 So let me begin with our program today. I welcome you all to the sixth annual meeting of the Property and Freedom Society, and to remind the old timers and to inform the newcomers. Let me briefly restate what I said toward the end of my introductory speech last year about the purpose of the Property and Freedom Society and these meetings. I am and the founders of the Property and Freedom Society are Austro-Liburterians in the intellectual tradition of Ludwig von Mises and Marie-Rose Barthes. That is, we are proponents of what has been called anarcho-capitalism or private property anarchism or what I have come to think as the best possible label to describe us, proponents of a pure, stateless, private law society or of a natural order. By my enemies, of which I have quite a few, especially within the camp of the so-called Beltway libertarians, that is the egalitarian, multiculturalist, cosmotarian libertarians that multiply around Washington D.C. in various think tanks and in government bureaus. I have been called at times an extremist, a reactionary, a revisionist and elitist a supremacist, a racist, a homophobe, an anti-Semite, a right-winger, a seocrat, a godless cynic, a fascist and of course, as you would expect after all, I am German, also a Nazi. According to them, every so-called modern, decent, civilized, tolerant and enlightened person is supposed to ignore and avoid people such as myself. Now, my view on these critics were to use Marie-Rose Barthes' words. My word on this so-called smearbund is this, people who have not been awarded several or at least a few labels such as these, I cannot and will not take intellectually seriously. What these folks want is to continually expand the range of taboo subjects. It is of intellectual no-nose. Essentially, what they want us is to suspend even our common sense and no longer trust our own eyes. In distinct contrast, I am and the property and freedom society is committed above all to Thomas Jefferson's motto, there is not a truth existing which I fear or would wish unknown to the whole world. If that makes you a persona non grata in certain circles, so be it. I and we of the property and freedom society take all of this as compliments. Now, with this and when with the property and freedom society, I wanted to create a place where like-minded, similarly unadjusted and politically incorrect people from around the world would gather regularly in mutual encouragement and in the enjoyment of unrivaled and uncensored intellectual radicalism. The society was supposed to be international and interdisciplinary bourgeois by invitation only, exclusive and elitist for the few elect who can see through the smoke screen put up by our ruling class of criminals, crocs, charlatans and clowns. And inspired by the charm of this particular place and its beautiful garden, I decided to adopt the model of a salon for the property and freedom society and its meetings. Salon being defined as a gathering of intellectual, social and cultural elites under the roof of an inspiring hostess and host partly to amuse one another and partly to refine one's taste and to increase one's knowledge through conversation. And there you have it then, what I have tried to accomplish for the last few years together with Gülsün, my wife and fellow Misesian economist, without whose support none of this would be possible, namely to be hostess and host to a grand and extended annual salon and to make it with your help the most attractive and illustrious salon there is. And I hope and I'm confident that this or six meaning will mark another step forward towards this end. Now I come to my speech, but I first want to introduce very quickly the following speakers. The first one following me will be a young friend from Poland, Matusz Mahaj, his assistant professor of economics at the University of Wroclaw, used to be a German town named Breslau, but now we gave it to Poles. Then the next one will be Fille Bagus, another young friend who is assistant professor of economics at the University, Ray Juan Carlos in Madrid. He was ousted from Germany, had to go to a foreign country, like many of us in the course of our career had to do. He recently published a very excellent book on the Euro and the Euro crisis. Then in the afternoon, first speaker will be Doug French, an old friend that I have from Las Vegas, who is now the president of the Ludwig von Mises Institute in Auburn, Alabama. He wrote his master's thesis under Murray Rothbard and I was the second reader of the master's thesis at that time. He will be followed by my long dear friend Tom Di Lorenzo, he's a professor of economics at Loyola College in Baltimore, Maryland. He's the author of many books, especially two infamous books on Abraham Lincoln. And finally, another young friend, Nikolai Gertschiff, who serves as an economist at the European Commission in Brussels. Thank you.