1
00:00:04,039 --> 00:00:02,389
embrace yourself because you're about to

2
00:00:06,230 --> 00:00:04,049
dive into another free first hour

3
00:00:07,400 --> 00:00:06,240
episode of the higher side chats and we

4
00:00:08,810 --> 00:00:07,410
just want to let you know that whether

5
00:00:10,790 --> 00:00:08,820
you're looking for a companion through

6
00:00:12,410 --> 00:00:10,800
your paranoid insomnia entertaining

7
00:00:14,390 --> 00:00:12,420
yourself through one of life's mundane

8
00:00:16,070 --> 00:00:14,400
activities or trying to ward off the

9
00:00:18,710 --> 00:00:16,080
internal scream to all those sad

10
00:00:20,480 --> 00:00:18,720
smothered Souls around the office THC is

11
00:00:22,130 --> 00:00:20,490
here and you should know that every

12
00:00:24,170 --> 00:00:22,140
episode of the higher side chats has an

13
00:00:26,540 --> 00:00:24,180
entire second hour four plus members

14
00:00:29,029 --> 00:00:26,550
sign up at the higher side chats plus

15
00:00:31,609 --> 00:00:29,039
calm and you get years of plus show

16
00:00:33,020 --> 00:00:31,619
archives lifetime forum access the

17
00:00:36,410 --> 00:00:33,030
special invite to Greg Carl woods

18
00:00:39,650 --> 00:00:36,420
monthly joint sessions mp3s of THC music

19
00:00:42,020 --> 00:00:39,660
and bonus episodes for videos and 10%

20
00:00:44,090 --> 00:00:42,030
off t-shirts grinders and whatever else

21
00:00:45,440 --> 00:00:44,100
ends up in the higher side store it's

22
00:00:47,779 --> 00:00:45,450
eight dollars a month that you won't

23
00:00:49,729 --> 00:00:47,789
miss so become a plus member and treat

24
00:00:51,560 --> 00:00:49,739
yourself in these troubled times always

25
00:00:53,569 --> 00:00:51,570
action-packed and commercial for you

26
00:01:31,580 --> 00:00:53,579
which means you'll unfortunately never

27
00:01:33,710 --> 00:01:31,590
hear my voice how we doing out there

28
00:01:35,899 --> 00:01:33,720
people from sunny San Diego I'm Greg

29
00:01:38,240 --> 00:01:35,909
Carl would and it seems like a beautiful

30
00:01:40,280 --> 00:01:38,250
day in the neighborhood to me except for

31
00:01:42,620 --> 00:01:40,290
the decrepit roads and bridges the

32
00:01:44,120 --> 00:01:42,630
terrible air quality the plastic piling

33
00:01:46,100 --> 00:01:44,130
up the tents lining most of the

34
00:01:49,340 --> 00:01:46,110
sidewalks and the out-of-date everything

35
00:01:51,560 --> 00:01:49,350
but I'm trying to stay positive but we

36
00:01:53,510 --> 00:01:51,570
all know that's not an easy task these

37
00:01:55,910 --> 00:01:53,520
days when many people are at the end of

38
00:01:58,700 --> 00:01:55,920
their financial rope snared in one

39
00:02:00,230 --> 00:01:58,710
banking bear trap or another is it the

40
00:02:01,880 --> 00:02:00,240
high interest student loans you signed

41
00:02:02,840 --> 00:02:01,890
up for when you were just a kid that'll

42
00:02:05,060 --> 00:02:02,850
never go away

43
00:02:06,770 --> 00:02:05,070
was it the persistent junk mail that

44
00:02:09,650 --> 00:02:06,780
made getting a few more credit cards

45
00:02:12,080 --> 00:02:09,660
feel like a good idea or is it just that

46
00:02:13,730 --> 00:02:12,090
your cog in the wheel job at the base of

47
00:02:15,740 --> 00:02:13,740
some billion dollar pyramid

48
00:02:18,290 --> 00:02:15,750
won't cough up enough money for you to

49
00:02:20,540 --> 00:02:18,300
live comfortably I'm sure many of us are

50
00:02:22,460 --> 00:02:20,550
feeling one pinch or another and the

51
00:02:24,980 --> 00:02:22,470
truth is the system isn't broken

52
00:02:26,930 --> 00:02:24,990
it just wasn't built for you while

53
00:02:29,750 --> 00:02:26,940
today's returning guests Ellen Brown has

54
00:02:32,300 --> 00:02:29,760
plans to make a system that is she was

55
00:02:34,250 --> 00:02:32,310
with us all the way back in 2015 and it

56
00:02:36,140 --> 00:02:34,260
is a real treat to have her back today

57
00:02:38,600 --> 00:02:36,150
she is the founder and chair of the

58
00:02:41,360 --> 00:02:38,610
public banking Institute a senior fellow

59
00:02:43,970 --> 00:02:41,370
at the democracy collaborative and the

60
00:02:46,370 --> 00:02:43,980
author of 13 books including web of

61
00:02:49,040 --> 00:02:46,380
death the public banking solution and

62
00:02:51,470 --> 00:02:49,050
her most recent release banking on the

63
00:02:52,430 --> 00:02:51,480
people democratizing money in the

64
00:02:54,950 --> 00:02:52,440
digital age

65
00:02:57,320 --> 00:02:54,960
she's also always adding interesting

66
00:02:59,630 --> 00:02:57,330
articles and writings to her blog at

67
00:03:02,510 --> 00:02:59,640
Ellen Brown dot-com and I am pretty

68
00:03:04,910 --> 00:03:02,520
psyched for this show so here she is the

69
00:03:06,980 --> 00:03:04,920
economic educator extraordinaire the

70
00:03:09,860 --> 00:03:06,990
public banking true believer and the

71
00:03:11,630 --> 00:03:09,870
real MVP in the fight against the FE D

72
00:03:14,750 --> 00:03:11,640
Ellen brown welcome back to the higher

73
00:03:18,020 --> 00:03:14,760
side thanks Greg that was a quite an

74
00:03:20,690 --> 00:03:18,030
introduction I try I try yeah I kind of

75
00:03:22,970 --> 00:03:20,700
hooked I mean the economy is dry is dry

76
00:03:24,980 --> 00:03:22,980
material but thanks so much for doing

77
00:03:27,650 --> 00:03:24,990
this I really did love your new book

78
00:03:29,900 --> 00:03:27,660
it's full of really good creative ideas

79
00:03:31,730 --> 00:03:29,910
that could transform the rockefeller

80
00:03:34,610 --> 00:03:31,740
rothschild debt based system of rule

81
00:03:37,220 --> 00:03:34,620
into something that empowers rather than

82
00:03:39,920 --> 00:03:37,230
in slaves even though something like the

83
00:03:42,200 --> 00:03:39,930
banking system does feel a bit too big

84
00:03:44,870 --> 00:03:42,210
to change you are great about showing

85
00:03:46,490 --> 00:03:44,880
real-world examples for the things that

86
00:03:48,710 --> 00:03:46,500
you proposed and I think that's

87
00:03:52,220 --> 00:03:48,720
important to encourage people to believe

88
00:03:54,020 --> 00:03:52,230
that things can actually change but to

89
00:03:55,940 --> 00:03:54,030
get us going here you've been writing

90
00:03:58,340 --> 00:03:55,950
about the financial system and the

91
00:04:01,640 --> 00:03:58,350
prospect of a public banking system for

92
00:04:03,980 --> 00:04:01,650
quite a while what value does this new

93
00:04:05,330 --> 00:04:03,990
book add to your catalog what makes it

94
00:04:09,980 --> 00:04:05,340
different and how do you introduce

95
00:04:11,870 --> 00:04:09,990
people to banking on the people okay my

96
00:04:14,000 --> 00:04:11,880
three books on this subject we're web of

97
00:04:17,599 --> 00:04:14,010
debt the public banks solution and this

98
00:04:20,510 --> 00:04:17,609
way so in web of debt the subject was

99
00:04:23,420 --> 00:04:20,520
basically that banks not the government

100
00:04:26,360 --> 00:04:23,430
create our money supply which at the

101
00:04:27,230 --> 00:04:26,370
time it was first issued in 2007 that

102
00:04:28,490 --> 00:04:27,240
was shocking

103
00:04:31,100 --> 00:04:28,500
you know people didn't even necessarily

104
00:04:33,890 --> 00:04:31,110
believe that I had to write a whole book

105
00:04:36,230 --> 00:04:33,900
just to be convincing because everybody

106
00:04:38,360 --> 00:04:36,240
thinks that it's the government prints

107
00:04:40,879 --> 00:04:38,370
are money it's the government's it's

108
00:04:43,909 --> 00:04:40,889
presidents that we see on the faces of

109
00:04:49,070 --> 00:04:43,919
our dollar bills and our coins but in

110
00:04:51,020 --> 00:04:49,080
fact virtually all like more than 95% of

111
00:04:54,290 --> 00:04:51,030
the money supply is created by banks in

112
00:04:56,120 --> 00:04:54,300
the form of loans and then in 2014 the

113
00:04:58,100 --> 00:04:56,130
Bank of England actually came out and

114
00:05:00,620 --> 00:04:58,110
said that the bank the Federal Reserve

115
00:05:02,870 --> 00:05:00,630
had said it before that in the 60s but

116
00:05:04,520 --> 00:05:02,880
in a kind of obscure publication but

117
00:05:07,010 --> 00:05:04,530
that was one of the things I cited in

118
00:05:08,719 --> 00:05:07,020
web of debt so now the Bank of England

119
00:05:11,420 --> 00:05:08,729
has actually said it the Bundesbank has

120
00:05:13,719 --> 00:05:11,430
said it so it's pretty well accepted

121
00:05:16,939 --> 00:05:13,729
that that is the way banking works that

122
00:05:19,070 --> 00:05:16,949
when a bank issues you alone it doesn't

123
00:05:22,010 --> 00:05:19,080
actually pull the money from anywhere

124
00:05:24,140 --> 00:05:22,020
else it just writes that money into your

125
00:05:26,270 --> 00:05:24,150
account they do need the deposits

126
00:05:28,909 --> 00:05:26,280
eventually your in order to balance

127
00:05:31,010 --> 00:05:28,919
their books when when money goes out of

128
00:05:33,290 --> 00:05:31,020
the bank but they've got money going out

129
00:05:34,850 --> 00:05:33,300
and coming in all day and other banks

130
00:05:37,580 --> 00:05:34,860
are also creating money on their books

131
00:05:40,399 --> 00:05:37,590
so with any luck if they get as many

132
00:05:42,469 --> 00:05:40,409
deposits in as they as are pulled out

133
00:05:46,219 --> 00:05:42,479
their books will balance and they do it

134
00:05:48,110 --> 00:05:46,229
they don't have to borrow at all but if

135
00:05:50,089 --> 00:05:48,120
they do need to borrow they'll borrow

136
00:05:51,770 --> 00:05:50,099
from first from their deposits because

137
00:05:53,810 --> 00:05:51,780
that's the cheapest place they can get

138
00:05:55,550 --> 00:05:53,820
the money and if they ran out of

139
00:05:56,870 --> 00:05:55,560
deposits they can borrow in the repo

140
00:05:59,480 --> 00:05:56,880
market which is part of the shadow

141
00:06:01,249 --> 00:05:59,490
banking system or probably the most

142
00:06:02,540 --> 00:06:01,259
expensive way to do it is to borrow from

143
00:06:04,580 --> 00:06:02,550
the Federal Reserve but they've already

144
00:06:06,620 --> 00:06:04,590
got that back back up so there's always

145
00:06:09,830 --> 00:06:06,630
somewhere they can borrow anyway that

146
00:06:11,659 --> 00:06:09,840
was the subject of web of debt and at

147
00:06:13,700 --> 00:06:11,669
the time when I wrote it I thought well

148
00:06:16,670 --> 00:06:13,710
this is shocking we've got to stop banks

149
00:06:18,709 --> 00:06:16,680
from creating money and then the more I

150
00:06:21,499 --> 00:06:18,719
thought about it though it seemed like

151
00:06:23,810 --> 00:06:21,509
banks creating money was not actually a

152
00:06:26,570 --> 00:06:23,820
bad idea it's not really the bank that's

153
00:06:29,390 --> 00:06:26,580
creating money it's really us we go to

154
00:06:32,540 --> 00:06:29,400
the bank if you tried to write an IOU

155
00:06:34,279 --> 00:06:32,550
out to your grocer the grocer wouldn't

156
00:06:35,629 --> 00:06:34,289
take it because at least my grocer

157
00:06:38,600 --> 00:06:35,639
wouldn't because I live in a big city

158
00:06:40,700 --> 00:06:38,610
the grocer doesn't know me but if I go

159
00:06:41,090 --> 00:06:40,710
to the bank and write out my IOU in the

160
00:06:43,040 --> 00:06:41,100
form of

161
00:06:45,800 --> 00:06:43,050
mortgage or some other loan the bank

162
00:06:47,990 --> 00:06:45,810
will take it because they know they're

163
00:06:50,300 --> 00:06:48,000
gonna find out who I am they'll do a lot

164
00:06:54,080 --> 00:06:50,310
of paperwork I'll probably have to pose

165
00:06:55,700 --> 00:06:54,090
some collateral like my house they will

166
00:06:57,860 --> 00:06:55,710
they will make some interest on the deal

167
00:07:00,320 --> 00:06:57,870
so it's it's worth it to them to take my

168
00:07:03,260 --> 00:07:00,330
IOU so basically what they do is turn my

169
00:07:05,780 --> 00:07:03,270
IOU into their IOU something that they

170
00:07:08,870 --> 00:07:05,790
so they're basically a guarantor of my

171
00:07:11,810 --> 00:07:08,880
IOU so it really is initiated by the

172
00:07:14,240 --> 00:07:11,820
borrower so we're really using the bank

173
00:07:16,610 --> 00:07:14,250
to turn our own credit into something

174
00:07:18,770 --> 00:07:16,620
that we can that's fungible that we can

175
00:07:21,410 --> 00:07:18,780
spend in the marketplace that the

176
00:07:24,320 --> 00:07:21,420
businesses will take so not a bad idea

177
00:07:26,240 --> 00:07:24,330
but what's wrong with the system is not

178
00:07:28,910 --> 00:07:26,250
the bank's create money it's that the

179
00:07:32,090 --> 00:07:28,920
banks are privately owned and and

180
00:07:34,640 --> 00:07:32,100
they're their motives they're their

181
00:07:36,410 --> 00:07:34,650
mandate is to make as much money as they

182
00:07:38,030 --> 00:07:36,420
can for the shareholders and the

183
00:07:40,790 --> 00:07:38,040
shareholders of course want their money

184
00:07:45,080 --> 00:07:40,800
right now so they're always looking day

185
00:07:47,300 --> 00:07:45,090
by day for for profits so the bank has

186
00:07:49,640 --> 00:07:47,310
to always think short-term they have to

187
00:07:52,670 --> 00:07:49,650
take if they have a choice between a

188
00:07:56,750 --> 00:07:52,680
five billion dollar hedge fund loan and

189
00:07:59,180 --> 00:07:56,760
a $50,000 small business loan in your

190
00:08:01,610 --> 00:07:59,190
local town they will always take the

191
00:08:03,550 --> 00:08:01,620
hedge fund loan even though your small

192
00:08:06,170 --> 00:08:03,560
business loan is a perfectly good loan

193
00:08:07,700 --> 00:08:06,180
but it's going to be more trouble as

194
00:08:09,380 --> 00:08:07,710
well it's gonna be the same paperwork

195
00:08:11,180 --> 00:08:09,390
and it's not going to make them near as

196
00:08:13,130 --> 00:08:11,190
much money and it's probably going to be

197
00:08:15,110 --> 00:08:13,140
a little riskier because the hedge fund

198
00:08:18,650 --> 00:08:15,120
is probably going to be a more

199
00:08:20,870 --> 00:08:18,660
profitable deal so they're not geared

200
00:08:23,000 --> 00:08:20,880
towards serving the public interest and

201
00:08:25,820 --> 00:08:23,010
in fact they're geared toward exploiting

202
00:08:28,610 --> 00:08:25,830
the public interest they are takers

203
00:08:31,580 --> 00:08:28,620
versus makers so they're not in the

204
00:08:34,040 --> 00:08:31,590
business of necessarily encouraging

205
00:08:36,200 --> 00:08:34,050
productivity which is what you know

206
00:08:38,930 --> 00:08:36,210
local markets are local businesses

207
00:08:40,370 --> 00:08:38,940
that's where most of the hiring comes

208
00:08:42,440 --> 00:08:40,380
from and they're the ones that make

209
00:08:44,390 --> 00:08:42,450
actual stuff that you can actually use

210
00:08:47,300 --> 00:08:44,400
whereas banks are dealing in the

211
00:08:49,550 --> 00:08:47,310
financial the financialized economy and

212
00:08:51,980 --> 00:08:49,560
dealing with customers who are not

213
00:08:54,940 --> 00:08:51,990
necessarily making anything but just

214
00:08:58,300 --> 00:08:54,950
maybe buying borrowing money in order

215
00:09:00,880 --> 00:08:58,310
to say buy out a company or two you know

216
00:09:04,120 --> 00:09:00,890
they're they're out to make money but

217
00:09:06,270 --> 00:09:04,130
not necessarily to make products so the

218
00:09:11,800 --> 00:09:06,280
public bank solution was basically on

219
00:09:14,290 --> 00:09:11,810
how or it was cited various models

220
00:09:16,230 --> 00:09:14,300
around the world of publicly owned banks

221
00:09:20,560 --> 00:09:16,240
we've only got one - Bank of rentacoder

222
00:09:23,230 --> 00:09:20,570
but in other countries twenty-five

223
00:09:25,450 --> 00:09:23,240
percent of the banking banks globally

224
00:09:27,220 --> 00:09:25,460
are publicly owned and many of them are

225
00:09:28,900 --> 00:09:27,230
very good models and for example in

226
00:09:33,730 --> 00:09:28,910
China eighty percent of the banks are

227
00:09:35,800 --> 00:09:33,740
publicly owned and I'm now senior fellow

228
00:09:38,080 --> 00:09:35,810
at the democracy collaborative and they

229
00:09:41,080 --> 00:09:38,090
they asked me to write these two

230
00:09:43,750 --> 00:09:41,090
articles one to fifty page articles one

231
00:09:45,610 --> 00:09:43,760
was supposed to be on how to eliminate

232
00:09:48,340 --> 00:09:45,620
too big to fail in other words basically

233
00:09:50,770 --> 00:09:48,350
on the regulations and whether they

234
00:09:54,700 --> 00:09:50,780
worked or what regulations would work

235
00:09:58,240 --> 00:09:54,710
and the other would be on how to set up

236
00:10:00,370 --> 00:09:58,250
a national public banking system so I

237
00:10:03,580 --> 00:10:00,380
started writing on that and I got way

238
00:10:05,350 --> 00:10:03,590
over fifty pages and so they agreed that

239
00:10:06,790 --> 00:10:05,360
I could just turn it into a book and

240
00:10:10,690 --> 00:10:06,800
they said they'd like to publish it so

241
00:10:13,240 --> 00:10:10,700
they did and but for me what it did was

242
00:10:16,330 --> 00:10:13,250
forced me to think through all the

243
00:10:19,030 --> 00:10:16,340
nuances of actually setting up a system

244
00:10:20,860 --> 00:10:19,040
not just for your local community or not

245
00:10:23,440 --> 00:10:20,870
just one public bank like the Bank of

246
00:10:25,780 --> 00:10:23,450
North Dakota but for the whole country

247
00:10:27,550 --> 00:10:25,790
and what that would mean and it does

248
00:10:29,560 --> 00:10:27,560
seem to me because we've been I'm

249
00:10:32,500 --> 00:10:29,570
chairman of the public banking Institute

250
00:10:35,530 --> 00:10:32,510
and we've been working on this project

251
00:10:37,900 --> 00:10:35,540
since 2010 so that's nine years now

252
00:10:40,960 --> 00:10:37,910
we've been dealing with politicians

253
00:10:43,720 --> 00:10:40,970
we've had at least 50 bills that have

254
00:10:47,290 --> 00:10:43,730
been filed we got over 25 bills that are

255
00:10:49,060 --> 00:10:47,300
actively being pursued right now so we

256
00:10:51,040 --> 00:10:49,070
know what the roadblocks are and we know

257
00:10:54,040 --> 00:10:51,050
what we're gonna be up against we I mean

258
00:10:56,200 --> 00:10:54,050
we're we've got great momentum right now

259
00:10:58,780 --> 00:10:56,210
in California is that we're very hopeful

260
00:11:01,390 --> 00:10:58,790
in Pennsylvania and New York other

261
00:11:04,210 --> 00:11:01,400
places so we're hopeful to be one of

262
00:11:06,880 --> 00:11:04,220
these banks set up one of these days but

263
00:11:08,680 --> 00:11:06,890
one thing I can see that we really need

264
00:11:12,069 --> 00:11:08,690
is we do

265
00:11:15,280 --> 00:11:12,079
to bring in the federal system you need

266
00:11:17,470 --> 00:11:15,290
the banking the backing of the Federal

267
00:11:20,860 --> 00:11:17,480
Reserve you need a deep pocket because

268
00:11:23,680 --> 00:11:20,870
politicians will always say well what if

269
00:11:26,619 --> 00:11:23,690
what if the bank you know loses money

270
00:11:28,960 --> 00:11:26,629
well the taxpayer beyond the hook but

271
00:11:31,660 --> 00:11:28,970
there is a way to we could be getting

272
00:11:34,389 --> 00:11:31,670
interest-free loans from the Fed in the

273
00:11:36,910 --> 00:11:34,399
same way that the Federal Reserve made

274
00:11:39,519 --> 00:11:36,920
interest-free loans to the banks to bail

275
00:11:40,869 --> 00:11:39,529
out the banks in 2008 the states could

276
00:11:44,199 --> 00:11:40,879
be good it should be getting

277
00:11:46,269 --> 00:11:44,209
interest-free loans but it's not in the

278
00:11:49,869 --> 00:11:46,279
Federal Reserve Act so when that was

279
00:11:51,759 --> 00:11:49,879
broached by President Obama to Ben

280
00:11:53,829 --> 00:11:51,769
Bernanke head of the Chairman Peres

281
00:11:55,329 --> 00:11:53,839
chairman of the Fed at that time Ben

282
00:11:56,710 --> 00:11:55,339
Bernanke said well he couldn't do it

283
00:11:59,050 --> 00:11:56,720
because it was sittin in the Federal

284
00:12:02,619 --> 00:11:59,060
Reserve Act so we need to change some

285
00:12:05,079 --> 00:12:02,629
laws right now modern monetary pilot the

286
00:12:07,809 --> 00:12:05,089
modern monetary theory is quite popular

287
00:12:10,960 --> 00:12:07,819
you meet a lot of ballot pros/cons

288
00:12:13,540 --> 00:12:10,970
and their pitch is that when the

289
00:12:15,879 --> 00:12:13,550
government spends it creates money I

290
00:12:17,590 --> 00:12:15,889
agree that's how it should be but that's

291
00:12:19,840 --> 00:12:17,600
not actually the way it is right now

292
00:12:22,629 --> 00:12:19,850
because of the way the laws we need to

293
00:12:24,759 --> 00:12:22,639
change the law in order to allow the

294
00:12:28,540 --> 00:12:24,769
government to create money when it

295
00:12:30,610 --> 00:12:28,550
spends hmm so that was a long answer no

296
00:12:32,439 --> 00:12:30,620
I sure question I think that's that's

297
00:12:35,920 --> 00:12:32,449
really great I mean obviously I wanted

298
00:12:39,009 --> 00:12:35,930
to get into how this could be possible a

299
00:12:40,240 --> 00:12:39,019
lot of people probably are still of the

300
00:12:42,490 --> 00:12:40,250
mindset that we just need better

301
00:12:45,100 --> 00:12:42,500
regulation you address that pretty early

302
00:12:46,720 --> 00:12:45,110
on in the book that regulation is not

303
00:12:48,790 --> 00:12:46,730
gonna fix this because it's

304
00:12:51,249 --> 00:12:48,800
fundamentally designed against our

305
00:12:54,490 --> 00:12:51,259
interest and I also think it's wise to

306
00:12:56,920 --> 00:12:54,500
try to use the system we have to a

307
00:12:59,319 --> 00:12:56,930
degree or use some of the infrastructure

308
00:13:01,540 --> 00:12:59,329
you know rather than just collapse it

309
00:13:04,120 --> 00:13:01,550
down to nothing and rebuild I mean there

310
00:13:06,429 --> 00:13:04,130
probably is a way to just switch the

311
00:13:08,860 --> 00:13:06,439
incentives around and kind of use

312
00:13:10,540 --> 00:13:08,870
something that we have in place even

313
00:13:13,150 --> 00:13:10,550
though right now it's not working for us

314
00:13:14,319 --> 00:13:13,160
we probably could make it work for us

315
00:13:15,730 --> 00:13:14,329
because the other thing people talk

316
00:13:18,340 --> 00:13:15,740
about is that we just need to dismantle

317
00:13:20,410 --> 00:13:18,350
it and that we need to break up the

318
00:13:21,660 --> 00:13:20,420
banks and that's another thing you

319
00:13:23,810 --> 00:13:21,670
address in the book and

320
00:13:26,520 --> 00:13:23,820
maybe you can talk to us about why

321
00:13:28,380 --> 00:13:26,530
breaking up the banks and regulation

322
00:13:32,520 --> 00:13:28,390
these aren't the solutions we need what

323
00:13:36,090 --> 00:13:32,530
we need is public banking right well the

324
00:13:37,380 --> 00:13:36,100
banks that they watch that the people

325
00:13:39,420 --> 00:13:37,390
that are talking about breaking out the

326
00:13:42,180 --> 00:13:39,430
banks the glass reimposing the

327
00:13:43,410 --> 00:13:42,190
glass-steagall Act for example all right

328
00:13:46,560 --> 00:13:43,420
they're talking about two big

329
00:13:49,710 --> 00:13:46,570
international Wall Street banks but

330
00:13:52,560 --> 00:13:49,720
those banks actually serve essential

331
00:13:54,630 --> 00:13:52,570
functions that you don't really want to

332
00:13:58,020 --> 00:13:54,640
give or you can't get rid of those banks

333
00:14:01,410 --> 00:13:58,030
they do all the repoing internationally

334
00:14:03,570 --> 00:14:01,420
they they do do other more sophisticated

335
00:14:05,730 --> 00:14:03,580
type that they deal with big

336
00:14:07,950 --> 00:14:05,740
international companies they deal with

337
00:14:12,810 --> 00:14:07,960
they're actually the bankers for

338
00:14:15,480 --> 00:14:12,820
government so instead of breaking them

339
00:14:17,670 --> 00:14:15,490
up it seems to me what we need to do is

340
00:14:19,350 --> 00:14:17,680
to nationalize them of course they would

341
00:14:22,950 --> 00:14:19,360
have a fit if we tried to nationalize

342
00:14:24,960 --> 00:14:22,960
them right now but it's looking like we

343
00:14:27,390 --> 00:14:24,970
could be heading for another collapse

344
00:14:29,130 --> 00:14:27,400
just like we had in 2008 I mean many

345
00:14:31,620 --> 00:14:29,140
people are predicting that that we just

346
00:14:33,660 --> 00:14:31,630
can't go on like this a debt debt levels

347
00:14:36,930 --> 00:14:33,670
are higher than their they've ever been

348
00:14:38,910 --> 00:14:36,940
particularly sovereign debt which not

349
00:14:41,640 --> 00:14:38,920
just ours but all around the world all

350
00:14:43,350 --> 00:14:41,650
governments are more heavily in debt

351
00:14:45,450 --> 00:14:43,360
than ever and why is that who are they

352
00:14:50,640 --> 00:14:45,460
in debt to you they're in debt to the

353
00:14:54,030 --> 00:14:50,650
bank so the next time we have a 2008

354
00:14:56,520 --> 00:14:54,040
style Great Recession that's what they

355
00:14:58,710 --> 00:14:56,530
called up but really really for half the

356
00:15:00,720 --> 00:14:58,720
population or more than half the

357
00:15:04,700 --> 00:15:00,730
population it was actually a depression

358
00:15:07,620 --> 00:15:04,710
the next time that happens rather than

359
00:15:09,360 --> 00:15:07,630
doing a bailout which I don't imagine

360
00:15:11,400 --> 00:15:09,370
Congress will do I mean the dodd-frank

361
00:15:13,230 --> 00:15:11,410
Act says that they're not going to do a

362
00:15:15,630 --> 00:15:13,240
bailout the next time they'll do a bail

363
00:15:18,360 --> 00:15:15,640
in which means that they're supposed to

364
00:15:21,980 --> 00:15:18,370
hit up their creditors first and so the

365
00:15:25,320 --> 00:15:21,990
banks will turn their creditors money

366
00:15:26,910 --> 00:15:25,330
into capital for the banks so they're

367
00:15:29,970 --> 00:15:26,920
basically gonna steal their creditors

368
00:15:32,990 --> 00:15:29,980
money and and the depositors are the

369
00:15:34,809 --> 00:15:33,000
largest class of creditor of any any

370
00:15:36,710 --> 00:15:34,819
bank

371
00:15:40,309 --> 00:15:36,720
theoretically their depositors are

372
00:15:41,809 --> 00:15:40,319
protected by FDIC insurance but FDIC

373
00:15:43,429 --> 00:15:41,819
insurance isn't going to go that far

374
00:15:46,939 --> 00:15:43,439
particularly because under the

375
00:15:51,859 --> 00:15:46,949
dodd-frank act derivatives and repos go

376
00:15:55,579 --> 00:15:51,869
first so they and those those creditors

377
00:15:57,679 --> 00:15:55,589
are much much bigger than the depositors

378
00:16:02,059 --> 00:15:57,689
so they will snatch or that you know

379
00:16:05,720 --> 00:16:02,069
that what they will allege is owed is

380
00:16:09,049 --> 00:16:05,730
much bigger so they will snatch the bulk

381
00:16:10,549 --> 00:16:09,059
of the assets of the bank and there's

382
00:16:15,859 --> 00:16:10,559
just not going to be anything left for

383
00:16:18,139 --> 00:16:15,869
the for the depositors the FDIC has not

384
00:16:21,230 --> 00:16:18,149
nearly enough money to cover all the

385
00:16:23,119 --> 00:16:21,240
deposits it's theoretically guaranteeing

386
00:16:25,639 --> 00:16:23,129
it's got a five hundred billion dollar

387
00:16:27,259 --> 00:16:25,649
credit line with the US Treasury but

388
00:16:29,389 --> 00:16:27,269
even five hundred billion isn't gonna be

389
00:16:32,239 --> 00:16:29,399
enough of we're talking about multiple

390
00:16:35,900 --> 00:16:32,249
trillions of derivatives that will wipe

391
00:16:38,660 --> 00:16:35,910
out what anything the bank had so anyway

392
00:16:42,199 --> 00:16:38,670
next time around they actually discussed

393
00:16:45,379 --> 00:16:42,209
the nationalizing the banks in 2008

394
00:16:47,840 --> 00:16:45,389
Obama said that to earth that was

395
00:16:51,169 --> 00:16:47,850
broached the reason they didn't do it

396
00:16:54,220 --> 00:16:51,179
was that the thought was that that meant

397
00:16:56,900 --> 00:16:54,230
that the US government would have to

398
00:16:59,480 --> 00:16:56,910
assume the liabilities of the banks so

399
00:17:02,169 --> 00:16:59,490
they would have to pay off pay off the

400
00:17:05,720 --> 00:17:02,179
loans but that's not true these banks

401
00:17:07,370 --> 00:17:05,730
created the loans on their books the

402
00:17:09,019 --> 00:17:07,380
loans could just be written off the only

403
00:17:11,149 --> 00:17:09,029
reason they can't be written off is

404
00:17:13,760 --> 00:17:11,159
because we have banking laws that say

405
00:17:16,850 --> 00:17:13,770
they can't but we can change those laws

406
00:17:19,069 --> 00:17:16,860
or what we could do is move those loans

407
00:17:22,519 --> 00:17:19,079
onto the books of the Federal Reserve

408
00:17:24,139 --> 00:17:22,529
and we have the 2000 a precedent for

409
00:17:27,350 --> 00:17:24,149
that because they already did it they

410
00:17:30,230 --> 00:17:27,360
watch mortgage toxic mortgage-backed

411
00:17:32,240 --> 00:17:30,240
securities off the books of banks and

412
00:17:34,909 --> 00:17:32,250
moved him onto the feds own books and

413
00:17:38,750 --> 00:17:34,919
that's how they freed up the balance

414
00:17:41,659 --> 00:17:38,760
sheets of these banks so they did things

415
00:17:43,639 --> 00:17:41,669
that that now they've established a

416
00:17:45,950 --> 00:17:43,649
precedent so they it was a game changer

417
00:17:47,590 --> 00:17:45,960
really the fact that the Fed stepped in

418
00:17:51,549 --> 00:17:47,600
and did all these I'm

419
00:17:53,260 --> 00:17:51,559
outrageous things now we can they can't

420
00:17:55,270 --> 00:17:53,270
they could no longer say we can't do

421
00:17:57,159 --> 00:17:55,280
that we can we can say yes you can like

422
00:17:58,690 --> 00:17:57,169
you just did it you did it for the

423
00:18:01,240 --> 00:17:58,700
bank's why can't you do it for the

424
00:18:03,700 --> 00:18:01,250
state's you did it for the you were able

425
00:18:05,890 --> 00:18:03,710
to buy off their bad loans why can't you

426
00:18:08,680 --> 00:18:05,900
do that for it these big banks if we

427
00:18:10,240 --> 00:18:08,690
nationalize the big banks and then the

428
00:18:13,210 --> 00:18:10,250
government would be in control and these

429
00:18:15,610 --> 00:18:13,220
big Wall Street banks and could carry on

430
00:18:17,890 --> 00:18:15,620
with the Bizet's that they do but in the

431
00:18:20,940 --> 00:18:17,900
public interest and there's actually I

432
00:18:25,680 --> 00:18:20,950
thought it was a great example in India

433
00:18:27,940 --> 00:18:25,690
Indira Gandhi in I think it was in 1960s

434
00:18:30,970 --> 00:18:27,950
their banks were doing perfectly well

435
00:18:33,850 --> 00:18:30,980
but she said she said that they weren't

436
00:18:35,380 --> 00:18:33,860
there big banks were not serving the

437
00:18:36,850 --> 00:18:35,390
public interest that the people were

438
00:18:38,890 --> 00:18:36,860
suffering and the big banks weren't

439
00:18:40,990 --> 00:18:38,900
catering to them so she just stepped in

440
00:18:42,669 --> 00:18:41,000
and nationalized them even though they

441
00:18:44,620 --> 00:18:42,679
weren't insolvent I mean we could

442
00:18:46,840 --> 00:18:44,630
certainly do it if we if our big swirl

443
00:18:49,690 --> 00:18:46,850
of it but she did it did it when they

444
00:18:52,659 --> 00:18:49,700
weren't insolvent just because their

445
00:18:55,930 --> 00:18:52,669
whole model it was a socialist country

446
00:18:58,570 --> 00:18:55,940
they'd go and socialist and the banks

447
00:18:59,980 --> 00:18:58,580
weren't serving this socialist plan and

448
00:19:02,140 --> 00:18:59,990
so she just took them over I thought

449
00:19:04,870 --> 00:19:02,150
that was amazing that she got away with

450
00:19:07,029 --> 00:19:04,880
it and the people the people loved it we

451
00:19:09,789 --> 00:19:07,039
couldn't do it here but we could do it

452
00:19:11,740 --> 00:19:09,799
if the banks were in sovereign well

453
00:19:15,190 --> 00:19:11,750
that's another thing I was curious about

454
00:19:17,230 --> 00:19:15,200
is back when we had the huge 2008

455
00:19:19,570 --> 00:19:17,240
collapse there was all this talk about

456
00:19:22,180 --> 00:19:19,580
how we can solve this mess and there

457
00:19:23,890 --> 00:19:22,190
were some things proposed that seemed

458
00:19:25,390 --> 00:19:23,900
like they'd be better for the people and

459
00:19:27,250 --> 00:19:25,400
some things proposed it seemed likely to

460
00:19:29,020 --> 00:19:27,260
be better for the banks and of course no

461
00:19:31,210 --> 00:19:29,030
one really went to jail yet in other

462
00:19:33,549 --> 00:19:31,220
countries there are some who didn't bail

463
00:19:35,740 --> 00:19:33,559
out the banks who actually jailed some

464
00:19:37,270 --> 00:19:35,750
of these bankers and then change their

465
00:19:39,850 --> 00:19:37,280
laws and change their system

466
00:19:42,520 --> 00:19:39,860
fundamentally like Switzerland some of

467
00:19:45,190 --> 00:19:42,530
the some European countries how are they

468
00:19:47,550 --> 00:19:45,200
doing now compared to how we're doing

469
00:19:52,030 --> 00:19:47,560
with the changes that we made

470
00:19:54,850 --> 00:19:52,040
well Iceland was that at the time it was

471
00:19:56,940 --> 00:19:54,860
really dramatic that they had thrown

472
00:20:00,810 --> 00:19:56,950
their bankers in jail and they had

473
00:20:04,800 --> 00:20:00,820
refused to bail out the British

474
00:20:08,620 --> 00:20:04,810
depositors but in fact unfortunately

475
00:20:10,540 --> 00:20:08,630
they have no back track and so they all

476
00:20:13,270 --> 00:20:10,550
those others people were who were in

477
00:20:16,150 --> 00:20:13,280
jail just served it wasn't very many and

478
00:20:19,570 --> 00:20:16,160
they they dish served short sentences

479
00:20:21,730 --> 00:20:19,580
and now they're out and now I mean it is

480
00:20:23,530 --> 00:20:21,740
amazing how the whole world seems to be

481
00:20:26,790 --> 00:20:23,540
going conservative like look at Latin

482
00:20:31,120 --> 00:20:26,800
America it used to be very strongly

483
00:20:33,610 --> 00:20:31,130
socialist or Bolivarian you know that

484
00:20:38,110 --> 00:20:33,620
the Bolivarian revolution where they

485
00:20:40,240 --> 00:20:38,120
were attempting to be independent of the

486
00:20:43,030 --> 00:20:40,250
Western system but now they've just

487
00:20:44,440 --> 00:20:43,040
totally caved I mean all this Latin

488
00:20:48,040 --> 00:20:44,450
American countries have now gotten

489
00:20:52,030 --> 00:20:48,050
neoliberal so we obviously pulled that

490
00:20:53,880 --> 00:20:52,040
off how we did it you know we use guns

491
00:20:56,140 --> 00:20:53,890
when we had to is that whole that

492
00:20:58,540 --> 00:20:56,150
shouldn't prescients have an economic

493
00:21:01,630 --> 00:20:58,550
hitman inserted modus operandi

494
00:21:03,970 --> 00:21:01,640
i hate's right and that kind of brings

495
00:21:06,400 --> 00:21:03,980
me to the next point which is like it's

496
00:21:08,710 --> 00:21:06,410
good to know what we could do I mean you

497
00:21:10,810 --> 00:21:08,720
look at this giant economic mess it's

498
00:21:12,850 --> 00:21:10,820
very confusing it's nice to know that

499
00:21:15,280 --> 00:21:12,860
someone like you has an answer on the

500
00:21:17,080 --> 00:21:15,290
table and is fleshed it out well but

501
00:21:19,000 --> 00:21:17,090
there's a big difference between that

502
00:21:20,980 --> 00:21:19,010
and actually implementing that idea I

503
00:21:24,130 --> 00:21:20,990
mean these entrenched powers as you say

504
00:21:26,650 --> 00:21:24,140
they're very big they seem too large to

505
00:21:29,260 --> 00:21:26,660
overcome it's hard to get people on the

506
00:21:30,940 --> 00:21:29,270
same page about something as simple as

507
00:21:33,100 --> 00:21:30,950
should you be locked in a cage for

508
00:21:35,650 --> 00:21:33,110
having marijuana on you I mean that's a

509
00:21:39,100 --> 00:21:35,660
pretty simple thing and then this is

510
00:21:40,540 --> 00:21:39,110
like a big complex argument where you

511
00:21:45,100 --> 00:21:40,550
know these entrenched powers are very

512
00:21:48,340 --> 00:21:45,110
savvy at propaganda and making this

513
00:21:50,200 --> 00:21:48,350
sound like it would ruin the world there

514
00:21:51,460 --> 00:21:50,210
they use a lot of fear tactics and

515
00:21:53,590 --> 00:21:51,470
saying like if you do this it could

516
00:21:56,590 --> 00:21:53,600
collapse everything so it seems really

517
00:21:59,320 --> 00:21:56,600
hard to to actually implement this talk

518
00:22:01,220 --> 00:21:59,330
to us about the positive sides of that

519
00:22:04,580 --> 00:22:01,230
you said 25 active

520
00:22:09,190 --> 00:22:04,590
I mean that's something right well and

521
00:22:12,409 --> 00:22:09,200
we're making more and more progress in

522
00:22:15,080 --> 00:22:12,419
California we had our first bill as well

523
00:22:17,120 --> 00:22:15,090
then in 2011 and it was for a

524
00:22:18,980 --> 00:22:17,130
feasibility study for a state on being

525
00:22:21,680 --> 00:22:18,990
they passed both houses of the

526
00:22:25,430 --> 00:22:21,690
legislature and Jerry Brown didn't sign

527
00:22:27,049 --> 00:22:25,440
it and his reasoning was that it was for

528
00:22:29,149 --> 00:22:27,059
a blue-ribbon committee which I guess

529
00:22:30,860 --> 00:22:29,159
cost some money and he said we didn't

530
00:22:32,570 --> 00:22:30,870
need to have another blue-ribbon

531
00:22:34,210 --> 00:22:32,580
committee that we could do it in-house

532
00:22:37,100 --> 00:22:34,220
that we already had a Banking Committee

533
00:22:40,310 --> 00:22:37,110
but we never heard any more about it

534
00:22:45,799 --> 00:22:40,320
after that so that of course it died it

535
00:22:54,019 --> 00:22:45,809
died behind closed doors so now we've

536
00:22:57,799 --> 00:22:54,029
got a bill it's SB 857 to change some of

537
00:23:00,529 --> 00:22:57,809
the laws to make it easier to for cities

538
00:23:03,110 --> 00:23:00,539
to establish their own banks and that

539
00:23:04,879 --> 00:23:03,120
bill has also it's passed all the

540
00:23:06,950 --> 00:23:04,889
committee's except one it's on its last

541
00:23:12,049 --> 00:23:06,960
committee in the Ed's Act they're

542
00:23:15,830 --> 00:23:12,059
actually hearing that on August tomorrow

543
00:23:19,430 --> 00:23:15,840
August 29th and so we'll see assuming it

544
00:23:21,889 --> 00:23:19,440
passed passes that committee and then it

545
00:23:25,419 --> 00:23:21,899
has to go back to the whole assembly

546
00:23:27,919 --> 00:23:25,429
because they they modified it some and

547
00:23:30,110 --> 00:23:27,929
assuming the governor signs it which we

548
00:23:33,139 --> 00:23:30,120
think he will because governor Newsom

549
00:23:37,190 --> 00:23:33,149
has expressed his support for public

550
00:23:41,570 --> 00:23:37,200
banks then this will make it much easier

551
00:23:44,960 --> 00:23:41,580
for cities and counties or and the state

552
00:23:47,629 --> 00:23:44,970
but for for any government entity to set

553
00:23:50,830 --> 00:23:47,639
up its own bank and we had a bill for

554
00:23:55,669 --> 00:23:50,840
example in Los Angeles or where it was a

555
00:23:57,919 --> 00:23:55,679
resolution the City of LA the LA City

556
00:24:01,490 --> 00:23:57,929
Council put it to the voters whether the

557
00:24:03,289 --> 00:24:01,500
voters wanted to have a city-owned Bank

558
00:24:13,340 --> 00:24:03,299
and the reason they did that was there

559
00:24:14,490 --> 00:24:13,350
was a subscribe to get voter approval so

560
00:24:16,890 --> 00:24:14,500
that's why they did

561
00:24:19,740 --> 00:24:16,900
because their legal counsel said that

562
00:24:22,500 --> 00:24:19,750
was the first step but the president of

563
00:24:26,430 --> 00:24:22,510
the City Council is very strongly in

564
00:24:29,340 --> 00:24:26,440
favor of city-owned Bank and the measure

565
00:24:32,400 --> 00:24:29,350
got 42% of the vote even though we had

566
00:24:34,500 --> 00:24:32,410
only three months to do it I mean it was

567
00:24:37,770 --> 00:24:34,510
a surprise to us the public banking

568
00:24:40,470 --> 00:24:37,780
advocates but the reason it got as far

569
00:24:44,190 --> 00:24:40,480
as it did is we had this very active

570
00:24:46,980 --> 00:24:44,200
dynamic millennial group that was just

571
00:24:51,120 --> 00:24:46,990
out there beating the bushes and they're

572
00:24:54,480 --> 00:24:51,130
very savvy in social media they're the

573
00:24:57,810 --> 00:24:54,490
first hurdle was you had to pay money in

574
00:25:01,610 --> 00:24:57,820
order to get to be a committee in order

575
00:25:05,760 --> 00:25:01,620
to even you know try to raise money for

576
00:25:08,970 --> 00:25:05,770
for a campaign when they were trying to

577
00:25:12,120 --> 00:25:08,980
solicit somebody but in a lawyer or

578
00:25:14,100 --> 00:25:12,130
somebody he said oh well I know you must

579
00:25:16,770 --> 00:25:14,110
have some money because I saw your

580
00:25:19,680 --> 00:25:16,780
videos that you made and they said no

581
00:25:21,840 --> 00:25:19,690
they said we're all under 30 we know how

582
00:25:23,850 --> 00:25:21,850
to make this stuff so they've already

583
00:25:27,480 --> 00:25:23,860
they've got the talents and they've got

584
00:25:30,600 --> 00:25:27,490
the zeal it's rather like Alexander

585
00:25:33,900 --> 00:25:30,610
Ocasio Cortez in New York I mean they've

586
00:25:35,010 --> 00:25:33,910
also got a public banking activist

587
00:25:37,500 --> 00:25:35,020
movement going

588
00:25:42,570 --> 00:25:37,510
but it's so it's that same mentality

589
00:25:45,630 --> 00:25:42,580
although we're here in a in California

590
00:25:49,980 --> 00:25:45,640
I'm in LA so this is that's my my city

591
00:25:52,380 --> 00:25:49,990
but here we try not to be so political I

592
00:25:55,140 --> 00:25:52,390
mean it's not about tearing down the

593
00:25:57,660 --> 00:25:55,150
President or any of those things it's

594
00:26:00,000 --> 00:25:57,670
just about creating a publicly owned

595
00:26:03,300 --> 00:26:00,010
bank and a publicly owned bank even

596
00:26:05,580 --> 00:26:03,310
though it sounds socialist our number

597
00:26:07,890 --> 00:26:05,590
one our only case the Bank of North

598
00:26:11,700 --> 00:26:07,900
Dakota is in North Dakota which is a

599
00:26:13,890 --> 00:26:11,710
very Republican conservative state so it

600
00:26:15,990 --> 00:26:13,900
serves people on all sides and one

601
00:26:18,120 --> 00:26:16,000
reason I try not to talk politics is

602
00:26:20,100 --> 00:26:18,130
that at the public banking Institute

603
00:26:21,750 --> 00:26:20,110
we've got supporters from all sides and

604
00:26:25,020 --> 00:26:21,760
every time I say anything that even

605
00:26:28,180 --> 00:26:25,030
beers and being political then I'll get

606
00:26:31,390 --> 00:26:28,190
you know pushback from somebody

607
00:26:33,820 --> 00:26:31,400
yes that makes sense conservatives like

608
00:26:35,440 --> 00:26:33,830
public banks just like like liberals do

609
00:26:38,830 --> 00:26:35,450
they like it like in North Dakota they

610
00:26:42,220 --> 00:26:38,840
like it because for them it's all about

611
00:26:43,540 --> 00:26:42,230
keeping our money in the state chief for

612
00:26:45,040 --> 00:26:43,550
our own purposes

613
00:26:48,010 --> 00:26:45,050
so that's a very conservative thing

614
00:26:50,470 --> 00:26:48,020
conserving our money whether it's a big

615
00:26:52,810 --> 00:26:50,480
farming state so originally it was a

616
00:26:55,300 --> 00:26:52,820
farmers movement the farmers releasing

617
00:26:58,570 --> 00:26:55,310
their farms to the out-of-state bankers

618
00:26:59,950 --> 00:26:58,580
and so they banded together and for

619
00:27:03,100 --> 00:26:59,960
under political party called the

620
00:27:05,320 --> 00:27:03,110
nonpartisan League and won won an

621
00:27:07,450 --> 00:27:05,330
election and got their bank showed up

622
00:27:09,400 --> 00:27:07,460
and they got state granary set up

623
00:27:12,850 --> 00:27:09,410
because they were also getting screwed

624
00:27:17,020 --> 00:27:12,860
by that it was a big cartel it was a

625
00:27:20,260 --> 00:27:17,030
railroad granary banking cartel that was

626
00:27:23,650 --> 00:27:20,270
taking their farms not paying them

627
00:27:26,050 --> 00:27:23,660
properly for their grain and then they

628
00:27:28,030 --> 00:27:26,060
didn't really have any alternative but

629
00:27:30,820 --> 00:27:28,040
to use this railroad to get their grain

630
00:27:32,650 --> 00:27:30,830
out of state so that's why they set up

631
00:27:34,150 --> 00:27:32,660
their own granary that would be fair and

632
00:27:37,720 --> 00:27:34,160
their own bank that would be fair to

633
00:27:39,700 --> 00:27:37,730
them Wow I mean I think the Bank of

634
00:27:42,700 --> 00:27:39,710
North Dakota is obviously a great

635
00:27:45,310 --> 00:27:42,710
template or example to look at in seeing

636
00:27:48,400 --> 00:27:45,320
how this would work for people and you

637
00:27:50,590 --> 00:27:48,410
mentioned the kind of goal of keeping

638
00:27:53,530 --> 00:27:50,600
money within the state or the local

639
00:27:55,390 --> 00:27:53,540
economy and I just generally like that

640
00:27:58,360 --> 00:27:55,400
principle because we have so many

641
00:28:01,900 --> 00:27:58,370
problems in so many different sectors of

642
00:28:05,080 --> 00:28:01,910
the whole societal pie and most of the

643
00:28:07,450 --> 00:28:05,090
causes will be chalked up to the biggest

644
00:28:10,240 --> 00:28:07,460
multinational corporation in that

645
00:28:12,430 --> 00:28:10,250
industry whether it's Big Pharma or the

646
00:28:14,680 --> 00:28:12,440
agricultural industry I mean there's all

647
00:28:17,980 --> 00:28:14,690
the oil industry it's always these huge

648
00:28:19,690 --> 00:28:17,990
huge companies and they're choking out

649
00:28:22,810 --> 00:28:19,700
local businesses obviously got the

650
00:28:25,030 --> 00:28:22,820
Walmart problem if you have a goal of

651
00:28:27,700 --> 00:28:25,040
keeping money local somewhat to a degree

652
00:28:29,770 --> 00:28:27,710
that at least tilts the scales back in

653
00:28:31,810 --> 00:28:29,780
the favor of local businesses a little

654
00:28:35,510 --> 00:28:31,820
bit because now they can't even get

655
00:28:37,549 --> 00:28:35,520
enough of the pie to stay in business

656
00:28:40,100 --> 00:28:37,559
that's right and if if there take out

657
00:28:43,430 --> 00:28:40,110
loans quite often they have to do credit

658
00:28:46,070 --> 00:28:43,440
card loans which we're talking sixteen

659
00:28:49,850 --> 00:28:46,080
or eighteen percent and here here are

660
00:28:52,940 --> 00:28:49,860
the bank's getting they are they can

661
00:28:55,190 --> 00:28:52,950
borrow at two point two five percent or

662
00:28:57,680 --> 00:28:55,200
whatever it just got changed to and they

663
00:29:00,650 --> 00:28:57,690
actually make that much on their

664
00:29:01,820 --> 00:29:00,660
reserves which are just parked at the

665
00:29:03,890 --> 00:29:01,830
Federal Reserve so they're doing

666
00:29:06,380 --> 00:29:03,900
absolutely no work making two point two

667
00:29:08,750 --> 00:29:06,390
five percent and they can borrow it to

668
00:29:11,720 --> 00:29:08,760
cut two point two five percent and

669
00:29:14,060 --> 00:29:11,730
nowadays most of their loans are credit

670
00:29:17,390 --> 00:29:14,070
card loans that's that's their big

671
00:29:20,110 --> 00:29:17,400
business these days credit cards so they

672
00:29:22,790 --> 00:29:20,120
are charging exorbitant rates and

673
00:29:24,650 --> 00:29:22,800
besides the interest that they get on

674
00:29:26,690 --> 00:29:24,660
their credit cards that's not even a big

675
00:29:28,220 --> 00:29:26,700
moneymaker for credit cards it's what

676
00:29:31,610 --> 00:29:28,230
the merchant pays the merchants are

677
00:29:33,590 --> 00:29:31,620
paying like four percent for basically

678
00:29:36,260 --> 00:29:33,600
what boils down to a one-month loan

679
00:29:39,590 --> 00:29:36,270
because either if you pay your credit

680
00:29:41,780 --> 00:29:39,600
card off you know in 30 days or 60 at

681
00:29:43,580 --> 00:29:41,790
most it's sixty days and it might be one

682
00:29:45,230 --> 00:29:43,590
day so it's somewhere between one and

683
00:29:47,390 --> 00:29:45,240
sixty days you'll pay off your credit

684
00:29:49,400 --> 00:29:47,400
card that means they can do that twelve

685
00:29:53,030 --> 00:29:49,410
times a year at times four percent so

686
00:29:56,060 --> 00:29:53,040
that's 48 percent right there plus what

687
00:29:58,520 --> 00:29:56,070
they make on the delinquent you know

688
00:30:01,160 --> 00:29:58,530
people that don't pay every month the

689
00:30:03,049 --> 00:30:01,170
people that just pay interest and that's

690
00:30:05,780 --> 00:30:03,059
many people just pay the interest

691
00:30:07,610 --> 00:30:05,790
because they they don't understand for

692
00:30:10,040 --> 00:30:07,620
starters one thing we really need to do

693
00:30:12,530 --> 00:30:10,050
is educate people that they are really

694
00:30:14,780 --> 00:30:12,540
killing themselves by not paying the

695
00:30:17,360 --> 00:30:14,790
full amount on their credit cards every

696
00:30:21,020 --> 00:30:17,370
every month because do it does balances

697
00:30:23,450 --> 00:30:21,030
build up and no that's what bankruptcy

698
00:30:26,750 --> 00:30:23,460
people right yeah they can get

699
00:30:29,660 --> 00:30:26,760
overwhelming for sure and so how do we

700
00:30:30,740 --> 00:30:29,670
make the case that public banking is

701
00:30:33,620 --> 00:30:30,750
what we want

702
00:30:35,510 --> 00:30:33,630
what problems specifically would this

703
00:30:37,490 --> 00:30:35,520
solve we got to get these listeners

704
00:30:40,610 --> 00:30:37,500
support because right now I think it

705
00:30:42,530 --> 00:30:40,620
kind of sounds a little vague but what

706
00:30:45,070 --> 00:30:42,540
problems that they're probably suffering

707
00:30:49,010 --> 00:30:45,080
from with this public banking solution

708
00:30:51,700 --> 00:30:49,020
specifically address well it could cut

709
00:30:54,080 --> 00:30:51,710
access for starters it could cut

710
00:30:58,010 --> 00:30:54,090
depending on what the interest rate is

711
00:31:00,560 --> 00:30:58,020
at which banks borrow you know right now

712
00:31:01,970 --> 00:31:00,570
the Fed is dropping interest rates it

713
00:31:04,250 --> 00:31:01,980
could people are saying it could go to

714
00:31:08,330 --> 00:31:04,260
zero it could go to negative in Europe

715
00:31:10,730 --> 00:31:08,340
the central banks are charging negative

716
00:31:12,740 --> 00:31:10,740
interests which means that basically the

717
00:31:16,520 --> 00:31:12,750
central bank pays you for taking out a

718
00:31:22,130 --> 00:31:16,530
loan so if the bank can borrow for a

719
00:31:24,980 --> 00:31:22,140
zero like it could in 2008 50 percent of

720
00:31:27,890 --> 00:31:24,990
the cost of infrastructure for example

721
00:31:31,640 --> 00:31:27,900
is financing so or in other words

722
00:31:33,980 --> 00:31:31,650
interests and peace so if if you're a

723
00:31:36,130 --> 00:31:33,990
bank and you can borrow at zero percent

724
00:31:39,590 --> 00:31:36,140
you could drop the cost of

725
00:31:41,660 --> 00:31:39,600
infrastructure in California by 50

726
00:31:44,600 --> 00:31:41,670
percent and right now we have in

727
00:31:47,120 --> 00:31:44,610
California we have 750 billion dollars

728
00:31:49,670 --> 00:31:47,130
worth of infrastructure that needs to be

729
00:31:52,640 --> 00:31:49,680
built and we don't have that money so we

730
00:31:55,430 --> 00:31:52,650
can cut that to 375 billion right there

731
00:31:58,130 --> 00:31:55,440
by funding it through our own publicly

732
00:32:00,740 --> 00:31:58,140
owned banks so that would either save

733
00:32:02,300 --> 00:32:00,750
money or it would mean we'd actually get

734
00:32:04,070 --> 00:32:02,310
some of this infrastructure built there

735
00:32:06,830 --> 00:32:04,080
right now we don't have we did we need

736
00:32:09,200 --> 00:32:06,840
better roads we need high-speed rail or

737
00:32:11,960 --> 00:32:09,210
you know we need some rail we need I

738
00:32:13,940 --> 00:32:11,970
live in Santa Clarita which is right

739
00:32:19,250 --> 00:32:13,950
outside LA and there's absolutely no way

740
00:32:22,100 --> 00:32:19,260
to get into LA that's vast so anyway

741
00:32:26,300 --> 00:32:22,110
there you know we need a lot of things

742
00:32:32,110 --> 00:32:26,310
done which would help stimulate business

743
00:32:35,060 --> 00:32:32,120
and they would bring businesses in one

744
00:32:38,390 --> 00:32:35,070
proposed one bill that I thought was

745
00:32:41,030 --> 00:32:38,400
great and I really backed was a bill to

746
00:32:43,430 --> 00:32:41,040
turn our California infrastructure and

747
00:32:45,680 --> 00:32:43,440
development bank into a real Bank we

748
00:32:47,270 --> 00:32:45,690
have this revolving fund called

749
00:32:48,440 --> 00:32:47,280
California infrastructure and

750
00:32:51,530 --> 00:32:48,450
Development Bank it's a state

751
00:32:53,330 --> 00:32:51,540
institution but it's very small and what

752
00:32:55,400 --> 00:32:53,340
they do they have a pot of money they

753
00:32:58,070 --> 00:32:55,410
lend it out to businesses at below

754
00:33:00,140 --> 00:32:58,080
market rates and the businesses love it

755
00:33:01,760 --> 00:33:00,150
they just eat that those loans up

756
00:33:03,320 --> 00:33:01,770
because that's the only place they can

757
00:33:05,659 --> 00:33:03,330
get like a three

758
00:33:09,590 --> 00:33:05,669
otherwise they're reduced to borrowing

759
00:33:11,840 --> 00:33:09,600
on their credit cards so there's a big

760
00:33:15,620 --> 00:33:11,850
demand for these loans way more demand

761
00:33:18,379 --> 00:33:15,630
than there is money in this Bank so if

762
00:33:22,100 --> 00:33:18,389
you took just that pot of money I think

763
00:33:25,549 --> 00:33:22,110
they had 300 million I think was their

764
00:33:28,700 --> 00:33:25,559
pot of money you took just that and

765
00:33:30,680 --> 00:33:28,710
turned it into capital for a bank it

766
00:33:32,680 --> 00:33:30,690
made it a real depository Bank where

767
00:33:35,720 --> 00:33:32,690
where you would have the state put

768
00:33:37,340 --> 00:33:35,730
various forms of deposits into the bank

769
00:33:40,460 --> 00:33:37,350
like the Bank of North Dakota does in

770
00:33:44,149 --> 00:33:40,470
North Dakota the Bank of North Dakota by

771
00:33:45,529 --> 00:33:44,159
law all of the state's deposits go into

772
00:33:48,440 --> 00:33:45,539
the Bank of North Dakota so they have a

773
00:33:51,350 --> 00:33:48,450
huge deposit base so let's say even just

774
00:33:54,519 --> 00:33:51,360
some of the state's deposits we're

775
00:33:58,070 --> 00:33:54,529
required to go into this Bank you could

776
00:34:01,159 --> 00:33:58,080
expand your your portfolio your loan

777
00:34:04,100 --> 00:34:01,169
portfolio by a factor of 10 turn that

778
00:34:06,529 --> 00:34:04,110
300 million into capital now you've got

779
00:34:08,869 --> 00:34:06,539
a three billion dollar bank so you can

780
00:34:12,169 --> 00:34:08,879
make 3 billion in loans instead of 300

781
00:34:15,050 --> 00:34:12,179
million in loans and you know you can

782
00:34:17,389 --> 00:34:15,060
just build from there by as you get more

783
00:34:21,339 --> 00:34:17,399
profits you can turn that into capital

784
00:34:24,349 --> 00:34:21,349
or you can have the pension funds or

785
00:34:26,450 --> 00:34:24,359
we've got five hundred billion dollars

786
00:34:29,300 --> 00:34:26,460
in our pension funds a huge amount of

787
00:34:32,540 --> 00:34:29,310
money and that money is not being

788
00:34:34,609 --> 00:34:32,550
invested in California it goes to Wall

789
00:34:36,349 --> 00:34:34,619
Street and then Wall Street does with it

790
00:34:39,200 --> 00:34:36,359
what it what it will but it's not

791
00:34:41,149 --> 00:34:39,210
investing in our local businesses so our

792
00:34:43,369 --> 00:34:41,159
money's going out and it's not coming

793
00:34:46,250 --> 00:34:43,379
back and the way to make it come back

794
00:34:48,889 --> 00:34:46,260
into our local economies would be to set

795
00:34:52,089 --> 00:34:48,899
up our own banking system which it has a

796
00:34:53,839 --> 00:34:52,099
mandate to serve our local economy I

797
00:34:56,659 --> 00:34:53,849
like it I like it

798
00:34:59,839 --> 00:34:56,669
and obviously universal basic income is

799
00:35:02,660 --> 00:34:59,849
a big solution in this book and this is

800
00:35:04,730 --> 00:35:02,670
one that I am kind of split on on one

801
00:35:06,980 --> 00:35:04,740
hand we have a rigged economy and we had

802
00:35:09,020 --> 00:35:06,990
the trickle down approach shoved down

803
00:35:11,599 --> 00:35:09,030
our throats and everyone knows it didn't

804
00:35:12,970 --> 00:35:11,609
work so screw it let's start the money

805
00:35:15,220 --> 00:35:12,980
at the bottom of the pyramid

806
00:35:17,380 --> 00:35:15,230
increase the average person's purchasing

807
00:35:19,930 --> 00:35:17,390
power per once but then on the other

808
00:35:22,660 --> 00:35:19,940
hand I'm more of the opinion that we

809
00:35:25,630 --> 00:35:22,670
should look for decentralizing solutions

810
00:35:28,750 --> 00:35:25,640
smaller regional local stuff which the

811
00:35:30,849 --> 00:35:28,760
public banking seems to address but I am

812
00:35:33,790 --> 00:35:30,859
concerned with the idea of a universal

813
00:35:36,010 --> 00:35:33,800
basic income being a more centralized

814
00:35:39,099 --> 00:35:36,020
idea because it's hard to beat these

815
00:35:42,250 --> 00:35:39,109
guys with big systems so I'm torn but

816
00:35:44,470 --> 00:35:42,260
what are your thoughts well you could

817
00:35:47,500 --> 00:35:44,480
set a universal basic income up so that

818
00:35:49,690 --> 00:35:47,510
it really didn't involve any humans

819
00:35:54,040 --> 00:35:49,700
making decisions in other words it could

820
00:35:56,290 --> 00:35:54,050
all be automatic and here's the problem

821
00:35:59,440 --> 00:35:56,300
if all of our money is created by banks

822
00:36:01,180 --> 00:35:59,450
when they make loans and they only

823
00:36:04,030 --> 00:36:01,190
create the principle they don't create

824
00:36:06,160 --> 00:36:04,040
the interest and over the course of a

825
00:36:08,260 --> 00:36:06,170
30-year mortgage you're going to pay at

826
00:36:10,150 --> 00:36:08,270
least as much an interest as you pay in

827
00:36:11,890 --> 00:36:10,160
principle so where is it interest going

828
00:36:15,670 --> 00:36:11,900
to come from it has to come from more

829
00:36:17,920 --> 00:36:15,680
loans so debt always grows faster than

830
00:36:20,320 --> 00:36:17,930
the money supply and that's why we have

831
00:36:23,920 --> 00:36:20,330
this business cycle of booms and busts

832
00:36:27,640 --> 00:36:23,930
booms of us at some point the cycle

833
00:36:30,280 --> 00:36:27,650
can't support the debt and then we you

834
00:36:32,560 --> 00:36:30,290
know you have foreclosures collapse the

835
00:36:34,720 --> 00:36:32,570
banks move in they take the properties

836
00:36:37,150 --> 00:36:34,730
or that whatever the hedge funds buy up

837
00:36:39,130 --> 00:36:37,160
the property's real cheap and then they

838
00:36:41,710 --> 00:36:39,140
lend them back that they rent them back

839
00:36:43,060 --> 00:36:41,720
to the people at exorbitant rates like

840
00:36:45,490 --> 00:36:43,070
that's the reason we have this huge

841
00:36:48,640 --> 00:36:45,500
homeless problem in San Francisco for

842
00:36:49,359 --> 00:36:48,650
example nobody can afford $4,000 a month

843
00:36:51,940 --> 00:36:49,369
for it

844
00:36:54,490 --> 00:36:51,950
for rentals and those are rentals that

845
00:36:56,650 --> 00:36:54,500
used to be their own homes that they got

846
00:36:58,810 --> 00:36:56,660
turned out of because of the Wall Street

847
00:37:00,340 --> 00:36:58,820
crisis so it's not their fault it was

848
00:37:02,320 --> 00:37:00,350
Wall Street's fault

849
00:37:05,560 --> 00:37:02,330
just recently you know there's this been

850
00:37:08,290 --> 00:37:05,570
this thing about the horrible homeless

851
00:37:11,380 --> 00:37:08,300
problems in San Francisco in LA and they

852
00:37:13,300 --> 00:37:11,390
blame the local government but like the

853
00:37:15,040 --> 00:37:13,310
local government can't fix it but how

854
00:37:16,270 --> 00:37:15,050
are they supposed to fix it first of all

855
00:37:17,770 --> 00:37:16,280
they don't have the money they need a

856
00:37:20,260 --> 00:37:17,780
source of money which a public bank

857
00:37:22,540 --> 00:37:20,270
could do but whose fault was that that

858
00:37:25,990 --> 00:37:22,550
that we've got all these homeless it was

859
00:37:26,799 --> 00:37:26,000
the big banks that forced these people

860
00:37:29,409 --> 00:37:26,809
out of their home

861
00:37:30,909 --> 00:37:29,419
they first they sucked him into agree

862
00:37:33,699 --> 00:37:30,919
they shouldn't have been in those loans

863
00:37:35,049 --> 00:37:33,709
but they were that many of them were

864
00:37:38,609 --> 00:37:35,059
fraudulent they were fraudulently

865
00:37:41,759 --> 00:37:38,619
induced to take those loans and then

866
00:37:45,069 --> 00:37:41,769
then there turned out of their homes and

867
00:37:47,289 --> 00:37:45,079
now they can't afford the same homes

868
00:37:49,179 --> 00:37:47,299
because they you know they can't even

869
00:37:51,729 --> 00:37:49,189
afford the rents on the homes because

870
00:37:55,140 --> 00:37:51,739
they were bought up at distressed prices

871
00:37:59,319 --> 00:37:55,150
by Blackrock that's huge wealth fund

872
00:38:03,599 --> 00:37:59,329
anyway so there is not enough money in

873
00:38:06,699 --> 00:38:03,609
the system even assuming that that money

874
00:38:09,009 --> 00:38:06,709
well first of all it's not there to to

875
00:38:11,409 --> 00:38:09,019
pay off the interest but besides that if

876
00:38:15,370 --> 00:38:11,419
all of our money is the principal of

877
00:38:17,199 --> 00:38:15,380
these loans many people don't spend that

878
00:38:18,969 --> 00:38:17,209
money back into the economy many the

879
00:38:21,189 --> 00:38:18,979
rich you know you've got a skewed

880
00:38:23,559 --> 00:38:21,199
economy so people who don't need to

881
00:38:25,089 --> 00:38:23,569
spend the money will save it in some way

882
00:38:27,519 --> 00:38:25,099
or they'll put it in the speculative

883
00:38:30,189 --> 00:38:27,529
economy which I would argue we've got

884
00:38:32,769 --> 00:38:30,199
two economies going we've got the

885
00:38:35,380 --> 00:38:32,779
speculative financial eyes the economy

886
00:38:38,319 --> 00:38:35,390
and then we've got the local real

887
00:38:40,239 --> 00:38:38,329
productive economy and the money is just

888
00:38:42,640 --> 00:38:40,249
being sucked out of the local economy

889
00:38:44,919 --> 00:38:42,650
into the speculative economy and it

890
00:38:47,380 --> 00:38:44,929
never comes back it just keeps going

891
00:38:49,899 --> 00:38:47,390
round and round they they bit each

892
00:38:54,189 --> 00:38:49,909
other's prices up like if you even

893
00:38:56,380 --> 00:38:54,199
housing existing housing the speculators

894
00:38:58,659 --> 00:38:56,390
come in and bid the price up and then

895
00:39:00,429 --> 00:38:58,669
somebody else have put it up and you buy

896
00:39:03,640 --> 00:39:00,439
it because you think you can sell it for

897
00:39:05,919 --> 00:39:03,650
a higher price or stock is that money in

898
00:39:08,469 --> 00:39:05,929
the stock market never goes back to the

899
00:39:10,449 --> 00:39:08,479
company it only goes to the previous

900
00:39:13,839 --> 00:39:10,459
owner of the stock the only money the

901
00:39:17,829 --> 00:39:13,849
company gets was the initial IPO the

902
00:39:19,689 --> 00:39:17,839
initial initial public offering so other

903
00:39:21,219 --> 00:39:19,699
than that it's just a big casino so

904
00:39:23,169 --> 00:39:21,229
you've got all this money running round

905
00:39:25,299 --> 00:39:23,179
and round in this casino that gets

906
00:39:27,669 --> 00:39:25,309
bigger and bigger you've got 21 to 35

907
00:39:30,519 --> 00:39:27,679
trillion dollars in offshore tax havens

908
00:39:32,229 --> 00:39:30,529
that obviously never come back and a lot

909
00:39:35,049 --> 00:39:32,239
of money invested abroad that never

910
00:39:38,049 --> 00:39:35,059
comes back so all that money is missing

911
00:39:40,300 --> 00:39:38,059
from the system plus the money for

912
00:39:42,760 --> 00:39:40,310
interest that was never created and for

913
00:39:45,520 --> 00:39:42,770
place so you've always got a massive

914
00:39:49,120 --> 00:39:45,530
shortage of money particularly in the

915
00:39:53,050 --> 00:39:49,130
local productive economy and the only

916
00:39:56,140 --> 00:39:53,060
way to get to get that money back is

917
00:39:59,650 --> 00:39:56,150
you've got to just pay pay it into the

918
00:40:02,350 --> 00:39:59,660
system like basically for free just hand

919
00:40:05,260 --> 00:40:02,360
it over either you can either hand it

920
00:40:07,330 --> 00:40:05,270
over to individuals I mean it the reason

921
00:40:09,490 --> 00:40:07,340
I like the universal basic income idea

922
00:40:11,050 --> 00:40:09,500
effect on time like the term I think it

923
00:40:14,410 --> 00:40:11,060
should be called a national dividend

924
00:40:16,060 --> 00:40:14,420
that everybody should get we need more

925
00:40:19,330 --> 00:40:16,070
money in the system so you just figure

926
00:40:21,430 --> 00:40:19,340
out how much more we need and then cut

927
00:40:24,490 --> 00:40:21,440
that up divide that by the population

928
00:40:26,530 --> 00:40:24,500
and that's how much everybody gets hmm

929
00:40:28,630 --> 00:40:26,540
so that makes it very fair and if you

930
00:40:31,240 --> 00:40:28,640
have any kind of debt what you could do

931
00:40:33,100 --> 00:40:31,250
is just have it be automatic so that it

932
00:40:35,110 --> 00:40:33,110
automatically goes to pay down your debt

933
00:40:36,880 --> 00:40:35,120
like it goes automatically into your

934
00:40:39,400 --> 00:40:36,890
bank account and your bank knows if

935
00:40:40,930 --> 00:40:39,410
you've got debt you know let's say

936
00:40:43,240 --> 00:40:40,940
you've got student debt or mortgage or

937
00:40:45,460 --> 00:40:43,250
something so it will automatically go to

938
00:40:48,940 --> 00:40:45,470
pay down that debt that money is going

939
00:40:51,160 --> 00:40:48,950
to disappear money is created as a loan

940
00:40:55,690 --> 00:40:51,170
and its extinguished when the loans are

941
00:40:57,670 --> 00:40:55,700
paid off so the debt will disappear and

942
00:40:59,680 --> 00:40:57,680
so will the money and so it will not be

943
00:41:02,920 --> 00:40:59,690
inflating it definitely won't be

944
00:41:04,480 --> 00:41:02,930
inflating consumer prices so it won't be

945
00:41:05,920 --> 00:41:04,490
driving up prices that's what everybody

946
00:41:07,720 --> 00:41:05,930
worries about that you're gonna be

947
00:41:09,580 --> 00:41:07,730
putting extra money in the system and

948
00:41:12,490 --> 00:41:09,590
that that's going to inflate prices but

949
00:41:14,410 --> 00:41:12,500
to the extent that it pays down debt

950
00:41:17,320 --> 00:41:14,420
it won't inflate prices and the other

951
00:41:20,170 --> 00:41:17,330
people 80% of the population cherries

952
00:41:22,120 --> 00:41:20,180
debt and the other 20% don't need that

953
00:41:24,190 --> 00:41:22,130
money for their consumer goods they've

954
00:41:26,710 --> 00:41:24,200
already their paycheck easily covers

955
00:41:28,720 --> 00:41:26,720
their food and their rent and all

956
00:41:30,940 --> 00:41:28,730
they're usually expenses so they're

957
00:41:33,400 --> 00:41:30,950
gonna save it somewhere so it's gonna go

958
00:41:35,200 --> 00:41:33,410
in the speculative economy it's not

959
00:41:38,860 --> 00:41:35,210
going to go into consumer the consumer

960
00:41:41,530 --> 00:41:38,870
market either so I would argue it's it's

961
00:41:43,510 --> 00:41:41,540
not going to drive a prices and to the

962
00:41:45,970 --> 00:41:43,520
extent that it does stay in the local

963
00:41:49,240 --> 00:41:45,980
economy we need that money we need that

964
00:41:51,070 --> 00:41:49,250
for increased productivity as long as

965
00:41:54,099 --> 00:41:51,080
you've got the capacity as long as

966
00:41:56,109 --> 00:41:54,109
you've got the ability to create

967
00:41:59,170 --> 00:41:56,119
factories or whatever as long as you've

968
00:42:00,970 --> 00:41:59,180
got workers and materials you need some

969
00:42:03,819 --> 00:42:00,980
extra money to get them together in

970
00:42:05,349 --> 00:42:03,829
order to produce goods so the first

971
00:42:06,940 --> 00:42:05,359
thing that's going to happen with new

972
00:42:09,609 --> 00:42:06,950
money is you're going to create new

973
00:42:12,430 --> 00:42:09,619
products and it's only when you run out

974
00:42:14,559 --> 00:42:12,440
of the ability to create to meet demand

975
00:42:17,400 --> 00:42:14,569
you know to make the products to meet

976
00:42:20,380 --> 00:42:17,410
the demand that the prices will go up I

977
00:42:23,829 --> 00:42:20,390
mean I think this makes sense if money

978
00:42:26,979 --> 00:42:23,839
can be created now by loaning it with

979
00:42:29,620 --> 00:42:26,989
interests where only the bank wins in

980
00:42:32,529 --> 00:42:29,630
the end then why can't it be created by

981
00:42:35,769 --> 00:42:32,539
just giving it to all the individual

982
00:42:38,680 --> 00:42:35,779
people with no interest and letting them

983
00:42:40,599 --> 00:42:38,690
spend it I mean even to my simple mind

984
00:42:42,700 --> 00:42:40,609
that seems like it would it would work

985
00:42:44,979 --> 00:42:42,710
just fine and I'm with you also on the

986
00:42:47,470 --> 00:42:44,989
idea of not calling it universal basic

987
00:42:49,960 --> 00:42:47,480
income because that does sound kind of

988
00:42:52,870 --> 00:42:49,970
well Farish but I like the idea of the

989
00:42:54,970 --> 00:42:52,880
dividend which I got a ask about Andrew

990
00:42:56,620 --> 00:42:54,980
yang he's really the only candidate

991
00:42:59,380 --> 00:42:56,630
who's talking about this and he likes

992
00:43:02,049 --> 00:42:59,390
the term freedom dividend are you on the

993
00:43:05,799 --> 00:43:02,059
yang gang well I totally agree we need

994
00:43:07,630 --> 00:43:05,809
that but he would do it with taxes and

995
00:43:09,519 --> 00:43:07,640
to me that kind of defeats the purpose

996
00:43:12,190 --> 00:43:09,529
if you're gonna pull it out of the

997
00:43:13,900 --> 00:43:12,200
system before you put it back in then

998
00:43:16,210 --> 00:43:13,910
you're not really adding to the system

999
00:43:19,059 --> 00:43:16,220
and our problems our debt problem is

1000
00:43:20,499 --> 00:43:19,069
that we need a debt Jubilee that's the

1001
00:43:22,299 --> 00:43:20,509
way that I just wrote an article on that

1002
00:43:23,890 --> 00:43:22,309
it was actually a michael hudson book

1003
00:43:28,779 --> 00:43:23,900
called and prettier than their debts

1004
00:43:32,349 --> 00:43:28,789
that the way in ancient Sumeria they are

1005
00:43:34,809 --> 00:43:32,359
for Sumeria Babylon Assyria they kept

1006
00:43:38,440 --> 00:43:34,819
their money system going for two

1007
00:43:41,229 --> 00:43:38,450
millennia 2,000 years at the same

1008
00:43:43,029 --> 00:43:41,239
interest rate without even modifying the

1009
00:43:45,640 --> 00:43:43,039
interest rate and the way they did it

1010
00:43:48,970 --> 00:43:45,650
was so they had a relatively high

1011
00:43:51,099 --> 00:43:48,980
interest but the way they kept the debt

1012
00:43:54,549 --> 00:43:51,109
from overwhelming the system was that

1013
00:43:57,039 --> 00:43:54,559
they had periodic debt Jubilees so that

1014
00:43:59,529 --> 00:43:57,049
the emperor or the king whenever they'd

1015
00:44:02,019 --> 00:43:59,539
have a new king the king would wipe out

1016
00:44:03,700 --> 00:44:02,029
all the debts and declare a clean slate

1017
00:44:06,190 --> 00:44:03,710
everybody start all over again or

1018
00:44:07,970 --> 00:44:06,200
whenever they had a big victory or you

1019
00:44:09,859 --> 00:44:07,980
know they had different reasons for it

1020
00:44:12,770 --> 00:44:09,869
clearing a debt Jubilee and then that

1021
00:44:16,640 --> 00:44:12,780
was incorporated into the Old Testament

1022
00:44:21,040 --> 00:44:16,650
and I forgot which book but anyway sit

1023
00:44:24,740 --> 00:44:21,050
there with a debt Jubilee every 49 years

1024
00:44:27,050 --> 00:44:24,750
so we don't have that and so debt

1025
00:44:29,599 --> 00:44:27,060
accumulates until it overwhelms the

1026
00:44:32,840 --> 00:44:29,609
system so so that's that's my one

1027
00:44:35,180 --> 00:44:32,850
problem with the idea of doing it three

1028
00:44:36,590 --> 00:44:35,190
taxes is that you're just pulling it out

1029
00:44:40,730 --> 00:44:36,600
of one pot and putting it into another

1030
00:44:43,130 --> 00:44:40,740
pot that's fair I mean definitely it was

1031
00:44:46,070 --> 00:44:43,140
really just this idea that intrigued me

1032
00:44:47,560 --> 00:44:46,080
that we should get it from the big tech

1033
00:44:49,820 --> 00:44:47,570
companies I get we were saying about

1034
00:44:51,859 --> 00:44:49,830
taxes because he's like we should just

1035
00:44:54,770 --> 00:44:51,869
take a penny or a half a penny from

1036
00:44:57,910 --> 00:44:54,780
every transaction at Amazon or every

1037
00:45:00,109 --> 00:44:57,920
Google Ad sale or some of these

1038
00:45:02,150 --> 00:45:00,119
transitions that we're gonna be making

1039
00:45:03,980 --> 00:45:02,160
to the automated world I mean they're

1040
00:45:06,740 --> 00:45:03,990
gonna have a lot of gains we should make

1041
00:45:08,420 --> 00:45:06,750
sure those gains are spread out with the

1042
00:45:11,120 --> 00:45:08,430
people instead of just giving them to

1043
00:45:12,950 --> 00:45:11,130
five companies kind of like Alaska does

1044
00:45:14,810 --> 00:45:12,960
with the oil industry if you want to use

1045
00:45:16,700 --> 00:45:14,820
our land you're gonna pay us a little

1046
00:45:18,740 --> 00:45:16,710
piece of that and you know I've also

1047
00:45:22,010 --> 00:45:18,750
heard people make the case that our data

1048
00:45:23,930 --> 00:45:22,020
is more valuable than oil now when when

1049
00:45:25,130 --> 00:45:23,940
was the last time you got a data check

1050
00:45:26,780 --> 00:45:25,140
you know there's a lot of companies

1051
00:45:30,710 --> 00:45:26,790
using your data maybe you should get a

1052
00:45:33,560 --> 00:45:30,720
piece back yeah no I that is a good

1053
00:45:36,530 --> 00:45:33,570
argument I mean it's definitely a good

1054
00:45:38,390 --> 00:45:36,540
point but what I was arguing for was

1055
00:45:41,950 --> 00:45:38,400
something different a way to solve this

1056
00:45:44,500 --> 00:45:41,960
debt problem mm-hmm one one

1057
00:45:49,070 --> 00:45:44,510
counter-argument that I think it's just

1058
00:45:50,990 --> 00:45:49,080
rubbish that people make is that that if

1059
00:45:54,290 --> 00:45:51,000
everybody got a universal basic income

1060
00:45:56,359 --> 00:45:54,300
they get lazy well let's call it a

1061
00:45:58,910 --> 00:45:56,369
dividend how much do those people who

1062
00:46:01,099 --> 00:45:58,920
are making that argument yet in

1063
00:46:03,560 --> 00:46:01,109
dividends from their stocks every single

1064
00:46:05,810 --> 00:46:03,570
month and does that make them lazy no I

1065
00:46:07,720 --> 00:46:05,820
mean I get dividends and I get Social

1066
00:46:10,370 --> 00:46:07,730
Security and I get a pension I'm retired

1067
00:46:12,410 --> 00:46:10,380
does that make me lazy absolutely not

1068
00:46:16,010 --> 00:46:12,420
I'm work harder than I've ever worked in

1069
00:46:17,900 --> 00:46:16,020
my life but what it does do is free you

1070
00:46:21,170 --> 00:46:17,910
up to do something a little more

1071
00:46:24,559 --> 00:46:21,180
meaningful then slaving away

1072
00:46:26,960 --> 00:46:24,569
some meaningless job maybe two jobs that

1073
00:46:29,180 --> 00:46:26,970
they're you know that where you can

1074
00:46:32,000 --> 00:46:29,190
barely make ends meet you hate your work

1075
00:46:33,770 --> 00:46:32,010
you don't have any energy left over to

1076
00:46:36,980 --> 00:46:33,780
do anything but come home and turn on

1077
00:46:38,780 --> 00:46:36,990
the TV and crack open a beer or you know

1078
00:46:42,500 --> 00:46:38,790
do the laundry and take care of the kids

1079
00:46:45,710 --> 00:46:42,510
if you're the mom so what it does do is

1080
00:46:47,930 --> 00:46:45,720
give you a little freedom to maybe quit

1081
00:46:50,059 --> 00:46:47,940
your job and look for something that's

1082
00:46:52,940 --> 00:46:50,069
gonna be more satisfying maybe hold out

1083
00:46:54,890 --> 00:46:52,950
for decent wages for a job that's not

1084
00:46:58,400 --> 00:46:54,900
paying you properly that sort of thing I

1085
00:47:00,650 --> 00:46:58,410
mean it just gives people more leverage

1086
00:47:03,200 --> 00:47:00,660
but there have been studies that show

1087
00:47:05,809 --> 00:47:03,210
that it doesn't make people lazy it

1088
00:47:07,670 --> 00:47:05,819
makes them more productive that they go

1089
00:47:09,559 --> 00:47:07,680
back to school or they start their own

1090
00:47:12,920 --> 00:47:09,569
business I mean I'm thinking like in

1091
00:47:14,809 --> 00:47:12,930
Africa or India where they it's like a

1092
00:47:16,460 --> 00:47:14,819
really small business but they go out

1093
00:47:17,930 --> 00:47:16,470
and sell oranges in the street or

1094
00:47:21,140 --> 00:47:17,940
something you know they they do

1095
00:47:23,089 --> 00:47:21,150
something they can buy the oranges that

1096
00:47:26,630 --> 00:47:23,099
they're gonna sell they've got they've

1097
00:47:31,190 --> 00:47:26,640
got some money for capital to to start

1098
00:47:33,859 --> 00:47:31,200
something new right actually I I read

1099
00:47:35,420 --> 00:47:33,869
somewhere that if in Africa I used to

1100
00:47:38,960 --> 00:47:35,430
live in Africa and I know it's just the

1101
00:47:41,059 --> 00:47:38,970
mentality the men tend to be well it's

1102
00:47:43,010 --> 00:47:41,069
the women that are the workers so

1103
00:47:45,349 --> 00:47:43,020
apparently if you give the money to the

1104
00:47:47,299 --> 00:47:45,359
women they stay up all night and they do

1105
00:47:49,430 --> 00:47:47,309
really industrious things you know they

1106
00:47:52,789 --> 00:47:49,440
but if you give it to the man they do

1107
00:47:54,650 --> 00:47:52,799
tend to drink it away but that's just

1108
00:47:57,319 --> 00:47:54,660
you know it's it's just that I shouldn't

1109
00:48:00,109 --> 00:47:57,329
say that that's gonna way it's just this

1110
00:48:02,990 --> 00:48:00,119
is a funny thing I know I agree you know

1111
00:48:06,680 --> 00:48:03,000
maybe you have a passion for teaching

1112
00:48:09,109 --> 00:48:06,690
guitar lessons but you are stuck selling

1113
00:48:11,059 --> 00:48:09,119
cell phones for AT&T because guitar

1114
00:48:13,039 --> 00:48:11,069
lessons alone is too risky

1115
00:48:15,109 --> 00:48:13,049
you know I mean if you had a freedom

1116
00:48:17,270 --> 00:48:15,119
dividend or a dividend of some kind if

1117
00:48:19,160 --> 00:48:17,280
you had a thousand dollars a month maybe

1118
00:48:22,160 --> 00:48:19,170
you'd be like okay well this thousand

1119
00:48:24,200 --> 00:48:22,170
dollars plus what I can make as a guitar

1120
00:48:27,620 --> 00:48:24,210
teacher is going to be enough to get by

1121
00:48:29,690 --> 00:48:27,630
because I think part of the trick is an

1122
00:48:32,870 --> 00:48:29,700
amount of money that covers people's

1123
00:48:34,830 --> 00:48:32,880
basic needs but definitely doesn't let

1124
00:48:36,750 --> 00:48:34,840
them live high on the hog it's like hey

1125
00:48:38,370 --> 00:48:36,760
this we get you to rung one and then if

1126
00:48:40,350 --> 00:48:38,380
you want to climb to rung two three four

1127
00:48:42,300 --> 00:48:40,360
five you know do a little extra and I

1128
00:48:45,090 --> 00:48:42,310
mean people could and they wouldn't be

1129
00:48:47,400 --> 00:48:45,100
so scared to take that leap I mean it

1130
00:48:50,400 --> 00:48:47,410
was a leap I had to take to become

1131
00:48:53,010 --> 00:48:50,410
independent with this show to go from a

1132
00:48:55,320 --> 00:48:53,020
corporate paycheck to this it's very

1133
00:48:57,570 --> 00:48:55,330
very hard I mean scary it's almost

1134
00:48:59,940 --> 00:48:57,580
impossible it's yeah it's very scary so

1135
00:49:01,650 --> 00:48:59,950
just to ease that pressure I think a lot

1136
00:49:04,560 --> 00:49:01,660
of people have ideas in their head that

1137
00:49:06,750 --> 00:49:04,570
they're just dying to take the leap with

1138
00:49:08,850 --> 00:49:06,760
but we just need to make that leap a

1139
00:49:10,350 --> 00:49:08,860
little closer you know close that gap a

1140
00:49:11,730 --> 00:49:10,360
little bit because we don't want people

1141
00:49:15,840 --> 00:49:11,740
falling through the cracks

1142
00:49:18,900 --> 00:49:15,850
yeah and those contributions are so much

1143
00:49:21,090 --> 00:49:18,910
better for society in general we need to

1144
00:49:23,310 --> 00:49:21,100
pull out people's creativity and see

1145
00:49:24,960 --> 00:49:23,320
what they can really contribute but then

1146
00:49:28,140 --> 00:49:24,970
you can argue that there's probably a

1147
00:49:29,790 --> 00:49:28,150
big corporate you know structure that

1148
00:49:33,000 --> 00:49:29,800
doesn't want that they want to be able

1149
00:49:35,370 --> 00:49:33,010
to exploit people at the lowest wages in

1150
00:49:38,280 --> 00:49:35,380
the most hours they can get out of them

1151
00:49:41,880 --> 00:49:38,290
so that's why we have to push back on

1152
00:49:43,980 --> 00:49:41,890
behalf of these poor workers mm-hmm I'm

1153
00:49:46,530 --> 00:49:43,990
with you and you mentioned a debt

1154
00:49:48,840 --> 00:49:46,540
Jubilee and that's an interesting

1155
00:49:50,930 --> 00:49:48,850
prospect I sometimes wonder how

1156
00:49:53,730 --> 00:49:50,940
realistic it is because I can't fathom

1157
00:49:56,670 --> 00:49:53,740
banks just after winning the game of

1158
00:49:58,470 --> 00:49:56,680
Monopoly being like all right reset but

1159
00:50:00,510 --> 00:49:58,480
you made the case that historically

1160
00:50:02,940 --> 00:50:00,520
there's a real precedent for it to keep

1161
00:50:04,830 --> 00:50:02,950
the Machine going and it's interesting

1162
00:50:08,040 --> 00:50:04,840
because when you look at something like

1163
00:50:10,050 --> 00:50:08,050
this you can kind of scan for trial runs

1164
00:50:12,870 --> 00:50:10,060
or indications that they're testing it

1165
00:50:15,450 --> 00:50:12,880
out for a potential larger rollout and

1166
00:50:17,100 --> 00:50:15,460
Joseph Farrell I guess we have every so

1167
00:50:19,860 --> 00:50:17,110
often was just covering this in his

1168
00:50:21,990 --> 00:50:19,870
weekly updates but didn't chase just do

1169
00:50:25,680 --> 00:50:22,000
something like this in Canada where they

1170
00:50:28,560 --> 00:50:25,690
forgave all credit card debt yes I I'm

1171
00:50:31,140 --> 00:50:28,570
not sure what what that was all about I

1172
00:50:34,230 --> 00:50:31,150
apparently they just discovered that it

1173
00:50:37,050 --> 00:50:34,240
was easier to do it that way than to try

1174
00:50:38,820 --> 00:50:37,060
to collect because I think they shut

1175
00:50:40,260 --> 00:50:38,830
down that division right whatever it was

1176
00:50:41,400 --> 00:50:40,270
I don't remember I didn't look real

1177
00:50:43,160 --> 00:50:41,410
closely mm-hmm

1178
00:50:46,170 --> 00:50:43,170
yeah it was they set up a whole

1179
00:50:48,620 --> 00:50:46,180
infrastructure to do credit cards in

1180
00:50:49,910 --> 00:50:48,630
Canada and then I guess they realize

1181
00:50:52,160 --> 00:50:49,920
that hey if we stop paying these

1182
00:50:54,880 --> 00:50:52,170
employees we close these offices it's

1183
00:50:57,800 --> 00:50:54,890
actually going to be cheaper than the

1184
00:51:00,260 --> 00:50:57,810
large amount of money we spend just to

1185
00:51:02,810 --> 00:51:00,270
have a place to service the debt let's

1186
00:51:04,670 --> 00:51:02,820
just close shop and cut our losses but

1187
00:51:07,970 --> 00:51:04,680
some people have speculated that that's

1188
00:51:10,670 --> 00:51:07,980
a little bit of a test run by one of the

1189
00:51:13,070 --> 00:51:10,680
big banks to see what kind of effects in

1190
00:51:15,110 --> 00:51:13,080
a small market debt Jubilees or debt

1191
00:51:17,660 --> 00:51:15,120
forgiveness would have because they're

1192
00:51:21,260 --> 00:51:17,670
thinking maybe potentially for a bigger

1193
00:51:23,060 --> 00:51:21,270
type of rollout well I would suspect you

1194
00:51:25,940 --> 00:51:23,070
know they don't really make their money

1195
00:51:29,420 --> 00:51:25,950
on people paying that money back anyway

1196
00:51:32,150 --> 00:51:29,430
they they're essentially making loans

1197
00:51:34,340 --> 00:51:32,160
for free because if you pay back the

1198
00:51:36,320 --> 00:51:34,350
loan in 30 days they're not even going

1199
00:51:38,750 --> 00:51:36,330
to have to come up with the money it's

1200
00:51:41,780 --> 00:51:38,760
just in advance that they write it into

1201
00:51:43,970 --> 00:51:41,790
the merchants account and at the end of

1202
00:51:45,230 --> 00:51:43,980
30 days you pay up and then they

1203
00:51:47,810 --> 00:51:45,240
transfer the money from your account

1204
00:51:49,370 --> 00:51:47,820
into the merchants account so where

1205
00:51:51,140 --> 00:51:49,380
they're really making their money is on

1206
00:51:53,810 --> 00:51:51,150
that four percent that they get from the

1207
00:51:58,550 --> 00:51:53,820
merchants every single month on every

1208
00:52:00,500 --> 00:51:58,560
single product that's sold and so if

1209
00:52:02,240 --> 00:52:00,510
they just shut the business down you

1210
00:52:03,860 --> 00:52:02,250
know they've shut out it shut down that

1211
00:52:05,630 --> 00:52:03,870
four percent but they've they've shut

1212
00:52:08,930 --> 00:52:05,640
down the whole business that they don't

1213
00:52:10,820 --> 00:52:08,940
really care about those loans that loans

1214
00:52:13,460 --> 00:52:10,830
of money that they just created on their

1215
00:52:15,950 --> 00:52:13,470
books and so they write them off yeah I

1216
00:52:18,860 --> 00:52:15,960
mean that's a great point the just

1217
00:52:20,870 --> 00:52:18,870
credit card processing fees are really

1218
00:52:22,310 --> 00:52:20,880
big it's kind of like the idea of a

1219
00:52:24,260 --> 00:52:22,320
freedom dividend of taking a little

1220
00:52:25,910 --> 00:52:24,270
chunk from every transaction there's

1221
00:52:27,560 --> 00:52:25,920
already someone taking a little chunk

1222
00:52:31,510 --> 00:52:27,570
from every transaction let me tell you

1223
00:52:34,640 --> 00:52:31,520
because yeah I see it every day

1224
00:52:38,990 --> 00:52:34,650
yeah hmm I know and we're here we're

1225
00:52:40,820 --> 00:52:39,000
paying 10% sales tax and I mean that was

1226
00:52:42,800 --> 00:52:40,830
one thing I wrote about was that we

1227
00:52:47,960 --> 00:52:42,810
could have a financial transactions tax

1228
00:52:49,280 --> 00:52:47,970
of 0.1 percent on stock trades and it

1229
00:52:52,160 --> 00:52:49,290
wouldn't hurt you as a stockholder

1230
00:52:53,840 --> 00:52:52,170
because how often even if you buy stock

1231
00:52:55,550 --> 00:52:53,850
once a week which seems to be pretty

1232
00:52:58,180 --> 00:52:55,560
most people don't

1233
00:53:01,059 --> 00:52:58,190
you know they probably buy stock

1234
00:53:02,980 --> 00:53:01,069
maybe a new stock once every six months

1235
00:53:04,690 --> 00:53:02,990
or so and then they just hold it I don't

1236
00:53:06,309 --> 00:53:04,700
know I'm not sure what most people do

1237
00:53:08,470 --> 00:53:06,319
but anyway I say so yeah

1238
00:53:11,559 --> 00:53:08,480
for average investors let's say buy a

1239
00:53:13,539 --> 00:53:11,569
new stock once a month and you pay 0.1%

1240
00:53:15,490 --> 00:53:13,549
on it you're not even gonna notice that

1241
00:53:18,339 --> 00:53:15,500
that's just a small whoo it would really

1242
00:53:20,950 --> 00:53:18,349
hit up would be the high frequency

1243
00:53:24,160 --> 00:53:20,960
program traders and you know the ones

1244
00:53:26,259 --> 00:53:24,170
that shave a little bit off of every

1245
00:53:28,749 --> 00:53:26,269
trade and they're basically making their

1246
00:53:32,170 --> 00:53:28,759
money on about the volume but you could

1247
00:53:37,329 --> 00:53:32,180
reap a lot more money that way than from

1248
00:53:38,829 --> 00:53:37,339
taxes and traders I'm forget my numbers

1249
00:53:42,759 --> 00:53:38,839
now but I think it's five trillion

1250
00:53:45,640 --> 00:53:42,769
dollars u.s. dollars are traded every

1251
00:53:49,420 --> 00:53:45,650
single day I mean that's that the rate

1252
00:53:54,880 --> 00:53:49,430
of turnover of US dollars so all that

1253
00:53:57,430 --> 00:53:54,890
money could be taxed at 0.1% right now

1254
00:54:00,160 --> 00:53:57,440
financial trades are not taxed the only

1255
00:54:03,640 --> 00:54:00,170
things that are taxed in the form of you

1256
00:54:05,499 --> 00:54:03,650
know trades are consumer products so

1257
00:54:07,839 --> 00:54:05,509
these are the things people really need

1258
00:54:10,269 --> 00:54:07,849
actual real goods and services that

1259
00:54:12,279 --> 00:54:10,279
people actually need get taxed whereas

1260
00:54:13,930 --> 00:54:12,289
all those financial trades where all

1261
00:54:15,759 --> 00:54:13,940
you're doing is making money off of

1262
00:54:18,249 --> 00:54:15,769
money and not producing any products

1263
00:54:20,740 --> 00:54:18,259
they don't get taxes off so anyway we

1264
00:54:24,220 --> 00:54:20,750
could do a much fairer system you can't

1265
00:54:27,039 --> 00:54:24,230
squawk about a 0.1% tax when the rest of

1266
00:54:29,319 --> 00:54:27,049
us ordinary people are paying a 10% tax

1267
00:54:31,779 --> 00:54:29,329
they're paying 18% on their credit cards

1268
00:54:34,480 --> 00:54:31,789
when banks are paying almost nothing to

1269
00:54:36,789 --> 00:54:34,490
borrow we've got a two-tiered system

1270
00:54:39,609 --> 00:54:36,799
here we've got the the wealthy system

1271
00:54:45,519 --> 00:54:39,619
and the poor system a tale of two

1272
00:54:48,970 --> 00:54:45,529
systems mm-hmm and I love big solutions

1273
00:54:51,009 --> 00:54:48,980
definitely conversationally although

1274
00:54:53,170 --> 00:54:51,019
they do seem difficult to implement if

1275
00:54:54,849 --> 00:54:53,180
there's people listening as we're kind

1276
00:54:58,509 --> 00:54:54,859
of getting to the end of the road here

1277
00:55:00,279 --> 00:54:58,519
if there's people listening who would

1278
00:55:02,079 --> 00:55:00,289
love this kind of public banking thing

1279
00:55:03,880 --> 00:55:02,089
but maybe don't have time to wait I mean

1280
00:55:06,130 --> 00:55:03,890
if we'd never get there how can we

1281
00:55:08,529 --> 00:55:06,140
shield ourselves personally from the

1282
00:55:10,630 --> 00:55:08,539
risks of our shoddy system if we can't

1283
00:55:12,480 --> 00:55:10,640
get some big sweeping change passed in

1284
00:55:16,750 --> 00:55:12,490
time

1285
00:55:18,060 --> 00:55:16,760
well I'm trying to give investment

1286
00:55:20,650 --> 00:55:18,070
advice

1287
00:55:22,330 --> 00:55:20,660
people were saying years ago to stay

1288
00:55:24,700 --> 00:55:22,340
away from the stock market and if you've

1289
00:55:26,800 --> 00:55:24,710
done that you would have missed the you

1290
00:55:29,980 --> 00:55:26,810
know the longest run in history I think

1291
00:55:31,930 --> 00:55:29,990
so it's hard to say because we've got

1292
00:55:33,310 --> 00:55:31,940
regulators who are always tampering with

1293
00:55:36,340 --> 00:55:33,320
things we've got a plunge for tension

1294
00:55:40,090 --> 00:55:36,350
detection team they can prop the system

1295
00:55:43,090 --> 00:55:40,100
up a lot longer than anybody anticipates

1296
00:55:44,890 --> 00:55:43,100
that they can supposedly the weak link

1297
00:55:48,070 --> 00:55:44,900
in the system right now is Deutsche Bank

1298
00:55:49,810 --> 00:55:48,080
in Europe but Deutsche Bank is managing

1299
00:55:51,610 --> 00:55:49,820
all those derivatives and they're not

1300
00:55:53,080 --> 00:55:51,620
going to let they're not going to let it

1301
00:55:54,760 --> 00:55:53,090
go down I don't know how their prop it

1302
00:55:57,490 --> 00:55:54,770
up but they'll figure out some way to do

1303
00:55:59,800 --> 00:55:57,500
it because if they did they would wipe

1304
00:56:02,860 --> 00:55:59,810
out all this sovereign debt you know it

1305
00:56:04,660 --> 00:56:02,870
would anyway they know they didn't want

1306
00:56:07,060 --> 00:56:04,670
to collapse a system and so they'll

1307
00:56:10,630 --> 00:56:07,070
cheat if they have to but they'll keep

1308
00:56:14,590 --> 00:56:10,640
it propped up some house so I you know I

1309
00:56:16,420 --> 00:56:14,600
guess I'm not I dare not give advice on

1310
00:56:18,340 --> 00:56:16,430
that I mean I could say buy gold your

1311
00:56:22,660 --> 00:56:18,350
gold is always always a good investment

1312
00:56:24,790 --> 00:56:22,670
and if you can afford it buy a plot of

1313
00:56:26,590 --> 00:56:24,800
land reach and have a garden I mean I

1314
00:56:29,230 --> 00:56:26,600
live in a kind of mini I met him and had

1315
00:56:32,290 --> 00:56:29,240
that choice here but right it gets hard

1316
00:56:34,840 --> 00:56:32,300
because people already struggling so how

1317
00:56:36,790 --> 00:56:34,850
do you tell struggling people to be able

1318
00:56:38,650 --> 00:56:36,800
to not struggle in a system that's built

1319
00:56:40,840 --> 00:56:38,660
for them to struggle it is difficult I

1320
00:56:43,420 --> 00:56:40,850
mean I think probably self-sufficiency

1321
00:56:45,040 --> 00:56:43,430
and growing your own food is the

1322
00:56:48,070 --> 00:56:45,050
direction to go rather than worrying

1323
00:56:51,340 --> 00:56:48,080
about the green paper aspect of your

1324
00:56:52,810 --> 00:56:51,350
life try to figure out ways to generate

1325
00:56:54,700 --> 00:56:52,820
the things that you spend the money on

1326
00:56:56,350 --> 00:56:54,710
because you can't generate the money

1327
00:56:58,900 --> 00:56:56,360
directly so at least you can offset

1328
00:57:00,850 --> 00:56:58,910
those costs with a nice garden and

1329
00:57:02,500 --> 00:57:00,860
you're learning skills that might keep

1330
00:57:06,400 --> 00:57:02,510
you alive longer than the rest of us

1331
00:57:08,470 --> 00:57:06,410
yeah and probably one piece of advice

1332
00:57:12,250 --> 00:57:08,480
it's not a good time to go into debt

1333
00:57:14,710 --> 00:57:12,260
know if you can stay out of debt do not

1334
00:57:18,640 --> 00:57:14,720
carry a balance on your credit card much

1335
00:57:20,800 --> 00:57:18,650
better to just do it that mmm man well I

1336
00:57:22,510 --> 00:57:20,810
do love the solutions you talk about in

1337
00:57:24,010 --> 00:57:22,520
banking on the people and that you

1338
00:57:26,400 --> 00:57:24,020
brought up today but it just seems like

1339
00:57:28,260 --> 00:57:26,410
a catch-22 because as you said

1340
00:57:29,940 --> 00:57:28,270
you kind of need a crisis to get

1341
00:57:33,930 --> 00:57:29,950
anything done but it would be great to

1342
00:57:36,750 --> 00:57:33,940
do something before the crisis yeah well

1343
00:57:39,060 --> 00:57:36,760
I was complaining to a man who's

1344
00:57:42,480 --> 00:57:39,070
actually older than I am which means

1345
00:57:44,400 --> 00:57:42,490
very old you know it seems so slow

1346
00:57:46,770 --> 00:57:44,410
getting these public banks we've been at

1347
00:57:48,420 --> 00:57:46,780
it for ten years and he said oh no he

1348
00:57:51,480 --> 00:57:48,430
says this is short you're making great

1349
00:57:54,870 --> 00:57:51,490
progress he said he looks back at things

1350
00:57:56,850 --> 00:57:54,880
like the suffragettes which was in what

1351
00:58:00,720 --> 00:57:56,860
was it thinking well he's like you know

1352
00:58:03,920 --> 00:58:00,730
in the arch 90 knots and they didn't get

1353
00:58:07,770 --> 00:58:03,930
you know it takes like 30 years or so to

1354
00:58:10,260 --> 00:58:07,780
to create change so these movements take

1355
00:58:13,260 --> 00:58:10,270
time to build so as long as we've got

1356
00:58:15,480 --> 00:58:13,270
some movement here then things are good

1357
00:58:17,910 --> 00:58:15,490
things are looking up well cheers to

1358
00:58:19,890 --> 00:58:17,920
that and I do think it's such noble work

1359
00:58:21,810 --> 00:58:19,900
you're doing so many people are just

1360
00:58:24,000 --> 00:58:21,820
complaining they're not putting their

1361
00:58:25,650 --> 00:58:24,010
energy into anything you are the founder

1362
00:58:26,970 --> 00:58:25,660
and chair of the public banking

1363
00:58:30,270 --> 00:58:26,980
Institute you're writing these books

1364
00:58:33,810 --> 00:58:30,280
you're blogging you are you know a great

1365
00:58:36,450 --> 00:58:33,820
example of how to try to pursue a change

1366
00:58:37,920 --> 00:58:36,460
that would help everybody and I guess I

1367
00:58:39,360 --> 00:58:37,930
didn't want to ask you about the public

1368
00:58:42,540 --> 00:58:39,370
banking Institute I mean are you guys

1369
00:58:46,560 --> 00:58:42,550
mainly focused on California no you live

1370
00:58:49,230 --> 00:58:46,570
in California as do I now we're all over

1371
00:58:51,960 --> 00:58:49,240
the country so people can look for local

1372
00:58:53,940 --> 00:58:51,970
chapters and stuff like that oh yeah go

1373
00:58:56,360 --> 00:58:53,950
to our website public banking Institute

1374
00:58:58,470 --> 00:58:56,370
dot o RG and will direct you wherever

1375
00:59:00,720 --> 00:58:58,480
you know we've got all those resources

1376
00:59:03,570 --> 00:59:00,730
got lots and lots of resources that's

1377
00:59:06,150 --> 00:59:03,580
what we do is we put out information so

1378
00:59:08,610 --> 00:59:06,160
that's great I write articles we have a

1379
00:59:11,010 --> 00:59:08,620
newsletter every week with the what's

1380
00:59:14,310 --> 00:59:11,020
going on and you know what you can join

1381
00:59:16,320 --> 00:59:14,320
if interested and then lots of backup

1382
00:59:18,930 --> 00:59:16,330
information on our website if you want

1383
00:59:20,460 --> 00:59:18,940
to start shifting locally beautiful

1384
00:59:24,300 --> 00:59:20,470
beautiful I do think that's the way to

1385
00:59:26,100 --> 00:59:24,310
go using the digital to help our local

1386
00:59:27,450 --> 00:59:26,110
communities organize rather than just

1387
00:59:30,330 --> 00:59:27,460
these big global

1388
00:59:33,360 --> 00:59:30,340
Twitter style communities we should be

1389
00:59:35,970 --> 00:59:33,370
using the digital to make our local

1390
00:59:37,560 --> 00:59:35,980
stuff a lot more efficient and I guess I

1391
00:59:39,570 --> 00:59:37,570
would ask of course I hope people go

1392
00:59:41,210 --> 00:59:39,580
there and get involved

1393
00:59:44,550 --> 00:59:41,220
and see what's happening in their local

1394
00:59:46,530 --> 00:59:44,560
microcosm are you endorsing local

1395
00:59:49,230 --> 00:59:46,540
candidates and that kind of stuff I mean

1396
00:59:52,020 --> 00:59:49,240
that's gonna be a component right yeah

1397
00:59:54,450 --> 00:59:52,030
unfortunately we are a 501c3 so we're

1398
00:59:57,540 --> 00:59:54,460
not allowed to endorse specific

1399
01:00:00,330 --> 00:59:57,550
candidates but we can endorse public

1400
01:00:01,950 --> 01:00:00,340
banking as a platform and they can

1401
01:00:03,690 --> 01:00:01,960
endorse you I guess I mean they can say

1402
01:00:07,200 --> 01:00:03,700
that they're a fan of what you do and

1403
01:00:09,300 --> 01:00:07,210
they endorse public banking yeah rules

1404
01:00:11,490 --> 01:00:09,310
you know you got we have to abide by

1405
01:00:14,100 --> 01:00:11,500
them not everybody does but hey of

1406
01:00:16,050 --> 01:00:14,110
course I had no I ran as a green and I

1407
01:00:17,970 --> 01:00:16,060
had no intention of winning they just

1408
01:00:20,100 --> 01:00:17,980
somebody asked me to run and I didn't

1409
01:00:22,800 --> 01:00:20,110
realize it was gonna be so much work but

1410
01:00:25,110 --> 01:00:22,810
there it's yeah so many rules they make

1411
01:00:25,770 --> 01:00:25,120
it very difficult to jump through all

1412
01:00:28,830 --> 01:00:25,780
these hoops

1413
01:00:31,350 --> 01:00:28,840
all right on well I do thank you again

1414
01:00:32,850 --> 01:00:31,360
for your time Ellen Brown comm is the

1415
01:00:34,350 --> 01:00:32,860
website is there anything else to give

1416
01:00:35,910 --> 01:00:34,360
them in terms of following you or

1417
01:00:39,150 --> 01:00:35,920
keeping up-to-date on your work and what

1418
01:00:40,560 --> 01:00:39,160
you got going on my own blog is like you

1419
01:00:43,050 --> 01:00:40,570
said Ellen brunette calm and then

1420
01:00:45,600 --> 01:00:43,060
probably banking Institute debt orgy my

1421
01:00:48,570 --> 01:00:45,610
articles almost always go up on TruthDig

1422
01:00:52,830 --> 01:00:48,580
first but they go quite a few places and

1423
01:00:57,390 --> 01:00:52,840
then my books are on amazon among other

1424
01:01:00,630 --> 01:00:57,400
places if you hate Amazon and what binds

1425
01:01:02,130 --> 01:01:00,640
an ovoid other places too very cool and

1426
01:01:04,170 --> 01:01:02,140
you've written some diverse books we

1427
01:01:06,840 --> 01:01:04,180
talked last time about books that get

1428
01:01:10,170 --> 01:01:06,850
into the medical field and alternative

1429
01:01:12,660 --> 01:01:10,180
cures and stuff like that yeah those are

1430
01:01:15,840 --> 01:01:12,670
those my first ten books were medical

1431
01:01:19,110 --> 01:01:15,850
and health but I realized at some point

1432
01:01:21,300 --> 01:01:19,120
that the pharmaceutical industry and the

1433
01:01:23,550 --> 01:01:21,310
banking cartel were sort of one big

1434
01:01:24,990 --> 01:01:23,560
cartel and if if you really ran to fix

1435
01:01:27,780 --> 01:01:25,000
the problem you had to fix banking

1436
01:01:29,130 --> 01:01:27,790
problems so that's how I jumped subjects

1437
01:01:31,140 --> 01:01:29,140
well amen

1438
01:01:32,880 --> 01:01:31,150
I'm glad you did I think this is really

1439
01:01:35,370 --> 01:01:32,890
great stuff and there's fewer people

1440
01:01:36,960 --> 01:01:35,380
focused on this so thank you it was

1441
01:01:38,370 --> 01:01:36,970
really great to talk to you again I love

1442
01:01:40,680 --> 01:01:38,380
the book definitely adds a lot of

1443
01:01:43,650 --> 01:01:40,690
clarity to a complicated economic mess

1444
01:01:45,660 --> 01:01:43,660
and also despite the over flooded inbox

1445
01:01:48,000 --> 01:01:45,670
I always stay subscribed to your blog

1446
01:01:49,650 --> 01:01:48,010
and I always find the pieces you write

1447
01:01:51,420 --> 01:01:49,660
they're really interesting as well so

1448
01:01:52,490 --> 01:01:51,430
thanks again for taking the time and

1449
01:01:56,710 --> 01:01:52,500
keep fighting the good fight

1450
01:01:59,120 --> 01:01:56,720
okay thanks great okay talking to you

1451
01:02:01,160 --> 01:01:59,130
well there ain't no party like a higher

1452
01:02:03,859 --> 01:02:01,170
side party cuz the higher side party

1453
01:02:07,460 --> 01:02:03,869
don't stop until it gets to two hours

1454
01:02:10,940 --> 01:02:07,470
but either way Alan Brown a real

1455
01:02:12,980 --> 01:02:10,950
advocate for the people big fan because

1456
01:02:15,290 --> 01:02:12,990
she brings forth these creative and

1457
01:02:17,300 --> 01:02:15,300
empowering banking paradigms that we

1458
01:02:20,630 --> 01:02:17,310
almost can't conceive of because

1459
01:02:23,870 --> 01:02:20,640
struggle debt scarcity stress it's all

1460
01:02:25,790 --> 01:02:23,880
been part of the money system as we know

1461
01:02:29,150 --> 01:02:25,800
it and it seems hard to even decouple

1462
01:02:30,859 --> 01:02:29,160
that kind of thing I mean how could we

1463
01:02:32,750 --> 01:02:30,869
ever have a system that shares the

1464
01:02:35,120 --> 01:02:32,760
wealth it creates or starts the money

1465
01:02:38,510 --> 01:02:35,130
supply with the people certainly it

1466
01:02:40,900 --> 01:02:38,520
wouldn't work I do hear that a lot with

1467
01:02:43,640 --> 01:02:40,910
some of these really creative ideas

1468
01:02:45,589 --> 01:02:43,650
where people say well it's a nice

1469
01:02:47,390 --> 01:02:45,599
thought but there are just too many of

1470
01:02:51,109 --> 01:02:47,400
us if they could do it that way they

1471
01:02:52,849 --> 01:02:51,119
would have done it is that so why so

1472
01:02:54,650 --> 01:02:52,859
they could just voluntarily give up

1473
01:02:56,810 --> 01:02:54,660
their place at the top of the pyramid

1474
01:03:00,079 --> 01:02:56,820
swimming in the back sweat of the people

1475
01:03:02,630 --> 01:03:00,089
I mean come on but I just love what

1476
01:03:05,570 --> 01:03:02,640
Ellen Brown is about and her commitment

1477
01:03:08,240 --> 01:03:05,580
to advocating for a fairer and better

1478
01:03:11,599 --> 01:03:08,250
world and it's not easier going up

1479
01:03:14,030 --> 01:03:11,609
against one hell of a machine it can be

1480
01:03:17,240 --> 01:03:14,040
exhausting and sometimes they really can

1481
01:03:20,960 --> 01:03:17,250
feel untouchable I mean talking about

1482
01:03:24,680 --> 01:03:20,970
what system would work oftentimes it is

1483
01:03:27,230 --> 01:03:24,690
complex to me math and economic

1484
01:03:29,270 --> 01:03:27,240
structures at this large of a scale I

1485
01:03:32,089 --> 01:03:29,280
think is mentally challenging for anyone

1486
01:03:35,480 --> 01:03:32,099
who doesn't dedicate a lot of time to it

1487
01:03:38,900 --> 01:03:35,490
on a routine basis but I wholeheartedly

1488
01:03:41,030 --> 01:03:38,910
endorse the exploration of fresh new

1489
01:03:42,980 --> 01:03:41,040
ideas from people who want to see the

1490
01:03:46,250 --> 01:03:42,990
balance of power restored to the masses

1491
01:03:49,339 --> 01:03:46,260
or stored I don't know if it can be

1492
01:03:51,349 --> 01:03:49,349
restored if we never really had the

1493
01:03:56,000 --> 01:03:51,359
power but you get what I mean

1494
01:03:58,880 --> 01:03:56,010
in will solution X Y or Z do that will

1495
01:04:02,420 --> 01:03:58,890
this thing or that thing get us there I

1496
01:04:04,859 --> 01:04:02,430
can't always say but Alan is very

1497
01:04:07,049 --> 01:04:04,869
convincing in her book

1498
01:04:08,400 --> 01:04:07,059
public banking sounds like a real step

1499
01:04:10,819 --> 01:04:08,410
in the right direction

1500
01:04:16,049 --> 01:04:10,829
and when you digest how broken and

1501
01:04:18,180 --> 01:04:16,059
unfair our actual system is if you told

1502
01:04:20,910 --> 01:04:18,190
a lot of people about fractional reserve

1503
01:04:22,710 --> 01:04:20,920
banking on paper they probably said well

1504
01:04:25,499 --> 01:04:22,720
you can't do that that would completely

1505
01:04:28,380 --> 01:04:25,509
break the system and it eventually go

1506
01:04:31,739 --> 01:04:28,390
out of control well so what they did it

1507
01:04:34,829 --> 01:04:31,749
anyway so I think that we can find a way

1508
01:04:38,789 --> 01:04:34,839
to make things work if we want them to

1509
01:04:41,279 --> 01:04:38,799
work but I've been reading Ellen in my

1510
01:04:43,140 --> 01:04:41,289
inbox for several years she's an

1511
01:04:45,390 --> 01:04:43,150
interesting vessel for these kinds of

1512
01:04:47,819 --> 01:04:45,400
conversations and she has this long

1513
01:04:49,499 --> 01:04:47,829
history of also writing about

1514
01:04:52,890 --> 01:04:49,509
alternative medicines that have been

1515
01:04:54,480 --> 01:04:52,900
discredited and banned by big pharma we

1516
01:04:56,549 --> 01:04:54,490
touched on it last time I thought about

1517
01:04:59,519 --> 01:04:56,559
trying to go there with some of our time

1518
01:05:03,420 --> 01:04:59,529
today but it has been a while since we

1519
01:05:04,920 --> 01:05:03,430
talked about banking so we left it at

1520
01:05:07,290 --> 01:05:04,930
that

1521
01:05:10,440 --> 01:05:07,300
but another reason to go back to our

1522
01:05:13,079 --> 01:05:10,450
last conversation is that we talked a

1523
01:05:15,540 --> 01:05:13,089
lot about the 2008 crash in the bank

1524
01:05:18,569 --> 01:05:15,550
bailouts and for a lot of people this

1525
01:05:21,059 --> 01:05:18,579
stuff is too complex or too dry to

1526
01:05:23,819 --> 01:05:21,069
really get our heads around and I have

1527
01:05:26,400 --> 01:05:23,829
this in my notes I don't think I said

1528
01:05:28,770 --> 01:05:26,410
this in the interview but when it comes

1529
01:05:32,660 --> 01:05:28,780
to how the banks have operated since the

1530
01:05:36,180 --> 01:05:32,670
2008 collapse Allen says that by 2017

1531
01:05:39,480 --> 01:05:36,190
the six largest US banks had increased

1532
01:05:42,359 --> 01:05:39,490
their assets by around 40% since the

1533
01:05:45,770 --> 01:05:42,369
crisis and controlled almost 70% of the

1534
01:05:49,140 --> 01:05:45,780
assets in the US financial system itself

1535
01:05:51,660 --> 01:05:49,150
JPMorgan Chase the largest US bank had

1536
01:05:54,000 --> 01:05:51,670
more than two point four trillion in

1537
01:05:58,740 --> 01:05:54,010
domestic deposits larger than most

1538
01:06:00,900 --> 01:05:58,750
countries and between 2007 and 2017 the

1539
01:06:02,849 --> 01:06:00,910
three largest US banks grew their

1540
01:06:06,180 --> 01:06:02,859
domestic deposits by a hundred and

1541
01:06:09,120 --> 01:06:06,190
eighty percent so if they were too big

1542
01:06:09,829 --> 01:06:09,130
to fail before they've only gotten

1543
01:06:13,260 --> 01:06:09,839
bigger

1544
01:06:14,910 --> 01:06:13,270
clearly that was just an excuse to rob

1545
01:06:16,980 --> 01:06:14,920
us blind

1546
01:06:19,440 --> 01:06:16,990
but Ellen doesn't get discouraged and

1547
01:06:22,559 --> 01:06:19,450
she cites those real-world examples to

1548
01:06:25,289 --> 01:06:22,569
show that a change isn't impossible and

1549
01:06:27,839 --> 01:06:25,299
we could do some of these things of

1550
01:06:30,450 --> 01:06:27,849
course Andrew yang came up a bit today I

1551
01:06:32,160 --> 01:06:30,460
totally get what Allan is saying that it

1552
01:06:33,839 --> 01:06:32,170
seems more efficient to just start the

1553
01:06:37,589 --> 01:06:33,849
money supply with the people rather than

1554
01:06:40,440 --> 01:06:37,599
trying to extract it back through taxes

1555
01:06:43,230 --> 01:06:40,450
on a select group of companies but I do

1556
01:06:45,660 --> 01:06:43,240
like what I hear from Andrew yang to a

1557
01:06:47,430 --> 01:06:45,670
degree I don't think it really matters

1558
01:06:51,210 --> 01:06:47,440
but he is the only one talking about

1559
01:06:53,759 --> 01:06:51,220
automation and getting paid for all the

1560
01:06:56,309 --> 01:06:53,769
money made off of our data and how

1561
01:06:58,200 --> 01:06:56,319
Silicon Valley is taken over and if we

1562
01:07:00,029 --> 01:06:58,210
don't upgrade our economic system and

1563
01:07:01,109 --> 01:07:00,039
make some changes a lot of people are

1564
01:07:03,269 --> 01:07:01,119
gonna get crushed

1565
01:07:06,120 --> 01:07:03,279
and there's actually a Daily Beast

1566
01:07:10,680 --> 01:07:06,130
article where Richard Greenwald refers

1567
01:07:13,049 --> 01:07:10,690
to the last debates and says Andrew Yang

1568
01:07:15,089 --> 01:07:13,059
was only there because he raised the

1569
01:07:17,160 --> 01:07:15,099
money and registered in the polls by

1570
01:07:20,279 --> 01:07:17,170
packing the policies of elite

1571
01:07:24,240 --> 01:07:20,289
technocrats in a coating of Clintonesque

1572
01:07:27,240 --> 01:07:24,250
pain feeling paternalism

1573
01:07:29,700 --> 01:07:27,250
and that's pretty harsh I get what he's

1574
01:07:31,950 --> 01:07:29,710
saying I absolutely am familiar with

1575
01:07:33,840 --> 01:07:31,960
problem reaction solution and how the

1576
01:07:36,720 --> 01:07:33,850
template applies to something like

1577
01:07:39,300 --> 01:07:36,730
universal basic income but unions are

1578
01:07:40,860 --> 01:07:39,310
thoroughly busted wages are stagnant

1579
01:07:44,580 --> 01:07:40,870
everything is more expensive than it

1580
01:07:46,440 --> 01:07:44,590
used to be and automation is coming it's

1581
01:07:48,180 --> 01:07:46,450
not just coming if we roll out a

1582
01:07:50,760 --> 01:07:48,190
universal basic income it's gonna come

1583
01:07:54,000 --> 01:07:50,770
either way so why wait until we have a

1584
01:07:56,240 --> 01:07:54,010
crisis I don't need it but I can

1585
01:07:59,790 --> 01:07:56,250
acknowledge that it's much easier to

1586
01:08:02,310 --> 01:07:59,800
help keep people in the game than it is

1587
01:08:05,880 --> 01:08:02,320
to get them back in once they're living

1588
01:08:08,340 --> 01:08:05,890
in a tent under the highway I also like

1589
01:08:11,340 --> 01:08:08,350
the universality of the whole thing

1590
01:08:12,810 --> 01:08:11,350
black-white rich-poor you get this

1591
01:08:15,510 --> 01:08:12,820
because we're all in one community

1592
01:08:18,360 --> 01:08:15,520
together there's really nothing else

1593
01:08:21,240 --> 01:08:18,370
like that people are often talking about

1594
01:08:22,980 --> 01:08:21,250
taking money from one group and giving

1595
01:08:27,030 --> 01:08:22,990
it to another take it from the rich give

1596
01:08:29,039 --> 01:08:27,040
it to the middle class or we need to cut

1597
01:08:31,950 --> 01:08:29,049
welfare benefits because they're too

1598
01:08:34,050 --> 01:08:31,960
expensive I agree with Ellen when she

1599
01:08:37,019 --> 01:08:34,060
says that a method of relief like

1600
01:08:38,760 --> 01:08:37,029
forgiving college loans it just it

1601
01:08:41,940 --> 01:08:38,770
doesn't sit well with everyone because

1602
01:08:44,099 --> 01:08:41,950
some people made the decision not to go

1603
01:08:47,249 --> 01:08:44,109
into debt for college and that was

1604
01:08:50,880 --> 01:08:47,259
probably a smart decision when they saw

1605
01:08:52,650 --> 01:08:50,890
the options but how many people who

1606
01:08:54,180 --> 01:08:52,660
don't have a lot of options now would

1607
01:08:57,690 --> 01:08:54,190
have gotten degrees if they knew the

1608
01:08:59,340 --> 01:08:57,700
loan could just be forgiven I just like

1609
01:09:03,030 --> 01:08:59,350
that there isn't an us versus them

1610
01:09:05,849 --> 01:09:03,040
dynamic to a freedom dividend as there

1611
01:09:08,930 --> 01:09:05,859
is with that college loan relief idea or

1612
01:09:10,920 --> 01:09:08,940
reparations or any of that sort of stuff

1613
01:09:14,610 --> 01:09:10,930
andrew yang wants to pull it directly

1614
01:09:16,349 --> 01:09:14,620
from the tech sector which i like but

1615
01:09:18,930 --> 01:09:16,359
there are issues there which companies

1616
01:09:20,789 --> 01:09:18,940
exactly what criteria is it that makes

1617
01:09:23,370 --> 01:09:20,799
you fall under the jurisdiction of this

1618
01:09:25,200 --> 01:09:23,380
particular tax and how can we keep a

1619
01:09:28,980 --> 01:09:25,210
company like Amazon from just skirting

1620
01:09:31,200 --> 01:09:28,990
that - but yang drops other little small

1621
01:09:33,320 --> 01:09:31,210
things that I resonate with like he

1622
01:09:36,269 --> 01:09:33,330
wants to make robo calls illegal and

1623
01:09:37,649 --> 01:09:36,279
turn the State of the Union address into

1624
01:09:40,470 --> 01:09:37,659
a PowerPoint present

1625
01:09:44,519 --> 01:09:40,480
about the real metrics in the country

1626
01:09:46,740 --> 01:09:44,529
rather than flowery speeches and those

1627
01:09:49,499 --> 01:09:46,750
things are no-brainers that just draw

1628
01:09:50,939 --> 01:09:49,509
such a stark distinction between what

1629
01:09:54,149 --> 01:09:50,949
the rest of the candidates spend their

1630
01:09:57,060 --> 01:09:54,159
time talking about and his message

1631
01:09:58,830 --> 01:09:57,070
I don't really endorse any candidates

1632
01:10:00,540 --> 01:09:58,840
but I'm just saying there's some

1633
01:10:03,870 --> 01:10:00,550
interesting stuff there check out some

1634
01:10:06,090 --> 01:10:03,880
of his interviews but back to Ellen I do

1635
01:10:09,120 --> 01:10:06,100
really love the creative ideas like a

1636
01:10:11,790 --> 01:10:09,130
regional digital currency or a local tax

1637
01:10:15,240 --> 01:10:11,800
credit or dividend that could be used as

1638
01:10:16,919 --> 01:10:15,250
a currency within local markets because

1639
01:10:19,110 --> 01:10:16,929
the big thing that people say about food

1640
01:10:21,720 --> 01:10:19,120
stamps is that its corporate welfare

1641
01:10:24,300 --> 01:10:21,730
it's basically big companies like Kraft

1642
01:10:27,419 --> 01:10:24,310
and Kellogg's and coca-cola getting that

1643
01:10:30,330 --> 01:10:27,429
money they can take the National

1644
01:10:32,760 --> 01:10:30,340
allotment for WIC and food stamps and

1645
01:10:34,979 --> 01:10:32,770
know that they're getting a certain

1646
01:10:37,500 --> 01:10:34,989
percentage of it because food stamps are

1647
01:10:39,930 --> 01:10:37,510
so limited and what you can use them on

1648
01:10:41,550 --> 01:10:39,940
and people in poverty end up buying

1649
01:10:44,189 --> 01:10:41,560
these corporate products because they

1650
01:10:46,260 --> 01:10:44,199
can stretch them out so it is like

1651
01:10:48,689 --> 01:10:46,270
they're taking money right from our

1652
01:10:51,899 --> 01:10:48,699
taxes but through the middleman of the

1653
01:10:53,430 --> 01:10:51,909
poor that's the argument so if you're

1654
01:10:57,060 --> 01:10:53,440
going to give people some sort of

1655
01:10:59,640 --> 01:10:57,070
Assistance Program it could be one that

1656
01:11:02,209 --> 01:10:59,650
keeps the money local keeps it in the

1657
01:11:05,100 --> 01:11:02,219
community cycle rather than the

1658
01:11:08,520 --> 01:11:05,110
multinational trash food makers sucking

1659
01:11:11,459 --> 01:11:08,530
it up while making our people sick weak

1660
01:11:13,979 --> 01:11:11,469
and tired at the same time I mean when

1661
01:11:16,290 --> 01:11:13,989
it comes down to it I am going to live

1662
01:11:17,430 --> 01:11:16,300
work and play like the system is never

1663
01:11:21,090 --> 01:11:17,440
gonna be there for me

1664
01:11:23,160 --> 01:11:21,100
and I advise people to do the same but

1665
01:11:25,229 --> 01:11:23,170
we can still advocate for those people

1666
01:11:27,240 --> 01:11:25,239
who we know just aren't going to get it

1667
01:11:30,060 --> 01:11:27,250
together as the screws get tighter and

1668
01:11:31,470 --> 01:11:30,070
tighter I mean we all know people who

1669
01:11:33,600 --> 01:11:31,480
are probably going to slip through the

1670
01:11:34,950 --> 01:11:33,610
cracks without something

1671
01:11:37,080 --> 01:11:34,960
damned if you do damned if you don't

1672
01:11:39,390 --> 01:11:37,090
when it comes down to it but hey I hope

1673
01:11:41,040 --> 01:11:39,400
you had a good time today of course if

1674
01:11:42,810 --> 01:11:41,050
you liked the first hour you should

1675
01:11:45,570 --> 01:11:42,820
become a plus member and get the second

1676
01:11:48,149 --> 01:11:45,580
hour of this show and every show but

1677
01:11:51,030 --> 01:11:48,159
today with Ellen we talked about a

1678
01:11:53,340 --> 01:11:51,040
diverse number of things talked about

1679
01:11:54,270 --> 01:11:53,350
why going back to a gold standard is the

1680
01:11:56,760 --> 01:11:54,280
wrong answer

1681
01:11:57,750 --> 01:11:56,770
talked about how Uncle Sam launders

1682
01:12:01,740 --> 01:11:57,760
Marijuana money

1683
01:12:04,439 --> 01:12:01,750
we're big Agri big pharma billionaires

1684
01:12:07,740 --> 01:12:04,449
are compromising the marijuana market

1685
01:12:09,870 --> 01:12:07,750
with GMO weed why Ellen is actually

1686
01:12:12,510 --> 01:12:09,880
hopeful about the Millennial generations

1687
01:12:14,899 --> 01:12:12,520
abilities to make real change how the

1688
01:12:17,790 --> 01:12:14,909
loan process is used to increase

1689
01:12:21,629 --> 01:12:17,800
inequality and further racial and class

1690
01:12:23,640 --> 01:12:21,639
based divides positive uses for digital

1691
01:12:26,550 --> 01:12:23,650
and crypto currencies that Ellen has

1692
01:12:29,340 --> 01:12:26,560
incorporated into her models and like I

1693
01:12:32,570 --> 01:12:29,350
said digitizing local economies and

1694
01:12:35,250 --> 01:12:32,580
creating online markets for local goods

1695
01:12:37,560 --> 01:12:35,260
so I liked it it's been a long time

1696
01:12:40,229 --> 01:12:37,570
since we talked about money and yet it

1697
01:12:42,149 --> 01:12:40,239
makes the world go round so big thanks

1698
01:12:44,070 --> 01:12:42,159
again to Ellen and I'm going to get out

1699
01:12:46,950 --> 01:12:44,080
of here that wraps up the month of

1700
01:12:49,379 --> 01:12:46,960
September for me and it's your move

1701
01:12:52,439 --> 01:12:49,389
banking bastards money masters and

1702
01:12:59,370 --> 01:12:52,449
nefarious financial sorcerer's your

1703
01:13:05,689 --> 01:12:59,380
[\h__\h] have a drink and a smoke listen

1704
01:13:10,680 --> 01:13:05,699
to the cast shiny shiny spotlight the

1705
01:13:16,260 --> 01:13:10,690
criminals on blast the pinstripe man of

1706
01:13:20,160 --> 01:13:16,270
morning and families of Finance dupe on

1707
01:13:24,750 --> 01:13:20,170
Windsor and Rothschild the kids don't

1708
01:13:28,540 --> 01:13:24,760
stand a chance the kids don't the kids

1709
01:13:32,020 --> 01:13:28,550
don't stand the kids don't stand

1710
01:13:35,610 --> 01:13:32,030
I said the kids don't the kids don't

1711
01:13:39,660 --> 01:13:35,620
stand the kids don't stand a chance

1712
01:13:44,610 --> 01:13:39,670
we're looking for the answer to

1713
01:13:50,200 --> 01:13:44,620
questions never asked so we come to the

1714
01:13:54,729 --> 01:13:50,210
Carwood for the higher side chat the

1715
01:13:59,380 --> 01:13:54,739
Pinstripe man of morning and families of

1716
01:14:04,270 --> 01:13:59,390
Finance do pawn windsor and Rothschild

1717
01:14:07,690 --> 01:14:04,280
the kids don't stand a chance the kids

1718
01:14:11,110 --> 01:14:07,700
don't the kids don't stand the kids

1719
01:14:14,560 --> 01:14:11,120
don't stand a chance I said the kids

1720
01:14:32,729 --> 01:14:14,570
don't the kids don't stand the kids

1721
01:14:38,320 --> 01:14:32,739
don't stand a chance involved in shady

1722
01:14:42,610 --> 01:14:38,330
business we try to get a glance we're

1723
01:14:48,270 --> 01:14:42,620
working on the numbers resistance must

1724
01:14:53,530 --> 01:14:48,280
advance the pinstripe man of morning and

1725
01:14:57,810 --> 01:14:53,540
families of Finance do pawn Windsor and

1726
01:15:02,260 --> 01:14:57,820
Rothschild the kids don't stand a chance

1727
01:15:05,650 --> 01:15:02,270
the kids don't the kids don't stand the

1728
01:15:09,400 --> 01:15:05,660
kids don't stand a chance I said the

1729
01:15:10,710 --> 01:15:09,410
kids don't the kids don't stand the kids

1730
01:15:14,880 --> 01:15:10,720
don't stand

1731
01:15:18,450 --> 01:15:14,890
chance the kids don't the kids don't

1732
01:15:22,230 --> 01:15:18,460
stand the kids don't stand a chance I