[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.83,0:00:04.58,Default,,0000,0000,0000,,Event organized by Zeitgeist Movement
Dialogue: 0,0:00:05.43,0:00:07.100,Default,,0000,0000,0000,,Verona, November 19th, 2011
Dialogue: 0,0:00:09.82,0:00:13.34,Default,,0000,0000,0000,,Symposium "Sustainable Society"
Dialogue: 0,0:00:14.63,0:00:17.99,Default,,0000,0000,0000,,Then, the first speaker is Enrico Caldari
Dialogue: 0,0:00:18.31,0:00:22.29,Default,,0000,0000,0000,,marketing expert, new medias, independent researcher
Dialogue: 0,0:00:22.29,0:00:25.23,Default,,0000,0000,0000,,Since 2005 he has concerned with monetary systems
Dialogue: 0,0:00:25.55,0:00:28.54,Default,,0000,0000,0000,,and since 2010 he has also been popularizer, speaking to public
Dialogue: 0,0:00:28.54,0:00:32.04,Default,,0000,0000,0000,,with a series of lectures entitled "What is money?"
Dialogue: 0,0:00:32.27,0:00:35.59,Default,,0000,0000,0000,,and his facebook page "Kaldari Report".
Dialogue: 0,0:00:35.97,0:00:38.21,Default,,0000,0000,0000,,He graduated in Statistics in Bologna
Dialogue: 0,0:00:38.43,0:00:41.33,Default,,0000,0000,0000,,and in short, he does a lot of researches and interesting works.
Dialogue: 0,0:00:41.33,0:00:44.64,Default,,0000,0000,0000,,We're not to be here redundant, get him come on the stage
Dialogue: 0,0:00:44.69,0:00:48.83,Default,,0000,0000,0000,,and he will explain us what is the money. Thank you everyone.
Dialogue: 0,0:00:48.95,0:00:51.33,Default,,0000,0000,0000,,- Thank you very much, Federico.
Dialogue: 0,0:00:51.97,0:00:53.40,Default,,0000,0000,0000,,Thank you everyone.
Dialogue: 0,0:00:55.100,0:00:59.31,Default,,0000,0000,0000,,I say it's a particular emotion for me
Dialogue: 0,0:00:59.31,0:01:02.10,Default,,0000,0000,0000,,talking to all of you.
Dialogue: 0,0:01:02.10,0:01:05.41,Default,,0000,0000,0000,,but I'll say the truth: I think i'll enjoy myself a little
Dialogue: 0,0:01:05.45,0:01:07.36,Default,,0000,0000,0000,,and i will also entertain you a little.
Dialogue: 0,0:01:07.61,0:01:10.73,Default,,0000,0000,0000,,As Federico has already said, i have made so many things in my life
Dialogue: 0,0:01:11.83,0:01:14.95,Default,,0000,0000,0000,,As all of you, we say that, I had to engineer myself
Dialogue: 0,0:01:14.95,0:01:17.70,Default,,0000,0000,0000,,to gain some money to live.
Dialogue: 0,0:01:18.07,0:01:20.42,Default,,0000,0000,0000,,Indeed, i ask you a question.
Dialogue: 0,0:01:20.76,0:01:23.86,Default,,0000,0000,0000,,How many of you need money to live?
Dialogue: 0,0:01:27.56,0:01:28.92,Default,,0000,0000,0000,,Then I will change the question.
Dialogue: 0,0:01:28.92,0:01:31.67,Default,,0000,0000,0000,,How many of you do not need money to live?
Dialogue: 0,0:01:34.03,0:01:36.04,Default,,0000,0000,0000,,I don't see anyone!
Dialogue: 0,0:01:36.47,0:01:41.13,Default,,0000,0000,0000,,All right. In 2005, you can see the date written on a small scale there
Dialogue: 0,0:01:41.19,0:01:45.67,Default,,0000,0000,0000,,I have just started to deal myself not so much about money I was doing,
Dialogue: 0,0:01:45.67,0:01:49.88,Default,,0000,0000,0000,,about amount of money I was doing, but on quality of money
Dialogue: 0,0:01:49.88,0:01:52.07,Default,,0000,0000,0000,,i was using and that we all use.
Dialogue: 0,0:01:52.07,0:01:54.43,Default,,0000,0000,0000,,about the nature of money.
Dialogue: 0,0:02:00.03,0:02:05.23,Default,,0000,0000,0000,,So I started to explore the theme and some years later
Dialogue: 0,0:02:05.23,0:02:08.29,Default,,0000,0000,0000,,some people have asked me to talk about that.
Dialogue: 0,0:02:09.12,0:02:11.85,Default,,0000,0000,0000,,to talk about that around and therefore
Dialogue: 0,0:02:11.85,0:02:14.26,Default,,0000,0000,0000,,I have put together a series of topics
Dialogue: 0,0:02:15.12,0:02:20.46,Default,,0000,0000,0000,,that in the last 10-12 months i have brought around Italy
Dialogue: 0,0:02:20.46,0:02:22.61,Default,,0000,0000,0000,,and even England
Dialogue: 0,0:02:22.61,0:02:25.05,Default,,0000,0000,0000,,talking about a range of issues related to money.
Dialogue: 0,0:02:25.05,0:02:27.97,Default,,0000,0000,0000,,For example I talk about origins of the monetary system.
Dialogue: 0,0:02:28.23,0:02:32.69,Default,,0000,0000,0000,,on reason the nature of money is connected to current crisis
Dialogue: 0,0:02:32.69,0:02:34.94,Default,,0000,0000,0000,,that is a economic, social, environmental crisis
Dialogue: 0,0:02:34.94,0:02:37.58,Default,,0000,0000,0000,,and I would add spiritual crisis too.
Dialogue: 0,0:02:37.99,0:02:42.20,Default,,0000,0000,0000,,and then how to change the money could be a solution
Dialogue: 0,0:02:42.20,0:02:45.91,Default,,0000,0000,0000,,this is, in my opinion, the first solution.
Dialogue: 0,0:02:47.63,0:02:51.46,Default,,0000,0000,0000,,Since we suppose that
Dialogue: 0,0:02:51.46,0:02:55.43,Default,,0000,0000,0000,,all of us use money we know what it is
Dialogue: 0,0:02:55.43,0:02:58.39,Default,,0000,0000,0000,,I ask you a first simple question.
Dialogue: 0,0:02:58.59,0:03:03.36,Default,,0000,0000,0000,,Who creates the money?
Dialogue: 0,0:03:05.40,0:03:08.67,Default,,0000,0000,0000,,Then, i'm sure the guy in front of me
Dialogue: 0,0:03:08.67,0:03:12.40,Default,,0000,0000,0000,,has tried to print some money in his garage
Dialogue: 0,0:03:12.87,0:03:16.93,Default,,0000,0000,0000,,but surely the tobacconist on the corner has caught him immediately.
Dialogue: 0,0:03:19.78,0:03:25.99,Default,,0000,0000,0000,,Obviously the correct answer is: central banks.
Dialogue: 0,0:03:25.99,0:03:27.84,Default,,0000,0000,0000,,Who creates the money?
Dialogue: 0,0:03:27.86,0:03:29.77,Default,,0000,0000,0000,,[Central bank]
Dialogue: 0,0:03:31.50,0:03:33.51,Default,,0000,0000,0000,,Wrong!
Dialogue: 0,0:03:35.67,0:03:39.06,Default,,0000,0000,0000,,Now i think to understand that we need to deepen the theme for a moment.
Dialogue: 0,0:03:40.29,0:03:44.70,Default,,0000,0000,0000,,Then, what you can see here is an graphical exemplification
Dialogue: 0,0:03:45.95,0:03:49.95,Default,,0000,0000,0000,,of our amount of circulating money in our society
Dialogue: 0,0:03:49.95,0:03:52.76,Default,,0000,0000,0000,,what we all use and it is divided into two parts.
Dialogue: 0,0:03:53.60,0:04:00.16,Default,,0000,0000,0000,,look, there is a tiny green part and a larger dark green part . Ok?
Dialogue: 0,0:04:01.10,0:04:03.28,Default,,0000,0000,0000,,What are these two parts?
Dialogue: 0,0:04:04.31,0:04:11.88,Default,,0000,0000,0000,,Then, the tiny green part is money created by central banks
Dialogue: 0,0:04:11.88,0:04:15.28,Default,,0000,0000,0000,,instead the dark green part is credit.
Dialogue: 0,0:04:15.67,0:04:17.76,Default,,0000,0000,0000,,What is credit?
Dialogue: 0,0:04:18.60,0:04:24.70,Default,,0000,0000,0000,,credit created, we say, provided by commercial banks, by private banks.
Dialogue: 0,0:04:24.70,0:04:26.73,Default,,0000,0000,0000,,Then, I ask you a question.
Dialogue: 0,0:04:26.73,0:04:28.80,Default,,0000,0000,0000,,If me and the guy here
Dialogue: 0,0:04:28.100,0:04:31.20,Default,,0000,0000,0000,,who has had problems with tobacconist
Dialogue: 0,0:04:31.46,0:04:34.03,Default,,0000,0000,0000,,we have a business relationship.
Dialogue: 0,0:04:34.26,0:04:36.42,Default,,0000,0000,0000,,I have a credit on him, okay?
Dialogue: 0,0:04:36.50,0:04:39.22,Default,,0000,0000,0000,,What has he got on me?
Dialogue: 0,0:04:44.42,0:04:51.90,Default,,0000,0000,0000,,So if that 95% is credit, necessarily it corresponds to a debt.
Dialogue: 0,0:04:52.33,0:04:54.27,Default,,0000,0000,0000,,ok? But there is a "but" ...
Dialogue: 0,0:04:54.75,0:04:57.71,Default,,0000,0000,0000,,this debt will be repaid with interests.
Dialogue: 0,0:04:59.03,0:05:02.65,Default,,0000,0000,0000,,Then, this very easy mechanism to understand
Dialogue: 0,0:05:03.82,0:05:10.10,Default,,0000,0000,0000,,is the reason whole basis of circulating money has to grow
Dialogue: 0,0:05:11.48,0:05:16.23,Default,,0000,0000,0000,,because to repay the debt which it is composed
Dialogue: 0,0:05:16.23,0:05:20.67,Default,,0000,0000,0000,,as we should also repay all interests
Dialogue: 0,0:05:22.55,0:05:28.25,Default,,0000,0000,0000,,Now i don't want to bore you, but the basic concept is that
Dialogue: 0,0:05:28.27,0:05:35.92,Default,,0000,0000,0000,,today almost all the circulating money represents a debt
Dialogue: 0,0:05:35.92,0:05:38.86,Default,,0000,0000,0000,,that we have to repay with interests.
Dialogue: 0,0:05:39.54,0:05:44.28,Default,,0000,0000,0000,,This is, I quote a source of my assertion
Dialogue: 0,0:05:44.28,0:05:48.56,Default,,0000,0000,0000,,is the last book by Richard Werner and Josh Ryan-Collins.
Dialogue: 0,0:05:48.56,0:05:50.85,Default,,0000,0000,0000,,i also met him in London
Dialogue: 0,0:05:50.85,0:05:53.15,Default,,0000,0000,0000,,and the book is titled "Where does money come from"
Dialogue: 0,0:05:53.15,0:05:55.56,Default,,0000,0000,0000,,"Where does money come from", released in September of this year
Dialogue: 0,0:05:55.56,0:05:58.36,Default,,0000,0000,0000,,and it is one of the most complete pubblications
Dialogue: 0,0:05:58.36,0:06:02.19,Default,,0000,0000,0000,,released about this issue in the last years .
Dialogue: 0,0:06:05.43,0:06:08.45,Default,,0000,0000,0000,,Now, you will return to home tonight
Dialogue: 0,0:06:08.48,0:06:10.70,Default,,0000,0000,0000,,I take my fried here as example again
Dialogue: 0,0:06:11.11,0:06:17.44,Default,,0000,0000,0000,,he will return to home this evening, he will meet his father in law and he will say him "Dear...
Dialogue: 0,0:06:18.11,0:06:22.45,Default,,0000,0000,0000,,What is his name? There's no father in law, let's call him Mario.
Dialogue: 0,0:06:22.45,0:06:26.28,Default,,0000,0000,0000,,"Dear Mario, you know that today I have attended a conference
Dialogue: 0,0:06:26.32,0:06:30.04,Default,,0000,0000,0000,,in the centre of Verona, at the cinema, there was this guy is from Romagna.
Dialogue: 0,0:06:30.10,0:06:34.14,Default,,0000,0000,0000,,He has said us that most of the money
Dialogue: 0,0:06:34.24,0:06:37.68,Default,,0000,0000,0000,,is not created by central banks but by commercial banks
Dialogue: 0,0:06:38.04,0:06:41.20,Default,,0000,0000,0000,,as credit, as a loan and they get it out of nothing.
Dialogue: 0,0:06:42.80,0:06:45.10,Default,,0000,0000,0000,,What will Mario tell you?
Dialogue: 0,0:06:45.27,0:06:48.25,Default,,0000,0000,0000,,This is not true, is not possible. I have got bills in my pocket
Dialogue: 0,0:06:48.45,0:06:51.66,Default,,0000,0000,0000,,and there is written on central bank, it's not possible.
Dialogue: 0,0:06:53.11,0:06:57.12,Default,,0000,0000,0000,,Then, but the guy from Romagna has quoted us other sources
Dialogue: 0,0:06:57.12,0:07:01.24,Default,,0000,0000,0000,,for example he has quoted the chief editor of economics section
Dialogue: 0,0:07:01.24,0:07:04.01,Default,,0000,0000,0000,,of "Financial Time" , in 2011 he declared:
Dialogue: 0,0:07:04.01,0:07:08.78,Default,,0000,0000,0000,,"The essence of the contemporary monetary system is the creation of money, out of nothing
Dialogue: 0,0:07:08.78,0:07:13.34,Default,,0000,0000,0000,,by private banks' often unruly lending."
Dialogue: 0,0:07:13.34,0:07:16.10,Default,,0000,0000,0000,,The original adjective is "foolish" ...
Dialogue: 0,0:07:18.57,0:07:21.97,Default,,0000,0000,0000,,Mario will say " Irritating journalists, one who says one thing
Dialogue: 0,0:07:21.97,0:07:25.45,Default,,0000,0000,0000,,and one who says different things i don't trust, for heaven's sake
Dialogue: 0,0:07:25.45,0:07:28.26,Default,,0000,0000,0000,,i wonder who that boy is".
Dialogue: 0,0:07:28.26,0:07:32.18,Default,,0000,0000,0000,,So then I will quote another example.
Dialogue: 0,0:07:32.18,0:07:34.33,Default,,0000,0000,0000,,This is an official document instead
Dialogue: 0,0:07:34.33,0:07:37.35,Default,,0000,0000,0000,,is the quarterly bulletin of the Bank of England
Dialogue: 0,0:07:37.62,0:07:39.81,Default,,0000,0000,0000,,Third in 2007, there is written on:
Dialogue: 0,0:07:39.81,0:07:44.08,Default,,0000,0000,0000,,"The most important role to create circulating money is covered by the banking sector"
Dialogue: 0,0:07:44.08,0:07:49.37,Default,,0000,0000,0000,,"When banks make loans, they create additional deposits for those who get into debt."
Dialogue: 0,0:07:49.69,0:07:51.15,Default,,0000,0000,0000,,And Mario says
Dialogue: 0,0:07:51.34,0:07:53.54,Default,,0000,0000,0000,,But the world is based on dollars, not on pounds
Dialogue: 0,0:07:53.55,0:07:57.23,Default,,0000,0000,0000,,who cares if Bank of England said it.
Dialogue: 0,0:07:57.40,0:08:00.16,Default,,0000,0000,0000,,But, be careful, because if even we talk about dollars
Dialogue: 0,0:08:00.50,0:08:03.36,Default,,0000,0000,0000,,there's for example the document by Federal Reserve Bank of Chicago
Dialogue: 0,0:08:03.58,0:08:05.68,Default,,0000,0000,0000,,entitled "Modern Money Mechanics" of '61
Dialogue: 0,0:08:05.68,0:08:07.00,Default,,0000,0000,0000,,where is written:
Dialogue: 0,0:08:07.00,0:08:11.25,Default,,0000,0000,0000,,"The actual process of money creation takes place primarily in the private banks. "
Dialogue: 0,0:08:12.46,0:08:15.19,Default,,0000,0000,0000,,And Mario says: "But that's an old document, it's of '61"
Dialogue: 0,0:08:15.43,0:08:17.50,Default,,0000,0000,0000,,Then, let's carry on.
Dialogue: 0,0:08:17.70,0:08:20.09,Default,,0000,0000,0000,,However it was updated and republished in 1992
Dialogue: 0,0:08:20.09,0:08:22.30,Default,,0000,0000,0000,,so anyway ...
Dialogue: 0,0:08:22.50,0:08:26.14,Default,,0000,0000,0000,,"but we are in Europe, we use Euro. Who cares about dollars?"
Dialogue: 0,0:08:29.43,0:08:31.14,Default,,0000,0000,0000,,Then to conclude:
Dialogue: 0,0:08:31.19,0:08:38.74,Default,,0000,0000,0000,,"In the the 'Euro-system the currency is created primarily through the expansion of credit bank the commercial banks can create money themselves"
Dialogue: 0,0:08:38.97,0:08:44.44,Default,,0000,0000,0000,,That is a document by Bundesbank entitled "Geld und Geldpolitik"
Dialogue: 0,0:08:44.44,0:08:47.76,Default,,0000,0000,0000,,Does anyone know Geman? I don't, but i know what it means
Dialogue: 0,0:08:47.84,0:08:50.47,Default,,0000,0000,0000,,"Currency and money policy"
Dialogue: 0,0:08:51.14,0:08:55.15,Default,,0000,0000,0000,,Now, my friend's father in law here what will he say?
Dialogue: 0,0:09:00.08,0:09:01.50,Default,,0000,0000,0000,,"You're communist"
Dialogue: 0,0:09:01.59,0:09:05.12,Default,,0000,0000,0000,,Because then all arguments are finished
Dialogue: 0,0:09:05.12,0:09:07.40,Default,,0000,0000,0000,,or alternatively "you are fascist"
Dialogue: 0,0:09:07.60,0:09:10.03,Default,,0000,0000,0000,,"you are an anarcho-insurrectionist"
Dialogue: 0,0:09:10.32,0:09:13.88,Default,,0000,0000,0000,,"you are a conspiracy theorist"
Dialogue: 0,0:09:13.88,0:09:16.10,Default,,0000,0000,0000,,but what gives me more bother is..
Dialogue: 0,0:09:16.35,0:09:18.67,Default,,0000,0000,0000,,when people say ... i have now overcome the others
Dialogue: 0,0:09:18.87,0:09:21.50,Default,,0000,0000,0000,,but when people say "you are pessimist"
Dialogue: 0,0:09:23.71,0:09:27.07,Default,,0000,0000,0000,,As those are just quotes from books and documents
Dialogue: 0,0:09:27.07,0:09:29.06,Default,,0000,0000,0000,,let's look at some real things.
Dialogue: 0,0:09:29.17,0:09:31.41,Default,,0000,0000,0000,,For example, this is the Wikipedia page
Dialogue: 0,0:09:31.57,0:09:34.18,Default,,0000,0000,0000,,describes the economy of Greece.
Dialogue: 0,0:09:34.39,0:09:37.25,Default,,0000,0000,0000,,You know that Greek is bottom of the class.
Dialogue: 0,0:09:37.59,0:09:39.73,Default,,0000,0000,0000,,It has created many problems in the world economy
Dialogue: 0,0:09:39.73,0:09:42.67,Default,,0000,0000,0000,,many fears and concerns, and i would say
Dialogue: 0,0:09:42.67,0:09:48.05,Default,,0000,0000,0000,,in 2010 the greek government deficit was 26%
Dialogue: 0,0:09:48.10,0:09:52.73,Default,,0000,0000,0000,,that is the greek government made 100 and spent 126
Dialogue: 0,0:09:53.82,0:09:57.90,Default,,0000,0000,0000,,Obviously the rating agency's rating was the worst possible
Dialogue: 0,0:09:57.90,0:10:00.24,Default,,0000,0000,0000,,bottom of the class: CCC-
Dialogue: 0,0:10:03.13,0:10:07.46,Default,,0000,0000,0000,,But let's look at first of the class, United States.
Dialogue: 0,0:10:07.46,0:10:10.21,Default,,0000,0000,0000,,I have a looked at the same information again of 2010
Dialogue: 0,0:10:10.46,0:10:15.43,Default,,0000,0000,0000,,and i have verified it, the budget deficit in 2010.
Dialogue: 0,0:10:18.40,0:10:21.48,Default,,0000,0000,0000,,Then i have discovered what no one had never told me
Dialogue: 0,0:10:21.48,0:10:24.65,Default,,0000,0000,0000,,reading newspapers, listening television, books ...
Dialogue: 0,0:10:24.72,0:10:28.23,Default,,0000,0000,0000,,in 2010 the U.S. deficit was 59%
Dialogue: 0,0:10:28.25,0:10:31.44,Default,,0000,0000,0000,,The U.S. made 100 and spent 159
Dialogue: 0,0:10:31.50,0:10:33.78,Default,,0000,0000,0000,,more than double of Greece.
Dialogue: 0,0:10:33.82,0:10:39.22,Default,,0000,0000,0000,,Guess what the rating of U.S. government bonds was in 2010.
Dialogue: 0,0:10:41.94,0:10:46.78,Default,,0000,0000,0000,,AAA+ is not a laugh but it is precisely the best possible rating.
Dialogue: 0,0:10:47.81,0:10:51.07,Default,,0000,0000,0000,,Then, we are starting to understand somethings
Dialogue: 0,0:10:51.07,0:10:54.29,Default,,0000,0000,0000,,to begin with it is not clear how rating is got by rating agencies
Dialogue: 0,0:10:54.39,0:10:58.12,Default,,0000,0000,0000,,and this is a separate problem, however, what we begin to understand
Dialogue: 0,0:10:58.12,0:11:01.07,Default,,0000,0000,0000,,is the problem of budget deficit of the states i would say
Dialogue: 0,0:11:01.14,0:11:05.57,Default,,0000,0000,0000,,maybe it' s a "structural" fact, because a deficit like that is not usually done in one year
Dialogue: 0,0:11:05.67,0:11:08.66,Default,,0000,0000,0000,,is not that what was unlucky one year, okay?
Dialogue: 0,0:11:08.91,0:11:13.80,Default,,0000,0000,0000,,In fact, if we look at history a little
Dialogue: 0,0:11:13.80,0:11:17.02,Default,,0000,0000,0000,,this is here the trend of the total debt of United States
Dialogue: 0,0:11:17.02,0:11:19.14,Default,,0000,0000,0000,,not only as a government, because someone might say that
Dialogue: 0,0:11:19.14,0:11:21.99,Default,,0000,0000,0000,,governament gets debts, but the companies don't get debts.
Dialogue: 0,0:11:21.99,0:11:24.59,Default,,0000,0000,0000,,It is not true, this is the total aggregate debt of United States
Dialogue: 0,0:11:24.59,0:11:27.91,Default,,0000,0000,0000,,from 1955 to 2010.
Dialogue: 0,0:11:27.91,0:11:31.93,Default,,0000,0000,0000,,Do you see that red line? It's the structural trend of debt
Dialogue: 0,0:11:32.98,0:11:38.11,Default,,0000,0000,0000,,It rises, okay? From 5000 billion dollars has exceeded
Dialogue: 0,0:11:38.11,0:11:42.29,Default,,0000,0000,0000,,55.000 maybe 60.000 billion dollars
Dialogue: 0,0:11:42.29,0:11:45.44,Default,,0000,0000,0000,,So clearly, a structural trend.
Dialogue: 0,0:11:47.17,0:11:53.69,Default,,0000,0000,0000,,Now, returning to the origin of my talk, we have said that
Dialogue: 0,0:11:53.69,0:11:58.12,Default,,0000,0000,0000,,whole circulating money represents a debt
Dialogue: 0,0:11:58.79,0:12:00.80,Default,,0000,0000,0000,,It must continue to grow
Dialogue: 0,0:12:00.80,0:12:04.16,Default,,0000,0000,0000,,because to repay this debt with interests
Dialogue: 0,0:12:04.16,0:12:06.46,Default,,0000,0000,0000,,we need more and more money.
Dialogue: 0,0:12:06.83,0:12:12.64,Default,,0000,0000,0000,,So the economy using money must continue to grow
Dialogue: 0,0:12:12.64,0:12:18.63,Default,,0000,0000,0000,,We know that economy to grow , needs more and more money.
Dialogue: 0,0:12:18.63,0:12:21.06,Default,,0000,0000,0000,,Why does the GDP grow? How does the GDP\Ngrow?
Dialogue: 0,0:12:21.06,0:12:23.60,Default,,0000,0000,0000,,Surely exchanging more money faster
Dialogue: 0,0:12:23.60,0:12:25.96,Default,,0000,0000,0000,,It's a way, but the quantity of money must increase.
Dialogue: 0,0:12:25.96,0:12:28.94,Default,,0000,0000,0000,,So clearly this kind of sistem faces
Dialogue: 0,0:12:28.94,0:12:32.70,Default,,0000,0000,0000,,a structural limit, that is, if we have seen
Dialogue: 0,0:12:32.70,0:12:35.60,Default,,0000,0000,0000,,the continuing growth of total debt
Dialogue: 0,0:12:35.60,0:12:38.08,Default,,0000,0000,0000,,the economy must grow continuously to repay the debt
Dialogue: 0,0:12:38.08,0:12:42.96,Default,,0000,0000,0000,,There is a problem i would call Planet Earth
Dialogue: 0,0:12:44.41,0:12:49.79,Default,,0000,0000,0000,,Planet Earth, where we live, is one and also limited.
Dialogue: 0,0:12:49.79,0:12:53.92,Default,,0000,0000,0000,,So think about doing a constant infinite growth like that
Dialogue: 0,0:12:53.92,0:12:58.68,Default,,0000,0000,0000,,on Planet Earth, perhaps it means to face with a structural limit.
Dialogue: 0,0:12:58.68,0:13:02.47,Default,,0000,0000,0000,,Which is the other limit? If we continue
Dialogue: 0,0:13:02.47,0:13:05.83,Default,,0000,0000,0000,,to increase the total debt with new deficit every year
Dialogue: 0,0:13:05.83,0:13:08.67,Default,,0000,0000,0000,,clearly the expenditure to pay the interests, what will it do?
Dialogue: 0,0:13:10.17,0:13:14.78,Default,,0000,0000,0000,,It will increase. Current expenditure, the salaries of politicians
Dialogue: 0,0:13:14.78,0:13:16.78,Default,,0000,0000,0000,,maybe we compress it a little
Dialogue: 0,0:13:16.78,0:13:21.26,Default,,0000,0000,0000,,but what is trend of investment spending? It falls.
Dialogue: 0,0:13:22.03,0:13:26.20,Default,,0000,0000,0000,,So which is the other structural limit of this system?
Dialogue: 0,0:13:26.20,0:13:28.80,Default,,0000,0000,0000,,Clearly it is if the debt continues to rise
Dialogue: 0,0:13:28.80,0:13:30.28,Default,,0000,0000,0000,,and we have to pay the interests
Dialogue: 0,0:13:30.28,0:13:32.57,Default,,0000,0000,0000,,sooner or later we'll pay only the interests.
Dialogue: 0,0:13:33.85,0:13:38.04,Default,,0000,0000,0000,,Now very fast question: what do you think is
Dialogue: 0,0:13:38.04,0:13:39.94,Default,,0000,0000,0000,,our economic system name?
Dialogue: 0,0:13:40.74,0:13:47.19,Default,,0000,0000,0000,,Monetarism, market economy, free market.
Dialogue: 0,0:13:48.62,0:13:51.32,Default,,0000,0000,0000,,Honestly I don't very interested your thought
Dialogue: 0,0:13:51.32,0:13:53.94,Default,,0000,0000,0000,,what i think is in my opinion
Dialogue: 0,0:13:53.94,0:13:57.03,Default,,0000,0000,0000,,the system name is "debt based economy"
Dialogue: 0,0:13:57.86,0:14:01.58,Default,,0000,0000,0000,,Now i ask you, What is the end of this kind of system ?
Dialogue: 0,0:14:04.11,0:14:08.78,Default,,0000,0000,0000,,I don't think about it just me, surely there is also someone else
Dialogue: 0,0:14:08.78,0:14:11.38,Default,,0000,0000,0000,,but surely it won't make a good demise.
Dialogue: 0,0:14:11.38,0:14:16.24,Default,,0000,0000,0000,,Now the question is: do we want to make his own demise?
Dialogue: 0,0:14:16.24,0:14:18.100,Default,,0000,0000,0000,,to be buried under that mountain of debts
Dialogue: 0,0:14:18.100,0:14:21.60,Default,,0000,0000,0000,,or we want to choose ourselves, maybe to bury it
Dialogue: 0,0:14:21.60,0:14:23.55,Default,,0000,0000,0000,,and to invent ourselves something new.
Dialogue: 0,0:14:25.95,0:14:30.10,Default,,0000,0000,0000,,Now to do that, let's look back on logo that i use on my blog
Dialogue: 0,0:14:30.10,0:14:32.61,Default,,0000,0000,0000,,is pronunced Kaldàri
Dialogue: 0,0:14:37.08,0:14:39.44,Default,,0000,0000,0000,,I left this little writing on it
Dialogue: 0,0:14:39.44,0:14:43.19,Default,,0000,0000,0000,,on the 1 penny coin "We trust".
Dialogue: 0,0:14:43.19,0:14:45.68,Default,,0000,0000,0000,,Whole our monetary economic system
Dialogue: 0,0:14:45.68,0:14:50.32,Default,,0000,0000,0000,,and then our lives are based on trust about money.
Dialogue: 0,0:14:50.32,0:14:56.31,Default,,0000,0000,0000,,Today that confidence is used a little surreptitiously
Dialogue: 0,0:14:56.31,0:15:02.19,Default,,0000,0000,0000,,but it can also be used in a more useful and sustenable way.
Dialogue: 0,0:15:02.19,0:15:06.09,Default,,0000,0000,0000,,That is Island of Guernsey between England and France
Dialogue: 0,0:15:06.57,0:15:12.08,Default,,0000,0000,0000,,At the beginning of 1800 Island of Guernsey had a serious problem.
Dialogue: 0,0:15:13.20,0:15:16.36,Default,,0000,0000,0000,,A total debt of 20.000 pounds.
Dialogue: 0,0:15:17.34,0:15:21.67,Default,,0000,0000,0000,,on which it had state public revenues
Dialogue: 0,0:15:21.67,0:15:25.27,Default,,0000,0000,0000,,we can say it was a small town, of 3000 annual pounds.
Dialogue: 0,0:15:25.93,0:15:30.68,Default,,0000,0000,0000,,that had interests on debt of 2.400 pound a year
Dialogue: 0,0:15:30.68,0:15:33.30,Default,,0000,0000,0000,,That means there was 600 pounds
Dialogue: 0,0:15:33.30,0:15:35.35,Default,,0000,0000,0000,,to make investments and pay salaries.
Dialogue: 0,0:15:35.35,0:15:38.83,Default,,0000,0000,0000,,They didn't pay salaries, they had a serious problem.
Dialogue: 0,0:15:38.83,0:15:41.66,Default,,0000,0000,0000,,moreover they had decadent public structures
Dialogue: 0,0:15:41.66,0:15:43.59,Default,,0000,0000,0000,,the sea eroded the coast
Dialogue: 0,0:15:43.59,0:15:46.11,Default,,0000,0000,0000,,so they had a serious problem.
Dialogue: 0,0:15:46.11,0:15:48.23,Default,,0000,0000,0000,,They had to invent a way to resolve it
Dialogue: 0,0:15:48.23,0:15:50.60,Default,,0000,0000,0000,,without asking to borrow more money
Dialogue: 0,0:15:50.60,0:15:53.53,Default,,0000,0000,0000,,becouse otherwise they wouldn't be able even to pay interests
Dialogue: 0,0:15:53.53,0:15:56.36,Default,,0000,0000,0000,,and without charging other taxes to the popolation
Dialogue: 0,0:15:56.36,0:15:59.45,Default,,0000,0000,0000,,that already was at the limit.
Dialogue: 0,0:15:59.96,0:16:04.07,Default,,0000,0000,0000,,What did the people from Island Guernsey do in 1816?
Dialogue: 0,0:16:04.07,0:16:07.07,Default,,0000,0000,0000,,A very simple thing, they took small pieces of paper
Dialogue: 0,0:16:07.07,0:16:10.52,Default,,0000,0000,0000,,they wrote on "One Pound"
Dialogue: 0,0:16:10.52,0:16:13.92,Default,,0000,0000,0000,,and "State of Island of Guernsey"
Dialogue: 0,0:16:13.92,0:16:17.40,Default,,0000,0000,0000,,and they spent them.
Dialogue: 0,0:16:18.00,0:16:20.76,Default,,0000,0000,0000,,Without borriowing or otherwise.
Dialogue: 0,0:16:20.76,0:16:24.06,Default,,0000,0000,0000,,They took small pieces of paper and they wrote on them "One Pound"
Dialogue: 0,0:16:24.06,0:16:26.67,Default,,0000,0000,0000,,and why did they take them? To pay the people
Dialogue: 0,0:16:27.80,0:16:30.89,Default,,0000,0000,0000,,who were unemployed to get them to go and to cut the trees
Dialogue: 0,0:16:30.89,0:16:34.72,Default,,0000,0000,0000,,reconstructing the structure of the market, the barriers to the port
Dialogue: 0,0:16:34.72,0:16:37.95,Default,,0000,0000,0000,,and the economy restarted, okay?
Dialogue: 0,0:16:38.90,0:16:43.66,Default,,0000,0000,0000,,This is defined The Guernsey Experiment
Dialogue: 0,0:16:43.66,0:16:48.84,Default,,0000,0000,0000,,it is mentioned in several documents in the following years
Dialogue: 0,0:16:48.84,0:16:51.42,Default,,0000,0000,0000,,also in 1900, so i quote for example 3
Dialogue: 0,0:16:51.42,0:16:54.04,Default,,0000,0000,0000,,and it is remembered as the story of Island of
Dialogue: 0,0:16:54.04,0:16:57.57,Default,,0000,0000,0000,,Guernsey that just created his own currency
Dialogue: 0,0:16:57.57,0:17:03.40,Default,,0000,0000,0000,,no cost to the taxpayers and establishing a prosperous community
Dialogue: 0,0:17:03.40,0:17:05.25,Default,,0000,0000,0000,,free community from debt.
Dialogue: 0,0:17:05.25,0:17:07.46,Default,,0000,0000,0000,,indeed thriving community, prosperous means another thing.
Dialogue: 0,0:17:07.46,0:17:09.78,Default,,0000,0000,0000,,Free community from debt.
Dialogue: 0,0:17:09.78,0:17:14.98,Default,,0000,0000,0000,,Then, the people in Island of Guernsey understood
Dialogue: 0,0:17:14.98,0:17:17.24,Default,,0000,0000,0000,,a very very simple thing
Dialogue: 0,0:17:17.24,0:17:22.88,Default,,0000,0000,0000,,the currency that all of us know
Dialogue: 0,0:17:22.88,0:17:28.64,Default,,0000,0000,0000,,as a way to exchange value and to save value.
Dialogue: 0,0:17:28.64,0:17:31.56,Default,,0000,0000,0000,,Actually it has another function very much more important
Dialogue: 0,0:17:31.56,0:17:34.67,Default,,0000,0000,0000,,that is the stimulus to the social development
Dialogue: 0,0:17:34.67,0:17:37.55,Default,,0000,0000,0000,,that we measure as economic growth.
Dialogue: 0,0:17:39.04,0:17:41.24,Default,,0000,0000,0000,,Now, because this thing here ...
Dialogue: 0,0:17:41.24,0:17:44.56,Default,,0000,0000,0000,,Here there are economists, sure. How many economists are there?
Dialogue: 0,0:17:45.18,0:17:48.12,Default,,0000,0000,0000,,One. Good, worse for you.
Dialogue: 0,0:17:48.12,0:17:51.44,Default,,0000,0000,0000,,Then, Which is the speech?
Dialogue: 0,0:17:51.44,0:17:54.34,Default,,0000,0000,0000,,That they did this operation
Dialogue: 0,0:17:54.34,0:17:56.41,Default,,0000,0000,0000,,they printed tens of thousands of pounds
Dialogue: 0,0:17:56.41,0:17:58.92,Default,,0000,0000,0000,,they threw them on the market, they bought the work
Dialogue: 0,0:17:58.92,0:18:01.79,Default,,0000,0000,0000,,and there was no inflation on the island. But how?
Dialogue: 0,0:18:01.79,0:18:04.67,Default,,0000,0000,0000,,If one prints currency, prints more currency out of nothing this creates inflation
Dialogue: 0,0:18:04.67,0:18:08.44,Default,,0000,0000,0000,,Why was there no inflation, for a very simple reason
Dialogue: 0,0:18:08.44,0:18:13.73,Default,,0000,0000,0000,,Because they invested to make useful things, productive activities
Dialogue: 0,0:18:13.73,0:18:18.68,Default,,0000,0000,0000,,but what happens if you print money and use it for example
Dialogue: 0,0:18:18.68,0:18:21.72,Default,,0000,0000,0000,,to mop up all the gold there is on the island?
Dialogue: 0,0:18:21.72,0:18:24.94,Default,,0000,0000,0000,,So as everyone seek it, and no one find it and they are willing to pay more
Dialogue: 0,0:18:24.94,0:18:27.04,Default,,0000,0000,0000,,and the next day they will sell it at a higher price.
Dialogue: 0,0:18:27.04,0:18:29.40,Default,,0000,0000,0000,,What is this name?
Dialogue: 0,0:18:29.100,0:18:34.72,Default,,0000,0000,0000,,Clearly they didn't use that money to do things like that
Dialogue: 0,0:18:34.72,0:18:36.95,Default,,0000,0000,0000,,not for speculative activities.
Dialogue: 0,0:18:36.95,0:18:40.29,Default,,0000,0000,0000,,Now i ask you a question, the quiz of the morning
Dialogue: 0,0:18:40.29,0:18:43.47,Default,,0000,0000,0000,,just to wake up who already has signs of slowing
Dialogue: 0,0:18:43.47,0:18:48.51,Default,,0000,0000,0000,,Can you imagine at 7 tonight. Then, question:
Dialogue: 0,0:18:48.51,0:18:54.16,Default,,0000,0000,0000,,What is percentage of loans provided by banks for productive activities today?
Dialogue: 0,0:18:58.17,0:19:00.76,Default,,0000,0000,0000,,Swich on it?
Dialogue: 0,0:19:02.27,0:19:04.46,Default,,0000,0000,0000,,8%
Dialogue: 0,0:19:04.46,0:19:07.23,Default,,0000,0000,0000,,Obviously this refers to the UK market
Dialogue: 0,0:19:07.23,0:19:10.66,Default,,0000,0000,0000,,The european figure is a little difficult to assess
Dialogue: 0,0:19:10.66,0:19:14.47,Default,,0000,0000,0000,,but it was mentioned by Ben Dyson at the conference in London
Dialogue: 0,0:19:14.47,0:19:16.42,Default,,0000,0000,0000,,where i was time ago, where
Dialogue: 0,0:19:16.42,0:19:18.56,Default,,0000,0000,0000,,he is Ben Dyson of Positive Money
Dialogue: 0,0:19:18.56,0:19:21.43,Default,,0000,0000,0000,,who i met him, really a smart boy.
Dialogue: 0,0:19:22.38,0:19:28.20,Default,,0000,0000,0000,,He also mentioned the governor of the Bank of England on 25th October 2010 he said:
Dialogue: 0,0:19:28.20,0:19:33.74,Default,,0000,0000,0000,,"Of the many ways in which to organize the banking system what we have today is the worst"
Dialogue: 0,0:19:33.74,0:19:37.62,Default,,0000,0000,0000,,I didn't say that. I'm pessimist/conspirator
Dialogue: 0,0:19:39.85,0:19:43.06,Default,,0000,0000,0000,,Now, the question is
Dialogue: 0,0:19:44.10,0:19:47.05,Default,,0000,0000,0000,,but how can we resolve this problem we have today
Dialogue: 0,0:19:47.05,0:19:52.65,Default,,0000,0000,0000,,that is, the debt which is literally overflowing and flooding us?
Dialogue: 0,0:19:52.65,0:19:57.27,Default,,0000,0000,0000,,Then, the first part of solution i descrive summarily
Dialogue: 0,0:19:57.27,0:20:01.75,Default,,0000,0000,0000,,in my lectures sure is to do like the island of Guernsey
Dialogue: 0,0:20:01.75,0:20:06.60,Default,,0000,0000,0000,,breaking the link between the money emission and debt
Dialogue: 0,0:20:06.60,0:20:12.59,Default,,0000,0000,0000,,You'll say "but it's a very simple thing, maybe too simple"
Dialogue: 0,0:20:12.59,0:20:16.28,Default,,0000,0000,0000,,So you say " let's make a monetary reform
Dialogue: 0,0:20:16.28,0:20:19.51,Default,,0000,0000,0000,,we report the money emission to the state
Dialogue: 0,0:20:19.51,0:20:22.17,Default,,0000,0000,0000,,or to a public body, we say.
Dialogue: 0,0:20:22.17,0:20:24.13,Default,,0000,0000,0000,,Sorry, but at the beginning you have said that ...
Dialogue: 0,0:20:24.13,0:20:26.11,Default,,0000,0000,0000,,Who creates the money? The Central Bank.
Dialogue: 0,0:20:26.11,0:20:27.63,Default,,0000,0000,0000,,What is the Central Bank? A public body.
Dialogue: 0,0:20:27.63,0:20:29.30,Default,,0000,0000,0000,,So i..
Dialogue: 0,0:20:31.29,0:20:33.82,Default,,0000,0000,0000,,but in theory you should to think it's a public body
Dialogue: 0,0:20:33.82,0:20:35.54,Default,,0000,0000,0000,,I have learned so.
Dialogue: 0,0:20:35.54,0:20:37.23,Default,,0000,0000,0000,,Then i'm just saying :
Dialogue: 0,0:20:37.23,0:20:39.64,Default,,0000,0000,0000,,we do as all of us believe
Dialogue: 0,0:20:39.64,0:20:42.94,Default,,0000,0000,0000,,we report the money emission to the hand of a public body
Dialogue: 0,0:20:43.11,0:20:46.12,Default,,0000,0000,0000,,in order to break the link with debt.
Dialogue: 0,0:20:46.12,0:20:48.78,Default,,0000,0000,0000,,And you'll say ...
Dialogue: 0,0:20:48.78,0:20:53.11,Default,,0000,0000,0000,,you say all these things but someone else has thought about it, right?
Dialogue: 0,0:20:53.11,0:20:57.45,Default,,0000,0000,0000,,In fact in '80 years when the 500 Lire note was circulating yet
Dialogue: 0,0:20:57.45,0:21:01.91,Default,,0000,0000,0000,,you could see a substantial difference compared to 1000 Lire notes
Dialogue: 0,0:21:01.91,0:21:07.67,Default,,0000,0000,0000,,on 500 notes was written "Italian Republic State ticket legal tender"
Dialogue: 0,0:21:07.67,0:21:10.65,Default,,0000,0000,0000,,while on 1000 Lire notes was written "Bank of Italy"
Dialogue: 0,0:21:11.42,0:21:13.35,Default,,0000,0000,0000,,Where is the difference?
Dialogue: 0,0:21:14.21,0:21:18.12,Default,,0000,0000,0000,,Then, the 500 Lire notes with on written "Italian Republic"
Dialogue: 0,0:21:18.12,0:21:23.46,Default,,0000,0000,0000,,were printed by state and were expended, they did not represent any debt.
Dialogue: 0,0:21:23.46,0:21:26.22,Default,,0000,0000,0000,,while if you read "bank" ...
Dialogue: 0,0:21:26.22,0:21:27.88,Default,,0000,0000,0000,,What do banks do?
Dialogue: 0,0:21:27.88,0:21:29.82,Default,,0000,0000,0000,,Question to guy here below:
Dialogue: 0,0:21:29.82,0:21:37.94,Default,,0000,0000,0000,,what does the tabacconist on the corner do, what does he sell?
Dialogue: 0,0:21:38.92,0:21:42.36,Default,,0000,0000,0000,,What does tabacconist sell? What does a grocer sell?
Dialogue: 0,0:21:42.36,0:21:44.59,Default,,0000,0000,0000,,No, that one is a pusher.
Dialogue: 0,0:21:44.59,0:21:47.44,Default,,0000,0000,0000,,What does the tabacconist sell? The cigarettes.
Dialogue: 0,0:21:47.69,0:21:50.38,Default,,0000,0000,0000,,Then, what i ask you is: What does the bank sell?
Dialogue: 0,0:21:51.82,0:21:55.11,Default,,0000,0000,0000,,The credit, that is debt. Then if you read "bank"
Dialogue: 0,0:21:55.11,0:21:57.71,Default,,0000,0000,0000,,it means that someone has sold a debt to someone else.
Dialogue: 0,0:21:57.71,0:22:00.03,Default,,0000,0000,0000,,So this thing was done
Dialogue: 0,0:22:00.03,0:22:02.56,Default,,0000,0000,0000,,it's not invented by me, i will tell you more.
Dialogue: 0,0:22:03.84,0:22:08.39,Default,,0000,0000,0000,,In England the guy of Postive Money, Ben Dyson
Dialogue: 0,0:22:08.39,0:22:11.27,Default,,0000,0000,0000,,collected some documents, he wrote a good book
Dialogue: 0,0:22:11.27,0:22:14.24,Default,,0000,0000,0000,,and he managed to convince two british parliamentarians
Dialogue: 0,0:22:14.24,0:22:18.47,Default,,0000,0000,0000,,Labour Michael Meacherand and Conservative Steve Baker
Dialogue: 0,0:22:18.47,0:22:22.39,Default,,0000,0000,0000,,respectively to the left and right, because they are the left and right
Dialogue: 0,0:22:22.39,0:22:29.66,Default,,0000,0000,0000,,both to support the currency reform proposed by Positive Money.
Dialogue: 0,0:22:29.66,0:22:32.08,Default,,0000,0000,0000,,What does it propose as a first step?
Dialogue: 0,0:22:32.08,0:22:33.72,Default,,0000,0000,0000,,Exactly what we have said
Dialogue: 0,0:22:33.72,0:22:37.02,Default,,0000,0000,0000,,to bring again the money emission to the hand of the state, to public body
Dialogue: 0,0:22:37.02,0:22:40.35,Default,,0000,0000,0000,,not to Berlusconi or Bersani, clearly
Dialogue: 0,0:22:40.35,0:22:44.64,Default,,0000,0000,0000,,to a public body which is able to value the impact and to do that
Dialogue: 0,0:22:44.64,0:22:49.12,Default,,0000,0000,0000,,So this proposal is in the hands of two parliamentarians
Dialogue: 0,0:22:49.12,0:22:53.04,Default,,0000,0000,0000,,Last Wednesday Ben and Josh Dyson
Dialogue: 0,0:22:53.04,0:22:55.18,Default,,0000,0000,0000,,the writer of the book I have just mentioned
Dialogue: 0,0:22:55.18,0:22:58.29,Default,,0000,0000,0000,,they also met other parlamentarians behind close doors
Dialogue: 0,0:22:58.29,0:23:01.59,Default,,0000,0000,0000,,at the British Parliament, to propose it.
Dialogue: 0,0:23:01.59,0:23:05.79,Default,,0000,0000,0000,,So this is not something invented by me, I come from Romagna.
Dialogue: 0,0:23:06.82,0:23:12.04,Default,,0000,0000,0000,,Then obviously there are other points for a proposal of monetary reform
Dialogue: 0,0:23:12.04,0:23:15.57,Default,,0000,0000,0000,,i propose at the lectures such as point for reflection
Dialogue: 0,0:23:15.57,0:23:19.30,Default,,0000,0000,0000,,today there is no time, i have already breached the 2 minutes and 30 seconds
Dialogue: 0,0:23:19.30,0:23:25.97,Default,,0000,0000,0000,,and then tomorrow if there is time at the meeting that will continue tomorrow
Dialogue: 0,0:23:29.54,0:23:35.00,Default,,0000,0000,0000,,but now to conclude i quote a saying i really like
Dialogue: 0,0:23:35.00,0:23:36.65,Default,,0000,0000,0000,,"think global act local".
Dialogue: 0,0:23:36.65,0:23:38.76,Default,,0000,0000,0000,,We have talked about this issue of debt
Dialogue: 0,0:23:38.76,0:23:40.83,Default,,0000,0000,0000,,of monetary system at the global level
Dialogue: 0,0:23:40.83,0:23:43.20,Default,,0000,0000,0000,,But what can we do now?
Dialogue: 0,0:23:43.20,0:23:46.40,Default,,0000,0000,0000,,Then, i and my friend Lore Prod
Dialogue: 0,0:23:46.40,0:23:50.14,Default,,0000,0000,0000,,he is an artist and graphic designer from Romagna
Dialogue: 0,0:23:50.14,0:23:52.21,Default,,0000,0000,0000,,we do great drinking
Dialogue: 0,0:23:52.21,0:23:59.66,Default,,0000,0000,0000,,we have created a manifest. This manifest tries to do
Dialogue: 0,0:23:59.66,0:24:03.07,Default,,0000,0000,0000,,what i think it is necessary to do now.
Dialogue: 0,0:24:03.07,0:24:06.79,Default,,0000,0000,0000,,that is to focus the attention on issue and solution
Dialogue: 0,0:24:06.79,0:24:08.97,Default,,0000,0000,0000,,on a possible solution.
Dialogue: 0,0:24:08.97,0:24:10.88,Default,,0000,0000,0000,,What is the problem today?
Dialogue: 0,0:24:10.88,0:24:14.64,Default,,0000,0000,0000,,All currency is debt today, it is emitted by private banks
Dialogue: 0,0:24:14.64,0:24:17.68,Default,,0000,0000,0000,,is encumbered by interests and can only grow.
Dialogue: 0,0:24:17.68,0:24:21.02,Default,,0000,0000,0000,,What, money or debt? They're the same thing.
Dialogue: 0,0:24:23.41,0:24:26.25,Default,,0000,0000,0000,,What is right asking? Correct is asking
Dialogue: 0,0:24:26.25,0:24:31.01,Default,,0000,0000,0000,,to bring again the money emission that we all use to the public hand.
Dialogue: 0,0:24:31.01,0:24:33.03,Default,,0000,0000,0000,,The money is a tool not the purpose.
Dialogue: 0,0:24:34.49,0:24:37.28,Default,,0000,0000,0000,,Then you can see archetype combination
Dialogue: 0,0:24:37.28,0:24:40.60,Default,,0000,0000,0000,,dead and life, disorder-order, gray-color
Dialogue: 0,0:24:40.60,0:24:42.11,Default,,0000,0000,0000,,In short we have worked a little
Dialogue: 0,0:24:42.11,0:24:43.66,Default,,0000,0000,0000,,if someone here does communication sciences
Dialogue: 0,0:24:43.66,0:24:47.03,Default,,0000,0000,0000,,He can write an article.
Dialogue: 0,0:24:47.03,0:24:51.95,Default,,0000,0000,0000,,I'll also tell you, finally what is meaning of that hummingbird up there at the top corner.
Dialogue: 0,0:24:53.71,0:24:55.99,Default,,0000,0000,0000,,I tell you a little story about hummingbird
Dialogue: 0,0:24:55.99,0:24:59.71,Default,,0000,0000,0000,,Then, there is a bug large forest fire
Dialogue: 0,0:24:59.71,0:25:02.59,Default,,0000,0000,0000,,all animals are fleeing included the lion
Dialogue: 0,0:25:02.59,0:25:07.35,Default,,0000,0000,0000,,is running away from the forest and crosses a hummingbird
Dialogue: 0,0:25:07.35,0:25:10.99,Default,,0000,0000,0000,,that is flying in opposite direction with a drop of water in its beak.
Dialogue: 0,0:25:10.99,0:25:14.08,Default,,0000,0000,0000,,Lion looks at it and says:
Dialogue: 0,0:25:14.08,0:25:17.24,Default,,0000,0000,0000,,"Hummingbird, where are you going with that drop of water?"
Dialogue: 0,0:25:17.24,0:25:20.54,Default,,0000,0000,0000,,hummingbird looks at it again seriously and says:
Dialogue: 0,0:25:20.54,0:25:24.20,Default,,0000,0000,0000,,"I don't know you, but i do my part"
Dialogue: 0,0:25:24.90,0:25:27.40,Default,,0000,0000,0000,,Thank you and i have finished with this.
Dialogue: 0,0:25:27.40,0:25:34.72,Default,,0000,0000,0000,,applause
Dialogue: 0,0:25:37.86,9:59:59.99,Default,,0000,0000,0000,,www.societasostenibile.org