Though. We're part these days was sharing more so at Geico, we'd like to say thanks. Thanks for sharing your savage dance moves thanks for sharing your d, I why haircut fails Thanks for sharing your inner lips ink stop now It's our turn to share with the Geico give back fifteen percent credit on car and motorcycle policies for current and new customers, because Were committed for the level of the fifteen credit last, your full policy to visit Geico dot com, slash, give back for more info and eligibility. The Bt K killer Dennis writer was dark at Mary, with children. Wang Gacy doubled. Wow at children's birthday parties, TED Bundy was a lost year. They all blended in. I may see grace host of park Ass crime stories with It's a grace and our new original concept killers amongst us, where we break down the most evil crimes and focus on unsolved homicides here grime stories we need

right on the eye, radio app or wherever you get your purchases. Thank you at those two psychic power since governing conspiracies history is riddled with unexplained events. You can turn back now or learn this stuff. They don't want you to know. Open back to the show many mismatch. My name is now then you, and if you are one of the people who happens to live in the United States and you're, an average household, then you have around one hundred and thirty thousand nine hundred and twenty two dollars in debt and all of that thousand seven hundred and sixty two dollars can be attributed to credit card holy mackerel ever start over

positive note today, reference, you know what I think again. This is the second time I've been slightly below average, yield same. You know better said, doesn't feel great no I am way above average I'd buy out account the house that we are now. If you count mortgage interesting, ok, well, then, I'm well above average, but I've been isn't a mortgage can account as it is an investment a minute appreciates over time. So it's not quite the same as being intent, but I guess it looked at their ways by creditors, yeah. It feels that way now now that I'm thinking about it and a euro the reason that there is so much that has been talked about at length for a long time by so many people. We often we being the majority of the public across the globe. We often don't

have the best or more sophisticated understanding of what this is an that's. Why, We ass a species become embroiled in these strange situation. Sometimes, when sudden like consider? The great depression right of people are starving in the cities right, but in the rural it was in the farming country, farm, are throwing go away Andrews, gutting, pigs and save them what they can because price on those animals and that you know that beverage. I guess, has tanked some fields, about four milk of average face you insane an end. In the reason people come to find that four starving one place where people were. Trashing resources in another was to something called the economy right. Right and then people would say we, the pundits would be on the radio, the populist. Then

Nor is the whoever's would be other EU arguing why they alone understood the one true economy, or what that thing should be and now we're a world where get one extra for the question so did you guys have economics classes in high school or a middle school. I did, but I felt it. You like it was rolled into something else, or it was we got half an economics glass and the like. The other half was was civics or something like that. You know, but many of those days, the little hazy nightmares. I have made up for her. I got home at Tacoma, not the same thing no, I mean it was worse, will find it. It was personal finances. The whole matter vaguely tailing. Instead, it was. I was all that kind of stuff how to how to manage you're, you're stuff, didn't teach you had the FED worked. No, no. How to write a Czech effectively for what the things that I always

about the euro. You're right met for many people, at least in this country. The closest thing people were offered to a personal financed class in a public schools, Would you be home economics? However? The individual person you're, probably be it a much better position today if personal financed classes were mandatory. Sure- and I hope you will allay big brother- federal mandates, but that's in the jewel education, that is, that is necessary to survive. A lot of people do that and that's why we end up in a country where the total debt owed by you Consumers can break it down. Earlier. I let's see now it's time for a break down her oh Gaza, to suppress it would do you ever back beat for this, so you ok, so

credit cards, seven hundred thirty three billion dollars tales and comparison, of course, to our alone, one point of eight trillion dollars, and then we had stood a loved one point: two three trillion dollars and finally mortgages. Eight point: five million dollars all of the these numbers, these massive numbers- this is dead. Its money that I guess needs to be paid. What? What is that exactly? It's called american dream dollars. Ah, as in imagined dollars is,

This episode today. We are talking about that and I am laughing because no, what you just said ties into so many other episodes we could do it hit us in earth course, our research before when on the air this week, that currency itself is just fascinating weird thing: it's an agreement we make. It totally is it could be shells you now Go shells were or were not a handful of sand. When you were a kid, did you ever play the game where you just all agreed that the floor was lava? Yeah, it's like that, with prizes and you can move the four four hundred people. Oh, I know that's, that's a very by thing, but we hear what is what is debt that debts the question we start with today, even though it's not our ultimate question. So did the good the bad. The ugly of debt

well how nice copyright, or Was there any more Koane course, man he's the master, my favorite soundtrack, I'm gonna go! Listen to that for the rest the weekend, what the good part about that- and there are good parts- that sort of makes the world go round. What are some of the good things that this debt system does, so in the most basic of terms. That is it's an you. I mean it's logo, to the entire history of currency money. As we know at one time, they used pepper, corns, peppercorns your occurrence, that's got a function and makes your food nice in. But you know I mean many the currency worried will. I owe you a man that is essentially what currency boils down to zero while you for good or service either physically, they contain sort of valuable material, a metal jam, what

pick a shell and whatever or they were redeemable for the same amount of a different material. Ok yeah, so like an example for folks, in the? U s- and I know or numbers are pretty U S centric at this point, but we can get bigger in the EU ass? There were these things called silver certificates, which fans certain J, F K assassination theories will be familiar with. And until one thousand sixty four, these silver certificates legally could be redeemed for the amount of silver that was mentioned on the currency, and then they stopped me up but the reason the reason why money currency is so important to the functioning of society is that all the it's in services that are available for it. Sitting in some way or another they get boil this common denominator, where you have x amount of this.

I want to give you this x, amount of us want to give you this. We can trade with this one rather than having to break down Actually, how much a goat is worth in terms of wheat something like that, or you know a car in terms of the shelves orders, you sure there's something strange yeah. No, I am hung upon, took a shall I think I think you know. Maybe you could bring it back. I think it's because I went to that. Widespread panic concert last night and saw a lot of those yeah I get it from you the day I was just inanimated, give a publisher dancing furiously. It's? U furiously thought about liquidity, setting and very, very, very important component of others. Yeah! That's it you! That's that's what we're Tyler two degrees that that advantage of this this stand in so I I love we say earlier, nor with Europe idea that money is essentially debt securities.

Carry around is is a dead, its neo you that was, that was always said it in the region It works. Currently is what because everybody agrees that it should and too Billy everybody agrees. Most people agree and to the What did he it offers is so lastly, superior to the bartering system for the following thing: ok, so, let's say Matt has man is selling what category selling met Coon Tosh is finally sellen in the media. Really, I'm not a car banana matters, so it is going to know you decide you're going to be a car guy, and because money doesn't exist, you're goin, break into your poker shell savings, but the problem,

is that you don't live in the same town, ah see after move this thing, and then you have to also it's a lot of brutish? How many poker shows these into it I'm gonna say billion. Truly, I came true so to me. For no comfortably carry hidden right. You can't Did you lose so much you'd lose so much shell just getting the shells there. So I guess have to do is find some sort of financial institution that will take my book shelves from me. Put them in some sense book a shell storage facility and then give me the equivalent in let's call them internet monies yeah that can then be wired or transferred or moved around electronically. They can't sure That's great man. What killin it today that he and then

I can send that over the entire webs to the place where I want to pay through the man, then why banking institution brave we wholly stores contortions right? That's that's, correct and hinder their therein. You have very rudimentary absurdest representation of the way business is done. These days re every one of the most important parts there is that nor in the situation will then have a presented a representative token, essentially of a value or an asset that he possesses. So in theory, this most stability in trade and in theory. When nations are immense, the mutually beneficial trade agreements.

There's more stability in the world, allegedly, yes, a mutually beneficial. Yes, I'm just getting repeat what words from the earlier Senate's theoretically, so these money systems and these debts, ultimately because that's what they are they can. They can be great for society and help them function in and work better together, the it is. They can also wreak massive disastrous, sometimes even a fatal things upon society and individual people yeah, you, you may arrive at some point. Your life met someone You referred to folk, seven, nine, five job as wage slaves, that's pretty bias, but the heart of that argument Harkin's. To the idea of indentured servitude so

Your servitude will be some deal. The first one that springs to mind is people who wanted to have all to a different country rain, but could not afford the trip the cost of let's say hopping about across the leisure. But if you agree to essentially work only for room on board for seven years, then they will consider that paid if they're not playing a crook, game the array and many of those games for crooked, so the art. There would be that wage slaves, as the term goes our new format Densher servitude were directed to an ivy money, whether that hourly salary or commission, nor addicted to that because less of a deal. You generator as an individual. If we're that person and more of a note for debt and assets to interact. So you that's why people can make

a hundred thousand dollars a year or who knows This goes a million dollars a year and still he just getting by doo doo doo, doo, crippling debt and then, of course, ties into a similar arguments, be forced labour and we can save debtor prison for another show. Is that still a thing? it is made come back in some places way. I thought it had been here for years, but is making to come back with interest here in the? U S, word is a true. I won't it's not necessarily the same equivalent right, a debtor, a prison. Where I owe debts, I can't pay them now. I have to go live in this.

Actually theirs. I just I hit a story that I've been on. Google and one of the instant results was debtor. Prisons are back top here from a fourteen. Is Supreme Court ruling not enough to prevent debtors prison yeah? So you can, if you have massive amounts of that, you can go to prison for it in certain I thought that I think a lot of the stories to the popped up recently, as A few years occurred because there were easy, various court fees, legal fees, people could not could not pay those fees. They would be incarcerated until some,

How is this fees were pay? Which is the real? How do you make money you when you're hanging out in a prison all day long every day and they, of course that brings us to bankruptcy, which, unfortunately, the golden parachute golf courses of action to virtually too many people are familiar with and works. Firstly for the wealthy than it does for the poor, completely different vacantly anytime. You hear about array, larger schmo declaring bankruptcy. They have to work and scrap and safe and hustle free. Here's to get off the record to get back to a place where anyone will give them alone again and, as we know for certain folks that are in the public eye and right now happen multiple times, and it doesn't seem to be any long, lasting ramifications, fairer for doing this. Thing's, almost more like a business strategy depends yeah. Howard, how it is structured and, unfortunately, many people were in power

wished and fall into bankruptcy do not have the means or the connections someone help them set up. These I'm just doing in the air right now, because so much of this stuff is an eye. Its huge here. It is there's another one, medical bills This is also we're at this point, ladies and gentlemen, I will giving you the lay of the land of debt in the- U S, so regardless of the political stance regard, of white television channel is most often to convince you to believe something. The fact remains that for the vast majority of the city of citizens. The United States has the most inefficient and expensive care system in the developed world. This is not as the country where people die, because it disease or a condition is incurable. This country where people die

because they cannot afford a treatment and for some people. That is a great tragedy for other people. That is a result of the individuals. Decisions is how it is how it goes, but the reason we bring this up for the purposes of this issue is because medical bills in this kind We are a leading cause of bankruptcy there, leading cause of people going into crippling debt, we have current debt issues, a lot of which are medically related near when you look at the country overall and debts that are the kind of hanging waiting for the national government to pay the first one is social security and we looked at

summary of the twenty. Sixteen annual report by the Social Security and Medicare Board of trustees, which sounds like a fun place to work. They they note that already. Year, history of the social Social Security Programme is collected, roughly team trillion dollars and paid out sixteen one trillion dollars, leaving its asset reserves. Currently at two point, eight trillion at the end by the end of twenty fifteen. Now here here's the problem, the ratio of reserves to one year's projected cost it here again, two thousand eight and then it's been declining up into two thousand fifteen an Ex its expected to decline. Further? Until there are completely depleted in twenty thirty four, which means this money. That's supposed to go to Hell,

Families with retirement people with disabilities, you know all kinds of issues: people that need this money to arrive, We all pay into when you're a wage worker in the? U S, this just gonna be gone, and that's something this is kind of looming there in the horizon that we have to think about. The same goes for Medicare, which is you know, dwindle quickly and all the all these huge, the here the money that are owed essentially on paper to people who, once they reach a certain age, needs to be paid out yeah in one of the issues with this is that a very times the money for both of those programmes has been either cut. Firstly redistributed or. Maybe miss underestimated as a good word dress D made it clear that we are there

you serious issues that we're gonna have to face at some point. In an group we just mentioned there saying that legislation is me sooner or later to minimize the impact on beneficiaries. Human B this we're going to need that money. So what's what what's the international state of debt here according to national debt, clocks, dot, Org, Worldwide, national debt stands at sixty trillion. Nine hundred in one billion three hundred thirty two million and counting seems like a lot of money. It seems like mad money made up money. Generic money. If MR number that's too big to be real I mean that have that sound alarmist, but whenever I see this stuff on paper, I'm just like no one's ever expecting to get paid back all of this money. It's the debt itself.

Its own function serves its own function, as we ve talked about his own financial is exactly in that. It is fascinating to me, and I think for some people that I yeah, maybe makes them more willing to go into debt because a sort of like if we're running a deficit as a country, I can't I run a little bit of a deficit that I have. Some workers should have the stuff. You know if the man I want to leave the dream, and it's easy to get credit you don't to have that much equity in to get credit used to have a decent, paying job and now an absurdly low credit score, it's not hard fully. In this case, we are talking about countries them Oh I know I raise a clumsy perspective wizened. I think when you see these kinds of numbers- and you hear about how much you know the United States is indebted cetera- almost makes you say- well, no hell

yeah. Why not me? Who cares re? It didn't seem like anyone's getting paid back. So why not just the role the dice right and emphasise this perspective further, let's break it down by the top owing countries in the world. Now it's time for another breakdown,

Russia hundred forty seven point: six billion Austria, forty three point: four billion Canada, eight hundred and fourteen point, seven billion United Kingdom through point three trillion shine off five point: four trillion. Japan's eight point: nine trillion knighted state all together. Now ninety void three trillion wine. Nineteen point out what I do a fake erhard, I guess, but what are you talking about? I was the better off air horn of ever heard of my life and taking a new employment. Probably, but I really do believe them. So that's a significant proportion of the overall global debt that the? U S holds right there, which worries me a little bit So how does that breakdown per person at

going back to our perspective? Okay, so there are three hundred and twenty three million humans flee in the United States right now citizens. And you know nineteen point three trillion That amounts to just under sixty thousand dollars of national debt per you, a citizen, and it represents one. Seven percent of the country's gross domestic product you every year, so is somehow we could start paying, stop all payments on everything. In this country. For a year, you know we'd be able to pay for national debt, which is gonna call now let's also emphasised that this is not the This is not the same kind of debt that you, encounter. If you have a student loan Evelyn, this is not the same kind of debt you would encounter if you purchased a mopeds.

Sure absolutely and in all the numbers that we discussed here in an hour break down and the one about the sixty thousand dollars per person, the very basic base level numbers if you get deeper down in the accounting, gets kids freely trick those trying to familiarize myself and understand it, but you guys it's difficult none of us are classically trained. Economist, we'd love to hear from any birds and if you get deeper down in the county, gets kids freely tricky and I was trying to familiarize myself and understand it, but you guys, Emma classically trained violinist. It is true that is you're mad many tell us. I have a little story for forest in the: U S, national dialogue. I would like to hear it come at me with it. Ok, there's no hesitation there, I'm so sorry

from a guy named Jason Sea, like men Jason ceiling. When you see was an autonomous, quite good at his job, so good in fact, that he worked sixteen hundred Pennsylvania he worked his boss lived there. He worked for the President, that's how good she was, and he was tortured at this time, because he was for sixteen hours a day on this project whose working for his boss report, he was gonna write for his boss and in that for he ran into a realist vision that might stun a lot of people when he wrote with with his team report called life after debt, which they submitted two

the then President Bill Clinton and which journalists got a hold of years later through a freedom of information, ACT, requests and wife. After debt is report. You can read it for free online. It is a report that outlines what would happen the? U S paid down its debt to zero, and They wrote this in December of two thousand, because that's the the: U S. Treasury began actively buying back public debt crisis, in the digging its way. Out of these, as a whole was in. They realize Jason realized, eventually that While there is such a thing, is too much debt for country this also such thing as too little debt. So countries don't want.

Two necessarily have a. Plus, in many cases, its unreasonable outside of Europe A few a few countries like the leg- nordic countries, her niece, we'll oil wealth countries. So what we see is that the. International level. Understanding of debt the individual levels understand that is different. Now, created equally Businesses will go into debt have specialised customs fit or spoke plans for balancing that debt however, some one who was built. Didn't you a series of hot high interest, credit cards or student loans will often, have that sort of recourse here in country. There are better,

programmes that, are supposed to provide assistance, more people, who have the misfortune of not being a business or a country when they go into debt, however, much more. Money is spent by the to make money off of credit cards and steer loans to sure that system continues. As of now debt we explained so far. Yes, there's an inequality of that. Not all that is created equal, not all people in debt, but that is a for a lot of individuals, especially here in the west, but truth of the matter. Is that makes the world go round so We were asking ourselves you reach back what would happen if we woke up one day and all the debt

disappeared. We'll find out right after a quick message from our sponsor, visible sort of stuff. They don't want you to know is brought to you by native hey, you guys. I am sitting here looking at my wife's native deodorant that she loves it. Is Africa caught and White peach she uses this thing every day, she's tried a ton of different deodorants, and this is the only one that she says works for her, because it's a when I'm free, it's baking, soda free and it doesn't irritate her arms and it smells great because Odorants with aluminum can actually form like these plugs that clog up your sweat lands to keep you from sweating doesnt seem natural or or healthy, so natives deodorants are made without any aluminum, see and feel better about what you're putting on your body. Not only does it work, but it also were

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accessing join now and save up to twenty five percent off your first year, just gotta, lifelike, tat, calm slashed conspiracy, that's lifelike, dot, com, slash conspiracy for twenty five percent off Here's where it gets Creasy everyone its story time. Let's imagine a scenario where this actually happened, where, where through some act of massive the sorcery their sex something in the same happened in MR nor Brown wakes up in a world free from debt. I can hear relax years this world free from debt

The great news is if he had any student loans, medical bills where it is more a gauge today are the automatic we he'd be in the clear for all those it else. It's gone time to be alive guys. So so what will we do? Of course he would. Some who would want to get takes him cash get out at first. His trip with is more is he in squeezes glare and Naturally they would go to a Borneo. They would go to Borneo, ok, go to Borneo, but wait there would be problems here, oh to get tickets, the Borneo nor Brown has to buy them. The debit card he tries to used by the ticket doesn't work because the bank that runs a debit card is in a tale and because that no longer exist and the dirty open secret by banks. I don't know if this called dirty. It's just how they work.

The money in no bounds account was used to be a loan to someone else year. Rain capital used it to invest in a small company in Atlanta, or something like that. Yet that's when that's when no brown Has to explain to this women that he loves. It was gonna taken on call romantic Borneo why they can but a boar neo any gives her his following speech. Well, you see as it turns out more of the money in the world is really? someone else's dead, wife The money in your bank account my bank account our joint bank account because we're in love is mostly on loan to other people. Why here the bank? They took our money,

and they used it to give some one else- a car along to give some one else, a home loan to give some one else alone to buy a swede new computer. Oh, but wait! There's more! There's an upside here, the bank's what yeah they get to use them, sneaky accounting, very tricky, accounting, and by doing there they don't have to hold everyone's money all the time. It's a sword game of you know back and forth what yeah they get their use. Some of the money and by some we're talking tiny fraction. So at the height of the financial crisis, in two thousand, many banks were actually leverage adoration of thirty two one, Can you clarify that yet

In this scenario, I've I've showed up. It knows, house, escalating life. A cargo forty awoke north airport? Oh you're, at the airport, ok cool the upward, now I feel under just guess: I'm obviously my jammies but only the airport Emma jammies. That's the only time. I've ever said the word jammies ruler, three, so to clarify, no browning. His moving tragic speech would be Telling this this love of his life and else is gonna go within that his get out and all bank accounts are essentially emptied unless the bank magically replenishing the account- With three things in the chaos, but you know it is a series of key strokes and a computer screen. At least we have the F B. I see that ensures up to a certain right right, a button,

no longer as a reason to exist as its sole purpose for it. From this perspective, is to move debt around every star change, while no brown is delivering a speech in Hartfield Airport engineering hartfield course. I do Every psychic change closes, knolls investment portfolio is wiped out the shells he still has for any puckish our futures previous shell short short stocks is meant to make up for the amateur I'm in any back. So I hope you don't mind. Is an investment is just funding someone else's debt with the promise to them of getting more back in return, but no one are you back and also no an sweeties retirement funds They have one, along with everybody else's also poof vanish.

There's a guy named Thomas Dalton, who I think described this really well. I will would happen if lenders rode off all debts. He sets is that there would be a mass transfer of wealth from net lenders to net borrowers. Lenders of the world are things I governments right eye and young adults We are often net borrowers and those close to retirement or often net lenders because pension funds invest by lending at least some of the money out. So what would and if that was a race, would be a massive transfer of wealth from the old to the young and governments and It also says we can make a mistake by thinking if this is a transfer of wealth from the rich and the poor, but it wouldn't work that way, because the very poor, don't you, We have much debt, no and is willing to lend to only those large incomes are assets, are potential incomes that build up significant debt asserted

our governments do now that their free from paying interest on their debts. They were never again. To pay back the debts with just the interest. The poor might benefit makes your government spending, however, be the rich that benefit from tax cuts. Pensioners in those you're getting to retirement age will some serious difficulties the super. Wealthy says: Dalton may lose some money, but they usually invest in equity rather than debt. I so since it companies they own often have a lot debt the share prices, Robbie increase enormously, assuming, of course, that the stock market would still be around, which is debatable, and then he said, In addition, institutional lenders would all be bankrupt banks insurance companies, pension funds, often have a lot of debt. The share prices Robbie increase enormously. Assuming, of course, that the stock market was sober around that's his quotation? In generation that is the nuclear weapon of economic warfare which,

can a heading into. We realise that economic warfare already exists today its occurred in the past. We ve talked about it a little bit before, with a guy named John Perkins, who wrote a book called confessions of an economic hit man, in which he says you work for an engineering company in Boston in his job was to convince leaders of under developed countries to accept development loans construction and engineering projects and in a condition of those loans, be that the project went to U S. Companies and these loans would later give the. U S, government influence access to natural resources, countries to accept development, loans for construction and engineer. Economic hit. Men are highly paid professionals who cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the? U S, agency for international development and other fora aid organisations into the coffers of huge corporate

in the pockets of a few wealthy families who control the planet's natural resources, their tools, included free. You? Don't financial reports rigged actions pay off extortion, sex and murder. They play a game. It is all this empire, but one that is they can on a new and terrifying dimension. During this time of globalization, and this is something we ve explored before often referred to resource extraction. Yes, that's one example of how economic warfare could work and that with pale in comparison to the economic warfare of arrest? all that, regardless of the intention behind it? that would be strange. But how could this You were talking about the ideas right yeah. I will talk about the numbers of debt, but let's talk about how this work. How could someone a race debt well to do this? We live

at some examples from pop culture, because that's really the only place where this has been fully explored. Yet, some fun ones, and I mean it's it's like one of the ones that comes to mind, that we have an explicitly discuss together is the movie escape from L A where o end. They, then for this has been fully explored, yonder some fun ones, and I mean it's: it's like one of the ones that comes to mind that we have an explicitly discuss together. Is the movie escaped from L A ten years and watch the from running out saw the Netflix is either. This is at the end of escape from a there is a device

that essentially shuts down all electricity. Just down even batteries, they make appointed say, like others will even like render all batteries useless Andrews devise. Yes, this is like a super extreme version where it's like an all encompassing attack that would not only get rid of all dead as we know it, but pretty much reduced. You know humanity to back. The dark ages will start over, but a really good one that does specifically deal with them. Actually, targeting financial corporations is fight, club Nine David venture found based on the novel by cha panic. There are some pretty thing: again differences between the now in the film, but they do a pretty good job. In a very similar but say, mission statement for low in fight club there. The group- These kind of already area project mayhem after a sort of a bunch of like depressed over

macho males Lily Little Asia. They want to fight back because they, like they ve, been marginalized society, they are angry Honestly, their motivations are not particularly positive. There are really trying to help anybody. They just gonna wanna watch the world burn a little bit. In my opinion, that's that's what I take from it by To do this, they stage and attack what could reasonably be considered a terrorist attack on the corporate headquarters of several large credit card company. They think they're, seven buildings. During the unseen, which to me is such an iconic scene. The first place I ever heard the pics song, whereas Moliere those who is this ban. And then I mean I was gonna rabbit all from the interior. Here are so Even at the time, I always thought it was sort of a little bit of a rudimentary example of wiping out the debt big, because it's like

surely these things are backed up elsewhere, Just in the building and by blowing up a building alone, you not wiping out the dead, it would require some sort of game infiltration of an entire file system in structure and network. Now getting more into hacker territory. Before we get there, though, a little bit of an interest factoid. That matter turn me onto. Did you now that the novel fight club it takes place in Wilmington, Delaware, you guys remember now, twelve or nine North Orange Street the corporation trust in early official address of over two hundred and eighty five thousand company ol Man in Delaware. Global employees and the thunder takes place matters at all, but I thought that was a pretty clever. Nine and redress keeps popping up we're gonna yeah, I think we're gonna have to do like a whole episode. This draft. Let's take a look: let's go there physically

elsewhere, but listen. Let us know if you knew it was you there. Maybe we can meet up to hang up, so I guess enemy, I feel, like this example holds up, is more of sort of an anarchist kind of like us. Like the world burn kind of thing, but we have we have a really good example in art are wonderful sponsors, as he's out. Mr robot leaves series involving Sort of anonymous ask Society of hackers called F society who orchestrate very high level cyber attack against E Corp, which to me is, I think, a very clever stand in for Enron, like any other giant corporation refined My name is, however, something sure and

this is this is how you would you do this? If you are going to attempt to do some kind of man to orchestrate castrate some kind of complete eraser of the debt record, it will have to be through infiltrating list, terms not just blowing up a building or one computer, one set of servers near the end. They do. I guess it's a two pronged attack men there may even be more than that. We just don't understand as viewers and you know in the world of Mr Robot, but they do by using the same cold and maternity or which is a menace voice back door. And make character Elliot, goes into the main servers of E Corp those are really simple program like any exile on there, Sir which then gives them in an easy to access back door to the service. They can go in its crazier uses memory? So it's not Actually, writing anything did.

Gets us using the ram on me on the machine to create this back door. I don't pretend understand the hacking tools, but according to numerous people online who are actually in the info sex space and all this, they are saying that yes, this is, this is real. You could do this and you could delete information if you had this kind of battle though we're part. These days was sharing more so at Geico, we'd like to say thanks thanks for sharing your savage dance moves thanks for sharing your d, I why haircut fails Thanks for sharing your inner lips ink stop now It's our turn to share with the guy give back fifteen percent credit on car and motorcycle policies for current and new customers, because we committed for the level of the fifteen, credit last. Your full policy to visit Guy Godaddy com Slash, give back for more info and eligibility, though we're part these days was sharing more so at Geico, we'd like say thanks. Thanks for sharing your savage dance moves

sharing your d. I why haircut fails thanks for sharing your inner lips ink star. Now it's our turn to share with the guy give back. Ten percent credit on car and motorcycle policies for current and new customers, because we committed for the longer the fifteen per read it last year, full policy to visit guy. That comes less give back for more info and eligibility mother showing a definite gets loudest of right, even like the hour. When you see the dude doing here, hacking. It looks like landline things instead of Pizarro lakes Eddie rendering of the internet as it would be if you were floating around in hackers recently, I was thinking of the nineties phone hackers as well. So what would be hit in these things? Insurance company banks, insurance companies are bigger, depository, This kind of value than you might think.

I am also, of course, be government institutions. This would be Suffolk. This would have to involve treasuries as well as men, like this This would involve a. Mauritania is attack on thousands of things. It be very difficult. Do. It also makes me wonder as well but it also makes one wonder. If someone had that power, why stop at debt. Why not also repositories of personal information, so, like him Glenn foe? Ah you better data that the national snooping administration collects from you, have a facebook servers re all of them yet, and we talk little bit about the attack straw.

The cheese I think when you mentioned the escape from L, a scenario of effectively cutting of electronic stuff right. What does this work? This cloud money mean if we cannot access the cloud yeah if you'd have to kill, electricity indefinitely in order to make that work, because there are no all these huge costs, since I got mountain that hold sensitive data later this year, they ve got em like crazy generators and back up power and all the others are not dimension. They keep backups on like physical. See right like stuff. That would stand the test of time evolved. Actually updating these things and backing up all their other data, so yeah act absolutely in the days of my family, it was very different we're things that would happen Somebody wanted to get there

wanted the information to disappear, and you think about it. We live in a time where just less than what a hundred years ago, up to the nineteen seventies nineteen ease if a the right deftly, sixties or so a bank or a court house burned. Then there would be, evidence of debt or arrest records, People and my family were not true when they were born, be Kyle. Yeah, because someone burned a court house or to what yeah and this amiable we no longer live in that world, because there are multiple copies of these records: leads us to why a problem wouldn't work. If we're talking of global, get ready, so in the world in this robot it does work that's because Ye Corp, EVIL Corp owns,

seventy per cent of the consumer credit industry, which is hard to fathom in our world means they would just owners city areas. Let's say capital, one in most of the visa, other companies use Visa or mastercard or any of those feel like in theory. We have laws in place to prevent things like that from happening. Why you know hopefully it doesn't happen in the future for us but it in our world. It's in not debatable these various industries for credit cards mortgages student loans, health insurance. All of these, controlled by hundreds and hundreds of separate competing companies like you said earlier ban and you would have to meet, you would have to strike at a huge number of, nations in order to make this happen. In fact, almost all the computers Ok, so let's say you were able to take out a single,

huge international credit card company. Look I'm just using capital one psoric everyone does he think. As I have your credit card, it would be this tiny it busy little dent in the all, encompassing global that machine that exists all around us right. There are so many eyes watching this as well. There are multiple, multiple international state level and even local institutions that are tasked with doing this, but then there is another thing which is any countries maintain a reserve of actual resources rather than just currencies to the. U S. Has you ve, probably heard as strategic reserve of petrol, knee you, as has the search Jake reserves of valuable metals ray and other countries to do the same thing. And then we have other reserves of other people's current

So if you have one country than they currency, the din get hit that we'll just become more valuable, now too, Think of these reserves is massive savings accounts they fluctuated spending is needed. In some countries, the Reserves are dwindling. These currency reserves right. So you just a few. In some countries. These reserves are dwindling, you're, getting low, according to the World Bank, the? U S, had five hundred four billion in total reserves in twenty twelve and twenty fifteen, the reserves fell below a hundred and seven billion dwindling you're, getting low according to the World Bank, the? U S, five hundred, seventy four billion into a hundred and seventy two billion and nothing Eurostat, direct and twenty fifteen China's reserves jumped to a whopping three point: three four trillion: yes, trillion and there are new

the reasons behind this. Yes, I had to do with the importance of one currency versus nother or treasury bonds. Another has to do with trade verses. Current your trade balance and overall strategies love where you're, where you're going with your country. Aids is a fascinating thing that I think then maybe we should look at in the future of that, yet a great especially if this interests you. Ladies and gentlemen, we we can cover it, there's the other, other factor the design. Recovery data back up something happens. Let's see, there is an attempt. Well, Mr Robot scenario as this have four makes little more sense than to abolish the buildings plan of my club, because targeting servers by as well as backup data stores, these things have started become commonplace in eighteen. Seventy from people began to realize how that you, just the vestry said: insanely dependent,

we ass. A species become on computers and the data contained within those The strategies are redundancy plus off site storage. Here from the Kurds of what is what and when exist in multiple places. Which is also strange because that kind of thing not omnipresence biggest by location is one of the miracles sometimes attributed to Saint going back to our earlier thing about miss modern mythology in a way through robotics rule, through electronics and computing. We are once again Bill the miracles of old, but in a very strange way, so We're looking at this question is: what is this stuff? They don't want you to know more mediately. Who are they well at? This point

and we can say we feel we feel ready, secure, saying that one of the problems with learning objectively about thing from individual finance to the financial food fight. It is international relations through five an allusion to the resources of the war What we are seeing is that it's tough, the learned because the people who can teach you have agendas are so you invest. First failure, well the beauty, people who can teach you will have agendas and that no naturally, I can tie into almost anything that we learn. You know somebody who is in colleges is gonna, have a very different opinion about the importance Egypt in civilization right sure, but in this case the stakes

or high and their currency right, I mean the course denigrating Egypt, which is enormously and well no sure, but but yeah? Maybe archaeology is a bad comparison. I think that's that's a great point, though, if you ask an economist from the: U S, verses and economists from China, an economist from Russia around you're, going to receive different answers and they're, not necessarily the wrong answers from that economists there the there the answers that most benefit that perspective right and wrong. It means that in our conversations no man I may have different perspectives. It doesn't This is a case where, if we disagree, it doesn't mean. One of us is wrong or let's get down to it. I mean at the end of it Economics isn't an exact science. There are different skin.

The thought there are deep rooted in older schools of thought, Reno, and, like you said just because one person has particular perspective, does fairly mean they're wrong and the true answer might be: where, between combining different perspectives, there's a lot of philosophy, invisible her philosophy I was on his ideology is very: if it's not, I don't want to save in precise. I think that that should filling it just a little bit, because I mean obviously there is a lot of detailed high level thinking. Into this, but it's much more like a theory. You know that it is there a formula. Who did not? We also haven't looked at what would even if a concentrated segment or type of debt were array still, if just for instance, just work, how specific do you wanna go gents, just mortgages on Rach style,

arms are just wiped out, like what would that either. We saw a ripple lesson in effect, but it was still happen because that would have a ripple effect. All loans for any kind of water craft. You know like a sailboat or a jet skis. Needed. It will have many ripples, how long were you while you were so, We ve talked a lot about the consequences: the then they the stuff. They don't want you to know for this episode. The stuff will be these state, economy debt in the world affecting individual debt and intervene. Will that affecting the action of states the end? The existence of currency one rise it yeah, you know, is it just? Is it truly just- and I owe you is it simply system of coupons that future. Storylines will find.

But on the part of loss religions, rail, I mean that's an extreme point of view that an extreme wait, a phrase that question, but what do You think, ladies and gentlemen, we we spend some time on this one, so we're goin to head out a here, but we would like to hear from you any stories you have. The eating more people should know about debt, whether individual or international. What you think, if any could be changed to fix this war? Is this perfect the way it is. Most importantly, do you think the world should be erased, despite the frankly and inevitable consequences, because I'll say my personal? perspective here, even if there were some kind of financial kill, switch a reset button that would take debt dizzy, zero, eventual that would be a system of debt would evolve, yeah poker shells

you are on the ground for my man, You can. Let us know your thoughts on Facebook and twitter. You can also follows on Instagram we're conspiracy, stuff on Facebook and Twitter were conspiracy, stuff show yes on Instagram and if you have feedback for this week, love to hear from you. Even more importantly, if you have a suggestion for an upcoming episode, we'd love to you that, because our best shows come Your suggestion before we drop that little tender on you I want to say one more time, if you guys listen to the show on Itunes, if he was in the show on Spotify sticker any place, you listen to it. If there is a spot where you can drop a little review and you have something positive to say, please do We really appreciate your kind helps people discover the show and has been likes to save it, makes us less likely to get. I can't so if you want to stay something super personal. You wanna do any of the other things that we ve just mentioned. You can

That's an email. We are in at helstone. Work starts we quickly. Ourselves in tough times that none of us could have predicted. Just a couple of months ago, small. Businesses and individuals are experiencing really hard times with their personal finances. That's why we ve wrapped up money episode releases to three times a week, a fragile that's. Why, really you and I we break down these timeless money truths as well as timely money. In that, you need to know to put yourself in a strong financial position, making it easier to whether these uncertain times, like we're currently experiencing so listener

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