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Well, I worked as Prof. of Law and Economics

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I taught Law and Economics for 10 years

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So, I taught monetary creation

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like all Economics teachers do

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And I taught it like it is taught today

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i.e. in an absolutely non critical way

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You give a description, you say 'This is how it works:

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private banks create money

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then, they look for refinancing according to their market share

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they look for refinancing from the central bank'

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and then you skip to another subject, because when you deliver an Economics course,

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there are a lot of things to review, uh, not just money. There is unemployment, inflation, lots of other things.

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I didn't even think

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until 3-4 years ago

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I didn't even think

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of discussing the system, I mean basically

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structurally, fundamentally, I didn't even think of getting revolted.

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and... Frederic Lordon, he is a friend of mine, he is someone I really appreciate

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with whom I have a lot of discussions and who said to me

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when I started telling him about monetary creation

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saying 'look, that's incredible, those private banks creating money'

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Frederic would tell me: 'but hey, you live on an island or what?

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Everybody knows that, you learn it in College'

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Well, you indeed learn this in College

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but what you don't learn is to get revolted with it

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in College, you learn that it is the way it works and that it's fine this way

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But it's not the same as if you learned it and then someone said: 'What do you think about it?'

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Because, when you see how monetary creation works

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you may just as well take to the street and start a fight, make a revolution!

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it's absolutely in-cre-dible!

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The most striking example is America

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In America, before 1913

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there was indeed a central bank, but it was still under control of citizens, more or less

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and then there was no income tax...

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there was NO income tax.

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That same year, i.e. 1913, a year the Americans may as well put a black stone on

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on that same year, private bankers, 5 of them

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succeeded, through a plot which is... well, you should read it

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it's incredible, you should really read it

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two guys spent their whole life investigating it

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and they have depicted it in details, it's incredible

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5 bankers obtained

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that when the American State needs money

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no problem

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we, the (private) bankers will give it to them

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will... 'lend' it to them...

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with a 6% interest rate.

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hi hi hi, it's great!

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it's great. Since then, well, there was no debt at the time, no debt at all, the United States had NO debt.

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And now...

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And now...

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The Federal Reserve, well, they decided they would call themselves the Federal Reserve to avoid

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smelling like a private central bank

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The Americans did not want a central bank

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they did not want to be rulled by Wall Street

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they did not want it, they knew it was dangerous, they did not want it

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so they had this great idea: they said 'we'll call ourselves the Federal Reserve'

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and it worked, it was voted at Christmas late at night

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absolute forgery, and then debt started to grow, grow, grow...

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And on that same year, they invented the income tax, it's the same President, i.e. Wilson, who organised both

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and income tax... listen, I don't know if it was designed that way, but

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it looks like it ... it is as if

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and that's ... like, like France, eh?

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later, but the same in France

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It is as if

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First: I start with convincing the State to borrow me

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I, the banker, start with convincing the State to owe me money

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And then, in order to help the State raise that money, I create a new tax that will help with the fund-raising

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And finally, I have the Americans work for me, nice, uh?

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And I carry on doing... well, nothing, nothing else but buy a Yacht, buy this, buy that

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But wait, it works pretty well and finally income tax absorbs ALL the repayment of debt in the United States

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that is to say... all, all the monetary assets in the United States

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which are debts, obviously

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we'll have to try and explain this sometimes

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money is debt

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debt from the State, or debt from the bank, but debt

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The same in France

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All what you pay in the form of income tax

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100% of what you pay

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is not used to run hospitals, schools and utilities

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not at all, it ALL goes to servicing debt

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that is to say, it goes into the pockets of the rich who have lent to the State

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because the state has given up the creation of the money it needs.

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The state, it means ... The State, we, in fact, our representatives, FELONS in fact

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felons, traitors, have forced the State, have forced us to go into debt with private actors

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so people who, by definition, have money, if they can lend us, it means they have money

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to become debtors of these people

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paying them an interest

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and this interest has grown, grown, grown, ever since 1973

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and if you look at the deficits ... the deficits for each year

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they are equal to debt service, that is to say that if there was no debt

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we would have remained well, more or less, we would remained roughly in equilibrium, more or less

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that is to say that, in fact, the imbalance is the formation of the debt

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and debt service, NOT the refund, the refund is inaccessible, it's too much money

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the debt service, just the interests, the State takes the income tax and they give it to the rich.

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Gosh, it's just amazing that we accept such a system, it's just incredible that we accept it

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it's unbelievable that we may call 'representatives' people who can utterly betray us like that.

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When you do the maths and look at what we lack for the social security,

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you look at what we need for retirement, you look at what we lack for electricity, gaz, and all the utilities ...

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well, evrything is there, EVERYTHING! To know more about Etienne Chouard, please check: http://etienne.chouard.free.fr/Europe