WEBVTT 00:00:00.000 --> 00:00:5.000 align:start position:0% [Music] 00:00:58.950 --> 00:00:59.890 align:start position:0% [Music] 00:00:59.900 --> 00:01:01.250 align:start position:0% [Music] 00:01:01.260 --> 00:01:04.460 align:start position:0% [Music] 00:01:48.200 --> 00:01:53.940 align:start position:0% [Music] 00:02:18.819 --> 00:02:23.320 align:start position:0% [Music] 00:03:35.330 --> 00:03:41.450 align:start position:0% afterward, we'll have the links, there you go. 00:03:41.459 --> 00:03:45.410 align:start position:0% download it, it's open access, it's going to 00:03:45.420 --> 00:03:48.260 align:start position:0% talk about free currency, the 00:03:48.270 --> 00:03:51.410 align:start position:0% the theory of principle is there and trying to 00:03:51.420 --> 00:03:53.510 align:start position:0% put a form to it by proposing to others 00:03:53.520 --> 00:03:54.410 align:start position:0% like last year, we want to make a 00:03:54.420 --> 00:03:56.630 align:start position:0% currency that is egalitarian for everyone, 00:03:56.640 --> 00:04:00.229 align:start position:0% for everyone, that's the Swiss model after all 00:04:00.239 --> 00:04:01.760 align:start position:0% this time the developers, the subject is 00:04:01.770 --> 00:04:06.440 align:start position:0% taken on, he's going to talk about five 00:04:06.450 --> 00:04:09.260 align:start position:0% marginals, the port of the Rhine including Stéphane 00:04:09.270 --> 00:04:14.350 align:start position:0% thoughts of Pascal that he wanted 00:04:16.919 --> 00:04:19.099 align:start position:0% Semedo of thoughts that were precise 00:04:19.109 --> 00:04:21.590 align:start position:0% axioms of thought to arrive at 00:04:21.600 --> 00:04:23.900 align:start position:0% this demonstration that the only 00:04:23.910 --> 00:04:25.880 align:start position:0% possible way this monk creates the 00:04:25.890 --> 00:04:27.170 align:start position:0% currency, the possible way is estimated 00:04:27.180 --> 00:04:28.610 align:start position:0% against individuals to his children 00:04:28.620 --> 00:04:30.650 align:start position:0% is to do it with the form of a 00:04:30.660 --> 00:04:32.390 align:start position:0% universal dividend every day. 00:04:55.400 --> 00:04:50.810 align:start position:0% So there you have it. Hello everyone. 00:04:59.520 --> 00:05:02.129 align:start position:0% So I'm finishing up some adjustments because 00:05:02.139 --> 00:05:03.210 align:start position:0% at the same time I'm live on 00:05:03.220 --> 00:05:13.820 align:start position:0% YouTube and there, hop. There we go, not that. 00:05:13.830 --> 00:05:27.000 align:start position:0% There... So... There. Hello everyone. Welcome. 00:05:29.500 --> 00:05:31.940 align:start position:0% There we go, I have a little feedback. 00:05:32.100 --> 00:05:35.670 align:start position:0% So this conference that I'm going to 00:05:35.680 --> 00:05:37.740 align:start position:0% give you, and if you 00:05:37.750 --> 00:05:40.380 align:start position:0% have questions afterward, of course, well 00:05:40.390 --> 00:05:43.080 align:start position:0% I'll try to answer them, has a very specific 00:05:43.090 --> 00:05:45.450 align:start position:0% theme. In fact, it was to 00:05:45.460 --> 00:05:47.970 align:start position:0% respond to a video that came out a 00:05:47.980 --> 00:05:50.370 align:start position:0% while ago, which was a bit of a hit piece 00:05:50.380 --> 00:05:51.540 align:start position:0% on free currency, 00:05:51.550 --> 00:05:54.030 align:start position:0% which wasn't well thought out, made 00:05:54.040 --> 00:05:55.230 align:start position:0% quickly by someone who hadn't 00:05:55.240 --> 00:05:58.200 align:start position:0% thought about the issue and who had 00:05:58.210 --> 00:06:00.120 align:start position:0% talked about a Ponzi scheme or Ponzi chain 00:06:00.130 --> 00:06:02.760 align:start position:0% and so the theme of the 00:06:02.770 --> 00:06:04.110 align:start position:0% conference today is to show, 00:06:04.120 --> 00:06:06.060 align:start position:0% is to demonstrate why free currency 00:06:06.070 --> 00:06:09.630 align:start position:0% is precisely not a chain or 00:06:09.640 --> 00:06:10.910 align:start position:0% a Ponzi scheme. 00:06:10.920 --> 00:06:12.930 align:start position:0% Whereas, in fact, all other 00:06:12.940 --> 00:06:15.600 align:start position:0% currencies are, that's what's important 00:06:15.610 --> 00:06:16.910 align:start position:0% to understand. 00:06:16.920 --> 00:06:20.070 align:start position:0% We must, we must come to understand this 00:06:20.080 --> 00:06:21.180 align:start position:0% principle, which is that the only 00:06:21.190 --> 00:06:23.790 align:start position:0% solution to escape a 00:06:23.800 --> 00:06:25.560 align:start position:0% Ponzi scheme, we'll see what that is, 00:06:25.570 --> 00:06:27.330 align:start position:0% what a Ponzi scheme is with the 00:06:27.340 --> 00:06:28.650 align:start position:0% theme of the conference, so we're going to talk 00:06:28.660 --> 00:06:30.270 align:start position:0% about Charles Ponzi. 00:06:30.280 --> 00:06:32.190 align:start position:0% We'll talk about him later, so you'll 00:06:32.200 --> 00:06:34.050 align:start position:0% know who he is. We'll draw a parallel 00:06:34.060 --> 00:06:38.460 align:start position:0% with another famous recent chain creator 00:06:38.470 --> 00:06:40.860 align:start position:0% named Bernard 00:06:40.870 --> 00:06:42.620 align:start position:0% Madoff. 00:06:42.630 --> 00:06:44.730 align:start position:0% And then once I've 00:06:44.740 --> 00:06:45.930 align:start position:0% presented what a Ponzi scheme really is, 00:06:45.940 --> 00:06:47.250 align:start position:0% because to say that 00:06:47.260 --> 00:06:48.570 align:start position:0% something is or is not a 00:06:48.580 --> 00:06:49.740 align:start position:0% Ponzi scheme, you first have to understand 00:06:49.750 --> 00:06:51.450 align:start position:0% what it is. It's not enough to just say it, 00:06:51.460 --> 00:06:52.740 align:start position:0% you have to have understood what it is, you 00:06:52.750 --> 00:06:54.960 align:start position:0% have to have thought about it calmly and not 00:06:54.970 --> 00:06:58.050 align:start position:0% say nonsense just like that 00:06:58.060 --> 00:07:00.570 align:start position:0% when it pops into your head. It's 00:07:00.580 --> 00:07:02.040 align:start position:0% ... you have to think about it. 00:07:02.050 --> 00:07:04.170 align:start position:0% So we'll see that, and then we'll see 00:07:04.180 --> 00:07:05.430 align:start position:0% why free currency 00:07:05.440 --> 00:07:06.780 align:start position:0% is not a Ponzi scheme and 00:07:06.790 --> 00:07:07.260 align:start position:0% why, 00:07:07.270 --> 00:07:10.230 align:start position:0% to conclude, everything that is 00:07:10.240 --> 00:07:12.630 align:start position:0% not free currency in fact participates or 00:07:12.640 --> 00:07:15.030 align:start position:0% is likely to participate in a 00:07:15.040 --> 00:07:18.320 align:start position:0% Ponzi scheme if we believe that we can 00:07:18.330 --> 00:07:21.180 align:start position:0% gain something 00:07:21.190 --> 00:07:25.650 align:start position:0% for everyone all the time just by believing 00:07:25.660 --> 00:07:29.040 align:start position:0% that all you have to do is recruit people. So 00:07:29.050 --> 00:07:31.350 align:start position:0% we're going to define all of that. 00:07:31.360 --> 00:07:33.560 align:start position:0% So to start, 00:07:33.570 --> 00:07:35.700 align:start position:0% I'll go slowly because I'm 00:07:35.710 --> 00:07:39.870 align:start position:0% ... I have to go there, I'm going to 00:07:39.880 --> 00:07:50.400 align:start position:0% talk to you about Mr. Charles 00:07:50.410 --> 00:07:51.600 align:start position:0% Charles Ponzi. 00:07:51.610 --> 00:07:54.620 align:start position:0% There you go. So on your screen you have, 00:07:54.630 --> 00:07:57.540 align:start position:0% you see the address at the top, it says 00:07:57.550 --> 00:07:59.220 align:start position:0% trm for a monetary creation 00:07:59.230 --> 00:08:02.040 align:start position:0% .info, I'll underline it for those 00:08:02.050 --> 00:08:06.060 align:start position:0% who... there. So trm.creation 00:08:06.070 --> 00:08:08.040 align:start position:0% monetaire.info, there you go. So it's 00:08:08.050 --> 00:08:11.190 align:start position:0% written there, it's the site where there's the 00:08:11.200 --> 00:08:12.870 align:start position:0% Relative Theory of Money 00:08:12.880 --> 00:08:15.090 align:start position:0% available for free download 00:08:15.100 --> 00:08:16.740 align:start position:0% under a free license. 00:08:16.750 --> 00:08:20.070 align:start position:0% You can get it in PDF, 00:08:20.080 --> 00:08:21.900 align:start position:0% you can read it directly on the 00:08:21.910 --> 00:08:24.570 align:start position:0% site, there are also printed versions 00:08:24.580 --> 00:08:26.340 align:start position:0% that you can get if you 00:08:26.350 --> 00:08:27.600 align:start position:0% want, but you don't need to, you 00:08:27.610 --> 00:08:28.680 align:start position:0% can print it, you have the right 00:08:28.690 --> 00:08:31.200 align:start position:0% to print this theory yourself, 00:08:31.210 --> 00:08:32.370 align:start position:0% the Relative Theory of Money. There you go, that's what 00:08:32.380 --> 00:08:34.110 align:start position:0% is allowed by free licenses. 00:08:34.120 --> 00:08:36.209 align:start position:0% There you go. So the TRM is published under 00:08:36.219 --> 00:08:39.140 align:start position:0% so I put in the TRM, you see 00:08:41.530 --> 00:08:43.080 align:start position:0% that there is, in fact, we are well within the TRM 00:08:43.090 --> 00:08:44.960 align:start position:0% here, free theory, Relative Theory of Money. 00:08:44.970 --> 00:08:48.270 align:start position:0% We are on a chapter in the theory 00:08:48.280 --> 00:08:52.410 align:start position:0% which in fact reviews the history, a brief 00:08:52.420 --> 00:08:57.270 align:start position:0% history of money to show 00:08:57.280 --> 00:08:58.770 align:start position:0% how it was able to evolve over time 00:08:58.780 --> 00:09:00.090 align:start position:0% and why we have arrived at what 00:09:00.100 --> 00:09:00.900 align:start position:0% it is today. 00:09:00.910 --> 00:09:02.400 align:start position:0% It's not just anything. 00:09:02.410 --> 00:09:04.230 align:start position:0% Well, I'm not going to list all of that, all 00:09:04.240 --> 00:09:06.540 align:start position:0% that is written in the TRM, and at one point 00:09:06.550 --> 00:09:08.360 align:start position:0% I talk about Charles Ponzi. 00:09:08.370 --> 00:09:10.140 align:start position:0% One might wonder what he's doing 00:09:10.150 --> 00:09:11.579 align:start position:0% in the history of money because 00:09:11.589 --> 00:09:12.900 align:start position:0% he's not a creator of money, Charles 00:09:12.910 --> 00:09:13.260 align:start position:0% Ponzi. 00:09:13.270 --> 00:09:15.180 align:start position:0% I'm going to explain to you who Charles Ponzi is. 00:09:15.190 --> 00:09:18.210 align:start position:0% So Charles Ponzi is an 00:09:18.220 --> 00:09:22.170 align:start position:0% American of Italian origin who became 00:09:22.180 --> 00:09:25.850 align:start position:0% famous during the years 00:09:25.860 --> 00:09:28.650 align:start position:0% of the 20s, the 20s and 30s, especially 00:09:28.660 --> 00:09:32.550 align:start position:0% during the crisis of 1929 at the time of 00:09:32.560 --> 00:09:36.870 align:start position:0% this crisis because a financial scandal 00:09:36.880 --> 00:09:38.760 align:start position:0% was revealed around 00:09:38.770 --> 00:09:42.270 align:start position:0% his person and so he is considered 00:09:42.280 --> 00:09:44.510 align:start position:0% the inventor or the creator of the 00:09:44.520 --> 00:09:47.400 align:start position:0% Ponzi principle, of the Ponzi system. In 00:09:47.410 --> 00:09:48.960 align:start position:0% fact, he wasn't the first and he won't be 00:09:48.970 --> 00:09:50.090 align:start position:0% the last, as we'll see. 00:09:50.100 --> 00:09:53.490 align:start position:0% Quickly, so on Wikipedia we have a 00:09:53.500 --> 00:09:55.380 align:start position:0% page concerning Charles Ponzi. He, 00:09:55.390 --> 00:09:59.000 align:start position:0% well, it's true that the principle is a 00:10:01.510 --> 00:10:04.800 align:start position:0% principle of fraud. So what is 00:10:04.810 --> 00:10:06.740 align:start position:0% the Ponzi system? 00:10:06.750 --> 00:10:09.120 align:start position:0% So we can call it a Ponzi pyramid, 00:10:09.130 --> 00:10:10.650 align:start position:0% that's what it's called, we also call it 00:10:10.660 --> 00:10:13.070 align:start position:0% a Ponzi system, Ponzi scheme, 00:10:13.080 --> 00:10:15.600 align:start position:0% or, I prefer the term that is 00:10:15.610 --> 00:10:19.530 align:start position:0% written here, Ponzi chain, Ponzi 00:10:19.540 --> 00:10:22.020 align:start position:0% chain. So a Ponzi chain 00:10:22.030 --> 00:10:24.810 align:start position:0% consists, if you will, you say, you 00:10:24.820 --> 00:10:27.300 align:start position:0% are a financial intermediary, and you 00:10:27.310 --> 00:10:30.000 align:start position:0% tell your clients "Here, I'm going to 00:10:30.010 --> 00:10:33.420 align:start position:0% guarantee you an annual return of 10% per 00:10:33.430 --> 00:10:35.810 align:start position:0% year on your capital, so give me, 00:10:35.820 --> 00:10:37.949 align:start position:0% give me a value of 1000 00:10:37.959 --> 00:10:39.600 align:start position:0% and I will give you 10%, 00:10:39.610 --> 00:10:41.370 align:start position:0% that is to say 100 each year and so 00:10:41.380 --> 00:10:42.750 align:start position:0% after ten years you will have recovered 00:10:42.760 --> 00:10:45.240 align:start position:0% your initial investment and beyond that 00:10:45.250 --> 00:10:47.430 align:start position:0% you will earn much more than what 00:10:47.440 --> 00:10:50.070 align:start position:0% you put in initially." That's the 00:10:50.080 --> 00:10:52.710 align:start position:0% promise, and the principle, one could say 00:10:52.720 --> 00:10:54.270 align:start position:0% "the person who makes this 00:10:54.280 --> 00:10:56.040 align:start position:0% promise, they will invest in 00:10:56.050 --> 00:10:58.260 align:start position:0% companies, they will have houses built, 00:10:58.270 --> 00:10:59.780 align:start position:0% they will have cars built, 00:10:59.790 --> 00:11:02.370 align:start position:0% they will... whatever, they will 00:11:02.380 --> 00:11:04.590 align:start position:0% hire engineers or do something 00:11:04.600 --> 00:11:05.430 align:start position:0% else, whatever, 00:11:05.440 --> 00:11:08.430 align:start position:0% and with that she estimates that she will be able to 00:11:08.440 --> 00:11:11.040 align:start position:0% remunerate the investors with the 00:11:11.050 --> 00:11:13.380 align:start position:0% creation of value that would be under- 00:11:13.390 --> 00:11:15.180 align:start position:0% -lying this investment." But in fact 00:11:15.190 --> 00:11:17.160 align:start position:0% that's not at all what Ponzi did, and 00:11:17.170 --> 00:11:18.180 align:start position:0% that's where you have to understand the 00:11:18.190 --> 00:11:18.829 align:start position:0% principle, 00:11:18.839 --> 00:11:21.570 align:start position:0% he, once he had his first 00:11:21.580 --> 00:11:23.340 align:start position:0% clients, he recruited new clients 00:11:23.350 --> 00:11:26.220 align:start position:0% by promising them the same thing and these 00:11:26.230 --> 00:11:27.470 align:start position:0% new clients, 00:11:27.480 --> 00:11:29.579 align:start position:0% the amount of money they brought him, 00:11:29.589 --> 00:11:31.250 align:start position:0% in fact, was used to 00:11:31.260 --> 00:11:33.260 align:start position:0% remunerate the first ones. So in fact it's 00:11:33.270 --> 00:11:35.060 align:start position:0% a system where the new clients 00:11:35.070 --> 00:11:37.810 align:start position:0% remunerate those who are already clients. 00:11:37.820 --> 00:11:40.490 align:start position:0% So you need more and more clients, 00:11:40.500 --> 00:11:42.320 align:start position:0% you have to understand that, you need 00:11:42.330 --> 00:11:43.940 align:start position:0% more and more to remunerate those who 00:11:43.950 --> 00:11:47.090 align:start position:0% are already there. That's what you have to 00:11:47.100 --> 00:11:48.770 align:start position:0% understand: you need more and more 00:11:48.780 --> 00:11:51.890 align:start position:0% clients. So if there are, you imagine 00:11:51.900 --> 00:11:56.450 align:start position:0% that if there are ten clients at the beginning, for 00:11:56.460 --> 00:11:57.890 align:start position:0% example, you will need 00:11:57.900 --> 00:12:00.080 align:start position:0% maybe 100 to remunerate these 10, then 00:12:00.090 --> 00:12:01.340 align:start position:0% these 100 will then need 00:12:01.350 --> 00:12:02.780 align:start position:0% 1000 and these 1000 will need 00:12:02.790 --> 00:12:04.100 align:start position:0% 10,000 etc etc... 00:12:04.110 --> 00:12:06.020 align:start position:0% So you have to increase all the time, 00:12:06.030 --> 00:12:08.090 align:start position:0% because the money that is put into 00:12:08.100 --> 00:12:09.800 align:start position:0% the system comes out each time 00:12:09.810 --> 00:12:11.450 align:start position:0% since it is put back into the hands of the 00:12:11.460 --> 00:12:14.870 align:start position:0% clients. Each time you need 00:12:14.880 --> 00:12:17.090 align:start position:0% more and more money to pay the 00:12:17.100 --> 00:12:19.010 align:start position:0% promise that was made. So the system 00:12:19.020 --> 00:12:20.560 align:start position:0% can only work if there are always 00:12:20.570 --> 00:12:22.550 align:start position:0% more clients. 00:12:22.560 --> 00:12:24.950 align:start position:0% So if the number of human beings 00:12:24.960 --> 00:12:30.050 align:start position:0% were infinite, I would say "it works." 00:12:30.060 --> 00:12:31.520 align:start position:0% If there were a number of 00:12:31.530 --> 00:12:33.350 align:start position:0% infinite humans, it works. 00:12:33.360 --> 00:12:36.200 align:start position:0% You would just have to, each time, 00:12:36.210 --> 00:12:37.370 align:start position:0% go find more and more 00:12:37.380 --> 00:12:38.540 align:start position:0% clients, but if the number of human 00:12:38.550 --> 00:12:39.650 align:start position:0% beings is infinite, you can always 00:12:39.660 --> 00:12:40.970 align:start position:0% go find more and more 00:12:40.980 --> 00:12:41.470 align:start position:0% clients. 00:12:41.480 --> 00:12:43.700 align:start position:0% The brain, a little, resists that because 00:12:43.710 --> 00:12:44.810 align:start position:0% we're not used to dealing with 00:12:44.820 --> 00:12:46.910 align:start position:0% infinity, and in reality, precisely, the 00:12:46.920 --> 00:12:48.080 align:start position:0% system is not infinite, that is to say 00:12:48.090 --> 00:12:49.670 align:start position:0% that at some point, imagining that 00:12:49.680 --> 00:12:51.980 align:start position:0% all human beings participate in the 00:12:51.990 --> 00:12:54.350 align:start position:0% chain, when everyone is a client, there are 00:12:54.360 --> 00:12:55.790 align:start position:0% no more new human beings to 00:12:55.800 --> 00:12:57.910 align:start position:0% pay all those who are already in the 00:12:57.920 --> 00:13:00.680 align:start position:0% clientele of our investor. 00:13:00.690 --> 00:13:02.180 align:start position:0% So at some point it stops 00:13:02.190 --> 00:13:04.010 align:start position:0% mechanically, either because people 00:13:04.020 --> 00:13:05.690 align:start position:0% realize it or because we 00:13:05.700 --> 00:13:07.310 align:start position:0% reach a limit simply because 00:13:07.320 --> 00:13:09.260 align:start position:0% the number of clients at the end is 00:13:09.270 --> 00:13:12.520 align:start position:0% limited, whereas you always need more. 00:13:12.530 --> 00:13:15.080 align:start position:0% So, you have to understand this 00:13:15.090 --> 00:13:17.030 align:start position:0% principle. So that's what a Ponzi 00:13:17.040 --> 00:13:18.560 align:start position:0% scheme is. So more 00:13:18.570 --> 00:13:22.850 align:start position:0% recently, 80 years after 1929, so a 00:13:22.860 --> 00:13:24.320 align:start position:0% human life expectancy, you have to 00:13:24.330 --> 00:13:27.020 align:start position:0% understand that, 80 years is not 00:13:27.030 --> 00:13:30.560 align:start position:0% just any length of time, it's 00:13:30.570 --> 00:13:31.910 align:start position:0% a human life expectancy, so between 00:13:31.920 --> 00:13:33.650 align:start position:0% 1929 and 2008, 00:13:33.660 --> 00:13:37.100 align:start position:0% and yes, 80 years plus 1929, we get 00:13:37.110 --> 00:13:40.220 align:start position:0% 2009, 2008 / 2009 is about the same 00:13:40.230 --> 00:13:41.240 align:start position:0% date, 00:13:41.250 --> 00:13:43.730 align:start position:0% new financial crisis. So that's 00:13:43.740 --> 00:13:45.080 align:start position:0% something we can note, anyway, 00:13:45.090 --> 00:13:46.670 align:start position:0% is: is it a coincidence that after 00:13:46.680 --> 00:13:48.710 align:start position:0% 80 years, a human life expectancy, 00:13:48.720 --> 00:13:50.600 align:start position:0% human beings who don't know each other 00:13:50.610 --> 00:13:51.800 align:start position:0% at all, since they are separated 00:13:51.810 --> 00:13:53.270 align:start position:0% completely, the human beings who 00:13:53.280 --> 00:13:55.130 align:start position:0% were alive in 1929 are almost 00:13:55.140 --> 00:13:57.530 align:start position:0% all gone when we find ourselves in 00:13:57.540 --> 00:13:58.300 align:start position:0% 2009, 00:13:58.310 --> 00:14:00.790 align:start position:0% the population is no longer the same at all, 00:14:00.800 --> 00:14:02.570 align:start position:0% completely, it has been completely 00:14:02.580 --> 00:14:04.310 align:start position:0% replaced by their children, quite 00:14:04.320 --> 00:14:06.500 align:start position:0% simply, and the children of the children 00:14:06.510 --> 00:14:07.570 align:start position:0% etc..., 00:14:07.580 --> 00:14:10.690 align:start position:0% we find a financial crisis and, 00:14:10.700 --> 00:14:13.850 align:start position:0% coincidence or not, we find a 00:14:13.860 --> 00:14:15.890 align:start position:0% new financier that we're going to throw to the 00:14:15.900 --> 00:14:19.310 align:start position:0% media, who in relation to the 00:14:19.320 --> 00:14:22.370 align:start position:0% financial crisis didn't, didn't weigh 00:14:22.380 --> 00:14:22.940 align:start position:0% very heavily, 00:14:22.950 --> 00:14:25.700 align:start position:0% obviously it wasn't him who, who, who 00:14:25.710 --> 00:14:29.090 align:start position:0% created the most damage, and we'll 00:14:29.100 --> 00:14:32.240 align:start position:0% talk about that again at the end. It's a certain 00:14:32.250 --> 00:14:33.170 align:start position:0% Bernard Madoff, 00:14:33.180 --> 00:14:35.030 align:start position:0% there you go, who is a financier, also 00:14:35.040 --> 00:14:36.890 align:start position:0% an investor, he has the right, in 00:14:36.900 --> 00:14:38.060 align:start position:0% Wikipedia, he has the right to the terms 00:14:38.070 --> 00:14:40.550 align:start position:0% "financier, investor," notice, in 00:14:40.560 --> 00:14:42.350 align:start position:0% addition to "fraudster," whereas Charles 00:14:42.360 --> 00:14:42.740 align:start position:0% Ponzi 00:14:42.750 --> 00:14:46.010 align:start position:0% he only has the right to "fraudster," that's 00:14:46.020 --> 00:14:47.870 align:start position:0% for the little joke, I 00:14:47.880 --> 00:14:49.670 align:start position:0% found that amusing, but he has the right 00:14:49.680 --> 00:14:51.020 align:start position:0% to the titles of "financier, 00:14:51.030 --> 00:14:52.700 align:start position:0% investor" and also, incidentally, 00:14:52.710 --> 00:14:55.700 align:start position:0% "fraudster." Well, okay, but in fact it was the 00:14:55.710 --> 00:14:56.840 align:start position:0% same, it's the same principle. 00:14:56.850 --> 00:14:58.730 align:start position:0% So in fact Bernard Madoff only 00:14:58.740 --> 00:15:00.410 align:start position:0% reinvented, 00:15:00.420 --> 00:15:03.650 align:start position:0% if you will, the Ponzi system. 00:15:03.660 --> 00:15:06.829 align:start position:0% He recruited, look, it's written 00:15:06.839 --> 00:15:09.260 align:start position:0% here, I'm not making anything up: "On December 12, 00:15:09.270 --> 00:15:11.360 align:start position:0% 2008, he was arrested and charged by the 00:15:11.370 --> 00:15:12.800 align:start position:0% FBI for having carried out a 00:15:12.810 --> 00:15:14.780 align:start position:0% Ponzi-type fraud" 00:15:14.790 --> 00:15:16.910 align:start position:0% there you go, which could amount to, anyway, 00:15:16.920 --> 00:15:18.770 align:start position:0% 65 billion, it's, there you go, it's 00:15:18.780 --> 00:15:20.690 align:start position:0% not... There you go, it's not, it's 00:15:20.700 --> 00:15:23.750 align:start position:0% not the local minimum wage. 65 billion dollars. 00:15:23.760 --> 00:15:28.120 align:start position:0% It's the same principle, he recruited the 00:15:31.470 --> 00:15:33.710 align:start position:0% first clients to whom he promised, if you 00:15:33.720 --> 00:15:35.360 align:start position:0% will, a return on investment of 00:15:35.370 --> 00:15:37.490 align:start position:0% 10% per year and to pay these clients, well, 00:15:37.500 --> 00:15:38.840 align:start position:0% he needed new clients and 00:15:38.850 --> 00:15:40.310 align:start position:0% for these new clients to be 00:15:40.320 --> 00:15:41.510 align:start position:0% paid, he had to look for 00:15:41.520 --> 00:15:43.190 align:start position:0% others, etc. etc... obviously. 00:15:43.200 --> 00:15:45.440 align:start position:0% So he lived very well for a few years, but 00:15:45.450 --> 00:15:46.820 align:start position:0% after a while, it doesn't work anymore 00:15:46.830 --> 00:15:47.900 align:start position:0% because there are no more new clients 00:15:47.910 --> 00:15:48.650 align:start position:0% coming in and the system collapses, 00:15:48.660 --> 00:15:52.280 align:start position:0% people ended up losing what they 00:15:52.290 --> 00:15:53.870 align:start position:0% thought 00:15:53.880 --> 00:15:54.480 align:start position:0% they had invested well and the fraud is revealed. 00:15:54.490 --> 00:15:58.639 align:start position:0% There you go, so same principle, so to say 00:15:58.649 --> 00:16:01.050 align:start position:0% that, there you go, it wasn't, Ponzi wasn't 00:16:01.060 --> 00:16:02.970 align:start position:0% the first 00:16:02.980 --> 00:16:04.160 align:start position:0% and apparently he's not the last. 00:16:04.170 --> 00:16:06.660 align:start position:0% We can assume that in 10 or 20 years, 00:16:06.670 --> 00:16:09.449 align:start position:0% 30 years, why not 80 years, we'll find 00:16:09.459 --> 00:16:12.030 align:start position:0% ourselves again with systems of, 00:16:12.040 --> 00:16:14.060 align:start position:0% of the same magnitude with the same scheme. 00:16:14.070 --> 00:16:17.960 align:start position:0% So to talk about the Ponzi system, 00:16:17.970 --> 00:16:20.400 align:start position:0% you have a whole page, also in 00:16:20.410 --> 00:16:22.199 align:start position:0% Wikipedia, complete on this system, so 00:16:22.209 --> 00:16:25.560 align:start position:0% you can, you can simply, 00:16:25.570 --> 00:16:27.269 align:start position:0% I'm not going to do it for you in detail, 00:16:27.279 --> 00:16:28.829 align:start position:0% you can look here, there are little models 00:16:28.839 --> 00:16:31.769 align:start position:0% that are a bit complicated mathematically, but 00:16:31.779 --> 00:16:32.970 align:start position:0% it's not... you don't need very 00:16:32.980 --> 00:16:34.560 align:start position:0% complicated things to understand, what I 00:16:34.570 --> 00:16:35.880 align:start position:0% told you is enough. We promise the 00:16:35.890 --> 00:16:38.160 align:start position:0% first arrivals a guaranteed return, 00:16:38.170 --> 00:16:40.889 align:start position:0% simply this return is paid 00:16:40.899 --> 00:16:42.810 align:start position:0% by the new ones, there are no 00:16:42.820 --> 00:16:43.829 align:start position:0% investments, it's just the money 00:16:43.839 --> 00:16:46.470 align:start position:0% of the new ones that will pay for 00:16:46.480 --> 00:16:47.790 align:start position:0% the investment, the placement of the 00:16:47.800 --> 00:16:49.650 align:start position:0% old ones, and so you always need more 00:16:49.660 --> 00:16:51.480 align:start position:0% and more people for it to work 00:16:51.490 --> 00:16:52.740 align:start position:0% and so it can't work. It works 00:16:52.750 --> 00:16:54.600 align:start position:0% for a certain time, until there 00:16:54.610 --> 00:16:56.150 align:start position:0% are no longer enough clients to 00:16:56.160 --> 00:16:58.350 align:start position:0% pay for all that, or it collapses all 00:16:58.360 --> 00:17:01.050 align:start position:0% by itself. So once we've understood that, we've 00:17:01.060 --> 00:17:05.790 align:start position:0% understood what a Ponzi scheme is, and now we're going to talk about 00:17:05.800 --> 00:17:07.049 align:start position:0% free currency. 00:17:07.059 --> 00:17:08.790 align:start position:0% We're going to see what a free currency is. 00:17:08.800 --> 00:17:09.360 align:start position:0% So if you're here, you've already 00:17:09.370 --> 00:17:11.100 align:start position:0% undoubtedly, most certainly, discovered 00:17:11.110 --> 00:17:12.689 align:start position:0% you've already noticed, you've 00:17:12.699 --> 00:17:17.910 align:start position:0% worked a little bit on the concept of 00:17:17.920 --> 00:17:20.250 align:start position:0% free currency. If you haven't, I'm going to give you 00:17:20.260 --> 00:17:21.569 align:start position:0% a brief little, little reminder. 00:17:21.579 --> 00:17:22.590 align:start position:0% Free currency is a, it's a currency 00:17:22.600 --> 00:17:26.880 align:start position:0% that is created on the basis of a universal 00:17:26.890 --> 00:17:28.919 align:start position:0% dividend. What does that mean? 00:17:28.929 --> 00:17:31.799 align:start position:0% What is this jargon? 00:17:31.809 --> 00:17:35.580 align:start position:0% It means that when you become a 00:17:35.590 --> 00:17:37.350 align:start position:0% member of the currency, 00:17:37.360 --> 00:17:38.910 align:start position:0% you don't give anything. There are no 00:17:38.920 --> 00:17:39.810 align:start position:0% promises, either, of a return on 00:17:39.820 --> 00:17:44.430 align:start position:0% investment in a currency 00:17:44.440 --> 00:17:47.490 align:start position:0% other than the main currency. That is 00:17:47.500 --> 00:17:49.610 align:start position:0% to say that we are not promising you 00:17:49.620 --> 00:17:52.080 align:start position:0% that you will become rich 00:17:52.090 --> 00:17:53.040 align:start position:0% in the French currency, rich in the 00:17:53.050 --> 00:17:54.470 align:start position:0% American currency, or rich in 00:17:54.480 --> 00:17:57.060 align:start position:0% I don't know what. 00:17:57.070 --> 00:17:58.410 align:start position:0% We don't even promise you at all that you 00:17:58.420 --> 00:17:59.040 align:start position:0% will be rich, we don't promise you anything at 00:17:59.050 --> 00:18:00.780 align:start position:0% all, except what we offer you in fact, 00:18:00.790 --> 00:18:02.250 align:start position:0% well what is allowed to you, what 00:18:02.260 --> 00:18:05.040 align:start position:0% is offered to you 00:18:05.050 --> 00:18:06.810 align:start position:0% but what you also decide for yourself 00:18:06.820 --> 00:18:07.470 align:start position:0% to do is to create, you will create 00:18:07.480 --> 00:18:09.180 align:start position:0% yourself, so you give nothing, you 00:18:09.190 --> 00:18:12.660 align:start position:0% become the owner of an individual 00:18:12.670 --> 00:18:14.550 align:start position:0% monetary creation, you will 00:18:14.560 --> 00:18:17.070 align:start position:0% participate in the creation of the currency. 00:18:17.080 --> 00:18:19.200 align:start position:0% You will become the creator of the currency 00:18:19.210 --> 00:18:21.480 align:start position:0% yourself. We can also ask ourselves 00:18:21.490 --> 00:18:23.220 align:start position:0% the question: who are the creators of the 00:18:23.230 --> 00:18:25.650 align:start position:0% other currencies? Who are the creators 00:18:25.660 --> 00:18:27.780 align:start position:0% of the European currency? Who are the 00:18:27.790 --> 00:18:29.720 align:start position:0% creators of bitcoin? Who are the 00:18:29.730 --> 00:18:32.970 align:start position:0% creators of... etc. There are a number of 00:18:32.980 --> 00:18:35.610 align:start position:0% currencies today that circulate, including 00:18:35.620 --> 00:18:37.950 align:start position:0% in video games, including 00:18:37.960 --> 00:18:39.480 align:start position:0% digital currencies such as 00:18:39.490 --> 00:18:41.730 align:start position:0% bitcoin, including therefore various 00:18:41.740 --> 00:18:43.110 align:start position:0% state currencies, etc... 00:18:43.120 --> 00:18:45.330 align:start position:0% We are entitled to ask the question 00:18:45.340 --> 00:18:47.420 align:start position:0% of who creates these currencies, who 00:18:47.430 --> 00:18:50.130 align:start position:0% creates them? In free currency it's very 00:18:50.140 --> 00:18:52.920 align:start position:0% clear, 00:18:52.930 --> 00:18:56.100 align:start position:0% each member of the currency, each 00:18:56.110 --> 00:18:57.090 align:start position:0% member, each person who becomes a 00:18:57.100 --> 00:18:59.400 align:start position:0% member of what we call the web of 00:18:59.410 --> 00:19:00.840 align:start position:0% trust, so who becomes a member, 00:19:00.850 --> 00:19:02.220 align:start position:0% a unique individual, certified by 00:19:02.230 --> 00:19:03.720 align:start position:0% all the other individuals who are 00:19:03.730 --> 00:19:07.650 align:start position:0% part of the currency, becomes in turn 00:19:07.660 --> 00:19:09.300 align:start position:0% a creator of money. So he doesn't 00:19:09.310 --> 00:19:10.470 align:start position:0% give anything, so that already invalidates 00:19:10.480 --> 00:19:13.410 align:start position:0% totally any qualifier of, of 00:19:13.420 --> 00:19:15.150 align:start position:0% a Ponzi scheme. There is no obligation, 00:19:15.160 --> 00:19:20.340 align:start position:0% you simply become, by the sole fact 00:19:20.350 --> 00:19:22.290 align:start position:0% that you exist and the fact that you 00:19:22.300 --> 00:19:24.270 align:start position:0% are a member of the currency, a creator of 00:19:24.280 --> 00:19:27.030 align:start position:0% money in the same way as the others. 00:19:27.040 --> 00:19:28.560 align:start position:0% So not only in the same way as 00:19:28.570 --> 00:19:30.050 align:start position:0% the others, but it goes even further 00:19:30.060 --> 00:19:32.490 align:start position:0% in the fact that it's not a Ponzi scheme, 00:19:32.500 --> 00:19:34.610 align:start position:0% because you are assured by the 00:19:34.620 --> 00:19:37.260 align:start position:0% mathematical properties of free currency 00:19:37.270 --> 00:19:38.870 align:start position:0% which are that we will create 00:19:38.880 --> 00:19:42.000 align:start position:0% money for everyone and all the time in 00:19:42.010 --> 00:19:44.250 align:start position:0% the same proportions, in the same share of 00:19:44.260 --> 00:19:46.800 align:start position:0% money, you are assured, 00:19:46.810 --> 00:19:51.510 align:start position:0% by these mathematical properties, 00:19:51.520 --> 00:19:55.320 align:start position:0% that you will create the same share of 00:19:55.330 --> 00:19:58.140 align:start position:0% money as those who were before you, 00:19:58.150 --> 00:20:00.660 align:start position:0% and no more than those who 00:20:00.670 --> 00:20:02.340 align:start position:0% will come after you. It is precisely the 00:20:02.350 --> 00:20:05.000 align:start position:0% solution that allows 00:20:05.010 --> 00:20:07.620 align:start position:0% to avoid Ponzi schemes. But more 00:20:07.630 --> 00:20:11.040 align:start position:0% than that, it is not only the solution 00:20:11.050 --> 00:20:12.989 align:start position:0% that allows to avoid Ponzi schemes, 00:20:12.999 --> 00:20:16.049 align:start position:0% but it is the ONLY solution that allows to avoid 00:20:16.059 --> 00:20:17.789 align:start position:0% Ponzi schemes. 00:20:17.799 --> 00:20:19.919 align:start position:0% It's the only one. That's why Ponzi is 00:20:19.929 --> 00:20:22.469 align:start position:0% present in the Relative Theory 00:20:22.479 --> 00:20:25.719 align:start position:0% of Money. It's precisely because it 00:20:24.729 --> 00:20:28.729 align:start position:0% was necessary to avoid this chain mechanism 00:20:28.749 --> 00:20:30.089 align:start position:0% that requires that, to exist, an economic 00:20:30.099 --> 00:20:32.459 align:start position:0% value, which is an investment, which 00:20:32.469 --> 00:20:34.619 align:start position:0% is a currency, etc., 00:20:34.629 --> 00:20:37.259 align:start position:0% requires that there are always more and more 00:20:37.269 --> 00:20:39.599 align:start position:0% demanders for it to work, 00:20:39.609 --> 00:20:40.709 align:start position:0% to avoid this functioning which 00:20:40.719 --> 00:20:42.749 align:start position:0% fatally leads to crises, 00:20:42.759 --> 00:20:44.519 align:start position:0% either local for Ponzi or Madoff, 00:20:44.529 --> 00:20:46.349 align:start position:0% or even global for the monetary system 00:20:46.359 --> 00:20:48.949 align:start position:0% as a whole. 00:20:48.959 --> 00:20:51.629 align:start position:0% To avoid this, it is necessary, it is the only 00:20:51.639 --> 00:20:54.119 align:start position:0% mathematical solution that exists, that the economic value 00:20:54.129 --> 00:20:57.139 align:start position:0% that we are going to create is created in the same share 00:20:57.149 --> 00:21:00.839 align:start position:0% for everyone and all the time. In the same share, that 00:21:00.849 --> 00:21:03.749 align:start position:0% means in the same proportion. Typically, 00:21:03.759 --> 00:21:05.729 align:start position:0% free currency is 10% per year of the 00:21:05.739 --> 00:21:09.319 align:start position:0% money supply that is created by all 00:21:09.329 --> 00:21:13.799 align:start position:0% the members and so it appears on 00:21:13.809 --> 00:21:15.809 align:start position:0% the accounts of all the members. So it's 00:21:15.819 --> 00:21:18.179 align:start position:0% 10%, so, since it's a percentage, 00:21:18.189 --> 00:21:21.329 align:start position:0% even if we arrive after the first ones, 00:21:21.339 --> 00:21:23.369 align:start position:0% we will eventually join them and that we 00:21:23.379 --> 00:21:24.599 align:start position:0% will see right away in another 00:21:24.609 --> 00:21:26.609 align:start position:0% diagram. In the diagram first, before 00:21:26.619 --> 00:21:28.649 align:start position:0% I show you the other diagram, in this 00:21:28.659 --> 00:21:31.469 align:start position:0% diagram that you see there, you have on 00:21:31.479 --> 00:21:33.299 align:start position:0% the x-axis, here, if you see well, 0 20 00:21:33.309 --> 00:21:35.549 align:start position:0% 40 60 80, these are the years. So you see 00:21:35.559 --> 00:21:36.809 align:start position:0% that here it is a diagram over 160 years. 00:21:36.819 --> 00:21:41.579 align:start position:0% And you have here in red the quantity of 00:21:41.589 --> 00:21:47.249 align:start position:0% money, which is expressed here in 00:21:47.259 --> 00:21:49.709 align:start position:0% number of universal dividends, since I 00:21:49.719 --> 00:21:51.919 align:start position:0% told you that we create the money, we 00:21:51.929 --> 00:21:54.899 align:start position:0% call it the universal dividend, 10% 00:21:54.909 --> 00:21:56.819 align:start position:0% per year of money. I hope you 00:21:56.829 --> 00:21:58.799 align:start position:0% are following, that it's not going too fast. 00:21:58.809 --> 00:21:59.909 align:start position:0% Well, a new entrant will create his 00:21:59.919 --> 00:22:01.829 align:start position:0% share of money and he will converge, he will 00:22:01.839 --> 00:22:06.089 align:start position:0% reach about an average which 00:22:06.099 --> 00:22:07.849 align:start position:0% is found here around 10, and 00:22:07.859 --> 00:22:10.619 align:start position:0% in fact here why does it go down? Well 00:22:10.629 --> 00:22:13.109 align:start position:0% because a human being is not 00:22:13.119 --> 00:22:14.489 align:start position:0% eternal. 00:22:14.499 --> 00:22:17.249 align:start position:0% So here we have 80 years of life expectancy, 00:22:17.259 --> 00:22:18.719 align:start position:0% we took the lifespan of an average 00:22:18.729 --> 00:22:20.099 align:start position:0% human being. Well, obviously, when 00:22:20.109 --> 00:22:20.899 align:start position:0% this human being disappears, his share 00:22:20.909 --> 00:22:22.700 align:start position:0% of money, on the other hand, will decrease. Why? 00:22:22.710 --> 00:22:24.320 align:start position:0% Because precisely, with what we are going to 00:22:24.330 --> 00:22:26.479 align:start position:0% see now, 00:22:26.489 --> 00:22:28.129 align:start position:0% those who come after him continue to 00:22:28.139 --> 00:22:31.099 align:start position:0% create money, so his share of money 00:22:31.109 --> 00:22:32.989 align:start position:0% in the total money disappears after, 00:22:32.999 --> 00:22:33.529 align:start position:0% after his death, but it does not disappear 00:22:33.539 --> 00:22:35.629 align:start position:0% right away, note well, it takes a 00:22:35.639 --> 00:22:37.039 align:start position:0% certain time to go down but it 00:22:37.049 --> 00:22:39.669 align:start position:0% does eventually disappear. 00:22:39.679 --> 00:22:42.169 align:start position:0% There is also another principle that we 00:22:42.179 --> 00:22:43.430 align:start position:0% can see here on this graph, which is 00:22:43.440 --> 00:22:44.989 align:start position:0% that if someone finds themselves above 00:22:44.999 --> 00:22:49.989 align:start position:0% the average, 00:22:49.999 --> 00:22:53.299 align:start position:0% this average that we reached there, that we 00:22:53.309 --> 00:22:55.430 align:start position:0% saw earlier around 10, 00:22:55.440 --> 00:22:57.769 align:start position:0% here if I go back to the diagram, someone 00:22:57.779 --> 00:22:58.639 align:start position:0% who creates his money here has reached the 00:22:58.649 --> 00:23:00.710 align:start position:0% average, 00:23:00.720 --> 00:23:02.560 align:start position:0% if someone finds themselves below it, 00:23:02.570 --> 00:23:05.659 align:start position:0% we just saw that since when we 00:23:05.669 --> 00:23:07.580 align:start position:0% start we have zero, but if we are above 00:23:07.590 --> 00:23:07.940 align:start position:0% it too if we do nothing, well 00:23:07.950 --> 00:23:11.869 align:start position:0% his share of money ends up converging 00:23:11.879 --> 00:23:13.129 align:start position:0% towards the average. And so it doesn't depend 00:23:13.139 --> 00:23:14.539 align:start position:0% on whether we are below or above 00:23:14.549 --> 00:23:16.969 align:start position:0% the money, it's a property 00:23:16.979 --> 00:23:19.609 align:start position:0% of this unique solution. It's not 00:23:19.619 --> 00:23:20.659 align:start position:0% something that was decided. 00:23:20.669 --> 00:23:22.399 align:start position:0% The unique solution for the money 00:23:22.409 --> 00:23:23.950 align:start position:0% to be equitably distributed in 00:23:23.960 --> 00:23:26.330 align:start position:0% the economy is a free money, there is 00:23:26.340 --> 00:23:27.680 align:start position:0% no other solution. And one of the 00:23:27.690 --> 00:23:29.810 align:start position:0% properties that we then notice, once 00:23:29.820 --> 00:23:31.369 align:start position:0% we have established this solution, is 00:23:31.379 --> 00:23:33.440 align:start position:0% this property here, which is quite 00:23:33.450 --> 00:23:35.450 align:start position:0% remarkable, 00:23:35.460 --> 00:23:37.849 align:start position:0% it is true, but which is not, which 00:23:37.859 --> 00:23:39.229 align:start position:0% was not a research criterion at 00:23:39.239 --> 00:23:41.749 align:start position:0% the beginning. So to show you well 00:23:41.759 --> 00:23:42.349 align:start position:0% this principle of equality over time, this 00:23:42.359 --> 00:23:45.200 align:start position:0% principle of symmetry between the 00:23:45.210 --> 00:23:46.549 align:start position:0% generations, there is, within the, I would say 00:23:46.559 --> 00:23:49.249 align:start position:0% the ecosystem of the currency, there is a 00:23:49.259 --> 00:23:52.879 align:start position:0% module, here, hey, I'm going to remove that, 00:23:52.889 --> 00:23:54.349 align:start position:0% because there's no need to 00:23:54.359 --> 00:24:00.080 align:start position:0% put it, it's a bit in the way, 00:24:00.090 --> 00:24:05.210 align:start position:0% there is a module, there is a module that 00:24:05.220 --> 00:24:08.539 align:start position:0% is called the Galileo module, there you go, Galileo module. 00:24:08.549 --> 00:24:10.249 align:start position:0% So Galileo, if you don't know, 00:24:10.259 --> 00:24:11.969 align:start position:0% he was a great scientist of the 16th, 00:24:11.979 --> 00:24:14.440 align:start position:0% 16th / 17th century, who, who is considered 00:24:14.450 --> 00:24:17.349 align:start position:0% the father of physics. 00:24:17.359 --> 00:24:19.690 align:start position:0% So he's here more as a tribute, 00:24:19.700 --> 00:24:23.609 align:start position:0% there is no direct relationship with this 00:24:23.619 --> 00:24:27.879 align:start position:0% module. We can find one, 00:24:27.889 --> 00:24:30.239 align:start position:0% we can find a little one in 00:24:30.249 --> 00:24:34.180 align:start position:0% the principle of relativity, but it's not, 00:24:34.190 --> 00:24:36.849 align:start position:0% it's not, it's not a very, very, 00:24:36.859 --> 00:24:39.399 align:start position:0% very essential relationship. This module was made 00:24:39.409 --> 00:24:41.649 align:start position:0% by a lot of people, there you go, we have here the 00:24:41.659 --> 00:24:43.239 align:start position:0% people who made it. "Thatoo" who already 00:24:43.249 --> 00:24:46.829 align:start position:0% made it four years ago, in 2016, 00:24:46.839 --> 00:24:52.659 align:start position:0% and then we also find "Paulart", who is 00:24:52.669 --> 00:24:55.119 align:start position:0% present here, at the summer university, who is the 00:24:55.129 --> 00:24:56.769 align:start position:0% 4th to have succeeded. There is "Elois" also who 00:24:56.779 --> 00:24:58.599 align:start position:0% is present at the summer university, who has, 00:24:58.609 --> 00:24:59.739 align:start position:0% who is in charge today of, of the 00:24:59.749 --> 00:25:01.539 align:start position:0% free currency also with the software 00:25:01.549 --> 00:25:05.499 align:start position:0% Duniter, who is one of the developers 00:25:05.509 --> 00:25:08.079 align:start position:0% of the core of the free currency, who 00:25:08.089 --> 00:25:10.089 align:start position:0% made this module in 00:25:10.099 --> 00:25:12.399 align:start position:0% 2017, three years ago already. There is "katelroy" who 00:25:12.409 --> 00:25:13.810 align:start position:0% is a doctor in physics. There is "Salomé" who 00:25:13.820 --> 00:25:15.279 align:start position:0% is an astrophysicist. There is "yyy", 00:25:15.289 --> 00:25:17.799 align:start position:0% there you go, who remains anonymous here, with his 00:25:17.809 --> 00:25:20.079 align:start position:0% pseudo. There is Jytou. And there is Ceclic. 00:25:20.089 --> 00:25:23.440 align:start position:0% There you go. Who all made this module, and 00:25:23.450 --> 00:25:27.609 align:start position:0% so have understood the questions and who 00:25:27.619 --> 00:25:31.089 align:start position:0% have managed to make it. Which has allowed them 00:25:31.099 --> 00:25:32.889 align:start position:0% to deepen and for me it allows me 00:25:32.899 --> 00:25:36.789 align:start position:0% to have references here, and 00:25:36.799 --> 00:25:39.909 align:start position:0% graphics that I'm going to explain to you, 00:25:39.919 --> 00:25:41.320 align:start position:0% with, in particular, this graph here at the bottom 00:25:41.330 --> 00:25:42.849 align:start position:0% that I'm going to comment on a little bit. 00:25:42.859 --> 00:25:44.649 align:start position:0% So I remind you, if I go back a little 00:25:44.659 --> 00:25:48.369 align:start position:0% bit, 00:25:48.379 --> 00:25:49.919 align:start position:0% this is how the money is created for an 00:25:49.929 --> 00:25:54.570 align:start position:0% individual. And this is how it disappears 00:25:54.580 --> 00:25:59.859 align:start position:0% once he is deceased. 00:25:59.869 --> 00:26:01.419 align:start position:0% It's a property of creating a 00:26:01.429 --> 00:26:03.180 align:start position:0% free currency. Well in this diagram, 00:26:03.190 --> 00:26:05.440 align:start position:0% look carefully here at the bottom, it's the same, 00:26:05.450 --> 00:26:07.539 align:start position:0% it's the years. So it goes from zero 00:26:07.549 --> 00:26:08.980 align:start position:0% up to 156 years. And in fact we see 156 00:26:08.990 --> 00:26:11.080 align:start position:0% but in fact it must go up to 160 years. 00:26:11.090 --> 00:26:13.950 align:start position:0% So it's twice 80 years. It's 00:26:13.960 --> 00:26:16.000 align:start position:0% a very enormous period of time 00:26:16.010 --> 00:26:17.830 align:start position:0% compared to human existence, quite 00:26:17.840 --> 00:26:22.510 align:start position:0% important. 00:26:22.520 --> 00:26:24.279 align:start position:0% We have here in green, we have underlined one of the 00:26:24.289 --> 00:26:26.919 align:start position:0% multi... Look there are plenty, why are there 00:26:26.929 --> 00:26:28.389 align:start position:0% plenty of lines like that? Well because, 00:26:28.399 --> 00:26:31.870 align:start position:0% we tried to model how the 00:26:31.880 --> 00:26:33.000 align:start position:0% successive generations of human beings, 00:26:33.010 --> 00:26:36.190 align:start position:0% who are part of a free currency, will 00:26:36.200 --> 00:26:38.409 align:start position:0% create this free currency. And so we see 00:26:38.419 --> 00:26:40.200 align:start position:0% here in green someone who arrived in 00:26:40.210 --> 00:26:43.000 align:start position:0% the free currency, 36 years apparently if 00:26:43.010 --> 00:26:45.100 align:start position:0% I look at the number at the bottom, 36 or 00:26:45.110 --> 00:26:47.260 align:start position:0% 37 years after its departure. So someone 00:26:47.270 --> 00:26:50.500 align:start position:0% who arrived later, so if we compare 00:26:50.510 --> 00:26:52.180 align:start position:0% with a Ponzi scheme, 00:26:52.190 --> 00:26:54.639 align:start position:0% it's a client who, for a Ponzi scheme, 00:26:54.649 --> 00:26:56.110 align:start position:0% would come to pay, in a way, 00:26:56.120 --> 00:27:00.549 align:start position:0% the first ones if it were a Ponzi scheme. 00:27:00.559 --> 00:27:02.919 align:start position:0% But that's not what happens at all. 00:27:02.929 --> 00:27:04.180 align:start position:0% He doesn't pay anything at all, on the 00:27:04.190 --> 00:27:06.159 align:start position:0% contrary, he will create his share of 00:27:06.169 --> 00:27:08.130 align:start position:0% money. He will create his share of money. 00:27:08.140 --> 00:27:10.870 align:start position:0% So here he will increase his share of 00:27:10.880 --> 00:27:12.159 align:start position:0% money to reach the average here and 00:27:12.169 --> 00:27:13.419 align:start position:0% then here, that's 80 years 00:27:13.429 --> 00:27:16.029 align:start position:0% since we're at 36 or 37 plus 80 we 00:27:16.039 --> 00:27:19.269 align:start position:0% find ourselves, approximately, at 12... 116 or 117, 116 or 117, 00:27:19.279 --> 00:27:21.820 align:start position:0% we can see the number 116 here 00:27:21.830 --> 00:27:23.919 align:start position:0% by the way. So here, after 80 years 00:27:23.929 --> 00:27:25.419 align:start position:0% of existence within the free currency, 00:27:25.429 --> 00:27:28.570 align:start position:0% well he dies, he leaves and his share of 00:27:28.580 --> 00:27:33.789 align:start position:0% money, look, mechanically it 00:27:33.799 --> 00:27:35.049 align:start position:0% decreases. Why does it decrease? Because those who 00:27:35.059 --> 00:27:38.080 align:start position:0% arrive after him, here for example the 00:27:38.090 --> 00:27:40.120 align:start position:0% blue curve, which goes up, those who arrive after him, 00:27:40.130 --> 00:27:42.789 align:start position:0% continue to create money. And this 00:27:42.799 --> 00:27:44.260 align:start position:0% share of money that he continues to create, 00:27:44.270 --> 00:27:46.720 align:start position:0% in fact, will, if you will, make the 00:27:46.730 --> 00:27:48.730 align:start position:0% old money, the money of the old ones, 00:27:48.740 --> 00:27:50.980 align:start position:0% precisely the money of the first 00:27:50.990 --> 00:27:53.049 align:start position:0% comers, less and less important 00:27:53.059 --> 00:27:54.430 align:start position:0% in..., within the economy. 00:27:54.440 --> 00:27:57.580 align:start position:0% So in fact it's the opposite of 00:27:57.590 --> 00:27:59.350 align:start position:0% a Ponzi scheme, since it's as 00:27:59.360 --> 00:28:00.820 align:start position:0% if the old ones, in a way, 00:28:00.830 --> 00:28:03.130 align:start position:0% mechanically transmitted their share of 00:28:03.140 --> 00:28:04.899 align:start position:0% money to the new ones. So it's not at 00:28:04.909 --> 00:28:06.980 align:start position:0% all... the new ones who pay the old ones. 00:28:06.990 --> 00:28:10.430 align:start position:0% It's rather the old ones who pay the 00:28:10.440 --> 00:28:12.980 align:start position:0% new ones, in a way. It's as if, 00:28:12.990 --> 00:28:16.640 align:start position:0% it's as if that's what was happening, it's 00:28:16.650 --> 00:28:18.890 align:start position:0% as if the old ones were paying the new ones. 00:28:18.900 --> 00:28:20.900 align:start position:0% So in fact, the people who arrive 00:28:20.910 --> 00:28:22.850 align:start position:0% later are not disadvantaged, it's not 00:28:22.860 --> 00:28:24.260 align:start position:0% "First come, first served," 00:28:24.270 --> 00:28:26.180 align:start position:0% it's not "He who goes hunting 00:28:26.190 --> 00:28:28.340 align:start position:0% loses his place" either, it's not that at all. 00:28:28.350 --> 00:28:30.410 align:start position:0% All members of the currency are at 00:28:30.420 --> 00:28:32.590 align:start position:0% equality regardless of the period at 00:28:32.600 --> 00:28:35.530 align:start position:0% which they enter the currency. 00:28:35.540 --> 00:28:38.510 align:start position:0% They will create the same share of money and 00:28:38.520 --> 00:28:40.190 align:start position:0% that is a remarkable property. 00:28:40.200 --> 00:28:42.230 align:start position:0% We called that, we called this 00:28:42.240 --> 00:28:45.560 align:start position:0% property a temporal symmetry, there you go, temporal 00:28:45.570 --> 00:28:47.660 align:start position:0% symmetry. Now, now, and this is where I'm 00:28:47.670 --> 00:28:48.950 align:start position:0% going to do a little dangerous manipulation, 00:28:48.960 --> 00:28:50.450 align:start position:0% no, there you go, I'm coming back here, now, the 00:28:50.460 --> 00:28:51.919 align:start position:0% monetary system in which we live, and 00:28:51.929 --> 00:28:56.390 align:start position:0% that had been denounced by a Nobel prize winner 00:28:56.400 --> 00:29:01.880 align:start position:0% in economics. It shouldn't be called a Nobel prize 00:29:01.890 --> 00:29:03.890 align:start position:0% in economics, since it's a prize 00:29:03.900 --> 00:29:09.770 align:start position:0% rather from the Bank of Sweden, Nobel 00:29:09.780 --> 00:29:14.180 align:start position:0% had not created a Nobel prize 00:29:14.190 --> 00:29:15.740 align:start position:0% in economics because economics is not 00:29:15.750 --> 00:29:18.020 align:start position:0% really a science yet. It's 00:29:18.030 --> 00:29:19.370 align:start position:0% rigged, it's falsified, it's 00:29:19.380 --> 00:29:21.049 align:start position:0% politically rigged, politically 00:29:21.059 --> 00:29:22.640 align:start position:0% twisted. It responds more to interests, the 00:29:22.650 --> 00:29:23.930 align:start position:0% pseudo science of economics, than to a 00:29:23.940 --> 00:29:26.720 align:start position:0% truly serious analysis. 00:29:26.730 --> 00:29:28.280 align:start position:0% Maurice Allais, however, who was 00:29:28.290 --> 00:29:32.570 align:start position:0% an engineer, is one of the rare 00:29:32.580 --> 00:29:36.830 align:start position:0% engineers I believe, by the way, who was, 00:29:36.840 --> 00:29:38.150 align:start position:0% who received this prize, who was a great 00:29:38.160 --> 00:29:41.290 align:start position:0% French scientist, he didn't just do 00:29:41.300 --> 00:29:43.340 align:start position:0% economics, he also did 00:29:43.350 --> 00:29:45.560 align:start position:0% physics, had precisely denounced the fact 00:29:45.570 --> 00:29:47.180 align:start position:0% that it's the monetary system in 00:29:47.190 --> 00:29:50.919 align:start position:0% which we are, which is a pile of debt, 00:29:50.929 --> 00:29:53.210 align:start position:0% is in fact a Ponzi scheme, a 00:29:53.220 --> 00:29:54.530 align:start position:0% global Ponzi. It's a global Ponzi scheme. 00:29:54.540 --> 00:29:57.620 align:start position:0% It's a Ponzi scheme that sees its end, however, 00:29:57.630 --> 00:30:01.100 align:start position:0% arrive at the end of periods that are 00:30:01.110 --> 00:30:03.820 align:start position:0% quite long. Typically at the end 00:30:03.830 --> 00:30:07.480 align:start position:0% of 80 years, for example, there you go. You have 00:30:07.490 --> 00:30:09.850 align:start position:0% a crisis in 1929 which is a crisis 00:30:09.860 --> 00:30:12.610 align:start position:0% monetary, economic, and you have again 00:30:12.620 --> 00:30:14.560 align:start position:0% a crisis in 2008 / 2009, 80 years 00:30:14.570 --> 00:30:17.529 align:start position:0% later, which is again a crisis 00:30:17.539 --> 00:30:20.710 align:start position:0% monetary, economic. In particular, in 00:30:20.720 --> 00:30:22.840 align:start position:0% particular, the global monetary system 00:30:22.850 --> 00:30:25.090 align:start position:0% in which we are, which is therefore not a 00:30:25.100 --> 00:30:27.399 align:start position:0% free currency, creates its money on 00:30:27.409 --> 00:30:31.090 align:start position:0% the issuance of credits. Bank credits. 00:30:31.100 --> 00:30:33.460 align:start position:0% A non-banking agent, so 00:30:33.470 --> 00:30:36.310 align:start position:0% a person or a company or even 00:30:36.320 --> 00:30:39.460 align:start position:0% a community, a state, a city, a 00:30:39.470 --> 00:30:40.960 align:start position:0% region, a department, must make a request 00:30:40.970 --> 00:30:43.720 align:start position:0% for credit from the banking system and 00:30:43.730 --> 00:30:47.529 align:start position:0% the banking system does not give it 00:30:47.539 --> 00:30:48.149 align:start position:0% something it has in its coffers, 00:30:48.159 --> 00:30:51.490 align:start position:0% it creates the money when it grants 00:30:51.500 --> 00:30:55.779 align:start position:0% a credit. There is a monetary creation. 00:30:55.789 --> 00:30:59.200 align:start position:0% And this money is then supposed to be 00:30:59.210 --> 00:31:02.590 align:start position:0% repaid by the one who had requested 00:31:20.659 --> 00:31:22.210 align:start position:0% the credit, so, and, during this 00:31:22.220 --> 00:31:23.950 align:start position:0% repayment, the principal of the money 00:31:23.960 --> 00:31:25.600 align:start position:0% is destroyed, however the interest due 00:31:25.610 --> 00:31:26.049 align:start position:0% to the bank, 00:31:26.059 --> 00:31:27.580 align:start position:0% they, they remain with the bank, they are not 00:31:27.590 --> 00:31:31.690 align:start position:0% destroyed. This principle only works, or would only 00:31:31.700 --> 00:31:34.690 align:start position:0% work, if the number of 00:31:34.700 --> 00:31:37.060 align:start position:0% credit applicants was always 00:31:37.070 --> 00:31:39.009 align:start position:0% larger and larger. 00:31:39.019 --> 00:31:41.560 align:start position:0% If you have understood the scheme of the 00:31:41.570 --> 00:31:44.409 align:start position:0% Ponzi scheme, well you have understood 00:31:44.419 --> 00:31:46.330 align:start position:0% right away that fatally, at the end 00:31:46.340 --> 00:31:49.539 align:start position:0% of a while, it doesn't work anymore. Fatally, 00:31:49.549 --> 00:31:50.769 align:start position:0% at the end of a while, it doesn't work anymore but 00:31:50.779 --> 00:31:53.009 align:start position:0% it's worse than that, it's so stupid, 00:31:53.019 --> 00:31:57.820 align:start position:0% because it's really stupid, that the 00:31:57.830 --> 00:31:59.740 align:start position:0% banks are only allowed to grant 00:31:59.750 --> 00:32:02.139 align:start position:0% credits that, well that's not stupid, 00:32:02.149 --> 00:32:03.519 align:start position:0% but I mean, it's to such an extent 00:32:03.529 --> 00:32:05.680 align:start position:0% obvious that it can't work, that's what 00:32:05.690 --> 00:32:06.970 align:start position:0% is stupid, to think that it can 00:32:06.980 --> 00:32:09.310 align:start position:0% work, banks are only allowed to grant a 00:32:09.320 --> 00:32:12.150 align:start position:0% credit up to a certain degree, 00:32:12.160 --> 00:32:14.970 align:start position:0% a certain level, for example ten times 00:32:14.980 --> 00:32:18.810 align:start position:0% what they own. So a bank that has 00:32:18.820 --> 00:32:21.980 align:start position:0% 3 million for example will be able to create 00:32:21.990 --> 00:32:26.970 align:start position:0% up to 30 million in credit. There are 00:32:26.980 --> 00:32:28.080 align:start position:0% conditions, there must be 00:32:28.090 --> 00:32:30.780 align:start position:0% deposits in the bank, it must 00:32:30.790 --> 00:32:32.340 align:start position:0% therefore have its own funds but, 00:32:32.350 --> 00:32:34.110 align:start position:0% in principle, it can create up to 00:32:34.120 --> 00:32:36.020 align:start position:0% 30 million in credit, provided 00:32:36.030 --> 00:32:40.020 align:start position:0% it has, say, 3 million in deposits in 00:32:40.030 --> 00:32:41.610 align:start position:0% the bank if there is a leverage of ten. The 00:32:41.620 --> 00:32:42.900 align:start position:0% leverage is not quite ten, it must 00:32:42.910 --> 00:32:45.210 align:start position:0% be twelve and a half, but whatever. What 00:32:45.220 --> 00:32:46.380 align:start position:0% is interesting is to know that there is 00:32:46.390 --> 00:32:50.310 align:start position:0% a maximum leverage. So at the beginning, at the beginning 00:32:50.320 --> 00:32:52.770 align:start position:0% say of a, of an economic period where 00:32:52.780 --> 00:32:56.100 align:start position:0% banks are being formed, banks are being 00:32:56.110 --> 00:32:58.290 align:start position:0% created. In this case they can 00:32:58.300 --> 00:33:00.690 align:start position:0% grant credits, no problem, 00:33:00.700 --> 00:33:02.100 align:start position:0% since they have their own funds and 00:33:02.110 --> 00:33:03.810 align:start position:0% they grant credits. And so it 00:33:03.820 --> 00:33:04.170 align:start position:0% goes up. 00:33:04.180 --> 00:33:07.560 align:start position:0% They create once more, once the 00:33:07.570 --> 00:33:09.000 align:start position:0% credits they have in stock, then twice, 00:33:09.010 --> 00:33:11.130 align:start position:0% then three times, then four times, and 00:33:11.140 --> 00:33:12.330 align:start position:0% what happens when they get to 00:33:12.340 --> 00:33:14.730 align:start position:0% ten? Stop. It's forbidden to go any 00:33:14.740 --> 00:33:17.700 align:start position:0% further, because they don't have enough to 00:33:17.710 --> 00:33:19.620 align:start position:0% cover in case of default. I'll spare you 00:33:19.630 --> 00:33:20.700 align:start position:0% the details but in any case they cannot 00:33:20.710 --> 00:33:21.300 align:start position:0% go any further. 00:33:21.310 --> 00:33:25.770 align:start position:0% So even if there were demands, even 00:33:25.780 --> 00:33:26.970 align:start position:0% if there were demands for new 00:33:26.980 --> 00:33:29.880 align:start position:0% credits, the rule that was chosen does not 00:33:29.890 --> 00:33:33.360 align:start position:0% allow it to be done, since we are at the 00:33:33.370 --> 00:33:37.320 align:start position:0% maximum of the balance sheet. All the banks have 00:33:37.330 --> 00:33:39.290 align:start position:0% already created ten times the mass of credit, 00:33:39.300 --> 00:33:41.400 align:start position:0% even if there were new clients, 00:33:41.410 --> 00:33:44.060 align:start position:0% they are not allowed to do so. 00:33:44.070 --> 00:33:46.740 align:start position:0% Do you understand? It's very important to understand that. 00:33:46.750 --> 00:33:49.110 align:start position:0% Look at the situation there was in 00:33:49.120 --> 00:33:50.240 align:start position:0% 2008, 00:33:50.250 --> 00:33:53.130 align:start position:0% look carefully, do some research, what 00:33:53.140 --> 00:33:54.480 align:start position:0% I'm telling you, don't take my word for it. 00:33:54.490 --> 00:33:56.790 align:start position:0% Check what I'm telling you. What was 00:33:56.800 --> 00:33:58.770 align:start position:0% the situation of the banks in 2008? And even before, 00:33:58.780 --> 00:34:00.050 align:start position:0% in 2007 already. 00:34:00.060 --> 00:34:02.520 align:start position:0% They were all even beyond the 00:34:02.530 --> 00:34:04.010 align:start position:0% permitted threshold, all of them. 00:34:04.020 --> 00:34:06.390 align:start position:0% So they had to restrict new 00:34:06.400 --> 00:34:08.880 align:start position:0% credits. But if you stop creating 00:34:08.890 --> 00:34:10.740 align:start position:0% new credits, who is going to repay the 00:34:10.750 --> 00:34:11.780 align:start position:0% debts, 00:34:11.790 --> 00:34:14.900 align:start position:0% where will the money come from? You always need 00:34:14.910 --> 00:34:16.250 align:start position:0% more money to 00:34:16.260 --> 00:34:17.780 align:start position:0% repay the old credits. If you 00:34:17.790 --> 00:34:19.850 align:start position:0% stop issuing credits, either because there are no 00:34:19.860 --> 00:34:21.950 align:start position:0% more applicants, or because you are 00:34:21.960 --> 00:34:23.720 align:start position:0% legally unable to do so, 00:34:23.730 --> 00:34:26.060 align:start position:0% because you have already created 00:34:26.070 --> 00:34:29.600 align:start position:0% all the possible money, well we have 00:34:29.610 --> 00:34:31.610 align:start position:0% a system where the money that already exists 00:34:31.620 --> 00:34:33.169 align:start position:0% in circulation, when it is recovered 00:34:33.179 --> 00:34:35.169 align:start position:0% by those who are in debt and repaid, 00:34:35.179 --> 00:34:39.320 align:start position:0% it destroys the money supply. The money supply 00:34:39.330 --> 00:34:40.280 align:start position:0% will decrease, 00:34:40.290 --> 00:34:42.500 align:start position:0% and if the money supply decreases it's 00:34:42.510 --> 00:34:44.270 align:start position:0% a catastrophe, because prices 00:34:44.280 --> 00:34:44.570 align:start position:0% fall, 00:34:44.580 --> 00:34:47.180 align:start position:0% if prices fall, companies 00:34:47.190 --> 00:34:48.380 align:start position:0% make less profit, 00:34:48.390 --> 00:34:50.690 align:start position:0% the state will also collect less and less 00:34:50.700 --> 00:34:52.040 align:start position:0% taxes and duties, so the 00:34:52.050 --> 00:34:53.300 align:start position:0% debts become more and more 00:34:53.310 --> 00:34:57.350 align:start position:0% difficult to repay. So the only 00:34:57.360 --> 00:34:59.930 align:start position:0% solution they found, to go 00:34:59.940 --> 00:35:02.150 align:start position:0% beyond this limitation that they have 00:35:02.160 --> 00:35:03.530 align:start position:0% given themselves, and of which they have not 00:35:03.540 --> 00:35:07.460 align:start position:0% seen the limits, and which intrinsically can 00:35:07.470 --> 00:35:08.810 align:start position:0% only lead to catastrophes, 00:35:08.820 --> 00:35:10.820 align:start position:0% well it's to say to the central bank 00:35:10.830 --> 00:35:12.590 align:start position:0% "You are the one who will create without limit, 00:35:12.600 --> 00:35:14.690 align:start position:0% the central bank, to try 00:35:14.700 --> 00:35:20.270 align:start position:0% to absorb the losses." Of whom? Well of the people 00:35:20.280 --> 00:35:21.950 align:start position:0% who cheated in the end, of the people who 00:35:21.960 --> 00:35:24.620 align:start position:0% "Ponzified" the rest of the world. 00:35:24.630 --> 00:35:26.870 align:start position:0% That is to say the people who "Ponzified", 00:35:26.880 --> 00:35:30.020 align:start position:0% or "Madoffized" if you will, the rest 00:35:30.030 --> 00:35:35.240 align:start position:0% of the world, the banks in fact, will be 00:35:35.250 --> 00:35:37.430 align:start position:0% saved from the inevitable bankruptcy, 00:35:37.440 --> 00:35:39.710 align:start position:0% mechanical, it is mechanically 00:35:39.720 --> 00:35:41.930 align:start position:0% inevitable, we cannot therefore avoid it, 00:35:41.940 --> 00:35:43.100 align:start position:0% as I have just shown you. 00:35:43.110 --> 00:35:45.320 align:start position:0% Well to avoid this collapse it's 00:35:45.330 --> 00:35:46.880 align:start position:0% the central banks that will create 00:35:46.890 --> 00:35:48.410 align:start position:0% ex-nihilo public money, so-called, 00:35:48.420 --> 00:35:50.990 align:start position:0% so-called public, to try, in one 00:35:51.000 --> 00:35:52.460 align:start position:0% way or another, without it being too 00:35:52.470 --> 00:35:55.070 align:start position:0% obvious, to try to absorb all that, in 00:35:55.080 --> 00:35:56.900 align:start position:0% order to avoid a bankruptcy 00:35:56.910 --> 00:35:58.910 align:start position:0% so enormous that it would put the whole 00:35:58.920 --> 00:36:02.090 align:start position:0% economy, all countries, all 00:36:02.100 --> 00:36:04.340 align:start position:0% of humanity in a situation 00:36:04.350 --> 00:36:07.220 align:start position:0% completely disastrous. Because if we 00:36:07.230 --> 00:36:08.960 align:start position:0% no longer have money we have a lot, a lot 00:36:08.970 --> 00:36:11.660 align:start position:0% a lot of trouble managing 00:36:11.670 --> 00:36:14.299 align:start position:0% an economy, since money is 00:36:14.309 --> 00:36:16.250 align:start position:0% still very useful to us for our 00:36:16.260 --> 00:36:17.299 align:start position:0% economic exchanges. 00:36:17.309 --> 00:36:19.730 align:start position:0% So the system is intrinsically a 00:36:19.740 --> 00:36:22.299 align:start position:0% Ponzi scheme, in its very conception. 00:36:22.309 --> 00:36:24.410 align:start position:0% We cannot avoid that at some point there is no 00:36:24.420 --> 00:36:26.510 align:start position:0% more demand or that the 00:36:26.520 --> 00:36:28.270 align:start position:0% maximum amount of money to be created 00:36:28.280 --> 00:36:30.260 align:start position:0% stops when you always need 00:36:30.270 --> 00:36:33.020 align:start position:0% more for it to work and for it to 00:36:33.030 --> 00:36:35.539 align:start position:0% stay in place. So there you go, we are 00:36:35.549 --> 00:36:37.700 align:start position:0% faced, here, with a generalization in fact of the 00:36:37.710 --> 00:36:38.870 align:start position:0% Ponzi system. So what is still 00:36:38.880 --> 00:36:40.400 align:start position:0% quite remarkable but it happens 00:36:40.410 --> 00:36:42.859 align:start position:0% all the time, when we have crises, here 00:36:42.869 --> 00:36:44.420 align:start position:0% global, in fact we designate a scapegoat 00:36:44.430 --> 00:36:48.140 align:start position:0% so that, I would say, 00:36:48.150 --> 00:36:50.240 align:start position:0% the disgruntled population has something, 00:36:50.250 --> 00:36:52.609 align:start position:0% a bone to chew on, so we give them 00:36:52.619 --> 00:36:54.470 align:start position:0% Charles Ponzi in the crisis 00:36:54.480 --> 00:36:56.630 align:start position:0% of 1929, whereas, of course, no doubt he 00:36:56.640 --> 00:36:58.430 align:start position:0% did, he did something that was not 00:36:58.440 --> 00:37:02.150 align:start position:0% indeed sustainable 00:37:02.160 --> 00:37:04.520 align:start position:0% which was not... Was he 00:37:04.530 --> 00:37:05.420 align:start position:0% really aware of what he was doing? 00:37:05.430 --> 00:37:06.370 align:start position:0% It's not even certain. 00:37:06.380 --> 00:37:08.480 align:start position:0% But assuming, so it was not 00:37:08.490 --> 00:37:10.670 align:start position:0% sustainable and it was dishonest but the 00:37:10.680 --> 00:37:12.680 align:start position:0% system as a whole is of the same 00:37:12.690 --> 00:37:16.190 align:start position:0% nature. But can the system 00:37:16.200 --> 00:37:18.319 align:start position:0% attack itself? It's difficult. 00:37:18.329 --> 00:37:21.260 align:start position:0% So there is only an external factor 00:37:21.270 --> 00:37:24.260 align:start position:0% that could, that could put things 00:37:24.270 --> 00:37:26.030 align:start position:0% back in place, there you go. In any case it's 00:37:26.040 --> 00:37:29.569 align:start position:0% interesting to note that the global 00:37:29.579 --> 00:37:31.099 align:start position:0% system, as a whole as it 00:37:31.109 --> 00:37:32.870 align:start position:0% exists, of money is a Ponzi scheme, 00:37:32.880 --> 00:37:34.910 align:start position:0% I say it, I affirm it, I 00:37:34.920 --> 00:37:38.510 align:start position:0% demonstrate it. It's quite easy to show. 00:37:38.520 --> 00:37:40.039 align:start position:0% So besides, by the way we made a 00:37:40.049 --> 00:37:44.059 align:start position:0% game called the Ğeconomicus game, 00:37:44.069 --> 00:37:47.750 align:start position:0% it's a game also that I invite you 00:37:47.760 --> 00:37:49.309 align:start position:0% to discover to try 00:37:49.319 --> 00:37:51.079 align:start position:0% to deepen this system, this 00:37:51.089 --> 00:37:53.530 align:start position:0% understanding, where we see that, 00:37:53.540 --> 00:37:55.330 align:start position:0% when we play this game with a debt 00:37:55.340 --> 00:37:58.990 align:start position:0% money, we can clearly see the principle of a chain 00:37:59.000 --> 00:38:02.620 align:start position:0% of Ponzi, of cyclical collapses, which 00:38:02.630 --> 00:38:04.090 align:start position:0% is controlled by the banker, who can 00:38:04.100 --> 00:38:07.840 align:start position:0% even provoke crises and, in 00:38:07.850 --> 00:38:09.970 align:start position:0% comparison, when we play this same game 00:38:09.980 --> 00:38:11.740 align:start position:0% with a free currency, well there is 00:38:11.750 --> 00:38:13.630 align:start position:0% no crisis, the economy is doing 00:38:13.640 --> 00:38:14.200 align:start position:0% much better, 00:38:14.210 --> 00:38:16.840 align:start position:0% all the actors come out of it 00:38:16.850 --> 00:38:19.360 align:start position:0% much more winners. The average also 00:38:19.370 --> 00:38:21.670 align:start position:0% of values that we can see created 00:38:21.680 --> 00:38:23.860 align:start position:0% in this game is more important, it is 00:38:23.870 --> 00:38:25.990 align:start position:0% better distributed, whereas in the debt 00:38:26.000 --> 00:38:28.330 align:start position:0% money system we are, fatally, we obtain 00:38:28.340 --> 00:38:32.190 align:start position:0% cyclical crises. 00:38:32.290 --> 00:38:34.420 align:start position:0% That's what I wanted to show you 00:38:34.520 --> 00:38:38.620 align:start position:0% today, this principle of a Ponzi scheme, 00:38:38.630 --> 00:38:40.140 align:start position:0% first, understand what it is, 00:38:40.150 --> 00:38:42.760 align:start position:0% understand, try to see that you have 00:38:42.770 --> 00:38:44.170 align:start position:0% two examples to dig into if you want 00:38:44.180 --> 00:38:45.190 align:start position:0% to really understand what it's 00:38:45.200 --> 00:38:46.120 align:start position:0% about, Charles Ponzi, 00:38:46.130 --> 00:38:48.490 align:start position:0% Bernard Madoff, but that then you are 00:38:48.500 --> 00:38:49.810 align:start position:0% in a position with what I have given you 00:38:49.820 --> 00:38:51.160 align:start position:0% as information also to understand 00:38:51.170 --> 00:38:53.140 align:start position:0% why the monetary system in its 00:38:53.150 --> 00:38:55.330 align:start position:0% entirety is also a Ponzi scheme, 00:38:55.340 --> 00:38:56.980 align:start position:0% difficult to see because it is over 00:38:56.990 --> 00:38:59.050 align:start position:0% a long term, it is over a very long 00:38:59.060 --> 00:38:59.410 align:start position:0% term. 00:38:59.420 --> 00:39:01.150 align:start position:0% The time it takes for banks to be formed 00:39:01.160 --> 00:39:03.580 align:start position:0% and reach this famous top of the balance sheet 00:39:03.590 --> 00:39:05.050 align:start position:0% that I told you about, create the 00:39:05.060 --> 00:39:06.400 align:start position:0% maximum of credits that they can 00:39:06.410 --> 00:39:09.100 align:start position:0% issue before it collapses, it's 00:39:09.110 --> 00:39:10.750 align:start position:0% durations that are of the order of 40 or 00:39:10.760 --> 00:39:13.770 align:start position:0% 80 years. So nobody cares about it. 00:39:13.780 --> 00:39:17.470 align:start position:0% We are in a society that thinks 00:39:17.480 --> 00:39:19.390 align:start position:0% like "after me, the deluge." 00:39:19.400 --> 00:39:20.800 align:start position:0% There you go. It doesn't matter what will happen 00:39:20.810 --> 00:39:22.630 align:start position:0% after, I do what I have to do 00:39:22.640 --> 00:39:24.400 align:start position:0% right away. I don't care that the 00:39:24.410 --> 00:39:27.370 align:start position:0% following generations suffer from the 00:39:27.380 --> 00:39:30.790 align:start position:0% mistakes we make. The free currency, 00:39:30.800 --> 00:39:32.410 align:start position:0% it, is concerned with the generations 00:39:32.420 --> 00:39:33.580 align:start position:0% that follow. Can we finally have 00:39:33.590 --> 00:39:35.740 align:start position:0% a currency, which is still 00:39:35.750 --> 00:39:37.930 align:start position:0% important in the economy, a factor 00:39:37.940 --> 00:39:39.310 align:start position:0% of universally accepted exchange, 00:39:39.320 --> 00:39:40.420 align:start position:0% unit of account, 00:39:40.430 --> 00:39:42.490 align:start position:0% unit of value, something that is 00:39:42.500 --> 00:39:43.750 align:start position:0% a common reference value, can 00:39:43.760 --> 00:39:45.270 align:start position:0% we use a 00:39:45.280 --> 00:39:47.100 align:start position:0% currency that has these properties? 00:39:47.110 --> 00:39:49.800 align:start position:0% For that we created the free currency which is 00:39:49.810 --> 00:39:51.810 align:start position:0% in fact a kind of work of art, it's 00:39:51.820 --> 00:39:52.110 align:start position:0% a, 00:39:52.120 --> 00:39:54.030 align:start position:0% it's a work of art on permanent 00:39:54.040 --> 00:39:55.560 align:start position:0% exhibition, it has also been exhibited 00:39:55.570 --> 00:39:59.100 align:start position:0% in Kortrijk in Belgium already, there is 00:39:59.110 --> 00:40:04.080 align:start position:0% already two years ago, in 2018, as a work of art. 00:40:04.090 --> 00:40:05.490 align:start position:0% The work of art is made to show 00:40:05.500 --> 00:40:06.720 align:start position:0% precisely something else. 00:40:06.730 --> 00:40:08.190 align:start position:0% That's what a work of art is, a work of art 00:40:08.200 --> 00:40:10.470 align:start position:0% is there to show that we can see 00:40:10.480 --> 00:40:11.850 align:start position:0% the world in a new light, on 00:40:11.860 --> 00:40:12.870 align:start position:0% something completely different, 00:40:12.880 --> 00:40:15.240 align:start position:0% and try to appreciate things from 00:40:15.250 --> 00:40:17.310 align:start position:0% a completely different point of view. 00:40:17.320 --> 00:40:18.420 align:start position:0% Well that's what the free currency offers, 00:40:18.430 --> 00:40:20.850 align:start position:0% that men become, as 00:40:20.860 --> 00:40:24.660 align:start position:0% individuals, as individuals, quite 00:40:24.670 --> 00:40:26.220 align:start position:0% simply creators of their own 00:40:26.230 --> 00:40:28.470 align:start position:0% money, directly, without going through 00:40:28.480 --> 00:40:32.790 align:start position:0% any delegation and above all, and above all, 00:40:32.800 --> 00:40:37.500 align:start position:0% by avoiding the mechanism of the Ponzi 00:40:37.510 --> 00:40:50.100 align:start position:0% scheme. Thank you for your attention. 00:40:50.110 --> 00:40:51.900 align:start position:0% If people have questions to ask, we can 00:40:51.910 --> 00:40:55.560 align:start position:0% pass the microphone around and take turns... Or 00:40:55.570 --> 00:40:57.899 align:start position:0% we can also pass the microphone to the interpreters, 00:40:58.909 --> 00:41:03.890 align:start position:0% if you have questions to ask orally. 00:41:03.900 --> 00:41:08.340 align:start position:0% First question perhaps? 00:41:08.350 --> 00:41:17.690 align:start position:0% Can you hear? Yes, I can hear you. 00:41:17.700 --> 00:41:20.000 align:start position:0% So can you hear when we speak into the microphone? 00:41:20.010 --> 00:41:27.450 align:start position:0% Yes, yes. So my 00:41:27.460 --> 00:41:31.890 align:start position:0% question is: You talked about, about... We understood 00:41:31.900 --> 00:41:33.750 align:start position:0% that debt currencies 00:41:33.760 --> 00:41:37.950 align:start position:0% were a Ponzi scheme, but you say that 00:41:37.960 --> 00:41:39.870 align:start position:0% ultimately all non-free currencies 00:41:39.880 --> 00:41:42.350 align:start position:0% are also Ponzi schemes. 00:41:42.360 --> 00:41:45.540 align:start position:0% So could you say a little more, 00:41:45.550 --> 00:41:48.660 align:start position:0% I don't know, about Bitcoin or any other currency? 00:41:48.670 --> 00:41:51.590 align:start position:0% Yes, yes, absolutely. 00:41:51.600 --> 00:41:55.590 align:start position:0% So, so, so, for bitcoin I can show you 00:41:55.600 --> 00:41:56.940 align:start position:0% very simply, it's easy 00:41:56.950 --> 00:41:58.880 align:start position:0% because, there again, in bitcoin, 00:41:58.890 --> 00:42:01.260 align:start position:0% the idea at the root of bitcoin 00:42:01.270 --> 00:42:02.970 align:start position:0% is to say: it's because the 00:42:02.980 --> 00:42:04.530 align:start position:0% quantity of bitcoin, of bitcoin, will be 00:42:04.540 --> 00:42:07.500 align:start position:0% finite, so that the object will be rare, that it will 00:42:07.510 --> 00:42:08.250 align:start position:0% gain value. 00:42:08.260 --> 00:42:10.710 align:start position:0% So it's true, but the problem with 00:42:10.720 --> 00:42:11.610 align:start position:0% money is not to gain 00:42:11.620 --> 00:42:11.850 align:start position:0% value. 00:42:11.860 --> 00:42:13.320 align:start position:0% The problem with money is to be able to 00:42:13.330 --> 00:42:14.840 align:start position:0% be used by all human beings, 00:42:14.850 --> 00:42:16.920 align:start position:0% as a medium of exchange. So 00:42:16.930 --> 00:42:17.790 align:start position:0% if there are human beings who are 00:42:17.800 --> 00:42:19.440 align:start position:0% deprived of it, well it's not a currency, it's 00:42:19.450 --> 00:42:20.730 align:start position:0% a value. It's very good, it's a 00:42:20.740 --> 00:42:22.650 align:start position:0% value, not everything is, not everything 00:42:22.660 --> 00:42:25.080 align:start position:0% is, not everything is meant to become 00:42:25.090 --> 00:42:26.850 align:start position:0% money. So there are rare things, 00:42:26.860 --> 00:42:29.280 align:start position:0% that's not a problem in itself. So creating 00:42:29.290 --> 00:42:30.720 align:start position:0% bitcoin for me, that's not a problem 00:42:30.730 --> 00:42:32.400 align:start position:0% in itself, it's just that it's not a 00:42:32.410 --> 00:42:33.630 align:start position:0% good candidate for money. 00:42:33.640 --> 00:42:35.550 align:start position:0% Why? Because it's limited to 21 00:42:35.560 --> 00:42:37.950 align:start position:0% million and the only ones who could 00:42:37.960 --> 00:42:41.370 align:start position:0% create it are the first ones, that is to say 00:42:41.380 --> 00:42:43.470 align:start position:0% that we are already on the 21 million 00:42:43.480 --> 00:42:45.390 align:start position:0% possible bitcoins, we are already at 19 00:42:45.400 --> 00:42:47.400 align:start position:0% million and change, that is to say that we have 00:42:47.410 --> 00:42:49.710 align:start position:0% already created the largest part of the 00:42:49.720 --> 00:42:51.300 align:start position:0% bitcoins. So that means "First come, 00:42:51.310 --> 00:42:53.400 align:start position:0% first served." 00:42:53.410 --> 00:42:54.870 align:start position:0% That means that the following ones, to have 00:42:54.880 --> 00:42:56.370 align:start position:0% bitcoins, cannot create them. They 00:42:56.380 --> 00:42:57.720 align:start position:0% cannot be creators. They 00:42:57.730 --> 00:43:00.780 align:start position:0% are obliged, well it's normal if you want 00:43:00.790 --> 00:43:02.579 align:start position:0% to exchange afterwards, it's normal to be able to give 00:43:02.589 --> 00:43:04.200 align:start position:0% services for money, that's 00:43:04.210 --> 00:43:06.509 align:start position:0% not the problem, but they didn't have 00:43:06.519 --> 00:43:08.789 align:start position:0% their share of creation. So there are some who 00:43:08.799 --> 00:43:10.380 align:start position:0% were able to create the money, and others who 00:43:10.390 --> 00:43:12.180 align:start position:0% have to work to obtain it. Or 00:43:12.190 --> 00:43:13.589 align:start position:0% offer goods and services, which 00:43:13.599 --> 00:43:15.089 align:start position:0% amounts to working to obtain it 00:43:15.099 --> 00:43:16.769 align:start position:0% from the first ones. So there we have 00:43:16.779 --> 00:43:19.789 align:start position:0% the last ones who give to have some, 00:43:19.799 --> 00:43:22.170 align:start position:0% you see, the last ones who arrive to 00:43:22.180 --> 00:43:24.269 align:start position:0% valorize those who were already in it. So 00:43:24.279 --> 00:43:26.729 align:start position:0% if, participating in bitcoin, is to enter into 00:43:26.739 --> 00:43:28.019 align:start position:0% a scheme, a kind of Ponzi scheme, 00:43:28.029 --> 00:43:29.579 align:start position:0% which has just, well, about two 00:43:29.589 --> 00:43:31.950 align:start position:0% links, the first ones who created, and those 00:43:31.960 --> 00:43:33.930 align:start position:0% then who must offer goods 00:43:33.940 --> 00:43:35.009 align:start position:0% and services to obtain some. 00:43:35.019 --> 00:43:36.900 align:start position:0% And then indeed, well there is no more 00:43:36.910 --> 00:43:37.829 align:start position:0% than to offer goods and services to 00:43:37.839 --> 00:43:38.339 align:start position:0% obtain some. 00:43:38.349 --> 00:43:41.459 align:start position:0% After the creation stage, we are 00:43:41.469 --> 00:43:42.930 align:start position:0% no longer in a pure Ponzi scheme 00:43:42.940 --> 00:43:44.549 align:start position:0% since we don't have, we are not on a 00:43:44.559 --> 00:43:46.019 align:start position:0% guaranteed remuneration etc... But 00:43:46.029 --> 00:43:47.430 align:start position:0% the first ones were able to pay themselves in some 00:43:47.440 --> 00:43:50.940 align:start position:0% sorts by the unilateral creation for 00:43:50.950 --> 00:43:52.229 align:start position:0% the... so it's "First come, first 00:43:52.239 --> 00:43:53.819 align:start position:0% served" which is the case of the Ponzi scheme, 00:43:53.829 --> 00:43:55.680 align:start position:0% if you will, understand that the Ponzi scheme 00:43:55.690 --> 00:43:58.259 align:start position:0% is "First clients, first 00:43:58.269 --> 00:43:59.759 align:start position:0% served." That is to say that if you are the last 00:43:59.769 --> 00:44:00.900 align:start position:0% client, it's over for you. Well 00:44:00.910 --> 00:44:03.029 align:start position:0% it's the same, if you arrive after the 00:44:03.039 --> 00:44:05.609 align:start position:0% creation of bitcoins, you pay, by 00:44:05.619 --> 00:44:07.529 align:start position:0% the offer of your goods and services, 00:44:07.539 --> 00:44:09.719 align:start position:0% to the first ones. There is no way for you 00:44:09.729 --> 00:44:11.430 align:start position:0% to obtain the same share of bitcoin that 00:44:11.440 --> 00:44:14.670 align:start position:0% the first ones had on this creation. 00:44:14.680 --> 00:44:16.229 align:start position:0% There you go, that's why for bitcoin. 00:44:16.239 --> 00:44:17.789 align:start position:0% Then, how to demonstrate it 00:44:17.799 --> 00:44:19.440 align:start position:0% for all non-free currencies. 00:44:19.450 --> 00:44:21.329 align:start position:0% The problem is that I'm not going to review 00:44:21.339 --> 00:44:22.769 align:start position:0% all non-free currencies, if 00:44:22.779 --> 00:44:23.670 align:start position:0% you will, because there is a 00:44:23.680 --> 00:44:25.079 align:start position:0% possible infinity. We can invent 00:44:25.089 --> 00:44:26.609 align:start position:0% all the currencies we want, which are 00:44:26.619 --> 00:44:27.719 align:start position:0% created in all the ways we 00:44:27.729 --> 00:44:30.150 align:start position:0% want. That makes a potential infinity of 00:44:30.160 --> 00:44:31.880 align:start position:0% types of monetary creation. 00:44:31.890 --> 00:44:34.289 align:start position:0% But what we can do is think 00:44:34.299 --> 00:44:36.390 align:start position:0% about what would be the solution to 00:44:36.400 --> 00:44:40.090 align:start position:0% precisely avoid that the first ones 00:44:40.100 --> 00:44:42.520 align:start position:0% are the best served? The only solution 00:44:42.530 --> 00:44:44.110 align:start position:0% so that the first ones are not the best 00:44:44.120 --> 00:44:45.820 align:start position:0% served, is that everyone is 00:44:45.830 --> 00:44:49.630 align:start position:0% served in the same way. And the only 00:44:49.640 --> 00:44:51.550 align:start position:0% solution to "everyone is served in 00:44:51.560 --> 00:44:53.170 align:start position:0% the same, in the same way" at the same time at a 00:44:53.180 --> 00:44:54.550 align:start position:0% given moment, that is to say for everyone 00:44:54.560 --> 00:44:55.900 align:start position:0% if we create money it's the 00:44:55.910 --> 00:44:58.540 align:start position:0% same share for all and over time, the 00:44:58.550 --> 00:45:00.010 align:start position:0% only mathematical solution to this 00:45:00.020 --> 00:45:01.150 align:start position:0% problem, so there you have to set up 00:45:01.160 --> 00:45:03.280 align:start position:0% equations, it's relatively simple but 00:45:03.290 --> 00:45:05.050 align:start position:0% it's well it's a bit of... Well you have to 00:45:05.060 --> 00:45:06.100 align:start position:0% be a little comfortable with math, 00:45:06.110 --> 00:45:08.350 align:start position:0% but it's at the high school level, it's 00:45:08.360 --> 00:45:09.550 align:start position:0% not even at the university level, 00:45:09.560 --> 00:45:12.070 align:start position:0% you see, it's at the high school level, it's at the 00:45:12.080 --> 00:45:14.470 align:start position:0% high school level, scientific high school. 00:45:14.480 --> 00:45:16.630 align:start position:0% So I understand that it's not accessible 00:45:16.640 --> 00:45:17.950 align:start position:0% to everyone either but it's not 00:45:17.960 --> 00:45:20.440 align:start position:0% at the level of... It's not 00:45:20.450 --> 00:45:21.820 align:start position:0% at the level of a Nobel prize winner, at all. 00:45:21.830 --> 00:45:24.550 align:start position:0% It's really, the equations that you have to 00:45:24.560 --> 00:45:26.200 align:start position:0% set up to solve the problem are 00:45:26.210 --> 00:45:27.570 align:start position:0% relatively simple, 00:45:27.580 --> 00:45:29.500 align:start position:0% maybe a little bit ???? on 00:45:29.510 --> 00:45:31.060 align:start position:0% certain points, but on the 00:45:31.070 --> 00:45:33.370 align:start position:0% principle it's simple. There is only one 00:45:33.380 --> 00:45:36.580 align:start position:0% solution to this equitable distribution 00:45:36.590 --> 00:45:37.840 align:start position:0% in space and time, there is 00:45:37.850 --> 00:45:39.460 align:start position:0% one, there is only one, it's a currency that 00:45:39.470 --> 00:45:41.080 align:start position:0% is created by a percentage of money 00:45:41.090 --> 00:45:43.090 align:start position:0% for everyone and all the time. There you go, there is 00:45:43.100 --> 00:45:45.460 align:start position:0% no other possible solution. So there 00:45:45.470 --> 00:45:47.020 align:start position:0% by doing this reflection in a 00:45:47.030 --> 00:45:48.790 align:start position:0% general way and by finding, and by demonstrating, 00:45:48.800 --> 00:45:50.350 align:start position:0% that the solution is unique, 00:45:50.360 --> 00:45:53.080 align:start position:0% we have simply evacuated that all the 00:45:53.090 --> 00:45:55.390 align:start position:0% others, therefore, forms of money, all the 00:45:55.400 --> 00:45:57.190 align:start position:0% others are necessarily currencies that 00:45:57.200 --> 00:45:59.650 align:start position:0% advantage those who create them and not the 00:45:59.660 --> 00:46:01.000 align:start position:0% others, quite simply, it's only 00:46:01.010 --> 00:46:03.880 align:start position:0% that in fact. It's as simple as that. If 00:46:03.890 --> 00:46:05.650 align:start position:0% you participate in a currency where 00:46:05.660 --> 00:46:07.480 align:start position:0% some have the right to create it and not 00:46:07.490 --> 00:46:09.820 align:start position:0% the others, you are mechanically in 00:46:09.830 --> 00:46:12.610 align:start position:0% a "First come, first served" system 00:46:12.620 --> 00:46:14.110 align:start position:0% "Creator of money, not creator of 00:46:14.120 --> 00:46:15.850 align:start position:0% money." And so you are in a scheme, 00:46:15.860 --> 00:46:18.130 align:start position:0% so more or less, more or less hard, 00:46:18.140 --> 00:46:20.020 align:start position:0% all Ponzi schemes are not 00:46:20.030 --> 00:46:21.310 align:start position:0% equivalent either, because Ponzi schemes, 00:46:21.320 --> 00:46:22.480 align:start position:0% there too, I can create an 00:46:22.490 --> 00:46:24.610 align:start position:0% infinity. It is more or less hard, if 00:46:24.620 --> 00:46:25.990 align:start position:0% you will, this Ponzi scheme but 00:46:26.000 --> 00:46:29.000 align:start position:0% It's a Ponzi scheme. 00:46:44.010 --> 00:46:49.200 align:start position:0% Hello, you know, you're talking about a 00:46:49.210 --> 00:46:53.240 align:start position:0% system, in fact, of Ponzi and in parallel 00:46:53.250 --> 00:46:56.370 align:start position:0% what would it be, a system, what do we call the 00:46:56.380 --> 00:47:03.180 align:start position:0% non-Ponzi system, what would we say? 00:47:03.190 --> 00:47:04.920 align:start position:0% Yes, well then, I have to repeat 00:47:04.930 --> 00:47:06.240 align:start position:0% there you go, or that I 00:47:06.250 --> 00:47:08.220 align:start position:0% re-explain what I just said in another way. 00:47:08.230 --> 00:47:10.410 align:start position:0% So what would be a non-Ponzi scheme, 00:47:10.420 --> 00:47:11.180 align:start position:0% precisely, 00:47:11.190 --> 00:47:14.850 align:start position:0% it's a scheme where we can 00:47:14.860 --> 00:47:18.930 align:start position:0% all participate, in the same share, without 00:47:18.940 --> 00:47:20.130 align:start position:0% needing, 00:47:20.140 --> 00:47:21.570 align:start position:0% it's true that we can specify 00:47:21.580 --> 00:47:23.580 align:start position:0% anyway, without needing, that's what 00:47:23.590 --> 00:47:24.960 align:start position:0% counts too, without needing there to be 00:47:24.970 --> 00:47:27.390 align:start position:0% always more demand. Because there is 00:47:27.400 --> 00:47:28.770 align:start position:0% also that in the Ponzi scheme, there is 00:47:28.780 --> 00:47:31.590 align:start position:0% the fact that if we don't create the demand, in 00:47:31.600 --> 00:47:34.620 align:start position:0% a way, well the scheme 00:47:34.630 --> 00:47:35.970 align:start position:0% will collapse but then those who did not 00:47:35.980 --> 00:47:37.350 align:start position:0% enter the system are not 00:47:37.360 --> 00:47:38.790 align:start position:0% really harmed. It's only those, only those 00:47:38.800 --> 00:47:40.710 align:start position:0% who entered the system who will, 00:47:40.720 --> 00:47:42.480 align:start position:0% who will find themselves harmed. There will be 00:47:42.490 --> 00:47:43.470 align:start position:0% winners and losers within 00:47:43.480 --> 00:47:45.210 align:start position:0% the system 00:47:45.220 --> 00:47:46.350 align:start position:0% so it must, the system must 00:47:46.360 --> 00:47:49.020 align:start position:0% not always demand more demand 00:47:49.030 --> 00:47:50.430 align:start position:0% but that's exactly the case with free money. 00:47:50.440 --> 00:47:52.020 align:start position:0% In free money you have created 00:47:52.030 --> 00:47:53.880 align:start position:0% the same share of money as those who 00:47:53.890 --> 00:47:55.590 align:start position:0% were there before you, the same share of money 00:47:55.600 --> 00:47:57.480 align:start position:0% as those who were after, but there is 00:47:57.490 --> 00:47:59.550 align:start position:0% no need for there to be more 00:47:59.560 --> 00:48:00.540 align:start position:0% demand. Free money could 00:48:00.550 --> 00:48:02.460 align:start position:0% work with the members of the free money 00:48:02.470 --> 00:48:04.290 align:start position:0% as they exist today, there is 00:48:04.300 --> 00:48:07.110 align:start position:0% no need for new members 00:48:07.120 --> 00:48:09.830 align:start position:0% to arrive tomorrow for it to work. 00:48:09.840 --> 00:48:11.760 align:start position:0% Okay? After so it's a 00:48:11.770 --> 00:48:13.320 align:start position:0% possibility that there are new members but 00:48:13.330 --> 00:48:14.490 align:start position:0% it's not at all an obligation. 00:48:14.500 --> 00:48:17.270 align:start position:0% We are not in the absolute search, 00:48:17.280 --> 00:48:20.190 align:start position:0% necessary, for new members for it 00:48:20.200 --> 00:48:23.550 align:start position:0% to work. A very small number of 00:48:23.560 --> 00:48:24.600 align:start position:0% people who use a currency 00:48:24.610 --> 00:48:27.000 align:start position:0% free is theoretically sufficient, or 00:48:27.010 --> 00:48:29.520 align:start position:0% practically, to make it run. There you go, there is 00:48:29.530 --> 00:48:31.710 align:start position:0% no, there is no necessity. Whereas 00:48:31.720 --> 00:48:32.760 align:start position:0% in the Ponzi scheme, 00:48:32.770 --> 00:48:34.260 align:start position:0% there is really a need for new 00:48:34.270 --> 00:48:37.490 align:start position:0% members for the first ones to 00:48:37.500 --> 00:48:39.540 align:start position:0% benefit and be able to have the return 00:48:39.550 --> 00:48:41.520 align:start position:0% that is, that is, that is expected. 00:48:41.530 --> 00:48:43.050 align:start position:0% So it's true that there we can temper 00:48:43.060 --> 00:48:45.260 align:start position:0% the fact that, for example, bitcoin, 00:48:45.270 --> 00:48:46.790 align:start position:0% unlike debt money by the way, the 00:48:46.800 --> 00:48:47.810 align:start position:0% debt money you really need there to 00:48:47.820 --> 00:48:48.770 align:start position:0% be more demand for credit at 00:48:48.780 --> 00:48:50.570 align:start position:0% each time. That's true. There is a 00:48:50.580 --> 00:48:52.520 align:start position:0% real search, so if there is not this 00:48:52.530 --> 00:48:54.680 align:start position:0% mechanical search for how to grant 00:48:54.690 --> 00:48:56.240 align:start position:0% new credits the system will 00:48:56.250 --> 00:48:58.130 align:start position:0% collapse mechanically. They know that. 00:48:58.140 --> 00:49:00.230 align:start position:0% In bitcoin it's true that, we are not 00:49:00.240 --> 00:49:01.520 align:start position:0% obliged to join bitcoin, we are 00:49:01.530 --> 00:49:02.780 align:start position:0% not obliged to accept it, we are not obliged 00:49:02.790 --> 00:49:03.800 align:start position:0% to go and offer our goods and services with bitcoin, 00:49:03.810 --> 00:49:05.450 align:start position:0% So there is no obligation 00:49:05.460 --> 00:49:07.160 align:start position:0% either for the holders of bitcoin, for 00:49:07.170 --> 00:49:08.780 align:start position:0% those who have bitcoins, there is no 00:49:08.790 --> 00:49:10.430 align:start position:0% absolute obligation to go and look for 00:49:10.440 --> 00:49:13.880 align:start position:0% new ones. So it's just, it's there 00:49:13.890 --> 00:49:15.920 align:start position:0% on the other hand just a scheme, if you will, 00:49:15.930 --> 00:49:17.990 align:start position:0% of Ponzi only if people believe that it 00:49:18.000 --> 00:49:19.760 align:start position:0% can be money and in that case, 00:49:19.770 --> 00:49:20.990 align:start position:0% indeed, as they are deprived of the 00:49:21.000 --> 00:49:22.550 align:start position:0% monetary creation, it does not work at 00:49:22.560 --> 00:49:25.760 align:start position:0% the level of, of the same, of the same properties 00:49:25.770 --> 00:49:27.830 align:start position:0% for everyone and all the time. So it's a 00:49:27.840 --> 00:49:31.100 align:start position:0% Ponzi scheme, let's say, I would say 00:49:31.110 --> 00:49:32.660 align:start position:0% "attenuated", it's not a real Ponzi scheme, 00:49:32.670 --> 00:49:35.360 align:start position:0% it, it resembles it only if we 00:49:35.370 --> 00:49:38.060 align:start position:0% say, if on the other hand there was a state that said it's 00:49:38.070 --> 00:49:39.440 align:start position:0% bitcoin that becomes my currency, and everyone 00:49:39.450 --> 00:49:40.850 align:start position:0% must use it, then yes, on the 00:49:40.860 --> 00:49:42.890 align:start position:0% other hand, it would institute an 00:49:42.900 --> 00:49:45.590 align:start position:0% obligation to always have more 00:49:45.600 --> 00:49:47.420 align:start position:0% members, who are all the citizens of the, 00:49:47.430 --> 00:49:49.490 align:start position:0% of that nation. And in that case 00:49:49.500 --> 00:49:51.350 align:start position:0% those who hold it, the first comers, 00:49:51.360 --> 00:49:53.180 align:start position:0% find themselves even more, even more 00:49:53.190 --> 00:49:55.520 align:start position:0% valorized, they are the ones who have the commodity 00:49:55.530 --> 00:49:56.990 align:start position:0% that everyone will go looking for. 00:49:57.000 --> 00:49:58.070 align:start position:0% So... 00:49:58.080 --> 00:49:59.450 align:start position:0% But it's true that it's not a scheme 00:49:59.460 --> 00:50:01.730 align:start position:0% of Ponzi to the extent that the fact 00:50:01.740 --> 00:50:03.700 align:start position:0% that there are no new people in a forced, 00:50:03.710 --> 00:50:06.440 align:start position:0% obligatory way, does not cause the system to collapse, 00:50:06.450 --> 00:50:08.660 align:start position:0% in theory. Provided that 00:50:08.670 --> 00:50:10.250 align:start position:0% they actually use it as a means 00:50:10.260 --> 00:50:12.320 align:start position:0% of exchange. Because if they only 00:50:12.330 --> 00:50:13.850 align:start position:0% try to speculate with it 00:50:13.860 --> 00:50:14.750 align:start position:0% so that it goes up, 00:50:14.760 --> 00:50:16.790 align:start position:0% then they are in search of 00:50:16.800 --> 00:50:18.980 align:start position:0% new people, so that the mass 00:50:18.990 --> 00:50:21.590 align:start position:0% of demand drives up the exchange 00:50:21.600 --> 00:50:22.280 align:start position:0% value. 00:50:22.290 --> 00:50:24.080 align:start position:0% There you have it, but it's not, it's not 00:50:24.090 --> 00:50:26.350 align:start position:0% strictly, stricto sensu, a scheme. 00:50:26.360 --> 00:50:28.400 align:start position:0% However, free currency escapes that, 00:50:28.410 --> 00:50:30.470 align:start position:0% we are not obliged to have new people 00:50:30.480 --> 00:50:33.050 align:start position:0% for this currency to be able to 00:50:33.060 --> 00:50:35.030 align:start position:0% serve as an intermediary of exchange 00:50:35.040 --> 00:50:35.750 align:start position:0% between the members. 00:50:35.760 --> 00:50:37.700 align:start position:0% If there are fewer, even if there are fewer 00:50:37.710 --> 00:50:38.510 align:start position:0% members 00:50:38.520 --> 00:50:39.830 align:start position:0% tomorrow, that doesn't prevent the free currency from 00:50:39.840 --> 00:50:41.750 align:start position:0% functioning and from being equitable towards 00:50:41.760 --> 00:50:44.450 align:start position:0% all its members. 00:50:44.460 --> 00:50:47.090 align:start position:0% Stéphane, we would like to clarify the question that was 00:50:47.100 --> 00:50:49.670 align:start position:0% asked, it seems that the question was more 00:50:49.680 --> 00:50:52.490 align:start position:0% about the term, in the same way that you, when 00:50:52.500 --> 00:50:53.930 align:start position:0% you call a currency that is not 00:50:53.940 --> 00:50:55.640 align:start position:0% free a non-free currency, is a chain 00:50:55.650 --> 00:50:57.830 align:start position:0% that is not a Ponzi... 00:50:57.840 --> 00:50:59.240 align:start position:0% What would be the name that we could 00:50:59.250 --> 01:07.940 give to this chain? Ah, I see, so, 01:07.950 --> 01:15.110 a chain that wouldn't be a Ponzi... Well, 01:15.120 --> 01:16.430 I'll admit that I haven't thought about that in 01:16.440 --> 01:17.810 detail, it would be necessary, it 01:17.820 --> 01:19.310 would be necessary to conceptualize the thing in a 01:19.320 --> 01:20.780 very, very precise way. So what 01:20.790 --> 01:22.400 is, what is notable in the Ponzi 01:22.410 --> 01:25.670 scheme, is that there is no, there is 01:25.680 --> 01:28.790 no investment in the investment 01:28.800 --> 01:32.900 that the first ones make. We are on, we are 01:32.910 --> 01:34.370 on a scheme where it's the money of the 01:34.380 --> 01:36.820 newcomers that, indeed, 01:36.830 --> 01:39.470 pays the first ones. 01:39.480 --> 01:41.960 So in fact we are in a, in a 01:41.970 --> 01:46.760 mechanism of simple transmission of, of 01:46.770 --> 01:49.730 money from some to others, 01:49.740 --> 01:51.860 which... There you have it, that's all that would come out 01:51.870 --> 01:58.550 of that, that would be, it's difficult to say. Pretty 01:58.560 --> 02:00.920 much everything. Pretty much everything that 02:00.930 --> 02:02.540 is not that, but I wouldn't know how to 02:02.550 --> 02:04.700 qualify it. I don't think it's a 02:04.710 --> 02:13.070 concept that is sufficiently, let's say, deep or 02:13.080 --> 02:14.930 theoretical, to be able to characterize what 02:14.940 --> 02:17.720 would come out of that. A chain that would not 02:17.730 --> 02:19.340 be a Ponzi, what could that be? 02:19.350 --> 02:22.150 I don't know, I don't know how to 02:24.510 --> 02:26.180 characterize it exactly, I think that 02:26.190 --> 02:27.620 it's pretty much everything that is, that 02:27.630 --> 02:29.120 is not that. In the same way that a 02:29.130 --> 02:30.110 non-free currency is everything that 02:30.120 --> 02:31.220 is not a free currency. So it's 02:31.230 --> 02:33.650 everything that claims to be a currency, 02:33.660 --> 02:35.660 so that would want to impose itself or 02:35.670 --> 02:37.370 in any case acquire 02:37.380 --> 02:41.090 the status of a unit of account, of a unit of 02:41.100 --> 02:43.940 value, therefore of a unit of measurement, which is for 02:43.950 --> 02:46.130 everyone, but which would be created by some 02:46.140 --> 02:46.910 and not by others. 02:46.920 --> 02:48.500 In that case, that's it, that's what non-free 02:48.510 --> 02:48.960 currencies are. 02:48.970 --> 02:50.550 Whereas the free currency is distributed 02:50.560 --> 02:54.060 among everyone. A non-Ponzi chain, a non-Ponzi 02:54.070 --> 02:57.780 chain, you see I'm thinking about it 02:57.790 --> 02:59.339 but I can't quite characterize it 02:59.349 --> 03:00.660 exactly. What could it 03:00.670 --> 03:02.130 be exactly? Would there still 03:02.140 --> 03:04.880 have to be the concept of a chain? 03:04.890 --> 03:07.950 I would say that the "capitalism" principle, 03:07.960 --> 03:09.990 capitalist in general, is a non-Ponzi 03:10.000 --> 03:11.609 chain but it's about, in 03:11.619 --> 03:14.970 the capitalist system, telling yourself I'm investing, 03:14.980 --> 03:17.040 I'm creating something that is not 03:17.050 --> 03:18.780 the, that is not the money that I 03:18.790 --> 03:20.849 invested, it's something else, I'm investing 03:20.859 --> 03:22.290 money, I'm paying people, 03:22.300 --> 03:23.010 I'm buying land, 03:23.020 --> 03:25.080 I'm trying to create a value that is then 03:25.090 --> 03:27.480 in demand but there I'm not 03:27.490 --> 03:29.040 paying the first ones with the same 03:29.050 --> 03:30.570 money that the first ones gave, you see. 03:30.580 --> 03:31.680 I'm not in a mechanism of 03:31.690 --> 03:33.480 simple transmission, I'm in a mechanism of 03:33.490 --> 03:35.849 creation, so there is a risk. So there, 03:35.859 --> 03:38.339 everywhere there is a risk it's..., we can 03:38.349 --> 03:39.930 consider..., then we can promise those 03:39.940 --> 03:41.880 who participate to say "you too 03:41.890 --> 03:44.160 tomorrow can invest and succeed 03:44.170 --> 03:46.470 but you can also lose". It's also a 03:46.480 --> 03:47.970 chain but it's not, here, a 03:47.980 --> 03:49.440 Ponzi one, it's not, it's not, 03:49.450 --> 03:51.300 it doesn't deceive, it doesn't hide the 03:51.310 --> 03:54.450 fact that there is a risk. 03:54.460 --> 03:56.790 So couldn't we include the concept 03:56.800 --> 04:01.430 of solidarity in this term of a non-Ponzi chain? 04:01.440 --> 04:04.170 Not necessarily because capitalism is not 04:04.180 --> 04:06.870 really about solidarity, at the start, even if 04:06.880 --> 04:09.030 it could perhaps, it could 04:09.040 --> 04:11.400 become a solidarity-based system if, 04:11.410 --> 04:13.589 if it works with a free currency, for 04:13.599 --> 04:15.089 example, why not. Is it, could 04:15.099 --> 04:16.049 it really become 04:16.059 --> 04:17.339 solidarity-based, I don't know. We would need 04:17.349 --> 04:19.020 to deepen the question there but there, that 04:19.030 --> 04:21.270 goes far beyond, that goes far beyond 04:21.280 --> 04:23.520 the initial principle. That is to say that there 04:23.530 --> 04:25.710 we are entering into a reflection that tends to 04:25.720 --> 04:28.470 encompass the economy in its totality, and 04:28.480 --> 04:31.829 that requires theorizing things 04:31.839 --> 04:33.510 in more detail, and that goes very 04:33.520 --> 04:35.520 far beyond the scope of this presentation, 04:35.530 --> 04:38.640 you see. We could think about it and expose the 04:38.650 --> 04:39.410 concepts etc... 04:39.420 --> 04:41.490 but I'm not sure that it's very relevant 04:41.500 --> 04:44.190 or very interesting tonight. I don't know, 04:44.200 --> 04:45.150 but what you need to understand about the Ponzi 04:45.160 --> 04:47.670 scheme is really that the first ones 04:47.680 --> 04:49.170 give something, by the way 04:49.180 --> 04:50.220 it's not necessarily a currency, it 04:50.230 --> 04:51.510 could be, it can be something else, 04:51.520 --> 04:52.920 it could be precious metals, it 04:52.930 --> 04:55.410 can be anything, and we promise to remunerate them 04:55.420 --> 04:58.170 with what the followers will bring. 04:58.180 --> 05:02.370 So that's where, that's what 05:02.380 --> 05:04.650 characterizes the Ponzi scheme, and everything 05:04.660 --> 05:06.240 that comes out of that scheme is a 05:06.250 --> 05:07.529 non-Ponzi, it's not necessarily a solidarity-based 05:07.539 --> 05:10.529 system but it's a system that can 05:10.539 --> 05:12.480 include risk and the risk, not sure that... 05:12.490 --> 05:13.680 I don't know if risk is solidarity-based 05:13.690 --> 05:15.710 or not, these are notions that are 05:15.720 --> 05:19.289 difficult to frame, I think that goes 05:19.299 --> 05:20.720 very far beyond... 05:20.730 --> 05:22.920 We would have to write a whole book 05:22.930 --> 05:28.859 on it. Stéphane, I thought I heard you 05:28.869 --> 05:33.900 say about the universal dividend that through 05:33.910 --> 05:35.430 mathematical calculations you found 00:55:35.440 --> 00:55:39.440 align:start position:0% that the mass of the shared universal dividend 00:55:39.450 --> 00:55:43.049 align:start position:0% had to be a maximum of 10% 00:55:43.059 --> 00:55:44.069 align:start position:0% of the creation, 00:55:44.079 --> 00:55:46.680 align:start position:0% is that right? 00:55:46.690 --> 00:55:49.440 align:start position:0% So it's not... 00:55:49.450 --> 00:55:53.069 align:start position:0% the creation... the universal dividend should not 00:55:53.079 --> 00:55:54.059 align:start position:0% exceed 10%. 00:55:54.069 --> 00:55:55.680 align:start position:0% Have you done calculations 00:55:55.690 --> 00:55:58.829 align:start position:0% to see if we could go further 00:55:58.839 --> 00:56:01.220 align:start position:0% or is it really a figure 00:56:01.230 --> 00:56:05.640 align:start position:0% that appeared as such, as 00:56:05.650 --> 00:56:08.579 align:start position:0% created in advance and that we cannot 00:56:08.589 --> 00:56:11.089 align:start position:0% exceed it? 00:56:11.099 --> 00:56:13.049 align:start position:0% Do you understand my question? 00:56:13.059 --> 00:56:14.680 align:start position:0% Absolutely. 00:56:14.690 --> 00:56:17.050 align:start position:0% So absolutely. So I think that was, 00:56:17.060 --> 00:56:19.900 align:start position:0% so wait, that's a very 00:56:19.910 --> 00:56:20.380 align:start position:0% good question. 00:56:20.390 --> 00:56:22.120 align:start position:0% So I'll answer you like this, I 00:56:22.130 --> 00:56:23.500 align:start position:0% think it was worked on in the 00:56:23.510 --> 00:56:27.190 align:start position:0% Leibnitz module if I'm not mistaken. So 00:56:27.200 --> 00:56:28.780 align:start position:0% if you go find the Galileo 00:56:28.790 --> 00:56:30.300 align:start position:0% module, you'll find the Yoland Bresson 00:56:30.310 --> 00:56:33.309 align:start position:0% module that follows, there are links, 00:56:33.319 --> 00:56:35.170 align:start position:0% and then to the Leibnitz modules. So on 00:56:35.180 --> 00:56:36.640 align:start position:0% the internet you will have the answer to your 00:56:36.650 --> 00:56:38.140 align:start position:0% question in a detailed and 00:56:38.150 --> 00:56:38.680 align:start position:0% quantified way 00:56:38.690 --> 00:56:40.900 align:start position:0% by those who created these modules. 00:56:40.910 --> 00:56:43.030 align:start position:0% But I'm still going to answer you 00:56:43.040 --> 00:56:47.230 align:start position:0% directly here. I'm not saying that it's a maximum of 00:56:47.240 --> 00:56:52.920 align:start position:0% 10%, it's a minimum of 10% because if you 00:56:56.060 --> 00:56:58.140 align:start position:0% fall below 10, 00:56:58.150 --> 00:57:00.250 align:start position:0% imagine that you go down very low, 00:57:00.260 --> 00:57:02.829 align:start position:0% for example, to 1%. We create the currency at 1% 00:57:02.839 --> 00:57:04.930 align:start position:0% per year, why not. The problem is 00:57:04.940 --> 00:57:06.010 align:start position:0% that you don't reach the average, 00:57:06.020 --> 00:57:07.990 align:start position:0% first, that means that you will 00:57:08.000 --> 00:57:09.849 align:start position:0% reach during your life which only 00:57:09.859 --> 00:57:11.710 align:start position:0% lasts 80 years you do the, you do 00:57:11.720 --> 00:57:13.210 align:start position:0% the estimation, you look it's 00:57:13.220 --> 00:57:13.839 align:start position:0% mathematical, 00:57:13.849 --> 00:57:15.730 align:start position:0% the share of currency that you will create if 00:57:15.740 --> 00:57:17.530 align:start position:0% c, if the growth factor c of 00:57:17.540 --> 00:57:19.210 align:start position:0% the currency is only 1%, 00:57:19.220 --> 00:57:21.700 align:start position:0% it grows so little that at the end of 00:57:21.710 --> 00:57:23.500 align:start position:0% your existence you will not have even reached 00:57:23.510 --> 00:57:25.030 align:start position:0% half of the average money supply, 00:57:25.040 --> 00:57:29.380 align:start position:0% okay? So the lower the growth 00:57:29.390 --> 00:57:33.550 align:start position:0% rate, the slower you 00:57:33.560 --> 00:57:34.720 align:start position:0% reach the average and you even 00:57:34.730 --> 00:57:36.069 align:start position:0% reach it so much slower that 00:57:36.079 --> 00:57:38.200 align:start position:0% during a human life of 80 00:57:38.210 --> 00:57:40.660 align:start position:0% years you don't reach it. So if you 00:57:40.670 --> 00:57:41.829 align:start position:0% understand what I just said, you 00:57:41.839 --> 00:57:43.390 align:start position:0% understand that the 10% rate was 00:57:43.400 --> 00:57:45.819 align:start position:0% found because we precisely wanted 00:57:45.829 --> 00:57:48.460 align:start position:0% to, to reach if you will the average, 00:57:48.470 --> 00:57:49.809 align:start position:0% so we may not have it exactly 00:57:49.819 --> 00:57:51.069 align:start position:0% mathematically, but let's say that we 00:57:51.079 --> 00:57:52.660 align:start position:0% converge towards the average quickly 00:57:52.670 --> 00:57:54.880 align:start position:0% enough to be 00:57:54.890 --> 00:57:56.859 align:start position:0% close enough to it during a 00:57:56.869 --> 00:58:00.069 align:start position:0% human lifespan. And typically, we made 00:58:00.079 --> 00:58:01.450 align:start position:0% sure that we reach it roughly at the 00:58:01.460 --> 00:58:04.450 align:start position:0% end of forty years, there you go. That's the 00:58:04.460 --> 00:58:05.530 align:start position:0% principle, 00:58:05.540 --> 00:58:07.570 align:start position:0% and with this rate of 10% we can 00:58:07.580 --> 00:58:10.450 align:start position:0% even be more precise, after, well 00:58:10.460 --> 00:58:11.740 align:start position:0% the exact figure I don't remember, but it's 00:58:11.750 --> 00:58:13.090 align:start position:0% after fifteen years, I don't remember the 00:58:13.100 --> 00:58:13.720 align:start position:0% exact figure, 00:58:13.730 --> 00:58:15.730 align:start position:0% after fifteen years you have already reached 00:58:15.740 --> 00:58:18.970 align:start position:0% half of the average money supply, 00:58:18.980 --> 00:58:21.520 align:start position:0% there you go. So that's what 00:58:21.530 --> 00:58:24.820 align:start position:0% guided us towards this rate of 10% for the 00:58:24.830 --> 00:58:26.440 align:start position:0% free currency, it's the search for a 00:58:26.450 --> 00:58:27.850 align:start position:0% rate that allows to reach the 00:58:27.860 --> 00:58:30.450 align:start position:0% average during a lifespan 00:58:30.460 --> 00:58:33.520 align:start position:0% sufficiently shorter than the 00:58:33.530 --> 00:58:34.750 align:start position:0% human lifespan. After that it's not 00:58:34.760 --> 00:58:36.340 align:start position:0% indeed, it's not an 00:58:36.350 --> 00:58:37.900 align:start position:0% absolute value, 10%. We can very well 00:58:37.910 --> 00:58:40.360 align:start position:0% create a free currency at 15%, even at 00:58:40.370 --> 00:58:41.920 align:start position:0% 8% it's acceptable if you 00:58:41.930 --> 00:58:43.720 align:start position:0% want, around 10 it works. 00:58:43.730 --> 00:58:45.400 align:start position:0% After that, if you create a currency too quickly, 00:58:45.410 --> 00:58:46.570 align:start position:0% if you create a free currency at 100% 00:58:46.580 --> 00:58:48.460 align:start position:0% per year, typically, why not, you 00:58:48.470 --> 00:58:50.130 align:start position:0% double the money supply every year, 00:58:50.140 --> 00:58:52.090 align:start position:0% there the problem is that you reach... 00:58:52.100 --> 00:58:53.590 align:start position:0% the advantage is that you reach the average very quickly, 00:58:53.600 --> 00:58:56.890 align:start position:0% after a year or two, 00:58:56.900 --> 00:59:00.180 align:start position:0% you are almost there at 80 or 90%, 00:59:00.190 --> 00:59:03.280 align:start position:0% but the problem is that your currency 00:59:03.290 --> 00:59:07.090 align:start position:0% will therefore be diluted very quickly. 00:59:07.100 --> 00:59:08.650 align:start position:0% So there is no real saving possible. 00:59:08.660 --> 00:59:09.940 align:start position:0% That is to say that there you are in a 00:59:09.950 --> 00:59:11.290 align:start position:0% currency that cannot really be kept 00:59:11.300 --> 00:59:13.180 align:start position:0% because it will be drowned in the 00:59:13.190 --> 00:59:14.590 align:start position:0% new monetary creation very, very 00:59:14.600 --> 00:59:14.890 align:start position:0% quickly. 00:59:14.900 --> 00:59:17.380 align:start position:0% So there you are not going to... You 00:59:17.390 --> 00:59:18.850 align:start position:0% have a currency that will undoubtedly have very little 00:59:18.860 --> 00:59:20.350 align:start position:0% value. You can probably 00:59:20.360 --> 00:59:21.730 align:start position:0% use it for exchanges but for 00:59:21.740 --> 00:59:23.680 align:start position:0% small values, small things. 00:59:23.690 --> 00:59:25.990 align:start position:0% Exchanging baguettes for 00:59:26.000 --> 00:59:27.220 align:start position:0% olives and that's it, it will, 00:59:27.230 --> 00:59:29.020 align:start position:0% it will stop there. That is to say 00:59:29.030 --> 00:59:29.890 align:start position:0% exchanges that must be done 00:59:29.900 --> 00:59:31.870 align:start position:0% quickly within the year, it's not 00:59:31.880 --> 00:59:33.220 align:start position:0% things that you can... so you won't be able to 00:59:33.230 --> 00:59:34.740 align:start position:0% make longer-term exchanges, 00:59:34.750 --> 00:59:36.640 align:start position:0% typically keeping money to 00:59:36.650 --> 00:59:39.910 align:start position:0% buy yourself, I don't know, a piece of land, a 00:59:39.920 --> 00:59:41.440 align:start position:0% car, or even why not a house, 00:59:41.450 --> 00:59:44.410 align:start position:0% that kind of thing, there you go. So, so the 00:59:44.420 --> 00:59:46.090 align:start position:0% smaller the rate, if you will, the 00:59:46.100 --> 00:59:48.790 align:start position:0% more the value of your currency is supposed 00:59:48.800 --> 00:59:51.730 align:start position:0% to be important since we don't create 00:59:51.740 --> 00:59:53.500 align:start position:0% too much of it, so it can be kept for a long time, 00:59:53.510 --> 00:59:55.600 align:start position:0% and so it can keep an exchange 00:59:55.610 --> 00:59:57.220 align:start position:0% value for longer and so it has more 00:59:57.230 --> 00:59:58.440 align:start position:0% value, it is more difficult to obtain. 00:59:58.450 --> 01:00:00.970 align:start position:0% And the faster the rate, the more your 01:00:00.980 --> 01:00:02.860 align:start position:0% currency will on the other hand devalue 01:00:02.870 --> 01:00:03.610 align:start position:0% quickly. 01:00:03.620 --> 01:00:05.960 align:start position:0% So you have to understand this double aspect, 01:00:05.970 --> 01:00:09.500 align:start position:0% There is an economic aspect, the value of 01:00:09.510 --> 01:00:11.330 align:start position:0% savings, dilution of the currency, that 01:00:11.340 --> 01:00:14.390 align:start position:0% is typically, purely economic which 01:00:14.400 --> 01:00:15.740 align:start position:0% is not the decisive factor, 01:00:15.750 --> 01:00:17.000 align:start position:0% according to the relative theories of 01:00:17.010 --> 01:00:18.620 align:start position:0% money. There is a human factor, which is 01:00:18.630 --> 01:00:20.210 align:start position:0% more important, we must be able to 01:00:20.220 --> 01:00:21.800 align:start position:0% create the currency during a 01:00:21.810 --> 01:00:24.050 align:start position:0% lifetime, within a human lifetime. 01:00:24.060 --> 01:00:25.550 align:start position:0% So over a period that is 01:00:25.560 --> 01:00:27.530 align:start position:0% less than 80 years, 01:00:27.540 --> 01:00:29.120 align:start position:0% typically a half-life, that's a good 01:00:29.130 --> 01:00:31.910 align:start position:0% factor. We could have chosen the, we can 01:00:31.920 --> 01:00:33.410 align:start position:0% choose the quarter, the third but you will see 01:00:33.420 --> 01:00:35.960 align:start position:0% that it doesn't vary that 01:00:35.970 --> 01:00:37.940 align:start position:0% factor so much, but it's not a factor 01:00:37.950 --> 01:00:39.710 align:start position:0% indeed.., it's not, it's not a 01:00:39.720 --> 01:00:43.060 align:start position:0% value, it's not a constant, 01:00:43.070 --> 01:00:45.500 align:start position:0% I would say, it's not..., the 01:00:45.510 --> 01:00:47.960 align:start position:0% numerical constant is not essential. The fact 01:00:47.970 --> 01:00:49.670 align:start position:0% of creating the currency by percentage 01:00:49.680 --> 01:00:51.590 align:start position:0% is important, the fact that it is 01:00:51.600 --> 01:00:52.760 align:start position:0% exactly 10% no it's not 01:00:52.770 --> 01:00:54.740 align:start position:0% important. It could be 12, it could be 8, 01:00:54.750 --> 01:00:57.190 align:start position:0% it can even be 15, why not 20 01:00:57.200 --> 01:01:00.380 align:start position:0% but, on the other hand, 20 and beyond it 01:01:00.390 --> 01:01:02.480 align:start position:0% starts to be a currency that will not 01:01:02.490 --> 01:01:04.520 align:start position:0% really allow for savings, and therefore 01:01:04.530 --> 01:01:05.630 align:start position:0% will have a very 01:01:05.640 --> 01:01:07.370 align:start position:0% low value. There you go, you have to understand these 01:01:07.380 --> 01:01:10.000 align:start position:0% principles. 01:01:10.010 --> 01:01:14.000 align:start position:0% There was another question I think. 01:01:14.010 --> 01:01:45.000 align:start position:0% *incomprehensible discussions* 01:01:45.859 --> 01:01:58.510 align:start position:0% For example, you talk about *chrematistics* in relation to debt money 01:01:58.520 --> 01:01:59.890 align:start position:0% so I'm trying to make the link 01:01:59.900 --> 01:02:03.599 align:start position:0% with debt-money in relation to this term. 01:02:03.609 --> 01:02:08.080 align:start position:0% I didn't understand the question. 01:02:09.090 --> 01:02:21.849 align:start position:0% The term *chrematistics*, is it equivalent to 01:02:21.859 --> 01:02:24.780 align:start position:0% debt-money or is it different? 01:02:24.790 --> 01:02:27.940 align:start position:0% I didn't understand *chrematistics* 01:02:27.950 --> 01:02:32.820 align:start position:0% I don't know what it is. I didn't understand. 01:02:32.830 --> 01:02:35.020 align:start position:0% Chrematistics 01:02:36.030 --> 01:02:37.020 align:start position:0% I don't know the term 01:02:37.030 --> 01:02:48.020 align:start position:0% Can you write the term in the chat? 01:02:48.030 --> 01:02:54.670 align:start position:0% I'm trying to see what it means but right now I don't 01:02:54.680 --> 01:02:56.320 align:start position:0% know. Honestly I don't know 01:02:56.330 --> 01:03:02.620 align:start position:0% why he's talking about that. 01:03:02.630 --> 01:03:10.060 align:start position:0% Chrematistics, is that it? 01:03:10.070 --> 01:03:11.650 align:start position:0% "Which concerns the management, the negotiation of 01:03:11.660 --> 01:03:13.540 align:start position:0% business, more particularly 01:03:13.550 --> 01:03:16.180 align:start position:0% money matters... Is a notion formed 01:03:16.190 --> 01:03:17.710 align:start position:0% by Aristotle to describe the practice 01:03:17.720 --> 01:03:18.820 align:start position:0% aimed at the accumulation of means 01:03:18.830 --> 01:03:21.070 align:start position:0% of acquisition in general". Okay. 01:03:21.080 --> 01:03:22.599 align:start position:0% "The accumulation of means of acquisition, more 01:03:22.609 --> 01:03:23.710 align:start position:0% particularly the one who accumulates 01:03:23.720 --> 01:03:25.240 align:start position:0% money for its own sake and not for the purpose 01:03:25.250 --> 01:03:28.030 align:start position:0% of another..." Ah yes, okay. "Is the one who 01:03:28.040 --> 01:03:29.200 align:start position:0% accumulates money for its own sake and 01:03:29.210 --> 01:03:31.510 align:start position:0% not for the purpose of another end, an end other 01:03:31.520 --> 01:03:33.000 align:start position:0% than his personal pleasure" Okay. 01:03:33.010 --> 01:03:35.440 align:start position:0% Ah yes, okay, I didn't know. I didn't know 01:03:35.450 --> 01:03:37.270 align:start position:0% the term, I knew the concept 01:03:37.280 --> 01:03:39.780 align:start position:0% but I didn't know the term. 01:03:39.790 --> 01:03:41.310 align:start position:0% So does that characterize 01:03:41.320 --> 01:03:43.490 align:start position:0% debt-money? Yes, a little, 01:03:43.500 --> 01:03:45.690 align:start position:0% indeed, a bit like the Ponzi 01:03:45.700 --> 01:03:48.120 align:start position:0% scheme. Since in fact, indeed, we 01:03:48.130 --> 01:03:50.550 align:start position:0% try in both cases... Ponzi scheme, 01:03:50.560 --> 01:03:52.320 align:start position:0% we put in money and we hope 01:03:52.330 --> 01:03:56.700 align:start position:0% to get more money out. And it's the 01:03:56.710 --> 01:03:57.990 align:start position:0% money of the new entrants that comes in 01:03:58.000 --> 01:03:59.550 align:start position:0% so, indeed, we put in money 01:03:59.560 --> 01:04:00.930 align:start position:0% to get money. Whereas an 01:04:00.940 --> 01:04:02.790 align:start position:0% investor, in the capitalist sense of the 01:04:02.800 --> 01:04:03.840 align:start position:0% term, theoretically, that's not what he 01:04:03.850 --> 01:04:05.430 align:start position:0% does. Normally he takes money 01:04:05.440 --> 01:04:06.840 align:start position:0% to buy something that is not 01:04:06.850 --> 01:04:07.080 align:start position:0% money, 01:04:07.090 --> 01:04:09.180 align:start position:0% tries to transform it to make it 01:04:09.190 --> 01:04:11.850 align:start position:0% attractive, interesting, useful, so that 01:04:11.860 --> 01:04:14.670 align:start position:0% it's worth something, that it's 01:04:14.680 --> 01:04:15.750 align:start position:0% useful to others, that others are ready 01:04:15.760 --> 01:04:18.780 align:start position:0% then to buy it, in part or in 01:04:18.790 --> 01:04:20.940 align:start position:0% whole, it doesn't matter, so as to 01:04:20.950 --> 01:04:22.590 align:start position:0% recover his investment or more. 01:04:22.600 --> 01:04:24.590 align:start position:0% But there is no desire to 01:04:24.600 --> 01:04:26.610 align:start position:0% directly transform his money into 01:04:26.620 --> 01:04:27.960 align:start position:0% more, it's especially the desire to create 01:04:27.970 --> 01:04:29.820 align:start position:0% something intermediate. That's 01:04:29.830 --> 01:04:31.350 align:start position:0% the, theoretically, the principle of 01:04:31.360 --> 01:04:33.420 align:start position:0% the entrepreneur. Whereas indeed, 01:04:33.430 --> 01:04:34.800 align:start position:0% chrematistics, we try right away, 01:04:34.810 --> 01:04:36.510 align:start position:0% we try to typically lend 01:04:36.520 --> 01:04:38.460 align:start position:0% money, "I lend you 100 on the condition 01:04:38.470 --> 01:04:40.500 align:start position:0% that you give me back 110" There you go. Indeed 01:04:40.510 --> 01:04:42.480 align:start position:0% so we try to accumulate more and 01:04:42.490 --> 01:04:44.370 align:start position:0% more money and with bank credit 01:04:44.380 --> 01:04:47.460 align:start position:0% that's what it is. We credit money to 01:04:47.470 --> 01:04:49.230 align:start position:0% get more back directly. There is a 01:04:49.240 --> 01:04:51.780 align:start position:0% bit indeed the attempt to, to 01:04:51.790 --> 01:04:53.520 align:start position:0% want money for its own sake. Yes we 01:04:53.530 --> 01:04:55.190 align:start position:0% can say that it is, I think that it is... 01:04:55.200 --> 01:04:57.630 align:start position:0% Yes I think that it is... We can, we 01:04:57.640 --> 01:04:59.310 align:start position:0% can link the two, the two 01:04:59.320 --> 01:05:01.200 align:start position:0% concepts. There is a notion of 01:05:01.210 --> 01:05:04.770 align:start position:0% chrematistics in, in the Ponzi 01:05:04.780 --> 01:05:07.940 align:start position:0% scheme and also in debt-money yes. 01:05:07.950 --> 01:05:09.840 align:start position:0% Which cannot be the case in 01:05:09.850 --> 01:05:10.680 align:start position:0% bitcoin by the way, because 01:05:10.690 --> 01:05:12.390 align:start position:0% indeed in bitcoin, as 01:05:12.400 --> 01:05:13.980 align:start position:0% the quantity is finite, we cannot 01:05:13.990 --> 01:05:16.860 align:start position:0% hope to recover more than 21 01:05:16.870 --> 01:05:18.060 align:start position:0% million, there are no more. So, at some 01:05:18.070 --> 01:05:19.800 align:start position:0% point this notion of 01:05:19.810 --> 01:05:21.960 align:start position:0% chrematistics will be limited by 01:05:21.970 --> 01:05:23.430 align:start position:0% currencies such as bitcoin, but 01:05:23.440 --> 01:05:24.930 align:start position:0% also limited by the free currency since the 01:05:24.940 --> 01:05:26.370 align:start position:0% free currency, although it is created 01:05:26.380 --> 01:05:28.760 align:start position:0% perpetually, in number of 01:05:28.770 --> 01:05:31.740 align:start position:0% dividends in the currency in fact, it 01:05:31.750 --> 01:05:33.540 align:start position:0% is finite. It just depends on the number 01:05:33.550 --> 01:05:34.560 align:start position:0% of human beings who are part 01:05:34.570 --> 01:05:36.900 align:start position:0% of it, and it is finite. So we can 01:05:36.910 --> 01:05:38.760 align:start position:0% accumulate it but we cannot 01:05:38.770 --> 01:05:40.230 align:start position:0% really go beyond the average, 01:05:40.240 --> 01:05:42.120 align:start position:0% we cannot, in any case there is no 01:05:42.130 --> 01:05:46.380 align:start position:0% more. So there you go there is no... There you go. But 01:05:46.390 --> 01:05:47.250 align:start position:0% we can, we can still, 01:05:47.260 --> 01:05:48.870 align:start position:0% we can, I think that in the free currency 01:05:48.880 --> 01:05:50.550 align:start position:0% we can still fall under the spell 01:05:50.560 --> 01:05:54.990 align:start position:0% of, of chrematistics if we, if we are 01:05:55.000 --> 01:05:56.970 align:start position:0% affected by this evil. We can accumulate 01:05:56.980 --> 01:05:59.940 align:start position:0% more and more Junes, it's 01:05:59.950 --> 01:06:01.770 align:start position:0% possible. I'm not sure it's useful but, 01:06:01.780 --> 01:06:03.240 align:start position:0% in any case, it won't bother others. 01:06:03.250 --> 01:06:05.310 align:start position:0% That is to say that the hoarding of the 01:06:05.320 --> 01:06:06.780 align:start position:0% currency by some, because they 01:06:06.790 --> 01:06:07.950 align:start position:0% would be attracted by the fact of having 01:06:07.960 --> 01:06:10.470 align:start position:0% more, will not bother others, they will not be 01:06:10.480 --> 01:06:12.480 align:start position:0% deprived of this currency since they 01:06:12.490 --> 01:06:15.270 align:start position:0% are always creating more. Note therefore 01:06:15.280 --> 01:06:18.300 align:start position:0% that this perpetual creation does not create 01:06:18.310 --> 01:06:20.250 align:start position:0% problems that can be found 01:06:20.260 --> 01:06:21.990 align:start position:0% in debt-money, where some will 01:06:22.000 --> 01:06:24.870 align:start position:0% hide their money in tax 01:06:24.880 --> 01:06:26.100 align:start position:0% havens and we cannot go and 01:06:26.110 --> 01:06:29.910 align:start position:0% recover it to finance this or that. We 01:06:29.920 --> 01:06:31.350 align:start position:0% are a bit stuck if we don't create more 01:06:31.360 --> 01:06:33.000 align:start position:0% through credit, and if there is no more 01:06:33.010 --> 01:06:35.490 align:start position:0% credit from the banks we are stuck. In the 01:06:35.500 --> 01:06:36.720 align:start position:0% free currency the fact that someone 01:06:36.730 --> 01:06:38.040 align:start position:0% hides their money somewhere does not bother 01:06:38.050 --> 01:06:39.900 align:start position:0% the creation of money at all. So 01:06:39.910 --> 01:06:40.980 align:start position:0% we continue to create the currency. 01:06:40.990 --> 01:06:42.690 align:start position:0% So we may be a little short of it 01:06:42.700 --> 01:06:44.310 align:start position:0% temporarily, if this currency has 01:06:44.320 --> 01:06:44.940 align:start position:0% gone elsewhere, 01:06:44.950 --> 01:06:47.850 align:start position:0% but, little by little, we remonetize ourselves 01:06:47.860 --> 01:06:49.350 align:start position:0% naturally and permanently. 01:06:49.360 --> 01:06:54.930 align:start position:0% I hope I was clear. I hope that 01:06:58.009 --> 01:07:01.299 align:start position:0% I answered the question, which was not 01:07:01.309 --> 01:07:11.969 align:start position:0% easy. "Chrematistics". that's the basis 01:07:16.979 --> 01:07:21.279 align:start position:0% There you go, I would have left the floor if there had been another question. 01:07:21.289 --> 01:07:26.249 align:start position:0% It's a clarification that I need to... 01:07:26.259 --> 01:07:28.719 align:start position:0% This free currency, this monetary creation, 01:07:28.729 --> 01:07:31.509 align:start position:0% I understood the dividend well, 01:07:31.519 --> 01:07:34.660 align:start position:0% the interest of the universal dividend which is created 01:07:34.670 --> 01:07:38.979 align:start position:0% by each one. Where I need 01:07:38.989 --> 01:07:41.999 align:start position:0% clarification is on the fact that.. 01:07:42.009 --> 01:07:45.789 align:start position:0% There are some who can say "Well I'm going to save 01:07:45.799 --> 01:07:49.509 align:start position:0% my, my dividends to one day buy 01:07:49.519 --> 01:07:52.209 align:start position:0% something bigger". If there are not 01:07:52.219 --> 01:07:54.150 align:start position:0% very many of us, 01:07:54.160 --> 01:07:56.289 align:start position:0% someone who saves their 01:07:56.299 --> 01:07:57.729 align:start position:0% dividends 01:07:57.739 --> 01:08:02.019 align:start position:0% in anticipation of the future, it circulates less 01:08:02.029 --> 01:08:05.499 align:start position:0% in the present for daily exchanges, 01:08:05.509 --> 01:08:07.180 align:start position:0% more common, as you were saying 01:08:07.190 --> 01:08:09.120 align:start position:0% earlier to buy one's bread or 01:08:09.130 --> 01:08:11.370 align:start position:0% one's zucchini or something else. 01:08:11.380 --> 01:08:15.099 align:start position:0% And I thought that on the contrary, if 01:08:15.109 --> 01:08:18.099 align:start position:0% there were more of us, it would allow 01:08:18.109 --> 01:08:20.919 align:start position:0% for a movement, since it 01:08:20.929 --> 01:08:23.559 align:start position:0% increases monetary creation, there are more 01:08:23.569 --> 01:08:26.050 align:start position:0% UDs (universal dividends), so more possibilities of UDs 01:08:26.060 --> 01:08:28.180 align:start position:0% in circulation and the fact that 01:08:28.190 --> 01:08:30.519 align:start position:0% some may consider saving them 01:08:30.529 --> 01:08:33.879 align:start position:0% for a future project, it's 01:08:33.889 --> 01:08:37.019 align:start position:0% less of a problem if there are more of us. And 01:08:37.029 --> 01:08:41.769 align:start position:0% after me... but that's not the subject 01:08:41.779 --> 01:08:44.109 align:start position:0% now... 01:08:44.119 --> 01:08:45.910 align:start position:0% this notion of, 01:08:45.920 --> 01:08:48.499 align:start position:0% of value of the UD which comes back 01:08:48.509 --> 01:08:50.690 align:start position:0% regularly, in all groups we 01:08:50.700 --> 01:08:52.849 align:start position:0% hear about it, questions, 01:08:52.859 --> 01:08:54.740 align:start position:0% there are some who... 01:08:54.750 --> 01:09:00.140 align:start position:0% So, in any case, these are UDs 01:09:00.150 --> 01:09:03.140 align:start position:0% that circulate, Junes, 01:09:03.150 --> 01:09:06.940 align:start position:0% but the June will be different depending on 01:09:06.950 --> 01:09:10.039 align:start position:0% the UD, the UD will evolve so it's true that for 01:09:10.049 --> 01:09:12.079 align:start position:0% me it's important to talk about the 01:09:12.089 --> 01:09:19.150 align:start position:0% UD. But someone who is going to exchange a 01:09:19.160 --> 01:09:23.030 align:start position:0% service or a material, the same one in 01:09:23.040 --> 01:09:26.840 align:start position:0% Paris or in Nice and one who will put it at 01:09:26.850 --> 01:09:29.960 align:start position:0% 1 UD and the other at 10 UD, it 01:09:29.970 --> 01:09:33.980 align:start position:0% seems to me that it blocks the UDs more with some 01:09:33.990 --> 01:09:35.749 align:start position:0% for the same service. I need 01:09:35.759 --> 01:09:38.059 align:start position:0% clarification on all this. 01:09:38.069 --> 01:09:39.740 align:start position:0% I don't know what the question is. What is the question? 01:09:39.750 --> 01:09:48.660 align:start position:0% It's a need for clarification regarding the storage 01:09:48.670 --> 01:09:50.539 align:start position:0% of the UD and the circulation of the UD. 01:09:50.549 --> 01:09:52.789 align:start position:0% Yes but that's not a question, 01:09:52.799 --> 01:09:56.450 align:start position:0% that's not a question. It's not a 01:09:56.460 --> 01:09:57.430 align:start position:0% question. 01:09:57.440 --> 01:10:00.530 align:start position:0% No it's not a question, it's a need for clarification 01:10:00.540 --> 01:10:08.530 align:start position:0% to know... Is it... I don't know... 01:10:10.440 --> 01:10:11.390 align:start position:0% I don't know how to answer if there is no 01:10:11.400 --> 01:10:14.240 align:start position:0% question. Would the question 01:10:14.250 --> 01:10:16.270 align:start position:0% be "Is it a problem if 01:10:16.280 --> 01:10:18.510 align:start position:0% the same object is sold at a different price 01:10:18.520 --> 01:10:21.660 align:start position:0% in one city or another?" Is it 01:10:21.670 --> 01:10:23.550 align:start position:0% to talk about the value of the UD? Does 01:10:23.560 --> 01:10:25.320 align:start position:0% Stéphane, do you want to perhaps clarify the 01:10:25.330 --> 01:10:26.940 align:start position:0% notion of value and does the UD 01:10:26.950 --> 01:10:29.310 align:start position:0% have a value? Is the purpose of the UD that it 01:10:29.320 --> 01:10:31.560 align:start position:0% has the same value everywhere? Can you 01:10:31.570 --> 01:10:33.390 align:start position:0% perhaps clarify the notions of value, 01:10:33.400 --> 01:10:39.000 align:start position:0% of value that we put in the dividend? 01:10:39.010 --> 01:10:40.770 align:start position:0% Does it create inequalities? 01:10:40.780 --> 01:10:42.230 align:start position:0% There you go, according to the person, could 01:10:42.240 --> 01:10:43.950 align:start position:0% you perhaps specify what you 01:10:43.960 --> 01:10:45.330 align:start position:0% mean by value of the UD? 01:10:45.340 --> 01:10:47.610 align:start position:0% Is it... What is the UD in 01:10:47.620 --> 01:10:50.760 align:start position:0% relation to value?... That's a 01:10:50.770 --> 01:10:52.290 align:start position:0% question. What is the UD in relation to 01:10:52.300 --> 01:10:55.770 align:start position:0% value? That's a question. So 01:10:55.780 --> 01:10:57.090 align:start position:0% according to the relative theory of money, 01:10:57.100 --> 01:11:00.600 align:start position:0% the.... All economic values are 01:11:00.610 --> 01:11:01.320 align:start position:0% all relative, 01:11:01.330 --> 01:11:03.180 align:start position:0% they don't have... There is no 01:11:03.190 --> 01:11:05.310 align:start position:0% absolute value. There is not, there is not a 01:11:05.320 --> 01:11:08.250 align:start position:0% consensus, if you will, human, neither in 01:11:08.260 --> 01:11:11.220 align:start position:0% space nor in time, on the exchange 01:11:11.230 --> 01:11:12.390 align:start position:0% value between two distinct economic values. 01:11:12.400 --> 01:11:12.870 align:start position:0% distinct. 01:11:12.880 --> 01:11:15.060 align:start position:0% That is to say that it's good to say that 01:11:15.070 --> 01:11:18.540 align:start position:0% things like... Some people tell you "gold 01:11:18.550 --> 01:11:19.620 align:start position:0% keeps its value" but no, that's not 01:11:19.630 --> 01:11:21.930 align:start position:0% true. The amount of gold 01:11:21.940 --> 01:11:23.160 align:start position:0% necessary, even to buy another 01:11:23.170 --> 01:11:26.970 align:start position:0% metal which is silver, is not stable. 01:11:26.980 --> 01:11:29.070 align:start position:0% It evolves over time. So it's 01:11:29.080 --> 01:11:30.390 align:start position:0% limited, there is still, if we 01:11:30.400 --> 01:11:31.530 align:start position:0% observe, there is a certain limit, 01:11:31.540 --> 01:11:35.070 align:start position:0% but in fact it still goes... quite a bit... it 01:11:35.080 --> 01:11:37.470 align:start position:0% goes from one, it's a factor of 10 or 20. So it 01:11:37.480 --> 01:11:39.000 align:start position:0% really varies depending on the period. 01:11:39.010 --> 01:11:41.040 align:start position:0% So even between two things that seem 01:11:41.050 --> 01:11:43.890 align:start position:0% absolutely, really, well, very rigid 01:11:43.900 --> 01:11:45.660 align:start position:0% and so on... What matters in the notion of 01:11:45.670 --> 01:11:47.550 align:start position:0% value is what I can 01:11:47.560 --> 01:11:50.880 align:start position:0% get from Y for X. So I have 01:11:50.890 --> 01:11:54.450 align:start position:0% gold I want silver, the metal, or 01:11:54.460 --> 01:11:55.560 align:start position:0% I have silver and I want gold, 01:11:55.570 --> 01:11:56.820 align:start position:0% there you go, that's what will interest me. It's 01:11:56.830 --> 01:11:58.230 align:start position:0% what is the quantity of one that I 01:11:58.240 --> 01:11:59.880 align:start position:0% can get for the other. But you have to know that 01:11:59.890 --> 01:12:01.020 align:start position:0% it's a function that depends both 01:12:01.030 --> 01:12:02.420 align:start position:0% on space and time. 01:12:02.430 --> 01:12:04.380 align:start position:0% Not only does it evolve over time 01:12:04.390 --> 01:12:05.820 align:start position:0% but it also evolves depending on the place. 01:12:05.830 --> 01:12:07.860 align:start position:0% You won't get the 01:12:07.870 --> 01:12:10.170 align:start position:0% same amount of silver metal for 01:12:10.180 --> 01:12:11.760 align:start position:0% gold in Peru, where there are many silver mines, 01:12:11.770 --> 01:12:14.020 align:start position:0% although I don't know if they are still 01:12:15.230 --> 01:12:17.049 align:start position:0% as active as they may have 01:12:17.059 --> 01:12:18.850 align:start position:0% been at a certain time, but you won't get 01:12:18.860 --> 01:12:20.319 align:start position:0% the same rate as if you 01:12:20.329 --> 01:12:22.899 align:start position:0% make the same exchange, I don't know, 01:12:22.909 --> 01:12:26.830 align:start position:0% in China. Or the same exchange in the 01:12:26.840 --> 01:12:28.510 align:start position:0% Sahara or anywhere else, there you go. 01:12:28.520 --> 01:12:29.830 align:start position:0% So in space it's not the same 01:12:29.840 --> 01:12:31.390 align:start position:0% thing and in time either. And that's 01:12:31.400 --> 01:12:32.470 align:start position:0% true for all values, there is no, 01:12:32.480 --> 01:12:35.649 align:start position:0% there is no notion of stability 01:12:35.659 --> 01:12:37.660 align:start position:0% at the level of the relationship between two 01:12:37.670 --> 01:12:39.930 align:start position:0% values. That's a first point. 01:12:39.940 --> 01:12:42.370 align:start position:0% The second point is that when we 01:12:42.380 --> 01:12:44.080 align:start position:0% create a new value we are 01:12:44.090 --> 01:12:48.010 align:start position:0% never sure that it will be accepted and 01:12:48.020 --> 01:12:51.339 align:start position:0% used and therefore take, gain, exchange 01:12:51.349 --> 01:12:52.720 align:start position:0% value against other 01:12:52.730 --> 01:12:54.240 align:start position:0% economic values. We are never sure of that. 01:12:54.250 --> 01:12:56.560 align:start position:0% When an entrepreneur believes in his 01:12:56.570 --> 01:12:58.510 align:start position:0% project, he will create a company, he will, 01:12:58.520 --> 01:13:00.250 align:start position:0% he will create an economic value, it 01:13:00.260 --> 01:13:02.410 align:start position:0% can be anything, we often cite 01:13:02.420 --> 01:13:05.939 align:start position:0% successes like those who were able to create 01:13:05.949 --> 01:13:08.680 align:start position:0% companies on the internet, I'm not going to 01:13:08.690 --> 01:13:10.209 align:start position:0% name names, there you go, that have gained 01:13:10.219 --> 01:13:10.479 align:start position:0% value. 01:13:10.489 --> 01:13:12.310 align:start position:0% That's all very well but we don't see all the 01:13:12.320 --> 01:13:14.770 align:start position:0% failures. Because for one success, there are 01:13:14.780 --> 01:13:15.930 align:start position:0% 100 failures. 01:13:15.940 --> 01:13:18.760 align:start position:0% You have to understand that. 01:13:18.770 --> 01:13:20.229 align:start position:0% Because there have been a lot of failures 01:13:20.239 --> 01:13:23.830 align:start position:0% also a lot of attempts that have not 01:13:23.840 --> 01:13:25.480 align:start position:0% succeeded. 01:13:25.490 --> 01:13:27.290 align:start position:0% Often because, for example, they 01:13:27.300 --> 01:13:29.990 align:start position:0% started too early or too late, 01:13:30.000 --> 01:13:31.460 align:start position:0% if there was already a competitor already 01:13:31.470 --> 01:13:33.410 align:start position:0% established. Too early, people were not 01:13:33.420 --> 01:13:35.210 align:start position:0% ready so it didn't follow, whether it was 01:13:35.220 --> 01:13:38.690 align:start position:0% the investors or the customers. 01:13:38.700 --> 01:13:40.100 align:start position:0% Or that simply what they wanted to 01:13:40.110 --> 01:13:43.010 align:start position:0% create met with no public or 01:13:43.020 --> 01:13:45.590 align:start position:0% was poorly defined, or etc... So we are 01:13:45.600 --> 01:13:46.850 align:start position:0% never sure when we create something 01:13:46.860 --> 01:13:47.840 align:start position:0% that it will gain value, and that's 01:13:47.850 --> 01:13:49.910 align:start position:0% true for everything, it's true for 01:13:49.920 --> 01:13:54.680 align:start position:0% absolutely everything. If you, if you create 01:13:54.690 --> 01:13:56.030 align:start position:0% anything tomorrow you are not 01:13:56.040 --> 01:13:59.120 align:start position:0% at all sure that there will be buyers 01:13:59.130 --> 01:14:00.680 align:start position:0% for your, for what you are going to 01:14:00.690 --> 01:14:03.410 align:start position:0% create. Whatever your belief. But 01:14:03.420 --> 01:14:05.090 align:start position:0% if you think that, I don't know, 01:14:05.100 --> 01:14:05.990 align:start position:0% potatoes are a value 01:14:06.000 --> 01:14:07.100 align:start position:0% economic that people are ready to 01:14:07.110 --> 01:14:07.570 align:start position:0% fight over, 01:14:07.580 --> 01:14:09.710 align:start position:0% you are going to try to grow 01:14:09.720 --> 01:14:10.880 align:start position:0% potatoes and you are going to realize 01:14:10.890 --> 01:14:12.830 align:start position:0% that the price at which you are ready 01:14:12.840 --> 01:14:15.560 align:start position:0% to sell it is too high, people are not 01:14:15.570 --> 01:14:16.850 align:start position:0% ready to buy it at that price and the 01:14:16.860 --> 01:14:18.530 align:start position:0% price that they will, at which they will 01:14:18.540 --> 01:14:20.930 align:start position:0% buy it from you is lower than the cost price. 01:14:20.940 --> 01:14:22.940 align:start position:0% That is to say that you are going to spend more than what 01:14:22.950 --> 01:14:23.900 align:start position:0% people are ready to pay for 01:14:23.910 --> 01:14:25.760 align:start position:0% it. And so finally it's not..., it 01:14:25.770 --> 01:14:28.340 align:start position:0% becomes something absolutely 01:14:28.350 --> 01:14:30.980 align:start position:0% negative and you will quickly give up 01:14:30.990 --> 01:14:32.750 align:start position:0% because you will do two or 01:14:32.760 --> 01:14:34.070 align:start position:0% three years, then when you realize 01:14:34.080 --> 01:14:35.510 align:start position:0% that it is impoverishing you, you will 01:14:35.520 --> 01:14:38.210 align:start position:0% stop. Or mechanically you will no longer be 01:14:38.220 --> 01:14:39.080 align:start position:0% able to do it anyway, 01:14:39.090 --> 01:14:40.310 align:start position:0% because you still need a minimum 01:14:40.320 --> 01:14:42.140 align:start position:0% of things to to grow crops, 01:14:42.150 --> 01:14:43.880 align:start position:0% you need land, you need water, you 01:14:43.890 --> 01:14:45.800 align:start position:0% need a whole bunch of stuff, there you go. So 01:14:45.810 --> 01:14:48.470 align:start position:0% you are not sure, ever, The June 01:14:48.480 --> 01:14:50.000 align:start position:0% is no exception to that, the June is a 01:14:50.010 --> 01:14:52.550 align:start position:0% monetary candidate, the June is a 01:14:52.560 --> 01:14:56.030 align:start position:0% candidate to be a currency, it is 01:14:56.040 --> 01:14:57.110 align:start position:0% created, on the other hand, it has a 01:14:57.120 --> 01:14:58.400 align:start position:0% particular form, it brings something 01:14:58.410 --> 01:15:00.680 align:start position:0% new, that had never been tried 01:15:00.690 --> 01:15:02.900 align:start position:0% before which is to say: we are going to create 01:15:02.910 --> 01:15:04.550 align:start position:0% something that is created by universal 01:15:04.560 --> 01:15:07.520 align:start position:0% dividend, which ensures that it is not the 01:15:07.530 --> 01:15:08.660 align:start position:0% first come, first served, 01:15:08.670 --> 01:15:10.070 align:start position:0% even if we arrive later we will create the same share of 01:15:10.080 --> 01:15:14.120 align:start position:0% currency. It's a proposition. It turns out that 01:15:16.850 --> 01:15:19.040 align:start position:0% it pleased a certain number of 01:15:19.050 --> 01:15:20.180 align:start position:0% people, that's a fact. 01:15:20.190 --> 01:15:22.460 align:start position:0% There were both developers who 01:15:22.470 --> 01:15:25.430 align:start position:0% were willing to develop it, to 01:15:25.440 --> 01:15:28.279 align:start position:0% create it. There were, 01:15:28.289 --> 01:15:30.079 align:start position:0% then, users who found 01:15:30.089 --> 01:15:32.000 align:start position:0% the idea charming and who said to themselves "this is 01:15:32.010 --> 01:15:33.139 align:start position:0% a great thing I want to do it", 01:15:33.149 --> 01:15:34.909 align:start position:0% very good. Does that mean that it 01:15:34.919 --> 01:15:36.949 align:start position:0% convinces everyone, far from it. There are 01:15:36.959 --> 01:15:39.199 align:start position:0% plenty of people who think that it, that 01:15:39.209 --> 01:15:40.759 align:start position:0% it is, that it is not, it cannot be 01:15:40.769 --> 01:15:43.279 align:start position:0% a value, who don't want it for 01:15:43.289 --> 01:15:44.599 align:start position:0% a whole lot of reasons that can be 01:15:44.609 --> 01:15:47.479 align:start position:0% good, not good, etc..., voluntarily 01:15:47.489 --> 01:15:49.279 align:start position:0% harmful to safeguard their interests 01:15:49.289 --> 01:15:53.029 align:start position:0% also, anything is possible. And it can 01:15:53.039 --> 01:15:54.679 align:start position:0% very well be totally abandoned 01:15:54.689 --> 01:15:57.199 align:start position:0% tomorrow, we know nothing about it since 01:15:57.209 --> 01:16:00.919 align:start position:0% it really depends on the choice of 01:16:00.929 --> 01:16:03.319 align:start position:0% each individual and I am not at 01:16:03.329 --> 01:16:05.509 align:start position:0% all master of the choices of individuals neither 01:16:05.519 --> 01:16:07.939 align:start position:0% in space nor in time. I 01:16:07.949 --> 01:16:11.479 align:start position:0% cannot guarantee that in Mayenne a 01:16:11.489 --> 01:16:13.129 align:start position:0% carrot will be exchanged for two 01:16:13.139 --> 01:16:13.579 align:start position:0% potatoes, 01:16:13.589 --> 01:16:16.729 align:start position:0% while in Nice you need three carrots 01:16:16.739 --> 01:16:19.399 align:start position:0% to be exchanged for one potato. Well, 01:16:19.409 --> 01:16:20.689 align:start position:0% what is true for carrots and 01:16:20.699 --> 01:16:21.889 align:start position:0% potatoes, why do you want it to be 01:16:21.899 --> 01:16:24.409 align:start position:0% different for the June. It's already true 01:16:24.419 --> 01:16:25.520 align:start position:0% in currency, in all the currencies 01:16:25.530 --> 01:16:26.989 align:start position:0% that we use, depending on where we 01:16:26.999 --> 01:16:27.789 align:start position:0% are 01:16:27.799 --> 01:16:30.229 align:start position:0% the prices are not the same. And depending on the 01:16:30.239 --> 01:16:31.429 align:start position:0% period we are in, they are not the 01:16:31.439 --> 01:16:33.139 align:start position:0% same either. But the June is no exception 01:16:33.149 --> 01:16:36.349 align:start position:0% to that. The June is no exception to that, there is 01:16:36.359 --> 01:16:37.969 align:start position:0% no reason why the June should be an exception to 01:16:37.979 --> 01:16:40.609 align:start position:0% that. No economic value in 01:16:40.619 --> 01:16:42.859 align:start position:0% history, everywhere, has been able to escape 01:16:42.869 --> 01:16:44.029 align:start position:0% that. There are no two economic values 01:16:44.039 --> 01:16:47.029 align:start position:0% that have remained stable in potential 01:16:47.039 --> 01:16:49.009 align:start position:0% exchange between them over time. There are 01:16:49.019 --> 01:16:54.559 align:start position:0% none, it doesn't exist. So it's not, what 01:16:54.569 --> 01:16:56.750 align:start position:0% the June brings, it's not the 01:16:56.760 --> 01:16:58.279 align:start position:0% belief that economic values 01:16:58.289 --> 01:17:00.319 align:start position:0% are: 1) fixed, that they would not evolve 01:17:00.329 --> 01:17:02.599 align:start position:0% over time, that they would not change tomorrow. 01:17:02.609 --> 01:17:03.949 align:start position:0% It's not the belief that therefore, that there 01:17:03.959 --> 01:17:06.859 align:start position:0% would be the possibility that suddenly, 01:17:06.869 --> 01:17:08.899 align:start position:0% we don't know why, all prices 01:17:08.909 --> 01:17:11.989 align:start position:0% would be everywhere all the time on 01:17:11.999 --> 01:17:13.069 align:start position:0% economic values that would not move 01:17:13.079 --> 01:17:15.379 align:start position:0% when the reality is not that. The 01:17:15.389 --> 01:17:16.399 align:start position:0% reality is that economic values, 01:17:16.409 --> 01:17:19.039 align:start position:0% they change all the time. So if the values 01:17:19.049 --> 01:17:20.569 align:start position:0% economic are replaced over time, 01:17:20.579 --> 01:17:22.489 align:start position:0% how do you even want to consider the 01:17:22.499 --> 01:17:25.639 align:start position:0% fact that their relative exchange value, 01:17:25.649 --> 01:17:28.009 align:start position:0% is stable. It's not possible, because 01:17:28.019 --> 01:17:31.069 align:start position:0% the elements themselves are not. The 01:17:31.079 --> 01:17:32.959 align:start position:0% elements themselves are not. So how 01:17:32.969 --> 01:17:34.720 align:start position:0% do you want the ratio to be? 01:17:34.730 --> 01:17:36.850 align:start position:0% The ratio cannot be stable because 01:17:36.860 --> 01:17:38.740 align:start position:0% the elements that induce this 01:17:38.750 --> 01:17:41.110 align:start position:0% ratio are not themselves stable. 01:17:41.120 --> 01:17:43.300 align:start position:0% There you go. So you have to abandon all 01:17:43.310 --> 01:17:46.630 align:start position:0% belief in a stability that is a 01:17:46.640 --> 01:17:49.300 align:start position:0% vain hope. That doesn't exist. The June 01:17:49.310 --> 01:17:50.620 align:start position:0% on the other hand brings, the free currency 01:17:50.630 --> 01:17:53.400 align:start position:0% brings stability in its creation. 01:17:53.410 --> 01:17:55.480 align:start position:0% And that's new. 01:17:55.490 --> 01:17:56.680 align:start position:0% Until now there had never been 01:17:56.690 --> 01:17:58.840 align:start position:0% an economic value whose mode of 01:17:58.850 --> 01:18:05.700 align:start position:0% creation proved to be stable. In any case, 01:18:05.710 --> 01:18:09.280 align:start position:0% the free currency brings at least this, this, 01:18:09.290 --> 01:18:11.380 align:start position:0% this contribution. There you go, a value 01:18:11.390 --> 01:18:15.100 align:start position:0% economic that assures you that, for all 01:18:15.110 --> 01:18:18.870 align:start position:0% and all the time, if you use it, 01:18:18.880 --> 01:18:21.340 align:start position:0% its creation rule ensures a symmetry 01:18:21.350 --> 01:18:22.990 align:start position:0% of creation between its members. 01:18:23.000 --> 01:18:24.370 align:start position:0% After that, what is its exchange value 01:18:24.380 --> 01:18:27.100 align:start position:0% with something else, that does not escape the 01:18:27.110 --> 01:18:29.590 align:start position:0% law of relativity and we can't do anything 01:18:29.600 --> 01:18:32.410 align:start position:0% about it and I can't do anything about it. That 01:18:32.420 --> 01:18:34.270 align:start position:0% is a, it's a, I would say that it's 01:18:34.280 --> 01:18:37.540 align:start position:0% a human law, it 01:18:37.550 --> 01:18:39.280 align:start position:0% is not physical here, it is human, 01:18:39.290 --> 01:18:41.860 align:start position:0% but which is insurmountable. I don't see 01:18:41.870 --> 01:18:42.910 align:start position:0% how human beings could agree 01:18:42.920 --> 01:18:44.140 align:start position:0% on that, given 01:18:44.150 --> 01:18:45.070 align:start position:0% that they do not live at all in the same 01:18:45.080 --> 01:18:45.810 align:start position:0% economy. 01:18:45.820 --> 01:18:47.950 align:start position:0% A 20-year-old man does not live in the same 01:18:47.960 --> 01:18:50.320 align:start position:0% economy as a sixty-year-old man, they 01:18:50.330 --> 01:18:51.520 align:start position:0% don't have the same references, they 01:18:51.530 --> 01:18:52.840 align:start position:0% are not interested in the same things, they do not 01:18:52.850 --> 01:18:55.510 align:start position:0% create the same thing and they live 01:18:55.520 --> 01:18:57.220 align:start position:0% in periods that are not at all 01:18:57.230 --> 01:18:59.530 align:start position:0% the same. The economy of the 60s has 01:18:59.540 --> 01:19:00.940 align:start position:0% nothing to do with the economy of the 2020s, 01:19:00.950 --> 01:19:02.650 align:start position:0% and this economy that we live in today 01:19:02.660 --> 01:19:04.600 align:start position:0% in 2020 will have nothing to do with 01:19:04.610 --> 01:19:08.050 align:start position:0% the economy of the year 2100. However 01:19:08.060 --> 01:19:11.470 align:start position:0% it is possible that the June, by 01:19:11.480 --> 01:19:14.230 align:start position:0% continuity, will last until 2100 and it, 01:19:14.240 --> 01:19:15.430 align:start position:0% on the other hand, it will have kept this 01:19:15.440 --> 01:19:17.260 align:start position:0% property of always being created in the same 01:19:17.270 --> 01:19:17.560 align:start position:0% way. 01:19:17.570 --> 01:19:19.780 align:start position:0% Will that allow it to acquire 01:19:19.790 --> 01:19:24.580 align:start position:0% a generalized monetary status within 01:19:24.590 --> 01:19:27.160 align:start position:0% a population? Without dreaming that it 01:19:27.170 --> 01:19:29.590 align:start position:0% will be universal in the sense of all 01:19:29.600 --> 01:19:31.660 align:start position:0% men all the time, no, I don't believe 01:19:31.670 --> 01:19:33.850 align:start position:0% in that. I believe that, simply, a 01:19:33.860 --> 01:19:35.650 align:start position:0% consequent population of human beings 01:19:35.660 --> 01:19:37.600 align:start position:0% can adopt a free currency and 01:19:37.610 --> 01:19:39.280 align:start position:0% do business with it I think. That is 01:19:39.290 --> 01:19:39.790 align:start position:0% possible. 01:19:39.800 --> 01:19:41.350 align:start position:0% Now, is it guaranteed? 01:19:41.360 --> 01:19:43.820 align:start position:0% Absolutely not. It could stop tomorrow 01:19:43.830 --> 01:19:46.640 align:start position:0% since it depends on the will of 01:19:46.650 --> 01:19:49.310 align:start position:0% each actor and I don't control that. 01:19:49.320 --> 01:19:50.900 align:start position:0% I am unable to tell you 01:19:50.910 --> 01:19:52.070 align:start position:0% what men will do tomorrow. I have no idea. 01:19:52.080 --> 01:20:02.440 align:start position:0% Other questions? 01:20:09.750 --> 01:20:12.340 align:start position:0% Well, we'll conclude, it's time to eat. 01:20:12.350 --> 01:20:19.790 align:start position:0% Stéphane I want to thank you for this conference and 01:20:19.800 --> 01:20:21.560 align:start position:0% also thank so 01:20:21.570 --> 01:20:23.900 align:start position:0% ??? for welcoming us. 01:20:23.910 --> 01:20:30.500 align:start position:0% We thank you once again 01:20:30.510 --> 01:20:32.360 align:start position:0% for selling your video projector 01:20:32.370 --> 01:20:38.660 align:start position:0% in June, which allows this viewing. We also thank 01:20:38.670 --> 01:20:40.820 align:start position:0% "Squick?" for lending his screen, and which 01:20:40.830 --> 01:20:42.200 align:start position:0% is rented in June also, the screen that allows us to see you. 01:20:42.210 --> 01:20:48.110 align:start position:0% Thanks to those who 01:20:48.120 --> 01:20:50.510 align:start position:0% contributed, participated in bringing their 01:20:50.520 --> 01:20:53.690 align:start position:0% cables, and the interpretation so that's mainly it 01:20:53.700 --> 01:20:59.670 align:start position:0% We thank Christelle and Aurélie who translated into 01:20:59.680 --> 01:21:03.160 align:start position:0% French sign language your 01:21:03.170 --> 01:21:04.520 align:start position:0% intervention. 01:21:04.530 --> 01:21:06.560 align:start position:0% So I would like, to conclude 01:21:06.570 --> 01:21:10.060 align:start position:0% perhaps, to thank Mathieu. Because 01:21:10.070 --> 01:21:12.110 align:start position:0% Mathieu, who is here, organizes these 01:21:12.120 --> 01:21:13.760 align:start position:0% summer universities. These are the first. 01:21:13.770 --> 01:21:15.560 align:start position:0% It must be said that he is very, very 01:21:15.570 --> 01:21:17.320 align:start position:0% active, in Toulouse. 01:21:17.330 --> 01:21:19.780 align:start position:0% He is the one who created 01:21:19.790 --> 01:21:21.890 align:start position:0% almost all the Toulouse events; 01:21:21.900 --> 01:21:23.810 align:start position:0% from the beginning. He became interested in 01:21:23.820 --> 01:21:25.520 align:start position:0% the June very early, even before it 01:21:25.530 --> 01:21:26.690 align:start position:0% existed, in 2014, 01:21:26.700 --> 01:21:29.390 align:start position:0% when he encountered it at the summer university 01:21:29.400 --> 01:21:31.130 align:start position:0% of basic income, where it gave him 01:21:31.140 --> 01:21:35.209 align:start position:0% a shock. And so there he moved a lot 01:21:35.219 --> 01:21:36.530 align:start position:0% for this event. So there 01:21:36.540 --> 01:21:37.700 align:start position:0% I should have come normally, I would have 01:21:37.710 --> 01:21:39.650 align:start position:0% been able to come if... Well there I have 01:21:39.660 --> 01:21:40.280 align:start position:0% a hindrance, 01:21:40.290 --> 01:21:43.330 align:start position:0% I'll spare you the details, but there you go. 01:21:43.340 --> 01:21:45.620 align:start position:0% But well I had planned to come but 01:21:45.630 --> 01:21:47.240 align:start position:0% there you go so I was able to make it. I am 01:21:47.250 --> 01:21:48.110 align:start position:0% very happy to have been able to still 01:21:48.120 --> 01:21:49.250 align:start position:0% give this conference by 01:21:49.260 --> 01:21:50.570 align:start position:0% videoconference thanks also to the help of 01:21:50.580 --> 01:21:52.550 align:start position:0% "Polar?" whom I thank. I thank the 01:21:52.560 --> 01:21:54.650 align:start position:0% interpreters and then Mathieu and Nadia who 01:21:54.660 --> 01:21:56.090 align:start position:0% are like the leaders, the masters 01:21:56.100 --> 01:21:58.190 align:start position:0% of work, a bit the masterpieces also, but 01:21:58.200 --> 01:21:59.600 align:start position:0% the masters of work of this summer university. 01:21:59.610 --> 01:22:01.010 align:start position:0% It's their event, 01:22:01.020 --> 01:22:03.050 align:start position:0% they are the ones who created it, I always 01:22:03.060 --> 01:22:05.410 align:start position:0% make a point of respecting the creators 01:22:05.420 --> 01:22:06.620 align:start position:0% of events. 01:22:06.630 --> 01:22:08.959 align:start position:0% There you go and then I also invite the 01:22:08.969 --> 01:22:11.090 align:start position:0% participants to contribute to this 01:22:11.100 --> 01:22:12.860 align:start position:0% event by making a small donation, 01:22:12.870 --> 01:22:14.880 align:start position:0% so I don't know if there is an account for 01:22:14.890 --> 01:22:16.770 align:start position:0% the summer university, or MLO 01:22:16.780 --> 01:22:18.510 align:start position:0% I don't know, but to make a small donation 01:22:18.520 --> 01:22:21.210 align:start position:0% even one UD or two UD I don't know. A 01:22:21.220 --> 01:22:24.810 align:start position:0% small donation to the organizers to 01:22:24.820 --> 01:22:27.810 align:start position:0% to contribute there you go and then, indeed, 01:22:27.820 --> 01:22:29.220 align:start position:0% it's very pleasing to see 01:22:29.230 --> 01:22:31.650 align:start position:0% that a projector that was sold in 01:22:31.660 --> 01:22:33.420 align:start position:0% Junes you see, I sold it in Junes this 01:22:33.430 --> 01:22:33.900 align:start position:0% projector, 01:22:33.910 --> 01:22:35.250 align:start position:0% well it turns out that it's Mathieu who 01:22:35.260 --> 01:22:37.740 align:start position:0% bought it, well very good, and that 01:22:37.750 --> 01:22:40.350 align:start position:0% the screen that is rented in Junes and then 01:22:40.360 --> 01:22:42.720 align:start position:0% the interpreters also it wouldn't be 01:22:42.730 --> 01:22:44.400 align:start position:0% bad but maybe those who 01:22:44.410 --> 01:22:46.920 align:start position:0% benefited from the interpretation well give them 01:22:46.930 --> 01:22:48.210 align:start position:0% also a little something in 01:22:48.220 --> 01:22:50.910 align:start position:0% Junes, so that they can discover that in 01:22:50.920 --> 01:22:52.260 align:start position:0% exchange for these Junes that they could 01:22:52.270 --> 01:22:52.800 align:start position:0% receive, 01:22:52.810 --> 01:22:54.150 align:start position:0% well they could perhaps get 01:22:54.160 --> 01:22:56.640 align:start position:0% a good or a service for 01:22:56.650 --> 01:22:59.010 align:start position:0% example on ğchange, or in the 01:22:59.020 --> 01:23:00.780 align:start position:0% workshops that I suppose are numerous at this 01:23:00.790 --> 01:23:01.970 align:start position:0% summer university. 01:23:01.980 --> 01:23:06.420 align:start position:0% Thank you for your interest. So I believe 01:23:06.430 --> 01:23:07.470 align:start position:0% that this conference is 01:23:07.480 --> 01:23:08.790 align:start position:0% broadcast on Youtube. By the way there are 01:23:08.800 --> 01:23:10.110 align:start position:0% a lot of comments on Youtube, 01:23:10.120 --> 01:23:12.000 align:start position:0% I will try to read them, I couldn't do it at the 01:23:12.010 --> 01:23:14.400 align:start position:0% same time. It will be rebroadcast, I 01:23:14.410 --> 01:23:16.290 align:start position:0% believe, tonight. There will be new 01:23:16.300 --> 01:23:17.670 align:start position:0% questions according to what Nadia told me. 01:23:17.680 --> 01:23:20.490 align:start position:0% So eventually I will reconnect 01:23:20.500 --> 01:23:23.040 align:start position:0% if I get confirmation of that, I will 01:23:23.050 --> 01:23:24.390 align:start position:0% reconnect tonight, I don't know 01:23:24.400 --> 01:23:25.590 align:start position:0% at what time, at 6 pm or at 7 pm, 01:23:25.600 --> 01:23:27.750 align:start position:0% once the conference is over, 01:23:27.760 --> 01:23:30.780 align:start position:0% to eventually resume, 01:23:30.790 --> 01:23:31.890 align:start position:0% answer a few more questions. 01:23:31.900 --> 01:23:34.350 align:start position:0% Thank you all, enjoy your meal, 01:23:34.360 --> 01:23:35.940 align:start position:0% I'll let maybe the final word to 01:23:35.950 --> 01:23:38.880 align:start position:0% Mathieu to conclude definitively. 01:23:38.890 --> 01:23:43.490 align:start position:0% Will there be subtitles on the rebroadcast? 01:23:43.500 --> 01:23:51.000 align:start position:0% So that people who don't speak French... 01:23:51.010 --> 01:23:53.370 align:start position:0% On Youtube it's possible to put, 01:23:53.380 --> 01:23:55.080 align:start position:0% subtitles on Youtube, you 01:23:55.090 --> 01:23:58.050 align:start position:0% can do it. If you do it, you 01:23:58.060 --> 01:24:00.380 align:start position:0% tell me and normally I just have to activate and 01:24:00.390 --> 01:24:02.910 align:start position:0% I can activate it afterwards. And it will, it 01:24:02.920 --> 01:24:04.470 align:start position:0% will be able to, if you have subtitles put 01:24:04.480 --> 01:24:08.670 align:start position:0% it will appear also. There is ??? who is asking 01:24:08.680 --> 01:24:11.430 align:start position:0% a question. So thank you very much to 01:24:11.440 --> 01:24:13.560 align:start position:0% Mathieu for the organization and, just, 01:24:13.570 --> 01:24:19.350 align:start position:0% ??? for the artists and so for 01:24:19.360 --> 01:24:20.850 align:start position:0% the interpreters why not also but 01:24:20.860 --> 01:24:22.200 align:start position:0% well Spanish in fact, we could 01:24:22.210 --> 01:24:23.610 align:start position:0% add the interpreters in Spanish, 01:24:23.620 --> 01:24:25.380 align:start position:0% in other languages. 01:24:25.390 --> 01:24:27.510 align:start position:0% And so the subtitles, it's not just for 01:24:27.520 --> 01:24:30.630 align:start position:0% me as a deaf person for example, it's more a value of 01:24:30.640 --> 01:24:35.340 align:start position:0% freedom and so I propose that we create... 01:24:35.350 --> 01:24:36.660 align:start position:0% not long ago and with the 01:24:36.670 --> 01:24:37.620 align:start position:0% coronavirus situation, 01:24:37.630 --> 01:24:41.120 align:start position:0% with the confinement, we became aware, when 01:24:41.130 --> 01:24:43.980 align:start position:0% we were stuck, that we had skills, 01:24:43.990 --> 01:24:45.600 align:start position:0% that there were two people who had... 01:24:45.610 --> 01:24:46.620 align:start position:0% professionals and professionals 01:24:46.630 --> 01:24:51.180 align:start position:0% of certified subtitling, and so we 01:24:51.190 --> 01:24:52.980 align:start position:0% worked for three months on subtitling, 01:24:54.320 --> 01:24:59.550 align:start position:0% we did, we took some "VOST G1?". 01:24:59.560 --> 01:25:03.100 align:start position:0% There you go we created that and so we managed 01:25:03.110 --> 01:25:05.440 align:start position:0% to do that, and we got 3000 Junes 01:25:05.450 --> 01:25:09.700 align:start position:0% to do it, and so it is possible to 01:25:09.710 --> 01:25:11.320 align:start position:0% do, to do that during different 01:25:11.330 --> 01:25:15.580 align:start position:0% conferences and if you donate for the conferences we can do it, 01:25:15.590 --> 01:25:18.740 align:start position:0% there you go, to adapt to each person's situation. 01:25:18.750 --> 01:25:22.960 align:start position:0% I am here for ????. And so 01:25:22.970 --> 01:25:24.250 align:start position:0% it's true that there are several deaf people 01:25:24.260 --> 01:25:25.540 align:start position:0% who are present and it allows 01:25:25.550 --> 01:25:34.150 align:start position:0% for exchange afterwards. 01:25:34.160 --> 01:25:38.490 align:start position:0% carpooling in France is called au pick 01:25:41.360 --> 01:25:41.620 align:start position:0% up 01:25:41.630 --> 01:25:44.530 align:start position:0% the duval in blablacar in free mode 01:25:44.540 --> 01:25:49.960 align:start position:0% finally in cooperative mode and taxes is 01:25:49.970 --> 01:25:54.670 align:start position:0% also that of the judges notably not only 01:25:54.680 --> 01:25:57.280 align:start position:0% of the 27 in the retribution system 01:25:57.290 --> 01:26:05.110 align:start position:0% of the posts there you go 14 years and a bit I am 01:26:05.120 --> 01:26:06.430 align:start position:0% part of it I have no choice it's at 01:26:06.440 --> 01:26:17.320 align:start position:0% this cooperative ah yes it's there from where 01:26:17.330 --> 01:26:17.920 align:start position:0% its fans 01:26:17.930 --> 01:26:24.960 align:start position:0% this moment of very rich local exchange 01:26:27.830 --> 01:26:29.680 align:start position:0% thank you for being present for that 01:26:29.690 --> 01:26:31.320 align:start position:0% that we could also come back to gstaad 01:26:31.330 --> 01:26:34.890 align:start position:0% but it will not be interfered with since 01:26:34.900 --> 01:26:37.630 align:start position:0% the one from the start of the school year it still has work 01:26:37.640 --> 01:26:38.790 align:start position:0% on the side of poitiers 01:26:38.800 --> 01:26:42.030 align:start position:0% I know it and the smell first of all these 01:26:42.040 --> 01:26:45.910 align:start position:0% magnificent interpreters not on one side and 01:26:45.920 --> 01:26:48.640 align:start position:0% it shows that it's possible when we 01:26:48.650 --> 01:26:50.560 align:start position:0% think but it's possible to mobilize 01:26:50.570 --> 01:26:52.600 align:start position:0% skills it's possible to 01:26:52.610 --> 01:26:55.090 align:start position:0% remunerate them in development 01:26:55.100 --> 01:27:00.880 align:start position:0% in juice of 6 meters to unite our forces and 01:27:00.890 --> 01:27:03.520 align:start position:0% we don't know an early child and at 01:27:03.530 --> 01:27:12.220 align:start position:0% 6 pm you will have waited they are not 01:27:12.230 --> 01:27:15.970 align:start position:0% stable to come back tonight for the 01:27:15.980 --> 01:27:16.590 align:start position:0% borde 01:27:16.600 --> 01:27:27.970 align:start position:0% there you go the hockey no it's just because 01:27:27.980 --> 01:27:37.840 align:start position:0% we are there there you go so it's finished so 01:27:37.850 --> 01:27:39.700 align:start position:0% there you go I'm going to leave you there for those 01:27:39.710 --> 01:27:41.470 align:start position:0% who are on youtube I'm going to stop there 01:27:41.480 --> 01:27:46.600 align:start position:0% and so tonight maybe maybe a 01:27:46.610 --> 01:27:51.610 align:start position:0% new live and so we'll call each other