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The audience was more than ready to return to the Planet of the Apes.
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Kingdom of the Planet of the Apes topped the box office and showed there's still life in the reboot franchise even with the death of its lead character. And while it wasn't the film to kick off the summer season, it sure felt like it. There were two other newcomers, Not Another Church Movie and Poolman, and both had awful debuts.
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The Top 10 earned a combined $89.5 million this weekend. That's off 5.9% from last year, when Guardians of the Galaxy Vol. 3 stayed at #1.
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Debuting on first place, Kingdom of the Planet of the Apes opened with $58.4 million in 4,075 theaters. That marks the second highest debut in the reboot franchise, just behind Dawn ($72.6 million). It's also beneath Tim Burton's reviled version ($68.5 million), but that's not really a downside.
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The fact that it opened higher than War ($56.2 million) is impressive, considering that film opened in the lucrative July month where people had more free time. Even more impressive is the fact that it could achieve it without its lead character Caesar. But credit has to go to Disney and 20th Century Studios for offering something worth watching in theaters.
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To differentiate it from the previous films, Kingdom chose to jump 200-300 years from the previous film, which allowed for some creative freedom. The audience could now see a Planet of the Apes film where the apes are the ruling species, which deviated from the previous films establishing that humans could still fight apes. This in turn could also lead to new audiences; the massive time jump meant that people could watch the film without having to watch the previous films. With pretty good reviews, it was a sign that the franchise was worth continuing.
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According to 20th Century Studios, 64% of the audience was male and 57% of the audience was in the 18-34 demographic. Critics liked the film, but there's a twist with the audience's reception. The film received a "B" on CinemaScore, far below the previous film and suggesting lukewarm word-of-mouth. Deadline said that 85% of the CinemaScore audience gave the film an A or a B, while the rest went as low as C and D. It's tough to predict its legs, so we'll have to wait until the second weekend drop to see how much effect it has. As long as the film does not drop higher than War (62.9%), that should be considered a win.
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Last week's champ The Fall Guy dropped to second place with a $13.6 million weekend. That 51% drop is fine, but it's still not enough to offset disappointment. Through ten days, the film has earned a meager $49.6 million, and it's guaranteed to finish below $100 million, which makes it even more disappointing considering this opened the summer season.
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In third place, Challengers eased 43% and earned $4.3 million. That takes its domestic total to $37.7 million, and with the competitive summer season coming up, it looks like $50 million is out of reach by this point.
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Sony's horror film Tarot earned $3.4 million. That represents a 48% drop, which is good considering its putrid reaction, although that's not saying much considering how low it opened last week. Through ten days, the film has made $11.9 million, and it will face The Strangers: Chapter 1 next week.
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Godzilla x Kong: The New Empire dropped 42% and added $2.6 million. Its domestic total is now $191.9 million, but this pretty much confirms the film will finish below the $200 million milestone. Looks like Godzilla will still be the MonsterVerse's highest grossing film 10 years later.
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After its awful drop last week, Unsung Hero recovered this weekend, easing 15% and grossing $2.5 million. Its Sunday was boosted by Mother's Day, as the film jumped 36% from its previous Sunday. The film has made $17 million so far.
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Kung Fu Panda was in seventh place, easing 27% and adding $1.8 million. Its domestic total is $191 million, and it will certainly be impacted with the arrival of IF and The Garfield Movie now.
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A24's Civil War dipped 49% and earned $1.8 million. That takes its domestic total to $65.2 million.
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Unsurprisingly, the re-release of Star Wars: Episode I – The Phantom Menace lost so much interest after its first weekend. The film made $1.4 million this weekend, marking a colossal 84% second weekend drop, one of the biggest in history. With this, the film's lifetime gross is now $486 million.
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Rounding up the Top Ten is Universal's Abigail, which continues bleeding audience. The film dropped 51% for a $1.1 million weekend. Its domestic total is now $24.7 million, and it's now officially losing to Radio Silence's Ready or Not ($28.7 million).
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There was another release, Briarcliff's spoof movie Not Another Church Movie. And it was pretty much ignored, as the film earned just $360,000 in 1,100 theaters (a disastrous $325 per-theater average). This will fall like a rock quickly.
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Another disastrous release was Chris Pine's directorial debut Poolman. It opened in 162 theaters, but it made an awful $131,000 ($809 per-theater average). That shouldn't come as a surprise; it had a terrible premiere at TIFF last year, where it got widely panned. Will Chris give it another go at the director's chair?

OVERSEAS

Kingdom of the Planet of the Apes also conquered the box office overseas. It debuted with $72.5 million in 52 markets, for a $130.9 million worldwide debut. Its best debuts were in China ($11.4M), France ($7.1M), Mexico ($6.4M), UK ($4.8M), Korea ($3.2M), Australia ($2.7M), Brazil ($2.6M), Germany ($2.2M), Spain ($2.2M) and Indonesia ($1.9M). The China numbers were underwhelming, but it performed strongly in Latin America. Let's see how it goes in the following weeks.
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In a notable milestone, A24's Civil War has hit $100 million worldwide, becoming the studio's second film to hit that mark. It's currently sitting at $107 million so far.
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The Garfield Movie added $11.2 million this week, taking its overseas total to $36 million. Mexico remains its best market at $12.5 million, while the film had an okay $2.1 million start in Germany. It continues expanding this week, before hitting North America.
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The Fall Guy fell to $9.4 million overseas (a 54% drop), taking its worldwide total to just $103.7 million after two weeks. Its best markets are the UK ($8.3M), Australia ($6.6M), Mexico ($3.6M), Germany ($3.4M) and France ($3.4M). It still has China and Japan left, but don't expect those markets to save it.
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IF had early premieres in a few markets, earning $3.2 million. It debuted in France with $3.3 million, but it had a soft start in Belgium ($300K). Its international run expands this week.

MOVIES THAT ENDED THEIR RUN THIS WEEK

None.

THIS WEEKEND

We've got three wide releases.
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The first is Paramount's IF, which marks John Krasinski's directorial follow-up to A Quiet Place. It stars Cailey Fleming, Ryan Reynolds, Krasinski, Fiona Shaw, along with the voices of Steve Carell, Phoebe Waller-Bridge, Louis Gossett Jr., Emily Blunt, Matt Damon, Maya Rudolph, Jon Stewart, Sam Rockwell, Sebastian Maniscalco, Christopher Meloni, Richard Jenkins, Awkwafina, John Krasinski, Blake Lively, George Clooney, Matthew Rhys, Bradley Cooper, Amy Schumer, Keegan-Michael Key and Vince Vaughn. Its plot follows a young girl and her neighbor who find themselves able to see imaginary friends. Reynolds is one of the world's most popular actors today, and there hasn't been a remarkable family film since Kung Fu Panda 4, so maybe this could surprise. Although it will compete the following week with The Garfield Movie for the family demo.
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The second is Lionsgate's The Strangers: Chapter 1, and is the first part of a trilogy (all directed by Renny Harlin). Horror could take a win, considering the genre has been performing very badly this year. But is The Strangers the answer to that?
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And the last one is Focus Features' Back to Black, a biopic focused on Amy Winehouse's life. The film has attracted controversy since its announcement, especially because Winehouse's father was involved (if you know her life, you'll understand why this is not well received). It already opened in a few markets, including the UK, and it has amassed $32 million so far. With this kind of bad buzz and weak reviews, don't be surprised if the film is front-loaded.

Hello all! I hope you all are having a wonderful Weekend so far and happy Mother’s Day to all of you and your mothers out there.
As the title suggests, I put down a deposit on a new 2024 RAV4 hybrid XSE. I am still waiting for it to arrive at the dealership. They estimate it will be here the 15th-29th.
I will be putting $18,000 down and trading in my 2011 VW Jetta (143k miles) KBB has the value at 2-2.5k but there is undercarriage corrosion (had the car in the NE up until now) so I’m not sure I’ll even get those values. Additionally I will be getting outside financing, already pre-approved for the loan amount to cover the remaining cost up to and over.
I just moved to Tucson AZ, there isn’t much in the way of competition here. Not to mention not much in the way of stock in the new RAV4s.
I shared the options and suggested retail sheet, along with the OTD quote from the dealer.

• My questions are:
  
• Are these reasonable prices?
  
• Does anyone have anything in terms of tips or suggestions going into the sale/negotiations?
  
• There is nothing in terms of incentives that I know of, is there anything I am missing or can bring to the table?
  

Thank you so much for the help!!

As video games have continued to grow and evolve as both entertainment and art, the games just keep looking better and better. If someone is playing on a high-end PC or the average console, it's hard not to notice when a game stands out a bit more than the rest.
Whether it is the highest fidelity graphics or just a gorgeous art style (or both), games that look good usually also play well. If that much time gets spent in the graphics department they must have something good elsewhere. Here are the games with the best graphics out there.
Updated on May 12, 2024 by Mark Sammut: Two recently-released games deserve to be spotlighted. One is the latest entry in a long-running JRPG franchise, while the other is a new IP from a Korean studio.
Note:
A few criteria/things to keep in mind:
This article focuses on modern releases and a few post-2000s projects rather than classics from the NES, SNES, Game Boy, Genesis, and PS1 eras. As important and industry-pushing as the latter were, visually they are too different from modern releases to compare them.
The games are only loosely ranked since graphical styles vary so much from project to project, and personal preference plays a part.
A 2016 game might be ranked higher than a 2024 one because the former was more impressive when it debuted, even if the latter technically looks better.
1)Lords Of The Fallen Unreal Engine 5 Is Here
Epic's Unreal Engine 5 was introduced in 2020, instantly garnering hype for what it could mean for the industry's future. In 2023, a few notable games that utilize the engine were finally released, presenting early examples of its potential. Remnant 2 and Immortals of Aveum are both visually impressive, and the same could be said for ARK: Survival Ascended.
However, at the moment, Lords of the Fallen is probably the most gorgeous UE5 game, although that could change once titles like Senua's Saga: Hellblade 2 are released. While not without its issues, the Soulslike game's graphics are certainly not among them. Axiom is a vast and stunning hellscape, one that has quite a bit of variety. The game's lighting and animations are consistently top-notch too.
2)Bright Memory: Infinite A One-Person Team
Games and their visuals cannot be analyzed in a vacuum. Context and expectations shape somebody's reaction to an experience, and that is certainly the case with Bright Memory: Infinite. Developed by a single developer, Zeng Xiancheng, this first-person shooter originally debuted in 2020 as Bright Memory, a concept that was expanded for a full release in July 2022. While the overall game has plenty of issues, its graphics are undeniably impressive, comparing favorably with higher-budget titles.
There are plenty of gorgeous indie titles, but the vast majority succeed because they do not try to emulate AAA projects. They strive to do their own thing. Bright Memory: Infinite does the exact opposite, and the game proves that it can be done well.
3)Hi-Fi Rush Burst Of Colour
Announced and released out of nowhere, Hi-Fi Rush was perhaps 2023's greatest surprise. Tango Gameworks' action game blends hack and slash combat with rhythm-based mechanics, rewarding players for adhering to the beat. Set in a corporate city run by Vandelay Technologies, the title brings to life a vibrant and bustling metropolis filled with unique buildings and NPCs.
As the campaign is linear, Hi-Fi Rush focuses on creating cool environments and backdrops, two things the game absolutely nails. Quite a few stages are predominantly set within samey corridors and indoor areas, but whenever the action heads outside, Hi-Fi Rush really comes alive.
4)Okami HD An Animated Painting
There aren't many games that have been able to graphically stand the test of time as well as Okami has. Originally released in 2006 on consoles like the PlayStation 2 and Wii, Okami was able to take advantage of its timeless style to make the most out of the hardware it was on.
However, playing Okami on those consoles today shows just how much the original systems were holding it back, which is where the HD version comes in. On the PS4 and Switch, Okami's classical Japanese art style looks absolutely stunning in just about every area of the game.
5)Heavenly Sword Motion Capture Showcase
Most of Ninja Theory's bigger games boast stellar visuals and character designs, however, Heavenly Sword gets the nod because it was the studio's first proper graphical showcase. More impressively, the early PS3 game still looks beautiful today, an achievement that should be largely credited to the project's use of motion capture technology.
The cut-scenes steal the show and could easily pass for a mid-budget animated flick, with Andy Serkis' performance as King Bohan ranking among the best in any era of gaming. During gameplay, Heavenly Sword is also a treat for the eyes and senses, particularly in its lavish environments.
6)Killzone: Mercenary Console Quality On A Handheld System
Regardless of their quality, all the Killzone games are graphical showcases. Despite being a launch title, 2013's Shadow Fall is still among the most visually impressive games on the PS4. As stunning as Guerrilla's mainline entries are, Killzone: Mercenary deserves a special mention due to its hardware.
The PS Vita was and still is a reasonably powerful handheld device, one that could replicate home console visuals to a certain extent. No other title highlighted the console's graphical potential better than Killzone: Mercenary, an FPS that would not have looked out of place on the PS3 or even as a budget PS4 project. The fact it is also a decent game does not hurt either.
7)Super Mario Odyssey It Is Not Always About Realism Or Processing Power
While combining "Nintendo Switch game" with "best graphics" might seem weird, it's hard to argue that Super Mario Odyssey doesn't make the most of the console's limited processing power. With a combination of stylized art and impressive HD, Mario explores several gorgeous landscapes that might inspire players to sit back and think about how far things have come.
Nintendo has always used fantastical art styles to produce charming and timeless games that don't break the bank on processing. Mario has never looked this good, and sequences like the New Donk City music festival allow the game to shine.
8)Suicide Squad: Kill The Justice League For All Its Faults, The Graphics Are Not One Of Them
All of Rocksteady's games push the envelope in terms of visuals, and 2015's Arkham Knight still boasts the most impressive rendition of Gotham in gaming. Its visuals have aged magnificently, and the gameplay is fantastic, even if the overall project is not quite on the same level as Arkham Asylum or Arkham City. After an 8-year wait, Rocksteady made its comeback with Suicide Squad: Kill the Justice League; unfortunately, the Arkhamverse spin-off garnered a very mixed reception. Focusing on looter shooter action in an attempt to be a live-service experience, Suicide Squad is a fairly confused project that does not seem to play to Rocksteady's strengths.
While many elements warrant criticism, and it can be tempting to dismiss the entire project, the game is not without positives. If nothing else, the graphics are generally top-notch, particularly when it comes to the cutscenes and character designs. When the action gets going, the screen can get rather muddled, but it is not devoid of visual flare either. For all its faults, Suicide Squad certainly looks like a proper AAA project.
9)Halo: Reach A Series That Always Pushed Console Graphics To Their Limits
In truth, Reach could be regarded as a stand-in for Halo in general as Microsoft's franchise is consistently pushing console visuals to their limits. In terms of art style, Halo 4 certainly has its fans; when it comes to graphical prowess, Halo 5 and Infinite are unsurprisingly a step above their predecessors. However, Halo: Reach perfected the series' iconic aesthetic of Bungie's era, ensuring the latter's time with the license ended on a high note.
Nowadays, Reach looks its best in The Master Chief Collection, which enhances the visuals in a few subtle but notable ways. That said, the Xbox 360 version holds up well after all these years.
10)Dragon Ball Z: Kakarot At Times, Looks (Much) Better Than The Anime
It wasn't until fairly recently that video games hit the graphical fidelity necessary to be able to fully translate animated shows and films into live gameplay, with recent Dragon Ball games being the most shining examples. 2018's Dragon Ball FighterZ was able to take a page out of Guilty Gear's book to make a stunning 2.5D experience, but gorgeous, fully 3D anime games were still a rarity.
Until Dragon Ball Z: Kakarot was released, that is. Taking the Toriyama characters and landscapes that fans know and love, Kakarot turns them into stunning 3D models with some of the most impressive animations and visual effects around.
11)Lego Star Wars: Skywalker Saga Detailed & Beautiful
Lego projects might not be as graphically intensive as games with realistic visuals, but they have a unique and clean aesthetic that generally complements their gameplay and tone. Although the franchise's IP adaptations are consistently pleasing to the eyes, Lego Star Wars: The Skywalker Saga exists on a whole other level. Covering all the main episodes in the sci-fi film series, the game beautifully recreates some of the most iconic locations in Star Wars, creating worlds that are expansive and detailed.
Undoubtedly the most ambitious Lego title, The Skywalker Saga is the full package, and Traveller's Tales' hard work is evident throughout the experience. While very much designed with younger players in mind, die-hard fans are likely to have a blast regardless of their age; in fact, people who are just searching for an action-adventure romp should check this release out.
12)Golden Sun A Gorgeous World To Take On The Go
In terms of raw power, the Game Boy Advance has nothing on the Nintendo DS, let alone something like the Switch; however, that does not mean the classic console's library is devoid of gorgeous games. Golden Sun is a turn-based JRPG set in Weyard, a fantasy world that is refreshingly diverse in terms of environments.
Largely experienced from a top-down perspective, Golden Sun looks like most other old-school JRPGs found on the GBA or SNES, just with its graphics maximized to their full potential. Camelot instilled every town and dungeon with color and personality, while battles come to life with a flurry of effects that are dazzling to behold.
13)South Park: The Fractured But Whole Looks Exactly Like The Show
When adapting an established property to a different medium, concessions usually need to be made. However, exceptions do exist, and South Park: The Fractured but Whole managed to perfectly replicate the show's aesthetic. The RPG looks and sounds exactly like Trey Parker and Matt Stone's legendary animated series, permitting fans to immerse themselves in this world like never before.
Even removed from that context, The Fractured but Whole's visuals are detailed, expressive, and clean. Authenticity did not come at the cost of quality.
14)Shadow Of The Colossus (2018) Majesty In Gaming Form
For the most part, this article focuses on modern games rather than titles that were graphical showcases when they debuted. Shadow of the Colossus both follows this rule and is also an exception; while the PS2 version looks dated, the visuals still retain that same sense of wonder and scale that they had when the game originally came out in 2005.
Bluepoint Games' 2018 remake gives Team Ico's classic a modern makeover, and traversing the Forbidden Land in search of majestic colossi remains as haunting of an experience as it was in the PS2 era.
15)Stellar Blade More Than Just Eve
In the lead-up to its release, Stellar Blade's marketing heavily advertised Eve, its AI protagonist, and her wardrobe. Attractive characters being used to sell projects is nothing new, but their heavy promotion usually suggests a lack of trust in the rest of the game's quality.
Surprisingly, Stellar Blade proved to be way more than just its main character. Shift Up created an exciting action game with Soulslike combat (along with hack and slash influence) that also features surprisingly expansive zones that allow for exploration, side quests, and environmental storytelling. Considering it was created by a smallish studio compared to other PS5 first-party titles, Stellar Blade compares favorably to most of Sony's heavyweights, and it is among the best-looking Unreal Engine 4 games of all time. In fact, it could be confused for Unreal Engine 5.
16)Persona 5 Royal Oozes Style
As hundreds of games use an anime aesthetic, they start to blend together if they do not inject enough personality into their presentations. Persona 5 Royal does not have this issue. Everything about the game screams "stylish," and that holds true for the social sim and dungeon crawling sections of the campaign. The latter take place in diverse Palaces that are generally vibrant, lively, and gorgeous.
The visuals also do a lot of heavy lifting during battles, elevating what is a rather unspectacular turn-based combat system. Outside of Palaces, P5R unleashes players on a small but dense variant of Tokyo, one brimming with tiny details that enhance the experience.
Note:
Persona 3 Reload is quite a looker as well, although its single-dungeon setup restricts variety when compared to Persona 5 Royal 's Palaces.
17)The Last Of Us 2 Gritty Realism & Tremendous Performances
Naughty Dog's games are always on the cutting edge graphically. 2016's Uncharted 4: A Thief's End has barely aged a day since its release, and 2013's The Last of Us was a contender for the most visually impressive game of the seventh generation. Therefore, unsurprisingly, the studio's latest offering, The Last of Us 2, is a powerhouse in the graphics department.
This action-adventure game features realistic visuals and grounded performances courtesy of Naughty Dog using performance capture. Whether players are viewing a rare quiet moment or crawling in the mud to avoid a Clicker, The Last of Us 2 looks incredible. The 2024 remaster enhances the base version even further.
18)Gears 5 Weather Effects & Environments
The newly titled Gears 5 takes a series that has always looked good and elevates it to the next level. The game's campaign takes place across a wide variety of environments, from a jungle early on to a snowy tundra and red desert landscape.
The snowy tundra and red desert are also the locations for the game's more open exploration sections, giving a chance to explore and take in all the scenery. Gears 5's cutscenes are also gorgeous and the high fidelity extends into all the game's other modes.
19)Assassin's Creed Odyssey Packed With Stunning Vistas
Assassin's Creed Odyssey earns its subtitle over the 60-plus hours it takes to mainline the story; in the meantime, players get to appreciate and take in the beauty of Ancient Greece. While the environments don't vary a ton from Assassin's Creed Origins, the extra trees and seas make for some spectacular views.
With the viewpoints, Odyssey never hesitates to point out just how magnificent it looks. Most of the main characters and side characters also look great, which is impressive based on the quantity.
20)Hades Personality & Vibrancy
Supergiant Games has put together some of the greatest indie releases of all time, and the studio's crowning achievement is Hades. The roguelike follows Zagreus' repeated attempts to make the journey from the Underworld to Mount Olympus, a task that proves to be anything but simple for Hades' son.
Hades' visuals are vibrant, thematically consistent, and lively. The game's environments and characters are soaked in mythology and personality, while the particle effects are fantastic and impactful. The only negative is that sometimes there is a bit too much happening on screen.
Note:
Hades 2 arguably looks better than its predecessor, but it is still a work in progress at the moment.
21)Cuphead Perfectly Mimics Classic Cartoons
A unique and eye-catching art style is often more important than sheer graphical prowess, and Cuphead might be the best demonstration of this point. Inspired by cartoons of old, Studio MDHR created a game that uses stunning and dynamic hand-drawn animation to bring to life a colorful world and the beings that exist within it.
Even though they do not get much in the way of backstory, Cuphead utilizes its presentation to get across the personalities of each boss. The art style is also consistent throughout the campaign, allowing for a coherent experience despite most of the characters boasting designs that share very little in common.
22)Horizon Forbidden West Scale & Quality
Guerrilla Games somehow managed to outdo Horizon Zero Dawn with its sequel, despite the latter still coming out on the PS4 alongside the console's successor. Horizon Forbidden West finds Aloy exploring a new area of this setting, one specifically inspired by states and cities like California and San Francisco. The result is a gorgeous and vast world packed with lush natural environments that are home to intricate mechanical beasts.
Like most open-world games, Horizon Forbidden West does not always look absolutely fantastic, but its high points are so impressive that they make the more forgettable moments forgivable. While still a beautiful game on the PS4, this 2022 release is, unsurprisingly, at its best on the PS5.
23)Ori And The Will Of The Wisps Great Use Of Color & Light
Moon Studios' Ori games are some of the best modern Metroidvanias, and they knock it out of the park in nearly every area. They tell emotional storylines that succeed in fostering not only a connection between the audience and the silent eponymous character but also the world they live in. Gameplay-wise, both games have precise and challenging platforming, while Will of the Wisps also introduces combat to the mix. Although a touch polarizing, the latter nevertheless adds an extra dimension to the overall package.
Last but not least, Ori and its sequel are both visually enchanting. The games' use of color might be among the best in the entire industry, and each environment is a work of art. In the world of side-scrollers, not many projects compare favorably to Ori and the Will of the Wisps in any department, including graphics.
24)Demon's Souls (2020) A Beautiful Hell
As mesmerizing as Elden Ring's visuals can be at times, the game's open-world design means they are spread a bit thin; conversely, 2020's Demon's Souls remake consists of almost nothing but stunning areas. Rife with deadly creatures, haunting architecture, and intimidating landscapes, Boletaria is a gorgeous nightmare of a kingdom that is equally likely to leave players in awe or fear.
As a launch title for the PS5, Demon's Souls served as something of a tech demo for the hardware, showing what the next-gen console could accomplish. This is a game that could not exist on the PS4, and even more than 18 months into the PS5's life, Demon's Souls still has some of the best graphics on the system.
25)Ghost Of Tsushima Immersive Open-World
Gazing across Ghost of Tsushima's rendition of the Japanese archipelago is quite the sight to behold, as this highly anticipated title has some breathtaking scenery. Tsushima's main graphical focus is on its world, which ends up feeling just as alive as the characters that inhabit it.
The way cherry blossom petals flow in the highly stylized wind, how the sunset illuminates the beautiful countryside, and the many vibrant colors that contrast the violent gameplay make for one beautiful game.
26)Ratchet & Clank: Rift Apart Pixar Quality
Similar to 2016's Ratchet & Clank, Rift Apart's animation is on a whole other level. The franchise's most recent entries tend to be compared to Pixar's movies, which is about as high of praise as any game can receive. Utilizing the full power of the PS5, Ratchet & Clank: Rift Apart matches top-tier cutscenes with gameplay sections that are packed with detail, moving parts, and depth.
Insomniac created lavish and dense worlds that all have unique flavors that make them exciting to explore. When the action gets going and Ratchet or Rivet scoop up bolts, Rift Apart is as smooth as butter.
Note:
Marvel's Spider-Man 2 is also visually stunning and represents Insomniac at its best. Rift Apart merits the nod due to being among the first PS5 projects to showcase the console's graphical potential, but Spider-Man 2 is as good-looking of an open-world game as they come.
27)Ni No Kuni: Wrath Of The White Witch Ghibli Quality
Except for Square Enix, Level-5 is arguably the most consistent JRPG developer in terms of visuals. Yo-kai Watch, Dragon Quest 8, and Dark Cloud 2 are all gorgeous, and the latter's art styles are timeless. Level-5's graphical masterpiece is undoubtedly 2013's Ni no Kuni: Wrath of the White Witch, although the developer got some help as the game's cutscenes were handled by Studio Ghibli.
The anime studio is well-known for its lavish cinematic productions, and Wrath of the White Witch replicates Ghibli's iconic style splendidly. Even if the cutscenes were ignored, Ni no Kuni would still rank among the PS3's most beautiful games.
28)Resident Evil 2 (2019) – Represents All Modern Resident Evil Games A Remake Done Right
Years of remasters and rereleases have cemented the idea that old games can look better than they did, but not as good as modern ones. Capcom rebuilding Resident Evil 2 from the ground up makes it a modern video game, a fantastic one at that. Leon and Claire have never looked this good and neither have the zombies and monsters terrorizing Raccoon City.
The police station and underground lab look nearly life-like and every scare in the game is extra terrifying with how detailed the monsters are. Even Tyrant looks awesome, in his own terrifying way.
Note:
Resident Evil 3 and Resident Evil 4 also look fantastic, but RE2 received the nod as it was the first of Capcom's stint of recent remakes. Resident Evil Village is also stunning.
29)Microsoft Flight Simulator (2020) The World At The Player's Fingertips
Microsoft Flight Simulator is a jaw-dropping achievement. The flight sim grants players access to the world, allowing them to plan and take trips to Earth's highest mountains, hottest deserts, and greatest metropolises. The game's scope is impressive, and this ambition is more than matched by its technical prowess.
Microsoft Flight Simulator is arguably the most realistic game of all time, with both the planes and locations authentically mirroring their real-life counterparts to the smallest detail.
30)God Of War (2018) & Ragnarok (2022) A New Era, A New Look
Nothing against the previous installments of God of War, which are all technical showcases in their own right, but the soft reboot of the 2018 sequel and its successor are not only different but also more gorgeous. Exploring the Norse lands to soak up this universe's mythology is spectacular for a number of reasons, including the fact that everything looks great.
God of War captures Kratos and Atreus in a way that gives depth to the former not experienced in previous installments. Unsurprisingly, God of War: Ragnarok maintains the high quality set by its predecessor. Graphically, the sequel does not offer a huge leap forward, but that is a testament to God of War's beauty rather than a criticism of Ragnarok​​​​​.
31)The Legend Of Zelda: Tears Of The Kingdom Pushes The Switch To Its Absolute Limit
The Legend of Zelda: Breath of the Wild and Tears of the Kingdom boast vibrant art styles that bring Hyrule to life like never before. However, if someone were to focus on the minute details, they might notice reused or flat textures along with large stretches of empty real estate containing nothing but maybe two enemies and a couple of apples. Compared to some other open-world projects, Nintendo's releases might not be that impressive; however, considering the Switch's underpowered hardware, both games are technical marvels.
Tears of the Kingdom gets the nod as it has more content than Breath of the Wild thanks to the implementation of Sky Islands and the Depths. Pushing the Switch to its absolute limit, the sequel delivers one of the most complete and expansive open-world adventures of all time.
32)The Witcher 3: Wild Hunt A Dark Fantasy Masterpiece In Nearly Every Way
Known for being one of the greatest games ever made, CD Projekt Red's The Witcher 3 is phenomenal for numerous reasons. Not all the monsters or gruff characters are a joy to look at because they aren't meant to be, but the sprawling landscapes are constantly killer.
While the console versions look great (not including the Switch port, which is nonetheless impressive in its own right), The Witcher 3 on PC can hit graphical levels that are almost beyond understanding. The game is worth playing for a ton of reasons besides graphics, but looking good is always a plus. The bathtub scene is worth the price of entry alone.
On the right system, Cyberpunk 2077 is also one of the best-looking games ever .
33)A Plague Tale: Requiem A Proper Current-Gen Experience
As the ninth console generation picks up steam, more games will debut that raise the bar for graphics, at least on Sony and Microsoft's hardware. A Plague Tale: Requiem is one of the first games to truly come across as a current-gen experience, an achievement aided by Asobo Studio's decision to not produce PS4 and Xbox One versions.
Boasting brilliant facial animations and photo-realistic visuals, Requiem is awe-inspiring on a technical level. While 2019's Innocence is also a pretty game, Requiem far exceeds its predecessor in this department, particularly when it comes to the presentation of the rats.
34)Forza Horizon 5 Mexico At The Player's Fingertips
As long as Forza games continue to be made they will continue to be the best-looking games on the market. Forza Horizon 5 isn't just one of the greatest racing games of the last few years, but one of the most gorgeous titles to ever be released for Xbox.
While Forza Horizon 4's British setting resulted in slightly homogenous environments, the sequel's Mexico map is far more diverse, offering 11 biomes that showcase different aspects of the country. While the game looks good on the Xbox One, Forza Horizon 5 is unbelievably gorgeous on PC and the Xbox Series X.
35)Alan Wake 2 Cinematic Quality
Alan Wake 2 was a long time coming, and the sequel managed to live up to some rather lofty expectations while catering to both returning fans and new players. Split across two campaigns, the story follows Saga as she investigates a murder case that leads her to an unsettling American town with a peculiar populace. In the meantime, Alan finds himself trying to escape the Dark Place, a haunting realm that twists reality into something menacing but familiar.
Although complementary, the two storylines still feel different from each other, and that extends to their detailed and realistic locations. Alan Wake 2 is a technical work of art built using Remedy's own Northlight Engine, which is also responsible for the equally impressive Control and Quantum Break.
36)Final Fantasy 7 Rebirth Ambitious, Epic, & Gorgeous
Generally, most JRPG franchises tend to trail behind other AAA properties in terms of graphics; however, the one constant exception is Final Fantasy. In most generations, Square Enix produces one or two games that push consoles to their limits – Final Fantasy 6 for the SNES, Final Fantasy 7 and 8 for the PS1, Final Fantasy 12 for the PS2, Final Fantasy 13 for the PS3, and Final Fantasy 7 Remake for the PS4. On the PS5, Final Fantasy 16 and Rebirth are both visually stunning, but the latter gets the nod due to its open-world nature, making for a more impressive final product.
Set after Cloud and company leave Midgar, Rebirth emphasizes this story's world-spanning nature and scale in a way that could not be done with the 1997 original. Even if the open-world filler content might not be to everyone's tastes, the game is consistently gorgeous, and each region of the map has a unique identity that keeps things interesting. The character and enemy models are unsurprisingly flawless, and they are accompanied by high-quality visual effects that are regularly showcased during the fast-paced combat.
37)Half-Life: Alyx The Future Of Gaming?
After more than a decade, Valve finally returned to the Half-Life franchise, albeit with a prequel/sequel rather than a proper third entry. Also, Half-Life: Alyx is a VR game, presumably designed to get people interested in Valve's Index headset. Dropping players in City 17, Alyx not only serves as a showcase of VR technology but is also a proper, substantial addition to the beloved series.
Half-Life: Alyx arguably features the most detailed world in gaming history, and, thanks to virtual reality, one of the most immersive. Although most of the game takes place in underground areas filled with brilliantly designed environments and enemies, Half-Life: Alyx's presentation goes up another level whenever the story heads to the surface.
38)Red Dead Redemption 2 An Era Captured Fully
Red Dead Redemption 2 is arguably the game with the best graphics of all time, although Rockstar's GTA 5 and L.A. Noire would not be bad shouts either. RDR2 is practically a movie due to how detailed and impressive all the NPCs and landscapes look on both consoles and PC.
Not only does every single frame of this adventure look photo-realistic, but RDR2 is also incredibly long and players will never get tired of the scenery. Arthur Morgan looks and feels like a real human being, and the same extends to every other character within the game. RDR2 is nothing short of art.
39)Groundbreaking Games From Yesteryear They Set The Standard
While not quite as regular of a phenomenon nowadays, the '80s, '90s, and early 2000s produced plenty of games that represented the next leap in graphical prowess. Titles like Pong, Asteroids, Super Mario Bros., Super Mario 64, Alone in the Dark, Ocarina of Time, Tomb Raider, Mist, Final Fantasy 7, and Grand Theft Auto 3 were all visual showcases that changed the industry.
Even if some of these projects' graphics have not aged extremely well, that does not diminish their accomplishments or importance. And, plenty of these masterpieces have stood the test of time, especially Nintendo's SNES-era releases.

For our schedule and links to other discussions, see the Money and Banking 2024 master post.
This is the discussion thread for Economics of Money and Banking Warsaw Lecture 1: Why Is Money Difficult?

• Lecture Video

Ideally, we want the plumbing of money and banking to operate smoothly behind the scenes. But only through awareness of that plumbing and its mechanics can we begin to explain what happens when the plumbing breaks. When ignoring the machinery of money and banking, we may be able to devise somewhat reasonable models for how the economy works in normal times, but we won't be able to explain financial crises.
This lecture provides motivation for learning the Money View and calls attention to intellectual/psychological hurdles that people often need to overcome when trying to understand money and banking.
NOTE: The audio in this lecture only plays over the left channel. I recommend downmixing to mono in your computer's audio settings, so it doesn't distract you.
The slides are not always visible in the recording. I've included their content below.

Liquidity

Drawing theory from banking practice, the Money View emphasizes the central role of liquidity. The liquidity of an economic entity (individual, household, firm, government, etc.) is its ability to meet payment commitments as they come due. Failing to settle payment commitments means defaulting on debt. Firms—banks, in particular—that fail to meet their commitments won't stay in business for very long.

"Liquidity kills you quick." —Perry Mehrling

We can divide liquidity into three categories based on the source of money (settlement funds):

1. Monetary liquidity — the ability to spend money in your possession.
2. Funding liquidity — the ability to borrow money.
3. Market liquidity — the ability to sell assets for money.

Funding liquidity and market liquidity depend partly on the general state of the market. To sell an asset or borrow money, you need someone else—a counterparty—to buy your asset or lend you the money. If the market dries up, the counterparties disappear.
Monetary liquidity is the only type of liquidity that requires no counterparty. You can always spend money that you already have. A large enough reserve of money ensures that you'll be able to meet immediate payment obligations, even in times of adversity.

Slide 2: Many Faces of the Global Financial Crisis (1:32 – 7:24)

• Crisis of risk management system
  • Private: Microprudential, Value At Risk, Basel
  • Public: Macroeconomic Stabilization, Inflation Target
• Crisis of political economy
  • Central Bank and Wall Street (US)
  • Central Bank and State Treasury (Europe)
  • Central Bank Cooperation (Global)
• Crisis of global liquidity system
  • Funding Liquidity—Lender of Last Resort
  • Market Liquidity—Dealer of Last Resort

Mehrling opens with the 2007–2008 Global Financial Crisis (GFC). As with the Great Depression of the 1930s and the "stagflation" of the 1970s, I imagine that economists will continue to revisit the GFC for decades to come. There's a lot to unpack.
The GFC challenged the idea that we could prevent financial crises either by getting individual entities to manage their risk better or by attempting to stabilize the system as a whole.
We can understand the GFC as a liquidity event in the global dollar system. Entities became unable to meet their payment commitments. Both funding liquidity and market liquidity dried up. As a result, we learned that backstopping funding liquidity alone (lender of last resort) is not enough. Market liquidity needs a backstop too (dealer of last resort).

Slide 3: From Lender-of-Last-Resort to Dealer-of-Last-Resort (7:24 – 11:22)

https://preview.redd.it/pagb13mdv00d1.png?width=460&format=png&auto=webp&s=07c8c5b1694ba0cd038e33909ba08825c3e767f9
In this visualization of the Fed's balance sheet, assets are on the top, and liabilities on the bottom. Starting in 2008, the balance sheet of the Fed expanded rapidly. It added huge amounts to both its assets and liabilities. And that balance sheet has never returned to the way it was before the crisis.
Starting with this crisis, the Fed backstopped asset markets directly. Being a lender of last resort means prmosing to lend at a high interest rate to those who need it money. Being a dealer of last resort means promising to buy at a fairly low price from anyone who wants to sell.

Slide 4: From Domestic to International Lender-of-Last-Resort (11:22 – 13:33)

https://preview.redd.it/g56uck0gv00d1.png?width=800&format=png&auto=webp&s=08c9e124856a0f9195b81384cf5a07d9edd928dd
We might normally expect arbitrage to eliminate price differences. When that doesn't happen, it's a sign that something is wrong. In 2008, something was preventing people from borrowing dollars in the domestic money market and lending them off-shore (as Eurodollars).
In 2008, the central banks prevented another great depression by supporting the global system.

Slide 5: The (Fatal) Abstractions of Modern Economic Thinking (13:33 – 14:21)

• Representative Agent
• Intertemporal Equilibrium
• Monetary Veil (Neutrality)
• Legal Foundations
• Market Microstructure

Liquidity

Standard economics abstracts from money and liquidity. But this means that standard economics won't have much to say about what happens when there's a crisis in the "monetary plumbing."

Slide 6: The Money View (14:21 – 15:45)

• Banking as a Payments System
  • Copeland (1952): A Moneyflow Economy
  • Minsky (1957): The Survival Constraint
• Banking as a Market Making System
  • Hawtrey (1919): Hierarchy of Money and Credit
  • Hicks (1989): Centrality of the Dealer Function
  • Bagehot (1873): Dealer of Last Resort

These two pillars of the Money View both concern liquidity. Viewing banking as a payments system emphasizes what happens when you run out of liquidity: you can't make a payment you promised to make. Viewing banking as a market-making system emphasizes where liquidity comes from in the first place: dealers—including banks—supply liquidity to the system by making markets. A breakdown in market-making puts strain on the payments system and causes payment commitments to go unfulfilled.

Why Is Money Difficult?

Slide 7 (15:45 – 17:21)

Why is it so difficult for me to learn this and figure this out? Why did it take me so long? I don't think I'm stupid.
—Lecture

Understanding money means unlearning some of the ways of thinking that economics tends to encourage.

Slide 8: I. Alchemy (17:21 – 18:20)

https://preview.redd.it/4ybe2dvkv00d1.png?width=648&format=png&auto=webp&s=4ac9d9f4f3f78b3246988358ff7197406d2c26a3

• Banking is a swap of IOUs

Lecture 1 of the MOOC will properly introduce us to balance-sheet notation. The above diagram shows that, at the moment of loan origination, the bank and the borrower (me) are both promising each other money. It is a mutual obligation in which two promises being made:

1. The loan is the liability of the borrower and an asset to the bank.
2. The deposit is the liability of the bank and an asset to the borrower.

We can visualize the same transaction with arrows representing the payments.
https://preview.redd.it/4y5rz41qv00d1.png?width=338&format=png&auto=webp&s=d4a7b6ce64a33ad9b9a253354c21dd2b4f7e6cbd
Here, it is more clear that the bank and the borrower are both paying each other. The green color represents "payment by issuance." The bank issues deposits to pay the borrower. The borrower issues the loan to pay the bank.
Once the loan has been originated, the bank is holding the loan and the borrower is holding deposits in the bank.
https://preview.redd.it/kq4uh3ctv00d1.png?width=338&format=png&auto=webp&s=423cfec8adcbbfe3534d182662c4810c7fe6f52f
I shade the deposits purple to show that the deposits are money to the entity holding them as an asset. The loan is not. The borrower has swapped his own newly issued non-money liability for the newly issued liability of the bank, which is money.
On the balance sheet of the bank, the deposits fund the loan. At least initially, the borrower, by holding deposits in the bank, is indirectly funding his own loan. The bank is intermediating between a depositor and a borrower. The depositor and the borrower just happen to be the same entity. It is as if the borrower deposited cash in the bank and then borrowed the cash back from the bank.
https://preview.redd.it/27ukhv5wv00d1.png?width=762&format=png&auto=webp&s=36acdec075421c1bab9b3baf14b42191943b08fe
The cash is yellow to show "payment by assignment." The cash asset is merely being transferred from one balance sheet to another. But these notional cash flows net out, meaning that no cash actually needs to flow. And if no cash needs to flow, then no cash needs to exist to make this loan possible.

Slide 9: Psychological Barrier (18:20 – 20:32)

• Fetish of the "Real": What is being "loaned"?
  • Fraud?
• Free lunch resistance: Something from nothing?
• "Inside" or credit character of money, versus "outside" personal experience of money

The normal language view of a loan is that I can't lend you a bicycle unless I have a bicycle. If I lend you something I don't own, that's illegal or fraud or something. It's a problem. How can you lend something that you don't own.
—Lecture

You can promise something you don't own, as long as you can reliably get the thing being promised. The key insight about money is that it's possible for a promise for money to be money.
In his History of Economic Analysis (1954), Joseph Schumpeter said, “You cannot ride on a claim to a horse, but you can pay with a claim to money.” (p. 305)

Slide 10: II. Hybridity (20:32 – 22:11)

• Money Supply, Public and Private

https://preview.redd.it/nqp5kydyv00d1.png?width=448&format=png&auto=webp&s=a9f9e7c55946ebd760346550e31d09605907726b

• Central Bank, Government Bank and Bankers' Bank

https://preview.redd.it/wfj3azy1w00d1.png?width=355&format=png&auto=webp&s=bbd880beaa100a64d2a54f9a5b880cbcea99355b
Currency (public money) and deposits (private money) trade at par. That means, they're exchangeable one for one.

Slide 11: Political Barrier (22:11 – 25:37)

• Left: Chartalism, Knapp, Modern Monetary Theory (MMT)
  • Money as creation of the state, "authority"
• Right: Metallism, Menger, Austrian
  • Money as creation of the marketplace, "trust
• Symbiosis: as lichen, algae + fungi

The system is hybrid. It's public and private. Each one adds something, and they mutually support each other. It's a symbiotic system. It's not that one is illegitimate and the other one is legitimate, and that we have to decide which one is legitimate and get rid of the other one. We have to manage a system that has both features, in which the liabilities of private banking and the liabilities of public banking trade at par. How do they trade at par? What makes them trade at par? And when there's stress on the system, that par is under pressure.
—Lecture

Slide 12: III. Hierarchy (25:37 – 26:32)

https://preview.redd.it/po5tezy4w00d1.png?width=473&format=png&auto=webp&s=af604420981962b8a57a8d335f68d1c697beb822

Slide 13: Ideological Barrier (26:32 – 29:28)

• Economic ideology: men are equal, but liabilities of men unequal
• Westphalian ideology: sovereigns are equal, but liabilities of sovereigns unequal
• Credit as promise to pay money; money as the highest form of credit

Slide 14: IV. Instability (29:28 – 31:28)

https://preview.redd.it/6577s3x6w00d1.png?width=397&format=png&auto=webp&s=25a25a304d1221f58893ca350fae5b2dc3b94343

Things that look like credit in bad times begin to have more money-like features. It becomes much easier to spend them, and people accept them as means of payment in a boom. And then, in a bust: the reverse. The hierarchy reasserts itself. The system shrinks. The difference between money at the top and money at the bottom becomes wider.
—Lecture

Slide 15: Equilibrium Barrier (31:28 – 33:11)

• Prices "clear" markets, and time is just an additional dimension of commodity space
• Instability comes from outside, exogenous shocks absorbed through price flexibility
• Incipient incoherence between cash flows and cash commitments absorbed by balance sheet expansion higher up in the hierarchy.

The system as a whole never settles into a stable equilibrium because credit is inherently unstable.

A Moneyflow Economy

Slide 16 (33:11 – 33:28)

Slide 17: Settlement as Coherence (33:28 – 38:04)

"The web of interlocking debt commitments, each one a more or less rash promise about an uncertain future, is like a bridge that we collectively spin out into the unknown future toward shores not yet visible. It is in the daily operation of the money market that the coherence of the credit system, that vast web of promises to pay, is tested and resolved as cash flows meet cash commitments." (New Lombard Street, p.3)
The quintessential banking problem is meeting liquidity needs. Cash commitments and cash flows. It's not a budget constraint.
—Lecture

Slide 18: "like a bridge we spin..." (38:04 – 39:27)

Our imagination of the future determines our decisions in the present. But we're sometimes wrong.

That's what financial crises are like. That's what they're about. You're building in a certain direction, imagining a certain future, and everyone's onboard, and they think that's the future. And then it turns out no. We were wrong.
—Lecture

Slide 19: Hierarchy of Dealers, Prices of Money (39:27 – 43:20)

https://preview.redd.it/meo9c879w00d1.png?width=402&format=png&auto=webp&s=4b309e47a4ce00a4a6f0a882e1047e6c86da53a3

We think about supply and demand, and you don't think about the dealer in the middle, bridging supply and demand.
—Lecture

Financial Globalization and Shadow Banking

Slide 20 (43:20 – 46:35)

This is just not the way the world is. It's not a collection of nation-states. It's a global system. And each central bank is part of this hierarchy. It's not flat. It's hierarchical, the system. And it's a global system. And the natural form of banking for a global system is shadow banking.
—Lecture

Shadow Banking, also known as market-based finance, is "money market funding of capital market lending."

Slide 21: International Hierarchy of Money (46:35 – 48:25)

https://preview.redd.it/ukieu6dbw00d1.png?width=800&format=png&auto=webp&s=7b30f3fb90a7b40999cb0217ce8762eb05c18ebb
The world looks different and works differently depending on where in the global hierarchy you happen to be.

Slide 22: Breaking Free of the Triple Coincidence (BIS #524) (48:25 – 51:57)

https://preview.redd.it/hq4gb80dw00d1.png?width=800&format=png&auto=webp&s=39474a50a588360706762b2ee71b00d0b7520edc
The economy is fundamentally global. It is not a collection of individual nation-states knit together. Yet we often treat it that way when analyzing the economy or taking statistics. The "triple coincidence" refers to the idea that the GDP area, the political decision-making unit, and the currency area all match each other. Our statistics tend to take the triple coincidence for granted, but there's no general reason why it should be true.

• Breaking Free of the Triple Coincidence in International Finance by Adjiev, McCauley and Shin (2015)

The dollar, in particular, is a global currency. Most dollar action happens outside of the United States. Depending on where the banks happen to be located, otherwise equivalent states of the world can produce very different statistical measurements.

It's a global system, and the global currency is the dollar. And it's a private dollar. It's the liabilities of banks, not the liability of the central bank.
—Lecture

Slide 23: Hierarchy of Alchemy (51:57 – 54:23)

https://preview.redd.it/2p9hedvfw00d1.png?width=446&format=png&auto=webp&s=86d53c8e1bbccf5a95556b9baf425a88012a7330
At each layer of the international hierarchy, we can see the same kind of swap-of-IOUs alchemy in action.

Slide 24: Payment Versus Funding, I (54:23 – 1:01:42)

https://preview.redd.it/t4ejq9ylw00d1.png?width=928&format=png&auto=webp&s=3ac1bc57bf4102638e1d84072d48e0b8b789d700

• Purchase of house facilitated by "alchemy," seller funding and interbank borrowing, in the first instance

Above, I have renamed "Fed Funds" to "Money Market," because "Fed Funds" is just what we call the money market when it's being used by particular entities. I have also combined Mehrling's stage 2 and 3 to emphasize that the money-market funding is what allows the deposit to move in the first place. The seller's bank (your bank) won't take on a deposit liability without an asset to match. And that's what the money-market funding is.
The transfer of the deposit from the buyer's bank to the seller's bank is shaded blue. This is to denote "payment by novation." One bank is paying another by taking on the other bank's liability.
As we saw before with the swap of IOUs, the buyer of the house (me) initially funds his own loan by holding deposits in the bank. But he borrowed those deposits to use to purchase the house from the seller (you). The seller ends up with the deposits.
https://preview.redd.it/28vfgfcpw00d1.png?width=339&format=png&auto=webp&s=3d662197fd501cefa82dcb0db1de1eb6bdb7e573
After the home has been purchased, the mortgage loan is ultimately being funded by the seller of the house. The seller holds deposits in his bank. The seller's bank provides money-market funding to the buyer's bank. And the buyer's bank provides the loan to the buyer.
https://preview.redd.it/ftyp74etw00d1.png?width=338&format=png&auto=webp&s=edbd85d69e98f86f0f9e91281aad2f7533161cef
We can also split the second step into two parts to separate the interbank payment from the money-market funding of the deficit position. To make the balance sheets work out, we can add in the reserves that Mehrling left out.
https://preview.redd.it/lht6w0yww00d1.png?width=928&format=png&auto=webp&s=fd405638fa0c9e556209f8064e4cd5c83c747756
This version uses money reserves to grease the wheels of the trade, but the reserves just end up back where they started.

Slide 25: Payment Versus Funding IIa (1:01:42 – 1:04:53)

https://preview.redd.it/w1z11vwax00d1.png?width=932&format=png&auto=webp&s=48669f9bc4e26d31a11a2426c168711a9575fbc9

• Final funding of loan facilitated by money destruction, larger society funding

In step three, the deposit and the money-market funding cancel each other out. There is a mutual release of liabilities. This is the opposite of the mutual obligation we get from a swap of IOUs. The payments are shaded red to denote "payment by set-off." One entity pays another by canceling a debt owed.
Here is the same set of transactions, but using payment arrows.
https://preview.redd.it/6weyhr6kx00d1.png?width=339&format=png&auto=webp&s=a424a89e88dc0d9e19241f96dc38017204b8db64
From the perspective of "society," they're holding an annuity as an asset instead of money. Money has been "destroyed."

Slide 26: Payment Versus Funding IIb (1:04:53 – 1:06:52)

• Final funding of the loan facilitated by shadow banking, society funding

Now, the loan is funded in the money market. Unlike with the annuity, which is locked in, the ultimate funding has to be perpetually rolled over.

Slide 27: Crisis and Prices (1:06:52 – 1:07:00)

Now we have some context for this slide we saw at the beginning (Slide 4). The price of money-market funding is being bid up.

Slide 28: Crisis and Balance Sheets (1:07:00 – 1:08:01)

And we understand Slide 3 now, too. The Fed took the shadow-banking system on to its own balance sheet. It became a dealer (or market-maker) of last resort.

Slide 29: System Dynamics and Thought Dynamics (1:08:01 – 1:15:02)

• Elasticity of Credit vs. Discipline of Money
  • Banking School vs. Currency School
• Bankers' bank vs. Government Bank
  • Peace finance vs. War (Development) finance
• Bank credit vs. Market Credit
  • Montary economics vs. Financial economics
• Core vs. Periphery
  • Global finance vs. National finance

The system we're trying to understand is in constant motion, and it's changing. Sometimes, it's moving and it's in a boom phase–it's the elasticity of credit. Sometimes, it's in a discipline phase–it's the discipline of money. Sometimes, there's wars and it's all public money–it's all government finance. Sometimes, there's peace, and it's all private finance. Sometimes, all the action is in the periphery. Sometimes, all the action is in the core of the system.
—Lecture
System dynamics and thought dynamics are intertwined. The evolution of monetary thought comes along with the evolution of the system as a whole.
—Lecture

Today's globalized world is, in some ways, more like the gold-standard world of the late 1800s than it is like the post-World War II era.

Slide 30: Inflation? (1:15:02 – 1:19:15)

• Goods prices, the fourth price of money, a work in progress
• Formed by market-makers in primary commodities: oil, wheat
  • Spot vs. forward, storage public and private
  • Tax-based Incomes Policy?
• Labor as primary commodity
  • Reserve army of the unemployed
  • Job Guarantee as buffer stock?
• Economics of the Dealer Function

This lecture was seven years ago. In 2024, Mehrling is still working on his theory of inflation. Here's a recording of a talk he gave in February.

• Perry Mehrling Opening Keynote: A Money View of Inflation - The Fourth Price of Money

Please post any questions and comments below. We will have a one-hour live discussion of Warsaw Lecture 1 on Monday, May 13th, at 2:00pm EDT.

Motovun: Where History and Nature Entwine

Perched atop a steep hill in the heart of Istria, Croatia, Motovun is a picturesque medieval town that captures the imagination of all who visit. With its cobblestone streets, ancient walls, and panoramic views of the surrounding vineyards and forests, Motovun offers a journey back in time. This enchanting town is not just a relic of the past; it’s a vibrant community where tradition and modernity live in harmony. Whether you’re a history buff, a nature lover, or a food enthusiast, Motovun has something to captivate your senses.
https://preview.redd.it/t6nzkuqjkyzc1.jpg?width=1024&format=pjpg&auto=webp&s=faec83978619fd35b4a39e015b2234a089f2ee64

A Stroll Through Time: Exploring Motovun’s Rich History

The history of Motovun is as layered as the hill it sits on. Dating back to the prehistoric times and later becoming a part of the Roman empire, Motovun’s strategic location has always been its fortune and challenge. The town’s well-preserved medieval architecture, including the town walls that offer a stunning 360-degree view of the Istrian countryside, speaks volumes of its past. The Church of St. Stephen, standing proudly at the town’s highest point, showcases Venetian colonial influence and houses works by renowned artists, including a fresco by the 16th-century painter Andrea Palladio.

Culinary Delights: Tasting the Essence of Istria

Motovun is celebrated for its gastronomic excellence. The town and its surroundings are renowned for truffles, a prized underground mushroom that grows in the moist soil of the Motovun forest. Truffle hunting experiences offer visitors a unique adventure, followed by the opportunity to savor dishes enriched with this local delicacy. Alongside truffles, Motovun’s restaurants and taverns serve a variety of Istrian cuisine, characterized by fresh, locally sourced ingredients, olive oil, and superb wines from the region’s vineyards. The Motovun Film Festival, an annual event attracting artists and filmmakers from around the globe, transforms the town into a cultural hotspot, offering an array of local and international flavors.

Embracing the Great Outdoors

The area surrounding Motovun invites nature enthusiasts to explore its beauty. The Mirna River valley, with its rich biodiversity and serene landscapes, is perfect for hiking, cycling, and enjoying the great outdoors. The Motovun forest, home to the elusive truffle and a variety of wildlife, is a natural treasure waiting to be explored. For those looking to venture further, the Parenzana, a disused narrow gauge railway now converted into a cycling and hiking path, offers a unique way to experience the Istrian countryside, connecting Motovun with other picturesque towns and villages across the peninsula.

Why Visit Motovun?

Motovun is more than just a destination; it’s an experience that stays with you. Its timeless beauty, combined with its culinary excellence and the warmth of its people, makes it a jewel in Istria’s crown. Whether you’re watching the sunset from the ancient town walls, indulging in a truffle-based dish, or exploring the natural wonders of the surrounding area, Motovun offers a slice of Croatian paradise that beckons to be discovered.
Discover Motovun, and let yourself be enchanted by the magic of this hilltop town in Istria, Croatia. From its historical depths to its panoramic vistas, Motovun is a place where every stone tells a story, and every view takes your breath away.
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