will become less severe. The unemployment rate will rise less following an increase, house prices will fall less after they already decreased, risk environments will be less threatening going forward when some of those risks have already materialized. But there are reasons to question whether the scenarios will keep up with the developments and even if they do, whether they will fully support the release of the capital buffer. An examination of this issue for the U.S. that Nellie and I undertook raised some questions about how this might work out for the U.S. for the most important banks, the CCYBs. The issue we surfaced for the U.S. was that in the second year of a recession, concerns about breaching regulatory minimums and the stress tests might induce banks to cut lending to avoid substantially curtailing dividends, exactly the outcome the tests were designed to avoid. The scenario might lag down-sized shocks because downward adjustments in financial markets tend to be especially sharp when sentiment turns. Think about the dot-com bubble breaking in the 1990s, early 2000s or house prices falling a decade ago. And as I already detailed scenario design and stress testing take time, situation could have changed dramatically by the time the results were public. Moreover, our actual experience with the capital consequences of changing scenarios and stress tests is limited on the upside and non-existent after shocks hit. We don't know how much the stress test-implied capital buffer would be reduced as scenarios adapted after risk crystallize. Some counter-cyclical capital buffer releases may be preemptive, as was ours, the FPCs after the Brexit referendum. In that circumstance, the risk did not materialize. The FPC began to raise the CCYB in line with the original pre-referendum intention a year after it had reduced it. And that was backed by the stress test results. That worked out fine. But one can also imagine situations in which the FPC cuts the CCYB in anticipation of or in the early stages of an actual recession and risk off financial cycle. In those early stages, the macro-prudential authorities may appropriately take aggressive risk, an aggressive risk management approach to buffer setting when threats, threats to financial stability begin to materialize, seeing risk and cost of future credit tightening as greater than the cost of an unnecessary release of the CCYB that could just be reversed. These are circumstances in which the scenario and implied capital might not fully validate the lower CCYB. The consequences of these circumstances might be the FPC publishing a stress test. That, for example, implied say a 1% CCYB when the committee had determined that zero was more appropriate. Explaining an inconsistency between the stress tests and the counter-cyclical buffer in these circumstances is a communications issue. For example, the FPC could say that scenario hadn't caught up with the reality. The FPC was being preemptive to avoid really bad outcomes that would result if a cutback in lending amplified recessionary tendencies. But the challenge is not just about explaining an inconsistency to the public or the parliament. Two other critical target audiences for a well-reasoned explanation of why cutting capital requirements just as the economy weakens and loan losses begin to mount are the micro-predential regulators and market participants. Both may be concerned with the difficulty implied by not knowing just how serious the situation may become and concerned about how banks will fare if the slide deepens materially. Market participants need to have confidence about the viability of their bank counterparties will be protected by adequate capital even as the situation worsens so they will continue to supply the funds the banks need to continue to lend. Communications will need to address the fact that the shock is not likely to be exactly congruent with previous stress test scenario designs. Now we the FPC have prepared for these circumstances in several ways. As already noted, we have stressed the system to a very severe shock. One approximated by key financial and economic variables reaching the neighborhood of the first percentile of their historic values, a more depressed level and several dimensions associated with the global financial crisis. In this way we try to build confidence in our view that banks will have enough capital and standard or elevated risk environments to remain active and viable lenders with access to market sources of financing after a wide variety of very severe shocks. Building on that the FPC has published analysis showing indeed serious situations that differ in key ways from the stress scenarios are encompassed by those scenarios. That is because banks had enough capital in the stress test they would also have more than adequate capital even these other adverse circumstances and we've used this for disorderly Brexit to show the banks would have enough capital and a disorderly Brexit or in a global trade war and we even showed that they would have enough capital if both of those things happen at the same time. When we released the counter cyclical buffer in 2016 as markets adjusted after the Brexit referendum we were able to demonstrate with the results of the 2015 stress test that banks would be resilient even to a very adverse outcome, a tail risk which might conceivably flow from this event but hadn't been anticipated. Judgments like this require not only very stressful base scenario but credible modeling of the effects of alternative adverse shocks to show they are encompassed by the base case. I've dwelt a bit on the interaction of the stress test and the release of the counter cyclical capital buffer because I sense our focus as policy makers and as researchers has been more on detecting and building capital against rising risks than it has been managing capital requirements after the shock hits. Indeed the Bank of England's independent evaluation office also made this point and it's evaluation of stress testing at the bank. Many of the issues are similar. What role can stress test play in helping how policy makers both raise and lower capital requirements in a counter cyclical manner consistent with financial stability and preserving an adequate supply of credit but the down slope of the economic and financial cycles can be especially precipitous and bumpy the double black diamonds of financial cycles. I wrote part of this while I was on ski holidays you can tell and financial stability will depend on sustaining the confidence of market participants. There are a variety of ways the stress test might be made more supportive of the capital cyclical capital buffer release. For example, the whole process might be fast tracked run more frequently scenario design and incorporate to some extent a prediction of the rapidly shifting risk environment. Here again I think we would greatly benefit from modeling and insights that you researchers might have on how to make this happen. Now the third point I wanted to make was about stress test transparency, market discipline and bank risk management. And to some extent we got into this a little bit in the second presentation this morning, the second panel this morning. Earlier I noted that informing the FPCC CYB decisions wasn't the only goal, they can help shape the behavior of private parties as they assess and manage risk. The banks and market participants supplying them funds in ways that are more supportive of financial stability. A key to that is the transparency of the tests. The behavior we were trying to change in that first stress test was fear and flight from banks. Our goal was to build public confidence in the banking system by determining how much capital banks would need to be viable, even if a very bad economic and financial system got much worse and then to force the banks to get that capital from either private or public sources. One key to rebuilding confidence and restarting bank intermediation in the spring of 2009 obviously was having a public source of capital through TARP in the US for those banks that had been effectively cut out of private markets to buy doubts about their viability. But another was to apply very severe stresses and also to be very open about those stresses and how they affected the capital of individual institutions. Only in that way could the public reach the judgment that all banks were being held to very high standards for building resilience, even in the midst of a severe crisis, transparency was required for credibility. A continuing high level of transparency has been important to the effectiveness of the stress tests after that. Transparency helps markets assess the strength of individual institutions and differentiate among them more accurately. Anticipation of market reactions to stress test results should discipline market behavior. In addition, stress test submissions give the micro-prudential authority insight into the quality of the risk management and capital planning of individual banks, which can then be used by supervisors to require upgrades or as inputs into decisions about pillar two capital requirements. In the US, transparency about these management evaluations helped to pressure the banks into substantial improvements in their risk management, capital planning, and governance. Shortfalls relative to expectations were publicly called out and if those shortfalls were serious enough, they could impinge on authorizations to distribute capital. The Federal Reserve has determined to stop the public evaluations of risk management in favor of folding the results into a largely non-transparent supervisory process. Expert observers of US banks have been concerned that this shift will reduce the involvement of boards of directors and slow further improvements in risk modeling and management. In the UK, risk management standards have been subject to supervisory interaction alone, but in 2019, the PRA published a high level, albeit anonymized, overview of findings about the quality of bank risk management based on an assessment of stress test submissions. In addition, the PRC has considered publishing its judgments about individual institutions. If the US is any guide, such a step could accelerate banks' improvements in this important underpinning of financial stability. Finally, on transparency, in the UK, the FPC has gone to pains to be transparent about the impact of management actions in the results of its stress tests. As we said in our December 2019 financial stability report, banks' resilience relies in part on their ability in stress to cut dividends, employee variable remuneration, and coupon payments on additional tier one instruments. Indeed, if banks had not cut their distribution sharply in the 2019 stress test, an aggregate they would not have met the capital hurdle rate, we said. By reinforcing clear expectations about dividend and coupon conversion and the stress, stress tests can promote efficient pricing by the market. Facing a room full of stress test researchers, I can't resist finishing by putting out my agenda for where your work might take you, and I'm encouraged, as I said before, that quite a bit of this has been included in this conference. Obviously, from what I've discussed, a high priority would be to explore how stress tests can best inform the setting of capital buffers. A lot of information goes into our decisions on raising or lowering the counter cyclical capital buffer, but stress test results as utilized in the UK are a valuable input and a cross check on our actions. We have a process that is sound in theory, but largely untested by substantial shifts in business and financial cycles. I'm looking forward to the session right after lunch, which I think covers this topic. Secondly, as I've said, transparency of stress test results is essential to their effectiveness in building confidence, improving market discipline and giving banks incentives to hold adequate capital and model and manage risk well. We're often faced with decisions on how much more to publish about our own modeling and judgments as well as results from the banks. As an economist, I'm usually on the side of arguing that more information makes markets perform better, makes market pricing better, but market participants need the right context to interpret that information. And as we see in the context of stigma at the discount window, information can adversely affect bank incentives to behave in a stabilizing manner. I know there's some literature on the effects of stress test transparency on market discipline in bank incentives, but I wonder whether as data points are added every year across a variety of jurisdictions, this also isn't an area in which economic researchers might have more to say on the optimal degree of transparency. My third point, stress tests are sometimes characterized as micro-prudential tools with a macro-prudential overlay in that they are on a bank-by-bank basis with no explicit accounting for the effects of correlated positions or interconnections. In my view, this characterization undervalues the macro-prudential aspects of these tests. The scenarios are adjusted by the stage of the economic and financial cycle. They're drawn from a history in which correlated positions and interdependencies influence these economic and financial cycles. The scenarios are adjusted to take account of current perceived risks such as business leverage and systemically important institutions are held to higher standards. These are all macro-prudential. Moreover, staff at the Bank of England model the effects of correlations and interconnections using the data submitted by the banks and report those results back to the FPC. No doubt, modeling of these feedback loops is still a work in progress and can be further improved, enhancing macro-prudential aspects of the tests. One method to explore would be running a two-stage stress test with the results of the initial submissions being used to modify this scenario to be used in the second stage. In fact, we are doing this in our biennial exploratory scenario this year which covers bank liquidity shocks. So the banks are given a liquidity shock. They tell us how they're gonna react and we're gonna feed that back to them to see how that affects market prices and structures. Perhaps, and then my final and fourth challenge, perhaps the most profound challenge for stress testing is to extend it beyond the banking sector. The focus of session three tomorrow morning. The FPC regularly examines whether risks beyond banking need our attention or even our suggestions for extending the regulatory perimeter. And these efforts are backed by extensive staff research and modeling. For example, on our 2018 review of non-bank leverage, we looked at risks from hedge funds using bank staff research to identify the potential for rapid shifts and demands for liquidity. The FPC is currently awaiting a joint review by the bank and the FCA, the conduct authority on the financial stability risks posed by liquidity mismatch and open-ended funds. And bank staff have been at the frontier and system-wide stress test simulations. Some of this is now being used by the FSB. Still my answer to the question you get all the time of what keeps me awake at night is drawn from my experience of not seeing the buildup of risks prior to the global financial crisis. So much of that risk involved risky and opaque intermediation away from banks. There will be many rewards from improving our modeling of non-bank risks, including identifying tools required for financial stability and a better night's sleep for me. What greater incentives could you want? So thank you. So we have some time for questions and answers or comments or reactions, critical or supportive. People have been silenced or asleep after lunch. Maybe I can try to break the ice. Okay, so I was very interested about the study you did at the Bank of England on how much CCYB would have prevented a major delivery in the financial crisis. Just wondering whether you can tell us a bit more on the assumptions you used to estimate that in the sense that not everybody believes that the current buffers are not usable. So this is to get to the three. This is to get to the three. Very much on your line of thinking, but how did you convince the ones that have doubts about usability, non-usability of current buffers? So this is to get the three and a half to five before the crisis is what you're thinking about? Yes, and what are the assumptions because you say banks will deliver more the closer they get to minimum requirements. But minimum requirements are made also buffers that in principle could be usable. So the banks could breach. So not everybody believes on this delivering story when banks will get closer to those buffers. I do believe about that, but you have to have some assumption on how banks leverage getting closer to the requirements and what are the consequences of breaching the buffers, the existing buffers that in principle could be. Well, I think what's really neat about the CCYB is that once you release it, that capital is usable without getting close to any restrictions. Now, you don't know how the market and the banks will react. We haven't been there. So it could be they would still worry that even as they went through usable capital buffers, what had been capital buffers, they would still encounter some market resistance or some micro-predential resistance. We just don't have experience with that. But I do think what's key here is getting it high enough beforehand, right? And that's what drove us from the one to the 2% resting place, because we'd never get to three, would be very, very hard to get up to three or three and a half before a crisis starting at one. So I think you got to get it high enough such that you can show people that you've applied this really, really severe stress and the banks still have enough capital, certainly more capital than they had in 2007, lot more capital and therefore could continue to access funding and make loans. Just to repeat, when we haven't been through that process, we don't know what will happen, but there must be some level you can get to that gives people enough reassurance, both the micro-predential regulators and the markets. There's no magic formula, but I think all we can do is try. I mean, that's the whole point here, right? Is to get the capital high enough that banks can use it to make loans and aren't amplifying the cycle. That's the whole point of what we're trying to do. Yes. Thanks very much for the presentation and especially on the point on how to think about releasing the capital. I think it's something I'm sure we need to work more on. The question I had is a bit the interlinkage of the result of the stress test on the one hand for CCYB as you mentioned, but on the other hand on what we call here in Europe, P2G, political guidance, which is also not triggering any MDA if you use it. So how an institution like yours where you do have both sides, the micro-predential and micro-predential, why would you prefer a CCYB compared to a guidance? Because in the end it's not triggering any MDA if you use it. I mean, can you elaborate a bit more on the choice because in the end it's additional capital above what is required. So I don't know enough about the guidance really. What I like about the CCYB is it's very transparent and open it's there. We're releasing X billion sterling of capital that the banks can use to make loans. The governor, after we did this in 2016, translated that into hundreds of billions of loans. I was a little uncomfortable with making that translation, but it was a legitimate point. And I don't know how open guidance is or how transparent. I also like the fact that the CCYB, as opposed I think the guidance and certainly the pillar two kinds of things that transparency helps the accountability of the macro-predential regulators. So we need to go in front of parliament and say why we raised it, why we lowered it, here's how we support it. This is really important in a democracy to be able to do that. So I like the transparency, the CCYB, from a number of dimensions. So how do you, first of all, thanks a lot very interesting presentation. I was very interested in all of the discussion in relation to the CCYB and I have a question also on that. How do you foresee the interaction of stress test and the release phase of the CCYB and don't you see attention with the transparency, given that one of the presenters before, one of the discussants was also mentioning that this is a bit black box which wouldn't undermine a bit the transparency. Well, so that was one of my concerns that we would release the buffer from two down to zero, let's say, but the stress test would imply one because the scenarios, we were doing it a little bit in a proactive way, anticipating things. So I do think it's an issue and as I say Nellie Lange and I in thinking about the US stress test came up with, we did a numerical example of go through year one, now try year two and what's gonna happen there and even though the rise in the unemployment rate would be less the decline in property prices, it was hard to imagine that at least for the GSIBs, for the largest banks that the stress test wouldn't put them right near the hurdle rate, maybe for some of them below it. So I think it's an issue, how to figure that out, I left that as a challenge for you, but I also think it's something we need to think about and one response and a response to the truth I got from colleagues at the bank, at least one colleague was well you just explain it's a communication issue but we're talking about confidence and market confidence. So I do think it's a hard problem, especially since the release tends to be sharper. I mean if we release from two, we go from two to zero if we thought it was a serious enough situation. We go up in halves and down in holes. So how to keep the stress test up with that, I'm not sure, I don't know. As I say that was my, what was the challenge for researchers, but it's something we need to think about and we spent more energy thinking about how are we gonna get it high enough and very little energy about how are we gonna get it down and maybe we need to turn to that. Two questions, first how precisely do you want to announce the conditions under which the CCYB will be released and the second question, how do you think of macro prudential policy and monetary policy jointly? So on the first one I don't think we can be precise. I don't think we can say under this specific situations we would release it. We have said in most of our experience that the FPC has been Brexit related as you can imagine and we've said in the last several announcements we've made over the last year or so is that we're prepared to go either way and everybody knows what that means is in a disorderly Brexit we'd probably release it. But I don't, you'll need to look at a whole variety of indicators and a sense of what's going on and what might go on, particularly if you're releasing in a forward looking way to figure out exactly the circumstances under which you'd release it. I think you'd want to see changes in financial market prices that suggested tough times were coming, there was a risk off situation. You'd want to see things that foreshadowed a recession that might put pressure on banks but we haven't said and I don't, I mean, it's a great question. Again, like in response, we've paid more attention to the indicators you'd look at as risks were building and I think less attention to when you should release it. We have a bunch of indicators, what we call core indicators. We see a chart of those every time we come together how many are in what part of their distributions whether risks seem to be rising or falling but it's not gonna be, it's not gonna be mechanical. On the macro prune monetary policy, I guess my strong preference is that we have strong macro prudential tools so that we don't need to rely on monetary policy to take account of financial stability issues because every time monetary policy does that, say in a risk buildup situation, tightens up, it's gonna miss its inflation target. That's, you're deliberately steering away or taking longer to get back up to your 2% target. Every time you do that, fewer people will have jobs than would otherwise have. You'll miss your macroeconomic targets and I'd prefer not to do that. I think this, the UK is in better shape than most jurisdictions for making monetary policy the last line of defense for financial stability. It's in better shape than the US. So the US has no housing tools. It has housing tools but they're aimed at consumer protection, things like that. They're not aimed at macro prudential authority. We have our insurance companies are state regulated, not federally regulated. So I think we're, the US is badly lagging in this case and we need to build these tools up. So a little bit of advertisement here. Brookings Institution, my other hat, along with the University of Chicago Booth Business School, Neil Kashyp who's a colleague on the FPC has put together a task force on financial stability for the US and we're in the process of over this year coming up with recommendations both for the regulators and for the legislatures about how to strengthen the tools, the macro prudential tools for the US. Right now I don't think that would have a very clear audience but maybe it will in the future but I think it's a problem in the US and obviously it's a problem in the Euro area too because your macro and micro prudential tools are scattered among all those different authorities and coordinating them and putting them in play with taking the pressure off monetary policy is going to be very, very difficult and I hope that Christine Lagarde has announced a framework review for the EU or for the Euro area just as the Fed is and I would hope, I don't know but I would hope that the interaction of monetary policy and financial stability and how to reduce potential conflicts there would be part of that framework review. All right. Thank you.