 Thank you, Jean Carlo. What a hero he is to so many in our movement, to so many students from all over the world, in Latin America in particular. I know that our speaker this evening who succeeded Jean Carlo as president of Universidad Francisco Marrake, will transmit our congratulations and deep affections and best wishes to Jean Carlo. He is truly a remarkable and courageous man. Before introducing our speaker this evening, I want to recognize a number of people and I'm very happy that Universidad Francisco Marrake, one of our sponsors, is well represented here. Not only by the speaker I'll introduce in a moment its president but also by Mousseau Ayal's family. Mousseau was the founder and Jean Carlo's predecessor as president of UFM. Olga, Manuel, Isabel, are you here? Wonderful, thank you. Also I want to recognize two folks who came the greatest distance to be here with us, literally from halfway around the world. And that would be Ron and Jenny Manners all the way from Perth, Australia. They have been troopers for freedom and the land down under for many decades. And Ron in particular, I know you go way back, you knew Leonard Reed very well and you've been a tremendous advocate for Liberty and Ron even formed his own foundation in Perth to help spread these ideas. You can visit their website at mancal, m-a-n-n-k-a-l dot org and see much about the great work that they do, very similar to what we do at FI, but tailored to an Australian audience. And also two dear friends who are not from all that far away, but boy they have been involved with FI and free market causes for a long time. I'm speaking of Bill and Retta Lownes from South Carolina. Bill and Retta, where are you? Yes, they're there, thank you. I know you go way back, Bill, because I learned last night of a little bit about your story I didn't know before, going back what, 50 some years, more than 50 years in ideas of liberty and of FI. We deeply appreciate that. Well, I'm honored this evening to introduce to you our distinguished keynote speaker, very good friend of Liberty who's been involved with this movement for quite a while, even though he's still a very young guy. Gabriel Calzada is, yeah, let's give him a round of applause. I'm going to ask you to do that again when I'm done with this introduction. His name is Gabriel Calzada. He's president of Universidad Francisco Marrakeen in Guatemala. He is originally from Spain, where he is a well-regarded academic and public policy expert. He is the founding president of one of Europe's most influential think tanks, the Juan de Mariana Institute. Gabriel's research on the economic impact of green jobs in Spain prompted a reversal in that country's policy of green job subsidies. In Washington, Gabriel spoke and testified several times before both houses of Congress on this issue. He's widely published in both Spanish and English. His papers have appeared in land use policy, economic affairs, European planning studies, the Journal of Libertarian Studies, and several Spanish language journals. He has published more than 500 economic related op-eds in Spanish newspapers, the Washington Times, all over the place. He's a frequent guest on television and radio. He also founded OMMA, an online graduate school that offers master's programs based on value investing and the Austrian business cycle. AMMA is the acronym for online de Madrid Manuel Allao. Gabriel has a PhD in economics from Universidad Ray Juan Carlos in Madrid. He's an adjunct scholar at the Ludwig von Mises Institute and a board member of the Association of Private Enterprise Education and the Mont Pelerin Society. He was a fellow at the Center for New Europe in Brussels, an intern at the Acton Institute, and a Rowley Fellow at the Ludwig von Mises Institute. Will you welcome please Dr. Gabriel Calzada. Thank you, Larry. Well, you know, I went to the U.S. Congress in the U.S. Senate but I don't think it was very successful there. But now that I'm on Jeffrey Tucker's team, I think we'll get the message out. Giancarlo asked me to tell you that beg your pardon for talking like Donald Duck. And this is very unjust because speaking like Donald Jack is the only things that I can do better than Giancarlo. It's the only thing. But he says that his English has not aged too well, at least not as well as his bottles of wine from Spain. Okay, so the title of my talk tonight is why would we invest, why should we invest in the freedoms next generation? This is a very important question, a very sensible question. And there is one of my big heroes, I'm a Marxist also, like Larry, has a sentence, has a saying that says, why should I care about posterity? What has posterity ever done for me? This was Marx, Roger Marx. And what I'm trying to do tonight is to explain why you should care about posterity. And I'm going to give you an example that is very related to Phi and to UFM. Let me begin in order to give you this example with this man, with Benjamin Rogge. In 1971, on the occasion of Phi's 25th anniversary, Benjamin Rogge gave a speech titled Phi, Success or Failure. So Benjamin Rogge tried to see if these 25 first years could be seen as a success or rather the way a failure. And he said that it depended on what you mean with success and what you mean with failure. And he chose four different meanings for success. He says in three of them, we cannot say that Phi has been successful, but only in one of them Phi has been successful, had been successful. And he says it is, in one sense, and you have to take the interpretation of the phrase successful or successful in its mission that Leonard reads, so Leonard reads own definition of how the success of Phi had to be measured. And I'm quoting, he said, to measure a teacher, he's speaking about Leonard's read measurement, to measure a teacher's success, to evaluate his work, one must ask, does the teaching include in others what Aristotle termed activity of soul? It is to this question, Rogge continued, that the final and unqualified and only significant yes can be given. Throughout this country, throughout the world, there is activity of the soul under way that would never have been undertaken, but for the work and the inspiration of Leonard read and the foundation for economic education. Some of it, all of us in this room know about and can identify with Phi. Some of it is known to only one or two of those in this room, the greater part. Sorry, the greater part and probably the most important part is totally unknown and jet to any, as jet to any of us, including Leonard read and will come to light only in the decades and centuries ahead. And much of it will be done by people who will never have heard of the foundation and will have no awareness that the activity of soul in which they are involved is the last link in the long chain that goes back to something that was started by the foundation in the middle of the 20th century. And quote. So, I'm going to relate my presentation to this quote by Benjamin Rogge. And specifically, I want to tell you a story about the impact of the freeman. I know there are hundreds of stories, thousands of stories, probably thousands of thousands of stories. But this is a story that I know well in order to to to understand the story, you have to rewind and go back to the fifties. So set your mind in the fifties and but not in the fifties in the US, the fifties in in Central America in Guatemala. And there at that point, the late the late fifties, you had a group entrepreneurs, a group of young, very young entrepreneurs led by Manuela Yao that were trying to discover or to discuss the causes of poverty of Central America and that country. And they had meetings, they had discussions like discussions we have continuously about interventionism and the crisis. And they really wanted to understand why Guatemala was poor. Despite of the fact that there are a lot of natural resources, a lot of brilliant people, very, very close to the US, the biggest market, economic market in the world. But they continued this discussion until one day, one of the friends, one of the young entrepreneurs went to Mexico, he traveled for business to Mexico. And well, I'm talking about the kind of trouble that you had those days back in the fifties, before regulators started messing up with with with air travel. And this friend of Manuela Yao went to Mexico. And there he met this other entrepreneur, who, after dealing with him, gave him gave him a copy of the freeman. And his friend went back to Guatemala with a couple of copies of the freeman of 59 and share the copy with with a gang. And they start discussing the articles. They became very, very excited about about the ideas they found the kind of answer that they were looking for. A few months later, a couple of months later, Bettina being sent a letter to Manuela Yao saying that they were told that they were interested in the freeman and the ideas of fee. So they got a subscription to the to the freeman, and they would receive every month, the issue of of the freeman. And at the end, she says, maybe you can read it, I don't know, it's very, it's very small, that she hoped that those ideas, and those texts could be useful for what he was trying to do in Guatemala. Well, while the letter was traveling, the day after you saw that the letter was from the 17th of November, right? So the next day, while the letter was traveling, exactly the next day, Manuela Yao and his friends were creating the first think tank in Latin America, the CES, the Centro de Estudios Económicos y Sociales. So the letter was traveling to Guatemala, Manuela Yao and the rest of the gang were creating CES. And so remember, this was a group of entrepreneurs, young entrepreneurs, they created a think tank, they had to start writing something. And they were not experts in writing, they became experts later, but they were not experts in writing texts for the public. So what could they do? Voila, they took the free man, they had discussions about the free man, and they translate the articles that they thought were the most suitable for the Central American public. So this is the way the topics of actuality became a reality. So the group started discussing the articles and translating some of the best articles. This one is, the capital is in the eyes of the observer. And this pamphlet, Topicos de Actualidad, was distributed, the issues were about 11,000 numbers, copies, I think. So imagine a country like Guatemala, 11,000 copies of this distributed in the country. This made a huge impact in Guatemala. Not only Guatemala, in Spain, when it started studying about Austrian economics, one of the things that the senior professors and libertarians would give me, classical leaders would give me, was all pamphlets, all pamphlets, almost dark of Topicos de Actualidad. Both Manuela Yao and the man who is in the middle without the gun, Ulysses Dent. Thank you, Caio. And Ulysses Dent became a very close friend of Leona Reed. After a few months, they came to a seminar, they came to FI, and they met Leona. They became, as I said, close friends, especially Ulysses Dent. Manuela Yao tells me, since his memory of Ulysses and Leona became very, very close friends, and that they felt like at home. The very first day they arrived at FI, they felt like they were at home. So they also met Henry Haslitt. They became also a good friend of Henry Haslitt. And a few years later, it would be Henry Haslitt and Dean Russell, the ones who would introduce Manuela Yao and Olga to the Montpelleraan Society. In fact, this was a letter by Dean Russell and Henry Haslitt asking for an invitation for the Montpelleraan Society meeting. So this group started thinking, what can we do apart from translating FI articles? What else can we do? Firstly, they thought about creating a newspaper. But Manuela Yao said, no, no, this is not going to work. If we want to disseminate the ideas, a newspaper is not going to work. Who is going to write? We are not experts in writing. And his friends said, a couple of friends said, well, but we will pay them so they will write whatever we say that they have to write. And Manuela Muzo said, no, it doesn't work like this. You have to really understand it and you have to believe in it, to write in a way that really touched people. So we have to do something different. So the idea of creating a university arose at that point. So Muzo started thinking about creating a university as a way to disseminate the ideas of freedom. And what kind of university would a group of friends of learners read produce? So how can you produce the typical kind of university? No way. They had to think about a different kind of university. And that kind of university was a university where obviously freedom and responsibility was the heart of it, where the mission was to teach and disseminate the ethical, legal and economic principles of society of free and responsible individuals where every student would have to discuss those ideas. They don't have to repeat it forever. But at least they have to discuss them. And if they become socialists, they will become very wise socialists. It would be a university, if it is related with the ideas of fee, a university that would not accept public subsidies. Of course, it would be a university that would not accept tenure. And believe me, this happens at UFM. Even the president doesn't have any tenure. So imagine the incentive that this means. If my speech tonight is bad, the board, part of the board is here on Monday, they kick me out of the university. So this is a great incentive. And it would be a university where you would have to, as a nonprofit organization, you would have to allocate resources, but you don't have the price mechanism, supposedly. So you would have to be different from other universities. And you will have to solve the allocation problem in a way that is consistent with your ideas, right? So this is the way they thought about creating a market of resources at UFM. So the one who gets the best room is not the friend of the president or the friend of the secretary, but the person or the group or the program that really is creating more value. This is many universities, when they come to UFM, ask many deans and presidents, what? You have a market here? Every department has to buy or to rent the rooms and rent the equipment? We say, yes, we live in free markets, we live in the market. And obviously it would be an organization that is, we were talking yesterday and this morning about customer oriented organization that fees. And of course it would be a university that is client or customer oriented. It would be also a place, a learning place where the professor would not be the center of the classroom, but it would be instead the student, each individual, each different individual, the center of the classroom. And obviously, after all what we have heard today from Phi about technology, it would be a university that is friendly to accept all kind of new technologies. So this is basically what UFM is about. You take all these ingredients that you have heard today here and this was the inspiration that Manuela Yao and all the team later have been developing in Guatemala. Obviously, we didn't start with that campus. This is the campus today. It started in a much smaller campus, a very, very humble place with a tent in order to be able to give classes when you had several groups at the same time. Not everybody could be inside the building, so they had the classes outside. And this was in the early 70s. In 1971, the UFM was, let's say, officially accepted or accredited. It began at the end of this year, the beginning of the next year, it began classes courses. So it was a few months after Benjamin Rogge said that we will see in the coming decades the results of what Phi is doing that the University of Francisco-Marroquin started. This is Manuela Yao in the first lecture when the university was inaugurated. And this is one of the very first honorary degrees that was given. Here you see Leonard Reed and Henry Haslitt that received both in the mid-70s the honorary degree by UFM. Here's Leonard again. Bettina also received an honorary degree from UFM and here's Hans Sennholz receiving also an honorary degree. There you see Olga and you see Manuel with Hans. So most of you, who has been at UFM here? Well, almost, well, no, no, you don't count. The UFM doesn't count. Okay, less than half of the room, maybe 30, 40% of the room. Some of you might not know UFM campus but might know the new media. As Gonzalo was mentioned, the new media of UFM was one of the first new media in the world. In the late 90s, new media started in year 2019, 1998, we have Wi-Fi and in year 2001, we start having video streaming long before other institution had video streaming. So we have thousands and thousands and thousands of videos today that people from especially from the Spanish speaking world but also from the Anglo-Saxon or English speaking world can follow. We have been developing for years, many other projects. The Henry Haslitz archive is a very dear project to us. It's a project that we did together with FI and it was sponsored and thanks to the support of Liberty Fund was possible and it's a fantastic resource. We have heard in the last couple of years of researchers that have been using these for doctoral thesis and the letters I show you, some of the letters I show you come from this archive. The Hayek interviews, this is funny, one day Giancarlo Varguen met Jerry Jordan, you all know Jerry I guess. And Giancarlo told Jerry that we're talking about Hayek and say yes, yes, but Hayek thought that specifically regarding this. What? No, no, how do you know this? Said Jerry and Giancarlo, oh, because I've read it. No, no, no way. It's not possible. Yes, I've read it. Where? In the Internet. What? Yes, in the Internet. Here's my letter. Here it is. Oh, that's not possible. What's the matter? I said, I'm the owner of the copyright of all these interviews. So since since these were Hayek's interviews, and since the price went down to zero at that moment for Jerry, Giancarlo asked him to start a project that was the Hayek interviews. And today you can you can follow all these interviews with our reach media platform where you can research writing whatever keywords you want and you go text and voice and image are synchronized so you can do research in the videos. We've developed the Kirchner entrepreneurial center. The the the Euristica, Euristica is is is a bootcamp, an incubator of of businesses that is specially designed for people in US, UFM, but but it's also open to to people from outside. We have been fostering entrepreneurship and new business ideas. Thanks to this, this incubator that was designed by Giancarlo, the Vernon Smith Experimental Center is also at Francisco Marroquín University. And Vernon has been very kind to donate his software, etc. And our program you may have heard about is the is the Antioch Forum. In fact, I think Gonzalo and some other people mentioned it today. The Antioch Forum is a place of learning for reformers. And it's a place where we put together. Well, first of all, it's a place it's an event. Well, it's an unconference, right? It's an unconference where we put together reformers, political reformers, classical liberal political reformers, and entrepreneurs that see reforms in a very different way. We open stations and people and spontaneous order go to those projects that they want to where they want to put their energy. And we create this tension between between reformers and and and and disruptors. And a lot of project specific project are developed implementation projects on reforms are developed. We collaborate with with also with other organization. This is a collaboration with the Juan de Mariana about the scholastic tradition to show and to research about the scholastic origin of some of the free market ideas that we defend today. The Center for Capitalism is a center, especially for objectivist and iron-run ideas, not only but mainly for objectivist and iron-run ideas. We have there the Atlas Libertas sculpture. Those of you who has been there know how big the sculpture is. And the university has also two museums, two fantastic museums and an organization for the arts. We also have an algorithm where we try to develop or we try to show that you can defend the environment through private means, exclusively through private means. So we have been we have been taking care of the of the environment around the university. And finance research center that we created this year and a conscious business center, so conscious capitalism, startup cities institute where we try to help everyone who wherever they are around the world, they try to start a free city or competitive governance, competitive governments. We try to help them from from from there. We collaborate with other universities. This year we are having the MIT Global Startup Workshop in March the 25th 27 you're all invited the treasurer is not here. Ramon didn't come so you're all invited to the to the to the event. And so you see that that the university is a place where it was designed or it was thought inspired in in fees ideas. And mainly as an Austrian School of Economic University. But it's it has become a house for all classical liberal schools. In fact, this is one of the things that our Chicago friends tell us every time they come, they say, Oh, my God, I feel so at home and so it is when I when I'm at UFM because there's such a nice discussion between among all schools, public choice schools, and they are all represented and very well represented. So it's an ecumenical campus, in fact. And I forgot to mention, it's also a university. We also have classes and these kind of things. Usually classes are not like this are more like this kind of Socratic classrooms. And we teach from from architecture, obviously economics and law and architecture, medicine. Call you will kill me because this is the old or don't dentistry school. On Monday, we're inaugurating the new building. I should have taken a picture from the new building. Yes. And But regardless of what you study, you can study economics, law, architecture, as I said, medicine. But you have to study the principles of a free and responsible society. And for that, the university created this send Henry Haslitz Center. The Henry Haslitz Center is the space get the core of the university is the place where all the ethic courses, economic courses and legal courses on liberty are designed and taught to the students from the different faculties. And all the students are especially familiar with the ideas of Henry Haslitz. We also have since we believe in competition, we have different, for example, master programs. And we have master programs that compete with each other. And some people say, well, are you crazy? You're getting the customers from one program to the other. But this was a way that the board designed in order to to to increase quality. If you have competition, quality goes up. So we have several couple of masters that do exactly well, something very similar in a different way. But but they give MBAs. So they have to compete with each other. Also the Michael Polanyi College, in a way methodologically competes with other faculties. So the faculties have to raise their quality. And right now we are we are developing several new programs. And in order to develop these programs, we have it has become a tradition now, a very expensive tradition, but a tradition nonetheless, to bring some people from all around the world and discuss for a couple of days. How would a great program like that be in reality? And using the Antibua Forum format, we have been developing several programs. Some of those programs you will hear about probably in the next year or couple of years are, for example, the business cycle, the business cycle observatory. So it's an Austrian business cycle center, but trying to be very focused, very specific, very, very applied. The massive online open course on El Quijote, both in Spanish and English. So we will try to get the message and the ideas of liberty through El Quijote, especially this year, this is the 400th anniversary of the work. And a K-12 platform where we are going to try to be an alternative to the public education at very low cost online K-12 education. So these are some of the projects. Well, we have been able to develop these things because some people believe in the power of ideas, especially if those ideas are delivered in a way that is meaningful to people, because some people invested in the next generation of freedom, and because some people cared about prosperity, about posterity. So the fact that some people cared about posterity, the fact that some people invested in the next generation some years ago, and especially the fact that the freeman was there, that a copy of the freeman was there and was giving to one of Manuela Yau's friends, made a huge difference in Guatemala and in Central America. So thank you, Fee, and thank you all. Thank you, Gabriel. I know it's accurate to say that Fee has partnerships with many organizations around the world, but the deepest, the longest, and the strongest partnership that we have is with Universidad Francisco Marikine. It goes back further. It's more deep. It's renewed every year with the presence of 10, 20 or more UFM students at Fee seminars, which we deeply appreciate. And whenever I'm asked, and others at Fee as well, are asked, what are the better universities in the world to go to? You're always on our list. And we always add a little addendum when it comes to liberty. No university does it better than Universidad Francisco Marikine. Now a few closing remarks to send us off. The year is 1320. For more than a quarter century, the Scots and the British or the English have been at war with each other. If you saw the movie Braveheart, you'll recall that much some of that period is chronicled in that movie, and it ends with the execution of one of Scotland's great freedom fighters, William Wallace, in 1305. The movie ends in that year. It does not go on to tell you what happened in the following 15. A very remarkable 15 year period during which time the Scots rallied under the leadership of Robert de Bruce. And by 1320, they had effectively expelled the English from Scotland. They were worried that the English may return and deprive them of their independence and their liberties. They fashioned a document known in history to this day, known very well by America's founders, though not nearly as well known today, sadly, a document called the Declaration of Arboroth. Issued in 1320, it was aimed at the Pope. It was the hope of the Scots that the Pope would lean on the English and tell them to stay out of Scotland. But it did so much more than just ask the Pope to do that. It made some pretty profound observations about the nature of human beings and the importance of liberty. In that document issued 456 years before the Declaration of Independence. The Scots asserted for the first time in human history that it was the duty of the sovereign to rule by the consent of the governed and the duty of the governed to get rid of him if he didn't. And it went on to explain to the world why the Scots have been fighting. And one of the concluding lines is one of my favorites of all time from all of history. It's the message I want to send off to you tonight and that I hope will inspire you even more than this conference has so far. The line read as follows. It is not for honors or glory or wealth that we fight. But for freedom alone, which no good man gives up except with his life. 1320. All of you know the message well. Some of you have come to know it because of your association with fee. We're particularly proud of that. But I implore all of you to leave this evening as renewed missionaries for liberty. Looking for every opportunity to spread the good word to pass on a piece of literature from fee or another free market freedom oriented organization. Don't just be content with the important task of learning more yourself but look for opportunities to teach others as well to open minds young and old to ideas of liberty. It is one of if not the most earthly or noble earthly causes that one can commit himself to. With that message in mind, I send all you missionaries off to do good work on behalf of liberty. We hope we'll see all of you and more next time next year at this time. And thanks again for making this event such an important success to us. Thank you so much.