Over the next few years big decisions will be made in Washington on jobs, the economy, taxes and deficits, energy, education, war and peace.

It can do it through debt or equity.

So we still have the same amount of debt.

And then that's led to a decrease in prices.

But this I just want to show you some data here.

It really comes from the fact that certain long term obligations health care, where innovation makes it more expensive, early retirement and pension, where the age structure gets worse for you, and just generosity that these mis accounting things allow to develop over time, that you've got a problem.

You're still solvent.

They serviced the loans.

Most times the liabilities are pretty easy to get a handle on.

This is the retiree health care benefits.

Who benefits? And what purpose does it serve? SHOUTlNG

Who benefits? And what purpose does it serve? What is a money system?

So it buys, it buys debt.

It's just cash.

And why is this going to happen?

What kind of scholarship is it? What do they give it for? It's for the student who best demonstrates moral fiber.

So if you think about it, gold didn't play any role.

The program was about 6 7 hours a day, five days a week.

And to stop it crashing over the last two to three decades, we've expanded the money supply, expanded credit and debt, so that people can keep buying stuff.

Helps bring it down.

This was the last 15 years before the crash, and you can see there, consumer debt rose dramatically.

So that's bankruptcy.

You go get bankruptcy protection.

So can you picture that a science of simplicity might get to the point where you could look out at various systems say a financial system or a legal system, health system and say,

And so when the Federal Reserve or any Central Bank prints money, and it buys debt, it goes out into debt markets and it buys it, it usually buys the safest kind of debt, but that affects all of the debt markets, it goes out and buys in the debt market, they're essentially shifting the supply curve of money to the right, they shift the supply curve to the right.

We would create incentives for securitization.

I have 4 billion in residential CDOs, collateralized debt obligations.

Payable to the City of San Francisco.

Not out of a personal incentive.

They're giving it to me for safekeeping.

You weren't going to put tollbooths around the city of London and open and shut those gates.

I'll let Martin Wolf at the Financial Times explain

Well, that's because the rich are fucking crooks.

For my study grant Meantime, I must spend much of my spare time... preparing bodies for the anatomy class.

What is your strategy in your household?

You have 189,000 as the value of this equity.

Have a surplus? Take two tax cuts, roll back some regulations and call us in the morning.

Now let's say it gets even worse.

It's exciting, but we went over our finances and...

So over here you had another liability.

America did away with slavery in 1863.

Our economy grew from 2000 to 2007 on the back of consumers massively overborrowing.

The Basic Income

And they just said, no .

And they just said, No .