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Event organized by Zeitgeist Movement

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Verona, November 19th, 2011

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Symposium "Sustainable Society"

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Then, the first speaker is Enrico Caldari

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marketing expert, new medias, independent researcher

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Since 2005 he has concerned with monetary systems

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and since 2010 he has also been popularizer, speaking to public

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with a series of lectures entitled "What is money?"

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and his facebook page "Kaldari Report".

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He graduated in Statistics in Bologna

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and in short, he does a lot of researches and interesting works.

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We're not to be here redundant, get him come on the stage

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and he will explain us what is the money. Thank you everyone.

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- Thank you very much, Federico.

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Thank you everyone.

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I say it's a particular emotion for me

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talking to all of you.

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but I'll say the truth: I think i'll enjoy myself a little

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and i will also entertain you a little.

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As Federico has already said, i have made so many things in my life

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As all of you, we say that, I had to engineer myself

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to gain some money to live.

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Indeed, i ask you a question.

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How many of you need money to live?

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Then I will change the question.

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How many of you do not need money to live?

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I don't see anyone!

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All right. In 2005, you can see the date written on a small scale there

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I have just started to deal myself not so much about money I was doing,

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about amount of money I was doing, but on quality of money

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i was using and that we all use.

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about the nature of money.

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So I started to explore the theme and some years later

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some people have asked me to talk about that.

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to talk about that around and therefore

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I have put together a series of topics

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that in the last 10-12 months i have brought around Italy

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and even England

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talking about a range of issues related to money.

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For example I talk about origins of the monetary system.

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on reason the nature of money is connected to current crisis

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that is a economic, social, environmental crisis

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and I would add spiritual crisis too.

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and then how to change the money could be a solution

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this is, in my opinion, the first solution.

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Since we suppose that

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all of us use money we know what it is

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I ask you a first simple question.

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Who creates the money?

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Then, i'm sure the guy in front of me

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has tried to print some money in his garage

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but surely the tobacconist on the corner has caught him immediately.

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Obviously the correct answer is: central banks.

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Who creates the money?

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[Central bank]

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Wrong!

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Now i think to understand that we need to deepen the theme for a moment.

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Then, what you can see here is an graphical exemplification

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of our amount of circulating money in our society

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what we all use and it is divided into two parts.

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look, there is a tiny green part and a larger dark green part . Ok?

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What are these two parts?

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Then, the tiny green part is money created by central banks

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instead the dark green part is credit.

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What is credit?

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credit created, we say, provided by commercial banks, by private banks.

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Then, I ask you a question.

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If me and the guy here

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who has had problems with tobacconist

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we have a business relationship.

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I have a credit on him, okay?

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What has he got on me?

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So if that 95% is credit, necessarily it corresponds to a debt.

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ok? But there is a "but" ...

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this debt will be repaid with interests.

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Then, this very easy mechanism to understand

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is the reason whole basis of circulating money has to grow

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because to repay the debt which it is composed

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as we should also repay all interests

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Now i don't want to bore you, but the basic concept is that

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today almost all the circulating money represents a debt

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that we have to repay with interests.

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This is, I quote a source of my assertion

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is the last book by Richard Werner and Josh Ryan-Collins.

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i also met him in London

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and the book is titled "Where does money come from"

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"Where does money come from", released in September of this year

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and it is one of the most complete pubblications

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released about this issue in the last years .

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Now, you will return to home tonight

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I take my fried here as example again

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he will return to home this evening, he will meet his father in law and he will say him "Dear...

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What is his name? There's no father in law, let's call him Mario.

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"Dear Mario, you know that today I have attended a conference

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in the centre of Verona, at the cinema, there was this guy is from Romagna.

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He has said us that most of the money

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is not created by central banks but by commercial banks

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as credit, as a loan and they get it out of nothing.

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What will Mario tell you?

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This is not true, is not possible. I have got bills in my pocket

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and there is written on central bank, it's not possible.

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Then, but the guy from Romagna has quoted us other sources

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for example he has quoted the chief editor of economics section

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of "Financial Time" , in 2011 he declared:

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"The essence of the contemporary monetary system is the creation of money, out of nothing

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by private banks' often unruly lending."

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The original adjective is "foolish" ...

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Mario will say " Irritating journalists, one who says one thing

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and one who says different things i don't trust, for heaven's sake

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i wonder who that boy is".

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So then I will quote another example.

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This is an official document instead

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is the quarterly bulletin of the Bank of England

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Third in 2007, there is written on:

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"The most important role to create circulating money is covered by the banking sector"

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"When banks make loans, they create additional deposits for those who get into debt."

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And Mario says

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But the world is based on dollars, not on pounds

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who cares if Bank of England said it.

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But, be careful, because if even we talk about dollars

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there's for example the document by Federal Reserve Bank of Chicago

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entitled "Modern Money Mechanics" of '61

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where is written:

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"The actual process of money creation takes place primarily in the private banks. "

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And Mario says: "But that's an old document, it's of '61"

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Then, let's carry on.

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However it was updated and republished in 1992

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so anyway ...

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"but we are in Europe, we use Euro. Who cares about dollars?"

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Then to conclude:

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"In the the 'Euro-system the currency is created primarily through the expansion of credit bank the commercial banks can create money themselves"

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That is a document by Bundesbank entitled "Geld und Geldpolitik"

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Does anyone know Geman? I don't, but i know what it means

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"Currency and money policy"

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Now, my friend's father in law here what will he say?

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"You're communist"

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Because then all arguments are finished

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or alternatively "you are fascist"

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"you are an anarcho-insurrectionist"

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"you are a conspiracy theorist"

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but what gives me more bother is..

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when people say ... i have now overcome the others

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but when people say "you are pessimist"

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As those are just quotes from books and documents

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let's look at some real things.

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For example, this is the Wikipedia page

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describes the economy of Greece.

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You know that Greek is bottom of the class.

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It has created many problems in the world economy

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many fears and concerns, and i would say

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in 2010 the greek government deficit was 26%

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that is the greek government made 100 and spent 126

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Obviously the rating agency's rating was the worst possible

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bottom of the class: CCC-

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But let's look at first of the class, United States.

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I have a looked at the same information again of 2010

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and i have verified it, the budget deficit in 2010.

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Then i have discovered what no one had never told me

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reading newspapers, listening television, books ...

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in 2010 the U.S. deficit was 59%

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The U.S. made 100 and spent 159

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more than double of Greece.

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Guess what the rating of U.S. government bonds was in 2010.

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AAA+ is not a laugh but it is precisely the best possible rating.

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Then, we are starting to understand somethings

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to begin with it is not clear how rating is got by rating agencies

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and this is a separate problem, however, what we begin to understand

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is the problem of budget deficit of the states i would say

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maybe it' s a "structural" fact, because a deficit like that is not usually done in one year

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is not that what was unlucky one year, okay?

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In fact, if we look at history a little

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this is here the trend of the total debt of United States

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not only as a government, because someone might say that

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governament gets debts, but the companies don't get debts.

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It is not true, this is the total aggregate debt of United States

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from 1955 to 2010.

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Do you see that red line? It's the structural trend of debt

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It rises, okay? From 5000 billion dollars has exceeded

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55.000 maybe 60.000 billion dollars

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So clearly, a structural trend.

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Now, returning to the origin of my talk, we have said that

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whole circulating money represents a debt

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It must continue to grow

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because to repay this debt with interests

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we need more and more money.

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So the economy using money must continue to grow

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We know that economy to grow , needs more and more money.

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Why does the GDP grow? How does the GDP[br]grow?

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Surely exchanging more money faster

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It's a way, but the quantity of money must increase.

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So clearly this kind of sistem faces

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a structural limit, that is, if we have seen

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the continuing growth of total debt

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the economy must grow continuously to repay the debt

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There is a problem i would call Planet Earth

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Planet Earth, where we live, is one and also limited.

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So think about doing a constant infinite growth like that

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on Planet Earth, perhaps it means to face with a structural limit.

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Which is the other limit? If we continue

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to increase the total debt with new deficit every year

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clearly the expenditure to pay the interests, what will it do?

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It will increase. Current expenditure, the salaries of politicians

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maybe we compress it a little

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but what is trend of investment spending? It falls.

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So which is the other structural limit of this system?

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Clearly it is if the debt continues to rise

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and we have to pay the interests

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sooner or later we'll pay only the interests.

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Now very fast question: what do you think is

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our economic system name?

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Monetarism, market economy, free market.

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Honestly I don't very interested your thought

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what i think is in my opinion

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the system name is "debt based economy"

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Now i ask you, What is the end of this kind of system ?

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I don't think about it just me, surely there is also someone else

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but surely it won't make a good demise.

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Now the question is: do we want to make his own demise?

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to be buried under that mountain of debts

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or we want to choose ourselves, maybe to bury it

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and to invent ourselves something new.

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Now to do that, let's look back on logo that i use on my blog

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is pronunced Kaldàri

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I left this little writing on it

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on the 1 penny coin "We trust".

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Whole our monetary economic system

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and then our lives are based on trust about money.

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Today that confidence is used a little surreptitiously

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but it can also be used in a more useful and sustenable way.

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That is Island of Guernsey between England and France

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At the beginning of 1800 Island of Guernsey had a serious problem.

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A total debt of 20.000 pounds.

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on which it had state public revenues

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we can say it was a small town, of 3000 annual pounds.

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that had interests on debt of 2.400 pound a year

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That means there was 600 pounds

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to make investments and pay salaries.

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They didn't pay salaries, they had a serious problem.

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moreover they had decadent public structures

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the sea eroded the coast

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so they had a serious problem.

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They had to invent a way to resolve it

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without asking to borrow more money

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becouse otherwise they wouldn't be able even to pay interests

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and without charging other taxes to the popolation

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that already was at the limit.

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What did the people from Island Guernsey do in 1816?

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A very simple thing, they took small pieces of paper

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they wrote on "One Pound"

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and "State of Island of Guernsey"

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and they spent them.

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Without borriowing or otherwise.

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They took small pieces of paper and they wrote on them "One Pound"

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and why did they take them? To pay the people

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who were unemployed to get them to go and to cut the trees

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reconstructing the structure of the market, the barriers to the port

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and the economy restarted, okay?

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This is defined The Guernsey Experiment

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it is mentioned in several documents in the following years

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also in 1900, so i quote for example 3

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and it is remembered as the story of Island of

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Guernsey that just created his own currency

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no cost to the taxpayers and establishing a prosperous community

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free community from debt.

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indeed thriving community, prosperous means another thing.

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Free community from debt.

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Then, the people in Island of Guernsey understood

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a very very simple thing

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the currency that all of us know

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as a way to exchange value and to save value.

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Actually it has another function very much more important

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that is the stimulus to the social development

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that we measure as economic growth.

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Now, because this thing here ...

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Here there are economists, sure. How many economists are there?

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One. Good, worse for you.

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Then, Which is the speech?

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That they did this operation

0:17:54.341,0:17:56.407
they printed tens of thousands of pounds

0:17:56.407,0:17:58.915
they threw them on the market, they bought the work

0:17:58.915,0:18:01.794
and there was no inflation on the island. But how?

0:18:01.794,0:18:04.674
If one prints currency, prints more currency out of nothing this creates inflation

0:18:04.674,0:18:08.435
Why was there no inflation, for a very simple reason

0:18:08.435,0:18:13.730
Because they invested to make useful things, productive activities

0:18:13.730,0:18:18.675
but what happens if you print money and use it for example

0:18:18.675,0:18:21.717
to mop up all the gold there is on the island?

0:18:21.717,0:18:24.945
So as everyone seek it, and no one find it and they are willing to pay more

0:18:24.945,0:18:27.035
and the next day they will sell it at a higher price.

0:18:27.035,0:18:29.398
What is this name?

0:18:29.998,0:18:34.720
Clearly they didn't use that money to do things like that

0:18:34.720,0:18:36.949
not for speculative activities.

0:18:36.949,0:18:40.293
Now i ask you a question, the quiz of the morning

0:18:40.293,0:18:43.474
just to wake up who already has signs of slowing

0:18:43.474,0:18:48.513
Can you imagine at 7 tonight. Then, question:

0:18:48.513,0:18:54.155
What is percentage of loans provided by banks for productive activities today?

0:18:58.170,0:19:00.760
Swich on it?

0:19:02.267,0:19:04.465
8%

0:19:04.465,0:19:07.228
Obviously this refers to the UK market

0:19:07.228,0:19:10.665
The european figure is a little difficult to assess

0:19:10.665,0:19:14.473
but it was mentioned by Ben Dyson at the conference in London

0:19:14.473,0:19:16.423
where i was time ago, where

0:19:16.423,0:19:18.560
he is Ben Dyson of Positive Money

0:19:18.560,0:19:21.429
who i met him, really a smart boy.

0:19:22.383,0:19:28.196
He also mentioned the governor of the Bank of England on 25th October 2010 he said:

0:19:28.196,0:19:33.745
"Of the many ways in which to organize the banking system what we have today is the worst"

0:19:33.745,0:19:37.623
I didn't say that. I'm pessimist/conspirator

0:19:39.854,0:19:43.056
Now, the question is

0:19:44.102,0:19:47.051
but how can we resolve this problem we have today

0:19:47.051,0:19:52.647
that is, the debt which is literally overflowing and flooding us?

0:19:52.647,0:19:57.267
Then, the first part of solution i descrive summarily

0:19:57.267,0:20:01.749
in my lectures sure is to do like the island of Guernsey

0:20:01.749,0:20:06.602
breaking the link between the money emission and debt

0:20:06.602,0:20:12.587
You'll say "but it's a very simple thing, maybe too simple"

0:20:12.587,0:20:16.284
So you say " let's make a monetary reform

0:20:16.284,0:20:19.512
we report the money emission to the state

0:20:19.512,0:20:22.171
or to a public body, we say.

0:20:22.171,0:20:24.134
Sorry, but at the beginning you have said that ...

0:20:24.134,0:20:26.106
Who creates the money? The Central Bank.

0:20:26.106,0:20:27.633
What is the Central Bank? A public body.

0:20:27.633,0:20:29.301
So i..

0:20:31.286,0:20:33.817
but in theory you should to think it's a public body

0:20:33.817,0:20:35.543
I have learned so.

0:20:35.543,0:20:37.229
Then i'm just saying :

0:20:37.229,0:20:39.644
we do as all of us believe

0:20:39.644,0:20:42.938
we report the money emission to the hand of a public body

0:20:43.108,0:20:46.122
in order to break the link with debt.

0:20:46.122,0:20:48.777
And you'll say ...

0:20:48.777,0:20:53.111
you say all these things but someone else has thought about it, right?

0:20:53.111,0:20:57.453
In fact in '80 years when the 500 Lire note was circulating yet

0:20:57.453,0:21:01.912
you could see a substantial difference compared to 1000 Lire notes

0:21:01.912,0:21:07.670
on 500 notes was written "Italian Republic State ticket legal tender"

0:21:07.670,0:21:10.653
while on 1000 Lire notes was written "Bank of Italy"

0:21:11.422,0:21:13.349
Where is the difference?

0:21:14.210,0:21:18.119
Then, the 500 Lire notes with on written "Italian Republic"

0:21:18.119,0:21:23.460
were printed by state and were expended, they did not represent any debt.

0:21:23.460,0:21:26.223
while if you read "bank" ...

0:21:26.223,0:21:27.882
What do banks do?

0:21:27.882,0:21:29.822
Question to guy here below:

0:21:29.822,0:21:37.938
what does the tabacconist on the corner do, what does he sell?

0:21:38.923,0:21:42.361
What does tabacconist sell? What does a grocer sell?

0:21:42.361,0:21:44.590
No, that one is a pusher.

0:21:44.590,0:21:47.444
What does the tabacconist sell? The cigarettes.

0:21:47.690,0:21:50.377
Then, what i ask you is: What does the bank sell?

0:21:51.823,0:21:55.109
The credit, that is debt. Then if you read "bank"

0:21:55.109,0:21:57.709
it means that someone has sold a debt to someone else.

0:21:57.709,0:22:00.031
So this thing was done

0:22:00.031,0:22:02.562
it's not invented by me, i will tell you more.

0:22:03.839,0:22:08.390
In England the guy of Postive Money, Ben Dyson

0:22:08.390,0:22:11.270
collected some documents, he wrote a good book

0:22:11.270,0:22:14.242
and he managed to convince two british parliamentarians

0:22:14.242,0:22:18.468
Labour Michael Meacherand and Conservative Steve Baker

0:22:18.468,0:22:22.392
respectively to the left and right, because they are the left and right

0:22:22.392,0:22:29.660
both to support the currency reform proposed by Positive Money.

0:22:29.660,0:22:32.075
What does it propose as a first step?

0:22:32.075,0:22:33.723
Exactly what we have said

0:22:33.723,0:22:37.021
to bring again the money emission to the hand of the state, to public body

0:22:37.021,0:22:40.347
not to Berlusconi or Bersani, clearly

0:22:40.347,0:22:44.637
to a public body which is able to value the impact and to do that

0:22:44.637,0:22:49.118
So this proposal is in the hands of two parliamentarians

0:22:49.118,0:22:53.042
Last Wednesday Ben and Josh Dyson

0:22:53.042,0:22:55.179
the writer of the book I have just mentioned

0:22:55.179,0:22:58.290
they also met other parlamentarians behind close doors

0:22:58.290,0:23:01.587
at the British Parliament, to propose it.

0:23:01.587,0:23:05.790
So this is not something invented by me, I come from Romagna.

0:23:06.821,0:23:12.036
Then obviously there are other points for a proposal of monetary reform

0:23:12.036,0:23:15.566
i propose at the lectures such as point for reflection

0:23:15.566,0:23:19.304
today there is no time, i have already breached the 2 minutes and 30 seconds

0:23:19.304,0:23:25.968
and then tomorrow if there is time at the meeting that will continue tomorrow

0:23:29.537,0:23:35.001
but now to conclude i quote a saying i really like

0:23:35.001,0:23:36.649
"think global act local".

0:23:36.649,0:23:38.762
We have talked about this issue of debt

0:23:38.762,0:23:40.829
of monetary system at the global level

0:23:40.829,0:23:43.197
But what can we do now?

0:23:43.197,0:23:46.402
Then, i and my friend Lore Prod

0:23:46.402,0:23:50.140
he is an artist and graphic designer from Romagna

0:23:50.140,0:23:52.207
we do great drinking

0:23:52.207,0:23:59.660
we have created a manifest. This manifest tries to do

0:23:59.660,0:24:03.074
what i think it is necessary to do now.

0:24:03.074,0:24:06.789
that is to focus the attention on issue and solution

0:24:06.789,0:24:08.972
on a possible solution.

0:24:08.972,0:24:10.876
What is the problem today?

0:24:10.876,0:24:14.637
All currency is debt today, it is emitted by private banks

0:24:14.637,0:24:17.679
is encumbered by interests and can only grow.

0:24:17.679,0:24:21.023
What, money or debt? They're the same thing.

0:24:23.408,0:24:26.247
What is right asking? Correct is asking

0:24:26.247,0:24:31.007
to bring again the money emission that we all use to the public hand.

0:24:31.007,0:24:33.027
The money is a tool not the purpose.

0:24:34.489,0:24:37.277
Then you can see archetype combination

0:24:37.277,0:24:40.597
dead and life, disorder-order, gray-color

0:24:40.597,0:24:42.106
In short we have worked a little

0:24:42.106,0:24:43.662
if someone here does communication sciences

0:24:43.662,0:24:47.026
He can write an article.

0:24:47.026,0:24:51.952
I'll also tell you, finally what is meaning of that hummingbird up there at the top corner.

0:24:53.706,0:24:55.992
I tell you a little story about hummingbird

0:24:55.992,0:24:59.707
Then, there is a bug large forest fire

0:24:59.707,0:25:02.586
all animals are fleeing included the lion

0:25:02.586,0:25:07.347
is running away from the forest and crosses a hummingbird

0:25:07.347,0:25:10.992
that is flying in opposite direction with a drop of water in its beak.

0:25:10.992,0:25:14.080
Lion looks at it and says:

0:25:14.080,0:25:17.238
"Hummingbird, where are you going with that drop of water?"

0:25:17.238,0:25:20.536
hummingbird looks at it again seriously and says:

0:25:20.536,0:25:24.204
"I don't know you, but i do my part"

0:25:24.896,0:25:27.405
Thank you and i have finished with this.

0:25:27.405,0:25:34.724
applause

0:25:37.858,9:59:59.000
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