I came across an economics professor’s impression of the video clip:
“Interesting, and certainly a very elaborate conspiracy theory. In making its argument, it pointedly avoids mentioning the efficiencies that financial intermediaries (banks) provide, money illusion and thus the facility of inflation in allowing real relative price changes, interest as a real compensation for delayed use of resources, or the sovereign power of government which no banker can usurp. I am also not convinced of the need for perpetual, geometric growth to sustain the fractional reserve system either, and certainly not as described…it is possible to have income and value growth without increasing the real rate of use of natural resources. Note how the argument provided carefully implies that the rape of the planet is a necessary outcome of fractional reserve systems by essentially ignoring productivity growth or technological progress.
I wasn’t able to get a full understanding of the alternative monetary system proposed, so I can’t really say it would be better or worse. I would say however than any such weighting would need to account for the fact that politicians are every bit as greedy and manipulative as bankers and its not clear a government-run monetary system would be less prone to abuse. And the idea of popular control of the monetary system in pure democratic fashion…oh dear.”
