Thursday, September 14, 2017

Youtube daily report Sep 14 2017

The GPD Win and the GPD Pocket have quickly transformed into two of my favorite gadgets.

I have played some games exclusively on the Win and parts of this video were edited on

the Pocket.

These two devices are the result of two really successful crowdfunding campaigns.

Creating hardware products is much harder than people usually think, several projects

I have been following closely have run into severe issues when trying to make their products

a reality.

Which begs the question, where did GPD obtained the experience and prof that they can deliver?

Why were so many people willing to trust this company enough to pledge money and make this

campaigns happen?

The answer might lie on this device, the GPD XD.

Before the GPD Win, Shenzen based company GamePadDigital was better known for making

android based handheld game devices with the XD being possibly the best known product until

the Win made it into the market, and it is easy to see how both products share some of

the same DNA.

Both are clearly styled after the 3DS, from the controls to the clamshell design and the

GPD Win was clearly meant to be a successor of sorts to the GPD XD as they both have have

very similar build quality

and both use very similar controls, with the stick button mapped

in weird places but the difference in OS changes the focus of both devices quite a bit.

While the WIN was meant to be a portable PC gaming machine from the start the XD is probably

geared towards emulation, as soon as you turn on the device you are presented with a interface

mapped to a set of pre installed emulators that auto detect games on specific folder

and…

All right, before moving and talking about emulation I am going to make the typical disclaimer…

laws about backups vary by region also please do not post links or place to download illegal

roms on comments because I will delete them and probably ban you

Right, so the specs on the GPD XD are ok for an android device, and it handles most emulation

pretty fine although I will comment that the emulators included in the device

are really old. I highly recommend you change the launcher and install updated emulators.

A noteworthy mention is dreamcast emulation.

I have experimented a bit in the past on emulating this 6th generation console on slow devices

so I was really surprised when Sonic Adventure 2 was playable at full Speed on the GPD XD.

I didn't even have to change settings.

This is a nice surprise, I played this game a lot when I was a preteen and even tough

the controls are wonky the levels can be quite fun.

I ended up extending this test way longer than I should.

But emulators aside what originally cough my attention on this device is the fact that

a fair amount of classic PC games have been ported to Android which could possibly reframe

this device as a gateway into some classic PC gaming.

For example, I decided to start with the Android port of Max Payne.

If Sonic Adventure 2 was the game of my pre-teens Max Payne was my thing when I was a young

edgy and cringy teenager.

Eeeeegh, I can't believe I tough this plot was deep.

But apart from that the action on the game itself is fantastic and on the lowest settings

it runs pretty well on the device, only showing some slowdown on explosions or overly extreme

action.

Now if you seek to reduce graphics further or get better performance there are some options

available on Android.

These options always require having a rooted device, which thankfully is not complicated

on the XD and I have left a link in the description explaining the process.

It will literally take you 15 minutes.

But, with the device rooted you can use something like gtools, also linked in the description,

a program that allows you to change opengl settings on games and reduce the internal

resolution even further than what it usually allows as well as cut texture resolution, also you can

disable some other effects which can lead to some… very amusing graphics if that is

your thing.

Another interesting ported game is Grand Theft Auto: San Andres, the well known open world classic.

It also did relatively well on the XD on the lowest settings, just staying around 30 fps.

And sure, you can edit this game with gltools as well but there is also something very interesting

to play around with, Mods!

Turns out there are communities dedicated to modding the mobile version of this game.

For example, I will be using this one "FPS Optimizer".

This mod is basically a couple of CLEO scripts that help with some slowdowns and make the

game permanently night, which apparently can help in some devices.

Installing them is as easy as moving those scripts to Android/data/com.rockstargames.gtasa

and then installing the CLEO SA app.

This will enable you to activate the scripts and check they are enabled.

I have left links too all necessary tools and some extra FPS mods.

So, wrapping up, the GPD XD is a device that hides a little more surprises that you would

think.

Compared to its successor its focus changes entirely due to its OS.

Unless you look for unofficial updates the device is stuck on 4.4 and android itself

can be a pain in the but to operate in a device of this format compared to Windows and while

you might not use this to play more modern PC games if you want something considerably

cheaper, with better battery life where you can play game classic games this might be

the device for you.

If you are interested there is a referral link in the description, which would help

the channel a great deal.

In any case, thank you for watching for contributing in patreon or for anything you do.

For more infomation >> GTA: San Andreas in a Handheld device? GPD XD review and tweak test - Duration: 5:29.

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Las Noticias de la mañana, jueves 14 de septiembre de 2017 | Noticiero | Noticias Telemundo - Duration: 4:48.

For more infomation >> Las Noticias de la mañana, jueves 14 de septiembre de 2017 | Noticiero | Noticias Telemundo - Duration: 4:48.

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Musique binaurale avec bruit de la rivière et piano - Duration: 1:12:39.

Binaural music with river sound and piano

Relaxing piano music with the sound of flowing water.

binaural sound.

Relaxation.

Instrumental music piano and sound of nature.

Well being.

Zen

Helps to relax

Peace of mind.

Serenity.

relaxing piano.

sound of nature.

Please subscribe to this channel.

You will find relaxing music, binaural sound, isochronic sound

For more infomation >> Musique binaurale avec bruit de la rivière et piano - Duration: 1:12:39.

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김해숙 남편 사별 나이 젊은시절 사업실패 잠적한 사연 - Duration: 7:10.

For more infomation >> 김해숙 남편 사별 나이 젊은시절 사업실패 잠적한 사연 - Duration: 7:10.

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Animal ABC | learn alphabet a to z with 26 cartoon Birds for kids | ABCD Wild Animals and Sounds - Duration: 2:22.

Baboo!

Atlantic puffin

Bald eagle

Chicken

Duck

Emperor penguin

Flamingo

Goose

Hummingbird

Ibis

Jabiru

Kiwi

Lovebird

Mandarin duck

Nightingale

Ostrich

Piper

Quetzal

Robin

Swan

Tucan

Upupa

Vulture

Wallcreeper

Xenops

Yelow wagtail

Zebra finch

Don't forget to subscribe!

For more infomation >> Animal ABC | learn alphabet a to z with 26 cartoon Birds for kids | ABCD Wild Animals and Sounds - Duration: 2:22.

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Peppa Pig En Espanol Capitulos Completos ★184★Videos de Peppa pig Espanol Capitulos Nuevos 2017 - Duration: 41:00.

For more infomation >> Peppa Pig En Espanol Capitulos Completos ★184★Videos de Peppa pig Espanol Capitulos Nuevos 2017 - Duration: 41:00.

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Los 5 enfoques del nuevo marketing turístico - Duration: 6:31.

For more infomation >> Los 5 enfoques del nuevo marketing turístico - Duration: 6:31.

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Aveiro - Part I - Duration: 2:00.

For more infomation >> Aveiro - Part I - Duration: 2:00.

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ENRIQUE IGLESIAS Y SU LADO MÁS SEXUAL EN I'M A FREAK - Duration: 1:05.

For more infomation >> ENRIQUE IGLESIAS Y SU LADO MÁS SEXUAL EN I'M A FREAK - Duration: 1:05.

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Cisma en Telecinco: la venganza de Ana Rosa y Vasile contra María Teresa Campos - Duration: 5:19.

For more infomation >> Cisma en Telecinco: la venganza de Ana Rosa y Vasile contra María Teresa Campos - Duration: 5:19.

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Trenza MEXICANA Estilo FRIDA KAHLO con LISTONES!! -Episodio 8 - Duration: 7:46.

Do you already know how to do your hair for Mexican Independence Day?

I do! So let me show you how I do

this Mexican braid with ribbons, Frida Kahlo style

Oh, and of course, Happy Independence Day for Mexico!

Hello! Welcome to Classy Files!

My name is Victoria, and this is

my first video in Spanish. So let me show you

how to do this braid. What you will need is

3 ribbons

that are the same color of the Mexican flag: Green,

White and Red. I bought

1 meter (3 ft) for each braid

I might not even use that much amount of ribbon, but well,

we can adjust that later.

It is very important

to make sure the ribbons don't fray

so what we can do

or what I recommend you to do is to burn the two ends of the ribbon

with a lighter

and that way they won't fray

Very well, let's start hair styling

For the braid,

we need to remember that Frida Kahlo always parted her hair in the middle

So if you want to be an exact replica of Frida Kahlo

Then go ahead and part your hair in the middle

Use the middle (vertical) part of your nose as a guide to make the parting

About there

is where I will part my hair

We need to part our hair all the way to the back of the head

Brush your hair afterwards

And with a hair clip

I will

clip this hair away because

I will be working with the other section of hair. Another thing

that I realized in the Frida Kahlo pictures was that

she loved having her hair slick back

So, if you want to look

exactly the same as Frida Kahlo, then

use some hair gel

to

achieve that slick back look

So we need to make a pony tail down here

And with a tiny rubber elastic band

secure the ponytail

And I will do exactly the same for the other section of hair

I have two ponytails now!

Okay, next step is to

braid

So we will grab

the ribbons

green goes on top, white in the middle,

and red is last, because

that's the order of the colors in the Mexican flag

Now its time to tie the ribbons around my ponytail

After that we will do a regular braid

so let's divide

this portion of hair into three equal sections

And we will add a ribbon to each

section of hair

First the green ribbon

over here

Green

White in the middle

And the red one

And we do a regular braid

Now let's secure it with

an elastic band

And I will cut off the remaining ribbons

Very good

And I will do exactly the same for the other side

Well, here I have my two braids

they look so pretty!

if you want to leave them like that, that is fine too!

But well, let me show you how to do the rest

so I will bring these braids

to the top of my head

and secure them with bobby pins

I advice you to cross the bobby pins

so that your braid won't

be let loose unexpectedly

now I will place this braid on top too

and I will cover up

the end of the other braid, and

I will hide the end of this braid underneath the other braid

And I will bobby pin it in place

Another thing you can do so that the braid

won't be let loose

is to

grab a tiny piece

of hair

and place the bobby pin

underneath

you can do this all around the braid

And well, this is it for today :D

This is the final result of the Frida Kahlo Braid

I hope you liked it a lot

and that it was super easy for you to do it

and guess what! It's time for the "Mystery Box"

Like I told you in my previous video

this is a new section that I have added to my channel

inside of here are quotes

that have made an impact in my life and

I'd love to share them with you

so let's see what's today's quote

Okay, this one is

in Spanish, it says

"I realized my life is more interesting when

I am facing difficulty, instead of

having no difficulties at all." And this was written by Naoky Irie

Well

this is it for today!

And remember, if you have a case for the Classy Files

Tell me about it in the comments, Bye!

For more infomation >> Trenza MEXICANA Estilo FRIDA KAHLO con LISTONES!! -Episodio 8 - Duration: 7:46.

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A Cloudy Hike of Delano Peak - Duration: 1:46.

We See Here

We See Here

We See Here

We See Here

The Great Wilderness

[wind]

We see here,

at 12,169 ft

the top of Delano Peak.

Which is the very top of the Tushar Mountains,

down in s.........southernish Utah.

If you come over this way you will see a magnificent view.

[wind]

which has

which we attained through,

hefty winds

some rain

and frigid temperatures.

If you look out to the north there you can see...

clouds.

If you look to the west you can see...

clouds.

And if you look over to the east,

[stronger wind]

you can see clouds.

Catch us next time

as we find mountain peaks

with 25 yards of visibility!

Stright out of Monty Python scene,

or something else.

The temperature reads about 40 degrees

but with the wind chill it's around 30 degrees.

<------ Subscribe It just cleared up a little bit

It's freezing cold.

Aahhhh

We're going to get up and go straight back to the bottom.

For more infomation >> A Cloudy Hike of Delano Peak - Duration: 1:46.

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Marvel The Avengers Superhero Caption America Hulk Super Sparkle Glitter Coloring Book Pages Crayola - Duration: 3:50.

Marvel's The Avengers Caption America Hulk Super Sparkle Glitter Coloring Book Pages Crayola Magic Markers

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Les médecins lancent une alerte à propos des nouilles. Si vous en avez déjà mangé - France 365 - Duration: 5:45.

For more infomation >> Les médecins lancent une alerte à propos des nouilles. Si vous en avez déjà mangé - France 365 - Duration: 5:45.

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2017 Trap Beat Instrumentals

For more infomation >> 2017 Trap Beat Instrumentals

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Ek hi Bhool Episode 68 promo - Duration: 0:42.

For more infomation >> Ek hi Bhool Episode 68 promo - Duration: 0:42.

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Orders Issued to Arrest PTI Chairman Imran Khan - Duration: 3:15.

Imran Khan Speech Live PTI Lahore Jalsa NA 120

Imran Khan

Orders issued

Orders issued to arrest

Orders issued to arrest PTI chairman

Orders issued to arrest PTI chairman Imran Khan

For more infomation >> Orders Issued to Arrest PTI Chairman Imran Khan - Duration: 3:15.

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Animal ABC | learn alphabet a to z with 26 cartoon Birds for kids | ABCD Wild Animals and Sounds - Duration: 2:22.

Baboo!

Atlantic puffin

Bald eagle

Chicken

Duck

Emperor penguin

Flamingo

Goose

Hummingbird

Ibis

Jabiru

Kiwi

Lovebird

Mandarin duck

Nightingale

Ostrich

Piper

Quetzal

Robin

Swan

Tucan

Upupa

Vulture

Wallcreeper

Xenops

Yelow wagtail

Zebra finch

Don't forget to subscribe!

For more infomation >> Animal ABC | learn alphabet a to z with 26 cartoon Birds for kids | ABCD Wild Animals and Sounds - Duration: 2:22.

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Toyota Yaris 1.5 T-Sport - 3 Deurs Airco DEALER ONDERHOUDEN - Duration: 0:58.

For more infomation >> Toyota Yaris 1.5 T-Sport - 3 Deurs Airco DEALER ONDERHOUDEN - Duration: 0:58.

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Advanced Yoga Workout

For more infomation >> Advanced Yoga Workout

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Aveiro - Part I - Duration: 2:00.

For more infomation >> Aveiro - Part I - Duration: 2:00.

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Hyundai i20 1.2i Go! - Duration: 0:57.

For more infomation >> Hyundai i20 1.2i Go! - Duration: 0:57.

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Toyota Yaris 1.3 VVT-I ASPIRATION Airco | Trekhaak - Duration: 0:54.

For more infomation >> Toyota Yaris 1.3 VVT-I ASPIRATION Airco | Trekhaak - Duration: 0:54.

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Citroën C3 Pluriel 1.6I-16V Cabrio Automaat | Airco | Elek.ramen - Duration: 0:51.

For more infomation >> Citroën C3 Pluriel 1.6I-16V Cabrio Automaat | Airco | Elek.ramen - Duration: 0:51.

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Toyota Verso-S 1.3 VVT-I DYNAMIC PANORAMIC NAVI TREKHAAK - Duration: 1:00.

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Hyundai i20 1.2i i-Deal (NAV./Airco/15''LMV) - Duration: 0:47.

For more infomation >> Hyundai i20 1.2i i-Deal (NAV./Airco/15''LMV) - Duration: 0:47.

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Drogenparadies Kambodscha? - Zwischen Partyrausch und Meth-Epidemie I Y-Kollektiv Dokumentation - Duration: 14:12.

For more infomation >> Drogenparadies Kambodscha? - Zwischen Partyrausch und Meth-Epidemie I Y-Kollektiv Dokumentation - Duration: 14:12.

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Toyota Aygo 1.0 VVT-i Comfort 5-deurs | CDV | Radio CD-speler | - Duration: 1:01.

For more infomation >> Toyota Aygo 1.0 VVT-i Comfort 5-deurs | CDV | Radio CD-speler | - Duration: 1:01.

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ON TIME or IN TIME: Learn the difference - Duration: 3:09.

For more infomation >> ON TIME or IN TIME: Learn the difference - Duration: 3:09.

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Phim Chỉ Là Ảo Ảnh Tập 16- Hấp Dẫn Vô Cùng I Anh Tú Gaming - Duration: 3:17.

For more infomation >> Phim Chỉ Là Ảo Ảnh Tập 16- Hấp Dẫn Vô Cùng I Anh Tú Gaming - Duration: 3:17.

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Switzerland's Famous Cheese Fondue! - Duration: 3:09.

I know you guys love eating cheese.

Am I right?

We're the same!

I love cheese to death.

Cheese tastes amazing!

Guess what?!?!

In Switzerland, they make amazing cheese!

It is a cheese fondue with slices of bread.

Is it the half of cheese you use to make a fondue cheese?

It doesn't matter. It can be half or full cheese.

It depends on how many people are eating.

It's normal for us to add a garlic to the cheese.

It's impossible to add a garlic now.

Cheese is already in the pan.

If it is an empty pan, then we can add a garlic on the pan.

It gives you more flavors.

Now, we can only chop garlic into pieces.

It is a thick cheese.

But I can see how soft this cheese is.

It takes time to melt a cheese.

It has a strong garlic smell.

How long it takes to finish cooking the cheese fondue?

It's really fast. It takes around 15 minutes.

Perfect!

How do you know it looks ready?

If you see some cheese stuff in the pan, then it is not ready.

It has to be melt entirely.

It's normal to be hungry!

Now, it is finished! See, it's really fast!

Let's eat!!!!

You have to stir cheese first.

If you do not stir, then cheese will be burnt.

You must stir no matter what it is.

This cheese tastes boldly.

It tastes like a swiss cheese.

Swiss cheese gives you a strong taste, right?

There are famous products being made in Switzerland.

It is a Rolex watches, a chocolate, and a cheese fondue!

Take a look at this flame.

It keeps cheese hot and melts.

It comes with pieces of bread.

You can also add fruits if you want.

It tastes insanely delicious!

This cheese fondue is more ideal for winter season.

It is not ideal for summer. Be sure to eat it during the winter season.

Overall, it tastes amazing.

It is a heavy food.

It's the combination of cheese and bread I think.

I don't mind that. It is a good cheese.

I am already full with just cheese fondue and bread!

I think I finished my dinner for the day.

I don't need anything more especially a water drink!

I respect Switzerland's cheese fondue.

You guys must give it a try!

It's available at the restaurant in Switzerland.

Or you can make a new friend who knows how to cook you a fondue cheese!

I am an example of making a new friend recently.

For more infomation >> Switzerland's Famous Cheese Fondue! - Duration: 3:09.

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Digital Marketing Testimonial: Amerinet | Clix - Duration: 4:34.

Hi, My name is Kelly Wisness.

I'm the senior director of digital strategy at Amerinet.

As a digital marketer, if you're looking for a digital marketing agency, you really should

consider the Clix Group.

They make my life easier in so many ways.

I would recommend the Clix Group for a lot of different reasons.

They stay up to date on all the SEO trends.

They're just a great group of people.

Very collaborative, they have great ideas and they are very knowledgable about the different

areas of digital marketing.

I always feel important, and I know they've grown over the years, but every time I call

them, every time I email them, because of the responsiveness and because they know

my business so well, I feel like I'm their only client.

I've been working with the Clix Group for around three years now- two years in a previous

role at another company and for about a year here at Amerinet, and really decided to bring

them on board here because I was so pleased with the results we were able to achieve in

my previous role and knew they would do a great job for me here at Amerinet.

When I first met with them and they didn't know the business, they were willing to, you

know, listen to phone conversations, learn all that they could about the business.

They didn't just want the business, they wanted to learn about my business.

They wanted to learn about how they could really make this successful.

And through the years, they continue to do that and they continue to be vested in the

success of the company that I'm at.

One of the biggest benefits of working with the Clix Group is that they really care about

your success.

They don't just talk about your success, they are your partner.

They want you to succeed, and so your success is their success.

And that's really evident by the collaboration and everything that they do for you.

When I first came to Amerinet and started tackling the corporate website, there were

a lot of issues with it and that's one of the biggest reasons why I brought on the Clix

Group because I knew I needed help to make this a successful website.

So, the site was not optimized at all.

The navigation was not great.

It needed a lot of help, and I was able to get them on board pretty quickly and start

brainstorming about ideas on how we could really improve this site, and not only improve

the rankings, but make it a better site for the user overall.

They keep track of all of the trends: what's good, what's bad, and they're the first ones

to step up and say, "We should be doing this, we shouldn't be doing that," and providing

great ideas that we can execute on and then seeing some results from those ideas.

Whenever I reach out to them about additional projects, such as helping us redesign our

blog, or creating a new microsite for us, I know that I can rely on them to produce

great results in the time frame that we originally agreed upon.

I don't have to worry about the project.

I know it's going to get done and I know it's going to be great.

Since we started working with the Clix Group, our rankings have really improved and we're

seeing that in an increase in traffic to our site, which has had double digit growth since

we've started working together.

We've heard from customers and employees, anyone who uses the site, that it's so much

easier to use, so much easier to find, and that really speaks to the work that the Clix

Group has done.

One of the great things about the Clix Group is that they not only respond to my requests

very quickly when it's something very small, like changing something on a website or helping

me do something, but they also care on a very large scale.

They care about the overall strategy that we have at Amerinet.

They care about not only getting us on the front page, but they care about the company

looking good, and I really appreciate that.

They are so collaborative.

They are all very responsive to your needs and I know from the top down that I'm important.

It's not just about the tactics but they get involved in the strategy as well.

They're a great partner.

They'll be the partner you need to achieve success in all things digital marketing related.

For more infomation >> Digital Marketing Testimonial: Amerinet | Clix - Duration: 4:34.

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Two Fatal Accidents this Morning - Duration: 1:17.

For more infomation >> Two Fatal Accidents this Morning - Duration: 1:17.

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Jigsky 8 - Faeria Trailer - Duration: 1:20.

Warning: Thes video can be irrelevant since it was released too late. It's a Faeria-parody of the trailer of the film "Jigsaw". Engoy watching

Now the game is simple

Best ones are

You want mercy?

Play by the rules

Any identification on the victim?

He's been dead for 10 years

It's not him

Can't be

The truth will set you free

HELP!

Live or die

The choice is yours

You know what happens if we don't follow the rules

That's impossible

No, that's not creepy at all

Don't forget to subscribe

Subscribe or die

For more infomation >> Jigsky 8 - Faeria Trailer - Duration: 1:20.

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Vojtěch Benda: The gold hoard is a myth (Part 2) - Duration: 8:37.

Gold forms part of the central bank's reserves.

The CNB is often criticised

for getting rid of most of its gold reserves

in the late 1990s.

What led the CNB to make this decision,

and was it a mistake?

I wasn't in the central bank's management back then,

so I can't tell you exactly how the debate went.

However, the prevailing view in most of the developed world at the time was

that gold no longer has any real value for monetary policy-making

and doesn't perform the role of foreign exchange reserves in the true sense.

On top of that, it isn't liquid enough.

It's hard to sell – most of the time it isn't sold at all.

In addition, the costs of holding it are high,

as you have to pay a depository to keep the dust off your bullion.

The CNB wasn't alone in getting rid of its gold.

Other renowned institutions around the world, such as the IMF, did the same.

From that perspective,

it was an entirely logical step at the time

and there are no grounds to criticise it.

The arguments against

– for example that gold has strengthened in the meantime –

may be right, but stock indexes have gone up as well,

and bonds have also made a decent contribution to the growth

in the value of our reserves.

So from that point of view there's no reason to say

that selling gold was a fundamental mistake.

But why do you think that gold, or the sale of gold,

is such a sensitive issue for Czech society and the Czech Republic?

It's not just us.

A return to the gold standard was a vote-winner in the US presidential campaign, for example.

People still have the impression that the currency is backed by gold, by a metal.

We therefore need to ask: Why gold?

Why not tungsten, silver or some other metal?

Anyway, if we wanted the Czech currency to be backed by gold,

we would need around 600 tonnes to back the CZK 600 billion.

There wouldn't be enough gold to back all the currencies in the world.

That's why gold was abandoned,

because no one can sufficiently guarantee gold backing for the currency.

On top of that, if we wanted to keep a fixed ratio to gold,

it would tie the central bank's hands as regards monetary policy-making.

The amount of money in circulation rises as the economy grows,

so central banks would have to buy gold all the time to keep the ratio constant.

This post-WWII setup was abandoned in the 1970s

exactly because it proved unviable and unsustainable from the monetary policy-making perspective

So the monetary policy regime changed long ago,

but people's emotional ties to it linger on

as a relic of the gold standard,

which, as you said, was abandoned in the 1970s?

Yes, I think it's sentiment.

Another issue is what monetary policy should actually do.

What should the currency be stable against?

Should it be stable against a commodity – a metal or whatever else?

Or should it be stable against the basket of goods that people consume

– clothing, food, housing, fuels?

This is basically the concept we have today.

It's what we call inflation targeting, maintaining price stability,

i.e. keeping the value of the domestic currency very stable against the basket of goods that people buy,

so that inflation doesn't destroy the purchasing power of the currency and people's savings and wages.

The Czech National Bank currently has around 10 tonnes of gold in its safes.

Isn't that too little compared with other countries, for example the Bundesbank?

In addition, that gold is now being gradually used up to produce new gold coins.

Are you considering buying more gold as time passes?

Gold is what economists call a talisman.

It has talismanic value.

It's certainly true to say that for a large section of the public it is a guarantee

– albeit a false one –

of currency stability and exchangeability.

I wouldn't be against discussing this in the future.

In the right conditions we can increase the gold reserves or switch part of the forex reserves to gold.

Another issue is how much.

Even the most progressive investment strategies

– such as those applied to private investment funds –

do not advise investing more than a few per cent in gold, or commodities generally.

This is because commodity prices are unpredictable and their future is very uncertain.

From the investment perspective, it's much better to buy shares in gold-mining firms

than to buy physical gold directly,

because those firms are much better able to withstand commodity price swings.

The central bank currently holds a relatively large percentage of shares,

which are a much better investment than gold.

I'm not against discussing this in the future,

but there's no consensus on it among central banks either.

There are central banks such as the Bank of Canada which hold no gold at all.

It issues a reserve currency that is recognised internationally

– we ourselves hold it in our forex reserves –

and no one's bothered that it isn't backed by gold.

The currencies of Norway and Croatia aren't backed by gold.

Then there are countries that have very low forex reserves in gold, such as Hungary.

I can't see any great problem with that, and I don't think it would fundamentally change anything.

However, I wouldn't be against discussing a slight increase in forex reserves in gold

if it would boost the confidence of Czech firms and households in the domestic currency.

In the case of the Czech National Bank,

what do you think would be the maximum safe level of gold as a percentage of its forex reserves?

It shouldn't be more than two or three per cent of the total reserves.

Preferably lower, I think, because as I said earlier, commodities generally experience relatively high

and unpredictable volatility over their economic cycle.

Prices rise and then fall sharply again.

So from that point of view,

it's a potentially more profitable part of the forex reserves.

But from the perspective of the conservative strategy that the central bank should stick to,

it's an asset that is highly volatile and hence highly risky to our bottom line.

I'd therefore be very sparing with it.

If you were to express the maximum safe level in tonnes,

how many tonnes of gold would it mean for the Czech National Bank?

I can't work it out now, but it would be in the tens of tonnes.

Our forex holdings peaked in the 1930s at 100 tonnes of gold.

That was the peak.

For comparison, the famous gold hoard

that Czech firms and households gathered in collections

for the creation of the Czechoslovak currency

amounted to 300 kg of gold.

That's a fraction – around three-tenths of one per cent – of the total gold reserve at the time.

So it's a myth that the public created the central bank's gold reserve in a collection

after the establishment of Czechoslovakia?

It really is a myth.

300 kilos of gold – that's just a few bars.

It really wouldn't have been enough to safeguard the stability of the currency, or to back it.

The central bank subsequently bought gold on the markets.

It's a myth just like the one that the National Theatre in Prague was built on public donations.

It's also well-known that the biggest donors were the Czech nobility and the Habsburg court.

The gold gathered in those collections was returned after WWII as bullion,

so it's no longer in the form of rings and necklaces like it was between the wars.

Thank you for the explanation and for all your replies.

Goodbye.

Thank you.

For more infomation >> Vojtěch Benda: The gold hoard is a myth (Part 2) - Duration: 8:37.

-------------------------------------------

How to learn new English Vocabulary Quick & Easy? Free Spoken English Lessons - Duration: 11:45.

For more infomation >> How to learn new English Vocabulary Quick & Easy? Free Spoken English Lessons - Duration: 11:45.

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"너를 뺏고 싶다"…여고제자 성희롱 교사 벌금 천만원 - Duration: 3:44.

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-------------------------------------------

Be Somebody Nobody Thought You Could Be - Study Motivation - Duration: 10:03.

well for me I mean you visualize where you want to be and what you want to

accomplish and you kind of get lost in the process of day-to-day you know

grinding it out working pulling all nighters if you have to you know that this is

just about not losing vision and not losing sight of what you're what you're

trying to accomplish no matter what hurdles you have to go through so I

think that kind of relates to whatever you're doing whatever major

you've chosen or what you're interested in so for me and basketball and it's

about you know visualizing whether you write it down and put it on the wall do

something with what your goals are and get lost in the process of day to day

grind day to day getting better every single day asking questions aligning

yourself with people that have been through it before that are

experienced and leaning on that advice and just trying to outwork the next

person and that's the biggest thing something you said that you you're

reaching your peak do you think though you can still take it to another level

or do you think this is as good as it's going to get for you well I like to use

one quote that the limitations exist only in our minds and if you start using

imaginations then your possibilities become limitless so that's

that's kind of a mindset that I have I use my imagination I do see myself

achieving more I'm hoping I'm working hard on it and not only myself but the

entire team around me can I grow without legitimate suffering you cannot grow

without legitimate suffering rainbows follow storms my last book the

favorite chapter was loss creates leaders nobody woke up in the morning

said I want to start a Cancer Foundation people start Cancer Foundation's are

people whose lives have been impacted somehow by cancer rainbows after storms

intelligence can create huge profits and in fact you can actually make more money

being smart than you can being strong or fast

okay and so the importance of developing intellectual property cannot be

underestimated because I want you to think about something intellectual

property no one else can take that from you

point number one if you manage it right point number two it is constantly

evolving and it actually takes no capital if I'm going to go into real

estate business it takes me a whole lot of money to go

buy a building and get in the real estate business

intellectual property I just have to think through how it actually works and

then to develop it and that's what really launched me on the path to saying

you know what you know as good as I thought I was playing football and all

those wonderful things that my mom was was a wonderful governor to my ambitions

she said you were far better scholar than you are athlete which kind

of hurt my feelings at the time but she was absolutely right and I started to

turn my attention to what I call developing my mind some of the things I

contribute my success to believe it or not number one is failure I had always

wanted to be a lawyer and I failed the LSAT basically so Spanx would not exist

if I had not failed the LSAT and at that moment in my life it was the most

devastating thing but I have realized that failure is nothing more than life's

way of nudging you and letting you know that you're not on the right path so

here I am because of that and the second thing is visualization I visualized this

for myself when I was selling copiers door-to-door I had a very clear vision

of what my life was going to be like and I encourage everyone to do it take a

snap photo of what success looks like for you are you how many employees do

you have or how much are you making where do you live what are you sitting

at a table with world leaders are you standing on a stage in New York City

giving a speech and hold on to that that snapshot and you will subconsciously

start to make decisions that get you there and so my snap photo for myself

when I was going door-to-door to sell copiers was to be self-employed and then

to product that I could sell to lots of people and

not just one copier to each person and create a business for myself that would

continue to fund itself if I wasn't present I wanted money to be generated

without me having to be there I was that specific in my vision the third thing is

goal setting it sounds so cliche but it is so true the two things I want to say

about that is if you write your goals down it makes all the difference Harvard

did a study in 1973 they took the graduating class and asked how many of

them had goals a hundred percent of them had goals well they asked how many had

written down their goals upon graduation only 5% of the class had in 1993 20

years later they followed up with the class they found that the 5% that had

written down their goals 20 years prior upon graduating were worth more

financially than the other 95% of the class put together so I have always

written my goals down about what I wanted to achieve and I really attribute

a lot to that remember change your mind change your life everybody wants to

change life but you have to change your mind humans are different because we

have powerful minds and sometimes it gets us in trouble but if you pull it off

right it can bring you those things that you need in life those things that

you're missing you know everybody wants the good life like I say in my TEDx talk

everybody wants the good life but not everybody gets the good life because

most people aren't willing to do this stuff that it takes then I willing to

put in the time put in the grind I got into to Berkeley but I didn't get in

here and I was terrified of going to Berkeley because it was so close to home

and my parents what you know what we said about you being able

to pick where you go to school yeah as soon as you got into Berkeley that

choice went away you're going there and I made a deal with them that if I could

get into San UC San Diego would they let me go here this is where I wanted to go

it and my motivation was it was the best education combined with the best surf I

mean just being honest and I wrote a very earnest

letter of appeal and thank God I got in and the rest is the rest is is the

history that we're continuing to write yeah what what was the case that you

made do you remember yeah I promised that I would I would really buckle down and

put my head down why are you laughing my wife is laughing I made the

Dean's List in my freshman year I think I made it I think I made it once or

twice and then kind of fell from there but I promise to really devote myself

and make the most out of the education that I wasn't coming to party

that I wasn't coming just to screw around that if UC San Diego would give

me the opportunity I would really make something of myself at the school and so

that's you know thanks for taking a flyer on me and the lesson there just is

never give up never give up because if I went to Berkeley I don't think I would

have had the I you know that life is a winding path and I just don't think I

would have had the same interests and inspiration there that led me ultimately

to my idea for GoPro one thing I do really really know

now is how blessed I am to be working in this business and that you have to work

hard like freedom is on the other side of discipline and when somebody says I

want to play this role in my movie you have a great responsibility and it's just

bottom line for me oh yeah and from here on out and has

been for a while that is I will do everything I can for that so as long as

the opportunities come I will do my best and try my best to do the best that I

can do at that moment expect difficulties is something I think

everybody in this room has gotten into Harvard

some of you will probably are here snuck in but I don't care let's just say for a

point of argument that everybody here got into Harvard and you feel this

incredible pressure to succeed and I gave a speech here back in 2000 and then

at the end I said fame is a little like a white tuxedo it looks good or success

is a little like a white tuxedo it looks good but you're very afraid of getting

it dirty and it can inhibit you and I think I would tell my 19 year old self

that everything you're feeling right now I used to think that if I could look at

someone like myself I thought they had figured it all out and they were fine

and wouldn't it be magical if I could be have my own show and be funny and

everyone knew who I was and most people liked it that would be a great thing and

it would solve all my problems and I would like my future self to say that's

not the case it's actually day by day how you do your work how you conduct

yourself how you treat people you know what the joy you get out of your work

that that is far more important allow for mistakes allow for problems I've had

my career blow up on me about two different times and I'm still here and

very grateful and I learned a lot during those moments and

wouldn't really change a thing about any of it and you just have to be willing to

screw up and not freak out when you do screw up because you will screw up I

mean you're really going to screw up

For more infomation >> Be Somebody Nobody Thought You Could Be - Study Motivation - Duration: 10:03.

-------------------------------------------

#OOTD No. 3 // The Garment Pop Up Shop | Dearly Bethany - Duration: 5:36.

hey guys I just wanted to pop in midweek and tell you about my outfit of the day

I think that this outfit would be really good for anytime in fall because you get

to layer with it which is really cool so let's start head-to-toe this cami that

I'm wearing is a few years old but I love it so much because it's so

versatile so I'll find one similar for you guys in the description below but I

like it because I have it in two different colors this one is just a

standard black one and I feel like it's just so perfect for tucking into pants

and then the pants that i'm wearing is actually from Jesse Kamm her ranger

pants I wear them as infrequently as I can but I end up wearing them like once

a week and I just think that they're so flattering I love them and they just

match everything they're also a cotton canvas which is awesome for fall because

it's not going to be too breathable it's going to keep you a lot warmer than a

lot of other fabrics I'm also wearing my mules by Nisolo I absolutely love my

mules because they're great also for like in between seasons where it might

be too warm yet for boots and yet still too cold for sandals so mules are like

the perfect shoe ever and I just love Nisolo for a lot of reasons and you

probably know that by now because I talk about them all the time so on top I'm

actually wearing this Madelyn kimono that my friend Morgan gave me and I love

it so much because it's warm and it's like a wool fabric so I love that I

think that the color is great because it matches a lot of different things and I

think it's just a really unique shape as a kimono it's definitely looser and I

feel like anybody could find a size like this because it so loose it just is

flattering on anybody so one more awesome thing about Morgan is that she's

actually on a mission to show a thousand pieces of clothing that are

responsibly made this year so that's awesome and she's also doing a pop-up

shop to highlight five brands that she believes are responsible companies so

what's great is she's giving 10 percent off during this virtual pop-up shop

to these five stores on your order and so she's actually given us in this

community a discount code of Bethany1000 where you can go and shop 10% off

at any of these five stores and so you can buy this this one is from Only Child

and I love that brand a lot being an only child I also really like the store

Betina Lou because they have like more of a 60s vibe and I've just been really

reaching toward the sixties in all of my vintage Etsy shopping and it's just been

so much fun and I think that the colors are great for fall as well all the

sixties colors are like in the browns and the navies and the oranges and stuff

and then I like to just have that mixing in with my neutrals so a couple other

things that I'm wearing today you guys is this nail polish that I got was

actually not the typical brand I wear or the typical color I wear I really

branched out and it's like this beautiful autumn color I don't

okay so it's called Headbang if you're interested but I just think that it was

really pretty when I saw it in the store and I still think it's kind of more of a

neutral tone so it's beautiful and it's perfect for fall I feel like it goes

with this outfit really well and the other thing that I'm wearing that I

again I just got this last night I think is so pretty is this beautiful lipstick

by Buxom I'm actually going to do a "get ready with me" with this lipstick in the

future but not today I will save a lot of those details for

later but I just really liked this one because it was moisturizing and I

actually had a very specific color in mind when I was shopping in Sephora and

I like to shop at Sephora and try on makeup because I feel like there's so

many times I want to try on makeup and I just can't do that when I'm shopping at

you know bigger stores so this one was beautiful and I'm serious I shopped for

like two hours trying to find this color and I found

I'm so happy so I love those two colors together between my nail polish and my

lipstick even though it is a bit more dramatic than I've been wearing other

than that you guys today I'm wearing my necklace that was in my favorites video

this is my friend Rachel at her shop is Windblown Jewelry and I love to wear her

piece and it just seems to go with just anything I have trouble not wearing this

every day and then I'm just wearing my a couple rings so my Nisolo thick hammered

band it's brass and so is this my stackable wedding rings they're not my

actual wedding band because it's too loose on me but I love wearing the brass

pieces right now and then as you can tell I've got a little bit more brass

which is my Soko bracelets my Soko bracelets are really cool because they

have like diamond shapes and they also seem they're also like hammered

so that's really pretty so I'm just kind of playing with textures today and I

like to wear more brass pieces to make things shine up a bit and not be too

dull because I do like to wear a lot of neutrals and darker colors other than

that I think I want to just have a little bit of fun today I really do want

to go get coffee today so that's on my to-do list and I hope that you have a

really great day today I'll see you guys bye

For more infomation >> #OOTD No. 3 // The Garment Pop Up Shop | Dearly Bethany - Duration: 5:36.

-------------------------------------------

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My Froggy Stuff + Enchantim...

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Casamento - Duration: 5:23.

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Método 'A Venda': 2º passo (Verificação) | Jorge Cima | MySales #05 - Duration: 1:59.

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Be Somebody Nobody Thought You Could Be - Study Motivation - Duration: 10:03.

well for me I mean you visualize where you want to be and what you want to

accomplish and you kind of get lost in the process of day-to-day you know

grinding it out working pulling all nighters if you have to you know that this is

just about not losing vision and not losing sight of what you're what you're

trying to accomplish no matter what hurdles you have to go through so I

think that kind of relates to whatever you're doing whatever major

you've chosen or what you're interested in so for me and basketball and it's

about you know visualizing whether you write it down and put it on the wall do

something with what your goals are and get lost in the process of day to day

grind day to day getting better every single day asking questions aligning

yourself with people that have been through it before that are

experienced and leaning on that advice and just trying to outwork the next

person and that's the biggest thing something you said that you you're

reaching your peak do you think though you can still take it to another level

or do you think this is as good as it's going to get for you well I like to use

one quote that the limitations exist only in our minds and if you start using

imaginations then your possibilities become limitless so that's

that's kind of a mindset that I have I use my imagination I do see myself

achieving more I'm hoping I'm working hard on it and not only myself but the

entire team around me can I grow without legitimate suffering you cannot grow

without legitimate suffering rainbows follow storms my last book the

favorite chapter was loss creates leaders nobody woke up in the morning

said I want to start a Cancer Foundation people start Cancer Foundation's are

people whose lives have been impacted somehow by cancer rainbows after storms

intelligence can create huge profits and in fact you can actually make more money

being smart than you can being strong or fast

okay and so the importance of developing intellectual property cannot be

underestimated because I want you to think about something intellectual

property no one else can take that from you

point number one if you manage it right point number two it is constantly

evolving and it actually takes no capital if I'm going to go into real

estate business it takes me a whole lot of money to go

buy a building and get in the real estate business

intellectual property I just have to think through how it actually works and

then to develop it and that's what really launched me on the path to saying

you know what you know as good as I thought I was playing football and all

those wonderful things that my mom was was a wonderful governor to my ambitions

she said you were far better scholar than you are athlete which kind

of hurt my feelings at the time but she was absolutely right and I started to

turn my attention to what I call developing my mind some of the things I

contribute my success to believe it or not number one is failure I had always

wanted to be a lawyer and I failed the LSAT basically so Spanx would not exist

if I had not failed the LSAT and at that moment in my life it was the most

devastating thing but I have realized that failure is nothing more than life's

way of nudging you and letting you know that you're not on the right path so

here I am because of that and the second thing is visualization I visualized this

for myself when I was selling copiers door-to-door I had a very clear vision

of what my life was going to be like and I encourage everyone to do it take a

snap photo of what success looks like for you are you how many employees do

you have or how much are you making where do you live what are you sitting

at a table with world leaders are you standing on a stage in New York City

giving a speech and hold on to that that snapshot and you will subconsciously

start to make decisions that get you there and so my snap photo for myself

when I was going door-to-door to sell copiers was to be self-employed and then

to product that I could sell to lots of people and

not just one copier to each person and create a business for myself that would

continue to fund itself if I wasn't present I wanted money to be generated

without me having to be there I was that specific in my vision the third thing is

goal setting it sounds so cliche but it is so true the two things I want to say

about that is if you write your goals down it makes all the difference Harvard

did a study in 1973 they took the graduating class and asked how many of

them had goals a hundred percent of them had goals well they asked how many had

written down their goals upon graduation only 5% of the class had in 1993 20

years later they followed up with the class they found that the 5% that had

written down their goals 20 years prior upon graduating were worth more

financially than the other 95% of the class put together so I have always

written my goals down about what I wanted to achieve and I really attribute

a lot to that remember change your mind change your life everybody wants to

change life but you have to change your mind humans are different because we

have powerful minds and sometimes it gets us in trouble but if you pull it off

right it can bring you those things that you need in life those things that

you're missing you know everybody wants the good life like I say in my TEDx talk

everybody wants the good life but not everybody gets the good life because

most people aren't willing to do this stuff that it takes then I willing to

put in the time put in the grind I got into to Berkeley but I didn't get in

here and I was terrified of going to Berkeley because it was so close to home

and my parents what you know what we said about you being able

to pick where you go to school yeah as soon as you got into Berkeley that

choice went away you're going there and I made a deal with them that if I could

get into San UC San Diego would they let me go here this is where I wanted to go

it and my motivation was it was the best education combined with the best surf I

mean just being honest and I wrote a very earnest

letter of appeal and thank God I got in and the rest is the rest is is the

history that we're continuing to write yeah what what was the case that you

made do you remember yeah I promised that I would I would really buckle down and

put my head down why are you laughing my wife is laughing I made the

Dean's List in my freshman year I think I made it I think I made it once or

twice and then kind of fell from there but I promise to really devote myself

and make the most out of the education that I wasn't coming to party

that I wasn't coming just to screw around that if UC San Diego would give

me the opportunity I would really make something of myself at the school and so

that's you know thanks for taking a flyer on me and the lesson there just is

never give up never give up because if I went to Berkeley I don't think I would

have had the I you know that life is a winding path and I just don't think I

would have had the same interests and inspiration there that led me ultimately

to my idea for GoPro one thing I do really really know

now is how blessed I am to be working in this business and that you have to work

hard like freedom is on the other side of discipline and when somebody says I

want to play this role in my movie you have a great responsibility and it's just

bottom line for me oh yeah and from here on out and has

been for a while that is I will do everything I can for that so as long as

the opportunities come I will do my best and try my best to do the best that I

can do at that moment expect difficulties is something I think

everybody in this room has gotten into Harvard

some of you will probably are here snuck in but I don't care let's just say for a

point of argument that everybody here got into Harvard and you feel this

incredible pressure to succeed and I gave a speech here back in 2000 and then

at the end I said fame is a little like a white tuxedo it looks good or success

is a little like a white tuxedo it looks good but you're very afraid of getting

it dirty and it can inhibit you and I think I would tell my 19 year old self

that everything you're feeling right now I used to think that if I could look at

someone like myself I thought they had figured it all out and they were fine

and wouldn't it be magical if I could be have my own show and be funny and

everyone knew who I was and most people liked it that would be a great thing and

it would solve all my problems and I would like my future self to say that's

not the case it's actually day by day how you do your work how you conduct

yourself how you treat people you know what the joy you get out of your work

that that is far more important allow for mistakes allow for problems I've had

my career blow up on me about two different times and I'm still here and

very grateful and I learned a lot during those moments and

wouldn't really change a thing about any of it and you just have to be willing to

screw up and not freak out when you do screw up because you will screw up I

mean you're really going to screw up

For more infomation >> Be Somebody Nobody Thought You Could Be - Study Motivation - Duration: 10:03.

-------------------------------------------

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Vojtěch Benda: The gold hoard is a myth (Part 2) - Duration: 8:37.

Gold forms part of the central bank's reserves.

The CNB is often criticised

for getting rid of most of its gold reserves

in the late 1990s.

What led the CNB to make this decision,

and was it a mistake?

I wasn't in the central bank's management back then,

so I can't tell you exactly how the debate went.

However, the prevailing view in most of the developed world at the time was

that gold no longer has any real value for monetary policy-making

and doesn't perform the role of foreign exchange reserves in the true sense.

On top of that, it isn't liquid enough.

It's hard to sell – most of the time it isn't sold at all.

In addition, the costs of holding it are high,

as you have to pay a depository to keep the dust off your bullion.

The CNB wasn't alone in getting rid of its gold.

Other renowned institutions around the world, such as the IMF, did the same.

From that perspective,

it was an entirely logical step at the time

and there are no grounds to criticise it.

The arguments against

– for example that gold has strengthened in the meantime –

may be right, but stock indexes have gone up as well,

and bonds have also made a decent contribution to the growth

in the value of our reserves.

So from that point of view there's no reason to say

that selling gold was a fundamental mistake.

But why do you think that gold, or the sale of gold,

is such a sensitive issue for Czech society and the Czech Republic?

It's not just us.

A return to the gold standard was a vote-winner in the US presidential campaign, for example.

People still have the impression that the currency is backed by gold, by a metal.

We therefore need to ask: Why gold?

Why not tungsten, silver or some other metal?

Anyway, if we wanted the Czech currency to be backed by gold,

we would need around 600 tonnes to back the CZK 600 billion.

There wouldn't be enough gold to back all the currencies in the world.

That's why gold was abandoned,

because no one can sufficiently guarantee gold backing for the currency.

On top of that, if we wanted to keep a fixed ratio to gold,

it would tie the central bank's hands as regards monetary policy-making.

The amount of money in circulation rises as the economy grows,

so central banks would have to buy gold all the time to keep the ratio constant.

This post-WWII setup was abandoned in the 1970s

exactly because it proved unviable and unsustainable from the monetary policy-making perspective

So the monetary policy regime changed long ago,

but people's emotional ties to it linger on

as a relic of the gold standard,

which, as you said, was abandoned in the 1970s?

Yes, I think it's sentiment.

Another issue is what monetary policy should actually do.

What should the currency be stable against?

Should it be stable against a commodity – a metal or whatever else?

Or should it be stable against the basket of goods that people consume

– clothing, food, housing, fuels?

This is basically the concept we have today.

It's what we call inflation targeting, maintaining price stability,

i.e. keeping the value of the domestic currency very stable against the basket of goods that people buy,

so that inflation doesn't destroy the purchasing power of the currency and people's savings and wages.

The Czech National Bank currently has around 10 tonnes of gold in its safes.

Isn't that too little compared with other countries, for example the Bundesbank?

In addition, that gold is now being gradually used up to produce new gold coins.

Are you considering buying more gold as time passes?

Gold is what economists call a talisman.

It has talismanic value.

It's certainly true to say that for a large section of the public it is a guarantee

– albeit a false one –

of currency stability and exchangeability.

I wouldn't be against discussing this in the future.

In the right conditions we can increase the gold reserves or switch part of the forex reserves to gold.

Another issue is how much.

Even the most progressive investment strategies

– such as those applied to private investment funds –

do not advise investing more than a few per cent in gold, or commodities generally.

This is because commodity prices are unpredictable and their future is very uncertain.

From the investment perspective, it's much better to buy shares in gold-mining firms

than to buy physical gold directly,

because those firms are much better able to withstand commodity price swings.

The central bank currently holds a relatively large percentage of shares,

which are a much better investment than gold.

I'm not against discussing this in the future,

but there's no consensus on it among central banks either.

There are central banks such as the Bank of Canada which hold no gold at all.

It issues a reserve currency that is recognised internationally

– we ourselves hold it in our forex reserves –

and no one's bothered that it isn't backed by gold.

The currencies of Norway and Croatia aren't backed by gold.

Then there are countries that have very low forex reserves in gold, such as Hungary.

I can't see any great problem with that, and I don't think it would fundamentally change anything.

However, I wouldn't be against discussing a slight increase in forex reserves in gold

if it would boost the confidence of Czech firms and households in the domestic currency.

In the case of the Czech National Bank,

what do you think would be the maximum safe level of gold as a percentage of its forex reserves?

It shouldn't be more than two or three per cent of the total reserves.

Preferably lower, I think, because as I said earlier, commodities generally experience relatively high

and unpredictable volatility over their economic cycle.

Prices rise and then fall sharply again.

So from that point of view,

it's a potentially more profitable part of the forex reserves.

But from the perspective of the conservative strategy that the central bank should stick to,

it's an asset that is highly volatile and hence highly risky to our bottom line.

I'd therefore be very sparing with it.

If you were to express the maximum safe level in tonnes,

how many tonnes of gold would it mean for the Czech National Bank?

I can't work it out now, but it would be in the tens of tonnes.

Our forex holdings peaked in the 1930s at 100 tonnes of gold.

That was the peak.

For comparison, the famous gold hoard

that Czech firms and households gathered in collections

for the creation of the Czechoslovak currency

amounted to 300 kg of gold.

That's a fraction – around three-tenths of one per cent – of the total gold reserve at the time.

So it's a myth that the public created the central bank's gold reserve in a collection

after the establishment of Czechoslovakia?

It really is a myth.

300 kilos of gold – that's just a few bars.

It really wouldn't have been enough to safeguard the stability of the currency, or to back it.

The central bank subsequently bought gold on the markets.

It's a myth just like the one that the National Theatre in Prague was built on public donations.

It's also well-known that the biggest donors were the Czech nobility and the Habsburg court.

The gold gathered in those collections was returned after WWII as bullion,

so it's no longer in the form of rings and necklaces like it was between the wars.

Thank you for the explanation and for all your replies.

Goodbye.

Thank you.

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