 I would like also to thank Professor Potter for the great honor and pleasure of being here for a long, long time, and it's an overwhelming hospitality experience. And I will continue to work on one of your subjects that we have started. And I would like to bring to your attention the very significant and yet rare and assistive impact of monitoring policy on any single individual's opinion. Assuming that my talk will be the only presence of monitoring policy. So, if you can see any of your fellows, speak in your language. It's awesome. A lot of it is in the nature. So the discussion is essentially about some data details that monitoring policy remains to a large extent, outside the sphere of further development. And this unpacking mission can certainly be explained, at least to some extent, by the very technical subject, which I can assure you, in different roles, even changing ways. However, such a large amount of work can be overcome due to the genuine awareness of the overwhelming social impact of monitoring mentioned by governments. It is therefore crucial first, I believe, to understand the very nature of monitoring policy and especially in relation to other forms of government interventions. And second, on the ground of this insight, inclusions would be derived as the consequences of this specific policy, which I hope will demonstrate its genuine only presence in our lives. So please allow me first to start with some general remarks about the government's interference with the free market, which we also know here. I believe they are important in order to be able to fully assess what really matters in policy is. So all government policies consist in altering the outcome of the free market. And this interference with the intentional actions of the legitimate property owners can basically take free forms, extension, regulation, and a lot of information. Now, extension means the alfine expropriation of the producers of parts or the whole of their wealth can be, it is the most difficult form of redistribution, et cetera, and it involves individual distinct classes, namely that part of the exploited wealth of the users, and that out of our wealth, these quality wealth of students, and following the intellectual tradition of the French classical liberals, the libertarians today identified these quality wealth consumers with the constituent manners of the state. The second form of state interference with the market in regulation does not really imply an alfine expropriation. Rather, for various reasons, it aims to quantify the actions undertaken by part of the wealth of the users or by all of them. For example, the price regulations for the acquisition of maximum prices for consumer goods are managing in hands the availability of the commodities for the rest of the consumer goods. Regulation can also take upon applied qualitative and qualitative restrictions in production and exchanges. When, for example, quarters and licenses are being enforced, together with limitations on contractual intercourse with specific groups of community groups. For instance, foreigners physically unable, but more conservative, more representative of a specific race and of gender. And classically, on which it has been illustrated, that regularity was held which in their individuals but on ground privileges for some had these kinds of acts. The regulations, therefore, are interestingly redistributed and the law of public confidence system is the more difficult it is to distinguish the exploiters from the exploiters. Now, there is a situation in which these small taxes disturb the environment in the state that is not in production in some key areas. By sandwiching itself as a single territorial user of essential useful services, the state aims at approximating the citizens from the utility of its own investments. Thus, it requires legitimacy and responsibility for the product that's appropriate, the law of social consciousness for the exploiters. Therefore, resistance to increased extension and general reaction that is to the other forms of state interference is reduced and the expansion of the state and the expansion of voluntary cooperation and division of paper is thereby assimilated. Now, what I want to show you in the very nature of monetary policy is that monetary policy actually puts together all these features of complementary forms of interference in the markets to identify if this, I would say, the most perfect form of governmental interference in our lives. So, that is the sound name of the word definition of monetary policy. It refers to the set of passions that central bank follows in order to influence the total price of high, immediate exchange related to economic area. So, we do not need here to undertake a technical discussion on the goals and targets that central bank will follow with the particular instruments that will be implemented in our daily lives in order to achieve these targets. The economically meaningful aspect of monetary policy is that it offers total quantity of immediate exchange in the economy as well as short-term interest rates within capital markets. In other words, it appears that this policy contains the category of monopoly production. And they paid unanimously on the economic area. The central bank has the monopoly of producing the scriptural form of domestic currency, that is, bankrupts. The central bank is also in charge of regulating, supervising, and, more importantly, refinancing the bank sector that the factor produces the fiduciary form of money, that is, deposits. And these deposits are being created by banks only because they have the privilege to operate on a fashion-oriented bank basis. And they are trying to create bank credit that does not represent print the statements. At the top of the security of the banking system, the central bank alone turns the total quantity of immediate exchange in the economy. One-way policy turns out also to be an instance of regulation, which is even more so as it sets the short-term interest rate on the digital bank market for equitments. Now, the manipulation of this interest rate which can be considered as an example of price leadership may affect long-term investment decisions. But on the free market, the interest rate will be raised to supply and the demand for present goods from future goods. In such a way that the sector of production corresponds to the pattern of consumption today and in the future, chosen by individuals. A manipulation of the short-term interest rate which also implies the change of the total quantity of the bank may induce production decisions that will be dissociated from the consumption decisions by individuals. This dissociated from the consumption plans. And here again, we have a confirmation of the classical findings, related to the bi-business, broadband, and the also good products. The price controls in the monetary sphere are counter-productive and generated on the side. Thus, on the basic United States in order to fully understand the nature of long-term policy, this means that if you don't understand it can be considered also as a form of extension. But the production of paper money and the fraction with the fiduciary measure change is substantially different from the production of commodity money such as gold or silver coins and fully covered for many substitutes such as deposits backed by one individual's reserves. On the one hand, any increasing quantity of commodity money requires recourse to additional physical resources and at the very cost of this operation the importance of all the silver miners like the competition in other productive sectors makes nature the quality of the money in the economy. By the contrary, the production of paper money is not such a dissimulation and can go on infinitely at virtually no cost. The crucial point is that the quantity of paper money is increased without punishing any production-oriented cash while standing for the new money a lot of money producers can gain from small movements and services. On the other hand, any additional deposits that are not covered by corresponding bank reserves represent the multi-fiduciary measure change that banks are able to regain and then land out to the people that have the privilege to operate in a fashion with reserves. And permanent increase of the usual immediate change allows therefore the addition to confuse more goods and services than otherwise without even being in any previous production activity. To recognize why in the economy a pair of therefore has clear form of accession which allows the banking system as a whole that is done on purpose for the producer of the banking to seize part of the output of the wealth of producers and in all of our firms he or what uses his or her money can see only without producing and can see the output of the economy from the genuine producers. In short, one third point turns out to be the most accomplished and complex form of state interference in the market economy which combines all international solutions. Now, provided that a high amount of supply allows the money producer to seize part of the output of the economy one who will naturally expect the amount of supply that goes on to grow all the time. And this is exactly what the historical editors chose. Now here in terms of money the total amount of supplies is 99. The euro records is substantially identical in the world because since 1918 the euro amount of supply has been increased by 7% per year and since we are a third company third company the traditional supply has been organized since 1986 by a 59% period. Now, in particular interest of this is the most visible impact of this continuous growth of the money supply that you can expect with governments to manage the money production is the continuous rise in the amount of money that is the role of the purchasing power of each single monetary group. Now, the less it stars the money becomes which is a case of the third relative to other goods and services but as goods and services each monetary group will be able to purchase. These changes in the purchasing power of plenty are also related therefore in its overall quality even though that is not a problematic minority. Since any additional amount of money in single state changes to acquire commodities it progresses significantly on the various flows because it expresses an additional amount brings about a progressive rise in those prices. This is to say that as the new money changes and circulates throughout money its purchasing power in terms of the different rules decreases progressively. Now, historical evidence relates the quantity of money that is coming to an estimate of the purchasing power of money is also very good. The US dollar has lost 186% since 1959 in its purchasing power which is basically the day one dollar is buying on the 14% but 40% was able to buy in 1959. We have something very similar to the euro one euro today is able to buy on the 65% 40% was able to buy back in 1990. And in the case of Turkey in 1995 moving to Ireland in the 30th year has already lost 99% of its purchasing power for the last 10 years. Marker reports creates an essential requirement that beyond the start of the services rendered by each monetary rate completely modifies the individual incentives and undermines social cooperation. They were to conduct a business and spending and the expense of business and to get it to display within the proper authority of each actor to contract tax for these two reasons. First, to extend that along as being brought as a bank credit. This is the proper means to be the initial recipient of the new material exchange created. Then to spend on before their full inflationary impact second, to the extended future inflation of young expectations the real cost of debt is lower. Provide also that the real yield of savings is diminished. The incentive to accumulate is a proper meaning. And what historical evidence shows is a veritable explosion of debt. Now this is the total stock of debt in the United States, which I think is an example. By this environment also individuals will tend to take credit especially in order to acquire durable goods in the form of real and financial access the prices of which are expected to go up in the future. And this will protect them against the erosion of money sources in power. These were also substantially spawned total mortgages that is tax taken by Americans which is houses in the U.S. And similar to those for any country where the government produces money. Now this behavior implies that the prices of durable goods will increase more than that of the social goods. And because the goods are used more by durable goods in order to protect them from the power. And that's also something that historical evidence in terms you can see that the purchasing power in terms of houses was increasing more than in terms of consumer goods. Even though it's not a tariff amount in all of this but in the Europe since 1999 the Europe was a real estate property actually a real property. Even though it requires more than when it is estimated in terms of consumers which was basically that with one euro today you can buy 100,045 and roughly of what you were able to buy in terms of real estate in 1999. Now all such an international requirement is to a selective decrease in the real value of any property that has been circulated in one or two terms. But receivers of fixed incomes such as pensioners and wage earners are being exploited by the beneficiaries of the Europe in three months. That is by the beneficiaries of the additional debt. And on the net the succeeding property owners and businessmen can easily identify them too. And thus one third of objectively creates a social conflict between proletariat and quasi that masses can only identify with the three markets. And this conflict is further exacerbated by additional actions taken by wage earners who shoulder themselves of its intention and by long entrepreneurial beliefs On the one hand, wage earners that collected actions in order to obtain regular indexation that is regularly raised of their nominal salaries freely also pay various privileges to the government that all encroach on freedom of association and increase the cost of labor for businessmen. On the other hand, business pockets appear artificially higher in this educational environment including those dependent on prices while investment costs are calculated on historical basis. Economic calculation then loses its accuracy and establishes conditions that actually favor capital institution. One of the important things is that all fundamentally anti-social are disturbed the very foundations of civilization, capital accumulation, regional calculation and entrepreneurship. Such a bad strategy for property owners is to satisfy the preferences of the long-routed banks rather than those of the consumers. The important structure is in them that they are reshared according to the wishes of the conduct of this approach on social money. The network of analysis that emerges that of businessmen dependent on banks depending on their financial condition. So this network of dependencies is a perfect illustration of the long-distance service by which the policy describes trend for governments by accepting and using field-based money and the usual media of exchange that are available in it, but we actually submit ourselves to the growing government that de facto directs all sectors of economic activity and a first step towards the declaration from this technologically perfected and a complete form of inclusion in our lives hoping to attend the understanding of what is its nature which then I hope should receive its own attention in public debate. Thank you.