Top Economic Documentary: "Four Horsemen" - Must-Watch

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This article is a summary of a YouTube video "Best Economic Documentary I have Watched " FOUR HORSEMEN "" by David S
TLDR The current economic system is flawed and unsustainable, and that reform is needed to address issues such as poverty, inequality, and the influence of banks and corporations.

Systemic Flaws and Injustices in Government and Economic Systems

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    The age of consequence is approaching, with a convergence of a rapacious financial system, escalating violence, abject poverty, and environmental fallout, questioning the systems we've created and suggesting the need for reform.
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    Understanding the unsaid and hidden truths is crucial for enacting meaningful change and liberation from collective delusion.
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    Lieutenant General Sir John Glubb found that empires typically last about 250 years or 10 generations, with common features of decadence including an undisciplined and over-extended military.
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    The pursuit of money, power, and material possessions often leads to a neglect of duty and public service in society.
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    ️ Despite having an abundance of ideas and cheap energy, we have chosen a system that is one of the worst ways to use our blessings, and we will pay a price for it.
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    Greed is a fundamental ingredient in an immoral economy, where the few benefit at the expense of the many, raising questions about the systemic flaws in our government and economic systems.
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    The extreme form of capitalism, influenced by economists like Milton Friedman, has led to a distorted American dream, with excessive debt, privatization, and deregulation, benefiting the wealthy while neglecting the well-being of the general population.
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    The dominance of neoclassical economics in policymaking, exemplified by the Reagan-Thatcher revolution, led to a significant change in power structure and a transfer of opportunity and wealth within the well-to-do, particularly benefiting the financial sector.
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    Banks became "too big to fail," forcing governments to bail them out with borrowed money to prevent a revolution and economic collapse.
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    The current system is not a proper capitalist system, as rich people's mistakes are not punished while poor people suffer the consequences.
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    The issues faced in Baltimore are not isolated, but rather a reflection of similar problems occurring globally.
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    The speaker questions whether the profits and bonuses of big banks actually benefit the economy, suggesting that their actions may have little to do with overall prosperity.

Impact of Financial Institutions and Lobbyists on Politics

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    "Private banks create money out of nothing and lend it at interest, which sounds absurd but is the reality of the banking system."
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    Fiat money relies on government enforcement and the requirement to pay taxes, without which it would be meaningless.
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    Lobbyists for the finance industry have a disproportionate amount of influence, with five lobbyists per congressperson, perpetuating the injustice in our system.
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    The control of banking interests over Washington is evident through the passing of the bailout despite 80% of the population being against it, highlighting the influence of campaign contributions and lobbying in America's political structure.
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    The six biggest banks in the United States have a strong influence over regulation, making it difficult to implement meaningful changes and maintain a fair financial system.

Consequences of Pursuing Money and Material Possessions

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    "At what juncture, what point does morality enter into economic calculus? Many people think that Adam Smith gave us a free pass, a way not to think about morality."

Q&A

  • What is the main idea of the video?

    — The main idea of the video is that the current economic system is flawed and unsustainable, and that reform is needed to address issues such as poverty, inequality, and the influence of banks and corporations.

  • How does the internet play a role in bringing about change?

    — The internet has the potential to bring about significant change by providing access to information that has been suppressed for centuries, and in order to enact this change, we must first understand the truths that have been left unsaid for so long.

  • What are the signs of the demise of an empire?

    — The signs of the demise of an empire include financial and economic crises, distractions like sports and celebrity chefs, and a decline in greatness and a search for lost momentum.

  • How do banks contribute to economic problems?

    — Banks create money out of nothing and lend it at interest, leading to economic problems such as inflation, rising house prices, and a larger wealth gap.

  • What is the role of corporate interests in American politics?

    — The influence of corporate interests on American politics has led to an inequitable system of money, banking, and politics, prioritizing the concerns of the rich and resulting in a flawed democracy.

Timestamped Summary

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    00:00
    The video discusses the reprehensible actions of banks, the influence of corporations, and the convergence of crises, questioning our systems and suggesting the need for reform, highlighting the potential of the internet to bring about change by providing access to suppressed information.
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    12:43
    The baby boomer generation's consumerism and misallocation of capital have jeopardized future generations, while the flawed system of wealth distribution and the power of banks to create money out of nothing have exacerbated poverty, inequality, and economic problems.
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    23:28
    Communism failed, and now capitalism is failing due to infinite growth being impossible, with extreme capitalism in America leading to distorted intentions, debt, privatization, and deregulation, while the neoclassical school of economics favors large corporations and financialization, resulting in an unprecedented transfer of wealth to the financial sector; the repeal of the Glass-Steagall Act caused a global financial crisis, the current economic system serves financial organizations instead of people, newly created money in the housing market led to inflation and a speculative bubble, increasing interest rates have made college unaffordable, and banks engaged in a criminal conspiracy to charge more to minorities, impairing progress in these communities.
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    36:38
    People unaware of economic struggles don't feel compelled to help; financial industry's influence creates an unfair advantage for the wealthy, resulting in a flawed democracy controlled by banking interests; biggest banks have minimal regulation, making the Federal Reserve their lobbyist; economic inequality leads to a plutocratic state; Goldman Sachs buys influence, changes laws, and avoids consequences.
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    44:03
    Banks and bankers profit at the expense of the economy, while the wealthy use propaganda to justify their wealth, leading to an inequitable system that prioritizes corporate interests and fails to address terrorism effectively.
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    53:47
    Economic hitmen create debt and inequality, American foreign policy prioritizes profit over human lives, terrorism is a response to injustice, and we need to address economic inequality and redefine progress.
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    1:05:02
    The world is facing resource depletion and struggles over precious resources, and in order to meet our needs, we must shift to localization, embrace cooperation, and re-humanize our lives, challenging the flaws in the economic system and reducing income inequality.
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    1:18:57
    The current monetary system is unsustainable and leads to the collapse of civilization, but adopting a gold-based system would provide stability and preserve liberty, while questioning debt, reevaluating taxation, and promoting worker ownership can address poverty and inequality, and implementing independent money, consumption-based tax, and employee-owned businesses can create a sustainable economy.
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This article is a summary of a YouTube video "Best Economic Documentary I have Watched " FOUR HORSEMEN "" by David S
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