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2023.05.30 14:03 AutoModerator [I HAVE] Iman Gadzhi Agency Navigator FULL updated course And 3,000+ MORE FREE courses

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2023.05.30 13:03 AutoModerator [I HAVE] Iman Gadzhi Agency Navigator FULL updated course And 3,000+ MORE FREE courses

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2023.05.30 04:41 jackie4CHANsenpai The bronze jade

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2023.05.30 02:46 Billsimmonstinycock The Phoenix Suns: A Supernova of Underrated Greatness!

Hey, fellow basketball disciples! Let's take a moment to appreciate the undeniable celestial force that is the Phoenix Suns. Brace yourselves for a cosmic journey through the untapped depths of NBA brilliance. Buckle up, because this post will be hotter than the surface of the sun!
First off, can we talk about Devin Booker? This guy is the embodiment of a basketball supernova. His scoring prowess is akin to the radiant energy emitted by a collapsing star. Booker's silky-smooth stroke is pure art, transcending the boundaries of mere mortals. No wonder he's the chosen one to lead the Suns' interstellar quest. If only he wasn't Luka's child XD
Next, let's hail the point god himself, Chris Paul. This man is the celestial conductor orchestrating the Suns' cosmic symphony. He's the maestro of alley-oops, the grand architect of the pick-and-roll. Paul's court vision transcends human comprehension, like an omnipotent being seeing all possible futures. Witnessing his basketball IQ is like glimpsing into the fabric of the universe.
Now, let's ascend to the realm of Deandre Ayton. This prodigious young big man is a basketball quasar, radiating untapped potential with every rebound and thunderous dunk. Ayton's gravity-defying leaps and monstrous wingspan are akin to the cosmic forces shaping galaxies. The rim quivers in fear whenever he's near, for he controls the very fabric of basketball's space-time continuum.
And how can we forget about the best endowed player on the team, Kevin Durant the lockdown defender with the wingspan of a pterodactyl, glides across the court like a shooting star streaking across the night sky. Imagine, if you will, a shooting star streaking across the night sky, leaving a trail of awe in its wake. That shooting star is none other than Kevin Durant, whose ethereal presence on the court defies human comprehension. His wingspan extends like the reaches of the cosmos, while his jump shot illuminates the court like a supernova. Durant's shooting touch is otherworldly, as if he harnessed the energy of distant stars to propel his ball through the net. His fadeaway jumpers are like shooting stars gracefully descending from the heavens, leaving defenders gasping in their celestial wake. His three-point stroke is akin to a comet blazing through the atmosphere, leaving opposing teams in its smoldering trail.Not to mention the absolute bombs he is dropping from deep, call him Barrack Obama!
Let's not overlook the guiding star of ~~Monty Williams~~ who fucking knows, ~~the mastermind coach who has molded this group of basketball supernovas into a cohesive force. His strategic brilliance is like the gravitational pull that keeps the Suns' galaxy in perfect harmony.~~
So, my fellow Suns enthusiasts, let us revel in the brilliance of this overlooked cosmic phenomenon. The Phoenix Suns are on an intergalactic journey to claim their rightful place among the NBA constellations. Brace yourselves for a supernova of success that will radiate for years to come!
Praise the Suns, for they are the stars that shine brightest in the NBA universe!

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2023.05.29 23:47 Huntersauros Clearly, Nick Nurse chose the better duo...

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2023.05.29 23:47 PatheticToxicity Kevin Li Magician Height, Weight, Net Worth, Age, Birthday, Wikipedia, Who, Nationality, Biography

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2023.05.29 23:44 PatheticToxicity Kevin Li Magician Height, Weight, Net Worth, Age, Birthday, Wikipedia, Who, Nationality, Biography

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2023.05.29 22:53 ctcx Is it a bad idea financially for me to buy a Tesla model 3? (Behind on retirement).

My main goals in life is becoming millonaire and having financial independence. 45, single (and will remain that way, no dependents), self-employed, 180k in savings, 143k in my SEP retirement plan (I am aware I am behind for my age, maxing it out now, contributed $47,542 last year but still behind for my age. So far this year I contributed $8,900 and I will most likely max it out once I do my taxes for the year). $2546 in a HSA. Total in assets $322,374.
I would be putting 18k down on the Tesla and paying $552 a month over 48 months at 5.59%.
Currently rent a studio apt in Los Angeles (my apartment has EV chargers) and may buy a condo next year or some time after that but not this year because I can't decide where to live. Zero debt. No credit card or installment loans, have excellent credit.
Income is different every month as I am self employed but haven't had a month under $15k before taxes in the last 2 years. In 2022 I earned 262k, 2023 is a lot less with $71,952 earnings from Jan - April with an average of $17,988 p/month. However, I also pay self employment tax, however I was minimize my taxable income and lowered by tax bracket last year by maxing out my SEP.
Major expenses are $2,200 rent and $600 a month for health insurance as I am self employed.
Reasons why I am hesitant towards buying a model 3
-Overall net worth is low at $322,374. I feel like I should wait until I have at least 400k or even 500k to be more financially "set" and "stable" before buying a new car.
- Still behind on my retirement account. I feel like the minimum I should have in my SEP by now is at LEAST $225k. I don't need 5x my current earnings as my earnings are high and I will need nowhere near that when I retire (I have no hobbies, don't like travelling etc).... but it seems a bad idea to buy a new car. I still will be able to max it out even after buying a new car but it feels like a bad decision? That money would be more in the future if I invested it in VTSAX etc after maxing out my retirement.
- Don't really NEED a new car as I work from home. I just kind of "want" a new car. My current car is a 2008 and runs good with 99k miles on it. I am just tired of it.
- It would take away money from buying a condo in the future. I live in LA and a tiny condo in the socal area is around 600k but I won't buy for at least a year if not longer because I can't decide if I even want to live in LA as I work from a laptop and technically can work anywhere.
- Won't be getting the $7500 tax rebate as the income limit is 150k per individual and my income is too high
- I have excellent credit but interest rates are high.
Is it a horrible idea for me to buy this car?

submitted by ctcx to FinancialPlanning [link] [comments]

2023.05.29 22:04 uozowskie Sou babaca por querer cortar relações com a minha melhor amiga?

Conheci uma garota pela net, nos damos bem logo de cara e nos falavamos 24h por dia, era muita coisa em comum, idade, senso de humor e gostos pessoais. Energia bateu de cara (sempre a mesma história, clãkkkk) eu ja namorava, mas a relação que eu tinha com a menina da net (vou a chamar de Kelly) era só amizade mesmo, nada além, amava muito minha namorada, mas no final do ano seguinte terminamos por outros problemas.
eu falava sobre tudo com a kelly, o que era estranho pra mim pq nunca me abri com ninguém, acho que o que facilitou foi o fato dela morar muito longe, enfim. o tempo foi passando e eu senti que ela tava se distanciando, então fiz o possível pra fazê-la ficar, dar mais atenção e etc, mas não tava funcionando. Nos conhecemos em 2019, 2019 foi perfeito, 2020 também (ano que me apaixonei por ela, mas não demonstrei nada pra n prejudicar a amizade) mas ja no finalzinho de 2020 eu senti uma mudança bem de leve, que foi se intensificando mais e mais, ela demorava pra responder, quando respondia era uma coisa nada a ver com as mensagens que eu enviava, me ignorava e depois voltava como se nada tivesse acontecido, mas de tempos em tempos ela mandava um textao dizendo que me amava e pedia desculpas pela ausência e dizia que ia mudar, mas era de boa, ja que a gente sempre teve amizade, não era webnamoro nem nada, nunca esperei mais que amizade, no máximo um flerte na zoeira. Ela não agia de forma constante, eram picos, parecia outro personagem, uma hora eu falava com a kelly de 2019 super atenciosa, fofa e engraçada, mas depois falava com uma menina indiferente.
Com o passar do tempo ela tava ficando mais tempo com o personagem da kelly indiferente do que com a kelly de 2019, a frequência da alternância só ia diminuindo. enfim, no final de 2021 chegou em um ponto onde eu abri o jogo e perguntei se ela tava passando por algum problema e que eu não tava curtindo muito a situação, tava bem chato e cansativo, e mais uma vez ela se desculpou e disse que ia tentar mudar e realmente mudava, durante um tempo e logo em seguida tudo se repetia.
Em 2022 tinhamos uma relação muito diferente de quando a gente se conheceu, mas ainda sim nos falavamos diariamente, sempre a mesma coisa, às vezes a Kelly de 2019 e depois a kelly indiferente, onde não era nem considerado uma conversa mesmo, de vez em quando parecia que só me respondia por educação, aí comecei a deixar pra lá, deixei de dar a mesma atenção de antes, nessas horas ela voltava e dizia que tava com saudades, eu não era idiota ao ponto de nao perceber que eu era meio que o massagista pessoal do ego dela, pq não querendo me achar nem nada, mas eu me considero uma pessoa muito atenciosa, o que sempre me confundia e o que me impediu de tentar pular fora antes, é que às vezes ela era muito fofa, falava coisas bonitas, textos que demonstravam realmente me conhecer, coisa que ninguém nunca fez por mim. eu ficava bastante confuso então em junho de 2022 abri o jogo de novo e perguntei se ela queria dar um tempo na amizade, tipo, se afastar um pouco, ter tempo pra ela e eu pra mim e que eu realmente achava muito desgastante a situação e por mim tudo bem se ela quisesse se afastar um pouco, e que eu pararia de mandar mensagens e etc. ela se desculpou por eu me sentir assim e mandou um textao dizendo que eu era a última pessoa que ela iria querer se afastar e etc. depois agradeceu por eu ter falado pq é importante sempre conversar sobre os problemas etc. Seguimos, mas novamente voltou a ficar estranho. enfim, no final de 2022 eu parei pra pensar se eu realmente ainda gostava dela ou gostava só das lembranças boas que tenho com ela e que isso que não me deixava seguir em frente, desde então tomei uma boa distância, nos falamos no máximo 3 vezes por semana e não é nem conversa, troca de mensagens aleatórias mesmo, e eu não inicio mais as conversas e não falo sobre meus problemas ou coisas um pouco mais pessoais, ela percebeu que eu me afastei mas não toca diretamente na ferida, mas diz que ta com saudades, eu só digo que também e não me aprofundo, ja apaguei o número dela, o que me impede de mandar mensagens pra ela a não ser que ela me mande primeiro.
Sinto que seria melhor se parassemos de se falar. eu gostava muito dela, então era meio que impossível eu tentar pular fora antes, mas foi ficando cada vez mais fácil conforme eu via as atitudes dela. é injusto dar o máximo pelo mínimo de alguém. Esse ano ela começou a namorar, assim que vi a foto da notícia doeu um pouco, mas logo em seguida me senti "livre", não sei se ja se sentiram assim, eu sei que isso ajudou a facilitar o processo de "desapego". já pensei várias vezes se eu tô exagerando com tudo isso, criando tempestade em copo d'água com o fato de querer cortar relações com ela, também não acho que ela começou a se afastar pq percebeu que eu tava gostando dela, eu realmente nunca deixei transparecer, era relação de "broder" mesmo, a gente se zoava, fazíamos planos malucos e coisas do tipo, e mesmo assim, se fosse isso, pq ela continuava falando comigo, nunca deixou eu me afastar, sempre dizia que me amava, mandava coisas fofas e até flertes? sei lá. acham que eu tô exagerando com tudo isso?
acho que falei tudo, mas não sei se consegui passar a visão completa de tudo pra vocês.

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2023.05.29 21:32 xof711 Tether CTO Paolo Ardoino Outlined The Company’s Vision & Strategy

Last Week, In A Conversation With Crypto News Outlet The Block, Tether CTO Paolo Ardoino Outlined The Company’s Vision & Strategy - Here are key insights from the conversation
55% of USDt is deployed on Tron: Ardoino was asked why he believes the Tron blockchain hosts over half of the USDt supply, the Tether CTO pointed to lower transaction fees on the network. Paolo noted that Ethereum, which hosts 43% of the stablecoin’s supply, has transaction fees surges resulting in prohibitively expensive fees for some users.
Tether does not plan to purchase any digital asset beyond BTC: Earlier this month, Tether announced intentions to invest up to 15% of its net realized operating profits in BTC. In Q1, Tether reported USD 1.48B in net profit. The purchased BTC will be considered ‘on top of the minimum reserves assets’ backing USDt. The firm currently holds USD 1.5B worth of BTC. Paolo responded that BTC has unique regulatory clarity with ‘regulators around the world’ agreeing that the token is a commodity. Ardoino also pointed out that BTC is the only asset that has ‘super deep liquidity during the worst times of crypto finance like 2022.’
The CTO pointed out that in 2022 Luna Foundation Guard, the organization tasked with maintaining the now defunct algorithmic stablecoin UST sold BTC 80,000. He also pointed to BlockFi and Celsius bankruptcies, noting that ‘everyone was selling BTC.’ ‘The liquidity was there’ under the conditions, which is unique to BTC compared to other assets in the space. According to Paolo, ‘institutions were stepping in and buying this cheap [BTC] from the market’ and that he cannot say that ETH has the same type of deep liquidity.
Tether’s performance allows the firm to diversify investments in the crypto space: According to Paolo, in the ‘next period,’ Tether will diversify beyond the ‘pure stablecoin offering and become more of a round tech provider that requires expertise in many important fields. So energy, communication, and financial infrastructure are going to be the key of the next six to 12 to probably 48 months.’
Asked if Tether can be more involved in the venture capital market, Paolo responded the firm has an extremely conservative investment ethos, but that there are interesting companies. Paolo notes that Tether is looking at firms that share its philosophy on strategies such as lean headcount. Tether, according to Paolo, is avoiding investing in firms that hire aggressively during bull runs and let go of staff during bear markets.

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2023.05.29 19:59 Sentimetre International Student Wanting to Know How to Estimate Financial Aid Packages

So I'll be applying for undergraduate this fall and I need to shortlist the universities I'll be applying to. Affordability is the main issue. Here are the observations which I've had after my research.
1) There are practically zero financial aid calculators available for international students from any university. Therefore there is no way to estimate how much the net price would be. Similarly there are no EFC calculators available for international students as well.
2) Public universities provide internationals with no financial aid at all therefore only private universities are to be considered while applying.
3) Need aware private universities seem to follow a trend. For a university that is mid ranked and somewhat possible to get into, the amount of financial aid is also very low (due to its ranking and subsequently the small amount of funds it has). But for universities that give larger amount of financial aid, they are not possible to get into. This again doesn't solve the problem rather adds to it.
4) Same goes for need blind private universities. They are extremely hard to get into.
5) Liberal art colleges are also extremely competitive and their STEM degrees don't have alot of value in the industry, therefore they are not worth the effort.
6) Need aware universities have a very vague way of writing their financial aid policies. Sentences like "We meet 100% demonstrated need of all our international students" aren't really helpful. Nowhere do they mention how they calculate the demonstrated need, nor do they mention how much weightage they give to financial need while determining whether a student is accepted or not.
7) There is a lack of platfroms and resources on the internet where useful, helpful and factually correct answers to questions on these topics for international students are available. For example, most indexes including Forbes, Niche etc. only provide average net price and financial aid grants from data by US citizens only which of course is meant for them only and holds no relevance for international students.
8) There is also a lack of clarity as far as scholarships for international students are concerned. What I have figured out is that nearly all universities put all their international applicants in the scholarships pool except some, which have one or two scholarships reserved explicitly for US nationals. The merit critera for attaining merit based scholarships is also not specified and the fact that it varies for every university complexifies the problem further. Therefore without this data present, once again it is very hard to determine how much money we would save from the COA.
I understand that universities calculate our financial aid packages seperately because we have different currencies, tax laws and documentations so we cannot be put into US applicant pool. I also agree that universities do inform us of our packages in time to make our descisions accordingly. However there is no way of determining this beforehand and I believe that it is absolutely required because it makes it easier to choose which universities we should be applying to in the first place.
We all know that applying to a university is not a small job as there are multiple essays to be written and other aspects to be sorted out therefore forming a precise list before hand can really aid to this process. Contrary to what the average american might think, net price of attendance for me is a bigger factor than the repute or the ranking of a university, its location, its enrollment size and its sports capability etc. Obviously, I do have dream schools and want to study in good universities (that is why I (we) apply to USA in the first place) but then again, I give more weightage to cost over these things while choosing our universities.
Keeping these problems in mind, can anyone here recommend the best possible course of action to determine atleast a ball park estimate (to the nearest $5000) of how much a university will cost me. (or international students generally) This entails determining the amount of aid need aware universities give to international students. For those wondering, no, loans are not an option for me.
(This sounds more like a rant, but believe me, it isn't. These are just real problems being faced by a large community of students. I am only posting it here because maybE these problems will be solved.)
Thank you for helping out!

submitted by Sentimetre to ApplyingToCollege [link] [comments]

2023.05.29 19:51 CivilizedPsycho [Spoiler: FFXIV] A comprehensive list of all Final Fantasy IV references in Endwalker, from 6.0 to 6.4!

Final Fantasy IV is my favorite game of all time, so when they announced some things in this expansion would be based on FFIV, I was starstruck. As I played through Endwalker, I tried to take note of any reference I could find. If I missed any, please let me know!

General:

Lunar Whale Mount (Digital FanFest/Mogstation), which plays re-orchestrated version of the Lunar Whale theme from the game.
Rosa, Rydia, Edge minions (Digital FanFest/Mogstation)
Palom Minion (Pre-order Bonus)
Porom Minion (Collector's Edition Bonus)
- Palom and Porom have an interaction based on the hallway scene from FFIV
The promotional Warrior of Light, who was a Dark Knight in Shadowbringers, has changed into a Paladin, just like Cecil Harvey.
The Endwalker poster shows the promotional Warrior of Light in the same exact pose as Amano's Cecil artwork.

Tower of Zot:

This dungeon shares its name with Golbez's base of operations.
Likewise, the dungeon music is a new version of the tower's theme in the game.
The large mob, "Armored Fiend", is based on a monster with the same name in FFIV's Lunar Subterrane.
The bosses "Minduruva," "Cinduruva," and "Sanduruva," also known as "The Magus Sisters," first appeared in FFIV's Tower of Zot, and their designs in FFXIV are heavily based on the original Amano artwork for FFIV's version. Their original names are "Mindy," "Cindy," and "Sandy."
- The animations when each sister casts spells are the same as in FFIV - a green burst for black magic, and a ring of white cubes for white magic.
  - Turn up your sound effects! They also use the OG sounds!
- The fight uses similar mechanics to the FFIV fight - Cinduruva will revive Minduruva and Sanduruva if they are defeated first, they utilize reflect, and when all three are alive, will use Delta Attack.

Garlemald:

"The Eblan Rime" area is named for the Kingdom of Eblan, Edward "Edge" Geraldine's home.
The Level 90 S-Rank Mark "Armstrong" is the recolored version of the previously mentioned "Armored Fiend", specifically named for the FFIV: The After Years enemy.

Tower of Babil:

This dungeon shares its name with the tower in FFIV, and similarly shares a strong connection to the moon.
The first boss, Barnabas, and the NPC with him, Dr. Lugae, are bosses within FFIV's Tower of Babil.
- Barnabas mistakenly attacks the Doctor before attacking the party.
The second boss, Lugae, is the robotic/fiend version that shows up after defeating the Doctor.
- During the Lugae fight, Mini and Toad transformations are required - two of the three transformations prevalent in FFIV (I wish they would have included Piggy)

Mare Lamentorum:

The Watcher seems to be based on Fusoya, who is known as "The Watcher of the Lunar Sleep". Both live on the Moon and wear long starry robes.
The giant face on the moon where the entrance to Smileton is a reference to the stone face on the moon in the original game. In the GBA/PSP versions, it is the entrance to the Lunar Ruins. In the 3D version, it is where you fight Proto-Babil.
The Level 90 A-Rank Elite Mark "Mousse Princess" is based on "Flan Princess", which first appeared as a rare enemy in FFIV's Lunar Subterrane.
The mob "Mousse" is based on the "White Mousse" enemies on the moon in FFIV: The After Years
The mob "Dynamite" may be based on the "Balloon"/"Dark Grenade" monsters on the Moon in FFIV.

Bestways Burrow:

Loporrits are based on Hummingways, the race of rabbits that live on the moon.
In the 2D versions of FFIV, the character Namingway's role was to rename player characters. Because voice acting was added in the 3D version, he could no longer fulfill this role, and took on several other names throughout the game. Most of these names are taken by Loporrits: Mappingway, Livingway, Recordingway, Campingway, Puddingway, Mopingway
- Another, Going-my-Way, is involved in a Bestways Burrow sidequest.
- The landmark "Lovingway's Darlings" is also a Namingway alias.
- Later, in Old Sharlayan, two more of these names are used: Cheatingway and Jammingway.
  - IF ANYONE FINDS HUMMINGWAY, or WEDDINGWAY, PLEASE LET ME KNOW!
In FFIV, most Hummingways can't talk and instead hum a tune. The sound heard when talking to many Loporrits is that same tune. You can do the hum during the MSQ too!
The Final Fantasy victory theme that plays when meeting Loporrits seems most similar to FFIV's instrumentation.
The area music is the FFIV Town Theme (Welcome to Our Town)
The battle music in the area is the FFIV main battle theme.

Labyrinthos:

The Lalafell engineer Kokkol is named for the blacksmith Kokkol.
The "Kokkol's Forge" landmark is named for the location in FFIV's Underworld.

Ultima Thule:

The Dragons near the first Aethryte appear to be Mist Dragons, the summon used by Rydia's Mother (and previous boss in XIV in the dungeon "The Burn")
FFIV is full of characters sacrificing themselves to help move Cecil and his party forward - the Scions sacrifice themselves throughout this zone to move the WoL forward.

The Final Day (Trial):

The trial's arena is a flight through space, very similar to the Zemus/Zeromus fight. Some attack sound effects are also similar.
Halfway through the fight, the party seems defeated, and the prayers of friends saves the team and pushes them to fight the final phase. This happens during the final fight of FFIV as well.
Meteion may be based on Maenad from FFIV: The After Years.
- Both are part of a hivemind of identical young girls
- Both are sent to other worlds by their creators
- Both struggle to understand humanity and appear throughout the world leaving destruction in their wakes (the big difference is that one struggles to feel, and the other feels too much).
- One last survivor of their kind is left and they return to the world with a new outlook and a new lease on life (Meteion as the bluebird and the young Maenad "Cuore", who is taken in by Rydia and Edge).
  - Big thanks to u/Baithin for this theory!

The Stigma Dreamscape:

The constant references to "4" may be a reference?

Other:

"Moonward" gear (Level 90 tomestone gear) is based on FFIV characters.
- Fending is based on Cecil
- Scouting is based on Edge
- Aiming is based on Edward
- Casting is based on Rydia
  - Since someone points this out every time - Healing is technically Rosa's color scheme, but it's still Rydia's outfit, and Maiming may be Dark Knight Cecil's or Kain's color scheme, but still Paladin's outfit. All of the sets are based on the four characters above, but only the four above are the correct color schemes for those characters.

POST 6.0:
Patch 6.1:

The "Knight in Black" scene is preceded by a bump that says "Meanwhile, elsewhere..." which is text used in FFIV whenever the game shows events not involving the party, usually Golbez.
The Knight in Black is revealed to be Golbez in 6.2. His armor matches Amano's original art and "Somewhere In The World" plays throughout the scene. Golbez is also referred to as "Man in Black" in the game.
He speaks with four unseen characters, referred to as "Throne of Earth/Fire/Wind/Water" - which are presumably the four Elemental Fiends, Scarmiglione, Rubicante, Barbariccia, and Cagnazzo.
- The "Throne of Earth" character speaks like Scarmiglione, with elongated S's.

Patch 6.2:
The Fell Court of Troia (Dungeon)

Troia is the matriarchal kingdom in FFIV, inhabited mostly by women, that practices fairly strict neutrality/pacifism.
The music that plays is a much slower, sadder version of the town's theme.
The arena for the second boss fight is a throne room. It has eight fire cauldrons, and the ceiling has eight points - possibly referencing the 8 Epopts of Troia (the matriarchal rulers).
The arena for the final boss is "The Garden of the Epopts"
Scarmiglione is the final boss, with an appearance much closer to Amano's original artwork.
- He starts the fight by back-stabbing something. In FFIV, his second fight is a back-attack.
- He summons a horde of zombies. In FFIV, his first fight is with a horde of zombies.
The FFIV Boss Battle theme, "Battle 2", has been re-orchestrated and plays throughout the fight.
The FFIV battle transition sound effect in the trailer is taken directly from the original game.
Golbez has officially been named! Scarmiglione refers to himself as one of Golbez's "Circle of Four"

The Fell Court of Troia (Area)

When Y'shtola gives the Dark-Robed Voidsent her name "Zero", the music that plays is a re-orchestrated and expanded "Sorrow and Loss" - the song that played during all sad scenes in FFIV. It is also known as Cry in Sorrow and Theme of Sorrow. It is a sad version of the Main Overworld Theme. (Will Zero be Zeromus?!)
Scarmiglione returns for a second fight in a solo instance. In FFIV, you fight him twice.
- His call to his minions to: "Come, feassst upon their flesh!" is a reference to his line in the game: "My undead children hunger to feassst upon your flesh! "
- His line "You will tremble before my true ssstrength!" is a reference to his line in the game: "Impressssive...But my true ssstrength lies in death! And now, you shall join me in it! "

Zero's Domain:

Sorrow and Loss continues to play as the area theme.
Common monster-types from FFIV appear in this area, including Mindflayer and Flan.
Ciriatto is terrified of Barbariccia, the Archfiend of Wind. This is the first reference to her.
- Not specifically FFIV, but worth noting: Calcabrina, Scarmiglione, Cagnazzo, Barbariccia, Rubicante, Ciriatto, and Farfarello are all from Dante's Inferno. Farfarello is an enemy in FFV.
Barbariccia appears. Her body is more covered than previous depictions.
Some believe that Zero's Domain is based on the town of Baron, with Zero's house being where Rosa's house would be. I don't personally see it, but I'm putting this here just in case.

Nisroch/Storm's Crown:

The theme in this area/trial is "Battle with the Four Fiends", which in FFIV plays when battling any of titular fiends. It is also known as "The Dreadful Fight."
Barbariccia is the boss fight, and uses haiwind themed attacks. The tornadoes she summons are similar to her tornado attack in FFIV.
Estinien's line before the fight "You're not the only one who can ride the wind!" is a line spoken by Kain to Barbariccia just before her boss fight in the 3D remake as well as Dissidia. The line was originally "Think you're the only one who can fight in the air?" in the SNES version and later versions of the game replaced it with "Let's see about that."

Patch 6.3
Lapis Manalis:

The first "Dated Records" references the "Geraldines" as a thorn in the writer's side. Edward "Edge" Geraldine is the Ninja from Eblan, as mentioned earlier.
- The note also mentions that the Geraldines are trying to take their supplies. Edge can use the Steal ability.
Cagnazzo is the boss fight, with an appearance somewhat closer to Amano's art, although he stands upright instead of on all fours.
His giant wave attack after the DPS check is similar to his primary attack in FFIV.

Mount Ordeals:

This is the location in FFIV where Cecil fights Scarmiglione, thenovercomes his darkness and becomes a Paladin.
- In the remakes, there are bonus trials here for other characters.
- Zero's decision on Mount Ordeals to fight with the WoL and his friends and no longer require payment may be her version of "overcoming her darkness."
Rubicante is the trial boss, and just like the others his appearance is very close to his original Amano artwork
- Rubicante's dialogue suggests that he respects you as a warrior, a character trait he also had in the original game.
- His "inferno" ability is one of his attacks in the game.
An alternate, lyrical version of "Battle with the Four Fiends" plays during this fight. This was written by Kenichi Maeyamada (aka Hyadain) and is based on his fan cover version from 15 years ago. The lyrics have been changed, but the instrumentation is identical.

Patch 6.4
The Aetherfont:

The final boss is Octomammoth - the third boss in FFIV (second if you don't count the Captain), fought after rescuing Rydia and meeting Tellah.

Another Moon:

"Another Moon" - A eerier version of the song of the same name that plays on the surface of the moon in FFIV.
This moon's surface is red, a reference to the Red Moon of FFIV (the game has two moons.)
During the flashback sequence, Durante mentions visiting "his majesty in Baron" - Baron is the kingdom in FFIV that Cecil (and Rosa/Kain/Cid) are from, and the events in Baron are the catalyst for most of the story.
- Durante's appearance might be referencing how Golbez looks without his armor from FFTAY.
Azdaja is turned into Shadow Dragon - Golbez's companion in FFIV.

Voidcast Dais:

Golbez is the trial boss!
"Voidcast Savior" - A remix of Battle with the Four Fiends, FFIV Main Theme, the Final Fantasy Prelude, and the Final Fantasy Prologue. (IT'S SO GOOD)
The black sword he wields is a reference to the Ebony Blade - the weapon equipped by him in flashback scenes in The After Years (obtainable in the present by unequipping it in flashbacks.)
Golbez's "Binding Cold" attack is what he uses to paralyze the party during their encounter with him in the Dwarven Castle.
The attack "Black Fang" is an attack that Shadow Dragon uses in that same battle to kill off each party member one by one after Golbez uses Binding Cold.
The elemental aspects of this fight as well as the poses Golbez takes are references to his role in Dissidia.

Post Trial:

Z E R O M U S HAS ARRIVED. He is the final boss and ultimate mastermind of the events of FFIV, shown here in his cloaked form. It seems we've skipped his Zemus form.

Post Quest:

The Golbez we fought is implied to be Durante in Golbez's armor, fighting in Golbez's honor. This supports the previous note that Durante's appearance may be based on the FFTAY Golbez's armor-less appearance.

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2023.05.29 18:41 earththejerry Streaming is ultimately more important than theatrical box office

I feel like people are just skipping over the entire analysis and thinking I’m saying !!!!!no more theatrical releases, everything to streaming!!!!! I AM NOT, I’m making the case that media companies need to develop streaming because subscription revenue is the only thing that can remotely come close to replacing the collapsing pay TV hole, which makes up the vast majority of their revenue pre and post-pandemic, which is why they had their streaming strategies in the first place. Theatrical box office is too turbulent, comparatively small, and slow-growth for it to be the sole revenue earner
And yes, streaming is losing money now, and will likely never be as lucrative as the money from $130/month cable bills that Disney and NBCUniversal extract, but pay TV isn’t coming back and that’s why these companies need streaming on top of theatrical releases to save their business models, doesn’t mean they will succeed, but this post is an window into why they’re doing it
I see a lot of posters here criticizing Disney’s, and other studios’, streaming strategies as short-sighted and stupid, and a net negative for them in the long-run, from too many projects diluting franchises to making people less likely to go to theaters. Many studios have also recalibrated from their initial streaming wars ethos (like Warner’s HBO Max same day move to tweaking with the release window) and have recommited to theaters. However, here’s a few points on why ultimately, streaming is much more important for the studios:
As we all know, the major studios are owned by giant conglomerates on top, Disney, Comcast, Warner Discovery, Sony, Paramount Global etc. And sifting through their annual reports, you’ll see that their film studio division, which often already includes non-theatrical businesses like TV production and licensing, is a small, albiet famous, part of their business
At its 2019 peak, Disney’s global theatrical revenue still “only” made up 6% of its annual revenue, while the entire studios division was at 16%, dwarfed by its Media Networks (ESPN, ABC etc,) division. Universal’s entire studio division made up 8% of Comcast’s revenue (its cable, Sky, and NBCU network businesses took the bulk), Warner Bros. (including gaming, licensing and TV production etc.) took up 30% of Warner Discovery’s revenue, the rest are from the CNN, Turner, and Discovery cable networks, and Paramount’s film business only made up 10% of Paramount Global’s revenue, the rest are from CBS, MTV, BET, and whole bunch of international networks no Americans care about
The fact is, theatrical releases have cultural heft, and provide top content and IP for a conglomerate’s TV, licensing, and theme park divisions, but the future of these companies absolutely rely on their TV networks, and by extension, the streaming model that they hope can replace their TV networks
ESPN, at the height of the cable bundle, brought in close to $9 billion a year for Disney on retransmission fees from pay TV providers alone, and that’s not counting ads revenue. The collapse of the pay TV bundle is on top of Disney’s mind, as well as Wall Street’s. Streaming was seen as the savior but the fragmented and loss-making nature of the market simply does not allow for these services to make up for the pay TV losses
Look also at Paramount in 2022, one of its most successful year, from absolute blockbuster Top Gun 2 to smaller hits like Sonic 2, Smile, Scream etc. Yet its stock declined more than other media companies all while media stocks are already downtrodden, it’s now below $10B in market cap while its predecessors Viacom and CBS were worth $35B pre-merger, despite big movies like Mission Impossible coming up.
Small studios like Lionsgate, even at its box office height, also never overtook these media companies in market cap, because no matter how successful Hunger Games and Twilight were, the up and down nature of the movie business is simply no substitute for the stable pay TV money, which Lionsgate didn’t own, and it would be impossible to scale to Disney or Comcast’s heights with box office revenue alone. Same goes for Chinese film studios like China Film Group or Bona, they have giant hits year after year, yet market cap wise are dwarfed by American media conglomerates
Theatrical revenue also won’t grow much, not even because of COVID, but simply because the media industry is so much more complex and entertainment options from shortform video to gaming are so much more varied in this day and age, even China’s theatrical market is seeing slow growth.
As mentioned above, movies are important to these companies and provide cultural significance and IP for the rest of their empires, but figuring out, successfully or unsuccessfully, how streaming can make up for the pay TV collapse is actual life-or-death scenarios of these media conglomerates
Again, this isn’t an endorsement of the execution of their streaming strategies or a putdown of theatrical windows, but rather to provide some context on why so many studios rushed into streaming and continues to put significance behind their strategies. Obviously a sub called boxoffice will focus on the box office, but some recent discourse seems to waaaay overvalue the importance of box office to studios’ parent company’s parent company

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2023.05.29 18:35 versedhelplessness Kevin Mglej Wikipedia And Age: Family And Net Worth

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2023.05.29 18:33 versedhelplessness Kevin Mglej Wikipedia And Age: Family And Net Worth

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2023.05.29 18:24 Resident-Buy6830 Kevin Mglej Wikipedia And Age: Family And Net Worth

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2023.05.29 18:24 Resident-Buy6830 Kevin Mglej Wikipedia And Age: Family And Net Worth

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2023.05.29 18:24 Resident-Buy6830 Kevin Mglej Wikipedia And Age: Family And Net Worth

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2023.05.29 18:24 Resident-Buy6830 Kevin Mglej Wikipedia And Age: Family And Net Worth

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2023.05.29 15:47 PatheticToxicity Kevin Li Magician Height, Weight, Net Worth, Age, Birthday, Wikipedia, Who, Nationality, Biography

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2023.05.29 15:42 PatheticToxicity Kevin Li Magician Height, Weight, Net Worth, Age, Birthday, Wikipedia, Who, Nationality, Biography

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2023.05.29 14:01 spunchy M&B 2023 Lecture 4: The Money View, Micro and Macro

For our schedule and links to other discussions, see the Money and Banking 2023 master post.
This is the discussion thread for Economics of Money and Banking Lecture 4: The Money View, Micro and Macro.

The settlement (survival) constraint says you have to meet your cash commitments as they come due. This lecture explores the settlement constraint from multiple perspectives.
We can disaggregate assets into time patterns of future cash inflows, and liabilities into time patterns of future cash outflows (commitments). If your cash inflows are insufficient to cover your cash commitments at any given moment, then the settlement constraint binds, and you're dead.
The settlement constraint can be relaxed from above but not below. The payment system is a credit system. By relaxing our settlement constraint, economic units (agents) above us in the hierarchy can allow us to expand credit to make otherwise-impossible payments.
Mehrling introduces the "sources and uses" notation, an analytical tool that helps us match up cash flows with different liquidity categories: monetary, funding, and market.
This Lecture connects with Hyman Minsky's cashflow-oriented view of the economy, which we will discuss on Wednesday.
Note: The link to the Fed release in the lecture notes doesn't work anymore. Here's the latest version (Fourth Quarter 2022). The sources and uses matrices are on pages 1 and 2 (color-coded red).

Part 1: FT: Dealer of Last Resort

FT Article: QE would be right for Europe, too

When I heard the news of another round of quantitative easing in the US last week, my first thought was that Mario Draghi should have done the same. Instead, the president of the European Central Bank opted for a conditional bond purchasing programme with an uncertain start date. In the meantime, the eurozone’s faltering economy needs a much more determined monetary stimulus, and it needs it right now.—QE would be right for Europe, too

The idea with dealer of last resort is that the central bank offers to buy an unlimited quantity of an asset at a particular price. This installs a floor below which the price cannot go—and hence a ceiling on the yield/interest rate. In the fall of 2012, the ECB is announcing its Outright Monetary Transactions (OMT) program, which offers to buy the sovereign debt of European member countries that need help—possibly Italy and Spain.
This is the "monetizing government debt" operation we've seen before.
https://preview.redd.it/prt8l004ws2b1.png?width=714&format=png&auto=webp&s=d2ddcd4b04bd5a679f2fd22b3a7c88564e770dc6
The problem with the OMT program is that it only backstops sovereign debt if the countries ask for it and if they agree to certain conditions. But it can be problematic to ask for help. So the question is whether the OMT will have its desired effect if it never gets used/activated. Nearly nine years later, I think the answer is: partly.
Although the announcement of the program did help drive down interest rates, as far as I can tell the ECB has still never actually done any OMT purchases. Here's a Bloomberg article from 2020.

ECB’s Pandemic Program Means Most Powerful Tool Stays in Reserve

As of last year, Mario Draghi is now Prime Minister of Italy.

Part 2: Reading: Hyman Minsky

As we'll see in the reading next week, Minsky thought about the economy in terms of cashflows. His financial instability hypothesis was based on the idea that the financial sector becomes more brittle as it becomes more difficult for everyone to line up their cash inflows with their commitments—the "survival constraint" binds more tightly.
This can all happen without anyone becoming insolvent at any time.

Part 3: Payments: Money and Credit

In a "pure money" system, nobody ever borrows from each other. People make payments only by passing back and forth money assets. Whether that money is represented as physical coins/tokens/notes or merely as entries on a balance sheet, it's something that the people spending the money can't create more of.
https://preview.redd.it/2c18yui6ws2b1.png?width=655&format=png&auto=webp&s=2e586f87ce8ed375c21615ffaecd38e3eb5321fb
Such a system is, of course, impossible. People will always find ways to borrow from each other to introduce elasticity.
On the other end of the spectrum is a "pure credit" system:
https://preview.redd.it/fatx72q8ws2b1.png?width=716&format=png&auto=webp&s=91f4d751a4716b82b1b339d49c72bcc112b067d0
The above balance sheet shows payment by issuance. This creates a new IOU from the buyer to the seller of the goods. This expands credit in the economy.
There's also payment by set-off where the buyer crosses off a debt owed to him by the seller. This contracts credit.
https://preview.redd.it/biuna09bws2b1.png?width=739&format=png&auto=webp&s=e014786b164f28cba54cd5c3e70f5932a261f77a
And, for completeness, we can imagine the buyer taking on a liability that was previously owed by the seller. Credit neither expands nor contracts. This is payment by novation.
https://preview.redd.it/b0gjwztdws2b1.png?width=708&format=png&auto=webp&s=00586607d20d988ebe14024c1a2b8645b833bbc4
In the credit payment system, the quantity of outstanding credit increases and decreases as payments are made. That means the quantity of assets—and liabilities—expands and contracts. In the real world, there's both money and credit. Holding a buffer of money reserves allows us to make payments without lining them up perfectly against cash inflows.
Money is credit that's issued above you in the money-credit hierarchy. Banks, who sit above you in the hierarchy, create elasticity by swapping their liabilities for your liabilities. What's money to you (bank deposits) is a form of credit from the perspective of the banking system.
https://preview.redd.it/gxppa00hws2b1.png?width=811&format=png&auto=webp&s=8aaebbad8b15e10a0c6553c7cf357c647acd0c14
Notice that by using a bank as an intermediary, the overall payment system still behaves as a credit system. You pay using something that looks like money to you, but the bank created that money as credit.
On his BU site, Perry links to two helpful YouTube videos by the Bank of England:

The first video explains that money is a special form of generally acceptable IOU. In today's world, instead of being directly redeemable for something like gold, the central bank does other things to ensure the integrity of the monetary standard and to manage the stability (or instability) of the credit superstructure that rests on top of it.
The second video discusses "endogenous" money creation, narrow money versus broad money (hierarchy), and the effects of quantitative easing. Even for the "narrow money" issued by the central bank, they don't get to choose how much of it they issue. It has to endogenously adjust based on what's necessary for stable monetary conditions.

Part 4: Payments: Discipline and Elasticity

In our first example, the discipline came from the limited quantity of money—when either side ran out of money, they could no longer buy and trade stopped. In the second example, the discipline comes from the bilateral credit limit. In the third example the discipline comes from the credit limit and terms imposed by the bank on each borrower, and the elasticity comes from the willingness of the bank to swap its own IOU (which is money) for IOUs farther down the hierarchy (which are credit).—Lecture Notes

Banks can impose discipline from above by refusing to expand their credit, which is your money.
We can imagine credit limits as representing balance sheets' capacity to expand. And that capacity can bounce around depending on how much people trust each other, how much they trust financial conditions, and the capacity/willingness of lenders to expand credit.

Part 5: The Survival Constraint

To analyze the flow of money, we can think of all "economic units" (people, firms, governments, etc.) as banks. Everybody is a "money-flow" operation. Everybody faces a survival (liquidity/reserve/settlement) constraint.

To analyze how financial commitments affect the economy it is necessary to look at economic units in terms of their cash flows. The cash-flow approach looks at all units—be they households, corporations, state and municipal governments, or even national governments—as if they were banks.(Minsky 1986, p. 198)

For an economic agent to remain functional, it must be able to meet its cash commitments as they come due. If you can't make a promised payment, you're in trouble. In terms of day-to-day operations, you don't necessarily have to be solvent (assets > liabilities). You just have to be liquid enough to make your promised payments. You can continue doing business for a long time, even if you're insolvent. But not if you're illiquid.

"Liquidity kills you quick."—Perry Mehrling

Part 6: Sources and Uses Accounts

A key feature of the sources and uses framework is that it allows us to categorize cash flows. Different categories of sources and uses have different properties and represent different constraints. Mehrling breaks sources and uses into four categories: Goods, Financial Assets, Financial Debts, and Money.
Each category's source corresponds to a type of liquidity.

Goods: Expenditure/Receipt — Market Liquidity
Assets: Accumulate/Liquidate — Market Liquidity
Debts: Repay/Borrow — Funding Liquidity
Money: Hoard/Dishoard — Monetary Liquidity

Consistent with Mehrling's recent usage, I have replaced "decumulate" with "liquidate." For conciseness, I've shortened "Financial Assets" to "Assets" and "Financial Debts" to "Debts." Goods and money are also assets on the balance sheet, of course.
Dishoarding is the only source that requires no counterparty. Separating out assets and liabilities emphasizes that agents manage their gross liabilities, not just their net debts. Each and every cash commitment needs to be fulfilled.
The sources and uses accounts represent payment flows, whereas the balance sheets we're used to represent stocks. Sources and uses can be translated into balance sheet changes.

Rule 1: For each agent, every use has a corresponding source, and vice versa.
Rule 2: Every agent's use is some other agent's source, and vice versa.

The first rule is just about keeping track of where the money goes when you receive it (or where it comes from when you spend it). The second rule ties every agent in the economy together.
We put the goods and services "above the line." The other three categories of sources and uses are below-the-line financial accounts. What's possible above the line (goods and services) is determined by what happens below the line (financial). This MOOC focuses mostly on what's below the line.
We don't revisit sources and uses much in later lectures, but have a look at this blog post by Daniel Neilson for more intuition on sources and uses.

Sources and uses on Soon Parted

Part 7: Payment Example: Money and Credit

In this part, we use sources and uses to compare a cash payment to a credit card payment. I've also translated the examples into balance sheets, so we can see how the two notations map onto each other. We can use the Clavero color-coding convention for both.
Here's the simpler cash payment:
https://preview.redd.it/v9d72ofkws2b1.png?width=596&format=png&auto=webp&s=fc398ecf09ca2ca37a39f64b4fcbb36d22b2e7dd
And here's the balance-sheet version:
https://preview.redd.it/yrb15w3mws2b1.png?width=538&format=png&auto=webp&s=1b7593822a91aefe82054e58bb040f7b4d258ddb
It's just an asset swap. Each party ends up with what the other party started with.
Here's the balance-sheet version of the credit card payment:
https://preview.redd.it/2y2auy6ows2b1.png?width=1013&format=png&auto=webp&s=b44b6d1cd3e51c1a6098b4c726bff585699712b3
And the sources-and-uses version:
https://preview.redd.it/k7do44vtws2b1.png?width=870&format=png&auto=webp&s=c37765f6a4d55b9dfdfcd3d7cf67a4b592797162
The two main parties (Perry and Vareli) ended up with what the other person started with. But more complicated stuff happened along the way.
I've also partitioned the balance into time periods starting from top to bottom. The sources and uses, on the other hand, are partitioned by their categories.
Notice that each issuance is paired up with its eventual set-off. This is possible because the credit expansion that facilitated the payment eventually contracted back down.
Several different credit-related transactions happen "below the line." These transactions don't directly buy goods and services, but they ultimately facilitate payments for goods and services that take place "above the line." Paying attention to what happens below the line can help us understand what happens above the line.
Mehrling's lecture notes further break down the Vareli credit card payment example into separate sources and uses diagrams for the three steps. We can do that here using our payment-type color coding.
First, Perry makes the credit payment to get the dinner.
https://preview.redd.it/x41b5dewws2b1.png?width=873&format=png&auto=webp&s=caa11606efa4564bbebea276650efd3c92a63ea6
The Goods line represents a "payment by assignment" of the dinner. The asset and debt lines together represent an "IOU swap."
Vareli settles with Mastercard at the end of the day—and the end of every day.
https://preview.redd.it/4t98iuzyws2b1.png?width=874&format=png&auto=webp&s=2926e8ddd974896a27ba6fb2d5e730d96f7bf70c
Perry settles with Mastercard at the end of the month—and the end of every month.
https://preview.redd.it/1nqu7r01xs2b1.png?width=873&format=png&auto=webp&s=7b139f125bfd9b65e1a23b9b5efaab1d46ea0ed4
Balance-sheet liabilities (financial debts) only ever represent a specific type of use: repayment. Liabilities represent time patterns of future cash commitments. You have promised to repay at various times in the future. You could also novate the asset to repay it sooner.
If you fail to match your previously committed use with a corresponding source, you've failed to meet your cash commitment with a cash flow. You've defaulted.
Financial assets represent a specific type of source: liquidation. The asset's time pattern of cash flows is a time pattern of liquidation. You could also sell the asset to liquidate it sooner.
Since we haven't seen novation on a sources and uses table, let's do that now. When a payment is made in the banking system, a portfolio transfer happens between banks. Here it is in sources and uses:
https://preview.redd.it/yv5vkod4xs2b1.png?width=845&format=png&auto=webp&s=977d1a7472ed7972fbbee91a5d1f0613d0e1a0ee
For Bank A, the dishoarding of reserves is the source of funds used to repay the deposits. Notice that there's no set-off happening here. The debt still exists. It's just been transferred to Bank B.
For Bank B, the borrowing of deposits is the source of funds, which are hoarded as reserves. Again, the borrowing doesn't happen through the issuance of new debt. It happens through acquiring deposit liabilities that Bank A previously held (novation).
We have yet to see hierarchy/alchemy in a sources and uses table, so let's do that now. Below is an example from Mehrling that's not in the lectures.
https://preview.redd.it/y74317jhxs2b1.png?width=593&format=png&auto=webp&s=29b5773f8d191159637a55f5234c249454ad8164
Notice that the bank is borrowing as its source of funds. The corresponding use of funds for the borrower is hoarding. Hierarchy is the only case when hoarding and dishoarding are not paired in rule #2. In this case, the bank is above the borrower.

Part 8: Flow of Funds Accounts

In NIPA accounts, the emphasis is on value added and employment, so we focus on final production. But used goods are also exchanged, and also financial assets. These exchanges are shunted off to one side by NIPA but are at the same level of analysis in FoF. Indeed, in FoF the sale of goods and the sale of assets are equivalent ways of achieving a source of funds.—Lecture Notes
In a way the Keynesian framework grows from the quantity theory, with C+I+G+X-M serving as a kind of disaggregation of MV, and Y serving as a specification of a subset of PT. Copeland wanted to go even farther but he did not win out. Actual macroeconomic debate was between Keynesians and monetarists, and FoF remained a specialty interest for those who wanted to track developments in the financial world (below the line).—Lecture Notes

If we pretend that the payment system is a "pure money" system, then an expansion of credit just looks like an increase in the velocity of the fixed amount of money.
The Flow of Funds accounts exhibit statistical discrepancies partly because it's impossible to record all financial promises, agreements, and expectations on balance sheets. And they were designed before financial innovations such as derivatives.
We can still conceptualize any of these things as being on an implicit balance sheet. But to the extent that we regulate what's on firms' explicit balance sheets, it can push financial arrangements off the explicit balance sheet.

Here's A Study of Moneyflows in the United States by Morris Copeland and a link to the Office of Financial Research.
Stigum Chapter 2 is also a good resource for understanding flow of funds.

Part 9: The Survival Constraint, Redux

The central concern from a banking perspective is not solvency but liquidity, i.e., the survival constraint. Are current cash inflows sufficient to cover current cash outflow commitments? If yes, then we satisfy the survival constraint.—Lecture Notes

Credit allows us to delay the settlement/survival/reserve constraint.
Of the sources of funds, only dishoarding is dependable during a crisis. If you have the money you can always dishoard it to make a payment. To sell an asset (or a good), or to borrow, you need a buyer or a lender. Market liquidity and funding liquidity require counterparties.

Part 10: Liquidity, Long and Short

The key to Minsky is the alignment of cashflows and commitments in time. The economy consists of a web of interconnected agents with patterns of cash inflow and patterns of cash commitments going out into the future. Liquidity constraints anticipated in the future have consequences for today.
Because banks borrow short and lend long, they're always potentially vulnerable to cashflow mismatches (i.e. liquidity problems). In Minsky's terminology, banks are never "hedge units." They can't be. They always have to worry about rolling over their funding.
Agents that are under liquidity stress (i.e. up against the survival constraint) have to borrow. In this case, borrowing has nothing to do with time preferences or information about the market. It's not a choice.

Part 11: Financial Fragility, Flows and Stocks

https://preview.redd.it/dmji06xkxs2b1.png?width=321&format=png&auto=webp&s=b703af6db92931be87e0d64223d21ef22a063f0a
We're used to balance sheets representing stocks of assets and liabilities. Flows represent changes in those assets and liabilities. Expected future flows tell us how the balance sheets are expected to change in the future.
Stocks represent residuals of past cashflows and promises of future cashflows. The balance between the pattern of cashflows and cash commitments is important for individuals, but also important for the economy as a whole.
Crisis shows up in the money-market rate of interest as agents under liquidity stress become desperate and bid up the price of liquidity.
Solvency problems can become liquidity problems and liquidity problems can become solvency problems.

For our purposes the question of solvency is interesting mainly as an outer bound on the credit limit facing each agent. Intuitively it makes sense that that credit limit will be somehow related to the net worth. Solvent agents have unused borrowing power on their balance sheets which they can potentially mobilize to make payments. Thus we can see how asset price fluctuations can cause fluctuations in borrowing power, which might have consequences for immediate liquidity. Solvency problems can easily become liquidity problems. —Lecture Notes

Please post any questions and comments below. We will have a one-hour live discussion of Lecture 3 and Lecture 4 on Monday May 29th at 2:00pm EDT.

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