[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:13.00,0:00:15.00,Default,,0000,0000,0000,,Well, I worked as Prof. of Law and Economics
Dialogue: 0,0:00:15.00,0:00:17.00,Default,,0000,0000,0000,,I taught Law and Economics for 10 years
Dialogue: 0,0:00:17.00,0:00:20.00,Default,,0000,0000,0000,,So, I taught monetary creation
Dialogue: 0,0:00:20.00,0:00:23.00,Default,,0000,0000,0000,,like all Economics teachers do
Dialogue: 0,0:00:24.00,0:00:27.00,Default,,0000,0000,0000,,And I taught it like it is taught today
Dialogue: 0,0:00:27.00,0:00:29.00,Default,,0000,0000,0000,,i.e. in an absolutely non critical way
Dialogue: 0,0:00:29.00,0:00:30.00,Default,,0000,0000,0000,,You give a description, you say 'This is how it works:
Dialogue: 0,0:00:30.00,0:00:33.00,Default,,0000,0000,0000,,private banks create money
Dialogue: 0,0:00:33.00,0:00:35.00,Default,,0000,0000,0000,,then, they look for refinancing according to their market share
Dialogue: 0,0:00:35.00,0:00:37.00,Default,,0000,0000,0000,,they look for refinancing from the central bank'
Dialogue: 0,0:00:37.00,0:00:40.00,Default,,0000,0000,0000,,and then you skip to another subject, because when you deliver an Economics course,
Dialogue: 0,0:00:40.00,0:00:46.00,Default,,0000,0000,0000,,there are a lot of things to review, uh, not just money. There is unemployment, inflation, lots of other things.
Dialogue: 0,0:00:46.00,0:00:49.00,Default,,0000,0000,0000,,I didn't even think
Dialogue: 0,0:00:49.00,0:00:52.00,Default,,0000,0000,0000,,until 3-4 years ago
Dialogue: 0,0:00:52.00,0:00:53.00,Default,,0000,0000,0000,,I didn't even think
Dialogue: 0,0:00:53.00,0:00:57.00,Default,,0000,0000,0000,,of discussing the system, I mean basically
Dialogue: 0,0:00:57.00,0:01:02.00,Default,,0000,0000,0000,,structurally, fundamentally, I didn't even think of getting revolted.
Dialogue: 0,0:01:02.00,0:01:07.00,Default,,0000,0000,0000,,and... Frederic Lordon, he is a friend of mine, he is someone I really appreciate
Dialogue: 0,0:01:07.00,0:01:09.00,Default,,0000,0000,0000,,with whom I have a lot of discussions and who said to me
Dialogue: 0,0:01:09.00,0:01:11.00,Default,,0000,0000,0000,,when I started telling him about monetary creation
Dialogue: 0,0:01:11.00,0:01:15.00,Default,,0000,0000,0000,,saying 'look, that's incredible, those private banks creating money'
Dialogue: 0,0:01:15.00,0:01:19.00,Default,,0000,0000,0000,,Frederic would tell me: 'but hey, you live on an island or what?
Dialogue: 0,0:01:19.00,0:01:21.00,Default,,0000,0000,0000,,Everybody knows that, you learn it in College'
Dialogue: 0,0:01:21.00,0:01:26.00,Default,,0000,0000,0000,,Well, you indeed learn this in College
Dialogue: 0,0:01:26.00,0:01:30.00,Default,,0000,0000,0000,,but what you don't learn is to get revolted with it
Dialogue: 0,0:01:30.00,0:01:34.00,Default,,0000,0000,0000,,in College, you learn that it is the way it works and that it's fine this way
Dialogue: 0,0:01:34.00,0:01:39.00,Default,,0000,0000,0000,,But it's not the same as if you learned it and then someone said: 'What do you think about it?'
Dialogue: 0,0:01:39.00,0:01:43.00,Default,,0000,0000,0000,,Because, when you see how monetary creation works
Dialogue: 0,0:01:43.00,0:01:47.00,Default,,0000,0000,0000,,you may just as well take to the street and start a fight, make a revolution!
Dialogue: 0,0:01:47.00,0:01:49.00,Default,,0000,0000,0000,,it's absolutely in-cre-dible!
Dialogue: 0,0:01:49.00,0:01:51.00,Default,,0000,0000,0000,,The most striking example is America
Dialogue: 0,0:01:51.00,0:01:55.00,Default,,0000,0000,0000,,In America, before 1913
Dialogue: 0,0:01:55.00,0:02:02.00,Default,,0000,0000,0000,,there was indeed a central bank, but it was still under control of citizens, more or less
Dialogue: 0,0:02:02.00,0:02:05.00,Default,,0000,0000,0000,,and then there was no income tax...
Dialogue: 0,0:02:05.00,0:02:07.00,Default,,0000,0000,0000,,there was NO income tax.
Dialogue: 0,0:02:07.00,0:02:18.00,Default,,0000,0000,0000,,That same year, i.e. 1913, a year the Americans may as well put a black stone on
Dialogue: 0,0:02:18.00,0:02:23.00,Default,,0000,0000,0000,,on that same year, private bankers, 5 of them
Dialogue: 0,0:02:23.00,0:02:30.00,Default,,0000,0000,0000,,succeeded, through a plot which is... well, you should read it
Dialogue: 0,0:02:30.00,0:02:32.00,Default,,0000,0000,0000,,it's incredible, you should really read it
Dialogue: 0,0:02:32.00,0:02:36.00,Default,,0000,0000,0000,,two guys spent their whole life investigating it
Dialogue: 0,0:02:36.00,0:02:39.00,Default,,0000,0000,0000,,and they have depicted it in details, it's incredible
Dialogue: 0,0:02:39.00,0:02:42.00,Default,,0000,0000,0000,,5 bankers obtained
Dialogue: 0,0:02:42.00,0:02:49.00,Default,,0000,0000,0000,,that when the American State needs money
Dialogue: 0,0:02:49.00,0:02:50.00,Default,,0000,0000,0000,,no problem
Dialogue: 0,0:02:50.00,0:02:54.00,Default,,0000,0000,0000,,we, the (private) bankers will give it to them
Dialogue: 0,0:02:54.00,0:02:57.00,Default,,0000,0000,0000,,will... 'lend' it to them...
Dialogue: 0,0:02:57.00,0:02:59.00,Default,,0000,0000,0000,,with a 6% interest rate.
Dialogue: 0,0:02:59.00,0:03:06.00,Default,,0000,0000,0000,,hi hi hi, it's great!
Dialogue: 0,0:03:06.00,0:03:12.00,Default,,0000,0000,0000,,it's great. Since then, well, there was no debt at the time, no debt at all, the United States had NO debt.
Dialogue: 0,0:03:12.00,0:03:14.00,Default,,0000,0000,0000,,And now...
Dialogue: 0,0:03:14.00,0:03:17.00,Default,,0000,0000,0000,,And now...
Dialogue: 0,0:03:17.00,0:03:22.00,Default,,0000,0000,0000,,The Federal Reserve, well, they decided they would call themselves the Federal Reserve to avoid
Dialogue: 0,0:03:22.00,0:03:24.00,Default,,0000,0000,0000,,smelling like a private central bank
Dialogue: 0,0:03:24.00,0:03:26.00,Default,,0000,0000,0000,,The Americans did not want a central bank
Dialogue: 0,0:03:26.00,0:03:28.00,Default,,0000,0000,0000,,they did not want to be rulled by Wall Street
Dialogue: 0,0:03:28.00,0:03:30.00,Default,,0000,0000,0000,,they did not want it, they knew it was dangerous, they did not want it
Dialogue: 0,0:03:30.00,0:03:35.00,Default,,0000,0000,0000,,so they had this great idea: they said 'we'll call ourselves the Federal Reserve'
Dialogue: 0,0:03:35.00,0:03:40.00,Default,,0000,0000,0000,,and it worked, it was voted at Christmas late at night
Dialogue: 0,0:03:40.00,0:03:47.00,Default,,0000,0000,0000,,absolute forgery, and then debt started to grow, grow, grow...
Dialogue: 0,0:03:47.00,0:03:51.00,Default,,0000,0000,0000,,And on that same year, they invented the income tax, it's the same President, i.e. Wilson, who organised both
Dialogue: 0,0:03:51.00,0:03:57.00,Default,,0000,0000,0000,,and income tax... listen, I don't know if it was designed that way, but
Dialogue: 0,0:03:57.00,0:04:00.00,Default,,0000,0000,0000,,it looks like it ... it is as if
Dialogue: 0,0:04:00.00,0:04:02.00,Default,,0000,0000,0000,,and that's ... like, like France, eh?
Dialogue: 0,0:04:02.00,0:04:04.00,Default,,0000,0000,0000,,later, but the same in France
Dialogue: 0,0:04:04.00,0:04:05.00,Default,,0000,0000,0000,,It is as if
Dialogue: 0,0:04:05.00,0:04:11.00,Default,,0000,0000,0000,,First: I start with convincing the State to borrow me
Dialogue: 0,0:04:11.00,0:04:14.00,Default,,0000,0000,0000,,I, the banker, start with convincing the State to owe me money
Dialogue: 0,0:04:14.00,0:04:19.00,Default,,0000,0000,0000,,And then, in order to help the State raise that money, I create a new tax that will help with the fund-raising
Dialogue: 0,0:04:19.00,0:04:22.00,Default,,0000,0000,0000,,And finally, I have the Americans work for me, nice, uh?
Dialogue: 0,0:04:22.00,0:04:29.00,Default,,0000,0000,0000,,And I carry on doing... well, nothing, nothing else but buy a Yacht, buy this, buy that
Dialogue: 0,0:04:29.00,0:04:36.00,Default,,0000,0000,0000,,But wait, it works pretty well and finally income tax absorbs ALL the repayment of debt in the United States
Dialogue: 0,0:04:36.00,0:04:40.00,Default,,0000,0000,0000,,that is to say... all, all the monetary assets in the United States
Dialogue: 0,0:04:40.00,0:04:41.00,Default,,0000,0000,0000,,which are debts, obviously
Dialogue: 0,0:04:41.00,0:04:44.00,Default,,0000,0000,0000,,we'll have to try and explain this sometimes
Dialogue: 0,0:04:44.00,0:04:45.00,Default,,0000,0000,0000,,money is debt
Dialogue: 0,0:04:45.00,0:04:49.00,Default,,0000,0000,0000,,debt from the State, or debt from the bank, but debt
Dialogue: 0,0:04:49.00,0:04:51.00,Default,,0000,0000,0000,,The same in France
Dialogue: 0,0:04:51.00,0:04:54.00,Default,,0000,0000,0000,,All what you pay in the form of income tax
Dialogue: 0,0:04:54.00,0:04:56.00,Default,,0000,0000,0000,,100% of what you pay
Dialogue: 0,0:04:56.00,0:05:04.00,Default,,0000,0000,0000,,is not used to run hospitals, schools and utilities
Dialogue: 0,0:05:04.00,0:05:07.00,Default,,0000,0000,0000,,not at all, it ALL goes to servicing debt
Dialogue: 0,0:05:07.00,0:05:11.00,Default,,0000,0000,0000,,that is to say, it goes into the pockets of the rich who have lent to the State
Dialogue: 0,0:05:11.00,0:05:14.00,Default,,0000,0000,0000,,because the state has given up the creation of the money it needs.
Dialogue: 0,0:05:14.00,0:05:22.00,Default,,0000,0000,0000,,The state, it means ... The State, we, in fact, our representatives, FELONS in fact
Dialogue: 0,0:05:22.00,0:05:30.00,Default,,0000,0000,0000,,felons, traitors, have forced the State, have forced us to go into debt with private actors
Dialogue: 0,0:05:30.00,0:05:33.00,Default,,0000,0000,0000,,so people who, by definition, have money, if they can lend us, it means they have money
Dialogue: 0,0:05:33.00,0:05:38.00,Default,,0000,0000,0000,,to become debtors of these people
Dialogue: 0,0:05:38.00,0:05:41.00,Default,,0000,0000,0000,,paying them an interest
Dialogue: 0,0:05:41.00,0:05:44.00,Default,,0000,0000,0000,,and this interest has grown, grown, grown, ever since 1973
Dialogue: 0,0:05:44.00,0:05:51.00,Default,,0000,0000,0000,,and if you look at the deficits ... the deficits for each year
Dialogue: 0,0:05:51.00,0:05:54.00,Default,,0000,0000,0000,,they are equal to debt service, that is to say that if there was no debt
Dialogue: 0,0:05:54.00,0:06:00.00,Default,,0000,0000,0000,,we would have remained well, more or less, we would remained roughly in equilibrium, more or less
Dialogue: 0,0:06:00.00,0:06:06.00,Default,,0000,0000,0000,,that is to say that, in fact, the imbalance is the formation of the debt
Dialogue: 0,0:06:06.00,0:06:11.00,Default,,0000,0000,0000,,and debt service, NOT the refund, the refund is inaccessible, it's too much money
Dialogue: 0,0:06:11.00,0:06:19.00,Default,,0000,0000,0000,,the debt service, just the interests, the State takes the income tax and they give it to the rich.
Dialogue: 0,0:06:19.00,0:06:24.00,Default,,0000,0000,0000,,Gosh, it's just amazing that we accept such a system, it's just incredible that we accept it
Dialogue: 0,0:06:24.00,0:06:31.00,Default,,0000,0000,0000,,it's unbelievable that we may call 'representatives' people who can utterly betray us like that.
Dialogue: 0,0:06:31.00,0:06:34.00,Default,,0000,0000,0000,,When you do the maths and look at what we lack for the social security,
Dialogue: 0,0:06:34.00,0:06:39.00,Default,,0000,0000,0000,,you look at what we need for retirement, you look at what we lack for electricity, gaz, and all the utilities ...
Dialogue: 0,0:06:39.00,0:06:42.00,Default,,0000,0000,0000,,well, evrything is there, EVERYTHING! To know more about Etienne Chouard, please check: http://etienne.chouard.free.fr/Europe