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Language: en

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[Applause]

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era<00:00:13.880><c> for</c><00:00:14.880><c> the</c><00:00:14.940><c> next</c><00:00:15.240><c> actions</c><00:00:15.960><c> back</c><00:00:16.230><c> by</c><00:00:16.560><c> the</c><00:00:16.619><c> way</c>

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era for the next actions back by the way
 

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era for the next actions back by the way
for<00:00:18.810><c> the</c><00:00:18.869><c> next</c><00:00:18.960><c> five</c><00:00:19.260><c> minutes</c><00:00:19.410><c> I'm</c><00:00:19.920><c> just</c><00:00:20.119><c> you</c>

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for the next five minutes I'm just you
 

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for the next five minutes I'm just you
know<00:00:21.150><c> pose</c><00:00:21.480><c> a</c><00:00:21.510><c> question</c>

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know pose a question
 

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know pose a question
shouldn't<00:00:22.860><c> we</c><00:00:23.010><c> be</c><00:00:23.040><c> reasonable</c><00:00:23.369><c> head</c><00:00:23.849><c> and</c><00:00:24.680><c> one</c>

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shouldn't we be reasonable head and one
 

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shouldn't we be reasonable head and one
of<00:00:25.770><c> the</c><00:00:25.830><c> ways</c><00:00:25.980><c> you</c><00:00:26.400><c> know</c><00:00:26.759><c> making</c><00:00:27.119><c> that</c><00:00:27.419><c> and</c>

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of the ways you know making that and
 

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of the ways you know making that and
what<00:00:28.200><c> I'm</c><00:00:28.320><c> thinking</c><00:00:28.619><c> about</c><00:00:29.189><c> in</c><00:00:29.340><c> the</c><00:00:29.430><c> last</c>

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what I'm thinking about in the last
 

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what I'm thinking about in the last
couple<00:00:30.270><c> months</c><00:00:30.360><c> is</c><00:00:31.110><c> this</c><00:00:31.349><c> idea</c><00:00:31.680><c> of</c><00:00:31.770><c> sousou's</c>

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couple months is this idea of sousou's
 

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couple months is this idea of sousou's
coordinator<00:00:33.060><c> and</c><00:00:33.300><c> lending</c><00:00:33.570><c> clubs</c><00:00:34.820><c> so</c><00:00:35.989><c> mr.</c>

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coordinator and lending clubs so mr.
 

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coordinator and lending clubs so mr.
Patel<00:00:37.320><c> with</c><00:00:37.980><c> all</c><00:00:38.130><c> due</c><00:00:38.220><c> respect</c><00:00:38.250><c> that</c><00:00:39.030><c> was</c>

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Patel with all due respect that was
 

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Patel with all due respect that was
amazing<00:00:39.600><c> talk</c><00:00:39.809><c> I</c><00:00:40.110><c> have</c><00:00:40.950><c> to</c><00:00:41.070><c> say</c><00:00:41.250><c> over</c><00:00:41.520><c> the</c><00:00:41.610><c> last</c>

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amazing talk I have to say over the last
 

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amazing talk I have to say over the last
year<00:00:42.540><c> I've</c><00:00:42.900><c> learned</c><00:00:43.170><c> a</c><00:00:43.260><c> lot</c><00:00:43.350><c> about</c><00:00:43.470><c> finance</c><00:00:43.980><c> I</c>

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year I've learned a lot about finance I
 

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year I've learned a lot about finance I
have<00:00:44.730><c> a</c><00:00:44.790><c> background</c><00:00:45.180><c> in</c><00:00:45.300><c> history</c><00:00:45.480><c> Chinese</c>

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have a background in history Chinese
 

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have a background in history Chinese
politics<00:00:47.640><c> but</c><00:00:48.080><c> it's</c><00:00:49.080><c> pretty</c><00:00:49.290><c> amazing</c><00:00:49.410><c> what's</c>

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politics but it's pretty amazing what's
 

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politics but it's pretty amazing what's
been<00:00:50.190><c> happening</c><00:00:50.460><c> in</c><00:00:50.550><c> the</c><00:00:50.610><c> dfi</c><00:00:50.910><c> space</c><00:00:51.150><c> if</c><00:00:51.540><c> you</c>

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been happening in the dfi space if you
 

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been happening in the dfi space if you
know<00:00:52.050><c> you</c><00:00:52.110><c> have</c><00:00:52.320><c> a</c><00:00:52.350><c> bag</c><00:00:52.530><c> over</c><00:00:52.710><c> your</c><00:00:52.830><c> head</c><00:00:53.040><c> you</c>

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know you have a bag over your head you
 

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know you have a bag over your head you
then<00:00:53.700><c> you</c><00:00:53.760><c> missed</c><00:00:54.000><c> out</c><00:00:54.210><c> on</c><00:00:54.240><c> Def</c><00:00:54.630><c> Con</c><00:00:54.900><c> you</c>

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then you missed out on Def Con you
 

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then you missed out on Def Con you
realized<00:00:56.040><c> so</c><00:00:56.280><c> much</c><00:00:56.520><c> the</c><00:00:56.850><c> excitement</c><00:00:57.150><c> is</c>

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realized so much the excitement is
 

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realized so much the excitement is
actually<00:00:57.930><c> understanding</c><00:00:58.410><c> what</c><00:00:59.060><c> all</c><00:01:00.060><c> these</c>

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actually understanding what all these
 

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actually understanding what all these
products<00:01:00.870><c> your</c><00:01:01.050><c> honor</c><00:01:01.230><c> right</c><00:01:01.380><c> have</c><00:01:01.770><c> been</c><00:01:01.980><c> able</c>

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products your honor right have been able
 

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products your honor right have been able
to<00:01:02.610><c> show</c><00:01:02.820><c> that</c><00:01:02.970><c> eath</c><00:01:03.240><c> is</c><00:01:03.480><c> trustworthy</c>

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to show that eath is trustworthy
 

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to show that eath is trustworthy
foundation<00:01:04.920><c> and</c><00:01:05.159><c> you</c><00:01:06.000><c> know</c><00:01:06.119><c> code</c><00:01:06.450><c> can</c><00:01:06.689><c> be</c><00:01:06.810><c> a</c>

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foundation and you know code can be a
 

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foundation and you know code can be a
self<00:01:07.110><c> in</c><00:01:07.259><c> length</c><00:01:08.210><c> but</c><00:01:09.290><c> this</c><00:01:10.290><c> picture</c><00:01:10.979><c> here</c><00:01:11.250><c> is</c>

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self in length but this picture here is
 

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self in length but this picture here is
when<00:01:11.729><c> I</c><00:01:11.759><c> googled</c><00:01:12.240><c> Bear</c><00:01:12.689><c> Stearns</c><00:01:13.079><c> on</c><00:01:13.740><c> some</c>

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when I googled Bear Stearns on some
 

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when I googled Bear Stearns on some
funny<00:01:14.189><c> clip</c><00:01:14.700><c> art</c><00:01:15.859><c> you</c><00:01:16.859><c> know</c><00:01:16.979><c> there</c><00:01:17.100><c> are</c><00:01:17.219><c> some</c><00:01:17.429><c> I</c>

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funny clip art you know there are some I
 

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funny clip art you know there are some I
think<00:01:18.179><c> pretentious</c><00:01:18.719><c> parallels</c><00:01:19.170><c> to</c><00:01:19.380><c> what</c><00:01:19.499><c> we</c>

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think pretentious parallels to what we
 

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think pretentious parallels to what we
actually<00:01:20.759><c> sort</c><00:01:21.749><c> of</c><00:01:21.869><c> imagined</c><00:01:22.380><c> as</c><00:01:22.469><c> the</c><00:01:22.499><c> crisis</c>

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actually sort of imagined as the crisis
 

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actually sort of imagined as the crisis
in<00:01:23.149><c> 2007-2008</c><00:01:24.149><c> a</c><00:01:25.109><c> lot</c><00:01:25.649><c> of</c><00:01:25.799><c> synthetic</c>

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in 2007-2008 a lot of synthetic
 

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in 2007-2008 a lot of synthetic
derivatives<00:01:26.729><c> are</c><00:01:27.090><c> you</c><00:01:27.689><c> know</c><00:01:27.810><c> over</c><00:01:28.079><c> leveraged</c>

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derivatives are you know over leveraged
 

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derivatives are you know over leveraged
in<00:01:28.770><c> I</c><00:01:29.009><c> had</c><00:01:29.850><c> me</c><00:01:29.999><c> thinking</c><00:01:30.420><c> a</c><00:01:30.600><c> lot</c><00:01:30.719><c> about</c><00:01:30.780><c> that</c><00:01:31.139><c> so</c>

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in I had me thinking a lot about that so
 

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in I had me thinking a lot about that so
a<00:01:31.770><c> lot</c><00:01:32.189><c> of</c><00:01:32.310><c> people</c><00:01:32.670><c> probably</c><00:01:33.539><c> came</c><00:01:34.109><c> to</c><00:01:34.289><c> the</c>

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a lot of people probably came to the
 

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a lot of people probably came to the
theater<00:01:34.740><c> thinking</c><00:01:35.069><c> about</c><00:01:35.280><c> money</c><00:01:35.520><c> and</c><00:01:35.939><c> if</c><00:01:36.869><c> you</c>

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theater thinking about money and if you
 

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theater thinking about money and if you
haven't<00:01:37.229><c> read</c><00:01:37.350><c> this</c><00:01:37.499><c> great</c><00:01:37.799><c> book</c><00:01:37.950><c> by</c><00:01:38.130><c> Dick</c>

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haven't read this great book by Dick
 

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haven't read this great book by Dick
Gregory

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Gregory
 

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Gregory
he<00:01:39.840><c> sort</c><00:01:40.469><c> of</c><00:01:40.560><c> poses</c><00:01:41.340><c> a</c><00:01:41.369><c> question</c><00:01:41.549><c> what</c><00:01:42.179><c> makes</c>

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he sort of poses a question what makes
 

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he sort of poses a question what makes
the<00:01:42.569><c> concept</c><00:01:43.020><c> that</c><00:01:43.439><c> so</c><00:01:44.130><c> strangely</c><00:01:44.549><c> powerful</c>

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the concept that so strangely powerful
 

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the concept that so strangely powerful
and<00:01:45.619><c> goes</c><00:01:46.619><c> through</c><00:01:46.950><c> a</c><00:01:47.039><c> history</c><00:01:47.369><c> of</c><00:01:47.490><c> 5,000</c>

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and goes through a history of 5,000
 

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and goes through a history of 5,000
years<00:01:48.179><c> of</c><00:01:48.469><c> different</c><00:01:49.469><c> you</c><00:01:49.950><c> know</c><00:01:50.100><c> societal</c>

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years of different you know societal
 

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years of different you know societal
conflicts<00:01:51.090><c> and</c><00:01:51.329><c> raising</c><00:01:52.079><c> rich</c><00:01:52.259><c> debt</c><00:01:53.100><c> and</c><00:01:53.369><c> the</c>

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conflicts and raising rich debt and the
 

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conflicts and raising rich debt and the
you<00:01:54.299><c> know</c><00:01:54.329><c> the</c><00:01:55.100><c> breaking</c><00:01:56.100><c> of</c><00:01:56.399><c> bonds</c><00:01:56.670><c> of</c><00:01:57.060><c> all</c>

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you know the breaking of bonds of all
 

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you know the breaking of bonds of all
the<00:01:57.509><c> debt</c><00:01:57.689><c> that</c><00:01:57.929><c> people</c><00:01:57.959><c> owe</c><00:01:58.549><c> causes</c><00:01:59.549><c> war</c>

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the debt that people owe causes war
 

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the debt that people owe causes war
cousins<00:02:00.299><c> you</c><00:02:00.840><c> know</c><00:02:00.869><c> conflict</c><00:02:01.499><c> a</c><00:02:02.810><c> couple</c><00:02:03.810><c> other</c>

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cousins you know conflict a couple other
 

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cousins you know conflict a couple other
interesting<00:02:04.380><c> things</c><00:02:04.619><c> is</c><00:02:04.950><c> that</c><00:02:05.779><c> even</c><00:02:06.779><c> the</c><00:02:06.990><c> idea</c>

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interesting things is that even the idea
 

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interesting things is that even the idea
and<00:02:07.940><c> built</c><00:02:08.940><c> into</c><00:02:09.209><c> our</c><00:02:09.330><c> language</c><00:02:09.649><c> so</c><00:02:10.649><c> in</c><00:02:10.860><c> Greek</c>

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and built into our language so in Greek
 

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and built into our language so in Greek
the<00:02:11.310><c> word</c><00:02:11.459><c> symbol</c><00:02:11.880><c> on</c>

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the word symbol on
 

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the word symbol on
we<00:02:12.810><c> became</c><00:02:13.770><c> to</c><00:02:13.950><c> work</c><00:02:14.100><c> for</c><00:02:14.370><c> money</c><00:02:14.550><c> in</c><00:02:15.330><c> Chinese</c>

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we became to work for money in Chinese
 

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we became to work for money in Chinese
this<00:02:15.930><c> fool</c><00:02:16.470><c> and</c><00:02:16.710><c> it</c><00:02:17.040><c> was</c><00:02:17.460><c> literally</c><00:02:18.120><c> a</c><00:02:18.270><c> word</c><00:02:18.510><c> to</c>

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this fool and it was literally a word to
 

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this fool and it was literally a word to
describe<00:02:18.810><c> a</c><00:02:19.350><c> debt</c><00:02:19.650><c> or</c><00:02:19.860><c> credit</c><00:02:19.950><c> to</c><00:02:20.550><c> someone</c>

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describe a debt or credit to someone
 

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describe a debt or credit to someone
else<00:02:21.380><c> in</c><00:02:22.380><c> this</c><00:02:23.010><c> simple</c><00:02:23.340><c> I</c><00:02:23.490><c> was</c><00:02:23.670><c> sort</c><00:02:24.570><c> of</c><00:02:24.630><c> a</c>

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else in this simple I was sort of a
 

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else in this simple I was sort of a
piece<00:02:25.380><c> that</c><00:02:25.410><c> you</c><00:02:25.800><c> break</c><00:02:26.100><c> and</c><00:02:26.430><c> a</c><00:02:26.460><c> half</c><00:02:26.610><c> and</c>

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piece that you break and a half and
 

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piece that you break and a half and
represent<00:02:27.510><c> the</c><00:02:27.840><c> debt</c><00:02:28.020><c> you</c><00:02:28.140><c> wrote</c><00:02:30.170><c> so</c><00:02:31.170><c> yeah</c><00:02:31.290><c> I</c>

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represent the debt you wrote so yeah I
 

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represent the debt you wrote so yeah I
mean<00:02:31.770><c> that</c><00:02:32.070><c> is</c><00:02:32.370><c> very</c><00:02:32.580><c> critical</c><00:02:33.120><c> to</c><00:02:33.390><c> get</c><00:02:33.600><c> our</c>

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mean that is very critical to get our
 

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mean that is very critical to get our
idea<00:02:34.140><c> of</c><00:02:34.170><c> money</c><00:02:34.410><c> in</c><00:02:34.620><c> that</c><00:02:34.950><c> bet</c><00:02:35.610><c> if</c><00:02:35.700><c> we</c><00:02:35.790><c> go</c><00:02:35.910><c> to</c>

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idea of money in that bet if we go to
 

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idea of money in that bet if we go to
pull<00:02:36.270><c> a</c><00:02:36.600><c> lot</c><00:02:36.900><c> of</c><00:02:36.960><c> us</c><00:02:37.170><c> in</c><00:02:37.380><c> this</c><00:02:37.440><c> room</c><00:02:37.650><c> have</c><00:02:38.130><c> some</c>

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pull a lot of us in this room have some
 

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pull a lot of us in this room have some
sort<00:02:38.610><c> of</c><00:02:38.640><c> debt</c><00:02:38.880><c> but</c><00:02:39.150><c> our</c><00:02:39.270><c> mortgage</c><00:02:39.660><c> or</c><00:02:39.930><c> soon</c>

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sort of debt but our mortgage or soon
 

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sort of debt but our mortgage or soon
once<00:02:40.710><c> or</c><00:02:40.950><c> something</c><00:02:42.410><c> so</c><00:02:43.410><c> in</c><00:02:43.620><c> that</c><00:02:43.830><c> I</c><00:02:44.130><c> have</c><00:02:44.640><c> been</c>

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once or something so in that I have been
 

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once or something so in that I have been
thinking<00:02:44.970><c> about</c><00:02:45.300><c> are</c><00:02:45.840><c> there</c><00:02:46.440><c> ways</c><00:02:46.470><c> that</c>

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thinking about are there ways that
 

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thinking about are there ways that
people<00:02:47.460><c> have</c><00:02:47.670><c> been</c><00:02:48.060><c> lending</c><00:02:48.300><c> and</c><00:02:48.630><c> created</c>

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people have been lending and created
 

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people have been lending and created
money<00:02:49.500><c> systems</c><00:02:49.950><c> that</c><00:02:50.160><c> don't</c><00:02:50.340><c> involve</c><00:02:50.760><c> a</c><00:02:51.210><c> debt</c>

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money systems that don't involve a debt
 

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money systems that don't involve a debt
or<00:02:52.140><c> at</c><00:02:52.440><c> least</c><00:02:52.650><c> some</c><00:02:52.890><c> sort</c><00:02:52.920><c> of</c><00:02:53.220><c> central</c><00:02:53.970><c> actor</c>

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or at least some sort of central actor
 

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or at least some sort of central actor
providing<00:02:55.080><c> a</c><00:02:55.380><c> loan</c><00:02:55.950><c> or</c><00:02:56.580><c> some</c><00:02:56.760><c> personal</c><00:02:57.330><c> credit</c>

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providing a loan or some personal credit
 

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providing a loan or some personal credit
and<00:02:58.980><c> it</c><00:02:59.070><c> turns</c><00:02:59.280><c> out</c><00:02:59.430><c> there</c><00:02:59.670><c> are</c><00:02:59.910><c> there's</c><00:03:00.780><c> a</c><00:03:01.080><c> lot</c>

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and it turns out there are there's a lot
 

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and it turns out there are there's a lot
and<00:03:01.680><c> I'm</c><00:03:02.190><c> a</c><00:03:03.180><c> white</c><00:03:03.480><c> American</c><00:03:04.050><c> so</c><00:03:04.260><c> this</c><00:03:04.440><c> is</c><00:03:04.560><c> all</c>

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and I'm a white American so this is all
 

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and I'm a white American so this is all
new<00:03:04.770><c> to</c><00:03:05.040><c> me</c><00:03:05.160><c> but</c><00:03:05.370><c> Sousou</c><00:03:06.270><c> is</c><00:03:06.690><c> a</c><00:03:06.860><c> circle</c><00:03:07.860><c> West</c>

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new to me but Sousou is a circle West
 

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new to me but Sousou is a circle West
African<00:03:08.490><c> word</c><00:03:08.640><c> and</c><00:03:08.940><c> it</c><00:03:09.180><c> scribes</c><00:03:09.540><c> this</c><00:03:10.200><c> idea</c><00:03:10.560><c> of</c>

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African word and it scribes this idea of
 

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African word and it scribes this idea of
rotating<00:03:11.460><c> savings</c><00:03:12.030><c> and</c><00:03:12.180><c> credit</c><00:03:12.240><c> Association</c>

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rotating savings and credit Association
 

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rotating savings and credit Association
turns<00:03:13.980><c> out</c><00:03:14.190><c> it's</c><00:03:14.370><c> also</c><00:03:14.550><c> a</c><00:03:15.150><c> Tunde</c><00:03:16.020><c> and</c><00:03:16.350><c> Latin</c>

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turns out it's also a Tunde and Latin
 

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turns out it's also a Tunde and Latin
America<00:03:17.010><c> and</c><00:03:17.220><c> Chinese</c><00:03:17.580><c> itself</c><00:03:17.910><c> great</c><00:03:18.090><c> and</c>

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America and Chinese itself great and
 

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America and Chinese itself great and
that's<00:03:18.959><c> been</c><00:03:19.110><c> around</c><00:03:19.200><c> actually</c><00:03:19.560><c> since</c><00:03:20.010><c> this</c>

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that's been around actually since this
 

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that's been around actually since this
guy<00:03:21.120><c> since</c><00:03:21.420><c> the</c><00:03:21.480><c> Tong</c><00:03:21.810><c> dynasty</c><00:03:22.080><c> which</c><00:03:22.560><c> is</c><00:03:22.709><c> like</c>

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guy since the Tong dynasty which is like
 

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guy since the Tong dynasty which is like
600<00:03:23.780><c> and</c><00:03:24.780><c> what</c><00:03:25.320><c> it</c><00:03:25.440><c> is</c><00:03:25.590><c> is</c><00:03:25.890><c> pretty</c><00:03:26.820><c> simple</c><00:03:27.090><c> it's</c>

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600 and what it is is pretty simple it's
 

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600 and what it is is pretty simple it's
the<00:03:28.380><c> savings</c><00:03:29.190><c> with</c><00:03:29.760><c> the</c><00:03:29.880><c> community</c><00:03:30.330><c> each</c>

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the savings with the community each
 

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the savings with the community each
person<00:03:31.530><c> puts</c><00:03:31.830><c> a</c><00:03:32.070><c> set</c><00:03:32.340><c> amount</c><00:03:32.430><c> into</c><00:03:32.970><c> a</c><00:03:33.000><c> pool</c><00:03:33.690><c> and</c>

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person puts a set amount into a pool and
 

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person puts a set amount into a pool and
then<00:03:34.560><c> the</c><00:03:34.680><c> pool</c><00:03:34.920><c> rotates</c><00:03:35.400><c> and</c><00:03:35.910><c> so</c><00:03:36.000><c> you</c><00:03:36.060><c> can</c><00:03:36.240><c> set</c>

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then the pool rotates and so you can set
 

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then the pool rotates and so you can set
parameters<00:03:36.780><c> whether</c><00:03:37.230><c> it's</c><00:03:37.440><c> you</c><00:03:38.220><c> know</c><00:03:38.250><c> in</c><00:03:38.580><c> this</c>

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parameters whether it's you know in this
 

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parameters whether it's you know in this
example<00:03:39.120><c> ten</c><00:03:39.810><c> dollars</c><00:03:40.080><c> per</c><00:03:40.260><c> week</c><00:03:40.489><c> everyone</c>

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example ten dollars per week everyone
 

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example ten dollars per week everyone
who<00:03:41.640><c> received</c><00:03:42.000><c> two</c><00:03:42.360><c> hundred</c><00:03:42.630><c> dollars</c><00:03:42.870><c> at</c><00:03:43.020><c> some</c>

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who received two hundred dollars at some
 

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who received two hundred dollars at some
point<00:03:43.470><c> so</c><00:03:44.220><c> Tom</c><00:03:44.790><c> does</c><00:03:45.060><c> in</c><00:03:45.360><c> some</c><00:03:45.570><c> praise</c><00:03:45.810><c> they</c>

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point so Tom does in some praise they
 

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point so Tom does in some praise they
set<00:03:46.800><c> up</c><00:03:46.980><c> garlic</c><00:03:47.250><c> people</c><00:03:48.120><c> can</c><00:03:48.270><c> choose</c><00:03:48.540><c> when</c>

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set up garlic people can choose when
 

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set up garlic people can choose when
they<00:03:48.810><c> want</c><00:03:48.930><c> to</c>

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they want to
 

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they want to
the<00:03:49.780><c> club</c><00:03:50.050><c> cool</c><00:03:56.310><c> so</c><00:03:57.310><c> the</c><00:03:58.209><c> other</c><00:03:58.390><c> thing</c><00:03:58.660><c> though</c>

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the club cool so the other thing though
 

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the club cool so the other thing though
is<00:03:58.959><c> that</c><00:03:59.190><c> it's</c><00:04:00.190><c> simply</c><00:04:01.090><c> savings</c><00:04:01.660><c> and</c><00:04:02.020><c> it's</c>

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is that it's simply savings and it's
 

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is that it's simply savings and it's
super<00:04:02.470><c> savings</c><00:04:02.650><c> so</c><00:04:02.920><c> no</c><00:04:03.130><c> one</c><00:04:03.250><c> actually</c><00:04:03.280><c> earns</c>

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super savings so no one actually earns
 

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super savings so no one actually earns
interest<00:04:04.090><c> on</c><00:04:04.569><c> money</c><00:04:04.750><c> set</c><00:04:05.050><c> aside</c><00:04:06.569><c> so</c><00:04:07.569><c> when</c><00:04:08.260><c> I</c>

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interest on money set aside so when I
 

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interest on money set aside so when I
was<00:04:08.410><c> researching</c><00:04:08.709><c> this</c><00:04:08.890><c> something</c><00:04:09.310><c> I</c><00:04:09.370><c> found</c>

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was researching this something I found
 

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was researching this something I found
people<00:04:10.989><c> all</c><00:04:11.410><c> throughout</c><00:04:11.800><c> the</c><00:04:11.950><c> United</c><00:04:12.010><c> States</c>

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people all throughout the United States
 

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people all throughout the United States
use<00:04:13.330><c> sousou's</c><00:04:13.959><c> do</c><00:04:15.299><c> people</c><00:04:16.299><c> use</c><00:04:16.419><c> it</c><00:04:16.630><c> to</c><00:04:16.660><c> pay</c><00:04:17.200><c> for</c>

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use sousou's do people use it to pay for
 

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use sousou's do people use it to pay for
a<00:04:17.560><c> car</c><00:04:18.540><c> the</c><00:04:19.540><c> Jews</c><00:04:20.470><c> and</c><00:04:20.769><c> Borough</c><00:04:20.919><c> Park</c><00:04:21.220><c> use</c><00:04:21.549><c> it</c>

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a car the Jews and Borough Park use it
 

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a car the Jews and Borough Park use it
to<00:04:22.000><c> buy</c><00:04:22.240><c> real</c><00:04:22.510><c> estate</c><00:04:22.540><c> they</c><00:04:23.530><c> it's</c><00:04:23.979><c> just</c><00:04:24.220><c> built</c>

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to buy real estate they it's just built
 

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to buy real estate they it's just built
into<00:04:24.610><c> the</c><00:04:24.790><c> social</c><00:04:25.240><c> fabric</c><00:04:25.290><c> they</c><00:04:26.290><c> all</c><00:04:26.560><c> share</c>

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into the social fabric they all share
 

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into the social fabric they all share
their<00:04:27.280><c> money</c><00:04:27.460><c> and</c><00:04:27.880><c> essentially</c><00:04:28.870><c> one</c><00:04:29.710><c> person</c>

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their money and essentially one person
 

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their money and essentially one person
gets<00:04:30.310><c> to</c><00:04:30.400><c> draw</c><00:04:30.639><c> from</c><00:04:30.850><c> the</c><00:04:30.910><c> pool</c><00:04:31.240><c> from</c><00:04:31.479><c> the</c>

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gets to draw from the pool from the
 

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gets to draw from the pool from the
cleft<00:04:31.900><c> of</c><00:04:31.990><c> wool</c><00:04:32.260><c> in</c><00:04:33.750><c> proving</c><00:04:34.750><c> communities</c>

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cleft of wool in proving communities
 

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cleft of wool in proving communities
it's<00:04:35.500><c> actually</c><00:04:35.889><c> happens</c><00:04:36.639><c> and</c><00:04:36.760><c> triggers</c><00:04:37.240><c> so</c>

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it's actually happens and triggers so
 

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it's actually happens and triggers so
you<00:04:37.960><c> have</c><00:04:38.200><c> a</c><00:04:38.500><c> group</c><00:04:38.650><c> of</c><00:04:38.770><c> like</c><00:04:38.979><c> seven</c><00:04:39.400><c> people</c>

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you have a group of like seven people
 

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you have a group of like seven people
and<00:04:40.030><c> one</c><00:04:40.660><c> trusted</c><00:04:41.200><c> collector</c><00:04:41.740><c> and</c><00:04:42.040><c> then</c>

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and one trusted collector and then
 

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and one trusted collector and then
eventually<00:04:42.850><c> you</c><00:04:43.450><c> know</c><00:04:43.540><c> they</c><00:04:43.690><c> paid</c><00:04:44.200><c> out</c>

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eventually you know they paid out
 

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eventually you know they paid out
whether<00:04:44.830><c> it's</c><00:04:45.040><c> five</c><00:04:45.820><c> months</c><00:04:46.030><c> eight</c><00:04:46.510><c> months</c>

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whether it's five months eight months
 

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whether it's five months eight months
what<00:04:47.620><c> happened</c><00:04:48.479><c> and</c><00:04:49.479><c> then</c><00:04:49.720><c> this</c><00:04:49.900><c> Court</c><00:04:50.200><c> is</c>

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what happened and then this Court is
 

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what happened and then this Court is
that<00:04:50.410><c> a</c><00:04:50.860><c> lot</c><00:04:51.280><c> of</c><00:04:51.310><c> people</c><00:04:51.610><c> who</c><00:04:51.669><c> are</c><00:04:51.820><c> banks</c>

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that a lot of people who are banks
 

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that a lot of people who are banks
especially<00:04:52.389><c> in</c><00:04:52.660><c> the</c><00:04:52.720><c> US</c><00:04:53.310><c> for</c><00:04:54.310><c> these</c><00:04:54.550><c> informal</c>

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especially in the US for these informal
 

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especially in the US for these informal
lending<00:04:56.320><c> thoughts</c><00:04:57.060><c> so</c><00:04:58.060><c> yeah</c><00:04:58.810><c> in</c><00:04:59.050><c> like</c><00:04:59.229><c> the</c>

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lending thoughts so yeah in like the
 

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lending thoughts so yeah in like the
early<00:04:59.530><c> 2000s</c><00:05:00.220><c> banks</c><00:05:01.150><c> it's</c><00:05:02.080><c> very</c><00:05:02.289><c> like</c><00:05:02.500><c> you</c>

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early 2000s banks it's very like you
 

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early 2000s banks it's very like you
know<00:05:02.979><c> thinking</c><00:05:03.310><c> of</c>

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know thinking of
 

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know thinking of
Providence<00:05:04.880><c> on</c><00:05:05.450><c> this</c><00:05:05.660><c> so</c><00:05:06.280><c> there's</c><00:05:07.280><c> actually</c>

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Providence on this so there's actually
 

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Providence on this so there's actually
this<00:05:07.700><c> this</c><00:05:08.090><c> project</c><00:05:08.330><c> that</c><00:05:08.570><c> art</c><00:05:08.750><c> with</c><00:05:08.930><c> the</c>

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this this project that art with the
 

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this this project that art with the
silver<00:05:09.440><c> of</c><00:05:09.650><c> GCS</c><00:05:10.100><c> CA</c><00:05:10.639><c> which</c><00:05:11.090><c> they</c><00:05:12.020><c> selected</c><00:05:12.740><c> a</c>

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silver of GCS CA which they selected a
 

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silver of GCS CA which they selected a
actual<00:05:13.940><c> individual</c><00:05:14.900><c> that</c><00:05:15.680><c> they</c><00:05:16.100><c> call</c><00:05:16.310><c> it</c>

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actual individual that they call it
 

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actual individual that they call it
Sousou<00:05:16.700><c> collector</c><00:05:17.180><c> and</c><00:05:17.480><c> in</c><00:05:18.320><c> these</c><00:05:18.440><c> command</c>

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Sousou collector and in these command
 

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Sousou collector and in these command
markets<00:05:19.520><c> people</c><00:05:20.000><c> in</c><00:05:20.150><c> burrows</c><00:05:20.360><c> has</c><00:05:20.540><c> solved</c><00:05:20.930><c> a</c>

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markets people in burrows has solved a
 

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markets people in burrows has solved a
party<00:05:21.380><c> using</c><00:05:22.250><c> these</c><00:05:22.340><c> two</c><00:05:22.520><c> two</c><00:05:22.700><c> schemes</c>

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party using these two two schemes
 

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party using these two two schemes
pooling<00:05:24.200><c> resources</c><00:05:24.440><c> to</c><00:05:24.980><c> be</c><00:05:25.100><c> able</c><00:05:25.160><c> to</c><00:05:25.310><c> buy</c>

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pooling resources to be able to buy
 

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pooling resources to be able to buy
large<00:05:26.360><c> shipments</c><00:05:26.840><c> of</c><00:05:26.990><c> you</c><00:05:27.500><c> know</c><00:05:27.650><c> produce</c><00:05:28.720><c> and</c>

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large shipments of you know produce and
 

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large shipments of you know produce and
what<00:05:30.200><c> they</c><00:05:30.320><c> found</c><00:05:30.470><c> is</c><00:05:30.650><c> that</c><00:05:30.710><c> there's</c><00:05:31.040><c> actually</c>

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what they found is that there's actually
 

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what they found is that there's actually
you<00:05:31.610><c> know</c><00:05:31.760><c> seventy</c><00:05:32.090><c> bucks</c><00:05:32.210><c> 75</c><00:05:32.780><c> million</c><00:05:33.020><c> pounds</c>

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you know seventy bucks 75 million pounds
 

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you know seventy bucks 75 million pounds
being<00:05:34.430><c> traded</c><00:05:34.639><c> and</c><00:05:34.970><c> collected</c><00:05:35.690><c> so</c><00:05:36.669><c> there's</c>

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being traded and collected so there's
 

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being traded and collected so there's
some<00:05:37.820><c> drawbacks</c><00:05:38.169><c> if</c><00:05:39.169><c> there</c><00:05:39.530><c> is</c><00:05:39.620><c> a</c><00:05:39.650><c> central</c>

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some drawbacks if there is a central
 

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some drawbacks if there is a central
collector<00:05:40.610><c> even</c><00:05:41.419><c> if</c><00:05:41.510><c> it's</c><00:05:41.660><c> a</c><00:05:41.750><c> small</c><00:05:42.020><c> group</c><00:05:42.260><c> of</c>

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collector even if it's a small group of
 

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collector even if it's a small group of
people<00:05:42.560><c> you</c><00:05:42.800><c> trust</c><00:05:43.040><c> there's</c><00:05:43.880><c> a</c><00:05:43.940><c> chance</c><00:05:44.240><c> they</c>

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people you trust there's a chance they
 

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people you trust there's a chance they
go<00:05:44.540><c> off</c><00:05:44.600><c> the</c><00:05:44.750><c> grid</c><00:05:44.870><c> they</c><00:05:45.350><c> take</c><00:05:45.560><c> all</c><00:05:45.680><c> the</c><00:05:45.740><c> money</c>

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go off the grid they take all the money
 

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go off the grid they take all the money
and<00:05:46.010><c> run</c><00:05:47.169><c> the</c><00:05:48.169><c> other</c><00:05:48.200><c> idea</c><00:05:48.620><c> is</c><00:05:48.680><c> that</c><00:05:48.860><c> you</c><00:05:49.100><c> know</c>

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and run the other idea is that you know
 

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and run the other idea is that you know
the<00:05:49.490><c> person</c><00:05:49.669><c> who's</c><00:05:49.940><c> lost</c><00:05:50.090><c> some</c><00:05:50.300><c> light</c><00:05:50.480><c> goods</c>

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the person who's lost some light goods
 

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the person who's lost some light goods
is<00:05:51.020><c> not</c><00:05:51.230><c> receive</c><00:05:51.560><c> any</c><00:05:51.710><c> interest</c><00:05:52.040><c> so</c><00:05:52.370><c> it's</c><00:05:53.000><c> a</c>

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is not receive any interest so it's a
 

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is not receive any interest so it's a
little<00:05:53.480><c> less</c><00:05:53.750><c> reliable</c><00:05:54.230><c> than</c><00:05:54.440><c> great</c><00:05:54.919><c> money</c><00:05:55.130><c> in</c>

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little less reliable than great money in
 

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little less reliable than great money in
a<00:05:55.310><c> bank</c><00:05:55.490><c> account</c><00:05:55.790><c> and</c><00:05:56.180><c> that's</c><00:05:56.630><c> assuming</c><00:05:56.870><c> you</c>

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a bank account and that's assuming you
 

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a bank account and that's assuming you
know<00:05:57.200><c> you</c><00:05:57.380><c> have</c><00:05:57.560><c> enough</c><00:05:57.860><c> money</c><00:05:58.280><c> to</c><00:05:58.430><c> create</c><00:05:58.850><c> a</c>

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know you have enough money to create a
 

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know you have enough money to create a
bank<00:05:59.060><c> account</c><00:06:00.310><c> so</c><00:06:01.310><c> the</c><00:06:01.669><c> last</c><00:06:01.820><c> thing</c><00:06:02.090><c> I</c><00:06:02.180><c> can</c>

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bank account so the last thing I can
 

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bank account so the last thing I can
erase<00:06:02.540><c> is</c><00:06:02.870><c> long</c><00:06:03.590><c> doing</c><00:06:04.160><c> this</c><00:06:04.220><c> research</c>

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erase is long doing this research
 

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erase is long doing this research
there's<00:06:04.880><c> like</c><00:06:05.330><c> two</c><00:06:05.600><c> projects</c><00:06:06.050><c> that</c><00:06:06.080><c> came</c><00:06:06.320><c> up</c>

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there's like two projects that came up
 

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there's like two projects that came up
just<00:06:07.190><c> you</c><00:06:08.060><c> know</c><00:06:08.180><c> sort</c><00:06:08.630><c> of</c><00:06:08.660><c> assessment</c><00:06:09.320><c> to</c><00:06:09.410><c> help</c>

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just you know sort of assessment to help
 

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just you know sort of assessment to help
fast<00:06:09.979><c> things</c><00:06:10.250><c> are</c><00:06:10.310><c> moving</c><00:06:10.370><c> in</c><00:06:10.669><c> the</c><00:06:10.729><c> defense</c>

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fast things are moving in the defense
 

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fast things are moving in the defense
space<00:06:11.270><c> but</c><00:06:11.570><c> pull</c><00:06:12.380><c> the</c><00:06:12.410><c> other</c><00:06:12.620><c> I've</c><00:06:12.800><c> been</c><00:06:12.950><c> using</c>

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space but pull the other I've been using
 

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space but pull the other I've been using
that<00:06:13.550><c> it's</c><00:06:14.330><c> more</c><00:06:15.229><c> they're</c><00:06:15.770><c> describing</c>

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that it's more they're describing
 

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that it's more they're describing
themselves<00:06:16.400><c> as</c><00:06:16.669><c> in</c><00:06:16.850><c> no</c><00:06:16.940><c> loss</c><00:06:17.120><c> lottery</c><00:06:17.770><c> and</c>

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themselves as in no loss lottery and
 

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themselves as in no loss lottery and
it's<00:06:19.700><c> kind</c><00:06:19.940><c> of</c><00:06:19.970><c> fun</c><00:06:20.180><c> and</c><00:06:20.210><c> they're</c><00:06:20.450><c> earning</c>

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it's kind of fun and they're earning
 

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it's kind of fun and they're earning
interest<00:06:20.840><c> on</c><00:06:21.140><c> the</c><00:06:21.229><c> side</c><00:06:21.440><c> there's</c><00:06:22.250><c> also</c>

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interest on the side there's also
 

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interest on the side there's also
Acropolis<00:06:24.340><c> I'm</c><00:06:25.340><c> not</c><00:06:25.610><c> exactly</c><00:06:26.000><c> sure</c><00:06:26.210><c> the</c><00:06:26.450><c> size</c>

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Acropolis I'm not exactly sure the size
 

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Acropolis I'm not exactly sure the size
of<00:06:26.930><c> this</c><00:06:27.020><c> project</c><00:06:27.440><c> but</c><00:06:27.650><c> in</c><00:06:28.310><c> their</c><00:06:28.640><c> website</c>

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of this project but in their website
 

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of this project but in their website
materials<00:06:29.990><c> they</c><00:06:30.169><c> describe</c><00:06:30.530><c> it</c><00:06:30.650><c> as</c>

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materials they describe it as
 

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materials they describe it as
millennium<00:06:31.920><c> folks</c><00:06:32.870><c> so</c><00:06:33.870><c> it's</c><00:06:34.050><c> yeah</c><00:06:34.230><c> this</c><00:06:35.100><c> work</c>

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millennium folks so it's yeah this work
 

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millennium folks so it's yeah this work
all<00:06:35.700><c> to</c><00:06:36.090><c> continue</c><00:06:36.510><c> talking</c><00:06:36.870><c> with</c><00:06:37.110><c> other</c>

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all to continue talking with other
 

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all to continue talking with other
people<00:06:37.650><c> if</c><00:06:37.950><c> you</c><00:06:38.370><c> want</c><00:06:38.580><c> to</c><00:06:38.670><c> discuss</c><00:06:38.970><c> sousou's</c>

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people if you want to discuss sousou's
 

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people if you want to discuss sousou's
and<00:06:39.690><c> think</c><00:06:40.350><c> about</c><00:06:40.560><c> the</c><00:06:40.680><c> applications</c><00:06:41.190><c> for</c>

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and think about the applications for
 

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and think about the applications for
theory<00:06:41.670><c> with</c><00:06:41.940><c> I</c><00:06:42.180><c> guess</c><00:06:42.570><c> trustless</c><00:06:43.430><c> CC</c>

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theory with I guess trustless CC
 

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theory with I guess trustless CC
collectors<00:06:44.940><c> thank</c><00:06:45.750><c> you</c>

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[Applause]

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you