Warning: Undefined variable $cookie_domain in /var/www/html/shared/start_verified_session.shared on line 308 How To Replace The Federal Reserve ad-free A marketplace for speech. 82,617 Hours of Speech help 517,418 Transcriptions add title (free) 409 Sources add source €0.99 Spotlight Transcription New Search Search: Newsbud Title: How To Replace The Federal Reserve Published: 2014-07-08 Source: https://www.youtube.com/watch?v=9GRhc_41Nts 1/28just following is a short extract from the corporate reports new feature length documentary century of enslavement the history of the federal reserve to watch the full documentary please go to corporate report dot com slash federal reserve if there was ever a point in human history to start questioning arm alternatives I this would be yet and I think that where we are and simply say all well2/28 this is the best of our option and how many of the best options lead to self destruction doesn't sound like a best option I I think that with the world of seven billion people are we can probably come up with something better than a system in which a few thousand people I'm benefit that so much at the expense of everything else right on this world and3/28 at the expense of the potential for the future of mankind they're leveraging on our future and so long as we accepts this way of thinking so long as we accept these institutions as having dominance on that's the direction will be going so I think reform is a good way to try and stall I enter pushed back %HESITATION directly against the %HESITATION expanding and evolving power structures4/28 %HESITATION but I have a radical change is what's really need and ask be built from the bottom up but I think that these two process can show it on that go together in parallel but what if the burgeoning movement to end the fed is successful what system do people propose as the answer there have been several proposals along different lines by various researchers some argue for5/28 a return to America's colonial roots of debt free money issued by state run banks pointing to the bank of North Dakota as one already functioning successful model of this approach we've had two two banking systems ever since the eighteen sixties where there State Bank system and federal bank system where and the federal bank system are the big Wall Street banks particularly they dominate the federal system6/28 so they're taking over right now I'm in California and we don't even have any local banks where I am there there now I we had to do and I had accounts in both of them and they're now whenever miss chase bank than the others you expect so they're both big wallstreet banks now there and taken over so if you can keep the it's the local banks7/28 that have an interest in serving the local business the big banks have no interest in making loans to local business it's too risky why should they bother they've got this virtually free money they can get from the fed and from each other and it's much more lucrative to them either to speculate in commodities or other things abroad or what's what works very well for them is8/28 to buy long term government bonds at three percent because these have no capital requirements cap requirements for government bonds are zero so they can buy all of those that they want whereas if they if they buy let's say mortgages or if they meant I mean if they make well loans for mortgages or they make love is this to businesses then they have to worry about the9/28 capital requirements and as soon as they I'm used up all their capital in other words you know eight dollars a capital okay a hundred dollars allowance and they can't make it on my lunch they have to wait for thirty years to those loans get paid are so what they do if they do buy mortgages is them salimata kid to investors and so that that was the10/28 whole mortgage backed securities and that that we seem I I mean they had no motivation to make sure that these our borrowers were actually sound virus they just wanna make at a sales are they sold the stuck to her that I'm wary investors you might be somebody in Iceland or screener and arm our pension funds apps that so that didn't work out so well so so11/28 at State Bank with that partnering with the local banks can provide the capital can help them with capital that in North Dakota the State Bank guarantees the loans of the local banks allowing them to make much bigger loans than they could otherwise and they provide the State Bank provides liquidity to the small banks that's why that small banks are the local banks are making loans to12/28 small business right now is they don't they are they don't know that they can get my name from the other banks as needed the way behind works is they make alone first I mean if you have credit lines to about many different businesses and if they all get up their credit lines at once you're going to run out of money I so you don't dare do13/28 that unless you know that you can get short term loans from the other banks and what's happening right now even know there's one point six trillion an excess reserves sitting on the books in the big big banks they're not available to the little banks and the reason is because the fed is paying zero point two five percent interest on those reserves so the banks have now14/28 no instead of to London's little banks why let go of them when you can make just as much keeping them and then use the army reserves and you can use them as collateral to buy I think there's something there that'll make you more money so the whole system is messed up I'm and in North Dakota does the bank of North Dakota provides the liquidity for these15/28 local banks others advocated decentralized system of alternative and competing currencies that greatly reduce or even eliminate altogether the need for a central bank but try to years ago at the American notice a lot of people for in the project area had skills in time there were not being employer respected by the prevailing economy and %HESITATION while we had %HESITATION much desire to create things and trade16/28 them with each other and many services we can provide you with your religion at all money so it wasn't a background in graphic design journalism and your arrogance I watch my computer and design paper money for it beginning are not designed pretty colorful money near literature children waterfalls neutrally cars in denominated in hours of labor one hour note half an hour quarter a flower note to17/28 our announced and %HESITATION for then the decanter issued to each of the pioneer traders would agreed to be lost in the directory a specific starter amount and the game began and I'll aura was worse and it's been worth an hour of basic legal or ten US dollars which at that time twenty years ago ones double the minimum wage people who usually expect more than ten dollars18/28 per hour of your service can charge multiple hours ground work but the denomination perched between your Hoss as residents of our community that reminder that we our fellow citizens not merely winners and losers scrambling for dollars and %HESITATION it introduces us to each other on the basis of these skills and services that we have a there we are more proud to provide for each other then19/28 often use the case with a conventional job just dust off we have to do they got the money to pay the bills so through that trading Protestants and more intimate scale Protestants and within the community were more easily able to become friends and lovers and political allies it's an inspiring story and and and tell people about that how much how much money have circulated through this20/28 community I mean it's important for people to understand just how successful this is been it out we're not a computer system we don't have an ace was Selectric volume of trading recorded but why the grapevine by phone surveys and over the years watching the money moves we were able to gas %HESITATION reliably at several million dollars equivalent of this money is transacted over the years sh21/28 making loans without charging interest up to thirty thousand dollars value which is the fundamental monetary revolution in our system then as well making grants and the money to over a hundred community organizations some are you for currency since mathematical nature prevent them from being merely conjured into existence whenever a federal government wants to wage another war of aggression or forge another link in the seemingly endless22/28 train of governmental tyranny and abuse what people have to understand about that coin is that it's a completely decentralized network there's no central server there's no controlling company there's no office it's just free software that anyone can download and start running on the computer anywhere in the world and that the big coins themselves can be transferred to our from anyone in possible for any banker government23/28 or entity to block you from sending or receiving those but coins there's a limited supply of those bit coins there will never ever ever be more than two declines and so big because like everything to prices set based on supply and demand because the supply bit callings is limited and the demand is increasing as more and more people start to use than the normal website start24/28 to accept them the price a bit coins in terms of dollars is going to have to increase even a lot more than the five hundred dollars up pretty clean that it is today are there any drawbacks at all to the idea of using the crypt I if you're part of the the current power elite can just print money it will take spend on whatever you feel25/28 like then yeah %HESITATION the world switching orbit cleans probably not can benefit you but if you're one of the normal people that %HESITATION aren't working for you in the federal reserve or any central bank that's printing money to to pay dear friends and that sort of thing and %HESITATION a bitcoin world is wonderful thing for you send money crypto currencies state banks let's programs self issued26/28 credit these and many other solutions have all been proposed and many of them are in use in different localities today information on all of these ideas and how they are being applied in various parts of the world are widely available online the point is that the question of what money is and how it should be created is perhaps the single greatest question facing humanity as a27/28 whole and yet it is one that has been almost completely eliminated from the national conversation until recently you've been watching a short clip from centuries of enslavement the history of the federal reserve for the complete documentary transcript sources and other informational resources about the federal reserve please go to corporate report dot com slash federal reserve this video is brought to you by the subscribers for more28/28 info on this and other topics is go to boiling trucks pose dot com for more information and commentary from James Corbett please go to court report dot com DEEP LINKED selected quote: Please confirm your sharing options: Share this transcription, and highlight this paragraph. 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