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Published on Dec 13, 2014
Monetary reform activist Bill Still discusses his latest documentary Jekyll Island: The Truth Behind the Federal Reserve.
What’s the real problem with the world economy? It’s debt. Too much personal debt, too much corporate debt and – most importantly – too much government debt. People have a natural tendency to want to spend now and pay later, and governments are no different. The problem is that government money mostly comes from just two sources; taxation and borrowing. Governments can either raise taxes to cover their reckless spending, or borrow from private banks and continue to kick the financial can down the road. Unfortunately, the vast sums governments owe to these private, for-profit banks continually attracts interest, and this mathematically un-payable debt is now strangling the life out of the economy of every nation on Earth.
But crucially, it’s not just the sheer volume of interest paid to the banks, it’s the control over the political process this debt gives the banks. We can never fix the instability in the world economic system until we forbid government borrowing. Economic instability favours banks and speculators, whereas economic stability favours the people. If banks control the creation of money, there is no way there will ever be a stable economic system. The good news is that it doesn’t have to be this way. Banks don’t need to be in control. Governments don’t need to borrow. Governments don’t need a national debt.