WEBVTT Kind: captions Language: en 00:00:04.740 --> 00:00:06.710 align:start position:0% I<00:00:04.770> was<00:00:05.370> very<00:00:05.490> impressed<00:00:05.970> with<00:00:06.060> Prague<00:00:06.390> last 00:00:06.710 --> 00:00:06.720 align:start position:0% I was very impressed with Prague last 00:00:06.720 --> 00:00:09.259 align:start position:0% I was very impressed with Prague last year<00:00:07.109> and<00:00:07.410> I<00:00:07.830> was<00:00:08.040> very<00:00:08.430> impressed<00:00:08.820> because 00:00:09.259 --> 00:00:09.269 align:start position:0% year and I was very impressed because 00:00:09.269 --> 00:00:11.449 align:start position:0% year and I was very impressed because there<00:00:10.080> was<00:00:10.170> a<00:00:10.200> lot<00:00:10.440> of<00:00:10.469> thinking<00:00:10.830> going<00:00:11.190> on 00:00:11.449 --> 00:00:11.459 align:start position:0% there was a lot of thinking going on 00:00:11.459 --> 00:00:13.510 align:start position:0% there was a lot of thinking going on about<00:00:11.850> what<00:00:12.450> should<00:00:12.809> we<00:00:13.020> do 00:00:13.510 --> 00:00:13.520 align:start position:0% about what should we do 00:00:13.520 --> 00:00:16.550 align:start position:0% about what should we do what's<00:00:14.520> the<00:00:14.730> point<00:00:14.969> here<00:00:15.389> and<00:00:15.539> how<00:00:16.199> could<00:00:16.379> this 00:00:16.550 --> 00:00:16.560 align:start position:0% what's the point here and how could this 00:00:16.560 --> 00:00:18.800 align:start position:0% what's the point here and how could this thing<00:00:16.800> go<00:00:16.980> wrong<00:00:17.250> and<00:00:17.670> how<00:00:18.270> could<00:00:18.420> we<00:00:18.570> learn 00:00:18.800 --> 00:00:18.810 align:start position:0% thing go wrong and how could we learn 00:00:18.810 --> 00:00:21.529 align:start position:0% thing go wrong and how could we learn from<00:00:19.560> the<00:00:19.740> dot-com<00:00:20.189> guys<00:00:20.519> that<00:00:21.090> seem<00:00:21.270> to<00:00:21.420> have 00:00:21.529 --> 00:00:21.539 align:start position:0% from the dot-com guys that seem to have 00:00:21.539 --> 00:00:23.000 align:start position:0% from the dot-com guys that seem to have screwed<00:00:21.810> things<00:00:21.990> up<00:00:22.230> but<00:00:22.410> the<00:00:22.500> Internet<00:00:22.830> guys 00:00:23.000 --> 00:00:23.010 align:start position:0% screwed things up but the Internet guys 00:00:23.010 --> 00:00:25.670 align:start position:0% screwed things up but the Internet guys are<00:00:23.280> those<00:00:23.640> those<00:00:23.970> guys<00:00:24.270> in<00:00:24.570> the<00:00:24.720> financial 00:00:25.670 --> 00:00:25.680 align:start position:0% are those those guys in the financial 00:00:25.680 --> 00:00:28.310 align:start position:0% are those those guys in the financial crisis<00:00:26.580> how<00:00:26.730> did<00:00:26.880> they<00:00:27.000> screw<00:00:27.240> things<00:00:27.480> up<00:00:27.690> what 00:00:28.310 --> 00:00:28.320 align:start position:0% crisis how did they screw things up what 00:00:28.320 --> 00:00:31.400 align:start position:0% crisis how did they screw things up what can<00:00:28.470> we<00:00:28.590> learn<00:00:28.800> from<00:00:28.860> to<00:00:29.520> grow<00:00:29.820> from<00:00:30.150> and<00:00:31.050> I'm 00:00:31.400 --> 00:00:31.410 align:start position:0% can we learn from to grow from and I'm 00:00:31.410 --> 00:00:33.799 align:start position:0% can we learn from to grow from and I'm taking<00:00:31.830> that<00:00:31.980> as<00:00:32.250> the<00:00:32.520> starting<00:00:32.789> point<00:00:32.940> for 00:00:33.799 --> 00:00:33.809 align:start position:0% taking that as the starting point for 00:00:33.809 --> 00:00:36.920 align:start position:0% taking that as the starting point for this<00:00:34.590> talk<00:00:34.949> to<00:00:35.460> try<00:00:35.699> to<00:00:35.760> suggest<00:00:36.300> something 00:00:36.920 --> 00:00:36.930 align:start position:0% this talk to try to suggest something 00:00:36.930 --> 00:00:38.930 align:start position:0% this talk to try to suggest something you<00:00:37.200> might<00:00:37.410> want<00:00:37.620> to<00:00:37.710> think<00:00:37.950> about<00:00:38.130> and<00:00:38.489> look 00:00:38.930 --> 00:00:38.940 align:start position:0% you might want to think about and look 00:00:38.940 --> 00:00:43.069 align:start position:0% you might want to think about and look at<00:00:39.829> anew<00:00:40.829> I'm<00:00:41.550> going<00:00:41.790> to<00:00:41.880> talk<00:00:42.090> about<00:00:42.630> money 00:00:43.069 --> 00:00:43.079 align:start position:0% at anew I'm going to talk about money 00:00:43.079 --> 00:00:46.130 align:start position:0% at anew I'm going to talk about money debt<00:00:43.620> and<00:00:43.920> smart<00:00:44.340> contracts<00:00:45.000> but<00:00:45.780> the 00:00:46.130 --> 00:00:46.140 align:start position:0% debt and smart contracts but the 00:00:46.140 --> 00:00:47.780 align:start position:0% debt and smart contracts but the Internet<00:00:46.500> Archive<00:00:46.680> you<00:00:46.980> think<00:00:47.160> well<00:00:47.309> gosh 00:00:47.780 --> 00:00:47.790 align:start position:0% Internet Archive you think well gosh 00:00:47.790 --> 00:00:49.520 align:start position:0% Internet Archive you think well gosh what<00:00:48.000> if<00:00:48.120> this<00:00:48.239> Internet<00:00:48.630> Archive<00:00:48.930> it's<00:00:49.380> a 00:00:49.520 --> 00:00:49.530 align:start position:0% what if this Internet Archive it's a 00:00:49.530 --> 00:00:52.729 align:start position:0% what if this Internet Archive it's a nonprofit<00:00:50.100> in<00:00:50.579> San<00:00:50.940> Francisco<00:00:51.570> we're<00:00:52.380> kind<00:00:52.620> of 00:00:52.729 --> 00:00:52.739 align:start position:0% nonprofit in San Francisco we're kind of 00:00:52.739 --> 00:00:56.209 align:start position:0% nonprofit in San Francisco we're kind of Wikipedia<00:00:53.460> SHhhh<00:00:53.520> but<00:00:53.820> a<00:00:53.850> lot<00:00:54.059> smaller<00:00:55.219> and 00:00:56.209 --> 00:00:56.219 align:start position:0% Wikipedia SHhhh but a lot smaller and 00:00:56.219 --> 00:01:00.260 align:start position:0% Wikipedia SHhhh but a lot smaller and the<00:00:57.149> idea<00:00:57.450> is<00:00:57.540> to<00:00:57.690> bring<00:00:58.440> universal<00:00:59.430> access<00:01:00.030> to 00:01:00.260 --> 00:01:00.270 align:start position:0% the idea is to bring universal access to 00:01:00.270 --> 00:01:02.510 align:start position:0% the idea is to bring universal access to all<00:01:00.690> knowledge<00:01:00.840> so<00:01:01.350> that's<00:01:01.530> probably<00:01:01.950> you 00:01:02.510 --> 00:01:02.520 align:start position:0% all knowledge so that's probably you 00:01:02.520 --> 00:01:07.340 align:start position:0% all knowledge so that's probably you know<00:01:02.579> if<00:01:02.820> you<00:01:03.210> know<00:01:03.360> of<00:01:03.510> me<00:01:03.660> at<00:01:03.780> all<00:01:03.960> I<00:01:06.350> started 00:01:07.340 --> 00:01:07.350 align:start position:0% know if you know of me at all I started 00:01:07.350 --> 00:01:09.170 align:start position:0% know if you know of me at all I started and<00:01:07.710> run<00:01:07.890> this<00:01:08.070> organization<00:01:08.760> and<00:01:08.880> you<00:01:09.000> should 00:01:09.170 --> 00:01:09.180 align:start position:0% and run this organization and you should 00:01:09.180 --> 00:01:11.480 align:start position:0% and run this organization and you should please<00:01:09.479> come<00:01:09.780> and<00:01:09.990> visit<00:01:10.290> us<00:01:10.380> in<00:01:11.159> San 00:01:11.480 --> 00:01:11.490 align:start position:0% please come and visit us in San 00:01:11.490 --> 00:01:13.880 align:start position:0% please come and visit us in San Francisco<00:01:12.000> we<00:01:12.119> have<00:01:12.210> open<00:01:12.510> lunches<00:01:12.900> all<00:01:13.590> sorts 00:01:13.880 --> 00:01:13.890 align:start position:0% Francisco we have open lunches all sorts 00:01:13.890 --> 00:01:16.910 align:start position:0% Francisco we have open lunches all sorts of<00:01:13.920> fun<00:01:14.180> fun<00:01:15.180> things<00:01:15.570> but<00:01:16.080> that's<00:01:16.229> if<00:01:16.530> you 00:01:16.910 --> 00:01:16.920 align:start position:0% of fun fun things but that's if you 00:01:16.920 --> 00:01:18.200 align:start position:0% of fun fun things but that's if you don't<00:01:17.070> know<00:01:17.159> but<00:01:17.369> the<00:01:17.490> Internet<00:01:17.760> Archive<00:01:17.909> you 00:01:18.200 --> 00:01:18.210 align:start position:0% don't know but the Internet Archive you 00:01:18.210 --> 00:01:20.120 align:start position:0% don't know but the Internet Archive you may<00:01:18.420> know<00:01:18.630> of<00:01:18.750> the<00:01:18.869> wayback<00:01:19.260> machine<00:01:19.290> which 00:01:20.120 --> 00:01:20.130 align:start position:0% may know of the wayback machine which 00:01:20.130 --> 00:01:23.060 align:start position:0% may know of the wayback machine which has<00:01:20.369> old<00:01:20.670> web<00:01:21.270> pages<00:01:21.600> and<00:01:22.439> to<00:01:22.590> try<00:01:22.770> to<00:01:22.799> preserve 00:01:23.060 --> 00:01:23.070 align:start position:0% has old web pages and to try to preserve 00:01:23.070 --> 00:01:26.120 align:start position:0% has old web pages and to try to preserve the<00:01:23.520> memory<00:01:23.909> that<00:01:24.869> has<00:01:24.990> come<00:01:25.229> before<00:01:25.380> on<00:01:25.830> the 00:01:26.120 --> 00:01:26.130 align:start position:0% the memory that has come before on the 00:01:26.130 --> 00:01:29.899 align:start position:0% the memory that has come before on the internet<00:01:26.610> I<00:01:27.530> may<00:01:28.530> be<00:01:28.590> here<00:01:28.979> because<00:01:29.400> I<00:01:29.430> hang 00:01:29.899 --> 00:01:29.909 align:start position:0% internet I may be here because I hang 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position:0% Hall of Fame and that's probably why I got<00:01:37.320> and<00:01:37.890> or<00:01:38.460> maybe<00:01:38.659> it's<00:01:39.659> the<00:01:39.869> decentralized 00:01:40.550 --> 00:01:40.560 align:start position:0% got and or maybe it's the decentralized 00:01:40.560 --> 00:01:43.370 align:start position:0% got and or maybe it's the decentralized web<00:01:40.860> can<00:01:41.189> we<00:01:41.310> make<00:01:41.520> the<00:01:41.729> the<00:01:42.540> world<00:01:42.900> wide<00:01:43.110> web 00:01:43.370 --> 00:01:43.380 align:start position:0% web can we make the the world wide web 00:01:43.380 --> 00:01:46.399 align:start position:0% web can we make the the world wide web work<00:01:43.830> so<00:01:44.460> without<00:01:44.700> having<00:01:45.150> a<00:01:45.540> reliance<00:01:46.170> on<00:01:46.259> any 00:01:46.399 --> 00:01:46.409 align:start position:0% work so without having a reliance on any 00:01:46.409 --> 00:01:48.319 align:start position:0% work so without having a reliance on any particular<00:01:46.650> piece<00:01:47.130> of<00:01:47.159> hardware<00:01:47.310> or<00:01:47.909> being<00:01:48.119> up 00:01:48.319 --> 00:01:48.329 align:start position:0% particular piece of hardware or being up 00:01:48.329 --> 00:01:49.399 align:start position:0% particular piece of hardware or being up or<00:01:48.509> down<00:01:48.630> can<00:01:48.810> we<00:01:48.869> make<00:01:49.020> a<00:01:49.049> peer-to-peer 00:01:49.399 --> 00:01:49.409 align:start position:0% or down can we make a peer-to-peer 00:01:49.409 --> 00:01:52.460 align:start position:0% or down can we make a peer-to-peer back-end<00:01:50.220> for<00:01:50.340> the<00:01:50.579> web<00:01:50.900> so<00:01:51.900> really<00:01:52.259> help 00:01:52.460 --> 00:01:52.470 align:start position:0% back-end for the web so really help 00:01:52.470 --> 00:01:54.469 align:start position:0% back-end for the web so really help trying<00:01:52.740> to<00:01:52.799> support<00:01:53.159> the<00:01:53.579> promotion<00:01:53.820> of 00:01:54.469 --> 00:01:54.479 align:start position:0% trying to support the promotion of 00:01:54.479 --> 00:01:59.270 align:start position:0% trying to support the promotion of locking<00:01:55.079> the<00:01:55.259> web<00:01:55.439> open<00:01:56.400> but<00:01:57.619> I'm<00:01:58.619> expert<00:01:59.159> in 00:01:59.270 --> 00:01:59.280 align:start position:0% locking the web open but I'm expert in 00:01:59.280 --> 00:02:00.620 align:start position:0% locking the web open but I'm expert in all<00:01:59.400> of<00:01:59.549> those<00:01:59.670> things<00:01:59.729> so<00:02:00.119> I'm<00:02:00.210> going<00:02:00.420> to<00:02:00.450> talk 00:02:00.620 --> 00:02:00.630 align:start position:0% all of those things so I'm going to talk 00:02:00.630 --> 00:02:02.149 align:start position:0% all of those things so I'm going to talk to<00:02:00.750> you<00:02:00.810> about<00:02:00.899> something<00:02:01.290> I'm<00:02:01.409> not<00:02:01.619> an<00:02:01.799> expert 00:02:02.149 --> 00:02:02.159 align:start position:0% to you about something I'm not an expert 00:02:02.159 --> 00:02:03.980 align:start position:0% to you about something I'm not an expert in<00:02:02.220> and<00:02:02.520> actually<00:02:03.030> I<00:02:03.090> know<00:02:03.180> who<00:02:03.479> I'm<00:02:03.600> talking 00:02:03.980 --> 00:02:03.990 align:start position:0% in and actually I know who I'm talking 00:02:03.990 --> 00:02:05.660 align:start position:0% in and actually I know who I'm talking to<00:02:04.020> the<00:02:04.290> experts<00:02:04.380> in<00:02:04.829> this<00:02:04.950> but<00:02:05.159> I'm<00:02:05.310> hoping 00:02:05.660 --> 00:02:05.670 align:start position:0% to the experts in this but I'm hoping 00:02:05.670 --> 00:02:07.340 align:start position:0% to the experts in this but I'm hoping I'm<00:02:05.850> going<00:02:06.030> to<00:02:06.090> give<00:02:06.210> you<00:02:06.329> a<00:02:06.479> new<00:02:06.990> perspective 00:02:07.340 --> 00:02:07.350 align:start position:0% I'm going to give you a new perspective 00:02:07.350 --> 00:02:10.910 align:start position:0% I'm going to give you a new perspective in<00:02:07.890> the<00:02:08.310> area<00:02:08.670> of<00:02:08.759> of<00:02:09.479> debt<00:02:09.929> and<00:02:10.170> my<00:02:10.560> story 00:02:10.910 --> 00:02:10.920 align:start position:0% in the area of of debt and my story 00:02:10.920 --> 00:02:13.369 align:start position:0% in the area of of debt and my story starts<00:02:11.430> by<00:02:11.760> my<00:02:12.000> having<00:02:12.390> won<00:02:12.629> the<00:02:12.840> internet 00:02:13.369 --> 00:02:13.379 align:start position:0% starts by my having won the internet 00:02:13.379 --> 00:02:14.030 align:start position:0% starts by my having won the internet lottery 00:02:14.030 --> 00:02:14.040 align:start position:0% lottery 00:02:14.040 --> 00:02:17.059 align:start position:0% lottery I<00:02:14.189> sold<00:02:14.639> companies<00:02:15.239> I<00:02:15.540> became<00:02:16.349> artificially 00:02:17.059 --> 00:02:17.069 align:start position:0% I sold companies I became artificially 00:02:17.069 --> 00:02:18.110 align:start position:0% I sold companies I became artificially wealthy<00:02:17.489> and<00:02:17.730> I<00:02:17.819> was 00:02:18.110 --> 00:02:18.120 align:start position:0% wealthy and I was 00:02:18.120 --> 00:02:20.119 align:start position:0% wealthy and I was trying<00:02:18.269> to<00:02:18.330> figure<00:02:18.510> out<00:02:18.659> what<00:02:19.379> the<00:02:19.620> heck<00:02:19.890> is 00:02:20.119 --> 00:02:20.129 align:start position:0% trying to figure out what the heck is 00:02:20.129 --> 00:02:24.250 align:start position:0% trying to figure out what the heck is money<00:02:20.610> and<00:02:21.140> so<00:02:22.140> I<00:02:22.170> started<00:02:22.500> reading<00:02:22.709> books<00:02:23.060> and 00:02:24.250 --> 00:02:24.260 align:start position:0% money and so I started reading books and 00:02:24.260 --> 00:02:27.530 align:start position:0% money and so I started reading books and my<00:02:25.260> favorite<00:02:25.920> book<00:02:26.159> from<00:02:26.760> that<00:02:26.819> era<00:02:27.269> was 00:02:27.530 --> 00:02:27.540 align:start position:0% my favorite book from that era was 00:02:27.540 --> 00:02:30.050 align:start position:0% my favorite book from that era was called<00:02:27.840> frozen<00:02:28.110> desire<00:02:28.680> so<00:02:29.069> this<00:02:29.250> guy<00:02:29.400> James 00:02:30.050 --> 00:02:30.060 align:start position:0% called frozen desire so this guy James 00:02:30.060 --> 00:02:31.580 align:start position:0% called frozen desire so this guy James Buck<00:02:30.360> and<00:02:30.540> he<00:02:30.599> goes<00:02:30.780> over<00:02:31.019> the<00:02:31.110> history<00:02:31.440> of 00:02:31.580 --> 00:02:31.590 align:start position:0% Buck and he goes over the history of 00:02:31.590 --> 00:02:34.130 align:start position:0% Buck and he goes over the history of money<00:02:31.830> and<00:02:32.069> he<00:02:32.790> goes<00:02:33.030> and<00:02:33.239> says<00:02:33.480> what<00:02:33.720> what<00:02:34.019> is 00:02:34.130 --> 00:02:34.140 align:start position:0% money and he goes and says what what is 00:02:34.140 --> 00:02:35.089 align:start position:0% money and he goes and says what what is money 00:02:35.089 --> 00:02:35.099 align:start position:0% money 00:02:35.099 --> 00:02:37.819 align:start position:0% money it's<00:02:35.400> frozen<00:02:35.730> desire<00:02:36.569> and<00:02:36.930> it<00:02:37.349> talks<00:02:37.620> all 00:02:37.819 --> 00:02:37.829 align:start position:0% it's frozen desire and it talks all 00:02:37.829 --> 00:02:40.520 align:start position:0% it's frozen desire and it talks all about<00:02:37.860> money<00:02:38.310> money<00:02:38.579> money<00:02:38.840> and<00:02:39.840> how<00:02:40.110> it<00:02:40.170> works 00:02:40.520 --> 00:02:40.530 align:start position:0% about money money money and how it works 00:02:40.530 --> 00:02:43.670 align:start position:0% about money money money and how it works and<00:02:40.829> how<00:02:41.040> the<00:02:41.099> how<00:02:41.730> you<00:02:41.790> finance<00:02:42.329> debt<00:02:42.720> wars 00:02:43.670 --> 00:02:43.680 align:start position:0% and how the how you finance debt wars 00:02:43.680 --> 00:02:46.180 align:start position:0% and how the how you finance debt wars and<00:02:44.159> on<00:02:44.519> and<00:02:44.760> on<00:02:44.819> it's<00:02:45.090> very<00:02:45.120> interesting<00:02:45.510> book 00:02:46.180 --> 00:02:46.190 align:start position:0% and on and on it's very interesting book 00:02:46.190 --> 00:02:48.830 align:start position:0% and on and on it's very interesting book what<00:02:47.190> it<00:02:47.280> occurred<00:02:47.760> to<00:02:47.790> me<00:02:47.909> it's<00:02:48.209> like<00:02:48.299> no<00:02:48.599> no 00:02:48.830 --> 00:02:48.840 align:start position:0% what it occurred to me it's like no no 00:02:48.840 --> 00:02:50.599 align:start position:0% what it occurred to me it's like no no maybe<00:02:49.079> it's<00:02:49.260> not<00:02:49.409> really<00:02:49.680> money<00:02:50.160> that's<00:02:50.459> the 00:02:50.599 --> 00:02:50.609 align:start position:0% maybe it's not really money that's the 00:02:50.609 --> 00:02:51.440 align:start position:0% maybe it's not really money that's the important<00:02:51.030> part 00:02:51.440 --> 00:02:51.450 align:start position:0% important part 00:02:51.450 --> 00:02:56.660 align:start position:0% important part maybe<00:02:51.870> it's<00:02:52.170> dead<00:02:53.220> maybe<00:02:54.180> it's<00:02:54.390> dead<00:02:54.930> and<00:02:55.670> it 00:02:56.660 --> 00:02:56.670 align:start position:0% maybe it's dead maybe it's dead and it 00:02:56.670 --> 00:03:01.400 align:start position:0% maybe it's dead maybe it's dead and it turns<00:02:57.569> out<00:02:57.810> that<00:02:59.000> money<00:03:00.000> and<00:03:00.329> debt<00:03:00.629> mostly 00:03:01.400 --> 00:03:01.410 align:start position:0% turns out that money and debt mostly 00:03:01.410 --> 00:03:03.619 align:start position:0% turns out that money and debt mostly create<00:03:01.950> each<00:03:02.129> other<00:03:02.400> and<00:03:02.700> I'm<00:03:03.150> gonna<00:03:03.359> I'm 00:03:03.619 --> 00:03:03.629 align:start position:0% create each other and I'm gonna I'm 00:03:03.629 --> 00:03:05.000 align:start position:0% create each other and I'm gonna I'm gonna<00:03:03.780> stay<00:03:04.079> on<00:03:04.170> this<00:03:04.319> for<00:03:04.470> a<00:03:04.530> moment<00:03:04.920> because 00:03:05.000 --> 00:03:05.010 align:start position:0% gonna stay on this for a moment because 00:03:05.010 --> 00:03:06.470 align:start position:0% gonna stay on this for a moment because I<00:03:05.190> think<00:03:05.220> it's<00:03:05.549> gonna<00:03:05.670> be<00:03:05.849> important<00:03:06.299> in<00:03:06.390> our 00:03:06.470 --> 00:03:06.480 align:start position:0% I think it's gonna be important in our 00:03:06.480 --> 00:03:10.399 align:start position:0% I think it's gonna be important in our crypto<00:03:06.900> world<00:03:08.390> almost<00:03:09.390> always<00:03:09.720> even<00:03:10.140> in<00:03:10.260> the 00:03:10.399 --> 00:03:10.409 align:start position:0% crypto world almost always even in the 00:03:10.409 --> 00:03:12.710 align:start position:0% crypto world almost always even in the crypto<00:03:10.769> and<00:03:10.890> the<00:03:11.010> crypto<00:03:11.569> communities<00:03:12.569> they 00:03:12.710 --> 00:03:12.720 align:start position:0% crypto and the crypto communities they 00:03:12.720 --> 00:03:14.180 align:start position:0% crypto and the crypto communities they talk<00:03:12.930> about<00:03:13.049> money<00:03:13.349> and<00:03:13.530> like<00:03:13.650> gold<00:03:13.950> and 00:03:14.180 --> 00:03:14.190 align:start position:0% talk about money and like gold and 00:03:14.190 --> 00:03:15.349 align:start position:0% talk about money and like gold and things<00:03:14.400> like<00:03:14.549> that<00:03:14.700> where<00:03:14.940> it<00:03:15.000> doesn't<00:03:15.269> go 00:03:15.349 --> 00:03:15.359 align:start position:0% things like that where it doesn't go 00:03:15.359 --> 00:03:18.110 align:start position:0% things like that where it doesn't go into<00:03:15.540> there<00:03:16.319> isn't<00:03:16.560> debt<00:03:16.769> but<00:03:17.310> if<00:03:17.700> you<00:03:17.909> take 00:03:18.110 --> 00:03:18.120 align:start position:0% into there isn't debt but if you take 00:03:18.120 --> 00:03:19.930 align:start position:0% into there isn't debt but if you take like<00:03:18.390> currency<00:03:18.870> in<00:03:19.109> the<00:03:19.230> American<00:03:19.620> currency 00:03:19.930 --> 00:03:19.940 align:start position:0% like currency in the American currency 00:03:19.940 --> 00:03:23.720 align:start position:0% like currency in the American currency or<00:03:20.940> any<00:03:21.359> of<00:03:21.480> the<00:03:21.540> world<00:03:21.690> currencies<00:03:22.230> about<00:03:22.859> 5% 00:03:23.720 --> 00:03:23.730 align:start position:0% or any of the world currencies about 5% 00:03:23.730 --> 00:03:28.250 align:start position:0% or any of the world currencies about 5% is<00:03:23.910> money<00:03:24.419> and<00:03:24.750> the<00:03:25.590> rest<00:03:25.859> is<00:03:26.720> money<00:03:27.720> and<00:03:28.019> debt 00:03:28.250 --> 00:03:28.260 align:start position:0% is money and the rest is money and debt 00:03:28.260 --> 00:03:30.830 align:start position:0% is money and the rest is money and debt create<00:03:28.829> each<00:03:29.010> other<00:03:29.310> the<00:03:29.970> way<00:03:30.239> that<00:03:30.480> you<00:03:30.569> get 00:03:30.830 --> 00:03:30.840 align:start position:0% create each other the way that you get 00:03:30.840 --> 00:03:32.839 align:start position:0% create each other the way that you get more<00:03:31.079> money<00:03:31.500> is<00:03:31.859> you<00:03:32.190> create<00:03:32.579> debt 00:03:32.839 --> 00:03:32.849 align:start position:0% more money is you create debt 00:03:32.849 --> 00:03:34.729 align:start position:0% more money is you create debt obligations<00:03:33.599> if<00:03:33.810> you<00:03:33.930> go<00:03:34.079> and<00:03:34.200> say<00:03:34.319> well<00:03:34.349> I'm 00:03:34.729 --> 00:03:34.739 align:start position:0% obligations if you go and say well I'm 00:03:34.739 --> 00:03:38.030 align:start position:0% obligations if you go and say well I'm against<00:03:35.220> being<00:03:35.519> in<00:03:35.879> debt<00:03:36.769> really<00:03:37.769> what<00:03:37.919> you're 00:03:38.030 --> 00:03:38.040 align:start position:0% against being in debt really what you're 00:03:38.040 --> 00:03:40.610 align:start position:0% against being in debt really what you're saying<00:03:38.069> is<00:03:38.519> I<00:03:38.549> want<00:03:38.849> somebody<00:03:39.389> else<00:03:39.720> to<00:03:40.109> be<00:03:40.410> in 00:03:40.610 --> 00:03:40.620 align:start position:0% saying is I want somebody else to be in 00:03:40.620 --> 00:03:42.589 align:start position:0% saying is I want somebody else to be in debt<00:03:40.950> because<00:03:41.160> I<00:03:41.400> have<00:03:41.849> money<00:03:42.150> if<00:03:42.269> I<00:03:42.419> have 00:03:42.589 --> 00:03:42.599 align:start position:0% debt because I have money if I have 00:03:42.599 --> 00:03:45.470 align:start position:0% debt because I have money if I have money<00:03:42.780> somebody<00:03:43.200> else<00:03:43.379> has<00:03:43.650> debt<00:03:44.040> they<00:03:44.910> create 00:03:45.470 --> 00:03:45.480 align:start position:0% money somebody else has debt they create 00:03:45.480 --> 00:03:47.589 align:start position:0% money somebody else has debt they create each<00:03:45.720> other<00:03:46.019> they<00:03:46.290> exist<00:03:46.799> in<00:03:47.010> a<00:03:47.099> one-to-one 00:03:47.589 --> 00:03:47.599 align:start position:0% each other they exist in a one-to-one 00:03:47.599 --> 00:03:51.369 align:start position:0% each other they exist in a one-to-one relationship<00:03:48.599> almost<00:03:49.590> except<00:03:49.980> for<00:03:50.129> about<00:03:50.280> 5% 00:03:51.369 --> 00:03:51.379 align:start position:0% relationship almost except for about 5% 00:03:51.379 --> 00:03:54.650 align:start position:0% relationship almost except for about 5% that<00:03:52.379> is<00:03:52.560> I<00:03:52.889> find<00:03:53.459> very<00:03:53.549> interesting<00:03:53.849> so 00:03:54.650 --> 00:03:54.660 align:start position:0% that is I find very interesting so 00:03:54.660 --> 00:03:56.809 align:start position:0% that is I find very interesting so whenever<00:03:55.109> I<00:03:55.319> hear<00:03:55.680> of<00:03:55.829> these<00:03:55.980> bankers<00:03:56.430> or<00:03:56.639> you 00:03:56.809 --> 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what they really they want to 00:04:03.150 --> 00:04:05.379 align:start position:0% out there what they really they want to increase<00:04:03.569> the<00:04:03.780> money<00:04:03.959> supply<00:04:04.079> just<00:04:04.620> try<00:04:05.160> out<00:04:05.340> a 00:04:05.379 --> 00:04:05.389 align:start position:0% increase the money supply just try out a 00:04:05.389 --> 00:04:08.089 align:start position:0% increase the money supply just try out a thought<00:04:06.389> experiment<00:04:06.780> whenever<00:04:07.680> they<00:04:07.829> say 00:04:08.089 --> 00:04:08.099 align:start position:0% thought experiment whenever they say 00:04:08.099 --> 00:04:12.319 align:start position:0% thought experiment whenever they say money<00:04:08.400> just<00:04:09.000> insert<00:04:09.329> the<00:04:09.480> word<00:04:09.660> debt<00:04:10.470> and<00:04:11.329> you 00:04:12.319 --> 00:04:12.329 align:start position:0% money just insert the word debt and you 00:04:12.329 --> 00:04:14.000 align:start position:0% money just insert the word debt and you will<00:04:12.449> also<00:04:12.870> understand<00:04:13.410> what<00:04:13.590> they're<00:04:13.739> saying 00:04:14.000 --> 00:04:14.010 align:start position:0% will also understand what they're saying 00:04:14.010 --> 00:04:16.129 align:start position:0% will also understand what they're saying and<00:04:14.220> actually<00:04:14.430> much<00:04:14.819> more<00:04:15.030> precisely<00:04:15.480> when 00:04:16.129 --> 00:04:16.139 align:start position:0% and actually much more precisely when 00:04:16.139 --> 00:04:17.900 align:start position:0% and actually much more precisely when they<00:04:16.289> say<00:04:16.470> they<00:04:16.650> want<00:04:16.680> to<00:04:16.919> increase<00:04:17.250> the<00:04:17.489> money 00:04:17.900 --> 00:04:17.910 align:start position:0% they say they want to increase the money 00:04:17.910 --> 00:04:20.120 align:start position:0% they say they want to increase the money supply<00:04:18.060> they<00:04:18.539> want<00:04:18.780> to<00:04:18.870> increase<00:04:19.229> the<00:04:19.889> amount 00:04:20.120 --> 00:04:20.130 align:start position:0% supply they want to increase the amount 00:04:20.130 --> 00:04:23.180 align:start position:0% supply they want to increase the amount of<00:04:20.340> debt<00:04:20.729> supply<00:04:21.599> they<00:04:22.410> want<00:04:22.650> to<00:04:22.800> go<00:04:22.949> and 00:04:23.180 --> 00:04:23.190 align:start position:0% of debt supply they want to go and 00:04:23.190 --> 00:04:25.879 align:start position:0% of debt supply they want to go and liquidity<00:04:23.669> more<00:04:24.570> money<00:04:24.840> out<00:04:25.199> there<00:04:25.500> they<00:04:25.710> want 00:04:25.879 --> 00:04:25.889 align:start position:0% liquidity more money out there they want 00:04:25.889 --> 00:04:29.240 align:start position:0% liquidity more money out there they want more<00:04:26.190> debt<00:04:26.610> so<00:04:27.210> what<00:04:27.690> debt<00:04:27.960> is<00:04:28.289> is<00:04:28.560> and<00:04:28.950> it's 00:04:29.240 --> 00:04:29.250 align:start position:0% more debt so what debt is is and it's 00:04:29.250 --> 00:04:31.029 align:start position:0% more debt so what debt is is and it's always<00:04:29.550> debt<00:04:29.880> with<00:04:30.090> interest 00:04:31.029 --> 00:04:31.039 align:start position:0% always debt with interest 00:04:31.039 --> 00:04:34.119 align:start position:0% always debt with interest it's<00:04:31.159> a<00:04:31.339> slope<00:04:31.759> and<00:04:32.119> money<00:04:33.050> goes<00:04:33.349> from<00:04:33.800> debtors 00:04:34.119 --> 00:04:34.129 align:start position:0% it's a slope and money goes from debtors 00:04:34.129 --> 00:04:35.529 align:start position:0% it's a slope and money goes from debtors to<00:04:34.849> creditors 00:04:35.529 --> 00:04:35.539 align:start position:0% to creditors 00:04:35.539 --> 00:04:37.600 align:start position:0% to creditors it's<00:04:36.229> a<00:04:36.289> slope<00:04:36.499> you<00:04:36.740> can<00:04:36.949> change<00:04:37.309> what<00:04:37.490> the 00:04:37.600 --> 00:04:37.610 align:start position:0% it's a slope you can change what the 00:04:37.610 --> 00:04:39.790 align:start position:0% it's a slope you can change what the slope<00:04:37.879> is<00:04:38.180> and<00:04:38.449> you<00:04:38.900> can<00:04:39.050> map<00:04:39.319> and<00:04:39.529> you<00:04:39.649> can 00:04:39.790 --> 00:04:39.800 align:start position:0% slope is and you can map and you can 00:04:39.800 --> 00:04:42.369 align:start position:0% slope is and you can map and you can change<00:04:39.979> how<00:04:40.249> much<00:04:40.550> there<00:04:41.300> is<00:04:41.330> and<00:04:41.869> when 00:04:42.369 --> 00:04:42.379 align:start position:0% change how much there is and when 00:04:42.379 --> 00:04:43.540 align:start position:0% change how much there is and when they're<00:04:42.499> trying<00:04:42.680> to<00:04:42.770> increase<00:04:43.189> the<00:04:43.399> money 00:04:43.540 --> 00:04:43.550 align:start position:0% they're trying to increase the money 00:04:43.550 --> 00:04:45.159 align:start position:0% they're trying to increase the money supply<00:04:43.699> they're<00:04:44.270> trying<00:04:44.509> to<00:04:44.539> increase<00:04:44.960> the 00:04:45.159 --> 00:04:45.169 align:start position:0% supply they're trying to increase the 00:04:45.169 --> 00:04:47.950 align:start position:0% supply they're trying to increase the amount<00:04:45.379> of<00:04:45.619> debt<00:04:46.009> so<00:04:46.729> that<00:04:46.759> just<00:04:47.240> increases 00:04:47.950 --> 00:04:47.960 align:start position:0% amount of debt so that just increases 00:04:47.960 --> 00:04:49.899 align:start position:0% amount of debt so that just increases the<00:04:48.139> amount<00:04:48.379> that's<00:04:48.710> going<00:04:48.830> from<00:04:49.309> debtors<00:04:49.550> to 00:04:49.899 --> 00:04:49.909 align:start position:0% the amount that's going from debtors to 00:04:49.909 --> 00:04:52.059 align:start position:0% the amount that's going from debtors to creditors<00:04:50.389> and<00:04:51.259> then<00:04:51.529> there's<00:04:51.710> interest 00:04:52.059 --> 00:04:52.069 align:start position:0% creditors and then there's interest 00:04:52.069 --> 00:04:54.839 align:start position:0% creditors and then there's interest rates<00:04:52.369> where<00:04:52.610> you<00:04:52.699> can<00:04:52.879> go<00:04:52.999> and<00:04:53.180> tilt<00:04:53.389> it<00:04:53.539> on 00:04:54.839 --> 00:04:54.849 align:start position:0% rates where you can go and tilt it on 00:04:54.849 --> 00:04:59.019 align:start position:0% rates where you can go and tilt it on the<00:04:55.849> slide<00:04:56.389> more<00:04:57.080> but<00:04:57.469> it's<00:04:57.619> all<00:04:57.830> going<00:04:58.129> one 00:04:59.019 --> 00:04:59.029 align:start position:0% the slide more but it's all going one 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align:start position:0% existed for as long as there has been writing<00:05:07.520> which<00:05:07.879> I'll<00:05:08.059> get<00:05:08.240> to<00:05:08.300> in<00:05:08.449> a<00:05:08.629> minute<00:05:09.669> so 00:05:10.659 --> 00:05:10.669 align:start position:0% writing which I'll get to in a minute so 00:05:10.669 --> 00:05:12.189 align:start position:0% writing which I'll get to in a minute so if<00:05:10.819> you're<00:05:10.969> trying<00:05:11.240> to<00:05:11.330> look<00:05:11.449> for<00:05:11.509> lines<00:05:11.960> of 00:05:12.189 --> 00:05:12.199 align:start position:0% if you're trying to look for lines of 00:05:12.199 --> 00:05:14.200 align:start position:0% if you're trying to look for lines of control<00:05:12.710> and<00:05:13.009> trying<00:05:13.490> to<00:05:13.580> predict<00:05:13.999> how<00:05:14.180> the 00:05:14.200 --> 00:05:14.210 align:start position:0% control and trying to predict how the 00:05:14.210 --> 00:05:16.510 align:start position:0% control and trying to predict how the future<00:05:14.599> will<00:05:14.749> behold<00:05:15.529> I<00:05:15.860> always<00:05:16.339> try<00:05:16.490> to 00:05:16.510 --> 00:05:16.520 align:start position:0% future will behold I always try to 00:05:16.520 --> 00:05:18.279 align:start position:0% future will behold I always try to figure<00:05:16.729> out<00:05:16.849> what's<00:05:17.089> the<00:05:17.180> root<00:05:17.539> causes<00:05:17.899> out 00:05:18.279 --> 00:05:18.289 align:start position:0% figure out what's the root causes out 00:05:18.289 --> 00:05:20.350 align:start position:0% figure out what's the root causes out there<00:05:18.319> I<00:05:18.680> would<00:05:19.039> suggest<00:05:19.309> don't<00:05:19.669> follow<00:05:20.059> the 00:05:20.350 --> 00:05:20.360 align:start position:0% there I would suggest don't follow the 00:05:20.360 --> 00:05:22.269 align:start position:0% there I would suggest don't follow the money<00:05:20.569> as<00:05:20.809> they<00:05:21.379> said<00:05:21.620> in<00:05:21.800> that<00:05:21.949> all<00:05:22.129> the 00:05:22.269 --> 00:05:22.279 align:start position:0% money as they said in that all the 00:05:22.279 --> 00:05:24.549 align:start position:0% money as they said in that all the President's<00:05:22.819> Men<00:05:22.879> a<00:05:23.270> famous<00:05:24.020> movie<00:05:24.169> about<00:05:24.379> the 00:05:24.549 --> 00:05:24.559 align:start position:0% President's Men a famous movie about the 00:05:24.559 --> 00:05:29.519 align:start position:0% President's Men a famous movie about the Watergate<00:05:25.550> investigation<00:05:27.430> follow<00:05:28.430> the<00:05:28.639> debt 00:05:29.519 --> 00:05:29.529 align:start position:0% Watergate investigation follow the debt 00:05:29.529 --> 00:05:32.820 align:start position:0% Watergate investigation follow the debt follow<00:05:30.529> debt<00:05:30.949> who<00:05:31.399> is<00:05:31.459> obligated<00:05:31.789> to<00:05:32.330> whom 00:05:32.820 --> 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be the most 00:05:42.589 --> 00:05:46.029 align:start position:0% that I would suggest be the most indicative<00:05:43.490> of<00:05:43.939> what's<00:05:44.330> going<00:05:44.569> to<00:05:44.659> happen<00:05:45.229> in 00:05:46.029 --> 00:05:46.039 align:start position:0% indicative of what's going to happen in 00:05:46.039 --> 00:05:50.529 align:start position:0% indicative of what's going to happen in in<00:05:46.370> the<00:05:46.699> future<00:05:47.680> at<00:05:48.680> that<00:05:48.949> point<00:05:49.279> a<00:05:49.669> book<00:05:50.269> came 00:05:50.529 --> 00:05:50.539 align:start position:0% in the future at that point a book came 00:05:50.539 --> 00:05:53.499 align:start position:0% in the future at that point a book came out<00:05:50.749> called<00:05:51.409> debt<00:05:51.830> the<00:05:52.099> first<00:05:52.309> 5,000<00:05:53.120> years<00:05:53.300> by 00:05:53.499 --> 00:05:53.509 align:start position:0% out called debt the first 5,000 years by 00:05:53.509 --> 00:05:56.379 align:start position:0% out called debt the first 5,000 years by David<00:05:53.870> Graeber<00:05:54.110> this<00:05:54.709> is<00:05:54.949> the<00:05:55.789> most<00:05:55.969> important 00:05:56.379 --> 00:05:56.389 align:start position:0% David Graeber this is the most important 00:05:56.389 --> 00:05:58.449 align:start position:0% David Graeber this is the most important book<00:05:56.539> I've<00:05:56.779> read<00:05:57.019> in<00:05:57.199> the<00:05:57.229> last<00:05:57.439> 20<00:05:57.889> years<00:05:57.919> it 00:05:58.449 --> 00:05:58.459 align:start position:0% book I've read in the last 20 years it 00:05:58.459 --> 00:06:01.299 align:start position:0% book I've read in the last 20 years it blew<00:05:58.909> my<00:05:59.089> mind<00:05:59.120> it<00:05:59.629> basically<00:06:00.309> chopped 00:06:01.299 --> 00:06:01.309 align:start position:0% blew my mind it basically chopped 00:06:01.309 --> 00:06:04.059 align:start position:0% blew my mind it basically chopped pillars<00:06:01.969> out<00:06:02.209> from<00:06:02.569> underneath<00:06:02.959> my<00:06:03.830> whole 00:06:04.059 --> 00:06:04.069 align:start position:0% pillars out from underneath my whole 00:06:04.069 --> 00:06:06.939 align:start position:0% pillars out from underneath my whole belief<00:06:04.459> system<00:06:04.930> this<00:06:05.930> guy<00:06:06.139> basically<00:06:06.379> wrote 00:06:06.939 --> 00:06:06.949 align:start position:0% belief system this guy basically wrote 00:06:06.949 --> 00:06:09.339 align:start position:0% belief system this guy basically wrote it's<00:06:07.159> across<00:06:07.490> the<00:06:07.819> five<00:06:08.629> thousand<00:06:09.259> years 00:06:09.339 --> 00:06:09.349 align:start position:0% it's across the five thousand years 00:06:09.349 --> 00:06:11.379 align:start position:0% it's across the five thousand years history<00:06:09.800> across<00:06:10.159> the<00:06:10.339> whole<00:06:10.580> world<00:06:10.879> it's<00:06:11.269> a 00:06:11.379 --> 00:06:11.389 align:start position:0% history across the whole world it's a 00:06:11.389 --> 00:06:14.820 align:start position:0% history across the whole world it's a kind<00:06:12.050> of<00:06:12.080> an<00:06:12.199> amazing<00:06:12.439> book<00:06:12.800> and<00:06:13.099> tried<00:06:13.759> to 00:06:14.820 --> 00:06:14.830 align:start position:0% kind of an amazing book and tried to 00:06:14.830 --> 00:06:17.799 align:start position:0% kind of an amazing book and tried to detail<00:06:15.830> the<00:06:16.009> history<00:06:16.039> of<00:06:16.610> debt<00:06:16.909> and<00:06:17.120> how<00:06:17.629> did 00:06:17.799 --> 00:06:17.809 align:start position:0% detail the history of debt and how did 00:06:17.809 --> 00:06:20.139 align:start position:0% detail the history of debt and how did it<00:06:17.959> work<00:06:18.199> in<00:06:18.439> different<00:06:18.769> cultures<00:06:19.249> and<00:06:19.490> it 00:06:20.139 --> 00:06:20.149 align:start position:0% it work in different cultures and it 00:06:20.149 --> 00:06:21.639 align:start position:0% it work in different cultures and it works<00:06:20.419> very<00:06:20.629> differently<00:06:20.749> in<00:06:21.199> different 00:06:21.639 --> 00:06:21.649 align:start position:0% works very differently in different 00:06:21.649 --> 00:06:22.899 align:start position:0% works very differently in different cultures<00:06:22.069> and<00:06:22.279> there's<00:06:22.550> a<00:06:22.639> lot<00:06:22.789> more 00:06:22.899 --> 00:06:22.909 align:start position:0% cultures and there's a lot more 00:06:22.909 --> 00:06:25.509 align:start position:0% cultures and there's a lot more possibilities<00:06:23.449> out<00:06:23.870> there<00:06:23.899> a<00:06:24.289> brilliant<00:06:25.189> man 00:06:25.509 --> 00:06:25.519 align:start position:0% possibilities out there a brilliant man 00:06:25.519 --> 00:06:27.610 align:start position:0% possibilities out there a brilliant man a<00:06:25.759> wonderful<00:06:26.479> read<00:06:26.719> highly<00:06:27.379> highly 00:06:27.610 --> 00:06:27.620 align:start position:0% a wonderful read highly highly 00:06:27.620 --> 00:06:30.579 align:start position:0% a wonderful read highly highly recommended<00:06:28.459> but<00:06:28.999> it<00:06:29.029> basically<00:06:29.569> goes<00:06:29.870> on 00:06:30.579 --> 00:06:30.589 align:start position:0% recommended but it basically goes on 00:06:30.589 --> 00:06:33.600 align:start position:0% recommended but it basically goes on this<00:06:31.009> structure<00:06:31.789> of<00:06:32.089> sort<00:06:32.360> of<00:06:32.419> how<00:06:32.599> how<00:06:33.019> does 00:06:33.600 --> 00:06:33.610 align:start position:0% this structure of sort of how how does 00:06:33.610 --> 00:06:37.959 align:start position:0% this structure of sort of how how does debt<00:06:34.899> evolved<00:06:35.899> and<00:06:36.199> how<00:06:36.529> does<00:06:36.589> obligation<00:06:37.550> let 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our<00:06:46.950> mothers<00:06:47.250> ah<00:06:47.480> but 00:06:48.470 --> 00:06:48.480 align:start position:0% our friends our mothers ah but 00:06:48.480 --> 00:06:50.900 align:start position:0% our friends our mothers ah but quantified<00:06:49.380> obligations<00:06:50.130> is<00:06:50.370> debt<00:06:50.670> and 00:06:50.900 --> 00:06:50.910 align:start position:0% quantified obligations is debt and 00:06:50.910 --> 00:06:52.760 align:start position:0% quantified obligations is debt and another<00:06:51.540> characteristic<00:06:52.080> of<00:06:52.290> almost<00:06:52.470> all 00:06:52.760 --> 00:06:52.770 align:start position:0% another characteristic of almost all 00:06:52.770 --> 00:06:55.460 align:start position:0% another characteristic of almost all debt<00:06:53.010> is<00:06:53.130> it's<00:06:53.430> transferable<00:06:54.240> so<00:06:55.230> it's 00:06:55.460 --> 00:06:55.470 align:start position:0% debt is it's transferable so it's 00:06:55.470 --> 00:06:57.860 align:start position:0% debt is it's transferable so it's transferable<00:06:56.130> actually<00:06:56.760> by<00:06:57.270> the<00:06:57.330> creditor 00:06:57.860 --> 00:06:57.870 align:start position:0% transferable actually by the creditor 00:06:57.870 --> 00:06:59.240 align:start position:0% transferable actually by the creditor the<00:06:58.080> creditor<00:06:58.530> can<00:06:58.560> give<00:06:58.890> it<00:06:58.980> to<00:06:59.010> somebody 00:06:59.240 --> 00:06:59.250 align:start position:0% the creditor can give it to somebody 00:06:59.250 --> 00:07:01.010 align:start position:0% the creditor can give it to somebody else<00:06:59.400> so<00:06:59.820> you<00:06:59.910> might<00:07:00.090> be<00:07:00.120> in<00:07:00.300> debt<00:07:00.510> to<00:07:00.540> somebody 00:07:01.010 --> 00:07:01.020 align:start position:0% else so you might be in debt to somebody 00:07:01.020 --> 00:07:02.510 align:start position:0% else so you might be in debt to somebody and<00:07:01.200> then<00:07:01.350> they<00:07:01.500> suddenly<00:07:02.070> put<00:07:02.310> it<00:07:02.430> to 00:07:02.510 --> 00:07:02.520 align:start position:0% and then they suddenly put it to 00:07:02.520 --> 00:07:03.650 align:start position:0% and then they suddenly put it to somebody<00:07:02.670> else<00:07:02.910> and<00:07:03.030> now<00:07:03.120> you're<00:07:03.300> in<00:07:03.390> debt<00:07:03.540> to 00:07:03.650 --> 00:07:03.660 align:start position:0% somebody else and now you're in debt to 00:07:03.660 --> 00:07:05.710 align:start position:0% somebody else and now you're in debt to somebody<00:07:03.930> else<00:07:04.080> so<00:07:04.590> it<00:07:04.680> really<00:07:04.860> peculiar 00:07:05.710 --> 00:07:05.720 align:start position:0% somebody else so it really peculiar 00:07:05.720 --> 00:07:10.790 align:start position:0% somebody else so it really peculiar device<00:07:06.720> but<00:07:07.350> I<00:07:07.380> highly<00:07:07.710> recommend<00:07:09.380> this<00:07:10.380> book 00:07:10.790 --> 00:07:10.800 align:start position:0% device but I highly recommend this book 00:07:10.800 --> 00:07:13.780 align:start position:0% device but I highly recommend this book in<00:07:11.040> terms<00:07:11.400> of<00:07:11.580> how<00:07:11.850> does<00:07:12.120> value<00:07:12.510> exchange<00:07:12.840> move 00:07:13.780 --> 00:07:13.790 align:start position:0% in terms of how does value exchange move 00:07:13.790 --> 00:07:16.490 align:start position:0% in terms of how does value exchange move among<00:07:14.790> people<00:07:15.270> and<00:07:15.480> you<00:07:15.780> guys<00:07:15.930> are<00:07:16.110> all<00:07:16.290> in 00:07:16.490 --> 00:07:16.500 align:start position:0% among people and you guys are all in 00:07:16.500 --> 00:07:19.760 align:start position:0% among people and you guys are all in this<00:07:16.680> field<00:07:16.980> so<00:07:17.880> recommended<00:07:18.630> so<00:07:19.110> basically<00:07:19.650> I 00:07:19.760 --> 00:07:19.770 align:start position:0% this field so recommended so basically I 00:07:19.770 --> 00:07:21.650 align:start position:0% this field so recommended so basically I said<00:07:20.040> all<00:07:20.220> right<00:07:20.280> if<00:07:20.670> that's<00:07:20.880> what's<00:07:21.120> crushing 00:07:21.650 --> 00:07:21.660 align:start position:0% said all right if that's what's crushing 00:07:21.660 --> 00:07:24.650 align:start position:0% said all right if that's what's crushing our<00:07:21.870> people<00:07:22.470> we<00:07:22.650> now<00:07:22.950> had<00:07:23.190> the<00:07:23.340> it<00:07:23.670> was<00:07:23.790> 2008 00:07:24.650 --> 00:07:24.660 align:start position:0% our people we now had the it was 2008 00:07:24.660 --> 00:07:27.440 align:start position:0% our people we now had the it was 2008 there's<00:07:25.050> a<00:07:25.140> housing<00:07:25.620> crisis<00:07:26.340> the<00:07:27.120> people<00:07:27.390> at 00:07:27.440 --> 00:07:27.450 align:start position:0% there's a housing crisis the people at 00:07:27.450 --> 00:07:28.820 align:start position:0% there's a housing crisis the people at the<00:07:27.570> Internet<00:07:27.870> Archive<00:07:27.960> were<00:07:28.380> having<00:07:28.650> real 00:07:28.820 --> 00:07:28.830 align:start position:0% the Internet Archive were having real 00:07:28.830 --> 00:07:30.620 align:start position:0% the Internet Archive were having real trouble<00:07:28.980> because<00:07:29.430> of<00:07:29.550> rent<00:07:29.760> I've<00:07:30.180> tried<00:07:30.540> to 00:07:30.620 --> 00:07:30.630 align:start position:0% trouble because of rent I've tried to 00:07:30.630 --> 00:07:33.470 align:start position:0% trouble because of rent I've tried to figure<00:07:30.780> out<00:07:30.870> why<00:07:31.230> was<00:07:31.650> rent<00:07:32.010> so<00:07:32.280> high<00:07:32.610> it<00:07:33.180> turns 00:07:33.470 --> 00:07:33.480 align:start position:0% figure out why was rent so high it turns 00:07:33.480 --> 00:07:35.840 align:start position:0% figure out why was rent so high it turns out<00:07:33.660> it<00:07:33.900> was<00:07:34.080> debt<00:07:34.410> service<00:07:34.890> on<00:07:35.100> the<00:07:35.370> apartment 00:07:35.840 --> 00:07:35.850 align:start position:0% out it was debt service on the apartment 00:07:35.850 --> 00:07:37.910 align:start position:0% out it was debt service on the apartment buildings<00:07:36.240> if<00:07:36.420> you<00:07:36.900> could<00:07:37.080> make<00:07:37.260> debt-free 00:07:37.910 --> 00:07:37.920 align:start position:0% buildings if you could make debt-free 00:07:37.920 --> 00:07:40.550 align:start position:0% buildings if you could make debt-free apartment<00:07:38.520> buildings<00:07:39.000> you<00:07:39.300> could<00:07:39.450> have<00:07:39.660> rent 00:07:40.550 --> 00:07:40.560 align:start position:0% apartment buildings you could have rent 00:07:40.560 --> 00:07:42.650 align:start position:0% apartment buildings you could have rent that's<00:07:40.830> one<00:07:41.070> third<00:07:41.430> of<00:07:41.700> market-based<00:07:42.090> rent 00:07:42.650 --> 00:07:42.660 align:start position:0% that's one third of market-based rent 00:07:42.660 --> 00:07:45.110 align:start position:0% that's one third of market-based rent said<00:07:43.260> great<00:07:43.650> why<00:07:44.160> don't<00:07:44.340> we<00:07:44.430> go<00:07:44.580> and<00:07:44.850> try<00:07:45.000> to 00:07:45.110 --> 00:07:45.120 align:start position:0% said great why don't we go and try to 00:07:45.120 --> 00:07:46.640 align:start position:0% said great why don't we go and try to make<00:07:45.330> debt-free<00:07:45.870> housing 00:07:46.640 --> 00:07:46.650 align:start position:0% make debt-free housing 00:07:46.650 --> 00:07:49.670 align:start position:0% make debt-free housing happen<00:07:47.340> by<00:07:47.790> going<00:07:48.090> having<00:07:48.360> a<00:07:48.750> structure<00:07:49.650> I 00:07:49.670 --> 00:07:49.680 align:start position:0% happen by going having a structure I 00:07:49.680 --> 00:07:51.020 align:start position:0% happen by going having a structure I need<00:07:49.919> to<00:07:50.010> be<00:07:50.100> able<00:07:50.220> to<00:07:50.370> create<00:07:50.520> a<00:07:50.610> bank 00:07:51.020 --> 00:07:51.030 align:start position:0% need to be able to create a bank 00:07:51.030 --> 00:07:53.510 align:start position:0% need to be able to create a bank so<00:07:51.210> I<00:07:51.240> created<00:07:51.630> a<00:07:51.780> bank<00:07:51.990> created<00:07:52.980> a<00:07:53.160> credit 00:07:53.510 --> 00:07:53.520 align:start position:0% so I created a bank created a credit 00:07:53.520 --> 00:07:55.220 align:start position:0% so I created a bank created a credit union<00:07:53.669> called<00:07:54.060> the<00:07:54.150> internet<00:07:54.540> credit<00:07:54.930> union 00:07:55.220 --> 00:07:55.230 align:start position:0% union called the internet credit union 00:07:55.230 --> 00:07:58.820 align:start position:0% union called the internet credit union and<00:07:56.100> we<00:07:57.090> ran<00:07:57.330> it<00:07:57.480> for<00:07:57.660> a<00:07:57.720> while<00:07:57.960> and<00:07:57.990> boy<00:07:58.530> that 00:07:58.820 --> 00:07:58.830 align:start position:0% and we ran it for a while and boy that 00:07:58.830 --> 00:08:01.930 align:start position:0% and we ran it for a while and boy that regulators<00:07:59.610> really<00:08:00.300> really<00:08:00.930> didn't<00:08:01.260> like<00:08:01.440> it 00:08:01.930 --> 00:08:01.940 align:start position:0% regulators really really didn't like it 00:08:01.940 --> 00:08:05.860 align:start position:0% regulators really really didn't like it boy<00:08:02.940> it<00:08:03.150> says<00:08:03.330> just<00:08:03.600> go<00:08:03.750> start<00:08:04.020> a<00:08:04.169> bank<00:08:04.730> yeah 00:08:05.860 --> 00:08:05.870 align:start position:0% boy it says just go start a bank yeah 00:08:05.870 --> 00:08:08.900 align:start position:0% boy it says just go start a bank yeah there's<00:08:06.870> a<00:08:07.169> they<00:08:07.770> basically<00:08:08.190> didn't<00:08:08.580> want<00:08:08.790> us 00:08:08.900 --> 00:08:08.910 align:start position:0% there's a they basically didn't want us 00:08:08.910 --> 00:08:10.940 align:start position:0% there's a they basically didn't want us around<00:08:09.120> so<00:08:09.540> they<00:08:09.720> crushed<00:08:10.200> us<00:08:10.440> out<00:08:10.770> of 00:08:10.940 --> 00:08:10.950 align:start position:0% around so they crushed us out of 00:08:10.950 --> 00:08:13.490 align:start position:0% around so they crushed us out of existence<00:08:11.100> and<00:08:11.700> unfortunately<00:08:12.500> Tradehill 00:08:13.490 --> 00:08:13.500 align:start position:0% existence and unfortunately Tradehill 00:08:13.500 --> 00:08:16.400 align:start position:0% existence and unfortunately Tradehill which<00:08:13.860> is<00:08:13.980> a<00:08:14.010> Bitcoin<00:08:14.220> company<00:08:15.260> because<00:08:16.260> we 00:08:16.400 --> 00:08:16.410 align:start position:0% which is a Bitcoin company because we 00:08:16.410 --> 00:08:18.200 align:start position:0% which is a Bitcoin company because we were<00:08:16.500> the<00:08:16.620> only<00:08:16.650> credit<00:08:17.430> union<00:08:17.730> that<00:08:17.760> would<00:08:18.060> go 00:08:18.200 --> 00:08:18.210 align:start position:0% were the only credit union that would go 00:08:18.210 --> 00:08:20.270 align:start position:0% were the only credit union that would go and<00:08:18.330> deal<00:08:18.480> with<00:08:18.510> them<00:08:18.870> when<00:08:19.440> we<00:08:19.590> went<00:08:19.740> when 00:08:20.270 --> 00:08:20.280 align:start position:0% and deal with them when we went when 00:08:20.280 --> 00:08:21.890 align:start position:0% and deal with them when we went when they<00:08:20.310> crushed<00:08:20.640> outside<00:08:21.060> of<00:08:21.210> existence<00:08:21.660> they 00:08:21.890 --> 00:08:21.900 align:start position:0% they crushed outside of existence they 00:08:21.900 --> 00:08:24.710 align:start position:0% they crushed outside of existence they they<00:08:22.380> went<00:08:22.590> out<00:08:22.710> of<00:08:22.860> existence<00:08:22.950> too<00:08:23.690> so<00:08:24.690> I 00:08:24.710 --> 00:08:24.720 align:start position:0% they went out of existence too so I 00:08:24.720 --> 00:08:26.240 align:start position:0% they went out of existence too so I learned<00:08:25.020> a<00:08:25.140> lot<00:08:25.290> about<00:08:25.350> how<00:08:25.770> the<00:08:25.830> banking 00:08:26.240 --> 00:08:26.250 align:start position:0% learned a lot about how the banking 00:08:26.250 --> 00:08:28.690 align:start position:0% learned a lot about how the banking system<00:08:26.610> work<00:08:26.760> and<00:08:26.940> it<00:08:27.240> is<00:08:27.270> really<00:08:27.870> that<00:08:28.050> bad 00:08:28.690 --> 00:08:28.700 align:start position:0% system work and it is really that bad 00:08:28.700 --> 00:08:31.909 align:start position:0% system work and it is really that bad right<00:08:29.700> if<00:08:29.940> you<00:08:30.300> think<00:08:30.360> it's<00:08:30.600> bad<00:08:30.750> you're<00:08:31.590> right 00:08:31.909 --> 00:08:31.919 align:start position:0% right if you think it's bad you're right 00:08:31.919 --> 00:08:34.370 align:start position:0% right if you think it's bad you're right in<00:08:32.880> terms<00:08:33.300> of<00:08:33.479> how<00:08:33.539> electronic<00:08:34.140> funds 00:08:34.370 --> 00:08:34.380 align:start position:0% in terms of how electronic funds 00:08:34.380 --> 00:08:36.860 align:start position:0% in terms of how electronic funds transfers<00:08:34.950> work<00:08:35.339> ACH<00:08:36.060> transfers<00:08:36.630> its 00:08:36.860 --> 00:08:36.870 align:start position:0% transfers work ACH transfers its 00:08:36.870 --> 00:08:40.339 align:start position:0% transfers work ACH transfers its insecure<00:08:37.500> it's<00:08:38.370> fraud<00:08:38.789> written<00:08:39.180> it's<00:08:39.900> it's<00:08:40.200> a 00:08:40.339 --> 00:08:40.349 align:start position:0% insecure it's fraud written it's it's a 00:08:40.349 --> 00:08:43.909 align:start position:0% insecure it's fraud written it's it's a real<00:08:40.530> problem<00:08:40.890> so<00:08:41.250> we<00:08:42.120> tried<00:08:42.390> to<00:08:42.650> do<00:08:43.650> a<00:08:43.680> bank 00:08:43.909 --> 00:08:43.919 align:start position:0% real problem so we tried to do a bank 00:08:43.919 --> 00:08:46.460 align:start position:0% real problem so we tried to do a bank when<00:08:44.130> that<00:08:44.280> didn't<00:08:44.580> work<00:08:44.730> we<00:08:45.690> were<00:08:45.750> very<00:08:46.110> early 00:08:46.460 --> 00:08:46.470 align:start position:0% when that didn't work we were very early 00:08:46.470 --> 00:08:48.050 align:start position:0% when that didn't work we were very early in<00:08:46.560> Bitcoin<00:08:47.010> at<00:08:47.160> the<00:08:47.250> Internet<00:08:47.550> Archive<00:08:47.670> we 00:08:48.050 --> 00:08:48.060 align:start position:0% in Bitcoin at the Internet Archive we 00:08:48.060 --> 00:08:50.240 align:start position:0% in Bitcoin at the Internet Archive we basically<00:08:48.390> paid<00:08:48.720> our<00:08:48.900> employees<00:08:49.680> and<00:08:49.860> Bitcoin 00:08:50.240 --> 00:08:50.250 align:start position:0% basically paid our employees and Bitcoin 00:08:50.250 --> 00:08:51.920 align:start position:0% basically paid our employees and Bitcoin this<00:08:50.640> I<00:08:50.790> think<00:08:51.000> is<00:08:51.089> a<00:08:51.120> picture<00:08:51.510> of<00:08:51.540> the<00:08:51.690> first 00:08:51.920 --> 00:08:51.930 align:start position:0% this I think is a picture of the first 00:08:51.930 --> 00:08:57.350 align:start position:0% this I think is a picture of the first Bitcoin<00:08:52.680> ATM<00:08:53.540> it's<00:08:54.540> an<00:08:54.720> open<00:08:55.050> cash<00:08:55.380> box<00:08:56.330> with<00:08:57.330> a 00:08:57.350 --> 00:08:57.360 align:start position:0% Bitcoin ATM it's an open cash box with a 00:08:57.360 --> 00:08:57.890 align:start position:0% Bitcoin ATM it's an open cash box with a with 00:08:57.890 --> 00:08:57.900 align:start position:0% with 00:08:57.900 --> 00:09:00.290 align:start position:0% with with<00:08:58.290> a<00:08:58.320> wallet<00:08:58.800> so<00:08:59.310> you<00:08:59.370> basically<00:08:59.580> can<00:08:59.910> just 00:09:00.290 --> 00:09:00.300 align:start position:0% with a wallet so you basically can just 00:09:00.300 --> 00:09:02.090 align:start position:0% with a wallet so you basically can just go<00:09:00.390> and<00:09:00.540> change<00:09:00.750> your<00:09:01.290> money<00:09:01.410> back<00:09:01.650> and<00:09:01.710> forth 00:09:02.090 --> 00:09:02.100 align:start position:0% go and change your money back and forth 00:09:02.100 --> 00:09:05.060 align:start position:0% go and change your money back and forth to<00:09:02.340> the<00:09:02.760> Bitcoin<00:09:02.940> um<00:09:03.470> okay<00:09:04.500> a<00:09:04.590> lot<00:09:04.920> of<00:09:04.950> the 00:09:05.060 --> 00:09:05.070 align:start position:0% to the Bitcoin um okay a lot of the 00:09:05.070 --> 00:09:06.410 align:start position:0% to the Bitcoin um okay a lot of the Bitcoin<00:09:05.310> people<00:09:05.610> didn't<00:09:05.790> like<00:09:05.940> it<00:09:05.970> because<00:09:06.270> it 00:09:06.410 --> 00:09:06.420 align:start position:0% Bitcoin people didn't like it because it 00:09:06.420 --> 00:09:09.170 align:start position:0% Bitcoin people didn't like it because it trusted<00:09:06.840> people<00:09:07.170> but<00:09:07.500> anyway<00:09:07.830> it<00:09:08.160> worked<00:09:08.370> and 00:09:09.170 --> 00:09:09.180 align:start position:0% trusted people but anyway it worked and 00:09:09.180 --> 00:09:12.410 align:start position:0% trusted people but anyway it worked and so<00:09:10.140> that<00:09:10.290> was<00:09:10.410> our<00:09:10.590> part<00:09:11.490> of<00:09:11.640> our<00:09:11.760> exploration 00:09:12.410 --> 00:09:12.420 align:start position:0% so that was our part of our exploration 00:09:12.420 --> 00:09:18.010 align:start position:0% so that was our part of our exploration with<00:09:12.960> with<00:09:13.260> Bitcoin<00:09:14.180> and<00:09:15.180> then<00:09:15.840> this<00:09:16.050> book 00:09:18.010 --> 00:09:18.020 align:start position:0% with with Bitcoin and then this book 00:09:18.020 --> 00:09:20.870 align:start position:0% with with Bitcoin and then this book this<00:09:19.020> is<00:09:19.080> where<00:09:19.860> David<00:09:20.220> Graeber<00:09:20.460> got<00:09:20.760> his 00:09:20.870 --> 00:09:20.880 align:start position:0% this is where David Graeber got his 00:09:20.880 --> 00:09:22.640 align:start position:0% this is where David Graeber got his ideas<00:09:21.270> on<00:09:21.420> the<00:09:21.510> early<00:09:21.810> part<00:09:22.110> and<00:09:22.350> the<00:09:22.440> era<00:09:22.560> I 00:09:22.640 --> 00:09:22.650 align:start position:0% ideas on the early part and the era I 00:09:22.650 --> 00:09:24.350 align:start position:0% ideas on the early part and the era I think<00:09:22.680> is<00:09:22.980> where<00:09:23.160> the<00:09:23.550> things<00:09:23.940> are<00:09:24.060> gonna<00:09:24.180> get 00:09:24.350 --> 00:09:24.360 align:start position:0% think is where the things are gonna get 00:09:24.360 --> 00:09:27.230 align:start position:0% think is where the things are gonna get interesting<00:09:24.630> for<00:09:25.050> you<00:09:25.340> the<00:09:26.340> title<00:09:26.700> of<00:09:26.820> this<00:09:27.000> is 00:09:27.230 --> 00:09:27.240 align:start position:0% interesting for you the title of this is 00:09:27.240 --> 00:09:29.630 align:start position:0% interesting for you the title of this is and<00:09:27.780> forgive<00:09:28.170> them<00:09:28.380> their<00:09:28.560> debts<00:09:28.800> it's<00:09:29.160> a<00:09:29.310> line 00:09:29.630 --> 00:09:29.640 align:start position:0% and forgive them their debts it's a line 00:09:29.640 --> 00:09:32.090 align:start position:0% and forgive them their debts it's a line from<00:09:29.970> The<00:09:30.660> Lord's<00:09:30.990> Prayer<00:09:31.350> and<00:09:31.560> forgive<00:09:31.920> them 00:09:32.090 --> 00:09:32.100 align:start position:0% from The Lord's Prayer and forgive them 00:09:32.100 --> 00:09:34.220 align:start position:0% from The Lord's Prayer and forgive them their<00:09:32.280> debts<00:09:32.490> and<00:09:32.700> and<00:09:33.630> they<00:09:34.080> will 00:09:34.220 --> 00:09:34.230 align:start position:0% their debts and and they will 00:09:34.230 --> 00:09:36.560 align:start position:0% their debts and and they will forgiveness<00:09:34.530> against<00:09:35.130> you<00:09:35.220> and<00:09:35.520> they<00:09:36.330> meant 00:09:36.560 --> 00:09:36.570 align:start position:0% forgiveness against you and they meant 00:09:36.570 --> 00:09:39.680 align:start position:0% forgiveness against you and they meant it<00:09:36.690> literally<00:09:37.670> that<00:09:38.670> basically<00:09:39.240> this<00:09:39.510> is<00:09:39.660> a 00:09:39.680 --> 00:09:39.690 align:start position:0% it literally that basically this is a 00:09:39.690 --> 00:09:44.990 align:start position:0% it literally that basically this is a history<00:09:40.200> book<00:09:41.300> of<00:09:42.530> what<00:09:43.580> happened<00:09:44.580> during<00:09:44.760> the 00:09:44.990 --> 00:09:45.000 align:start position:0% history book of what happened during the 00:09:45.000 --> 00:09:48.530 align:start position:0% history book of what happened during the Sumerians<00:09:45.710> Babylonians<00:09:46.710> Acadians<00:09:47.540> basically 00:09:48.530 --> 00:09:48.540 align:start position:0% Sumerians Babylonians Acadians basically 00:09:48.540 --> 00:09:52.700 align:start position:0% Sumerians Babylonians Acadians basically the<00:09:49.470> Bronze<00:09:49.770> Age<00:09:50.070> Near<00:09:50.580> East<00:09:51.440> how<00:09:52.440> their 00:09:52.700 --> 00:09:52.710 align:start position:0% the Bronze Age Near East how their 00:09:52.710 --> 00:09:54.740 align:start position:0% the Bronze Age Near East how their financial<00:09:53.250> system<00:09:53.640> worked<00:09:53.820> they<00:09:54.450> were<00:09:54.570> the 00:09:54.740 --> 00:09:54.750 align:start position:0% financial system worked they were the 00:09:54.750 --> 00:09:57.740 align:start position:0% financial system worked they were the first<00:09:55.020> to<00:09:55.260> invent<00:09:55.410> debt<00:09:56.100> with<00:09:56.310> interest<00:09:56.750> with 00:09:57.740 --> 00:09:57.750 align:start position:0% first to invent debt with interest with 00:09:57.750 --> 00:10:00.650 align:start position:0% first to invent debt with interest with debt<00:09:57.990> with<00:09:58.140> interest<00:09:58.400> what<00:09:59.400> happens<00:10:00.210> is<00:10:00.360> you 00:10:00.650 --> 00:10:00.660 align:start position:0% debt with interest what happens is you 00:10:00.660 --> 00:10:03.620 align:start position:0% debt with interest what happens is you slide<00:10:01.050> things<00:10:01.530> from<00:10:02.040> debtors<00:10:02.790> to<00:10:03.090> creditors 00:10:03.620 --> 00:10:03.630 align:start position:0% slide things from debtors to creditors 00:10:03.630 --> 00:10:07.160 align:start position:0% slide things from debtors to creditors their<00:10:04.230> debtors<00:10:04.890> become<00:10:05.550> everybody<00:10:06.270> on<00:10:06.540> they 00:10:07.160 --> 00:10:07.170 align:start position:0% their debtors become everybody on they 00:10:07.170 --> 00:10:09.380 align:start position:0% their debtors become everybody on they lose<00:10:07.440> their<00:10:07.680> farms<00:10:08.190> they<00:10:08.580> become<00:10:09.000> in<00:10:09.120> debt 00:10:09.380 --> 00:10:09.390 align:start position:0% lose their farms they become in debt 00:10:09.390 --> 00:10:13.130 align:start position:0% lose their farms they become in debt they<00:10:09.990> leave<00:10:10.320> the<00:10:10.590> land<00:10:10.890> umm<00:10:11.600> they<00:10:12.600> end<00:10:12.810> up<00:10:12.930> with 00:10:13.130 --> 00:10:13.140 align:start position:0% they leave the land umm they end up with 00:10:13.140 --> 00:10:15.380 align:start position:0% they leave the land umm they end up with their<00:10:13.320> wives<00:10:14.010> and<00:10:14.370> children<00:10:14.430> as<00:10:15.030> debt 00:10:15.380 --> 00:10:15.390 align:start position:0% their wives and children as debt 00:10:15.390 --> 00:10:20.210 align:start position:0% their wives and children as debt servants<00:10:15.990> and<00:10:17.840> basically<00:10:18.840> society<00:10:19.590> breaks 00:10:20.210 --> 00:10:20.220 align:start position:0% servants and basically society breaks 00:10:20.220 --> 00:10:23.390 align:start position:0% servants and basically society breaks down<00:10:20.960> it<00:10:21.960> basically<00:10:22.500> if<00:10:22.650> you<00:10:22.770> allow<00:10:23.010> this<00:10:23.220> to 00:10:23.390 --> 00:10:23.400 align:start position:0% down it basically if you allow this to 00:10:23.400 --> 00:10:26.000 align:start position:0% down it basically if you allow this to go<00:10:23.550> too<00:10:23.610> far<00:10:24.060> it<00:10:24.360> breaks<00:10:25.020> down<00:10:25.170> and<00:10:25.590> it<00:10:25.740> breaks 00:10:26.000 --> 00:10:26.010 align:start position:0% go too far it breaks down and it breaks 00:10:26.010 --> 00:10:29.570 align:start position:0% go too far it breaks down and it breaks down<00:10:26.220> quickly<00:10:26.930> so<00:10:27.930> what<00:10:28.200> they<00:10:28.380> invented<00:10:28.980> was<00:10:29.550> a 00:10:29.570 --> 00:10:29.580 align:start position:0% down quickly so what they invented was a 00:10:29.580 --> 00:10:33.230 align:start position:0% down quickly so what they invented was a debt<00:10:30.090> forgiveness<00:10:30.810> system<00:10:31.260> every<00:10:32.070> 25<00:10:32.580> to<00:10:32.850> 50 00:10:33.230 --> 00:10:33.240 align:start position:0% debt forgiveness system every 25 to 50 00:10:33.240 --> 00:10:36.310 align:start position:0% debt forgiveness system every 25 to 50 years<00:10:33.770> they<00:10:34.770> would<00:10:34.980> basically<00:10:35.190> go<00:10:35.730> and 00:10:36.310 --> 00:10:36.320 align:start position:0% years they would basically go and 00:10:36.320 --> 00:10:39.920 align:start position:0% years they would basically go and declare<00:10:37.320> debts<00:10:37.920> gone<00:10:38.550> they<00:10:39.090> wiped<00:10:39.510> the<00:10:39.780> slate 00:10:39.920 --> 00:10:39.930 align:start position:0% declare debts gone they wiped the slate 00:10:39.930 --> 00:10:42.290 align:start position:0% declare debts gone they wiped the slate clean<00:10:40.110> that's<00:10:41.100> a<00:10:41.250> literal<00:10:41.490> term<00:10:41.910> they<00:10:42.090> were<00:10:42.180> on 00:10:42.290 --> 00:10:42.300 align:start position:0% clean that's a literal term they were on 00:10:42.300 --> 00:10:44.450 align:start position:0% clean that's a literal term they were on slate<00:10:42.660> the<00:10:43.200> Sumerians<00:10:43.710> wiped<00:10:44.100> the<00:10:44.310> slate 00:10:44.450 --> 00:10:44.460 align:start position:0% slate the Sumerians wiped the slate 00:10:44.460 --> 00:10:46.250 align:start position:0% slate the Sumerians wiped the slate clean<00:10:44.610> and<00:10:45.090> you<00:10:45.240> were<00:10:45.330> out<00:10:45.510> of<00:10:45.540> debt<00:10:45.930> it 00:10:46.250 --> 00:10:46.260 align:start position:0% clean and you were out of debt it 00:10:46.260 --> 00:10:47.690 align:start position:0% clean and you were out of debt it usually<00:10:46.650> came<00:10:46.800> at<00:10:46.980> the<00:10:47.070> beginning<00:10:47.490> of<00:10:47.580> a 00:10:47.690 --> 00:10:47.700 align:start position:0% usually came at the beginning of a 00:10:47.700 --> 00:10:49.670 align:start position:0% usually came at the beginning of a monarch<00:10:48.120> a<00:10:48.300> new<00:10:48.570> monarch<00:10:48.990> would<00:10:49.080> come<00:10:49.350> in<00:10:49.500> and 00:10:49.670 --> 00:10:49.680 align:start position:0% monarch a new monarch would come in and 00:10:49.680 --> 00:10:51.890 align:start position:0% monarch a new monarch would come in and say<00:10:49.860> you're<00:10:50.430> all<00:10:50.610> out<00:10:50.850> of<00:10:50.880> debt<00:10:51.210> you<00:10:51.450> don't<00:10:51.720> you 00:10:51.890 --> 00:10:51.900 align:start position:0% say you're all out of debt you don't you 00:10:51.900 --> 00:10:53.900 align:start position:0% say you're all out of debt you don't you owed<00:10:52.020> the<00:10:52.170> government<00:10:52.200> any<00:10:52.770> money<00:10:53.070> you<00:10:53.700> get 00:10:53.900 --> 00:10:53.910 align:start position:0% owed the government any money you get 00:10:53.910 --> 00:10:56.630 align:start position:0% owed the government any money you get your<00:10:54.120> farms<00:10:54.660> back<00:10:55.020> so<00:10:55.710> people<00:10:56.010> could<00:10:56.160> move<00:10:56.340> on 00:10:56.630 --> 00:10:56.640 align:start position:0% your farms back so people could move on 00:10:56.640 --> 00:10:59.210 align:start position:0% your farms back so people could move on their<00:10:57.000> back<00:10:57.600> onto<00:10:57.810> their<00:10:58.020> farms<00:10:58.410> there<00:10:58.920> are 00:10:59.210 --> 00:10:59.220 align:start position:0% their back onto their farms there are 00:10:59.220 --> 00:11:01.250 align:start position:0% their back onto their farms there are the<00:10:59.460> children<00:10:59.910> and<00:11:00.090> the<00:11:00.150> wives<00:11:00.390> are<00:11:00.720> all 00:11:01.250 --> 00:11:01.260 align:start position:0% the children and the wives are all 00:11:01.260 --> 00:11:04.310 align:start position:0% the children and the wives are all released<00:11:01.770> from<00:11:02.190> their<00:11:02.430> servitude<00:11:03.300> their<00:11:04.020> debt 00:11:04.310 --> 00:11:04.320 align:start position:0% released from their servitude their debt 00:11:04.320 --> 00:11:07.160 align:start position:0% released from their servitude their debt servitude<00:11:05.130> and<00:11:05.550> they<00:11:06.360> would<00:11:06.540> do<00:11:06.690> this<00:11:06.840> every 00:11:07.160 --> 00:11:07.170 align:start position:0% servitude and they would do this every 00:11:07.170 --> 00:11:10.480 align:start position:0% servitude and they would do this every 25<00:11:07.680> to<00:11:07.890> 50<00:11:08.190> years<00:11:08.430> if<00:11:08.610> they<00:11:08.850> did<00:11:09.150> not<00:11:09.330> do<00:11:09.690> this 00:11:10.480 --> 00:11:10.490 align:start position:0% 25 to 50 years if they did not do this 00:11:10.490 --> 00:11:11.700 align:start position:0% 25 to 50 years if they did not do this then 00:11:11.700 --> 00:11:11.710 align:start position:0% then 00:11:11.710 --> 00:11:14.460 align:start position:0% then the<00:11:12.010> society<00:11:12.700> would<00:11:12.910> go<00:11:13.089> exponentially<00:11:13.899> more 00:11:14.460 --> 00:11:14.470 align:start position:0% the society would go exponentially more 00:11:14.470 --> 00:11:17.850 align:start position:0% the society would go exponentially more and<00:11:14.649> more<00:11:14.940> unequal<00:11:15.940> until<00:11:16.779> people<00:11:17.020> revolted 00:11:17.850 --> 00:11:17.860 align:start position:0% and more unequal until people revolted 00:11:17.860 --> 00:11:20.430 align:start position:0% and more unequal until people revolted and<00:11:17.980> they're<00:11:18.130> a<00:11:18.160> civil<00:11:18.640> war<00:11:18.910> every<00:11:19.839> Civil<00:11:20.410> War 00:11:20.430 --> 00:11:20.440 align:start position:0% and they're a civil war every Civil War 00:11:20.440 --> 00:11:24.240 align:start position:0% and they're a civil war every Civil War for<00:11:20.980> three<00:11:21.310> thousand<00:11:21.910> years<00:11:22.710> was<00:11:23.710> a<00:11:23.740> debt<00:11:24.040> war 00:11:24.240 --> 00:11:24.250 align:start position:0% for three thousand years was a debt war 00:11:24.250 --> 00:11:27.480 align:start position:0% for three thousand years was a debt war according<00:11:24.940> to<00:11:25.149> this<00:11:25.360> scholar<00:11:26.490> interesting 00:11:27.480 --> 00:11:27.490 align:start position:0% according to this scholar interesting 00:11:27.490 --> 00:11:31.050 align:start position:0% according to this scholar interesting I'd<00:11:27.910> never<00:11:28.180> heard<00:11:28.570> this<00:11:28.870> so<00:11:29.800> um<00:11:30.040> the<00:11:30.370> Hebrews 00:11:31.050 --> 00:11:31.060 align:start position:0% I'd never heard this so um the Hebrews 00:11:31.060 --> 00:11:34.070 align:start position:0% I'd never heard this so um the Hebrews and<00:11:31.420> developed<00:11:32.230> a<00:11:32.320> system<00:11:32.709> called<00:11:32.850> Jubilee 00:11:34.070 --> 00:11:34.080 align:start position:0% and developed a system called Jubilee 00:11:34.080 --> 00:11:37.199 align:start position:0% and developed a system called Jubilee Jubilee<00:11:35.080> is<00:11:35.290> every<00:11:35.709> fifty<00:11:36.130> years<00:11:36.550> there<00:11:37.060> would 00:11:37.199 --> 00:11:37.209 align:start position:0% Jubilee is every fifty years there would 00:11:37.209 --> 00:11:39.420 align:start position:0% Jubilee is every fifty years there would be<00:11:37.270> debt<00:11:37.630> forgiveness<00:11:38.290> and<00:11:38.470> you<00:11:38.890> would<00:11:39.040> go<00:11:39.220> and 00:11:39.420 --> 00:11:39.430 align:start position:0% be debt forgiveness and you would go and 00:11:39.430 --> 00:11:42.510 align:start position:0% be debt forgiveness and you would go and let<00:11:39.730> people<00:11:39.970> have<00:11:40.300> their<00:11:40.540> lands<00:11:41.410> back<00:11:41.770> you 00:11:42.510 --> 00:11:42.520 align:start position:0% let people have their lands back you 00:11:42.520 --> 00:11:44.519 align:start position:0% let people have their lands back you would<00:11:42.700> go<00:11:42.970> and<00:11:43.180> take<00:11:43.510> things<00:11:43.899> away<00:11:44.050> from<00:11:44.440> the 00:11:44.519 --> 00:11:44.529 align:start position:0% would go and take things away from the 00:11:44.529 --> 00:11:47.040 align:start position:0% would go and take things away from the oligarchs<00:11:45.160> and<00:11:45.339> give<00:11:45.459> them<00:11:45.670> back<00:11:46.120> to<00:11:46.959> the 00:11:47.040 --> 00:11:47.050 align:start position:0% oligarchs and give them back to the 00:11:47.050 --> 00:11:48.410 align:start position:0% oligarchs and give them back to the peasants 00:11:48.410 --> 00:11:48.420 align:start position:0% peasants 00:11:48.420 --> 00:11:51.060 align:start position:0% peasants can<00:11:49.420> you<00:11:49.510> imagine<00:11:49.720> that<00:11:49.930> now<00:11:50.260> but<00:11:50.860> if<00:11:50.980> you 00:11:51.060 --> 00:11:51.070 align:start position:0% can you imagine that now but if you 00:11:51.070 --> 00:11:54.210 align:start position:0% can you imagine that now but if you don't<00:11:51.339> do<00:11:51.610> this<00:11:51.880> bad<00:11:52.330> things<00:11:52.750> happen<00:11:53.230> so<00:11:53.920> let 00:11:54.210 --> 00:11:54.220 align:start position:0% don't do this bad things happen so let 00:11:54.220 --> 00:11:56.790 align:start position:0% don't do this bad things happen so let me<00:11:54.420> know<00:11:55.420> you<00:11:55.510> say<00:11:55.660> gosh<00:11:55.930> I<00:11:56.110> haven't<00:11:56.649> heard 00:11:56.790 --> 00:11:56.800 align:start position:0% me know you say gosh I haven't heard 00:11:56.800 --> 00:11:57.449 align:start position:0% me know you say gosh I haven't heard that<00:11:56.950> before 00:11:57.449 --> 00:11:57.459 align:start position:0% that before 00:11:57.459 --> 00:11:59.280 align:start position:0% that before maybe<00:11:57.670> you<00:11:57.790> have<00:11:58.029> but<00:11:58.360> it<00:11:58.720> was<00:11:58.810> new<00:11:59.080> to<00:11:59.260> me 00:11:59.280 --> 00:11:59.290 align:start position:0% maybe you have but it was new to me 00:11:59.290 --> 00:12:01.139 align:start position:0% maybe you have but it was new to me there<00:12:00.279> were<00:12:00.370> some<00:12:00.520> things<00:12:00.730> that<00:12:00.850> were<00:12:01.000> very 00:12:01.139 --> 00:12:01.149 align:start position:0% there were some things that were very 00:12:01.149 --> 00:12:03.930 align:start position:0% there were some things that were very interesting<00:12:01.690> to<00:12:01.810> me<00:12:01.839> in<00:12:02.230> in<00:12:03.220> grinding<00:12:03.820> this 00:12:03.930 --> 00:12:03.940 align:start position:0% interesting to me in in grinding this 00:12:03.940 --> 00:12:05.940 align:start position:0% interesting to me in in grinding this idea<00:12:04.450> home<00:12:04.810> and<00:12:05.140> I'm<00:12:05.320> gonna<00:12:05.440> then<00:12:05.680> come<00:12:05.920> back 00:12:05.940 --> 00:12:05.950 align:start position:0% idea home and I'm gonna then come back 00:12:05.950 --> 00:12:08.310 align:start position:0% idea home and I'm gonna then come back around<00:12:06.399> to<00:12:06.910> how<00:12:07.029> it<00:12:07.180> works<00:12:07.330> in<00:12:07.540> etherium<00:12:07.990> the 00:12:08.310 --> 00:12:08.320 align:start position:0% around to how it works in etherium the 00:12:08.320 --> 00:12:10.650 align:start position:0% around to how it works in etherium the Liberty<00:12:08.770> Bell<00:12:08.980> was<00:12:09.820> a<00:12:09.850> famous<00:12:10.120> thing<00:12:10.420> in<00:12:10.450> the 00:12:10.650 --> 00:12:10.660 align:start position:0% Liberty Bell was a famous thing in the 00:12:10.660 --> 00:12:12.300 align:start position:0% Liberty Bell was a famous thing in the Liberty<00:12:11.230> Bell<00:12:11.350> of<00:12:11.589> the<00:12:11.680> United<00:12:12.010> States 00:12:12.300 --> 00:12:12.310 align:start position:0% Liberty Bell of the United States 00:12:12.310 --> 00:12:13.860 align:start position:0% Liberty Bell of the United States founding<00:12:13.089> of<00:12:13.240> the<00:12:13.330> country 00:12:13.860 --> 00:12:13.870 align:start position:0% founding of the country 00:12:13.870 --> 00:12:15.600 align:start position:0% founding of the country it<00:12:13.930> says<00:12:14.290> proclaim<00:12:14.709> Liberty<00:12:15.130> out<00:12:15.279> throughout 00:12:15.600 --> 00:12:15.610 align:start position:0% it says proclaim Liberty out throughout 00:12:15.610 --> 00:12:18.870 align:start position:0% it says proclaim Liberty out throughout the<00:12:15.670> land<00:12:16.029> and<00:12:16.209> the<00:12:16.300> inhabitants<00:12:16.930> thereof<00:12:17.880> the 00:12:18.870 --> 00:12:18.880 align:start position:0% the land and the inhabitants thereof the 00:12:18.880 --> 00:12:21.480 align:start position:0% the land and the inhabitants thereof the rest<00:12:19.180> of<00:12:19.390> that<00:12:19.510> line<00:12:19.839> is<00:12:20.170> actually<00:12:20.589> Leviticus 00:12:21.480 --> 00:12:21.490 align:start position:0% rest of that line is actually Leviticus 00:12:21.490 --> 00:12:22.530 align:start position:0% rest of that line is actually Leviticus 25:10 00:12:22.530 --> 00:12:22.540 align:start position:0% 25:10 00:12:22.540 --> 00:12:25.650 align:start position:0% 25:10 and<00:12:22.800> it<00:12:23.800> says<00:12:23.980> and<00:12:24.190> it<00:12:24.310> shall<00:12:24.550> be<00:12:24.700> a<00:12:24.730> jubilee<00:12:24.820> on 00:12:25.650 --> 00:12:25.660 align:start position:0% and it says and it shall be a jubilee on 00:12:25.660 --> 00:12:28.410 align:start position:0% and it says and it shall be a jubilee on to<00:12:25.959> you<00:12:26.200> each<00:12:26.830> of<00:12:26.890> you<00:12:27.310> will<00:12:27.520> return<00:12:27.700> to<00:12:28.270> your 00:12:28.410 --> 00:12:28.420 align:start position:0% to you each of you will return to your 00:12:28.420 --> 00:12:32.040 align:start position:0% to you each of you will return to your family<00:12:29.020> property<00:12:29.529> and<00:12:29.709> your<00:12:30.040> own<00:12:30.250> clan<00:12:31.050> so 00:12:32.040 --> 00:12:32.050 align:start position:0% family property and your own clan so 00:12:32.050 --> 00:12:34.380 align:start position:0% family property and your own clan so what<00:12:32.290> Liberty<00:12:32.680> meant<00:12:33.220> in<00:12:33.459> the<00:12:33.700> early<00:12:34.029> part<00:12:34.270> of 00:12:34.380 --> 00:12:34.390 align:start position:0% what Liberty meant in the early part of 00:12:34.390 --> 00:12:36.690 align:start position:0% what Liberty meant in the early part of the<00:12:34.540> United<00:12:34.900> States<00:12:34.930> was<00:12:35.650> freedom<00:12:36.160> from<00:12:36.370> debt 00:12:36.690 --> 00:12:36.700 align:start position:0% the United States was freedom from debt 00:12:36.700 --> 00:12:39.630 align:start position:0% the United States was freedom from debt was<00:12:37.600> freedom<00:12:37.930> from<00:12:38.200> these<00:12:38.320> obligations<00:12:39.279> that 00:12:39.630 --> 00:12:39.640 align:start position:0% was freedom from these obligations that 00:12:39.640 --> 00:12:43.170 align:start position:0% was freedom from these obligations that they<00:12:39.790> were<00:12:39.850> escaping<00:12:40.300> in<00:12:40.720> other<00:12:40.959> lands<00:12:42.180> okay 00:12:43.170 --> 00:12:43.180 align:start position:0% they were escaping in other lands okay 00:12:43.180 --> 00:12:44.940 align:start position:0% they were escaping in other lands okay another<00:12:43.630> one<00:12:43.779> the<00:12:44.170> Rosetta<00:12:44.560> Stone 00:12:44.940 --> 00:12:44.950 align:start position:0% another one the Rosetta Stone 00:12:44.950 --> 00:12:47.340 align:start position:0% another one the Rosetta Stone we<00:12:45.700> know<00:12:45.880> the<00:12:46.060> Rosetta<00:12:46.420> Stone<00:12:46.540> is<00:12:47.080> how<00:12:47.290> we 00:12:47.340 --> 00:12:47.350 align:start position:0% we know the Rosetta Stone is how we 00:12:47.350 --> 00:12:49.320 align:start position:0% we know the Rosetta Stone is how we broke<00:12:47.709> hieroglyphics<00:12:48.520> we<00:12:48.850> understand 00:12:49.320 --> 00:12:49.330 align:start position:0% broke hieroglyphics we understand 00:12:49.330 --> 00:12:51.210 align:start position:0% broke hieroglyphics we understand hieroglyphics<00:12:49.959> do<00:12:50.260> you<00:12:50.320> know<00:12:50.470> what<00:12:50.620> it<00:12:50.740> said 00:12:51.210 --> 00:12:51.220 align:start position:0% hieroglyphics do you know what it said 00:12:51.220 --> 00:12:53.850 align:start position:0% hieroglyphics do you know what it said you<00:12:52.150> know<00:12:52.240> what<00:12:52.390> the<00:12:52.660> proclamation<00:12:53.440> was<00:12:53.680> it 00:12:53.850 --> 00:12:53.860 align:start position:0% you know what the proclamation was it 00:12:53.860 --> 00:12:56.190 align:start position:0% you know what the proclamation was it was<00:12:53.980> a<00:12:54.010> government<00:12:54.310> Proclamation<00:12:55.140> okay<00:12:56.140> you 00:12:56.190 --> 00:12:56.200 align:start position:0% was a government Proclamation okay you 00:12:56.200 --> 00:12:58.680 align:start position:0% was a government Proclamation okay you guessed<00:12:56.470> it<00:12:56.650> it<00:12:57.040> was<00:12:57.250> debt<00:12:57.490> forgiveness<00:12:58.180> it's 00:12:58.680 --> 00:12:58.690 align:start position:0% guessed it it was debt forgiveness it's 00:12:58.690 --> 00:13:01.019 align:start position:0% guessed it it was debt forgiveness it's basically<00:12:59.320> structured<00:12:59.800> debt<00:13:00.339> forgiveness 00:13:01.019 --> 00:13:01.029 align:start position:0% basically structured debt forgiveness 00:13:01.029 --> 00:13:03.030 align:start position:0% basically structured debt forgiveness that<00:13:01.510> was<00:13:01.779> what<00:13:01.990> was<00:13:02.140> worth<00:13:02.350> carving<00:13:02.890> in<00:13:03.010> stone 00:13:03.030 --> 00:13:03.040 align:start position:0% that was what was worth carving in stone 00:13:03.040 --> 00:13:05.610 align:start position:0% that was what was worth carving in stone and<00:13:03.490> distributing<00:13:04.209> it<00:13:04.300> out<00:13:04.510> through<00:13:05.470> the 00:13:05.610 --> 00:13:05.620 align:start position:0% and distributing it out through the 00:13:05.620 --> 00:13:09.810 align:start position:0% and distributing it out through the empire<00:13:06.040> during<00:13:06.310> the<00:13:06.520> Ptolemaic<00:13:07.060> period<00:13:08.070> so<00:13:09.070> we 00:13:09.810 --> 00:13:09.820 align:start position:0% empire during the Ptolemaic period so we 00:13:09.820 --> 00:13:12.180 align:start position:0% empire during the Ptolemaic period so we see<00:13:10.029> it<00:13:10.120> starting<00:13:11.020> to<00:13:11.079> be<00:13:11.200> again<00:13:11.560> and<00:13:11.740> again 00:13:12.180 --> 00:13:12.190 align:start position:0% see it starting to be again and again 00:13:12.190 --> 00:13:15.030 align:start position:0% see it starting to be again and again Jesus<00:13:13.029> is<00:13:13.240> it<00:13:13.600> in<00:13:13.750> his<00:13:13.930> first<00:13:14.260> sermon<00:13:14.680> in 00:13:15.030 --> 00:13:15.040 align:start position:0% Jesus is it in his first sermon in 00:13:15.040 --> 00:13:17.550 align:start position:0% Jesus is it in his first sermon in Nazareth<00:13:16.000> okay<00:13:16.450> this<00:13:16.630> is<00:13:16.750> I'm<00:13:16.899> not<00:13:16.930> a<00:13:17.079> bible 00:13:17.550 --> 00:13:17.560 align:start position:0% Nazareth okay this is I'm not a bible 00:13:17.560 --> 00:13:20.010 align:start position:0% Nazareth okay this is I'm not a bible thumper<00:13:17.770> guy<00:13:18.100> here<00:13:18.399> I<00:13:18.430> just<00:13:18.550> a<00:13:19.060> historian<00:13:19.570> but 00:13:20.010 --> 00:13:20.020 align:start position:0% thumper guy here I just a historian but 00:13:20.020 --> 00:13:22.110 align:start position:0% thumper guy here I just a historian but Jesus<00:13:20.470> in<00:13:20.650> his<00:13:20.770> first<00:13:21.040> sermon<00:13:21.339> coming<00:13:21.670> back<00:13:21.940> to 00:13:22.110 --> 00:13:22.120 align:start position:0% Jesus in his first sermon coming back to 00:13:22.120 --> 00:13:25.500 align:start position:0% Jesus in his first sermon coming back to Nazareth<00:13:22.560> he<00:13:23.850> declared<00:13:24.850> a<00:13:25.060> Jew 00:13:25.500 --> 00:13:25.510 align:start position:0% Nazareth he declared a Jew 00:13:25.510 --> 00:13:30.480 align:start position:0% Nazareth he declared a Jew year<00:13:26.290> he<00:13:27.570> declared<00:13:28.570> there's<00:13:29.230> this<00:13:29.410> guy<00:13:29.680> who 00:13:30.480 --> 00:13:30.490 align:start position:0% year he declared there's this guy who 00:13:30.490 --> 00:13:32.430 align:start position:0% year he declared there's this guy who basically<00:13:30.760> said<00:13:31.180> all<00:13:31.390> you<00:13:31.540> oligarchs<00:13:32.110> have<00:13:32.320> to 00:13:32.430 --> 00:13:32.440 align:start position:0% basically said all you oligarchs have to 00:13:32.440 --> 00:13:34.530 align:start position:0% basically said all you oligarchs have to give<00:13:32.590> all<00:13:32.830> your<00:13:33.010> money<00:13:33.250> all<00:13:33.520> basically<00:13:34.240> back 00:13:34.530 --> 00:13:34.540 align:start position:0% give all your money all basically back 00:13:34.540 --> 00:13:36.390 align:start position:0% give all your money all basically back to<00:13:34.570> the<00:13:34.840> people<00:13:35.170> you've<00:13:35.320> shafted<00:13:35.950> out<00:13:36.070> of<00:13:36.250> all 00:13:36.390 --> 00:13:36.400 align:start position:0% to the people you've shafted out of all 00:13:36.400 --> 00:13:40.050 align:start position:0% to the people you've shafted out of all of<00:13:36.550> that<00:13:36.580> over<00:13:37.120> the<00:13:37.390> last<00:13:37.540> 50<00:13:38.020> years<00:13:38.050> and<00:13:39.060> it's 00:13:40.050 --> 00:13:40.060 align:start position:0% of that over the last 50 years and it's 00:13:40.060 --> 00:13:41.700 align:start position:0% of that over the last 50 years and it's not<00:13:40.180> just<00:13:40.390> me<00:13:40.540> interpreting<00:13:41.140> this<00:13:41.320> it's 00:13:41.700 --> 00:13:41.710 align:start position:0% not just me interpreting this it's 00:13:41.710 --> 00:13:43.500 align:start position:0% not just me interpreting this it's actually<00:13:42.070> this<00:13:42.190> is<00:13:42.340> from<00:13:42.430> the<00:13:42.610> Vatican<00:13:43.150> little 00:13:43.500 --> 00:13:43.510 align:start position:0% actually this is from the Vatican little 00:13:43.510 --> 00:13:46.440 align:start position:0% actually this is from the Vatican little footnote<00:13:43.810> this<00:13:44.500> is<00:13:44.740> what<00:13:45.040> it<00:13:45.190> is<00:13:45.340> Jesus<00:13:46.090> said 00:13:46.440 --> 00:13:46.450 align:start position:0% footnote this is what it is Jesus said 00:13:46.450 --> 00:13:48.990 align:start position:0% footnote this is what it is Jesus said and<00:13:46.690> that's<00:13:47.290> enough<00:13:47.620> to<00:13:47.740> get<00:13:47.860> you<00:13:48.010> killed 00:13:48.990 --> 00:13:49.000 align:start position:0% and that's enough to get you killed 00:13:49.000 --> 00:13:54.000 align:start position:0% and that's enough to get you killed so<00:13:49.990> if<00:13:50.770> you<00:13:50.890> go<00:13:51.070> forward<00:13:51.700> a<00:13:52.200> bit<00:13:53.200> more 00:13:54.000 --> 00:13:54.010 align:start position:0% so if you go forward a bit more 00:13:54.010 --> 00:13:56.850 align:start position:0% so if you go forward a bit more to<00:13:54.760> the<00:13:54.880> Spartans<00:13:55.480> the<00:13:55.750> Spartans<00:13:56.470> had<00:13:56.650> real 00:13:56.850 --> 00:13:56.860 align:start position:0% to the Spartans the Spartans had real 00:13:56.860 --> 00:13:59.490 align:start position:0% to the Spartans the Spartans had real troubles<00:13:57.340> with<00:13:57.580> with<00:13:58.240> it<00:13:58.420> wealth<00:13:58.780> inequality 00:13:59.490 --> 00:13:59.500 align:start position:0% troubles with with it wealth inequality 00:13:59.500 --> 00:14:01.620 align:start position:0% troubles with with it wealth inequality and<00:13:59.680> there<00:14:00.250> were<00:14:00.340> two<00:14:00.580> Spartan<00:14:01.030> Kings<00:14:01.330> that 00:14:01.620 --> 00:14:01.630 align:start position:0% and there were two Spartan Kings that 00:14:01.630 --> 00:14:04.620 align:start position:0% and there were two Spartan Kings that promised<00:14:02.080> reform<00:14:02.790> they<00:14:03.790> were<00:14:03.850> killed<00:14:04.300> or 00:14:04.620 --> 00:14:04.630 align:start position:0% promised reform they were killed or 00:14:04.630 --> 00:14:08.040 align:start position:0% promised reform they were killed or exiled<00:14:05.610> so<00:14:06.610> they<00:14:06.910> basically<00:14:07.270> said<00:14:07.630> yes<00:14:07.840> we're 00:14:08.040 --> 00:14:08.050 align:start position:0% exiled so they basically said yes we're 00:14:08.050 --> 00:14:09.630 align:start position:0% exiled so they basically said yes we're going<00:14:08.230> to<00:14:08.320> basically<00:14:08.650> do<00:14:08.920> debt<00:14:09.130> forgiveness 00:14:09.630 --> 00:14:09.640 align:start position:0% going to basically do debt forgiveness 00:14:09.640 --> 00:14:12.330 align:start position:0% going to basically do debt forgiveness land<00:14:09.970> redistribution<00:14:10.650> that<00:14:11.650> will<00:14:11.950> work<00:14:12.100> if 00:14:12.330 --> 00:14:12.340 align:start position:0% land redistribution that will work if 00:14:12.340 --> 00:14:15.660 align:start position:0% land redistribution that will work if you<00:14:12.670> don't<00:14:13.000> do<00:14:13.270> this<00:14:13.480> things<00:14:14.110> collapse<00:14:14.670> Sparta 00:14:15.660 --> 00:14:15.670 align:start position:0% you don't do this things collapse Sparta 00:14:15.670 --> 00:14:19.470 align:start position:0% you don't do this things collapse Sparta collapsed<00:14:16.950> and<00:14:17.950> the<00:14:18.580> United<00:14:18.850> States<00:14:19.150> is<00:14:19.330> in 00:14:19.470 --> 00:14:19.480 align:start position:0% collapsed and the United States is in 00:14:19.480 --> 00:14:22.620 align:start position:0% collapsed and the United States is in this<00:14:19.600> process<00:14:19.900> of<00:14:20.310> kind<00:14:21.310> of<00:14:21.400> basically<00:14:22.240> at<00:14:22.360> war 00:14:22.620 --> 00:14:22.630 align:start position:0% this process of kind of basically at war 00:14:22.630 --> 00:14:24.900 align:start position:0% this process of kind of basically at war with<00:14:22.900> itself<00:14:23.320> with<00:14:24.070> massive<00:14:24.700> wealth 00:14:24.900 --> 00:14:24.910 align:start position:0% with itself with massive wealth 00:14:24.910 --> 00:14:27.060 align:start position:0% with itself with massive wealth inequality<00:14:25.660> yet<00:14:26.260> we<00:14:26.350> have<00:14:26.590> not<00:14:26.800> really 00:14:27.060 --> 00:14:27.070 align:start position:0% inequality yet we have not really 00:14:27.070 --> 00:14:28.910 align:start position:0% inequality yet we have not really broached<00:14:27.430> the<00:14:27.610> subject<00:14:27.640> of<00:14:28.120> debt<00:14:28.270> forgiveness 00:14:28.910 --> 00:14:28.920 align:start position:0% broached the subject of debt forgiveness 00:14:28.920 --> 00:14:31.830 align:start position:0% broached the subject of debt forgiveness so<00:14:29.920> debt<00:14:30.550> with<00:14:30.790> interest<00:14:30.820> the<00:14:31.330> lesson<00:14:31.690> out<00:14:31.780> of 00:14:31.830 --> 00:14:31.840 align:start position:0% so debt with interest the lesson out of 00:14:31.840 --> 00:14:34.410 align:start position:0% so debt with interest the lesson out of this<00:14:32.110> up<00:14:32.350> is<00:14:32.920> if<00:14:33.250> you<00:14:33.370> do<00:14:33.550> not<00:14:33.580> have<00:14:33.940> a<00:14:33.970> reset 00:14:34.410 --> 00:14:34.420 align:start position:0% this up is if you do not have a reset 00:14:34.420 --> 00:14:36.990 align:start position:0% this up is if you do not have a reset mechanism<00:14:35.110> it<00:14:35.650> leads<00:14:35.950> to<00:14:36.100> societal<00:14:36.760> collapse 00:14:36.990 --> 00:14:37.000 align:start position:0% mechanism it leads to societal collapse 00:14:37.000 --> 00:14:40.860 align:start position:0% mechanism it leads to societal collapse and<00:14:37.450> civil<00:14:38.020> war<00:14:38.290> every<00:14:39.280> time<00:14:39.520> it's<00:14:40.480> a<00:14:40.570> way<00:14:40.750> of 00:14:40.860 --> 00:14:40.870 align:start position:0% and civil war every time it's a way of 00:14:40.870 --> 00:14:42.930 align:start position:0% and civil war every time it's a way of interpreting<00:14:41.290> the<00:14:41.980> Maoist<00:14:42.340> revolution<00:14:42.880> the 00:14:42.930 --> 00:14:42.940 align:start position:0% interpreting the Maoist revolution the 00:14:42.940 --> 00:14:45.060 align:start position:0% interpreting the Maoist revolution the Bolshevik<00:14:43.330> Revolution<00:14:43.510> you<00:14:43.990> know<00:14:44.320> take<00:14:44.950> away 00:14:45.060 --> 00:14:45.070 align:start position:0% Bolshevik Revolution you know take away 00:14:45.070 --> 00:14:47.310 align:start position:0% Bolshevik Revolution you know take away any<00:14:45.370> of<00:14:45.490> the<00:14:45.640> ideological<00:14:46.510> terms<00:14:46.690> just<00:14:47.050> think 00:14:47.310 --> 00:14:47.320 align:start position:0% any of the ideological terms just think 00:14:47.320 --> 00:14:49.320 align:start position:0% any of the ideological terms just think of<00:14:47.410> it<00:14:47.530> as<00:14:47.650> just<00:14:48.070> how<00:14:48.280> do<00:14:48.340> you<00:14:48.490> go<00:14:48.670> and<00:14:48.820> equalize 00:14:49.320 --> 00:14:49.330 align:start position:0% of it as just how do you go and equalize 00:14:49.330 --> 00:14:51.810 align:start position:0% of it as just how do you go and equalize after<00:14:49.930> you've<00:14:50.080> ended<00:14:50.680> up<00:14:50.830> with<00:14:51.040> massively 00:14:51.810 --> 00:14:51.820 align:start position:0% after you've ended up with massively 00:14:51.820 --> 00:14:56.340 align:start position:0% after you've ended up with massively unequal<00:14:52.480> wealth<00:14:53.280> inequality<00:14:54.280> so<00:14:54.760> what<00:14:55.170> why<00:14:56.170> am 00:14:56.340 --> 00:14:56.350 align:start position:0% unequal wealth inequality so what why am 00:14:56.350 --> 00:14:57.660 align:start position:0% unequal wealth inequality so what why am I<00:14:56.470> talking<00:14:56.530> about<00:14:57.040> this<00:14:57.250> here 00:14:57.660 --> 00:14:57.670 align:start position:0% I talking about this here 00:14:57.670 --> 00:15:00.270 align:start position:0% I talking about this here well<00:14:57.910> crypto<00:14:58.420> you<00:14:58.960> guys<00:14:59.200> are<00:14:59.470> designing<00:15:00.010> a<00:15:00.100> new 00:15:00.270 --> 00:15:00.280 align:start position:0% well crypto you guys are designing a new 00:15:00.280 --> 00:15:02.940 align:start position:0% well crypto you guys are designing a new system<00:15:00.780> it's<00:15:01.780> a<00:15:01.840> beautiful<00:15:02.230> system<00:15:02.410> it's 00:15:02.940 --> 00:15:02.950 align:start position:0% system it's a beautiful system it's 00:15:02.950 --> 00:15:04.350 align:start position:0% system it's a beautiful system it's based<00:15:03.130> on<00:15:03.220> math<00:15:03.520> it's<00:15:03.940> not<00:15:04.090> based<00:15:04.270> on 00:15:04.350 --> 00:15:04.360 align:start position:0% based on math it's not based on 00:15:04.360 --> 00:15:06.150 align:start position:0% based on math it's not based on regulation<00:15:05.050> it's<00:15:05.560> got<00:15:05.740> all<00:15:05.890> sorts<00:15:05.920> of 00:15:06.150 --> 00:15:06.160 align:start position:0% regulation it's got all sorts of 00:15:06.160 --> 00:15:07.830 align:start position:0% regulation it's got all sorts of interesting<00:15:06.610> properties<00:15:06.820> I<00:15:07.150> love<00:15:07.480> it<00:15:07.600> been 00:15:07.830 --> 00:15:07.840 align:start position:0% interesting properties I love it been 00:15:07.840 --> 00:15:09.390 align:start position:0% interesting properties I love it been involved<00:15:08.230> in<00:15:08.290> it<00:15:08.470> terrific 00:15:09.390 --> 00:15:09.400 align:start position:0% involved in it terrific 00:15:09.400 --> 00:15:12.450 align:start position:0% involved in it terrific well<00:15:09.700> crypto<00:15:10.150> be<00:15:10.300> different<00:15:10.920> well<00:15:11.920> whenever<00:15:12.250> I 00:15:12.450 --> 00:15:12.460 align:start position:0% well crypto be different well whenever I 00:15:12.460 --> 00:15:14.490 align:start position:0% well crypto be different well whenever I read<00:15:13.030> this<00:15:13.180> wonderful<00:15:13.420> book<00:15:13.750> digital<00:15:14.080> cache 00:15:14.490 --> 00:15:14.500 align:start position:0% read this wonderful book digital cache 00:15:14.500 --> 00:15:15.600 align:start position:0% read this wonderful book digital cache by<00:15:14.800> Finn<00:15:15.100> Bolton 00:15:15.600 --> 00:15:15.610 align:start position:0% by Finn Bolton 00:15:15.610 --> 00:15:18.060 align:start position:0% by Finn Bolton that's<00:15:16.360> wonderful<00:15:16.870> book<00:15:17.080> about<00:15:17.290> the<00:15:17.950> history 00:15:18.060 --> 00:15:18.070 align:start position:0% that's wonderful book about the history 00:15:18.070 --> 00:15:20.340 align:start position:0% that's wonderful book about the history and<00:15:18.280> the<00:15:18.430> dreams<00:15:18.730> of<00:15:19.030> crypto<00:15:19.420> currencies<00:15:20.140> and 00:15:20.340 --> 00:15:20.350 align:start position:0% and the dreams of crypto currencies and 00:15:20.350 --> 00:15:23.850 align:start position:0% and the dreams of crypto currencies and it<00:15:20.920> never<00:15:21.160> talks<00:15:21.520> about<00:15:21.610> debt<00:15:21.940> in<00:15:22.240> fact<00:15:23.140> I've 00:15:23.850 --> 00:15:23.860 align:start position:0% it never talks about debt in fact I've 00:15:23.860 --> 00:15:25.800 align:start position:0% it never talks about debt in fact I've talked<00:15:24.130> to<00:15:24.250> several<00:15:24.790> people<00:15:24.910> here<00:15:25.390> and<00:15:25.570> they 00:15:25.800 --> 00:15:25.810 align:start position:0% talked to several people here and they 00:15:25.810 --> 00:15:27.330 align:start position:0% talked to several people here and they say<00:15:25.960> well<00:15:26.080> it<00:15:26.170> can't<00:15:26.410> happen<00:15:26.680> with<00:15:26.980> Bitcoin 00:15:27.330 --> 00:15:27.340 align:start position:0% say well it can't happen with Bitcoin 00:15:27.340 --> 00:15:28.530 align:start position:0% say well it can't happen with Bitcoin and<00:15:27.550> it<00:15:27.640> can't<00:15:27.820> happen<00:15:28.030> with<00:15:28.330> the<00:15:28.450> earth 00:15:28.530 --> 00:15:28.540 align:start position:0% and it can't happen with the earth 00:15:28.540 --> 00:15:31.650 align:start position:0% and it can't happen with the earth theorem<00:15:28.870> I<00:15:29.050> suggest<00:15:29.830> it<00:15:30.130> can<00:15:30.610> and<00:15:30.940> it<00:15:31.390> will 00:15:31.650 --> 00:15:31.660 align:start position:0% theorem I suggest it can and it will 00:15:31.660 --> 00:15:34.380 align:start position:0% theorem I suggest it can and it will because<00:15:32.470> if<00:15:32.680> it<00:15:33.070> evolves<00:15:33.700> into<00:15:33.910> this<00:15:34.180> such 00:15:34.380 --> 00:15:34.390 align:start position:0% because if it evolves into this such 00:15:34.390 --> 00:15:37.470 align:start position:0% because if it evolves into this such that<00:15:34.570> 95%<00:15:35.110> of<00:15:35.710> the<00:15:35.890> money<00:15:36.160> out<00:15:36.520> there<00:15:37.270> in<00:15:37.390> the 00:15:37.470 --> 00:15:37.480 align:start position:0% that 95% of the money out there in the 00:15:37.480 --> 00:15:39.240 align:start position:0% that 95% of the money out there in the world<00:15:37.660> is<00:15:37.960> matched<00:15:38.620> with 00:15:39.240 --> 00:15:39.250 align:start position:0% world is matched with 00:15:39.250 --> 00:15:41.810 align:start position:0% world is matched with five<00:15:40.030> percent<00:15:40.240> is<00:15:40.570> sort<00:15:40.810> of<00:15:40.840> the<00:15:40.990> Bitcoin 00:15:41.810 --> 00:15:41.820 align:start position:0% five percent is sort of the Bitcoin 00:15:41.820 --> 00:15:45.180 align:start position:0% five percent is sort of the Bitcoin equivalent<00:15:42.820> so<00:15:43.330> I<00:15:43.690> think<00:15:43.750> they're<00:15:44.350> at<00:15:44.650> least<00:15:44.950> a 00:15:45.180 --> 00:15:45.190 align:start position:0% equivalent so I think they're at least a 00:15:45.190 --> 00:15:47.310 align:start position:0% equivalent so I think they're at least a major<00:15:45.460> possibility<00:15:46.390> that<00:15:46.780> there's<00:15:46.990> going<00:15:47.230> to 00:15:47.310 --> 00:15:47.320 align:start position:0% major possibility that there's going to 00:15:47.320 --> 00:15:49.830 align:start position:0% major possibility that there's going to be<00:15:47.440> lending<00:15:47.770> and<00:15:48.160> there's<00:15:48.480> there's<00:15:49.480> going<00:15:49.750> to 00:15:49.830 --> 00:15:49.840 align:start position:0% be lending and there's there's going to 00:15:49.840 --> 00:15:52.020 align:start position:0% be lending and there's there's going to be<00:15:49.960> derivatives<00:15:50.740> and<00:15:51.010> the<00:15:51.490> like<00:15:51.730> that<00:15:51.940> are 00:15:52.020 --> 00:15:52.030 align:start position:0% be derivatives and the like that are 00:15:52.030 --> 00:15:54.030 align:start position:0% be derivatives and the like that are going<00:15:52.120> to<00:15:52.180> hang<00:15:52.480> on<00:15:52.690> to<00:15:52.870> this<00:15:53.020> and<00:15:53.230> one<00:15:53.830> of<00:15:53.980> the 00:15:54.030 --> 00:15:54.040 align:start position:0% going to hang on to this and one of the 00:15:54.040 --> 00:15:55.440 align:start position:0% going to hang on to this and one of the things<00:15:54.280> that<00:15:54.520> reason<00:15:54.880> why<00:15:55.030> we're<00:15:55.270> going<00:15:55.390> to 00:15:55.440 --> 00:15:55.450 align:start position:0% things that reason why we're going to 00:15:55.450 --> 00:15:57.840 align:start position:0% things that reason why we're going to get<00:15:55.690> that<00:15:55.870> is<00:15:56.080> because<00:15:56.650> of<00:15:56.860> smart<00:15:57.190> contracts 00:15:57.840 --> 00:15:57.850 align:start position:0% get that is because of smart contracts 00:15:57.850 --> 00:16:01.950 align:start position:0% get that is because of smart contracts smart<00:15:58.750> contracts<00:15:59.350> allow<00:15:59.740> you<00:15:59.800> to<00:16:00.960> quantify 00:16:01.950 --> 00:16:01.960 align:start position:0% smart contracts allow you to quantify 00:16:01.960 --> 00:16:06.030 align:start position:0% smart contracts allow you to quantify and<00:16:02.490> enforce<00:16:03.600> certain<00:16:04.600> obligations<00:16:05.440> so 00:16:06.030 --> 00:16:06.040 align:start position:0% and enforce certain obligations so 00:16:06.040 --> 00:16:08.850 align:start position:0% and enforce certain obligations so actually<00:16:06.670> I<00:16:06.700> would<00:16:07.060> suggest<00:16:07.320> the<00:16:08.320> etherium 00:16:08.850 --> 00:16:08.860 align:start position:0% actually I would suggest the etherium 00:16:08.860 --> 00:16:12.960 align:start position:0% actually I would suggest the etherium community<00:16:09.370> you<00:16:10.330> guys<00:16:10.570> we<00:16:11.140> guys<00:16:11.410> are<00:16:12.340> building 00:16:12.960 --> 00:16:12.970 align:start position:0% community you guys we guys are building 00:16:12.970 --> 00:16:14.820 align:start position:0% community you guys we guys are building the<00:16:13.060> actual<00:16:13.320> mechanisms<00:16:14.320> that<00:16:14.470> we're<00:16:14.620> going 00:16:14.820 --> 00:16:14.830 align:start position:0% the actual mechanisms that we're going 00:16:14.830 --> 00:16:18.270 align:start position:0% the actual mechanisms that we're going to<00:16:14.920> be<00:16:15.070> able<00:16:15.310> to<00:16:15.640> do<00:16:15.880> this<00:16:16.450> type<00:16:16.900> of<00:16:16.930> thing<00:16:17.560> but 00:16:18.270 --> 00:16:18.280 align:start position:0% to be able to do this type of thing but 00:16:18.280 --> 00:16:20.250 align:start position:0% to be able to do this type of thing but the<00:16:18.460> weird<00:16:18.850> thing<00:16:18.940> about<00:16:19.210> it<00:16:19.450> is<00:16:19.780> there's 00:16:20.250 --> 00:16:20.260 align:start position:0% the weird thing about it is there's 00:16:20.260 --> 00:16:24.410 align:start position:0% the weird thing about it is there's almost<00:16:20.590> no<00:16:21.070> reset<00:16:21.700> button<00:16:22.500> right<00:16:23.500> we<00:16:23.830> think<00:16:23.860> of 00:16:24.410 --> 00:16:24.420 align:start position:0% almost no reset button right we think of 00:16:24.420 --> 00:16:26.850 align:start position:0% almost no reset button right we think of regulation<00:16:25.420> is<00:16:25.540> bad<00:16:25.720> right<00:16:26.200> government<00:16:26.560> is 00:16:26.850 --> 00:16:26.860 align:start position:0% regulation is bad right government is 00:16:26.860 --> 00:16:29.520 align:start position:0% regulation is bad right government is you<00:16:27.040> know<00:16:27.130> they<00:16:27.310> screw<00:16:27.730> things<00:16:27.910> up<00:16:28.150> well<00:16:28.930> they 00:16:29.520 --> 00:16:29.530 align:start position:0% you know they screw things up well they 00:16:29.530 --> 00:16:31.530 align:start position:0% you know they screw things up well they have<00:16:29.860> been<00:16:29.890> a<00:16:30.400> bit<00:16:30.700> of<00:16:30.790> a<00:16:30.880> reset<00:16:31.180> button<00:16:31.210> boy 00:16:31.530 --> 00:16:31.540 align:start position:0% have been a bit of a reset button boy 00:16:31.540 --> 00:16:32.820 align:start position:0% have been a bit of a reset button boy have<00:16:31.690> they<00:16:31.810> screwed<00:16:32.080> things<00:16:32.230> up<00:16:32.410> and<00:16:32.560> often 00:16:32.820 --> 00:16:32.830 align:start position:0% have they screwed things up and often 00:16:32.830 --> 00:16:34.320 align:start position:0% have they screwed things up and often they're<00:16:32.950> working<00:16:33.280> for<00:16:33.490> the<00:16:33.580> wrong<00:16:33.730> people<00:16:34.000> for 00:16:34.320 --> 00:16:34.330 align:start position:0% they're working for the wrong people for 00:16:34.330 --> 00:16:35.130 align:start position:0% they're working for the wrong people for all<00:16:34.420> the<00:16:34.540> wrong<00:16:34.690> reasons 00:16:35.130 --> 00:16:35.140 align:start position:0% all the wrong reasons 00:16:35.140 --> 00:16:38.460 align:start position:0% all the wrong reasons you<00:16:35.530> know<00:16:35.820> there's<00:16:36.820> issues<00:16:37.210> there<00:16:37.450> but<00:16:37.630> if<00:16:38.380> we 00:16:38.460 --> 00:16:38.470 align:start position:0% you know there's issues there but if we 00:16:38.470 --> 00:16:40.680 align:start position:0% you know there's issues there but if we make<00:16:38.920> a<00:16:38.950> system<00:16:39.280> that<00:16:39.970> is<00:16:40.180> debt<00:16:40.450> with<00:16:40.660> interest 00:16:40.680 --> 00:16:40.690 align:start position:0% make a system that is debt with interest 00:16:40.690 --> 00:16:44.220 align:start position:0% make a system that is debt with interest that<00:16:41.410> has<00:16:41.710> no<00:16:42.040> reset<00:16:42.490> then<00:16:43.390> at<00:16:43.990> least 00:16:44.220 --> 00:16:44.230 align:start position:0% that has no reset then at least 00:16:44.230 --> 00:16:47.340 align:start position:0% that has no reset then at least historically<00:16:44.610> we<00:16:45.610> can<00:16:45.970> run<00:16:46.180> into<00:16:46.360> some<00:16:46.690> severe 00:16:47.340 --> 00:16:47.350 align:start position:0% historically we can run into some severe 00:16:47.350 --> 00:16:50.670 align:start position:0% historically we can run into some severe severe<00:16:47.980> problems<00:16:48.810> so<00:16:49.810> that's<00:16:50.110> the<00:16:50.320> basic 00:16:50.670 --> 00:16:50.680 align:start position:0% severe problems so that's the basic 00:16:50.680 --> 00:16:54.270 align:start position:0% severe problems so that's the basic point<00:16:50.980> of<00:16:51.190> this<00:16:51.550> of<00:16:52.210> this<00:16:52.600> talk<00:16:52.900> is<00:16:53.200> to<00:16:53.620> say 00:16:54.270 --> 00:16:54.280 align:start position:0% point of this of this talk is to say 00:16:54.280 --> 00:16:58.310 align:start position:0% point of this of this talk is to say that<00:16:54.910> the<00:16:55.060> evolution<00:16:55.570> of<00:16:55.660> money<00:16:56.340> began<00:16:57.340> debt 00:16:58.310 --> 00:16:58.320 align:start position:0% that the evolution of money began debt 00:16:58.320 --> 00:17:02.070 align:start position:0% that the evolution of money began debt money<00:16:59.320> and<00:16:59.590> debt<00:16:59.920> beget<00:17:00.430> each<00:17:00.580> other<00:17:01.080> that 00:17:02.070 --> 00:17:02.080 align:start position:0% money and debt beget each other that 00:17:02.080 --> 00:17:05.579 align:start position:0% money and debt beget each other that debt<00:17:02.380> with<00:17:02.620> interest<00:17:03.240> goes<00:17:04.240> exponential<00:17:05.199> if 00:17:05.579 --> 00:17:05.589 align:start position:0% debt with interest goes exponential if 00:17:05.589 --> 00:17:09.240 align:start position:0% debt with interest goes exponential if there's<00:17:06.490> no<00:17:06.699> reset<00:17:07.180> mechanism<00:17:08.040> then<00:17:09.040> there's 00:17:09.240 --> 00:17:09.250 align:start position:0% there's no reset mechanism then there's 00:17:09.250 --> 00:17:11.280 align:start position:0% there's no reset mechanism then there's societal<00:17:09.790> collapse<00:17:10.000> and<00:17:10.420> civil<00:17:10.959> war 00:17:11.280 --> 00:17:11.290 align:start position:0% societal collapse and civil war 00:17:11.290 --> 00:17:13.829 align:start position:0% societal collapse and civil war basically<00:17:12.160> you<00:17:12.490> have<00:17:12.670> very<00:17:13.000> few<00:17:13.270> winners<00:17:13.630> and 00:17:13.829 --> 00:17:13.839 align:start position:0% basically you have very few winners and 00:17:13.839 --> 00:17:16.740 align:start position:0% basically you have very few winners and lots<00:17:14.170> and<00:17:14.380> lots<00:17:14.470> and<00:17:14.860> lots<00:17:15.069> of<00:17:15.220> losers<00:17:15.760> and 00:17:16.740 --> 00:17:16.750 align:start position:0% lots and lots and lots of losers and 00:17:16.750 --> 00:17:20.760 align:start position:0% lots and lots and lots of losers and that's<00:17:16.990> not<00:17:17.199> a<00:17:17.470> very<00:17:17.980> stable<00:17:18.670> environment<00:17:19.770> I 00:17:20.760 --> 00:17:20.770 align:start position:0% that's not a very stable environment I 00:17:20.770 --> 00:17:24.360 align:start position:0% that's not a very stable environment I wonder<00:17:21.730> and<00:17:21.880> I<00:17:22.209> just<00:17:22.449> posed<00:17:22.839> to<00:17:23.140> you<00:17:23.319> that<00:17:24.100> as 00:17:24.360 --> 00:17:24.370 align:start position:0% wonder and I just posed to you that as 00:17:24.370 --> 00:17:26.480 align:start position:0% wonder and I just posed to you that as we're<00:17:24.730> designing<00:17:25.150> a<00:17:25.449> next<00:17:25.900> generation 00:17:26.480 --> 00:17:26.490 align:start position:0% we're designing a next generation 00:17:26.490 --> 00:17:30.210 align:start position:0% we're designing a next generation Internet<00:17:27.490> money<00:17:27.840> how<00:17:28.840> money<00:17:29.260> and<00:17:29.560> value<00:17:30.100> is 00:17:30.210 --> 00:17:30.220 align:start position:0% Internet money how money and value is 00:17:30.220 --> 00:17:33.300 align:start position:0% Internet money how money and value is exchanged<00:17:30.970> with<00:17:31.420> smart<00:17:31.750> contracts<00:17:32.410> that<00:17:33.130> the 00:17:33.300 --> 00:17:33.310 align:start position:0% exchanged with smart contracts that the 00:17:33.310 --> 00:17:36.120 align:start position:0% exchanged with smart contracts that the debt<00:17:33.580> system<00:17:33.910> is<00:17:34.270> something<00:17:34.720> we<00:17:35.200> can't<00:17:35.890> just 00:17:36.120 --> 00:17:36.130 align:start position:0% debt system is something we can't just 00:17:36.130 --> 00:17:37.470 align:start position:0% debt system is something we can't just go<00:17:36.250> and<00:17:36.340> say<00:17:36.460> oh<00:17:36.490> well<00:17:36.760> we'll<00:17:36.910> just<00:17:36.940> won't<00:17:37.300> do 00:17:37.470 --> 00:17:37.480 align:start position:0% go and say oh well we'll just won't do 00:17:37.480 --> 00:17:39.660 align:start position:0% go and say oh well we'll just won't do it<00:17:37.510> because<00:17:38.320> it<00:17:38.530> will<00:17:38.620> probably<00:17:38.920> be<00:17:39.280> built<00:17:39.490> in 00:17:39.660 --> 00:17:39.670 align:start position:0% it because it will probably be built in 00:17:39.670 --> 00:17:41.880 align:start position:0% it because it will probably be built in some<00:17:39.910> way<00:17:40.060> how<00:17:40.750> do<00:17:40.810> we<00:17:41.110> go<00:17:41.380> and<00:17:41.500> build<00:17:41.710> our 00:17:41.880 --> 00:17:41.890 align:start position:0% some way how do we go and build our 00:17:41.890 --> 00:17:44.310 align:start position:0% some way how do we go and build our systems<00:17:42.130> that<00:17:42.550> will<00:17:42.910> serve<00:17:43.330> a<00:17:43.570> large<00:17:43.990> number 00:17:44.310 --> 00:17:44.320 align:start position:0% systems that will serve a large number 00:17:44.320 --> 00:17:47.160 align:start position:0% systems that will serve a large number of<00:17:44.440> people<00:17:44.830> over<00:17:44.980> time<00:17:45.400> I<00:17:45.930> look<00:17:46.930> at<00:17:47.050> the 00:17:47.160 --> 00:17:47.170 align:start position:0% of people over time I look at the 00:17:47.170 --> 00:17:49.440 align:start position:0% of people over time I look at the microfinance<00:17:47.940> system<00:17:48.940> where<00:17:49.120> it<00:17:49.210> was<00:17:49.300> like 00:17:49.440 --> 00:17:49.450 align:start position:0% microfinance system where it was like 00:17:49.450 --> 00:17:51.150 align:start position:0% microfinance system where it was like ain't<00:17:49.690> it<00:17:50.170> great<00:17:50.320> let's<00:17:50.560> go<00:17:50.650> and<00:17:50.770> put<00:17:50.890> a<00:17:50.920> lot<00:17:51.070> of 00:17:51.150 --> 00:17:51.160 align:start position:0% ain't it great let's go and put a lot of 00:17:51.160 --> 00:17:52.560 align:start position:0% ain't it great let's go and put a lot of poor<00:17:51.310> people<00:17:51.340> in<00:17:51.700> debt 00:17:52.560 --> 00:17:52.570 align:start position:0% poor people in debt 00:17:52.570 --> 00:17:56.040 align:start position:0% poor people in debt so<00:17:53.290> they<00:17:53.560> did<00:17:53.830> and<00:17:54.370> they<00:17:54.610> that's<00:17:55.210> gone<00:17:55.540> really 00:17:56.040 --> 00:17:56.050 align:start position:0% so they did and they that's gone really 00:17:56.050 --> 00:17:58.020 align:start position:0% so they did and they that's gone really wrong<00:17:56.380> in<00:17:56.710> a<00:17:56.770> lot<00:17:56.950> of<00:17:57.130> circumstances<00:17:57.700> and 00:17:58.020 --> 00:17:58.030 align:start position:0% wrong in a lot of circumstances and 00:17:58.030 --> 00:18:01.250 align:start position:0% wrong in a lot of circumstances and there's<00:17:58.540> in<00:17:58.840> cases<00:17:59.410> of<00:17:59.590> India<00:18:00.070> going<00:18:00.640> and 00:18:01.250 --> 00:18:01.260 align:start position:0% there's in cases of India going and 00:18:01.260 --> 00:18:04.680 align:start position:0% there's in cases of India going and giving<00:18:02.280> peasants<00:18:03.280> the<00:18:03.460> right<00:18:03.700> to<00:18:04.150> not<00:18:04.360> pay 00:18:04.680 --> 00:18:04.690 align:start position:0% giving peasants the right to not pay 00:18:04.690 --> 00:18:07.500 align:start position:0% giving peasants the right to not pay back<00:18:04.930> their<00:18:05.290> debts<00:18:05.590> in<00:18:05.920> microfinance<00:18:06.670> because 00:18:07.500 --> 00:18:07.510 align:start position:0% back their debts in microfinance because 00:18:07.510 --> 00:18:09.420 align:start position:0% back their debts in microfinance because they<00:18:07.600> were<00:18:07.660> committing<00:18:08.140> suicide<00:18:08.710> its<00:18:08.980> to 00:18:09.420 --> 00:18:09.430 align:start position:0% they were committing suicide its to 00:18:09.430 --> 00:18:12.150 align:start position:0% they were committing suicide its to higher<00:18:09.670> rate<00:18:10.030> so<00:18:10.410> even<00:18:11.410> these<00:18:11.560> systems<00:18:12.040> that 00:18:12.150 --> 00:18:12.160 align:start position:0% higher rate so even these systems that 00:18:12.160 --> 00:18:14.310 align:start position:0% higher rate so even these systems that seem<00:18:12.430> great<00:18:12.820> at<00:18:12.970> the<00:18:13.090> time<00:18:13.120> they're<00:18:14.050> awesome 00:18:14.310 --> 00:18:14.320 align:start position:0% seem great at the time they're awesome 00:18:14.320 --> 00:18:17.070 align:start position:0% seem great at the time they're awesome they<00:18:15.070> have<00:18:15.340> some<00:18:15.580> downsides<00:18:16.120> to<00:18:16.450> them<00:18:16.600> right<00:18:17.020> I 00:18:17.070 --> 00:18:17.080 align:start position:0% they have some downsides to them right I 00:18:17.080 --> 00:18:19.140 align:start position:0% they have some downsides to them right I speak<00:18:17.470> to<00:18:17.590> you<00:18:17.680> as<00:18:17.770> an<00:18:17.920> Internet<00:18:18.280> pioneer<00:18:18.940> it 00:18:19.140 --> 00:18:19.150 align:start position:0% speak to you as an Internet pioneer it 00:18:19.150 --> 00:18:21.300 align:start position:0% speak to you as an Internet pioneer it didn't<00:18:19.900> all<00:18:20.050> turn<00:18:20.350> out<00:18:20.530> quite<00:18:20.770> the<00:18:20.890> way<00:18:21.070> we 00:18:21.300 --> 00:18:21.310 align:start position:0% didn't all turn out quite the way we 00:18:21.310 --> 00:18:24.540 align:start position:0% didn't all turn out quite the way we thought<00:18:21.520> it<00:18:21.580> would<00:18:22.200> and<00:18:23.200> so<00:18:23.530> let's<00:18:24.070> go<00:18:24.220> and<00:18:24.370> see 00:18:24.540 --> 00:18:24.550 align:start position:0% thought it would and so let's go and see 00:18:24.550 --> 00:18:26.850 align:start position:0% thought it would and so let's go and see if<00:18:24.670> we<00:18:24.700> can<00:18:24.910> learn<00:18:25.090> from<00:18:25.150> those<00:18:25.780> things<00:18:26.560> but 00:18:26.850 --> 00:18:26.860 align:start position:0% if we can learn from those things but 00:18:26.860 --> 00:18:28.590 align:start position:0% if we can learn from those things but also<00:18:27.040> what<00:18:27.460> are<00:18:27.580> the<00:18:27.640> precursors<00:18:28.030> to<00:18:28.270> the 00:18:28.590 --> 00:18:28.600 align:start position:0% also what are the precursors to the 00:18:28.600 --> 00:18:31.230 align:start position:0% also what are the precursors to the systems<00:18:28.990> that<00:18:29.110> you're<00:18:29.590> you're<00:18:30.130> building<00:18:30.610> what 00:18:31.230 --> 00:18:31.240 align:start position:0% systems that you're you're building what 00:18:31.240 --> 00:18:34.080 align:start position:0% systems that you're you're building what should<00:18:31.480> this<00:18:31.630> mean<00:18:31.930> for<00:18:32.290> aetherium<00:18:32.800> I<00:18:33.190> don't 00:18:34.080 --> 00:18:34.090 align:start position:0% should this mean for aetherium I don't 00:18:34.090 --> 00:18:36.360 align:start position:0% should this mean for aetherium I don't know<00:18:34.330> the<00:18:34.540> answer<00:18:34.930> to<00:18:35.080> that<00:18:35.110> really<00:18:35.680> I<00:18:36.040> don't 00:18:36.360 --> 00:18:36.370 align:start position:0% know the answer to that really I don't 00:18:36.370 --> 00:18:38.850 align:start position:0% know the answer to that really I don't um<00:18:36.640> what<00:18:37.480> I<00:18:37.510> wanted<00:18:37.900> to<00:18:38.020> do<00:18:38.140> this<00:18:38.290> and<00:18:38.470> I<00:18:38.530> really 00:18:38.850 --> 00:18:38.860 align:start position:0% um what I wanted to do this and I really 00:18:38.860 --> 00:18:42.060 align:start position:0% um what I wanted to do this and I really appreciate<00:18:39.370> your<00:18:39.580> your<00:18:39.790> time<00:18:40.330> is<00:18:40.800> for<00:18:41.800> you<00:18:41.920> to 00:18:42.060 --> 00:18:42.070 align:start position:0% appreciate your your time is for you to 00:18:42.070 --> 00:18:43.620 align:start position:0% appreciate your your time is for you to think<00:18:42.370> it<00:18:42.490> through<00:18:42.670> a<00:18:42.760> little<00:18:42.850> bit<00:18:43.180> spend<00:18:43.540> a 00:18:43.620 --> 00:18:43.630 align:start position:0% think it through a little bit spend a 00:18:43.630 --> 00:18:47.010 align:start position:0% think it through a little bit spend a shower<00:18:43.930> on<00:18:44.110> it<00:18:44.410> spend<00:18:44.740> a<00:18:45.180> commute<00:18:46.180> right<00:18:46.780> I've 00:18:47.010 --> 00:18:47.020 align:start position:0% shower on it spend a commute right I've 00:18:47.020 --> 00:18:49.890 align:start position:0% shower on it spend a commute right I've just<00:18:47.080> sort<00:18:47.440> of<00:18:47.500> okay<00:18:48.190> what<00:18:48.400> does<00:18:48.670> this<00:18:49.150> mean<00:18:49.600> in 00:18:49.890 --> 00:18:49.900 align:start position:0% just sort of okay what does this mean in 00:18:49.900 --> 00:18:52.290 align:start position:0% just sort of okay what does this mean in terms<00:18:49.930> of<00:18:50.320> debt<00:18:50.560> and<00:18:50.770> how<00:18:51.490> can<00:18:51.550> it<00:18:51.730> go<00:18:51.910> out<00:18:52.120> of 00:18:52.290 --> 00:18:52.300 align:start position:0% terms of debt and how can it go out of 00:18:52.300 --> 00:18:54.450 align:start position:0% terms of debt and how can it go out of control<00:18:52.330> how<00:18:53.170> is<00:18:53.350> the<00:18:53.500> system<00:18:53.770> that<00:18:53.950> I'm<00:18:54.250> doing 00:18:54.450 --> 00:18:54.460 align:start position:0% control how is the system that I'm doing 00:18:54.460 --> 00:18:57.420 align:start position:0% control how is the system that I'm doing kind<00:18:54.880> of<00:18:54.970> walking<00:18:55.540> in<00:18:55.930> a<00:18:56.110> set<00:18:56.680> of<00:18:56.800> losers<00:18:57.190> that 00:18:57.420 --> 00:18:57.430 align:start position:0% kind of walking in a set of losers that 00:18:57.430 --> 00:18:59.970 align:start position:0% kind of walking in a set of losers that maybe<00:18:58.020> exponentially<00:18:59.020> increasing<00:18:59.650> when<00:18:59.950> I 00:18:59.970 --> 00:18:59.980 align:start position:0% maybe exponentially increasing when I 00:18:59.980 --> 00:19:02.070 align:start position:0% maybe exponentially increasing when I hear<00:19:00.310> somebody<00:19:00.550> really<00:19:01.080> enthusiastically 00:19:02.070 --> 00:19:02.080 align:start position:0% hear somebody really enthusiastically 00:19:02.080 --> 00:19:04.770 align:start position:0% hear somebody really enthusiastically saying<00:19:02.440> I'm<00:19:02.650> going<00:19:02.890> to<00:19:02.980> go<00:19:03.160> and<00:19:03.400> make<00:19:03.970> better 00:19:04.770 --> 00:19:04.780 align:start position:0% saying I'm going to go and make better 00:19:04.780 --> 00:19:08.490 align:start position:0% saying I'm going to go and make better for<00:19:05.110> billions<00:19:05.500> of<00:19:05.680> people<00:19:06.070> just<00:19:07.230> go<00:19:08.230> and<00:19:08.350> look 00:19:08.490 --> 00:19:08.500 align:start position:0% for billions of people just go and look 00:19:08.500 --> 00:19:10.080 align:start position:0% for billions of people just go and look at<00:19:08.710> it<00:19:08.830> again<00:19:08.920> and<00:19:09.250> go<00:19:09.340> and<00:19:09.460> say<00:19:09.550> well<00:19:09.760> is<00:19:10.000> that 00:19:10.080 --> 00:19:10.090 align:start position:0% at it again and go and say well is that 00:19:10.090 --> 00:19:12.870 align:start position:0% at it again and go and say well is that true<00:19:10.500> how<00:19:11.500> did<00:19:11.560> it<00:19:11.860> play<00:19:11.980> out<00:19:12.190> before<00:19:12.400> when 00:19:12.870 --> 00:19:12.880 align:start position:0% true how did it play out before when 00:19:12.880 --> 00:19:14.760 align:start position:0% true how did it play out before when certain<00:19:13.270> other<00:19:13.600> people<00:19:13.810> have<00:19:14.140> said<00:19:14.410> the<00:19:14.560> same 00:19:14.760 --> 00:19:14.770 align:start position:0% certain other people have said the same 00:19:14.770 --> 00:19:16.710 align:start position:0% certain other people have said the same things<00:19:15.130> it's<00:19:15.640> not<00:19:15.820> to<00:19:15.970> say<00:19:16.090> we<00:19:16.120> shouldn't<00:19:16.510> do 00:19:16.710 --> 00:19:16.720 align:start position:0% things it's not to say we shouldn't do 00:19:16.720 --> 00:19:16.920 align:start position:0% things it's not to say we shouldn't do it 00:19:16.920 --> 00:19:16.930 align:start position:0% it 00:19:16.930 --> 00:19:19.470 align:start position:0% it it's<00:19:17.560> just<00:19:17.860> our<00:19:17.980> tyent<00:19:18.370> chance<00:19:18.610> now<00:19:19.060> it's 00:19:19.470 --> 00:19:19.480 align:start position:0% it's just our tyent chance now it's 00:19:19.480 --> 00:19:21.930 align:start position:0% it's just our tyent chance now it's early<00:19:19.870> enough<00:19:19.900> people<00:19:20.890> like<00:19:21.100> you<00:19:21.340> guys<00:19:21.550> that 00:19:21.930 --> 00:19:21.940 align:start position:0% early enough people like you guys that 00:19:21.940 --> 00:19:23.760 align:start position:0% early enough people like you guys that are<00:19:21.970> building<00:19:22.450> these<00:19:22.540> systems<00:19:22.990> we<00:19:23.410> can<00:19:23.560> do 00:19:23.760 --> 00:19:23.770 align:start position:0% are building these systems we can do 00:19:23.770 --> 00:19:24.570 align:start position:0% are building these systems we can do something<00:19:24.010> about<00:19:24.190> it 00:19:24.570 --> 00:19:24.580 align:start position:0% something about it 00:19:24.580 --> 00:19:26.940 align:start position:0% something about it let's<00:19:25.000> not<00:19:25.180> come<00:19:25.420> to<00:19:25.540> regret<00:19:25.960> what<00:19:26.740> we're 00:19:26.940 --> 00:19:26.950 align:start position:0% let's not come to regret what we're 00:19:26.950 --> 00:19:32.470 align:start position:0% let's not come to regret what we're building<00:19:27.400> now<00:19:27.780> thank<00:19:28.780> you<00:19:28.870> very<00:19:29.050> much 00:19:32.470 --> 00:19:32.480 align:start position:0% 00:19:32.480 --> 00:19:47.940 align:start position:0% I<00:19:37.090> have<00:19:38.090> 26<00:19:38.750> seconds<00:19:39.380> for<00:19:39.650> a<00:19:40.070> question<00:19:43.510> yes 00:19:47.940 --> 00:19:47.950 align:start position:0% 00:19:47.950 --> 00:19:51.930 align:start position:0% pardon 00:19:51.930 --> 00:19:51.940 align:start position:0% 00:19:51.940 --> 00:19:54.640 align:start position:0% what's<00:19:52.940> the<00:19:53.120> precursor<00:19:53.780> for<00:19:54.410> debt 00:19:54.640 --> 00:19:54.650 align:start position:0% what's the precursor for debt 00:19:54.650 --> 00:19:58.750 align:start position:0% what's the precursor for debt forgiveness<00:19:55.250> now<00:19:55.930> desperation<00:19:57.640> usually<00:19:58.640> it 00:19:58.750 --> 00:19:58.760 align:start position:0% forgiveness now desperation usually it 00:19:58.760 --> 00:20:00.430 align:start position:0% forgiveness now desperation usually it only<00:19:59.240> comes<00:19:59.570> about<00:19:59.750> when<00:19:59.930> people<00:20:00.080> are<00:20:00.260> really 00:20:00.430 --> 00:20:00.440 align:start position:0% only comes about when people are really 00:20:00.440 --> 00:20:01.990 align:start position:0% only comes about when people are really desperate<00:20:00.590> we<00:20:00.890> had<00:20:01.010> a<00:20:01.040> chance<00:20:01.400> in<00:20:01.580> the<00:20:01.640> United 00:20:01.990 --> 00:20:02.000 align:start position:0% desperate we had a chance in the United 00:20:02.000 --> 00:20:04.960 align:start position:0% desperate we had a chance in the United States<00:20:02.270> when<00:20:02.840> the<00:20:03.110> debt<00:20:03.770> the<00:20:04.460> housing<00:20:04.790> debt 00:20:04.960 --> 00:20:04.970 align:start position:0% States when the debt the housing debt 00:20:04.970 --> 00:20:07.930 align:start position:0% States when the debt the housing debt happened<00:20:06.040> and<00:20:07.040> we<00:20:07.190> could<00:20:07.460> have<00:20:07.550> gone<00:20:07.580> and 00:20:07.930 --> 00:20:07.940 align:start position:0% happened and we could have gone and 00:20:07.940 --> 00:20:09.490 align:start position:0% happened and we could have gone and forgiven<00:20:08.420> the<00:20:08.600> housing<00:20:08.960> debt<00:20:09.110> and<00:20:09.320> kept 00:20:09.490 --> 00:20:09.500 align:start position:0% forgiven the housing debt and kept 00:20:09.500 --> 00:20:11.110 align:start position:0% forgiven the housing debt and kept people<00:20:09.740> in<00:20:09.860> their<00:20:09.980> homes<00:20:10.160> we<00:20:10.610> didn't<00:20:11.000> we 00:20:11.110 --> 00:20:11.120 align:start position:0% people in their homes we didn't we 00:20:11.120 --> 00:20:12.910 align:start position:0% people in their homes we didn't we bailed<00:20:11.390> out<00:20:11.570> the<00:20:11.630> banks<00:20:12.110> we<00:20:12.260> didn't<00:20:12.530> bail<00:20:12.710> out 00:20:12.910 --> 00:20:12.920 align:start position:0% bailed out the banks we didn't bail out 00:20:12.920 --> 00:20:15.100 align:start position:0% bailed out the banks we didn't bail out the<00:20:13.040> home<00:20:13.520> owned<00:20:13.730> owners<00:20:14.180> and<00:20:14.330> now<00:20:14.720> a<00:20:14.750> lot<00:20:15.080> of 00:20:15.100 --> 00:20:15.110 align:start position:0% the home owned owners and now a lot of 00:20:15.110 --> 00:20:17.140 align:start position:0% the home owned owners and now a lot of those<00:20:15.290> homes<00:20:15.590> are<00:20:15.770> now<00:20:15.980> owned<00:20:16.280> by<00:20:16.610> Berkshire 00:20:17.140 --> 00:20:17.150 align:start position:0% those homes are now owned by Berkshire 00:20:17.150 --> 00:20:19.480 align:start position:0% those homes are now owned by Berkshire Hathaway<00:20:17.630> and<00:20:17.840> they're<00:20:18.500> rented<00:20:19.070> back<00:20:19.250> to 00:20:19.480 --> 00:20:19.490 align:start position:0% Hathaway and they're rented back to 00:20:19.490 --> 00:20:22.570 align:start position:0% Hathaway and they're rented back to those<00:20:19.640> people<00:20:19.930> so<00:20:21.130> it's<00:20:22.130> a<00:20:22.220> level<00:20:22.370> of 00:20:22.570 --> 00:20:22.580 align:start position:0% those people so it's a level of 00:20:22.580 --> 00:20:23.980 align:start position:0% those people so it's a level of desperation<00:20:22.760> it's<00:20:23.300> going<00:20:23.510> on<00:20:23.600> right<00:20:23.810> now<00:20:23.840> a 00:20:23.980 --> 00:20:23.990 align:start position:0% desperation it's going on right now a 00:20:23.990 --> 00:20:26.530 align:start position:0% desperation it's going on right now a student<00:20:24.320> debt<00:20:24.680> in<00:20:24.800> the<00:20:24.890> United<00:20:25.010> States<00:20:25.370> yes<00:20:25.640> so 00:20:26.530 --> 00:20:26.540 align:start position:0% student debt in the United States yes so 00:20:26.540 --> 00:20:28.930 align:start position:0% student debt in the United States yes so I<00:20:26.570> I<00:20:26.990> will<00:20:27.320> read<00:20:27.530> the<00:20:27.650> books<00:20:27.860> but<00:20:28.220> I<00:20:28.760> was 00:20:28.930 --> 00:20:28.940 align:start position:0% I I will read the books but I was 00:20:28.940 --> 00:20:30.370 align:start position:0% I I will read the books but I was wondering<00:20:29.120> if<00:20:29.420> you<00:20:29.570> could<00:20:29.690> give<00:20:29.930> us<00:20:29.960> a<00:20:30.200> little 00:20:30.370 --> 00:20:30.380 align:start position:0% wondering if you could give us a little 00:20:30.380 --> 00:20:32.860 align:start position:0% wondering if you could give us a little summary<00:20:30.710> though<00:20:31.100> of<00:20:31.370> from<00:20:32.210> the<00:20:32.330> perspective 00:20:32.860 --> 00:20:32.870 align:start position:0% summary though of from the perspective 00:20:32.870 --> 00:20:35.440 align:start position:0% summary though of from the perspective of<00:20:33.080> the<00:20:33.380> people<00:20:33.770> that<00:20:34.100> are<00:20:34.270> holding<00:20:35.270> all<00:20:35.420> of 00:20:35.440 --> 00:20:35.450 align:start position:0% of the people that are holding all of 00:20:35.450 --> 00:20:37.780 align:start position:0% of the people that are holding all of the<00:20:35.660> debt<00:20:35.900> and<00:20:36.170> it's<00:20:36.860> getting<00:20:37.130> forgiven<00:20:37.610> this 00:20:37.780 --> 00:20:37.790 align:start position:0% the debt and it's getting forgiven this 00:20:37.790 --> 00:20:39.730 align:start position:0% the debt and it's getting forgiven this is<00:20:38.000> a<00:20:38.030> terrible<00:20:38.660> thing<00:20:38.900> and<00:20:39.200> you<00:20:39.410> were<00:20:39.500> saying 00:20:39.730 --> 00:20:39.740 align:start position:0% is a terrible thing and you were saying 00:20:39.740 --> 00:20:41.200 align:start position:0% is a terrible thing and you were saying well<00:20:39.860> Spartan<00:20:40.310> Kings<00:20:40.550> two<00:20:40.880> of<00:20:40.970> them<00:20:41.090> were 00:20:41.200 --> 00:20:41.210 align:start position:0% well Spartan Kings two of them were 00:20:41.210 --> 00:20:45.030 align:start position:0% well Spartan Kings two of them were killed<00:20:41.420> and<00:20:41.720> so<00:20:41.900> forth<00:20:42.200> yes<00:20:42.350> so<00:20:43.160> what<00:20:43.850> sort<00:20:44.390> of 00:20:45.030 --> 00:20:45.040 align:start position:0% killed and so forth yes so what sort of 00:20:45.040 --> 00:20:47.590 align:start position:0% killed and so forth yes so what sort of how<00:20:46.040> does<00:20:46.220> a<00:20:46.250> society<00:20:46.850> get<00:20:47.000> to<00:20:47.150> a<00:20:47.180> point<00:20:47.360> where 00:20:47.590 --> 00:20:47.600 align:start position:0% how does a society get to a point where 00:20:47.600 --> 00:20:49.900 align:start position:0% how does a society get to a point where it<00:20:47.690> does<00:20:47.900> this<00:20:48.170> non<00:20:48.560> civil<00:20:49.070> war<00:20:49.280> peaceful 00:20:49.900 --> 00:20:49.910 align:start position:0% it does this non civil war peaceful 00:20:49.910 --> 00:20:51.280 align:start position:0% it does this non civil war peaceful forgiveness<00:20:50.450> of<00:20:50.630> debt<00:20:50.660> what<00:20:51.080> are<00:20:51.200> the 00:20:51.280 --> 00:20:51.290 align:start position:0% forgiveness of debt what are the 00:20:51.290 --> 00:20:53.020 align:start position:0% forgiveness of debt what are the conditions<00:20:51.740> that<00:20:51.830> make<00:20:51.950> that<00:20:52.250> happen<00:20:52.610> in<00:20:52.850> the 00:20:53.020 --> 00:20:53.030 align:start position:0% conditions that make that happen in the 00:20:53.030 --> 00:20:55.800 align:start position:0% conditions that make that happen in the United<00:20:53.420> States<00:20:53.720> in<00:20:53.930> the<00:20:54.020> early<00:20:54.290> 20th<00:20:54.680> century 00:20:55.800 --> 00:20:55.810 align:start position:0% United States in the early 20th century 00:20:55.810 --> 00:20:57.940 align:start position:0% United States in the early 20th century well<00:20:56.810> in<00:20:56.990> this<00:20:57.080> 20th<00:20:57.350> century<00:20:57.710> we<00:20:57.800> had<00:20:57.920> the 00:20:57.940 --> 00:20:57.950 align:start position:0% well in this 20th century we had the 00:20:57.950 --> 00:20:59.140 align:start position:0% well in this 20th century we had the Bolshevik<00:20:58.400> Revolution<00:20:58.580> the<00:20:58.940> hour<00:20:59.060> of 00:20:59.140 --> 00:20:59.150 align:start position:0% Bolshevik Revolution the hour of 00:20:59.150 --> 00:21:00.940 align:start position:0% Bolshevik Revolution the hour of revolution<00:20:59.660> in<00:20:59.780> the<00:20:59.960> United<00:21:00.290> States<00:21:00.590> we<00:21:00.770> had 00:21:00.940 --> 00:21:00.950 align:start position:0% revolution in the United States we had 00:21:00.950 --> 00:21:05.440 align:start position:0% revolution in the United States we had the<00:21:01.070> New<00:21:01.250> Deal<00:21:01.430> the<00:21:01.760> New<00:21:02.720> Deal<00:21:03.880> the<00:21:04.880> oligarchs 00:21:05.440 --> 00:21:05.450 align:start position:0% the New Deal the New Deal the oligarchs 00:21:05.450 --> 00:21:10.300 align:start position:0% the New Deal the New Deal the oligarchs hated<00:21:06.380> the<00:21:06.740> New<00:21:06.920> Deal<00:21:07.190> the<00:21:07.730> New<00:21:08.240> Deal<00:21:08.450> of<00:21:09.310> FDR 00:21:10.300 --> 00:21:10.310 align:start position:0% hated the New Deal the New Deal of FDR 00:21:10.310 --> 00:21:15.550 align:start position:0% hated the New Deal the New Deal of FDR there<00:21:10.670> was<00:21:10.790> a<00:21:10.990> 95%<00:21:12.970> incremental<00:21:13.970> tax<00:21:14.300> rate<00:21:14.630> my 00:21:15.550 --> 00:21:15.560 align:start position:0% there was a 95% incremental tax rate my 00:21:15.560 --> 00:21:17.710 align:start position:0% there was a 95% incremental tax rate my grandfather<00:21:16.130> complained<00:21:16.760> that<00:21:17.330> if<00:21:17.480> he<00:21:17.570> made 00:21:17.710 --> 00:21:17.720 align:start position:0% grandfather complained that if he made 00:21:17.720 --> 00:21:19.900 align:start position:0% grandfather complained that if he made another<00:21:17.990> dollar<00:21:18.290> 95<00:21:18.950> cents<00:21:19.430> if<00:21:19.550> it<00:21:19.670> went<00:21:19.790> to 00:21:19.900 --> 00:21:19.910 align:start position:0% another dollar 95 cents if it went to 00:21:19.910 --> 00:21:22.570 align:start position:0% another dollar 95 cents if it went to the<00:21:20.000> government<00:21:20.330> he<00:21:20.570> hated<00:21:21.110> it<00:21:21.560> he<00:21:22.160> did<00:21:22.340> just 00:21:22.570 --> 00:21:22.580 align:start position:0% the government he hated it he did just 00:21:22.580 --> 00:21:25.690 align:start position:0% the government he hated it he did just fine<00:21:22.760> don't<00:21:22.970> cry<00:21:23.180> for<00:21:23.240> my<00:21:23.480> grandfather<00:21:23.870> and<00:21:24.710> so 00:21:25.690 --> 00:21:25.700 align:start position:0% fine don't cry for my grandfather and so 00:21:25.700 --> 00:21:28.480 align:start position:0% fine don't cry for my grandfather and so this<00:21:25.880> is<00:21:26.320> what<00:21:27.320> the<00:21:27.410> United<00:21:27.770> States<00:21:27.800> did<00:21:28.220> is 00:21:28.480 --> 00:21:28.490 align:start position:0% this is what the United States did is 00:21:28.490 --> 00:21:30.400 align:start position:0% this is what the United States did is they<00:21:28.670> basically<00:21:28.850> taxed<00:21:29.690> their<00:21:29.840> way<00:21:30.050> into 00:21:30.400 --> 00:21:30.410 align:start position:0% they basically taxed their way into 00:21:30.410 --> 00:21:34.000 align:start position:0% they basically taxed their way into restoring<00:21:31.280> a<00:21:31.520> middle<00:21:31.790> class<00:21:32.080> we<00:21:33.080> had<00:21:33.320> a<00:21:33.530> Gilded 00:21:34.000 --> 00:21:34.010 align:start position:0% restoring a middle class we had a Gilded 00:21:34.010 --> 00:21:37.210 align:start position:0% restoring a middle class we had a Gilded Age<00:21:34.130> and<00:21:34.520> we<00:21:35.120> crushed<00:21:35.810> it<00:21:35.960> the<00:21:36.290> United<00:21:36.950> States 00:21:37.210 --> 00:21:37.220 align:start position:0% Age and we crushed it the United States 00:21:37.220 --> 00:21:41.400 align:start position:0% Age and we crushed it the United States I<00:21:37.340> grew<00:21:37.760> up<00:21:37.790> with<00:21:38.150> sorry<00:21:38.920> had<00:21:39.920> a<00:21:39.950> middle<00:21:40.310> class 00:21:41.400 --> 00:21:41.410 align:start position:0% I grew up with sorry had a middle class 00:21:41.410 --> 00:21:44.200 align:start position:0% I grew up with sorry had a middle class the<00:21:42.410> United<00:21:42.740> States<00:21:42.950> I<00:21:43.070> live<00:21:43.280> in<00:21:43.430> now<00:21:43.580> it's 00:21:44.200 --> 00:21:44.210 align:start position:0% the United States I live in now it's 00:21:44.210 --> 00:21:45.830 align:start position:0% the United States I live in now it's disappearing<00:21:45.110> it<00:21:45.290> is 00:21:45.830 --> 00:21:45.840 align:start position:0% disappearing it is 00:21:45.840 --> 00:21:50.779 align:start position:0% disappearing it is horrible<00:21:46.500> and<00:21:47.309> it<00:21:48.000> in<00:21:48.750> erodes<00:21:49.350> so<00:21:49.919> if<00:21:50.250> you<00:21:50.580> can 00:21:50.779 --> 00:21:50.789 align:start position:0% horrible and it in erodes so if you can 00:21:50.789 --> 00:21:53.659 align:start position:0% horrible and it in erodes so if you can do<00:21:50.940> it<00:21:51.090> without<00:21:51.240> a<00:21:51.539> civil<00:21:52.049> war<00:21:52.289> you<00:21:53.250> can<00:21:53.400> just 00:21:53.659 --> 00:21:53.669 align:start position:0% do it without a civil war you can just 00:21:53.669 --> 00:21:55.640 align:start position:0% do it without a civil war you can just do<00:21:53.820> it<00:21:53.850> by<00:21:54.090> having<00:21:54.360> somebody<00:21:54.720> powerful<00:21:55.409> enough 00:21:55.640 --> 00:21:55.650 align:start position:0% do it by having somebody powerful enough 00:21:55.650 --> 00:21:57.919 align:start position:0% do it by having somebody powerful enough that<00:21:56.070> one<00:21:56.250> is<00:21:56.400> wants<00:21:56.760> to<00:21:56.850> preserve<00:21:57.029> society 00:21:57.919 --> 00:21:57.929 align:start position:0% that one is wants to preserve society 00:21:57.929 --> 00:21:59.930 align:start position:0% that one is wants to preserve society and<00:21:58.110> keep<00:21:58.470> people<00:21:58.770> from<00:21:58.890> all<00:21:59.039> moving<00:21:59.520> away 00:21:59.930 --> 00:21:59.940 align:start position:0% and keep people from all moving away 00:21:59.940 --> 00:22:01.519 align:start position:0% and keep people from all moving away from<00:22:00.179> their<00:22:00.450> lands<00:22:00.870> which<00:22:01.020> is<00:22:01.169> sort<00:22:01.350> of<00:22:01.380> what's 00:22:01.519 --> 00:22:01.529 align:start position:0% from their lands which is sort of what's 00:22:01.529 --> 00:22:10.890 align:start position:0% from their lands which is sort of what's going<00:22:01.679> on<00:22:01.860> now<00:22:02.130> in<00:22:02.220> the<00:22:02.309> isolation<00:22:02.610> thank<00:22:03.029> you 00:22:10.890 --> 00:22:10.900 align:start position:0% 00:22:10.900 --> 00:22:12.960 align:start position:0% you