1 00:00:00,56 --> 00:00:02,86 Just to observe remarked that there are two ways to 2 00:00:02,87 --> 00:00:08,41 a solution one is with the sewer you others were Americans are surely awash in. 3 00:00:10,03 --> 00:00:16,90 My just own brown or the one we're best seller really does work challenges what we 4 00:00:16,91 --> 00:00:21,49 know who loose what are commonly and her freedom and innocence 5 00:00:21,56 --> 00:00:28,12 a handful of King bankers control we explore how private parties never government 6 00:00:29,02 --> 00:00:33,37 control America's money supply but if you are a murderous become 7 00:00:33,38 --> 00:00:37,69 a cruel hoax after years of joy betting machine still there is 8 00:00:37,70 --> 00:00:42,89 a path to prosperity and freedom or he's this world it is my pleasure to walk and 9 00:00:43,81 --> 00:00:45,28 rebel author was 10 00:00:45,32 --> 00:00:52,06 a liberal to war politics who Thank you very well you have given the title of your 11 00:00:52,07 --> 00:00:59,06 book well what were you converted by their spiders in an economic sense attacking 12 00:00:59,07 --> 00:01:05,16 news. This spider the web is actually something that we're all trapped and and 13 00:01:05,17 --> 00:01:08,83 what's interesting is that everyone has tapped trapped into not just us as 14 00:01:08,84 --> 00:01:14,02 individuals but governments most people think governments issues are money if they 15 00:01:14,03 --> 00:01:18,22 issue money why are they and that they don't issue the money it comes from 16 00:01:18,53 --> 00:01:23,97 a private banking cartel actually but this goes to the fact that most Americans 17 00:01:23,98 --> 00:01:29,13 really don't understand American but I can do it now and in fact bankers them south 18 00:01:29,14 --> 00:01:33,12 don't necessarily understand how they create money and they'll argue with you that 19 00:01:33,13 --> 00:01:36,36 they don't but they don't know is this really is this is part of 20 00:01:36,37 --> 00:01:38,15 a deliberate ruse you said that we've got 21 00:01:38,16 --> 00:01:42,53 a cruel hoax story is this part of the hoax and it's been made deliberately 22 00:01:42,54 --> 00:01:47,77 complicated and it's really not. It's certainly at some stage that would be chair 23 00:01:47,78 --> 00:01:54,41 but I think now it's been so obscured in the thick kind of. Misinformation and 24 00:01:54,42 --> 00:01:59,75 homes America's money. And money that's made by the government is coins but that's 25 00:01:59,93 --> 00:02:04,10 only one ten thousandth of the money supply the constitution two bills and 26 00:02:04,11 --> 00:02:08,83 cigarettes is like I was met by chance when some one million dollars Yeah the 27 00:02:08,91 --> 00:02:13,79 Constitution says Congress shall have the power to coin money and regulate the 28 00:02:13,80 --> 00:02:19,02 value there of and that is that Congress does the coins and all of the rest 29 00:02:19,03 --> 00:02:24,75 including the dollar bills which are what we also think of as money are are issued 30 00:02:24,91 --> 00:02:29,63 by banks the dollar bills are issued by the Federal Reserve but it is actually 31 00:02:30,37 --> 00:02:36,34 private composed of twelve branches if you look at your dollar bill you can tell 32 00:02:36,82 --> 00:02:41,53 which branch issued that the bill so it's actually issued by the branches all those 33 00:02:41,54 --> 00:02:46,25 branches their own by the banks in their district only when the government does not 34 00:02:46,26 --> 00:02:52,52 own one share of one federal district so before it was even. Popular we've been 35 00:02:52,53 --> 00:02:59,22 outsourcing. The central function of the money supply to broader 36 00:02:59,23 --> 00:03:03,52 interests and exactly you know this is one of you know misconception people don't 37 00:03:03,53 --> 00:03:10,51 know the banks just poof money. Right well they created as credit in other 38 00:03:10,52 --> 00:03:12,44 words when you go to a bank to take out 39 00:03:12,45 --> 00:03:17,34 a loan the bank will write into your account the amount of money that you want but 40 00:03:17,35 --> 00:03:21,64 they don't pull that from anywhere that's just the debit on one side of their bucks 41 00:03:21,65 --> 00:03:21,73 and 42 00:03:21,74 --> 00:03:26,20 a credit on the other they do it by double entry bookkeeping they only need the deposit 43 00:03:26,24 --> 00:03:31,45 when they go to clear the check and then as the check goes out you know they need 44 00:03:31,46 --> 00:03:36,07 to balance their books so they have to have as much going out as coming in but they 45 00:03:36,08 --> 00:03:41,29 don't really lend the deposit they borrow from that deposit pool but the deposit 46 00:03:41,30 --> 00:03:46,00 they're always there when if you the deposit or go into your money the bank never 47 00:03:46,01 --> 00:03:51,76 says come back in thirty years because we just like your money to Mr Smith it's 48 00:03:51,77 --> 00:03:56,52 been lent out and yet you have access to it and what you just described is limited 49 00:03:56,53 --> 00:04:01,56 and it's really really your new creation proof out of here the intruder coming 50 00:04:01,57 --> 00:04:05,91 riggers in the house well it's in the water bill it is the boat the American money 51 00:04:05,92 --> 00:04:11,71 supply right this is what people who are of value regimes own their homes but 52 00:04:11,72 --> 00:04:16,87 there's really not enough money to sustain all of that valuation is that right but 53 00:04:16,88 --> 00:04:21,60 actually it's good to have so much credit out there I mean when the credit system 54 00:04:21,61 --> 00:04:23,89 collapses that's when we have 55 00:04:23,90 --> 00:04:27,74 a depression such as we have right now we're we're we're described do you 56 00:04:27,78 --> 00:04:29,69 fractional banking systems are great and are 57 00:04:29,70 --> 00:04:35,97 a really. Unfortunate thing is that this court is more control lead to inflation 58 00:04:36,97 --> 00:04:41,41 really what inflation comes from it when you create a loan and it's backed by 59 00:04:41,45 --> 00:04:46,92 a piece of real estate that that loan will get paid off so so that is not 60 00:04:46,93 --> 00:04:52,25 necessarily inflationary What does inflate the system is one banker speculate 61 00:04:52,26 --> 00:04:57,25 they're creating money that they're using for money making money. Becoming 62 00:04:57,26 --> 00:04:58,35 a consumer 63 00:04:58,36 --> 00:05:04,88 a really interesting recently. How about the rule of central banking reserve 64 00:05:05,05 --> 00:05:11,45 one to protect the economy and solutions. In theory and what you have here is this 65 00:05:11,67 --> 00:05:12,23 basically 66 00:05:12,24 --> 00:05:16,46 a shell game going on by the bankers which is how money is created it's not 67 00:05:16,47 --> 00:05:16,87 necessarily 68 00:05:16,88 --> 00:05:20,60 a bad system as I will argue everything it would if it were public would be 69 00:05:20,61 --> 00:05:26,29 a good system but because it's private. And there's this conception that money is 70 00:05:26,30 --> 00:05:33,26 a thing like gold the bankers never had enough gold. To create all these loans 71 00:05:33,30 --> 00:05:38,93 so they had to fabricate So there's sort of certain fraud and Bob So to keep this 72 00:05:38,94 --> 00:05:45,90 fried up to keep the ruse that the shell game going. The central banks were set up 73 00:05:46,53 --> 00:05:51,72 which ever it which had the function of printing money or creating money to backs 74 00:05:51,73 --> 00:05:55,50 that the banks but now they're sort of black from doing that as well like look at 75 00:05:55,51 --> 00:06:01,02 the E.U. So soon promo. The room making created 76 00:06:01,03 --> 00:06:06,46 a solution of the room of you know what was the problem for jazz which is the film 77 00:06:07,03 --> 00:06:11,43 which is in your book you mention that it's new federal newer and reserves in the 78 00:06:11,44 --> 00:06:16,92 Federal Reserve so to create this into. As you describe the show. 79 00:06:19,36 --> 00:06:26,35 Real difference Hester I think. Well there are ways out which And I think we're 80 00:06:26,40 --> 00:06:30,25 kind of finding our way to those ways like you look at the year that's an 81 00:06:30,26 --> 00:06:34,81 unsustainable system but they are starting to create money because that's where 82 00:06:34,82 --> 00:06:36,04 they have to do there has to be 83 00:06:36,05 --> 00:06:42,03 a release valve to allow the system to expand did Franklin Roosevelt to address all 84 00:06:42,04 --> 00:06:49,03 the girls because he was where you just described. He took us off the gold standard 85 00:06:49,04 --> 00:06:54,94 is he had no choice at that time everyone was afraid of the banks so they were 86 00:06:54,95 --> 00:07:00,64 rushing to the banks to pull out their gold Well the dollar was. Forty percent 87 00:07:00,65 --> 00:07:06,10 backed by gold so you could take your dollars and if you took two dollars paper 88 00:07:06,11 --> 00:07:11,43 dollars standing to two dollars worth of gold out three dollars would have to be 89 00:07:11,47 --> 00:07:15,94 called in in the way of loans so it would the money supply was just contract and 90 00:07:15,95 --> 00:07:17,13 contracting and so we had 91 00:07:17,14 --> 00:07:23,35 a huge depression so in order to stop this implosion of the money system he took 92 00:07:23,63 --> 00:07:27,91 the dollar off the gold standard and that's not a solution for gridlock on 93 00:07:27,92 --> 00:07:32,17 a good or silver standard really going to come out of business now it's never 94 00:07:32,18 --> 00:07:36,96 worked in the past despite what gold bugs will say the Federal Reserve System is 95 00:07:36,97 --> 00:07:42,38 made of private sort of private interest. True although you could argue the Federal 96 00:07:42,39 --> 00:07:43,86 Reserve for board is 97 00:07:43,87 --> 00:07:48,27 a different thing than the Federal Reserve Banks the Federal Reserve branches are 98 00:07:48,28 --> 00:07:52,97 all one hundred percent private the Federal Reserve board is appointed by the 99 00:07:53,40 --> 00:07:56,15 president and confirmed by the Senate so it's definitely got 100 00:07:56,16 --> 00:08:03,07 a federal compliment to it. When we know Jackson if 101 00:08:03,08 --> 00:08:09,77 you. Bank of America. Leave the little. Scene where 102 00:08:09,78 --> 00:08:15,08 the posing for devil was the head of the second U.S. 103 00:08:15,09 --> 00:08:19,49 Bank which was quite corrupted he said I will kill that me for the brain tells me 104 00:08:19,50 --> 00:08:25,00 which he did he did he killed the bank pulled all the money out that's the the last 105 00:08:25,01 --> 00:08:29,14 time that debt has been fully paid off we all know we have 106 00:08:29,18 --> 00:08:35,10 a link in the Green Book Can you describe your look at the link and went back to 107 00:08:35,11 --> 00:08:40,87 the American system in other words this is the system that was popular support for 108 00:08:40,87 --> 00:08:46,02 . Yeah he wrote about it he didn't actually invent it but he wrote about it as 109 00:08:46,03 --> 00:08:50,95 actually the Quakers in Pennsylvania that developed the best of these models. 110 00:08:52,02 --> 00:08:58,75 Lincoln was faced with you serious interest rates in order to fund the Civil 111 00:08:58,77 --> 00:09:05,52 War and in fact there is some evidence that the. Russia bankers were it that they 112 00:09:05,53 --> 00:09:11,68 actually stimulated this war in order to attract economies back and that in order 113 00:09:11,68 --> 00:09:17,97 to have economic colonialism where they had last polluted their political colonies 114 00:09:17,97 --> 00:09:24,78 . So to avoid these very high interest rates he issued us 115 00:09:24,79 --> 00:09:28,100 notes or greenbacks and did manage to win the war and did 116 00:09:29,01 --> 00:09:32,70 a lot of development besides the railroads that went all the way across the country 117 00:09:32,71 --> 00:09:32,93 there's 118 00:09:32,94 --> 00:09:38,28 a very active period development. But he was assassinated and that Hoffa going to 119 00:09:38,29 --> 00:09:42,51 turn right in private bankers in God we claimed our American banking system now you 120 00:09:42,52 --> 00:09:47,13 mention Rothschild everybody knows that name and what's interesting in your book is 121 00:09:47,14 --> 00:09:48,17 that it was 122 00:09:48,18 --> 00:09:52,34 a shocker to me I didn't know that Rockefeller was so intimate and early American 123 00:09:52,35 --> 00:09:55,71 banking along with the help Morgan J.P. 124 00:09:55,97 --> 00:10:00,22 Morgan in the house and Morgan and there's another name that people probably don't 125 00:10:00,77 --> 00:10:06,14 Aldrich who is the grandfather of Nelson Rockefeller French president for 126 00:10:07,11 --> 00:10:14,00 a very powerful man wasn't it Aldrich who linked up with the rough Shiels. 127 00:10:15,82 --> 00:10:22,11 Brought their first Federal Reserve. Bill Bennett was called the aisle and he was 128 00:10:22,34 --> 00:10:27,03 a relative Iraq feller Morgan both were funded by the Russian I mean there is 129 00:10:27,04 --> 00:10:32,07 evidence that they're both funded by the Russia bankers so Russia other course was 130 00:10:32,17 --> 00:10:38,93 Jewish and at that time that was. That impaired his ability to deal with so 131 00:10:38,97 --> 00:10:40,95 so Morgan with was 132 00:10:40,96 --> 00:10:46,02 a good. Protestant. Friend for him and. 133 00:10:51,80 --> 00:10:57,71 It's hard to know who the head of the spider is now it is said that the spider 134 00:10:57,72 --> 00:11:03,97 moved across the Atlantic to to the rock fellers that the American banking system 135 00:11:03,98 --> 00:11:08,25 is now stronger than the city of London but I doubt it I mean I think it still goes 136 00:11:08,26 --> 00:11:09,50 back to the city of London. 137 00:11:17,49 --> 00:11:24,37 Just as your point. How would you describe. Well my own solution to all this would 138 00:11:24,38 --> 00:11:28,34 be that the banks would be publicly known to so lending is 139 00:11:28,35 --> 00:11:35,18 a good thing and in fact all of our money comes from from loans virtually all of 140 00:11:35,19 --> 00:11:36,36 it and it is 141 00:11:36,37 --> 00:11:41,15 a very natural organic system in other words people take out loans when they want 142 00:11:41,16 --> 00:11:44,24 to do something build something or whatever and then they pay that as they pay the 143 00:11:44,25 --> 00:11:49,38 loan off. The money supply contracts again so the money supply expands and 144 00:11:49,39 --> 00:11:53,25 contracts naturally in response to the need for credit so that's 145 00:11:53,26 --> 00:11:59,21 a good thing the only bad thing about the system is that it's privately owned by 146 00:11:59,25 --> 00:12:03,31 bankers pretending to have money they don't have so not only is that bad in the 147 00:12:03,32 --> 00:12:04,27 sense that it gives 148 00:12:04,95 --> 00:12:09,69 a certain part tell power over the whole money scheme but it's bad for the bankers 149 00:12:09,70 --> 00:12:13,41 themselves because they're always getting into trouble I mean historically this 150 00:12:13,42 --> 00:12:14,66 system goes back for 151 00:12:14,67 --> 00:12:20,16 a thousand years and they've in fact when it when they were. Really strict about in 152 00:12:20,26 --> 00:12:24,11 the Italian bankers there is one Italian banker who was actually beheaded in front 153 00:12:24,12 --> 00:12:30,79 of his bank because he couldn't balances his books. Said no no no. 154 00:12:32,02 --> 00:12:38,04 There's a rule interest could could be part of a sustainable system it's 155 00:12:38,05 --> 00:12:42,42 a public system and in fact there are many many reformers who will argue that the 156 00:12:42,82 --> 00:12:47,02 that the debt virus theory has been debunked and so their argument is well the 157 00:12:47,03 --> 00:12:51,32 bankers put the put the interest back into the system they buy shoes and they buy 158 00:12:51,68 --> 00:12:55,63 food and they spend like everybody else they spend their profits but the problem is 159 00:12:55,64 --> 00:13:00,31 they don't it's the one percent versus the ninety nine percent thing they reinvest 160 00:13:00,32 --> 00:13:05,95 their profits they have far more money than they can spend and so not counting this 161 00:13:05,96 --> 00:13:12,81 issue this mathematical issue you've got to have an expanding. Debt in order to pay 162 00:13:12,82 --> 00:13:17,78 the interest they put their money into investments so instead of saying here is my 163 00:13:17,79 --> 00:13:22,48 dollar give me some food they say here is my dollar give it back to me with 164 00:13:22,49 --> 00:13:26,72 interest or give it back to me with more profit it's not really just interest it's 165 00:13:26,73 --> 00:13:33,07 any form of rentier money making money that is this parasite that's pulling the 166 00:13:33,08 --> 00:13:36,80 money off the top and that's why the one percent instead of the Ponzi scheme Yeah 167 00:13:36,84 --> 00:13:40,83 you you talk about the four in the Morning Money is created when all of the 168 00:13:40,84 --> 00:13:47,27 principle is created not the interest for the principle. It's never prudent So it 169 00:13:47,28 --> 00:13:52,40 depends on further one system where the government itself is able to print money 170 00:13:52,44 --> 00:13:56,92 they can print the interest so they can put some debt free money into the system to 171 00:13:56,93 --> 00:13:57,85 cover the interest but 172 00:13:57,86 --> 00:14:03,55 a bank can't because all their money goes out there as debt bearing I mean interest 173 00:14:03,56 --> 00:14:09,53 bearing that what we know in the House Rules is clear but everybody's basis of the 174 00:14:09,54 --> 00:14:16,38 national economy is clear that we will reach top we cannot serous our interest. 175 00:14:18,10 --> 00:14:22,94 We can't even service the interest on the debt yet well that would be true if we 176 00:14:22,95 --> 00:14:26,42 had like if we're still paying five percent interest like we did at one time we 177 00:14:26,43 --> 00:14:30,06 were already be at the point where we can afford the interest but in fact that's 178 00:14:30,07 --> 00:14:34,54 why interest rates have been dropped so they're down to like zero point two percent 179 00:14:34,59 --> 00:14:38,49 at the Fed for the Fed funds rate they're almost nothing and they have to hold them 180 00:14:38,86 --> 00:14:44,86 ridiculous Lee because the federal debt has grown by fifty percent since this 181 00:14:44,87 --> 00:14:50,58 banking collapse. But you could service the debt I mean if you borrowed from your 182 00:14:50,59 --> 00:14:54,99 own central bank interest free then you then it doesn't really matter the size of 183 00:14:55,00 --> 00:14:59,00 the debt you just keep rolling over the debt it's the interest that kill you so 184 00:14:59,01 --> 00:15:02,46 you're saying there's an order to show you how to do that is holding the prisoner 185 00:15:02,47 --> 00:15:07,69 interest so you can hear the near zero levels so basically the government doesn't 186 00:15:07,70 --> 00:15:08,04 suffer 187 00:15:08,05 --> 00:15:14,46 a calamity Yeah bias if you could have zero interest the government that can respond 188 00:15:14,47 --> 00:15:17,80 to the need to the of the economy which I think we're going to say is not 189 00:15:17,81 --> 00:15:23,36 sustainable. Or at least very sickly just was their only interest means borrowing 190 00:15:23,37 --> 00:15:30,14 from the feds and they return the money required. Some of what we talked deflation 191 00:15:30,54 --> 00:15:37,30 for the. Sins or contract we're not seeing we really 192 00:15:37,34 --> 00:15:39,59 seem to productive to remove There is 193 00:15:39,60 --> 00:15:46,14 a need for we do in fact many people written Forbes really rose it was huge for 194 00:15:46,15 --> 00:15:48,55 most people who say the future is 195 00:15:48,56 --> 00:15:54,35 a deflationary future and or deflation and zero inflation removes much of the. 196 00:15:55,97 --> 00:15:58,90 Where we are and in deflationary cycle there's 197 00:15:58,91 --> 00:16:04,53 a there's this entire shadow banking system that goes unreported and that was the 198 00:16:04,54 --> 00:16:08,80 system that shrank in two thousand and eight and according to the Fed's own figures 199 00:16:08,84 --> 00:16:15,76 it shrank by five trillion dollars shadow banking system what is. Its non-bank 200 00:16:16,06 --> 00:16:16,89 it's still not 201 00:16:16,90 --> 00:16:20,84 a bank this it was the Goldman Sachs until they mature so they made him 202 00:16:20,85 --> 00:16:26,04 a bank book but includes investment banks hedge funds money market funds this whole 203 00:16:26,05 --> 00:16:32,44 system supposedly it developed or one reason it's so big is that big institutional 204 00:16:32,45 --> 00:16:34,08 investors don't want to put their money in 205 00:16:34,09 --> 00:16:38,03 a bank because they're only insured for two hundred fifty thousand dollars and they 206 00:16:38,04 --> 00:16:41,12 have far more than that so they want something that's like 207 00:16:41,13 --> 00:16:46,30 a bank they want to be able to pull their money out daily So that's the whole 208 00:16:46,31 --> 00:16:47,90 report market where it's like 209 00:16:47,91 --> 00:16:50,95 a big punch out where they say I'll give you money my money for 210 00:16:50,96 --> 00:16:55,84 a day and you give me those mortgage backed securities and but I can give you back 211 00:16:55,85 --> 00:16:59,08 the market wrecked securities and you have to give me back my money tomorrow if I 212 00:16:59,09 --> 00:17:02,70 want it and that's what happened in two thousand and eight that the money market 213 00:17:02,71 --> 00:17:06,99 collapsed all the investors panicked and they pulled their money out and want over 214 00:17:07,00 --> 00:17:08,34 night. So it's 215 00:17:08,35 --> 00:17:14,27 a very unstable system it shrank by five trillion suddenly and it's only come up by 216 00:17:14,35 --> 00:17:20,01 one trillion and if this continues again this is the paradox of thrift the 217 00:17:20,02 --> 00:17:27,02 liquidity crisis or the debt spiral well or when the rubric the 218 00:17:27,03 --> 00:17:33,19 flexion Ray is there where you hold it or inflate the system for the little to put 219 00:17:33,20 --> 00:17:38,79 some money back into for some limited use work Yeah well I ideally I just read an 220 00:17:38,80 --> 00:17:41,30 article on student debt would be 221 00:17:41,31 --> 00:17:46,31 a very nice way to get another trillion dollar and as into the system there is and 222 00:17:46,32 --> 00:17:46,60 now 223 00:17:47,03 --> 00:17:53,40 a trillion dollars in student debt outstanding when the Federal Reserve did its quantitative 224 00:17:53,41 --> 00:17:57,97 easing one what they did with one point three trillion in mortgage backed 225 00:17:57,98 --> 00:18:02,45 securities are toxic assets were bought off the books of the banks so the banks got 226 00:18:02,46 --> 00:18:05,58 the dollars and the Fed got the toxic gag order them 227 00:18:05,59 --> 00:18:08,68 a truth value. No Actually Big got 228 00:18:08,69 --> 00:18:12,74 a deal and the Fed actually made money on that deal or even THEN ever Everybody 229 00:18:12,75 --> 00:18:17,88 said that there isn't going to contract economy if you work to market the means of 230 00:18:17,92 --> 00:18:24,49 reserve limits or reserve requirements or Linda in the market but it's really 231 00:18:25,30 --> 00:18:31,11 contracts the whole point they gave them dollars. So it's so now they didn't have 232 00:18:31,12 --> 00:18:34,29 toxic assets on their books they now have dollars on their books so they could lend 233 00:18:34,30 --> 00:18:39,34 again theoretically it didn't work obviously and for another reason I think it's 234 00:18:39,35 --> 00:18:45,21 because it hope America really know before it hits their home program. But the Fed 235 00:18:45,22 --> 00:18:47,36 did it so they could just as well buy 236 00:18:47,37 --> 00:18:54,07 a trillion dollars in. Asset backed securities backed by student loans and then 237 00:18:54,08 --> 00:18:57,97 just rip them up and there would be another trillion dollars in the system and the 238 00:18:57,98 --> 00:19:01,90 students would basically get free education free higher education which I think we 239 00:19:01,91 --> 00:19:03,77 should have been given and sometimes that's 240 00:19:03,78 --> 00:19:07,90 a good tax on the Republican No not if you're in 241 00:19:07,91 --> 00:19:12,85 a deflationary cycle if you used to have if things worked really well when we had 242 00:19:12,86 --> 00:19:16,40 five trillion dollars more in the system and we suddenly took that five trillion 243 00:19:16,41 --> 00:19:20,19 dollars out we've got to put some more money back in there now the question is how 244 00:19:20,20 --> 00:19:23,57 to do it they tried doing it by putting it on the books of the banks and it didn't 245 00:19:23,58 --> 00:19:27,84 work because there is still there's still one point six trillion in excess reserves 246 00:19:28,18 --> 00:19:31,95 sitting on the books of the Wall Street banks that not the local banks the local 247 00:19:31,96 --> 00:19:36,43 banks can't get it that's the Wall Street bankers So what if we gave 248 00:19:36,44 --> 00:19:41,27 a trillion dollars to the municipal governments or the States it would only take 249 00:19:41,38 --> 00:19:46,00 two hundred billion to bail out the the all the states to balance the books of all 250 00:19:46,01 --> 00:19:50,38 the states which for these rooms you have to forward them on the way this is the 251 00:19:50,39 --> 00:19:55,44 works of the present system we have to borrow from the interest of private interest 252 00:19:55,48 --> 00:19:59,62 that's what the Treasury would have to do or the Congress but the Fed does not have 253 00:19:59,63 --> 00:20:03,50 to borrow they can just issue the money they have the power they have to feel you 254 00:20:03,51 --> 00:20:08,77 have power to issue money and they're looking for you know want to make the point 255 00:20:08,78 --> 00:20:15,10 you create money not create right because we keep talking about for. 256 00:20:16,59 --> 00:20:22,08 Who's doing this who really show the bankers who who controls who owns it all well 257 00:20:22,09 --> 00:20:28,15 if you trace it back historically there were some key players that set this system 258 00:20:28,16 --> 00:20:33,51 up and made it work the way it does but today about don't really understand the 259 00:20:33,52 --> 00:20:38,87 system they just they see an opportunity to make money I mean all those people on 260 00:20:38,88 --> 00:20:42,13 Wall Street are just. I think that this is 261 00:20:42,14 --> 00:20:45,98 a good way to make money to make sure others yeah yeah and they just jump in and do 262 00:20:45,99 --> 00:20:47,40 it so they see 263 00:20:47,41 --> 00:20:51,86 a hole in the system and they go in and make money off it it's driven by greed but 264 00:20:51,91 --> 00:20:56,76 it's legal great and everybody kind of looks up to these rich bankers but we could 265 00:20:56,77 --> 00:21:01,96 fix that of yeah you know we need to change the system yeah if you bumped off of 266 00:21:01,97 --> 00:21:08,85 there or if you put in jail all of it it will Tea Parties you wouldn't necessarily 267 00:21:08,86 --> 00:21:12,13 system Yeah and you can't put him in jail because it's not even 268 00:21:12,14 --> 00:21:14,96 a later but if we move a little bit now to 269 00:21:14,97 --> 00:21:18,27 a war of words words fixing some of the yeah that's all you have to do is fix the 270 00:21:18,28 --> 00:21:24,14 system so it's this amalgam move opportunist which will cause speculators and 271 00:21:24,15 --> 00:21:30,43 people to bet against currencies with George Soros the one time. What about the 272 00:21:30,44 --> 00:21:34,20 central bankers it's a group well then Bernanke you for instance was 273 00:21:34,21 --> 00:21:38,37 a professor of economics and just got appointed I don't see him as somebody who's 274 00:21:38,38 --> 00:21:44,36 steaming to pull off. Something Now I could envision that there are people 275 00:21:44,37 --> 00:21:48,26 screaming at the Bank for International Settlements because they have pretty much 276 00:21:48,54 --> 00:21:55,03 broken wine economy after another by imposing their rules I mean that the 277 00:21:55,04 --> 00:21:59,43 first and most people don't even know what the beggar national symbols know they 278 00:21:59,44 --> 00:22:02,38 were kept a low profile for a long time till they decided they wanted 279 00:22:02,39 --> 00:22:06,80 a bigger building and they built this boot you know the famous boot in five of them 280 00:22:06,81 --> 00:22:09,92 build a barrier there clearly they they meet once 281 00:22:09,93 --> 00:22:16,54 a year and their. Membership of the Golden Rule. There are 282 00:22:16,94 --> 00:22:21,80 infiltrators who report on it but it's not nothing's official on that that they see 283 00:22:21,81 --> 00:22:27,60 people going in and out earlier Rothschild's the we can look through you know your 284 00:22:27,61 --> 00:22:33,41 displeasure to cross the line of the. Nobody really knows how much money they have 285 00:22:33,42 --> 00:22:37,79 or what they're up to that you couldn't really nail them to to some extent or 286 00:22:37,80 --> 00:22:39,98 aren't we really touching on 287 00:22:40,35 --> 00:22:45,87 a dicey issue here of classwork the ninety nine percent versus the one percent yeah 288 00:22:46,15 --> 00:22:50,94 but to me this solution would be to set up our own system I mean we can't really 289 00:22:50,98 --> 00:22:55,83 get them what we need to do is set up a model that works better set up 290 00:22:55,84 --> 00:22:59,97 a better mousetrap and then everybody I describe Aetate to that line and then when 291 00:22:59,98 --> 00:23:04,00 you realize that the too big to fail or not too big to fail let them fail we have 292 00:23:04,01 --> 00:23:08,71 our own more functional system well that's interesting because I'd like to hear how 293 00:23:08,72 --> 00:23:14,09 you would sort the problem we know that there's an inflationary threat here and we 294 00:23:14,10 --> 00:23:20,27 need to get the system going and. The social contract seems to be broken we see 295 00:23:20,73 --> 00:23:25,82 pensions under attack health bureaucracies health care guarantees an attack in 296 00:23:25,83 --> 00:23:31,18 Social Security Medicare is going to return because there are insufficient 297 00:23:31,97 --> 00:23:37,57 resources there for that. Then gris just so often on. The. 298 00:23:39,29 --> 00:23:44,92 Could be there was the most arrogant know there in the terms of taking the triggers 299 00:23:44,93 --> 00:23:47,80 that was there to greet Yeah and they're threatening to actually put in 300 00:23:47,81 --> 00:23:50,21 a military that they like 301 00:23:50,22 --> 00:23:54,97 a police force that will enforce this they're going to take over those governments 302 00:23:54,98 --> 00:23:58,58 they've they've abandoned their sovereignty because of that and that in your 303 00:23:58,59 --> 00:23:59,54 marriage future 304 00:23:59,55 --> 00:24:04,23 a loss of austerity program if we don't for the solution Yeah well it would 305 00:24:04,27 --> 00:24:09,28 actually it would be stupidity on our our part if we let it happen to us because we 306 00:24:09,29 --> 00:24:12,42 do have the power our federal our central bank has 307 00:24:12,43 --> 00:24:18,12 a partition money and it should be issuing money and lending it to the government 308 00:24:18,13 --> 00:24:22,79 but because we have this whole faction that three fusing to allow to the debt to 309 00:24:22,80 --> 00:24:28,61 expand we could we have an artificial us there to being imposed on ourselves that 310 00:24:28,62 --> 00:24:34,59 we don't need to impose because we can fix it so really good is the world because 311 00:24:34,64 --> 00:24:39,97 the route that we grew to go through exactly because you need 312 00:24:39,98 --> 00:24:43,51 a certain amount of money in the system all money comes from debt when private debt 313 00:24:43,52 --> 00:24:49,81 shrinks public that has to expand to to fill up the gap so you want 314 00:24:50,61 --> 00:24:55,07 the money supply to match the G.D.P. So if you want to G.D.P. 315 00:24:55,08 --> 00:24:59,57 That it expand you have to expand the money but that doesn't everyone know that 316 00:25:00,08 --> 00:25:02,59 will never be repaid and we're even friends with 317 00:25:02,60 --> 00:25:07,50 a problem servicing the bit in the interest of the Yeah well it's 318 00:25:07,51 --> 00:25:11,13 a servicing that's the problem if you got rid of the interest and you just allow 319 00:25:11,14 --> 00:25:15,60 the debt to expand as we go even more would we get rid of paying interest on it and 320 00:25:15,61 --> 00:25:20,78 then we deal with the interest that we have no my growing economy you know what you 321 00:25:20,79 --> 00:25:24,49 could do ideally everybody thinks this would be inflationary but I would argue it's 322 00:25:24,53 --> 00:25:31,38 not is. You could print our coin you can do this right now it's changing 323 00:25:31,39 --> 00:25:37,100 any last coin the fourteen one trillion dollar coins put them in the treasuries 324 00:25:38,01 --> 00:25:44,53 bank account with the Fed and just buy back all those bonds and rip them up. So 325 00:25:44,70 --> 00:25:50,44 so all those all the current bond holders would now have dollars instead of all the 326 00:25:50,45 --> 00:25:56,50 Bond is a federal bond is just an interest bearing account with the Fed and 327 00:25:56,51 --> 00:25:57,41 a dollar is 328 00:25:57,42 --> 00:26:02,69 a non interest bearing account so you get rid of the interest in that way. Which is 329 00:26:03,03 --> 00:26:07,99 the creation of homes that is quoted in the group. 330 00:26:10,07 --> 00:26:16,81 The group dollar bill which is basically. There. What 331 00:26:16,82 --> 00:26:21,61 about the constitutional story of. The constitution. 332 00:26:26,26 --> 00:26:28,68 I well that itself is controversial and there are 333 00:26:28,69 --> 00:26:33,22 a lot of their cases are going both ways it's been argued for two hundred years but 334 00:26:33,23 --> 00:26:38,27 the Constitution says Congress shall have the power to coin money and regulate the 335 00:26:38,38 --> 00:26:45,13 value there as now the argument. The gold bug types A Well that means that that 336 00:26:45,14 --> 00:26:49,30 just means that you can take your claims to the meant and Congress to put the stamp 337 00:26:49,31 --> 00:26:55,47 on it that that's what coining money means the other argument is that coins were 338 00:26:55,48 --> 00:26:58,92 the official money at that time and they didn't have checks and credit cards and 339 00:26:58,93 --> 00:27:02,58 all this stuff so what they meant was Congress shall have the power to create the 340 00:27:02,59 --> 00:27:07,76 money supply that you have to you have to read that into it because to me the 341 00:27:07,77 --> 00:27:14,68 current circumstances two hundred years later debt into dollars which is what 342 00:27:14,74 --> 00:27:19,83 you recommend and we can regulate all of this the usual engineering we can take 343 00:27:19,84 --> 00:27:26,64 back. Our money supply from private banking selfish interest which has been 344 00:27:27,03 --> 00:27:33,37 basically the root of the class war for the whole time of our republic and right 345 00:27:34,10 --> 00:27:35,12 I want to thank you for 346 00:27:35,13 --> 00:27:40,56 a very rewarding and interesting talk on the economy really things I did I have an 347 00:27:40,57 --> 00:27:41,09 M.B.A. 348 00:27:41,10 --> 00:27:44,97 I didn't know so many things about our economy well I'm going to full faith and 349 00:27:44,98 --> 00:27:45,61 credit in 350 00:27:45,62 --> 00:27:52,85 a lot of the really sensible down to earth re simplified. Banking 351 00:27:53,32 --> 00:27:56,38 proposals that you're married to and again I want to thank you for reminding us of 352 00:27:56,39 --> 00:27:59,11 world politics it's been a pleasure thanks Joe.