Why I don't worry about the debt - View Inc. and Will Milne

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WHY I DON’T WORRY ABOUT THE DEBT

 By Jamis MacNiven

     Have a look at the ‘debt clock’  http://www.usadebtclock.com/ and you will see the dial spinning at over 2 million dollars a minute. Real dramatic.

     This made some folks jumpy during this most recent election season and it took up at least 50% of the oxygen. And still does. Let’s pick this issue apart. OK, first my credentials. None, but hey, my ideas are at least as good as the collective opinions about this issue because, like noise canceling headphones, there is so much disagreement that there seems to be no single set of facts. Just relentless buzzing. (See Alan Greenspan the ex-head of the Fed who told Congress in 2011 that after 40 years he didn’t know what he was talking about) Well, I want to take your worry about the debt away and replace it with a bigger worry.

     First, the debt is often compared to the GDP as if that comparison had any relevance. (Look!  50 SUVs are the weight of a grey whale!) As we shall see the debt can be compared to something but it isn’t the GDP.

     A government’s purpose in a free society is to make a reasonably safe environment for us to live our lives. We come together and forge an agreement to operate with a set of rules. Then we spend the rest of the country’s existence fine tuning the agreement.

     Some folks in this country are always trying to figure out what the Founding Fathers had in mind. Ha-larious. Why do we care what these folks from another age might feel today? (I think they are so beloved by some people because they carried guns) Some say we have a pact with them. We don’t. We have a pact with the Constitution. Big difference.

     One job of our government is to raise money and manage some of the social systems like providing for the common defense, running a post office, conducting a census and so on. The Constitution was immediately seen as incomplete so we amended it before the ink dried and have been doing so ever since (the Supreme Court rulings have the force of the Constitution). Nearly all of us agree that the government should manage a lot of activities. One thing it is charged to run is a treasury system and with that comes the ability to create debt and print money. Cool, free money!

     So the national debt is 16ish trillion (and lots of state and local debt too). (In pennies the weight of 17.5 million grey whales, big ones.) People are heard to say you can’t live beyond your means at home so how can a government? If you go overdrawn you will go bankrupt they say. True, but the federal government isn’t a household on steroids. It can print money, go to war, make some pretty amazing rules - all things you can’t do at home. If we inflate the money supply we can reduce the debt. I’m not suggesting doing this because, as I contend, the size of the debt doesn’t matter anyway.

     Some say we can reduce the debt by creating millions of new high paying jobs. If we buy more stuff we will grow our way to prosperity. Even Robert Reich an avowed lefty at UC Berkeley says this. But from where I sit it seems as demand grows the things are shipped in from shored long ago. What about the balance of payment to other countries and a weaker dollar? Well we are actually expecting oil independence and even export soon. Really, that’s what they say.

     Why do I say worrying about the debt shouldn’t keep you up? Because the debt is merely a bookkeeping tool whereby one party borrows money and another party is paid interest. Why borrow money? Ideally one borrows to have access to the utility value of something like moving into a house decades before it’s paid for. It is also used to fill in gaps in the ratio between revenue and the actual cost of things. Last year the insane argument about not raising the debt ceiling might have made sense except it was used to pay outstanding bills, not for new work.

     There was also a lot of noise about China holding our debt like a parent who might withhold your allowance. Well, they already hold the debt and it can’t be ‘called.’ (They actually only have 8%.) The mechanism is - we send them money and after the kleptocrats skim off about half they build things like factories to make more stuff. We then buy that stuff and send them yet more money. (Talk about a tool to promote world peace!) 4 trillion of the debt is owed to the Federal Reserve and 2 or so to Social Security. Now I’m no economist but doesn’t that mean we owe much of it to ourselves?

    It looks like we will continue to borrow money to pay ourselves the interest on borrowed money but eventually even a hall of mirrors fades away and this magic well will run dry. The result will be to write the debt off as a bad loan and our credit will go down the drain. What will happen then? We will be forced to live within our means which is what everyone has been clamoring for. People say, oh, we will become Greece. Austerity! Yes indeed. Or maybe we call it sustainability.

     “We can’t have a dystopian future - we need our comforts!” yell the consumers. Well the future is here. This $4,000 chair promises to make you happy. All 300 pounds of it which is what the average American will soon weigh. Sure looks like the chair from Wall-e.

     So if I say the size of the debt is of little relevance and a comparison to the GDP isn’t effective, what is? We now actually have a use for the whales and SUVs. We have to compare the debt to all the stuff.

     The functional debt on a car, a freeway, a whale or anything that exists is zero according to the universal law we call reality. This means that if it exists and is useful the universe doesn’t care if there is paper debt against it because it is actually here. If there happens to be a paper debt applied to it that is a characteristic like a tree casting a shadow, but it is of no consequence to the thing itself.

     The ‘stuff’ exists so the universe says it is completely paid for. I’m talking about both simple things like an apple and complex systems like weather. Let’s start adding up the utility value of everything and for simplicity sake let’s use just planet Earth and divide by the USA.

     We have to add all the cropland, sure, and all hose Beanie Babies but we also have the infrastructure like the dams and waterways, uniform weights and measures, and less intangible things like the protocol of driving on the right.

     So what’s it all worth? Digging around on Wikipedia gives a value of the Earth (for insurance purposes no doubt) of 42 quintillion (18 zeros) US dollars. So if the America controls, say 25% of the world’s value then our share is about $10 quintillion. This makes the national debt about a millionth of the value of all our stuff in just the US and that isn’t counting the sunshine. At this point most of the readers will assume I’m kidding but I am quite serious. I know the 18 zeros is a made-up number isn’t the real value actually far higher. In fact, priceless.

     Clearly if we raise the national debt it will have little impact on the ratio. What will wreck the formula is to devalue the stuff. We all know by heart the list of how this might happen. Asteroid, check. GMOs, check. Nuclear war, check. Pestilence, check. These things might happen but probably not. What about global warming? Were you watching NYC and New Jersey becoming a surfer’s paradise? Oh, it’s happening. The big storm cost tens of billions sure, but make New York City uninhabitable below the third floor and watch the value of these places decline rather more.

     By this point some are agreeing. Others are disagreeing and thinking I’m taking a leftist position. Well if reality is tilted to the left I guess that’s true but really it need not be partisan issue.     Am I so pure and above the fray? No, not at all. I’m gobbling resources with everyone else even while trying to cut back.

     So maybe I’m all wet but this is a country where (according to the National Science Foundation 2011) 32% of Americans believe in magic numbers so I hope to appeal at least to these folks.

   I guess this all sounds pretty nuts. Maybe I’ll get one of these chairs after all.

VIEW INC

The walls at Buck’s are covered with art and technology from an earlier age of adventure and discovery, but much of the real action in science and technology has now moved to an atomic and molecular level. My friend Aymeric Sallin leads a Venture fund called NanoDimension (anchored in Zurich and Menlo Park) and deals with all sorts of nano-sized technologies. This technology involves tiny elements harnessed to big projects. Aymeric chose this industry to focus on because, as a physicist, he gets it. He supports companies as they move atomic processes from lab to fab.

     Here in the Valley many new firms focus on software; NanoDimension backs businesses that make stuff out of atoms. Their latest project, View Inc., involves the slight movement of an ion on the molecular level which changes glass from clear to variable tint. This infinitesimal realignment now is poised to disrupt an entire industry.

     We all lament the disappearance of American manufacturing jobs to other countries. By backing View Inc. a consortium of VCs, including NanoDimension, has created hundreds of jobs in the USA and will soon add hundreds more. I was privileged to have an inside look at this remarkable technology while it was still in stealth mode.     

     The folks at View have built a plant in Mississippi to manufacture dynamic window glass. Office buildings, hospitals, restaurants, homes and countless other buildings are wrapped in glass. Take a multi-story office, the kind you see throughout Silicon Valley and you will (I will never see them the same way again) notice that nearly all the blinds are half or all the way down. Funny, you finally work your way up to the edge of the building, a corner office even, and then immediately pull the blinds down so you can see  your screen. And down they will stay.

     View manufactures glass that can be dimmed automatically in bright sunlight or controlled directly by the user. When combined with dimmable lighting and tight zone control of the temperature you can create an ideal environment and still see out the windows. Dimming the glass also keeps direct sunlight out thereby reducing the AC load, a big factor for modern buildings. On energy savings alone this product pays its way. But the real benefit isn’t about money but about the human experience. We have a deep primal need

to scan the horizon. It has been well documented that a view makes people happier, more productive and in hospitals, speeds patient recovery.

     But hasn’t this glass been around for a long time? Yes, 40 years and its inventor is an emeritus advisor to View. But dimmable glass has never been available on a commercial scale. To learn how to manufacture this at scale 

--> To learn how to manufacture this at scale Dr. Rao Mulpuri  and his team worked with Seagate and repurposed a disc manufacturing facility in Milpitas – it was an efficient and cost effective move and represents a re-purposing so indicative of Silicon Valley. In the glass industry, the acquisition of this plant is on a par with Elon’s score of the Ford plant for Tesla in Fremont. 

     The View team managed to recycle it for their R and D facility where they perfected the technology before building their fabrication plant in Mississippi. Mississippi was so excited to see them show up that they all went gigging for gators and attracted them with huge incentives and support. From this plant they will supply not only North America but Europe as well, where the energy conservation requirements for buildings are far more stringent.

     The technology required to manufacture a double pane, dimmable window that can be up to 5x10 feet is daunting. But making it is just part of the equation. With this sort of product you can’t trickle into the market for testing. It’s more like building a bridge. In other words you can’t even sell your first window until you put the entire organization together with a capacity to produce huge quantities of the product. 

     Recently the first twelve windows were installed in the lounge of the W Hotel in San Francisco and in a very real sense each window cost tens of millions. 

     View and its VC backers have spent years helping move this disruptive new product into an untested market in dicey times. These people have guts. Silicon Valley style all the way. Viewglass.com

LOCAL WORLD CHAMPION WILL MILNE

     Who’s the best saber swordsman in the world between 50 and 59 years of age? My cousin - Will Milne! That’s right, he just returned from Austria where he won the gold medal in the Veteran World Championship. 

     Modern fencing, also known as Olympic fencing (to distinguish it from historical fencing) is divided into three sports depending on the weapon; foil, epee or saber. Foil and epee are all about poking the other guy with the tip of the blade in order to score a point. The tip of the blade has a button switch on it so when  your opponent gets “stabbed” you score a point. No poke, no point. Saber is different. With saber you can hit with any part of the blade and a light comes on. Saber is all about slashing, cutting, lunging and attacking. Like a free-for-all with car antennas. All this takes place in a couple of seconds.

     Will has been saber fencing for about 10 years. By most measures he is a hobbyist in that he hasn’t been at it his whole life, unlike some of the fencers that he conquered at this year’s Veteran World Championship. So what kind of tournament is this? Well, the last US person to win the tournament was Ed Korfanty in 2006. Ed is the current saber coach for the Women’s US Olympic Team. Remember the US flag bearer in London, Mariel Zagunis? She was the one with the big smile, the woman who won gold in Athens and Bejing? She’s one of Ed’s students. 

     This is Will’s second year on the US Veteran National Team. Two years ago the tournament was held in Croatia and he came back a disappointing tenth place, a real letdown. He says he lost to a screaming Italian with an entourage who were cheering and waving towels and generally being Italian. His excuse for losing? “I panicked”. Not this year when he brought back a gold medal so large it came home in the hold. Will says one critical difference this year was that US Fencing Association sent along a coach for the athletes, none other than Vladimir Nazlymov. What, you don’t know the name? Well, he fenced for the Soviets in four Olympics, winning six medals (three of them gold) won ten world championships, was coach of the Soviet Olympic team and then immigrated tothe States where he became coach of the US team. Oh, him. Says Will, “I wouldn’t have won without Vladimir. It’s a lot easier to stay calm with a coach like him on your side.”

    When I asked Will how it felt to win, he amazed me with his perspective. He said that when you win you don’t have to tell a story about how you nearly won, how the guy who beat you was a ten times winner of this or that, or how, if not for a loose floorboard or any of a million other reasons, you would have won. When I asked him how it went in Austria he said simply – “I won.” Winning needs no clarification. He said the best part was standing on the top of the podium with the silver and bronze medalists below him as they played The Star Spangled Banner. Nothing like rubbing it in.

      Not that all this has been easy. A few years ago Will took a blade through the hand, and not a slight cut either. It cut his extensor tendon. He lost some function in his sword hand, yet even with this he is the current world champion. How is such a thing possible? Will says much of it is about controlling stress. If you can be the one swordsman in the room who isn’t panicked and spinning out mentally, you’ve got the edge.

     This might seem like a mildly interesting recreational pastime except that Will brings this same sense of calm to his profession. Will is a homebuilder - Milne Design and Build. This is a field fraught with tension. Homes in our area are custom made productions not unlike motion pictures. There are good ones and less good ones but nearly always they are really stressful to produce. I know this because I used to be in the business, homes, not movies. Back in 1979 when Will was a teenager he worked for me as an apprentice on Steve Jobs’ house. This is pretty funny as it was only my second job ever and I was a pretty green builder. I was certainly in no position to teach much, having just arrived on the scene myself.

     Will is far better at his craft than I ever was. He knows what he’s doing, sure, but the real reason his projects run so smoothly is that he’s always calm. I was on one of his job sites in Woodside a few years ago on the last day of construction and even though there were dozens of people everywhere, and the client too, he took it all in stride. Will specializes in fine residences in Atherton, Menlo Park and Woodside. One of his projects is under construction two doors north of Buck’s on Canada Rd.

    I asked him about similarities between fencing and building and he said that in most respects they’re very different. Building is collaborative and takes lots of time and patience with input from numerous sources. Fencing is fast, instinctive and individual. Primal. Hit or be hit. And the best way to hit rather than get hit? Don’t panic. I do see a lot of parallels though. On his jobs nobody panics.

     Next year Will is going back to Europe and the rumor is the tournament is somewhere in Bulgaria on the Black Sea. He’ll be defending his title against the Russians and Bulgarians, the French and the Germans, and yes, the screaming Italians. Will he slash and cut his way to the top a second time? We shall see. 

Dinner in Denmark

For some years those in the food community have been talking about the magical cooking at el Bulli in Spain and as a result this restaurant had been called the best restaurant in the world. Maybe yes, maybe no, but this much is clear - it was the hardest reservation to land for sure. Easier to get into Stanford. Well the chef decided that being open 6 months a year was too much so he said, “How about no months open?” Take that! So he took himself off to Harvard to teach and now another restaurant is the hot place - Noma in Copenhagen. Is it the best? Maybe? But right now it is the hot place to go so go we did. Since we went all the way to Denmark we thought we had better try other impossible places to get into. I went with Margaret my wife and as many know her at Buck’s - the substance behind the flash - me being the flash. We went with Peter Friess the recent director of the Tech Museum in San Jose and his airport-museum designer wife Birgit Binner. I was to handle the food arrangements and Birgit would suss out the corners of Scandinavian Design.

A friend in Copenhagen managed to get us into Noma on a Friday night a 7 o’clock. I really hadn’t expected this so it was a terrific surprise. The dining experience at Noma is ridiculous, spectacular, enchanting, overpriced, hilarious and a real deal considering the creativity and time spent making sure you have a night to remember. The web is bristling with opinions on this. I can tell you this. I had 23 courses and the food ran from OK to you’ve got to be kidding? I’m convinced that tasty food isn’t actually part of the dining experience at Noma. It’s true that I haven’t got a palette turned to Nordic on the dial but like any art, Noma gets to be judged by the common man and no one is more common than me. I wanted to love the food on all levels and I give them high marks for invention but a failing grade on flavor. The service was predictably warm and compelling which included a great deal of give and take with the international staff. The starters featured such things as fruit leather wrapped around pork cracklin’ to resemble, well pork cracklin’. There was scallop jerky. A plate of fried moss and a clever mussel or rather a faux mussel with real meat and an edible fake shell. There was a smoked game bird egg in a box of smoldering hay and, a real crowd pleaser, a donut hole with an anchovy stuck through it. It is at this point in the meal that the Russian billionaires generally get up, pitch a pile of cash on the table, and go looking for a steak. I’m not kidding this has happened repeatedly. There is plenty of bread though and great bread and heavily salted butter not the pale white lard-like stuff some trendy places give you in America.

The entrees were equally obtuse. At one point they brought us each a sizzling cast iron skillet and directed us to each cook a hens egg and give it dollops of roadside weeds. I think this a nod to hobo cooking. I was half expecting to be asked to heat up some beans in a can over a fire made of tire shreds. One of the latest restaurant trends is to take photos of food while dining. Chefs and restaurant owners are divided on this as there can be flashes going off all round but they are cool about it at Noma and owners would be well advised to give in on this trend, as it seems to be here to stay. The dishes marched at us relentlessly until we were ready to surrender but on they came in their multitude. One of the final courses was a dessert specialty of caramel blended with bone marrow in a section of cow bone. I thought they were kidding but no, it was really as promised. Smelled like a slaughterhouse. We were with fun people doing something decidedly odd so a very good time was had. Denmark is very civilized and strictly modern. In fact they invented Danish Modern though that’s from the 50s. Our hotel, the Radisson Blu, was the particular center of the action when we were there. On our arrival we saw a good many cops with guns. I thought I was home or at least in Italy but it was just the arrival of Hu Jintao the president of China who was there to tour the Carlsberg beer plant. They had cleared the top 5 floors and we saw the leader and his pack several times. I thought we hit it off but he never calls, he never writes. We went to the world famous Louisiana Museum on the outskirts of Copenhagen. They just slap themselves silly with the rich irony of naming the place after our state.

They find this wildly funny, I think. They aren't big on actually laughing. The hit of the show, which you really must see, is 32 big photos of some big fat guy smoking a cigarette. Really, once you get over a dozen it becomes pretty funny but I don’t think it was meant to be funny. I looked long and hard and tried to extract the reason or the meaning. The whole affair seemed meaningless. No doubt there are many who would bring meaning to it and I think that the art and very smoothness of Scandinavia is often a canvas on which to drape your own thoughts. It isn’t as if we don’t do plenty of this in America. In the 60s there was a big movement to display blank canvases. Well they weren’t exactly blank they were painted flat white. They sold for a lot of money. We never figured out what the Danish Kroner exchange rate was but I think that a bill that reads many thousands is not a good sign. And what is with tipping in Scandinavia? It is clearly written on the bill that the tip is included. I finally figured it out. The natives are a bit cagey, as they don’t want to spoil your fun, so the practice seems to be: tip lavishly beyond the amount on the bill if you are an American. If you are local you leave enough to buy half a ride on bus. Then it was off by car across a few hundred miles of Swedish countryside. It quickly dawned us that there is a lot of wood and water in Scandinavia and everything not composed of these two substances is made of rock. Billboards, junkyards, amusement parks and shopping centers don’t fill the landscape like here at home. Stockholm was a revelation. Easily one of the most compelling cities and I’ve been to. It’s a Baroque confection with many buildings dating from when it was a leading power 400 years ago. It never seems to get dark, the weather is perfect, everyone has a job, from the apple cheeked Swedish maid selling strawberries in the farmers markets to the sharply dressed ship stewards on the many watercraft. They really are a beautiful people. Many of the women quite tall and a lot of men are 6’6” and more. They are simply gigantic. And I don’t think they ever die. We met our friends David and Hi-jin who live part time in Half Moon Bay and part time in their penthouse overlooking Stockholm, as Hi-jin is Swedish. They are both artists and have done quite well. Hi-jin cooked one night and we ate as the night tried, without much success, to fall. The next evening we all went to a very elegant restaurant called F12. There the food was elaborate, tiny and inventive. One thing you can say is that the Scandinavians, like the Japanese, eat like one should. Very little red meat, a lot of fish and small portions. People in these countries bike for serious and the bike lanes are sacrosanct. It you are an uneducated tourist you tend to wander into them and the tinkling bill of an approaching bike belies the freight train insistence of these speeding vehicles. And what about the dark Scandinavian soul? I fully expected to witness people sobbing at the meaninglessness of life jumping of bridges in quantity but if there is shadow over them they never showed it to me. Even in the bike lane struggle they warned us with great courtesy. Everyone we met was smiling and of course they all speak English. I’m told the winters are long and bleak but that’s why Walt Disney invented Florida so with prosperity, and they are very prosperous, comes less depression. Peter found us an amazing hotel on a small island that was a renovated military barracks. Long and narrow, eclectic and wonderful. Most of our island was wrapped with the most stunning marina imaginable.

There were over a hundred houseboats all along the stone quay with signs illustrating to their histories. There were tugs, barges, military recon vessels, light ships and fishing boats. Many were in the 100-foot range and several were from the 19th century. All immaculate. This is the most aquatic of cities and there are thousands of inhabited islands so ferries and freighters abound. And get this, they are connected to the sea but the Baltic is so far away that the salt content is less then 1% and there is no tide. This is great for preserving ships. This was certainly the case with the Vasa the most visited site in Scandinavia. The Vasa is the 226-foot flagship of the Swedish navy that was launched in front of an admiring throng in 1628. It must have looked magnificent for the few minutes it floated but it proved to be a bit top heavy (must have been that last piece of bone marrow candy) and it fell over and sank in the harbor.

Top heavy? Since when are 700 sculptures of the royal court, medieval kings, roman emperors, Egyptian deities and fanciful animals spreading from water line to poop deck top heavy? Warships of today generally deemphasize art in favor of better ballast. An inquest resulted in finger pointing in a circle until it landed on the ship’s designer where it belonged. He had conveniently died and there it ended until the 1960s when the ship was lifted and went through a decades long preservation process. Today the wood is slowly disintegrating due to it’s high sulfur content and is expected to dissolve in the next 100 years so you should go soon. David and Hi-jin were making a movie called Unspoken when we showed up one night and we became part of it. Each of us in turn stared silently at the camera for a few seconds. No special effects, no orphans or Penguins, very Scandinavian in its simplicity. I expect the fat guy smoking a cigarette will be in it. See the progress at davidandhijin.com. We moved on to Helsinki and were there for the best possible day of the year - exactly midsummer when the city empties out. We emptied with them to an island to celebrate the longest day. There were bonfires (20-foot piles of green sticks), dancing and the singing of the traditional songs. The kids struggle on stilts and they sell small things made of wood and twigs. The Finns are a smart and tidy people who have made it big in the tech world of late and incomes have been high. Some Finns are worried that the dream is dimming because Nokia, the one time cell phone leader, is nearly exhausted and other reversals threaten there financial future. I get the feeling that they will be fine though. They have a very make-do philosophy and their spareness is reflected in the house and design studio of their greatest architect, Alvar Aalto. The house was like the people, modest, and completely unembellished. Aalto never worked in Beverley Hills. The main attraction in Helsinki for us was the 20-seat restaurant Chef and Sommelier. Sasu Laukkonen makes the food in a tiny kitchen and sits with you gazing into your eyes while describing each dish. Yes, we were hypnotized. My friend Henri Alen set us up there on the last day before the remaining 10% of people leave town. I had met Henri at Buck’s when he filmed a Finnish cooking show at Buck’s recently. Henri is very big in Finland and of course he was at his lake house with most everyone else. Sasu spends his day gathering weeds and bits of turf from the roadside and mushrooms from the forest, then in combination with local fish invents compelling dishes. Dining with Sasu was almost a distillation of all the New Nordic cooking as each glass, sliver of bread, and pinch of salt has a story. Susu is a man on fire and when he hears that his place, in my opinion, is better than Noma I know he will agree because this is man on a mission to make his place the best restaurant in the world. We sampled a lot of New Nordic cooking and I can say it will never take hold here. Many of us have been to fancy restaurants in San Francisco and New York where the food seems to be mainly about design but has familiar tastes. Americans just require more stuff on the plate and less raw mackerel. At one point we were eating fir needles and pickled pinecones. Not as good as it sounds. They also lo-o-ve rye crisp which is pretty much everywhere. Even the houses are made of it. In Finland the people have to take a good deal of ribbing because the country is quite small and the people are demure and a great deal more civilized than nearly everyone else. But they like to kick it when they can so one way they cut loose is to bring the household carpets to the shore and launder them on piers specially constructed for that purpose. This is popular summer pastime and we saw a good many installations with washing tables and large wringers. OK, I know it’s not a monster truck rally and you think I’m kidding but it gives you something to do every year, by the water and turns work into play.

We had one more day so we hopped a ferry for the hour and a half ride to Estonia. It rained all day and we saw the country from a dripping tour bus. They are trying mighty hard there and even with the lowest population density in Europe have built a couple skyscrapers in their compact city demonstrating their arrival in the 21st century. Margaret and I hopped back to Denmark for a final night and we opted to stay by the airport in the town of Dragør dating to the 12th century. We dipped into the only place open for dinner and didn’t expect much as we were almost the only ones there. What came were clever salads with local greens and perfectly seared scallops, magnificent battered and fried place, a local fish, and a perfectly done roast pork with gravy. Maybe the Strandshotel dining room is the best restaurant in the world.