This study proposes a novel approach to enhance the performance of heterogeneous Fenton-like catalysts by confining short-lived reactive species, RS, within carbon nanotubes, CNTs. This nanoconfined catalyst was found to be highly efficient in removing contaminants from water, with the addition of CNTs resulting in increased reaction rates and selectivities compared to conventional Fenton-like catalysts. The nanoconfined catalyst also exhibited superior stability and durability, as well as high resistance to fouling. These findings suggest that this nanoconfined catalyst could serve as a promising solution for water purification applications. This article was authored by Tone Sileu, Shazer Xiao, Nan Li, and others.


Hi everyone, Joe for JaspeysCaseRace.com coming at you with our final two boxes of that case that we opened up the other night. This is a random division break, number three, Gilded Baseball. Big thanks to Alex and Danny for making it happen, splitting the two boxes. There are the divisions right there, let's roll it, randomize it, six and a five, eleven times for names and divisions, one, two, three, four, five, six, seven, eight, nine, ten, and eleventh and final time, six and five, eleven times, Danny down to Alex, we got Danny Alex, Danny Alex, Danny Alex, six and a five, eleven times for the divisions, one, two, three, four, five, six, seven, eight, nine, ten, and eleventh and final time. And after eleven we got the A.L. Central down to the A.L. West. So Danny with the A.L. Central, Alex with the N.L. East, Danny with the N.L. Central, Alex with the N.L. West, Danny with the A.L. East and Alex with the A.L. West. I don't know if Alex is in the chat, but you guys want to do any deals with each other or should we just roll? We'll keep the video rolling. G.Lo got a nice hit for the first time in a while. Mike Zuny ran over here to show it. Yeah, they pulled a nice Bobby Whit Jr. for you and then he didn't see you in the chat over there, came over here, didn't see you. We wanted to show that off to you. All right, no deals. I don't know if Alex is in here, maybe not. Should we just roll? Should we rip it? Got all the supplies I need here. All right, trade window going once, trade window going twice, might as well roll. Danny says, yeah, fair enough, trade window closed, let's print and rip. All right, now the first two breaks have been solid, but we know what Gilded is capable of. So let's hope, let's see what we got in these final two boxes right here. Thanks to the both of you for getting in. We ran division break number three on a Wednesday. And break three, remember I marked those in the previous video. Good luck, you two. That's just one autograph. All right, we've got Spencer Torgelson, Ray Wig, 23 out of 25, that is for the AL Central. Danny, there is Rookie Hunter Brown, 24 out of 99 AL West. That's for Alex. There's a cool Babe Ruth up here, 61 out of 75, Yankees, AL East, Danny. And then this is a nice Oswald Paraza, Rookie Otto, 2 out of 99, AL East, Danny. And the frame, the frame is gonna be Ezekiel Tovar, Rookie Otto, 10 out of 50, the NL West, Alex, top leaders here. All right, second box. If you want more Gilded, ladies and gentlemen, jaspyscasebreaks.com, we have a full case, a full case break available. The remaining teams, we put into a random number block. So once we get that full, we can rip open a full case. It looks like maybe extra auto here. I think I see extra auto in here. All right, we got Angels Edition, Nolan Ryan, 2 out of 50, that's gonna be for the AL West, Alex. Got Zander Bogart, 27 out of 99, NL West, that's gonna be for Alex. And behind Joe Morgan is Josh Smith, 25 out of 75, Rangers. Rangers in the World Series. Diamondbacks, Rangers, who do we have? Maybe I'll post a poll. Joe Morgan's gonna go to the NL Central for Danny and the autograph behind him is Simeon Woods Richardson, Rookie Otto, 54 out of 99 for the Twins, AL Central, that will be for Danny. Joe Morgan for Danny. And the final frame, good luck. Winfield, nice, eight out of 10. Nice low number there, NL West, that is for Alex. And there you go, ladies and gentlemen. Thank you, Danny, thank you, Alex, for getting to appreciate you. Two box, random division, break number three in the books. We've got more gilded in the store. That's gonna be a six box or a full case just in its final, random number block filler. So let's get into that. I'm Joe for jaskyscasewrakes.com. I'll see you next time for the next one. Bye bye.


Ladies and gentlemen welcome back to the one piece series watch through we are an episode 19 I was told this would work out well as a standalone. I already read the title I have to admit I already read today's time I know I was told to stop reading titles. I already read this one We're going with it episode 19 and three sword styles past Zoro and Kuina's Val I'm assuming it's Zoro backstory, which I'm actually very excited for because we still don't know a ton about Luffy Zoro Nami I mean just in general the most back story we've gotten so far is God dang Usopp and I listen I love Usopp, but he's by far not the most important at least to me We're gonna hop right into it last episode was sort of like a filler-esque episode But I still would do it quite a bit with that being said if you need to channel drop us up hit that big boy bell Let's get started with episode 19 of one piece Danger oh Yeah, free cannonballs What? Okay, these aren't gonna work here Usopp. I'm sorry God dang Zoro's pecs Are they headed to the grand line? I just don't believe that he's dreaming so every time a title card comes up. I'm gonna have to go I have to do that every time. Why are they so troll? Okay, everybody talks about one piece world building I'm gonna remember every single character I see in this flashback legit Okay He looks like just some homeless kid that wandered in Dojo challenging Wait while I feel like he wipes the floor with this dude The whole thing?  He's so small. Bits it out. It's like grass Bro wait nine nine sword style Okay, dude Hey, dude, he's ambitious you have to give that to him. I'm just embarrassed for him She low-key looks exactly like Nami with different hair like her face looks the exact same See two sword technique makes sense three just doesn't just embarrassed. It's just embarrassing Why doesn't he dodge is that why he uses three because he dodges like just by hitting like airing basically No way does he like get lucky and beat her?  Yeah feels bad I feel like I'm supposed to remember everyone with like really unique haircuts like that bull cut I feel like I should remember people like Okay, so he's just really and she still beats him so he's just very diligent about training 2000 and oh She offered you I mean in comparison to her though. He said she's Didn't say she's stronger than some of the adults or she's just talented a lot. There's no way. She's stronger than Zorro. I Mean at least he's gotten a little bit more. I don't know mature about it. She's listening to this monologue No one year dang he's already surpassed all the other kids Mada Mada He knows something else. He seems like he's scheming a little bit Really wait, is it cuz she's a girl Hey, Twitter will cancel this man. I swear to God.  That's gotta be one of them. Why don't each he mungy that owl looks so cursed They're both using real blades.  It's there's just no in between I Refused to believe that she is alive and they have a healthy good relationship. This is a shonen The owl closed its eyes That was some symbolic in some former fashion He's like what women can be strong impossible My god They're like we're his age did he kill her tell me her father did not kill her I Do not believe that There's no way there's no way he was mad that she was getting stronger This is with the adults now. He's like doing it for her So sad He definitely killed her he won thousand percent killed her That's why he had that look when he realized she was getting stronger I just don't believe him it's hard It's kind of jarring because he does seem genuine maybe she straight up did just trip and die that'd be so sad I mean like he legitimately is passing it on Damn, dude, so it's gotta be one of his blades now And how did he become this ruthless man? He seemed like Like this dojo was very refined and whatnot now he's this ruthless Zoro Nothing came out of it.   I know what he looks like he's like that the lanky dude Are they being boarded?  Okay, dude copium Johnny he knows that Zoro knows it wait is Johnny one of those kids No, it's not one of the kids. Oh, okay, so it's just some other rando that he knows that was a really good back story I honestly thought we were gonna get more about like I guess how his three sword style was formed because Inherently just went from the two she died he got her blade and now he's at three like it didn't really I guess kind of go in between maybe it's not even that important honestly or I have to look more into the back story It's the fact that like he wasn't able to block a lot and that's why he uses the one in his mouth I don't know either way that was a really solid back story episode because the pacing was just I guess really well done It introduced this character who enough that we cared about a lot kind of gave her a mini arc She died and it helped Zoro's character development in a sort of way And now we know what he's fighting for and I guess a lot of his ambition and whatnot. That's what I want for these characters That's why I want to find out more about Luffy. I mean Nami We kind of know a tiny bit about Nami and Luffy Luffy most of his encouragement coming from shanks I just Nami wants so much money She wants to reach a certain amount of money and then we got so much with Usa either way That's been episode 19 of our one piece watch through drop a comment down below either the episode We thought my reaction as always. I hope you guys have a wonderful rest of your day as per usual catch you in the next


Okay, everyone. I Am really happy to Introduce Nicholas Toloway, and he's going to tell you about an amazing story about on One million kids and the micro bit, so please give a big hand for Nicholas. Thank you Well, good afternoon Euro Python So my name is Nicholas and it's a great pleasure to be talking to you This afternoon for those of you who don't know me I'm a classically trained musician. This is what I used to do. I'm a tuba player I'm also a philosophy graduate and I also write books for O'Reilly mainly and in a previous life I Used to be a school teacher and this is me on my first day as a fully qualified teacher with my new form And these were a bunch of an 11 year old children in what in the UK? We call year seven. So year seven is when you turn from 11 to 12 years old Can you spot the only person who is? Ignoring the dress code of wearing a tie at the school. I Never wore a tie at that school and at the very end. They didn't buy me a time when I left either So I'm not the only person who's spoken at Europe. I think about education I'm sure you remember. This is my friend Carrie Anne who gave a barnstorming Keynote last year about Python in education. I'm not quite sure what it is that she's wearing But she appears to be very pleased about it. So I believe it's a helmet with raspy pies on it Maybe it's sort of some brainwave device. I'm not quite sure anyway I hope you can remember what it is that Carrie Anne said at the very end of her talk And then thirdly, I think everyone should read this book. It's called Python in education by Nicholas Tolive. Who is here? It's a really small book. I believe it's free It's no Riley book anyway So you all got a voucher So you should just go and get this even if it's not free and you should read it because it really does help explain About Python in education and so this is all due for next year So make sure you write this in your diaries and your planners. I will be checking so She set some homework and I hope you've done it because I'm here to collect it for her and take it back to the UK So she can give it a mark. Actually, no, I'm not Actually, I'm here to tell you a story About how since about this time last year the UK's Python community has stepped up and worked with the BBC and other Organizations to deliver an educational project. But before I explain what that project is. I want to give you some history So this is my first computer. It's a BBC micro computer and in the 1980s every school in the UK got one of these and My father was a head teacher and so I was I don't know seven or eight years old About as old as my son who sat over there and my dad brought it home Wanting to learn how to use this so he could use it in school and it took my brother and I about half an hour to figure out What was going to do so this is a simulation of a BBC micro and I'm gonna have to program this Looking over my shoulder. I hope you forgive the typos and things So I remember my first computer program. It was this BBC basic What goes on line 30? Go to 20. Yes, okay I've insulted you all there we go so David Allen who is the project producer explained that the aim was to democratize computing and we didn't want people to be controlled by technology But to control it and for the sort of eight-year-old me. This was a moment a revelation.  There's a sense of not just power But the fact that you can explore what this thing can do what remarkable things it can do so fast forward to today and the BBC want to get back into the education space and help in the UK and They created something called the micro bit project. And this is the trailer that they've been showing on BBC TV over the summer in future Hover shoes click button hologram of your name comes up shows like a map in front of you inside the fabric is Wi-Fi Wi-Fi. Yes. Yes. Oh, yeah. Oh, that gives me an idea You know issues trampolines shoes that would hover that is Robert so you read that right at this moment in time one million of these small computing devices have been handed out to This year's year seven in the UK the eleven-year-olds like the kids in my form and the aim is to rekindle that sense of wonder in computing and To sort of foster a can-do Attitude with computing while becoming consumers of technology and not asking what this technology can do So we sort of cherish creativity and exploration over rote learning and tests things. So how was this delivered? Well, I Could stand up now because I don't need to type The BBC got together with a bunch of partners some of whom are listed here They range from big multinationals like arm and Microsoft down to community sort of projects like the Code Club and and Universities like Lancaster University who did an awful lot of work for this And also the Python Software Foundation. I'm a PSF fellow and when I heard about this project I asked the board whether it be appropriate for me to Contact the BBC and say the BBC would like to be a partner and they said yes And we were kind of accepted on the program because the BBC said that they would like to use Python with this device Python is but one of four languages that this device supports But obviously I'm going to talk to you about Python this being your Python And so when this device was announced and here's the press release here The PSF were just going to be education partners. We were only going to provide Educational resources and somebody else was going to provide the Python runtime as it were And then I don't know about this time last year the BBC got in touch with me and said the person who's going to do Python Has dropped out and we need Python on the micro bit. Can you help out? Hmm so I was in a bit of a pickle there, but I'm I met somebody called Johnny from arm. That's how we introduced himself. Hello. I'm Johnny from arm. It's a strange surname. Anyway, he He lived next door to a chap called Damien George Johnny is the person who designed the hardware for the micro bit and Damien as I'm sure some of you know created micro Python And I've met Damien at Python UK. So I got in touch with Damien and Damien got hold of one of these devices and We got micro Python to run on the micro bit, which is remarkable Let me tell you a little bit about micro Python So Damien is actually a physicist and he he created micro Python as a sort of a side project and It's rather a remarkable side project if you think about it. Hmm. What should I do? I know I'll re-implement Python 3 but for micro controllers So we have a complete re-implementation of Python 3 running on micro controllers is a remarkable achievement and Damien is an outstandingly talented developer He ran an extraordinarily successful Kickstarter Where he raised enough money to actually get get micro Python out into the world on something called a pie board Like I said as a full re-implementation of Python 3 it runs on lots of different sorts of micro controller based hardware there's a flourishing community and It's a sort of a testament really to Damien's talent and determination that micro Python is the success that it is And we have it running on one of these devices The other thing the BBC wanted us to do was to provide a code editor for children to use So this is an online code editor that I wrote It's a JavaScript based affair and kids go to the website the BBC website They choose one of the four languages they type in whatever their code is and they click the download button They get a hex file that they copy onto the device and then the program runs Okay, but we discovered when we were testing this with teachers and students in the autumn That actually what we needed to do was build a whole ecosystem around this remarkable device So Damien and I met in London just before we went to a meeting to the for a meeting to the BBC over a cup of coffee And we drew up what we saw our vision of this ecosystem to be Very mind that we're all volunteering our time here as well So this is all all about motivating a community to get involved to so you've kind of got touch develop Which is Microsoft offering into which we slotted that web-based Python editor But we people were telling us that actually they prefer Writing code in a proper editor as it were an editor that they could use on their desktop rather than having to go online and also they wanted to choose which editor they wanted to use and they wanted to go to a site where they could where they could Find out more about specifically Python. So we needed a cross-platform native editor We needed tools for the command line so you could flash the device without having to use the specialist editor But we needed projects to inspire others as well And we needed a website to sort of spread the Python in education word. So we got to work. This is me Maybe get the joke It's a very small simple Python editor for children currently. It's aimed just at The micro bit, but we have plans to make it available for other sorts of types of Python development and So what you will see is when I'm doing the live code demo in a minute, I'll be using you to make that happen Oh So I also want to mention that While mew is the whole philosophy of mew is that you have sort of a zero effort to get you to where you need to be It's the simplest possible editor kids get coding straight away and there's no impediment to them This is part of a wider movement that's going on in the UK Started by Dan Pope Which you can hear a talk about this later on Dan created a project called pygame zero So this is an API that sits on top of pygame for children. So again, it's a zero effort You should be able to write a game with little or no Upfront boilerplate. We have GPIO zero by Ben Nuttall from the Raspberry Pi Foundation a similar sort of project for the GPIO pins on a Raspberry Pi. We have network zero as well Which is my friend called Tim, which is based upon zero MQ again It's a very thin wrapper on the top, but it's child friendly. Okay, so we're asking ourselves. What other things could we zero as well Maybe you can put your thinking hats on and come up with something something else zero. That's a child friendly Library for kids to use and so the The summary is it's a child simple friendly simple child friendly API's on top of real modules Remember I mentioned tooling so this is micro flash Which is a command line tool and a module that you can use to interact with the device It will detect where your device is and you can use it to flash your script So you can write your script in whatever editor you want you use it to flash your script onto the device So you have the freedom to choose whatever tools that you want. You just use micro flash to do it yourself Now most of the work on micro Python on the micro bit was done on one single device Which Damian had and the BBC gave the PSF five more and we wanted to know how are we going to engage with the community? So that they produce resources that are inspiring to children that will get people interested in this and so we did a world tour and The micro bit went all over the place at the South Pole It got sent with the British Antarctic Survey down to the South Pole to Australia to the US all around Europe And we got rather a lot of really cool projects out of it now a Radamir from Poland Created a robot which I was going to show you a video of but this morning actually Radamir turned up and he said you've seen this and This is his little micro bit robot But he's he's improved and I'm going to put it on the table here And I'm going to flick a switch at the back and we'll just have to see what happens Okay, so Well done Radamir wherever he is The important thing is that it's the micro bit that's controlling this it's controlling the motors here The GPIO pins here if you look very carefully there are bolts here making the connections with the with the motors And with the help and support of the Python software foundation We create we are in the process of creating a Python in education all website This is the initial design for the home page And I hope that some of you consider helping out with it because we want to put all the resources that we create for not just the micro bit But for Raspberry Pi and all the other amazing Python in education things that are happening around the world in a single place so people can Can be inspired and reuse these resources So this is demo time You don't know how nervous I feel now so the problem of having a Micro bit is that I can't really hold it up and you're going yep, we can see it at the back So I'm going to hold it up like this and give you a quick tour of the hardware. So on the front are five by five LED matrix of these flash you can have Zero to nine brightness a couple of buttons for input across the bottom our GPIO pins some of which are big enough That you can attach crocodile clips On the back you can see that this is where a battery goes that's a reset button micro USB port here is Radio so you can communicate wirelessly with with devices If you're reading carefully, you'll see that the processor is here and there's a compass and accelerometer here as well So it knows what way it's facing and which way north is as well Okay, so that's the that's an overview of the hardware This is me Sorry, that is me and I'm going to have to code over my shoulder. So here's one I prepared earlier This is the simplest possible Script hello world and I flash The device and at the back you can see I've got an LED flashing to say okay. There's communication happening Hello Well, hey, it works. Just fancy that okay But we can't we don't have to just scroll text we can do animation as well. So display dot show We've got some built-in images all clocks is an it's a list of all the kind of ranges of a clock hand and It's going to be 100 milliseconds between each frame of the animation and I wanted to just keep Looping you can see this is very very simple code that we hope kids Little radar there we've got going okay, so it's going to just keep doing that until I tell it to stop um a Bit more advanced example some more of the built-in images we've got going on here But in not very many lines of Python, I'm choosing X and Y on the LED matrix I'm setting a random brightness. I'm going to set that pixel if button a was pressed This is starting to sound like pseudo code We've taken a lot of effort to make sure that the API that the kids use to interact with them like a bit is very very simple Just to show a random image from this list here if button B was pressed or hello world Accelerometer was gesture shake. Okay show an angry face. Let's see what happens when I do this a Oh, we got a smiley face Face with his time rabbit oh a pac-man ghost and so on and so on and Be we got our hello world program so you can see there's a bit of continuity in the code that we've developed here Okay flashing Do it again. You want to see an angry micro bit just shake it Okay But wait, there's more you're quite right so This is the repel. This is Python running on the micro bit. So displays clear and What I can do is I used to be a musician Okay, and so what I love doing is making music part of what I do and so By plugging in a speaker. I should be able to make it play music again over my shoulder. So Import music nice and obvious music Dot we have tab completion, by the way Okay, somebody pick a tune I Can't hear all of you Wow wow wow What what what should be? Satron bone Okay, I Can also do this Okay, whoops 40. So if you're a musician like me 440 is the international standard for a concert a so I'm going to play it for one second at that pitch The oboe players tuning orchestra, but I can start to do interesting things like this Yes, I know Well, whoops while true, I'm trying to type here without looking at this thing I'm talking while true. So I want music dot pitch. I want to pitch. What can I get it back to get it from the accelerometer get X And if I do that for 20 So that's the strangled cat and imagine if you will a room full of 11 year olds on a Friday afternoon So I've made a very simple musical instrument. Okay. I need to mention now mark Shannon mark is Contributor to the Python he's a Python core developer ish and Mark has done amazing work helping with this and one of the things I'm going to show you now is something that Mark has contributed to the project mark did the display work for us by the way, but Let me just reset this That We have a speech synthesizer. I can't imagine what children will get this device saying within the first five minutes The important thing is is that it's inspiring them that they go well How on earth can I get this thing to do more? I've made it say something. Okay, so The next thing I want to show you whoops is sing.py and This is going to be a recreation of The sound of music and so if I flash We should hear some singing So Like the Daleks best hits isn't it? so It's smiling good. So I have micro bit one is smiling and over here. I have micro bit two That are also smiling I need to switch on and up the volume because Somebody sarcastically shouted out the European national anthem just a moment ago These devices can communicate wirelessly. I am going to flash onto here a script called Conductor and All it does is send a signal with the string go in it and these devices have I've programmed them so that it's ready. It's smiling at me That they will sing Beethoven's O to Joy for you. This is totally unrehearsed. Let's hope it works No There's only one of them was working We only got the harmony it's got to be right this It's ready. Maybe it didn't connect. Let's see Okay in German of course so I'm gonna have to hurry up. So what does education got to do with you? I was having a discussion with some people on Facebook and this is what I said when they said why have we got to invest in education? Well asking what sort of education and learning our community supports how we decide what sort of community we become For it is through education and learning that we engage with our future colleagues friends and supporters This is very very important. Okay, and we need help. So I'm asking for help We help with the editor with all the zeros with the website and with the place for thought resources as well and Other cool stuff. We have a Jupiter Notebook for micro bit as well in the works and I'm very very pleased to announce that this week Everything to do with the BBC micro bit project is going to be open sourced by the BBC that includes the hardware and the software Thanks to the BBC Thanks to the BBC Everybody who attends Europe Python and has one of these tickets will get a micro bit for you to play with if you would like to learn more about a Bit more technical information about the micro bit. I'm going to be speaking here in about two minutes time After this keynote I was gonna say are there any questions, but you can ask me the end of the next thing if you want to ask me questions That's it finished done


The following is a presentation of TFNN. The Morning Market Kickoff with your host, Tommy O'Brien. Good morning everybody, I'm Tommy O'Brien, coming to you live from TFNN Tuesday morning, 8.30 a.m. Hope everyone had a great Memorial Day weekend. We start things off in positive territory, indices approaching 2% in the green. To start things off, we get the Dow, 498 points at $24,922. S&P futures above 3,000 of 55 points or 1.8%, trading at 3,008. NASDAQ futures up 150 points, trading at 95,56. NASDAQ approaching all-time highs right now, maybe we'll get that today, within about almost 2% of that number right now. Crude oil up 90 cents at 3414. We get the 10-year yield, 0.695%. And the gold contract this morning off about $8 at 1727, but silver up 22 cents, 1791. We'll start things off, we'll start it off with a chart of the S&P. There's your action, 3,015 being the highs, we're currently trading at 3,009 for a little context over the last five days. There's your acceleration from early Friday at 2,900. We're up about 100 S&P points just from where we were on early Friday trading. You back things up for some context in terms of the crawl back. All-time highs 33,97, you see where we're at now, above where we've been any time, dating back to basically March 6th, let alone we were at these price levels, about February 27th on that first down draft, right to 3,000 in the S&Ps. Dow Jones approaching 25,000, 29,543, you see the Fibonacci numbers on there, 25,166, that's the 618, and talk about remarkable, the Asian NASDAQ 100. Climbing towards the top within about 200 points, that's about, we're talking about 2%, 97,63, we're trading at 95,54. Let's jump over to some of the other charts. We'll jump over to the Euro US dollar, as the Euro climbed higher this morning so far, almost reaching 110, pulling back a bit to 109,64. The Azure Gold contract was as low as about 1720, at about 6 a.m. We've got a little bit of a bid up $8 now, trading at 1728, that's up $8 off the low. And crude oil, there's some volatility. Crude makes it overnight to 34,50. We were back under 34, just in the last about, it's just a five minute chart, check out that pop from 34 to 34,34. Now, in the price of crude. Checking in on the VIX this morning as the market climbs higher, check out that VIX, 27,82. We hit 27,61, you back it up to even early Friday, we were at 31,55 as things looked bleak, the market in negative territory, but Friday ends much better than it started off. And right now, 27,83 in that volatility index, even the Dow futures now up 518 points. You see the acceleration there from where we were on Friday. You're talking about approaching 800, 900 plus Dow points. We were at a low of 24,101. We almost hit 25,000 big numbers continuing in the indices. Jumping back to stocks making big moves today, we'll go down the line. And before we do, I mean, this is the headline, right? Dow futures jumped 500 points as investors bet on the economy reopening and a vaccine breakthrough. So I opened my phone this morning, I'm up about five in the morning. I said, what's going on? Markets are up 2%, they were up 1% yesterday. So things were already looking good, but they added a full percent. So is there big news? Not really any big news, folks. I mean, there's American biotech company, NovaVac, said Monday it started its first human study of an experimental coronavirus vaccine. The company said it expects initial results late July. We're talking about two months from right now, now we just got results from the Moderna study of humans. So we're gonna take two months to find out the first reports of human studies on the NovaVac study. Listen, it's great. You just gotta check your expectations, I think, is the deal. I mean, markets are up 2%, the NASDAQ's approaching all-time house, the Dow's at 25,000, and what is driving that? Well, things seem to be well, but the economy's opening back up right now. And you have things like this, but you also have stories in terms of what they're doing in China. Why not we'll jump over to this one? Wuhan tests millions in 12 days as China fears second virus wave. Hope everyone had a great Memorial Day weekend out there. Hope you practice some social distancing if possible. I'm sure we all saw the headlines of a few certain places, whether it was in the Ozarks, whether it was in a certain other spots where just huge, huge parties going on, not really social distancing. In light of what China is doing, they get a few cases. China locks down 100 million people tests about, and this is 6.68 million people they tested in 12 days, basically testing everybody, find everybody that might be sick. They got 206 asymptomatic patients. China doing their best to make sure that a second wave does not come, the market marching toward all time highs. It's very possible, folks. It doesn't mean we have to shut down the economy. Things can remain open, but if you do is see a spike, and this is all, this is not political, this is about the market. If you see a spike, even if the country doesn't shut down, all right, hopefully our medical facilities, hopefully we're prepared with PPE, personal protective equipment for first responders out there, healthcare professionals. But you just may see people not being as active. So keep that in mind as this market marches forward. Technology, yeah, I mean, technology is going nowhere, folks. And the NASDAQ is saying it. We'll jump to some of the tech stocks as we talk about the NASDAQ, Amazon up a bit this morning, 24.54. Jump to Microsoft, Microsoft closed out last week. I mean, check out these volatile numbers, folks. We closed at 83.51. Microsoft was as high as printing 187.60, 185.60. Google, now Google had some tough news last week talking about antitrust. It's coming, it's coming down the line. Google though, looks to open right now, about $25 in the positive, Netflix shares down a bit, even up a bit, I guess, up about $2. And how about the king of headlines, Tesla himself, Elon Musk, up a bit at 83.05. So jumping back, I started to, these stocks make and moves. It tied right with the drug makers, which is why I jumped back to the story. Merck announced the acquisition of a private health chemist who's COVID-19 vaccine candidate is approaching human trials. I mean, this is what happens, right? You got biotech companies, you have bigger companies, scooping them up, striking a vaccine partnership with nonprofit vaccine research, IAVI, a lot of vaccine news. There's your Novavax, now these stocks, yeah, that's great news, all right? But keep everything in expectations in check. We're up about $6 at $52.94. Hopefully they succeed, if they do succeed though, you're still talking about six months, 12 months, and then what's gonna happen? Is everybody gonna take it? There's a lot of press out there for people that, and what is right? I'm not the judge of that in terms of it. Forcing a vaccine on somebody, right? Very, very controversial to say the least. So just for the market to trade up 2% on Tuesday morning after Memorial Day weekend, NASDAQ approaching all-time highs, or many, many months out, if not a year, plus you out from a vaccine, and then how does that get administered? This is not China, where we just locked down 100 million people, and that is that, not at all. Well, all right, as we come into the break, AutoZone, AutoZone, quite a company recently, the retailer reported quarterly earnings, $14.39 a share, they were looking for $13.80. Revenue, beat forecast, same-store sales fell just 1% compared to 6.3% decline expected. Was everybody at home fixing up their cars, keeping them nice and clean? That AutoZone? Yeah, so no real reaction right now on that. Looks, what do we bid ask? Bid ask $11.24, yeah, so we haven't gotten a print yet. It's trading higher, $11.28 by $11.74. Stay tuned, folks. Come back, see what else we have on tap for Tuesday trading after the long weekend. We'll be right back. Many of our new listeners have heard about The Tiger's Den. The Tiger's Den is a lively community where professional traders and investors can meet, exchange ideas and information in a comfortable, moderated atmosphere. Hear all of the TFNN shows, plus see all of the charts as they happen live and have access to archives of all of those charts. You can test drive The Tiger's Den, absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you. Details on The Tiger's Den are on the front page of TFNN.com. TFNN has launched our brand new website. 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The prospectus or summary prospectus should be read carefully before investing. An investment in the funds is subject to risk including the possible loss of principal. The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor, foresight fund services, LLC. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit watch Tiger TV. That's TFNN.com and hit watch Tiger TV for the latest market information. Folks, even since I came on the air about 12 minutes ago, we're getting a little bit of a pop in the markets. Put the S&P on a five minute chart. We were at about 3,004, I mean, check that out, 805, right? You're coming into line 815. Even during the 830 bar, we were down to a little about 3,007. We're up about five points. The overnight high 3,015. You now get the Dow futures up 560-1. Jumping around to some other stocks with earnings or action this morning. Hibs Sports, they're up this morning on their earnings. We'll get into the numbers in a moment. We're at 1949. We're trading at about 2150 right now. So they came out with their numbers, 31 cents a share, beating the consensus estimate of 19 cents a share, revenue topping forecast, comp store sales tumbling 19.5%. But they were looking for a 34% drop, not bad, right? E-commerce sales more than doubled during the quarter compared to a year earlier. You're really seeing winners and losers here. Some companies, if you were poised, if you were ready, if you thought the, if you had the ability to service everybody online, meet the supply, have the supply meet demand, you were just able to capitalize on greatly in a dramatic way. Hertz, not in the position. They filed for chapter 11 bankruptcy. I was checking out this earlier. A large portion of Hertz's revenue comes from car rentals at airports, which have all been evaporated as potential customers eschew plane travel plans. And Hertz, HTZ, believe? Yeah, there's that drop from even 280. This is where you wanna fall, catch a falling knife fall. We were at before this $20.85. But for some context, you were just at 100. Hertz was already in big, big trouble and went to 20. You had people buying this. I mean, look at the volume. This is in millions of shares, 400 plus million shares traded in the month of April.  You see the real volume day, almost a hundred million shares traded on April 29th. I'm trying to provide some context because there are a lot of people that bought this stock at $3.50, the low of that day, anybody. And we're gonna open at $1.80 for Hertz as they are going BK. How do you compete with the likes of Uber and Lyft, let alone when your business is centered around airports that are gonna be struggling for a very long time? Uber, on the other hand, talk about a V-shaped recovery. We were at about $40 before the fall off. We made it to $13.71. We're gonna open even higher today. There's your action on Uber from about $34.50, looking like we're up a dollar solid to $35.80 by $35.85. Lyft as well. Getting a pop, I mean, markets are up 2%, so a lot of things trading dramatically higher from $31.26 up about a dollar to $32.21. Some of the cannabis stocks trading higher. There's Canopy, $19.42 up almost a dollar to $20.43. Chrono shares from $6.60 to $6.86. Aurora, Aurora's gotten a lot of action last week. Be wary of some of these smaller ones. Aurora had a lot of problems, as you can see from this chart. Back it up even more from $150 down to $5. Now up to $16. Be wary. Let's just put up Canopy and that. I mean, all of them, right? But quite a pop. This is a weekly, quite a pop. Check out that last weekly bar on Canopy, one of the biggest out here. Chronos, quite a big pop as well. As we mentioned, ACB, there's their pop. And how about Tilray? All of these, just remarkable charts. Tilray, maybe the most remarkable of them all. $32.43 on Tilray. Jumping back to other stories, other stocks with action this morning. Ah, we'll jump to, there we go. Everything you need to know about SpaceX is historic Demo 2 launch. So that's gonna happen tomorrow. New generation, new era in spaceflight, historic importance of Demo 2. So you have SpaceX set for its most important milestone yet and a launch that may well define the future of US space program. Elon Musk's company plans to launch a pair of NASA astronauts on Wednesday. First crewed mission in SpaceX history. Always a lot of pressure when you're dealing with human life, something like this. I'm sure there's a lot of danger up there. The mission is called Demo 2 as technically as the final test flight in the company spacecraft. But regardless of the nature of the mission, first launch of NASA astronauts in the US since 2011. I remember when they had the last one going off here in over in Port Canaveral. And I wasn't able to check it out. I tried to get over there. I knew it was gonna be a while. We're almost 10 years out. Remarkable of jumping back to Tesla in light of Elon. Talk about some volatility on the longer term time frame. You had the run up to 968 before COVID. You drop all the way back down to 350. And this morning we're gonna open at 830 Tesla trade and hire with the market at 832 right now. Okay, other stocks with action. A lot of biotech news. Gilead's drug Remdesivir is effective at helping COVID-19 patients recover more quickly according to a peer reviewed data published in the New England Journal of Medicine. Molson cores, they're furloughing an unspecified number of employees. Let's get into their symbol tap. So yeah, they're gonna trade hire. I just want some context where we've been. So talk about a fall off from 62 to 34. Again, another fall off on their earnings on April 29th. This is a daily chart we're looking at. Constellation brands also, they make Corona beer, right? They got really dragged down from 200 to 100. We're now back to 175. Also has a huge stake in Canopy as well, which has rebounded. But I think the market kind of figured out that people were not wary of Corona beer. If anything, people making fun, lights, whatever you wanna call it with Corona beer during this time. Constellation back to 172. Crocs, how about Crocs? Somehow in this day and age, with whatever we got going on, people want some Crocs. The maker of plastic foam shoes saw sales jump 14% in March compared to a year earlier. According to data cited by the journal, it was only one of the top 30-foot wear brands tracked by MPD to show a sales increase during the month. So Crocs somehow with home confinement going on. We go from, I mean, 40 down to eight. But guess what? Look at this pop, we're from 2650 up to 29 as they see their spiking in March.  Regeneron, biotech, buying back about five billion of a shares from drug makers, Sanofi. Sanofi currently owns about 23.2 million shares of Regeneron and they're gonna continue to own it. So they've had a partnership out there. Separately, Regeneron upgraded to overweight from equal weight. Take two, they got an upgrade as well. The video game maker, TT, they have a TTW, it's TTWO though. TTWO trading up a bit from 140, 50. You see their earnings last week as well. Talk about some volatility. And William Sonoma, they get an upgrade to outperform from market perform. Any type of house, home, whatever it is, right? WSM is their symbol. And we're gonna open higher to about 68.57. Some of these stocks, I mean, homeware, just a remarkable opportunity that, you know, to people are spending a lot more time at home. You spend a lot more money maybe on making sure that your home is comfortable from 77 to 26. We're gonna open back at 69.50 on William Sonoma. Lowe's, similar action, these stocks. Lowe's, you're gonna open at 124.50. The high was 126.73 before the fall off. Home Depot shares. We're gonna open at 247 about. We were at 248.32. Just last week, I believe that is May 18th. So a little bit more than a week on Home Depot. Even the likes of Restoration Hardware. You go from 256 down to 73. We're gonna open at between 205 and 208 on that stock, remarkable. And as we continue, market chugs higher. S&P is positive by 60. Stay tuned folks, we'll be right back. I'm certain you are or strive to be one of the best of the best in everything you do in life. It's the most common trait that we tigers and tigers share. If you're looking to become the best of the best when it comes to managing your money, let me teach you to do what most wealth managers tell you can't be done, which is how to time the markets. I'm Steve Rhodes, author of Mastering Probability. 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If you head out over to the front page of TFNN, Basil Chapman, two days to him right now, a short week, he's gonna be in there Thursday afternoon, right after Tom's program, for 90 minutes with subscribers to the opening call. Review of Basil's favorite technical tools that have produced strong gains in 2020. He's gonna be over going over his favorite technical tools that he's using this year that have produced solid gains so far for subscribers to his daily trading service, the opening call. In this 90 minute live webinar, Basil will allow subscribers to look over his shoulder. So he's gonna be looking at how he used time and price relationships. The cup and V-shaped pattern worked on the way up. The inverse should work in a market consolidation. Selectivity will become key unless leadership broadens. The sectors that have been under the radar, how the longer-term outlook is evolving. 90 minutes, check it out on the front page of the opening call. Basil putting out daily updates every single morning along with the weekends as well. And Tom's got a new issue with the Gold Report out there this morning as well. The Gold Report has been rocking. If you want some exposure to gold equities in there, check out the Gold Report as well. As we wrap up the program, earning season in full swing as we get into this week, tomorrow, we get Ralph Lauren, some of the numbers, we get Toll Brothers as well, tomorrow, Thursday, a big day, we get Dollar General, Costco, Alta. Also on Thursday, we also get, yeah, Salesforce, I wanna get into Dollar Tree in there as well. VMware on Thursday and Friday, we talked about it. We get Canopy Growth on Friday earnings season continuing. Checking back in on the markets, and we're trading higher, folks. We're within one S&P point of those highs we had, more than three, almost four hours ago at 5.15. Markets charged up and ready to go for Tuesday trading after that Memorial Day weekend. Stay tuned, folks. 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Mark alluded to something there at the end of this talk about private money sounds a little strange almost You know government money not supplied by government, but that's actually something I'd like all of you to consider this morning The topic I'm going to present today is a free market in money With with a question mark at the end because it sounds strange doesn't it sounds more like a question than a declarative statement We don't think about money the same way we think about it other commodities, right? We why why is that we tend to assume? Of course it has to be supplied by government We want we all want more of it But we don't think too much about its quality. We don't think too much about its origins We don't really think too much about why or how it came to have value at all in other words You have one of these right? This is the one I borrowed this But why does this have value? Why can you take this to McDonald's and maybe I don't can you get a small diet coke? Why does it have any value at all? Well mostly because the government says it does We just go along with it Now of course lots of other goods and services are supplied by the market But why not money? Why not the medium of exchange that we used to obtain these other goods and services? And maybe a broader question is why do so many otherwise? free market Advocates believe we need monetary policy that we need the government to have a policy for money And most people don't really spend their day thinking what we need a housing policy or an energy policy or most or an Automobile policy most of you probably came here today in an automobile I mean there are laws and rules and regulations, but we none of us really wake up thinking gosh the government ought to have an over arching Automobile policy So these are just some of the ideas. I'd like you to consider today perhaps change the way you think about or view money So to start why don't we think about something where there where there is a free market the aforementioned automobile? I just take a simple Honda Accord Really an accord represents a miraculous coordination of Individuals tens of thousands of people around the world came together most of them complete strangers to produce the Honda Accord That's sitting on the lot here at Honda of Auburn. It's actually a miracle if you think about it, but it mostly came about in Free market ways right there's capital was supplied Honda's a gigantic multinational public company you can go buy a share of stock and Honda so you can give them some money So they have some capital and you'll you'll be an owner for I think about 48 bucks You can be an owner of Honda Motors company limited big Japanese company. So They design these cars mostly in Japan Japanese engineers Parts come from all around the world. They're assembled Various locations a lot of accords are made in the US, but some are made in Japan Belgium Canada etc. They're shipped of course on huge cargo container ships around the world They're sold worldwide Honda Accords you ubiquitous worldwide Now they're not sold in a completely free market with no government involvement whatsoever Of course every jurisdiction that an accord that involves a Honda Accord the making of one has taxes and labor laws and environmental laws and regulations and You know there's import tariffs when it went a country when a Honda enters a country from from another country etc But we generally think of a of an automobile as being the product of a free market, right? I mean Honda has to compete Against other brands You buy a Toyota if you wanted to Honda's again privately capitalized in each year each each year it encouraged loss or profit Based on its worldwide operations in theory at least Honda could go out of business and declare bankruptcy After the the crisis of 2008 we saw our own government prop up some us auto manufacturers But in theory of course Honda could go out of business and cease to exist There's no central government in Japan or the US or otherwise it that sits around the planning committee that decides well How many Honda Accord should be built in 2015 and what should the what should the MSRP of a Honda Accord be? And how much should the workers in the factory get paid and where should these cars be sold? How many should be sent to the US? You know, there's no central planning committee. We leave that to Honda the smart people at Honda So therefore I think it's okay to think of a Honda Accord is basically a product of a relatively free market And so when you when you imagine all the human coordination human effort that goes into bringing that That humble Honda Accord to your driveway, you know, is it really unthinkable that the marketplace could also supply The money that you used to buy on the Accord Let's think about that, you know, we think a lot about the quality of a Honda Accord, right? We think about the quality of any good or service we're gonna buy before we buy it But what about the quality of the money we exchange for it? In other words, that's half the transaction, right? You give money they give you a Honda Accord So when you think about buying an accord you or your family you might do a lot of internet research You might go test drive one you might talk to your friends and family Maybe you have some knowledge because you've owned Hondas in the past and you thought the quality was good Might think about Honda's reputation So a lot of goes into your your search for a car and you decide that it's a quality item And you make a decision to exchange probably depending on the model probably about twenty nine thousand dollars So significant sum of money to go buy a brand new Accord today, but what about the quality of the money you exchange for it, right? I mean there is there are laws called you legal tender laws So Honda at least operating in the US But both as a practical and legal matter more or less has to accept US dollars for it So what can Honda do to say well, what about the quality of the money you're giving us for our quality product? I mean, what if they're worried that the Federal Reserve is going to do things that make the dollars you're giving him worth less soon You know, what if they're worried about just sort of the future of monetary policy that caught makeup of Congress or the new Fed chair Janet Yellen How does Honda protect itself against these uncertainties now Honda can't shop around for a different form of payment from you Right, there's no competition Honda's getting a dollar 29,000 of them So that's one thing they do is they price that uncertainty into the price of a car I mean some of that 29,000 you pay at they have to sort of hedge against the future And of course, you know the price goes up at first accords were came out in 1976 and they were about the size, you know about here to here But they cost about $3900 a little less than $4,000 in 1976. So even adjusted for inflation today. That's maybe $17,000 so it's apples and oranges today's accord is a much bigger nicer vehicle last longer, etc But but so the price does go up and that's one way that Honda protects itself against the diminishing or what they see is the diminishing quality of the money They can they can always sell it for more, right? They could say well, we don't know what the Fed's going to do We're going to sell it for $35,000 not $29,000 but But it you know, you raise the price the demand is going to go down They're going to sell fewer of them. That's what we call it downward sloping demand curve, right? The price of anything goes up demand for a fall. So even though they're getting more per car They might sell fewer and they might end up making less profit And also the price might not the price might be what we call fairly elastic, right? We're just a small increase in price may cause a drop in demand. That's bigger So they may not have that much choice to just say well instead of charging you 29,000 for it We're going to charge you 35,000 So it seems that Honda is a little bit of a bind, right? You can shop around but they can't So, you know in reality there really is no free market competition on the money side that half of the transaction Now as I mentioned, there's legal tender laws and they which basically says US coins and US currency Federal Reserve notes what we call a dollar our legal tender for debts in the US and also for paying your taxes Now like like a lot of bad laws Legal tender laws came out of wartime They they came out of the Civil War era during the Civil War the federal government began issuing greenback notes called their US government notes and these were not redeemable in gold or silver They were just a piece of paper So after the wars over people still had these things But they were worth much less and they wanted to pay they wanted to pay for things with them And of course Congress itself had a lot of debts that incurred during the Civil War strapped for money So instead of having come up with gold or silver They started issuing these notes that they could use to pay for troops and supplies and And all the things all the costs that come along with the Civil War So in the in the late 1800s the Supreme Court comes along some people were disgruntled because these notes They had were no longer worth their face value Supreme Court basically held that in a series of cases the paper money Even if it's not redeemable in gold or silver you can't go exchange it with the government for gold or silver can be legal tender for payment so You know because of both the history of these laws these legal tender laws and also as a practical matter operating in the US Where the US dollar has used you know Honda has to accept the dollar You know, what's the other option that you know in theory barter that Mark alluded to barters Allowed in the US. It's legal But it's taxed, you know in theory you could go to your Honda dealer and try to come up with something and say hey local dealer You know, I'll give you some some services for your business or I'll give you Some some product that I sell or whatever it might be in exchange for a Honda Accord Seems tough, but it might work might work But but the Accord dealer is still supposed to pay tax on the value the fair market value of what you give them Just the same as they have to pay tax when you give them that twenty nine thousand dollars. So so barter seems kind of Archaic and his mark pointed out it makes us poor because you got to have something that each side wants kind of tough. We need money Now this isn't just an abstraction Okay, this isn't just a practical matter. I mean the federal government can really come and put you in jail If you try to compete with its dollar Okay, there's a gentleman named Bernard von Notthaus. He created something called the Liberty dollar Liberty dollar is basically a gold or silver coin Later copper as well, and he also issued some notes that came along with it and It didn't say US government or anything like that on it, but it was you know It kind of looked like a Tratable coin and it did have the word dollar on it which turned out to be his downfall Now it's perfectly okay for any of us to go make new Mismatic coins right commemorative coins out of gold or silver We're allowed to do that We're just not allowed to call them money and and use them as money now mr. Von Notthaus And he never called him us dollars or you never even really called them coins Again, he did call them dollars and they did say on them in God we trust So while he never encouraged or advocated that these could be used as legal tender He did say hey, you know, you might be able to part of these because they had value. They were made of actual physical precious metals and he created some associates and merchants who would accept this Liberty dollar And they got commissions, you know So so he was doing this out of both an interest and money, but also he had a self-interest in it Well, mr. Von Notthaus received a visit From federal government agents and in March of 2011. He was pronounced guilty in court of Making possessing and selling his own currency That's basically a fancy word for counterfeiting and the prosecutor the Justice Department called this a form of domestic terrorism He was trying to undermine the legitimate currency of the country But what's so funny about this is, you know, his currency actually had value and Like that dollar bill which just has value because the federal government says it does You know his his actually had gold or silver or copper Federal government fortunately just this last December sentenced him to about six months of house arrest So it wasn't a terrible story where he had years and years in prison and he's an older gentleman But they did see seven million dollars worth of numismatic value and coins from him. No joke seven million bucks And I know what you some of you are thinking, you know, why doesn't the government go after Bitcoin? Right. They're basically saying this is currency. Why don't they go after him like mr. Von Notthaus? Well, they might but for the moment they've decided and that the IRS has actually said that Bitcoin represents a capital asset and That you just trade it like you have a value in it and you just trade it like you would a share of Apple stocks So you have gain or loss when you get rid of Bitcoin. In other words, it's like an investment So for the moment it appears the federal government's not going after Bitcoin, but it could so When we talk about what a free market and money might look like really all we have to start with is is getting rid of these laws these legal tender laws and Perhaps pass a law that's that legalizes competing currencies And this is this is happening Bitcoin is example of how this is happening Technologically whether that with or without legislation. You know, just don't put people in jail For using something other than those green dollars for doing business now certain states have even attempted to enact this Legislatively there was a movement in the state of Virginia movement in the state of Utah to say hey, we're worried about what the feds do it We're worried about what might be happening in the dollar So we want to make sure our citizens can use other things like gold and silver perhaps as as currency and Pretty fun Hayek who's a very famous Austrian economist, you know He argued that state monopolies and money are just as bad as state monopolies and anything else and the competition works better Now we ought to let private issuers of currency compete to maintain the quality and the value and the reputation the money They issue just like Honda competes to maintain their quality in reputation And like I said all this can occur without even eliminating the US dollar Or the Fed if you just if you just pass laws or repeal laws that prohibit people from issuing private currency Then the US dollar can can duke it out it can compete and We can test whether this endless monetary expansion that allows the federal government to run deficits To pay for entitlements, etc. Whether this this really can go on forever Or whether people might choose another way to Protect themselves and and to make payments for goods and services so You know we can talk about free market and money, but You know we ought to go back a little bit to some of the principles that mark talked about the origins of money and the value of money Really that the father of the Austrian school a man named Karl Manger way back in 1892 said well Money is just the most saleable commodity In other words, it's whatever commodity in society exists with the biggest Saleableness i.e. the it's the most universally accepted and it arises naturally to make society richer Than the barter scenario that mark outlined it makes us richer because I don't have to have something you want to trade So then Not too much later the man for whom this building is named Ludwig von Mises another Austrian in 1912 He explains how money gets its value not by government edict But by having pre-existing value as a commodity in and of itself on its own, right? so real money At least in the opinion of Austrian economists has value independent of its use of money like gold and silver Can make jewelry out of them can have industrial uses etc. So historically Gold and silver have been the commodities with the most non monetary uses and They're in the greatest degree of sale ableness if we want to use that as a word or money this and They hold their value as commodities independently of their value is as money. They're durable You know gold and silver can survive being submerged in water or a fire They're portable.  They're divisible You can melt down coin into into whatever denomination you want So to use gold and silver as money and to begin to move toward more of a free market in money By eliminating legal tender laws for example, we wouldn't have to impose a gold or silver standard on anybody, right? You've heard this term probably a gold standard, but really all that means gold standard means that you can exchange money for gold it's redeemable in gold and Having money backed by gold or silver or anything else Just as Mises explained just helps to make the purchasing power of money more independent from the state Now in other words the state can't just produce a bunch of gold tomorrow like it can Through the Fed and the Treasury produce a bunch of physical or electronic dollars tomorrow So thinking about some of these principles and thinking about gold and silver and their place in history and you know What would a free market in money today look like well? Just to say we wouldn't have to impose a gold standard on anyone legislatively We didn't have to impose anything on anyone legislatively in other words What would a free market and money look like we don't know and we don't have to know that's the beauty of the market You and I don't have to know any more than we have to know what the future of automobiles looks like leave that to Honda Leave that to smart engineers leave that to marketing people and sales people But what we do know is that the market wants money that holds its value and the market wants money That's not subject to political and central bank manipulation. We know that Now undoubtedly I think that a free market money would blend some of the old wisdom of gold and silver with some of the new technology Perhaps some of the blockchain technology that mark alluded to But history does show that gold and silver backing meaning money That's redeemable in gold or silver is almost certain to be preferred by the market There's also the issue of universality, you know, it's nice to have a form of money that's accepted wherever you go and Gold gold has been accepted throughout cultures throughout time throughout history and it's still accepted today go to Dubai By gold from a vending machine. I encourage you to do that actually And then I encourage you if you can do that I also encourage you to donate to the Mises Institute because you're If you're flying to Dubai buying gold out of a vending machine in a big brick, then you probably Don't drive a Honda Accord So, you know mark talked about what money to new money might involve Blockchain technology and cryptocurrencies, you know, these do raise some anonymity questions I mean what you do online even through encrypted Technology can still possibly be traceable There's also the possibility of electronic gold or silver these concepts have existed where you have sort of a debit card and It's backed and represented by actual gold in the account somewhere But you just use the debit card just like you use your debit card now it And at the grocery store and the great thing about electronic Technology today is that it solves this problem of divisibility, right? Let's say let's say just a one ounce gold coin is worth What is it worth today? $1,100 it's pretty hard to buy a loaf of bread loaf of bread does not yet cost $1,100 But with electronic technology we don't we can divide things up you you know electronically You can just say well, it's it's one one-hundredth of not so gold or whatever it is. It's very simple to do So the the kind the problem of divisibility from 500 years ago when we actually had to use coins among each other I think it's easily solvable today You know we've heard and we've actually seen example of regional currencies that have arisen on their own Like from local banks. There's currently a form of currency operating called Berkshires It's in the Berkshire region of Massachusetts where a bunch of local banks got together it you know money might look like something that's produced by a Vendor retailer that already has a lot of expertise in other areas Rand Paul brought this up the other day Perhaps Amazon or Walmart or somebody like that could issue money better than the federal government could But as a final note here on this, you know, it doesn't really matter how much money exists Murray Rothbard talks about that in one of the readings that were recommended for today What has government done to our money see prices will adjust There's no need for a planned increase in the supply of money Which is basically the modus operandi of the Federal Reserve more money doesn't mean that any more capital exists It doesn't mean that we're more prosperous if more money is created tomorrow That doesn't in and of itself mean there's more food to eat or more Honda Accord to drive or anything else so You know we talk about what money might look like what banks might look like in a free market. I Think they might look very different than banks do today You know Mark mentioned the peer-to-peer aspect of Bitcoin imagine if you didn't even need a bank Imagine if you had a an electronic wallet that was safe enough and secure enough and you could Conduct business peer-to-peer with someone else using a money created By a third-party vendor, maybe you wouldn't need banks anymore. Who knows? So there's a lot of things to be considered here and it really could be quite a fascinating Experiment couldn't it if we just allowed competing currency if we allowed people other than the state to provide money And the state could continue to provide the dollar. We don't need to create a scenario where there's panic or risk You can still use dollars if you want to Let me just say in closing. We won't solve the world's money problems today And I don't expect you to take anything that any of us say today matter of opinion at face value But if you're interested I really encourage you to study more about money the nature of money to learn more about central banks You can spend a lifetime studying central banks and monetary policy So in conclusion, I'll just offer you two questions to consider before you go home today first is that if what Government says and a lot of central bankers say and Frankly a lot of politicians have said over the years Dick Cheney, Ben Bernanke, Janet Yellen, Paul Krugman If what they say is true namely that the Federal Reserve and the Treasury Department in tandem can create all the money needed To operate the economy and operate the US federal government in other words to make sure everyone gets paid and Social Security is paid etc If the government can just create this money Why do we need taxes at all? Why do we all have to pay taxes every April 15th? I'm sure some of you are going through this exercise in TurboTax I'm mired in it myself tonight In other words if the government can just create money, why do we need taxes think about it second If the government can just create money and improve the general prosperity and that's something the Fed Claims pretty openly. Why isn't every country with a central bank? Doing the same thing and just creating prosperity across the board. Why didn't Zimbabwe become rich? When it started printing money worth, you know in denominations in hundreds of thousands or even in millions in other words Why doesn't that every central bank just create general widespread prosperity throughout the society? Well the muddled answers to these two questions that we get I in my opinion only demonstrate What everyone really knows which is that money and prosperity are two very different things and both are best left to free markets Rather than to government so with that. Thank you for your attention. We'll take a short break