 We have the last two speakers who are following us directly from our young kids. First, the youngest of all of these, Dr. Philip Barbus. He will be followed by Dr. Nikolai Gersh. Good afternoon to everybody. Let me first say that we are honored to speak with you. And I will speak today about basically about my PhD thesis. Inside of this, the situation is really harmful to the director and editor of the presentation. So, for example, I will concentrate one question as a reference. So, we need to see the situation. And to clarify the situation, I mean the price of the presentation. We really need to fear for the environment and many people fear it. This session is so important because there is many harrowing about the situation. And this also leads to an inflation phobia, the fear of inflation, that has to justify international and monetary policies to spread consequences for mankind. Therefore, it's worthwhile to look at the fact that we really need to hear the price of the presentation. And to be sure that the presentation needs to fear it. But obviously in the last presentation, we will first have to look at the consequences of the foreign crisis. But what about the consequences of the foreign crisis? Obviously, they buy our products, they buy our goods and services more cheaply and sell us. They lose because they receive less dollars and services. Then with our consequences, there is a price fall. But because of the fact that all individuals are hired and sell them, on the market of technical production, of labor services, character deals, consumption, etc. Therefore, when prices fall, basically all win and lose at the same time. However, this is not a serious game. Because for some people, the buying process for faster than the second you receive, this is a real problem. And for others, the buying process of the things they buy before the store, then the market is closed. And those people can change the creditors' work processes. In the market, some lose, others win. And on the aggregate level, of course, we have to say that this is a problem that must be feared for work. One of the most spectacular solutions is the distribution of the cost of the creditors. And that is when prices fall, the rate that fall increases. That is when the creditors lose. Often they can't get pregnant. And in the context of the solution, as a main consequence of the price fluctuation, it must be pointed out that this distribution effect is not something extraordinary or specific to price fluctuation. But this new solution has inherited all changes in the market. And the result of this solution depends on the skills of the individuals who can participate in this change. And also the changes in prices. While this is the main consequence of price fluctuation, there is now 20 hours of exponse. That was the theory of inflation. I will now identify most important areas. The first area is the distribution of the money somehow. The lead to an arbitrary redistribution. The price fluctuation leads to an arbitrary redistribution. It's not arbitrary. The redistribution depends exactly on the performance of the skills of the individuals who can anticipate the price fluctuation. Those who anticipate better than other women and those who are worse in this interdisciplinary distribution lose. So there's nothing arbitrary about it. It's not more arbitrary than any who brought a lot of money. Any growth on the market, they result from a better or worse anticipation. The second area is the thing that price fluctuation is a necessary kind of production. It is certainly true that due to the increase in real-life, bankruptcies are likely to increase. However, the bankruptcy only implies a change in the ownership of the means of production. The means of production themselves do not disappear. As you can see, the versions of the company will take over the means of production. That's why we want to actually change this. Production must not necessarily change. That depends on the new performance of what you do with production. This is an investment for their distribution of the viral. They may just maintain production as it was, even though the ownership has changed. It should work as not a viral. Of course, there will be a limit as to what we expect. The bankruptcies are also important because they might actually bring down compression in the third bank system. Because there's an increase in real debts. There are bankruptcies. There are loans for the bank freedom. There are lots for the bank. So it's the problem for the bank. Obviously, that's obviously the right of the bank. It could lead to the quality of the production of the banks. There was a presentation on this. In the idea that some priceability would be something very important in its area. Obviously, the priceability of that presentation would be there. The priceability of that presentation would be there. This is a very useful part as well. Of course, there are 10 categories without the probability of the project. One price is four. Or when they rise. Or when they say they just have to anticipate as we all know, in the IT industry, the seed production was up. The project had been falling for these decades. And there has come nothing to be seen like the accreditation of the care. The first error about facilitation exists. In the recently, the facilitation was necessary for unemployment as pages would be rigid downwards. However, as you can notice, there are certain bit-down pages in the face of the expected facilitation. It is true, of course, that governments can prevent from doing this. For instance, by granting privileges to labor unions. In this case, however, it's not the price activation that causes the unemployment. It's the government intervention that prevents the facilitation from falling. And indeed, government interventions and therefore unemployment independent of the general movement of prices. Government interventions and data management are rising or falling over to their safe by granting privileges to the labor unions. The labor unions can always approach through high ranges. Actually, one advantage of the facilitation might be pressures to avoid these barriers to prices and to increase in order to increase price to absolute. This is so because the unemployment already unemployed might actually protest against interventions in the labor market. The last error lies in the convenience of the utility trade, argument. In this argument, I would like to present this order, because we can put the economy into a utility trade. We can plan this argument to show the argument in a liquidity trade. They are ongoing regulations which result in high reading and as a consequence there is a high reading of rates and estimates do not address any more. The solution in such a situation is the reduction of the interest rates but as they approach to zero the interest rates do not go any more. It's the same zero dollars and not far below zero. So the central bank is left out ammunition. But the whole of the nightmare the central bank is left out ammunition. Yet, this is a pretty simple argument. Then there are deflationary expectations as the nerf is with investing in prices forward. That is they try to build down on prices that's effective, the price of effect of production can fall immediately. And for entrepreneurs investment decisions, the differences between patients per se are not drawing because costs might fall even faster than proceeds are expected to fall. That's also with deflationary expectations and investments where someone might ask what happens and cannot fail to build down prices. Well, in this case resources will be just used in other ways. But they will be used in other ways just better by the market system. So to come to the conclusion deflationary expectations comes in inherently better point. Its main effect is the redistribution of wealth income. It certainly is better when the quality behind it is the distribution of production. By now we are only talking about the consequence of deflationary. But to answer our question if we need to fill this question we might also look on the costs of the forward price. For example, the growth of deflationary deflationary costs by increasing economic growth would be needed to fill that one. I don't think so. Because most of us think that economic growth is up in the world. The price of deflationary costs by bankrupting is an exception. Actually, this kind of deflationary might see after the recovery as leading up to the predation of malnourishment. And as I have indicated in the process of facturing with the banking system. So to me you know I don't think Sweden may actually work with yet another cost of price deflation is government intervention. So that might be what's happening for wealth such as monetary deflationary collecting taxes and salaries and other huge amounts of light out. For price control deflationary government is in degree price for obviously this should not be considered bad and must be feared this kind of government intervention. So if it turns out I wish a question would be deflationary. The answer would be yes when it is sponsored by government otherwise you might actually think that it is as part of the best. So a price deflationary for a price