[00:02] power, then credit was the evolution of it. And it still hugely owns not just the US, but the entire world. In November 1910, a secret group of US bankers, their goal was to create the Federal Reserve Act in order to control
[00:14] the supply of America's money. The Fed is owned by the smaller commercial US banks. And all of them were given the superpower to do what's called fractional reserve banking. Let's say you deposit $100 with your bank. Now,
[00:27] that bank can loan up to $90 of your money to someone else. The other $10 is reserved for you in case you need it. That's called vault cash. Now, your bank account will still show you having $100. But on the bank side, though, that $100
[00:41] deposit just created another $90 for the bank to lend out. Now, let's say someone borrows that $90 of technically your money. And then they pay someone for something that they bought. Then that person goes to deposit their $90 with
[00:55] their bank and that bank also gets to do the exact same thing and lend out 90% of it. Now believe it or not, that's how and now the Fed has lowered the reserve requirement to 0%. Meaning they can lend out the maximum amount of everything you
[01:11] deposit under the Fed's guidance. If a handful of banks get to decide who creates dollars and how many of them, then that's one way to own a