[Music] [Applause]
[Applause]
[Applause] inequality bubbles and busts by our
inequality bubbles and busts by our
inequality bubbles and busts by our economic system is not sustainable
economic system is not sustainable
economic system is not sustainable what’s on the agenda part one how
what’s on the agenda part one how
what’s on the agenda part one how bubbles form part two how to overcome
bubbles form part two how to overcome
bubbles form part two how to overcome them first part who’s paying whom in
them first part who’s paying whom in
them first part who’s paying whom in everyday transactions let’s take our
everyday transactions let’s take our
everyday transactions let’s take our daily bread the price of each product
daily bread the price of each product
daily bread the price of each product and service that we buy is composed of
and service that we buy is composed of
and service that we buy is composed of two task components which is labor costs
two task components which is labor costs
two task components which is labor costs and capital costs let’s take the farmer
and capital costs let’s take the farmer
and capital costs let’s take the farmer he needs soil to grow the golden grain
he needs soil to grow the golden grain
he needs soil to grow the golden grain neither he can rent the soil from a
neither he can rent the soil from a
neither he can rent the soil from a landlord then he has to pay the rent or
landlord then he has to pay the rent or
landlord then he has to pay the rent or he can buy the land with her with taking
he can buy the land with her with taking
he can buy the land with her with taking out a loan from from investment bank
out a loan from from investment bank
out a loan from from investment bank know from a normal bank though he has to
know from a normal bank though he has to
know from a normal bank though he has to pay interest or he owns the land himself
pay interest or he owns the land himself
pay interest or he owns the land himself but even then he has to calculate
but even then he has to calculate
but even then he has to calculate so-called imputed ownership costs
so-called imputed ownership costs
so-called imputed ownership costs because he could rent out the land or he
because he could rent out the land or he
because he could rent out the land or he could sell it so whoever owns the land
could sell it so whoever owns the land
could sell it so whoever owns the land you have to pay rent for just using it
you have to pay rent for just using it
you have to pay rent for just using it the tractor or the seeds are capital
the tractor or the seeds are capital
the tractor or the seeds are capital goods here the same applies either he
goods here the same applies either he
goods here the same applies either he can take out a loan and pay interest to
can take out a loan and pay interest to
can take out a loan and pay interest to finance it or he owns these capital
finance it or he owns these capital
finance it or he owns these capital goods and then he has to calculate
goods and then he has to calculate
goods and then he has to calculate imputed ownership costs and his rage so
imputed ownership costs and his rage so
imputed ownership costs and his rage so at the end of the day if you buy a pound
at the end of the day if you buy a pound
at the end of the day if you buy a pound of golden grain for let’s say 2 euros
of golden grain for let’s say 2 euros
of golden grain for let’s say 2 euros this caste which is contained the price
this caste which is contained the price
this caste which is contained the price in with enterprise is composed by these
in with enterprise is composed by these
in with enterprise is composed by these two components late wage and capital
two components late wage and capital
two components late wage and capital costs the grain is being sent to the
costs the grain is being sent to the
costs the grain is being sent to the mill they are the same applies to the
mill they are the same applies to the
mill they are the same applies to the baker
baker
baker they all need land they need capital
they all need land they need capital
they all need land they need capital goods which can be financed by a bank or
goods which can be financed by a bank or
goods which can be financed by a bank or by equity and the workforce so in the
by equity and the workforce so in the
by equity and the workforce so in the end every product that we purchase every
end every product that we purchase every
end every product that we purchase every service that we purchased a
service that we purchased a
service that we purchased a has a certain certain percentage of
has a certain certain percentage of
has a certain certain percentage of capital payments in contained in the
capital payments in contained in the
capital payments in contained in the price the economic term for this is a
price the economic term for this is a
price the economic term for this is a rent payment which means money is paid
rent payment which means money is paid
rent payment which means money is paid for something without having to work for
for something without having to work for
for something without having to work for it and at this point two questions arise
it and at this point two questions arise
it and at this point two questions arise how much money is it and where does it
how much money is it and where does it
how much money is it and where does it flow to because all these daily
flow to because all these daily
flow to because all these daily transactions happen if we know it or not
transactions happen if we know it or not
transactions happen if we know it or not or if we want it or not
or if we want it or not
or if we want it or not it does just doesn’t matter how much
it does just doesn’t matter how much
it does just doesn’t matter how much money is it just some numbers for
money is it just some numbers for
money is it just some numbers for Germany German government consultants
Germany German government consultants
Germany German government consultants estimate those rent payments in the form
estimate those rent payments in the form
estimate those rent payments in the form of interests in the form of dividends in
of interests in the form of dividends in
of interests in the form of dividends in the form of real estate rent payments to
the form of real estate rent payments to
the form of real estate rent payments to more than 500 billion euros per year in
more than 500 billion euros per year in
more than 500 billion euros per year in Germany consumer spending in Germany
Germany consumer spending in Germany
Germany consumer spending in Germany amounts to about 1600 1700 billion euros
amounts to about 1600 1700 billion euros
amounts to about 1600 1700 billion euros so about one third of the price of each
so about one third of the price of each
so about one third of the price of each product and service that we buy is made
product and service that we buy is made
product and service that we buy is made up by those capital costs and where does
up by those capital costs and where does
up by those capital costs and where does all this money go to well it’s very
all this money go to well it’s very
all this money go to well it’s very simple to the capital owners and capital
simple to the capital owners and capital
simple to the capital owners and capital and wealth is distributed worldwide and
and wealth is distributed worldwide and
and wealth is distributed worldwide and a very unequal in a very unequal manner
a very unequal in a very unequal manner
a very unequal in a very unequal manner for example in Germany ten percent of
for example in Germany ten percent of
for example in Germany ten percent of the population owned about sixty percent
the population owned about sixty percent
the population owned about sixty percent of net wealth the top one percent of the
of net wealth the top one percent of the
of net wealth the top one percent of the population owned one third of the net
population owned one third of the net
population owned one third of the net wealth so what we see in everyday
wealth so what we see in everyday
wealth so what we see in everyday transactions is a perfectly silently and
transactions is a perfectly silently and
transactions is a perfectly silently and smoothly working wealth fee or wealth
smoothly working wealth fee or wealth
smoothly working wealth fee or wealth tax flowing from each individual to the
tax flowing from each individual to the
tax flowing from each individual to the capital owners for example if you buy a
capital owners for example if you buy a
capital owners for example if you buy a cappuccino here in the cafeteria for one
cappuccino here in the cafeteria for one
cappuccino here in the cafeteria for one euro maybe one third of it thirty cent
euro maybe one third of it thirty cent
euro maybe one third of it thirty cent our capital costs this capital costs
our capital costs this capital costs
our capital costs this capital costs flow to the top twenty percent of the
flow to the top twenty percent of the
flow to the top twenty percent of the population and ten cent out of each euro
population and ten cent out of each euro
population and ten cent out of each euro flow to the top one percent that’s it
flow to the top one percent that’s it
flow to the top one percent that’s it many capital owners may be most capital
many capital owners may be most capital
many capital owners may be most capital owners don’t even know where their
owners don’t even know where their
owners don’t even know where their capital
capital
capital is invested well on a worldwide scale
is invested well on a worldwide scale
is invested well on a worldwide scale today we have about 170 trillion dollars
today we have about 170 trillion dollars
today we have about 170 trillion dollars assets under management those are
assets under management those are
assets under management those are numbers of Boston Consulting Group so
numbers of Boston Consulting Group so
numbers of Boston Consulting Group so these these huge assets are managed by
these these huge assets are managed by
these these huge assets are managed by professionals like investment bankers
professionals like investment bankers
professionals like investment bankers and you don’t even know where this money
and you don’t even know where this money
and you don’t even know where this money is invested where these capital revenues
is invested where these capital revenues
is invested where these capital revenues come from the logical consequence of
come from the logical consequence of
come from the logical consequence of this hidden wealth fee or valve tags is
this hidden wealth fee or valve tags is
this hidden wealth fee or valve tags is that automatically inequality has to
that automatically inequality has to
that automatically inequality has to increase and we can see these this on a
increase and we can see these this on a
increase and we can see these this on a worldwide scale during the last one to
worldwide scale during the last one to
worldwide scale during the last one to two generations inequality of wealth
two generations inequality of wealth
two generations inequality of wealth inequality of income increased worldwide
inequality of income increased worldwide
inequality of income increased worldwide right now 62 persons in the world own as
right now 62 persons in the world own as
right now 62 persons in the world own as much as 50% of the world population just
much as 50% of the world population just
much as 50% of the world population just 62 persons the top 1% of the world
62 persons the top 1% of the world
62 persons the top 1% of the world population owned as much wealth capital
population owned as much wealth capital
population owned as much wealth capital as the rest 99% together the economic
as the rest 99% together the economic
as the rest 99% together the economic what are the economic impacts of this
what are the economic impacts of this
what are the economic impacts of this increasing inequality well rich people
increasing inequality well rich people
increasing inequality well rich people save more than poor people because if
save more than poor people because if
save more than poor people because if you get for example 1 million euros per
you get for example 1 million euros per
you get for example 1 million euros per day on your bank account you just can’t
day on your bank account you just can’t
day on your bank account you just can’t spend that much money because you can’t
spend that much money because you can’t
spend that much money because you can’t drive that many nice cars to do the
drive that many nice cars to do the
drive that many nice cars to do the savings rate of rich people is very high
savings rate of rich people is very high
savings rate of rich people is very high and since inequality has been rising
and since inequality has been rising
and since inequality has been rising during the last one to two generation
during the last one to two generation
during the last one to two generation the savings rate also has been
the savings rate also has been
the savings rate also has been increasing worldwide whereas the median
increasing worldwide whereas the median
increasing worldwide whereas the median income the mass incomes lagged behind
income the mass incomes lagged behind
income the mass incomes lagged behind these increasing savings worldwide led
these increasing savings worldwide led
these increasing savings worldwide led to a capital blood I’ve been working in
to a capital blood I’ve been working in
to a capital blood I’ve been working in three banks until 2002 and in all three
three banks until 2002 and in all three
three banks until 2002 and in all three banks they told us do something there’s
banks they told us do something there’s
banks they told us do something there’s all this capital that we have that we
all this capital that we have that we
all this capital that we have that we have taken in so we’ve a capital glad
have taken in so we’ve a capital glad
have taken in so we’ve a capital glad seen during the last 20 30 years low
seen during the last 20 30 years low
seen during the last 20 30 years low interest rates which at first glance is
interest rates which at first glance is
interest rates which at first glance is very fine because we can invest
very fine because we can invest
very fine because we can invest but what what’s the problem we also can
but what what’s the problem we also can
but what what’s the problem we also can over invest we can overdue for example
over invest we can overdue for example
over invest we can overdue for example if people need homes and we build homes
if people need homes and we build homes
if people need homes and we build homes invest in homes that’s fine
invest in homes that’s fine
invest in homes that’s fine but if everyone has a home and we still
but if everyone has a home and we still
but if everyone has a home and we still invest it’s not fine we form a bubble
invest it’s not fine we form a bubble
invest it’s not fine we form a bubble before I’m sort of cancerous structure
before I’m sort of cancerous structure
before I’m sort of cancerous structure one Spanish economists told said in 2008
one Spanish economists told said in 2008
one Spanish economists told said in 2008 we have a real estate cancer in Spain
we have a real estate cancer in Spain
we have a real estate cancer in Spain where 2 million homes are empty the same
where 2 million homes are empty the same
where 2 million homes are empty the same applied to United States where until
applied to United States where until
applied to United States where until 2007 many many homes were built which no
2007 many many homes were built which no
2007 many many homes were built which no one actually heated so we build up over
one actually heated so we build up over
one actually heated so we build up over capacities but this does not only apply
capacities but this does not only apply
capacities but this does not only apply to the real estate sector but also to
to the real estate sector but also to
to the real estate sector but also to the industrial sector and other other
the industrial sector and other other
the industrial sector and other other branches and also there we see large our
branches and also there we see large our
branches and also there we see large our capacities some numbers for the United
capacities some numbers for the United
capacities some numbers for the United States from 1978 to 2011 real US GDP
States from 1978 to 2011 real US GDP
States from 1978 to 2011 real US GDP which means real US gross domestic
which means real US gross domestic
which means real US gross domestic product the economic power of this
product the economic power of this
product the economic power of this country increased from 100 to 173 after
country increased from 100 to 173 after
country increased from 100 to 173 after inflation those are numbers of the US
inflation those are numbers of the US
inflation those are numbers of the US Census Bureau those are government
Census Bureau those are government
Census Bureau those are government numbers so we have a really strong
numbers so we have a really strong
numbers so we have a really strong economic growth during these 33 years
economic growth during these 33 years
economic growth during these 33 years during the same period median income
during the same period median income
during the same period median income rose by just 5% after inflation
rose by just 5% after inflation
rose by just 5% after inflation what’s median income median income is
what’s median income median income is
what’s median income median income is the income of the people who in the very
the income of the people who in the very
the income of the people who in the very middle of the society where half of
middle of the society where half of
middle of the society where half of society gets more and half society runs
society gets more and half society runs
society gets more and half society runs less so that’s kind of an indicator for
less so that’s kind of an indicator for
less so that’s kind of an indicator for mass income the United States and
mass income the United States and
mass income the United States and actually for nearly 30 years mass income
actually for nearly 30 years mass income
actually for nearly 30 years mass income nearly did not increase in the United
nearly did not increase in the United
nearly did not increase in the United States so if you compare these two
States so if you compare these two
States so if you compare these two numbers you wonder who ate all those
numbers you wonder who ate all those
numbers you wonder who ate all those additional burgers who bought all those
additional burgers who bought all those
additional burgers who bought all those handhelds all those cars additional cars
handhelds all those cars additional cars
handhelds all those cars additional cars produced and the solution is that the
produced and the solution is that the
produced and the solution is that the people had not had not much more money
people had not had not much more money
people had not had not much more money in their wallets on their bank account
in their wallets on their bank account
in their wallets on their bank account but they took took out loans for
but they took took out loans for
but they took took out loans for our household loans during the last 30
our household loans during the last 30
our household loans during the last 30 years in the Western world increased
years in the Western world increased
years in the Western world increased six-fold but mass production is only
six-fold but mass production is only
six-fold but mass production is only possible if mass consumption mass
possible if mass consumption mass
possible if mass consumption mass consumption is only possible with every
consumption is only possible with every
consumption is only possible with every half mass income but mass income lagged
half mass income but mass income lagged
half mass income but mass income lagged behind a lot and if we compare these two
behind a lot and if we compare these two
behind a lot and if we compare these two numbers 173 over 105 we see that today
numbers 173 over 105 we see that today
numbers 173 over 105 we see that today we have huge over capacities and these
we have huge over capacities and these
we have huge over capacities and these numbers apply nearly throughout the
numbers apply nearly throughout the
numbers apply nearly throughout the Western world just relized word so let’s
Western world just relized word so let’s
Western world just relized word so let’s say about 3 out of 5 production lines
say about 3 out of 5 production lines
say about 3 out of 5 production lines the Western world would be sufficient to
the Western world would be sufficient to
the Western world would be sufficient to meet mass demand so we have a very
meet mass demand so we have a very
meet mass demand so we have a very dangerous situation with huge over
dangerous situation with huge over
dangerous situation with huge over capacities and this situation resembles
capacities and this situation resembles
capacities and this situation resembles the situation of 1928 when after the
the situation of 1928 when after the
the situation of 1928 when after the Roaring Twenties the golden 20s we also
Roaring Twenties the golden 20s we also
Roaring Twenties the golden 20s we also had huge our capacities and then the
had huge our capacities and then the
had huge our capacities and then the Great Depression set in so just from a
Great Depression set in so just from a
Great Depression set in so just from a purely economic point of view with far
purely economic point of view with far
purely economic point of view with far too much capacity what’s behind how does
too much capacity what’s behind how does
too much capacity what’s behind how does this come john maynard keynes maybe the
this come john maynard keynes maybe the
this come john maynard keynes maybe the most famous economists in the world
most famous economists in the world
most famous economists in the world in 1936 spoke of so-called functionless
in 1936 spoke of so-called functionless
in 1936 spoke of so-called functionless investor who is just no function do and
investor who is just no function do and
investor who is just no function do and he said these functionalist investors
he said these functionalist investors
he said these functionalist investors are bad are not only unjust but they
are bad are not only unjust but they
are bad are not only unjust but they also paid for the for the economic
also paid for the for the economic
also paid for the for the economic process let’s have a look at the five
process let’s have a look at the five
process let’s have a look at the five about 500 billion euros rent income in
about 500 billion euros rent income in
about 500 billion euros rent income in Germany where should this money flow
Germany where should this money flow
Germany where should this money flow well it should flow to those who cannot
well it should flow to those who cannot
well it should flow to those who cannot work or who cannot afford to work for
work or who cannot afford to work for
work or who cannot afford to work for example to our children are you the
example to our children are you the
example to our children are you the students or pupils and/or to the senior
students or pupils and/or to the senior
students or pupils and/or to the senior citizen there’s where the money should
citizen there’s where the money should
citizen there’s where the money should flow this rent income we don’t have to
flow this rent income we don’t have to
flow this rent income we don’t have to pee you don’t have to work for but and
pee you don’t have to work for but and
pee you don’t have to work for but and then the economic system the economic
then the economic system the economic
then the economic system the economic process the organized economic organism
process the organized economic organism
process the organized economic organism would be sound I could prosper but one
would be sound I could prosper but one
would be sound I could prosper but one third of this blood
third of this blood
third of this blood of this money flow does not flow in the
of this money flow does not flow in the
of this money flow does not flow in the social organism in the economic organism
social organism in the economic organism
social organism in the economic organism but flows to the bank accounts of very
but flows to the bank accounts of very
but flows to the bank accounts of very few people and those people become fewer
few people and those people become fewer
few people and those people become fewer and fewer and then they don’t know what
and fewer and then they don’t know what
and fewer and then they don’t know what to do with all this money rich people
to do with all this money rich people
to do with all this money rich people and they just invest in another
and they just invest in another
and they just invest in another investment opportunity and another
investment opportunity and another
investment opportunity and another esident again another asset and so some
esident again another asset and so some
esident again another asset and so some kind of cancer forms within our economy
kind of cancer forms within our economy
kind of cancer forms within our economy within our social system we have
within our social system we have
within our social system we have cancerous structures huge over capacity
cancerous structures huge over capacity
cancerous structures huge over capacity so the argument runs as follows
so the argument runs as follows
so the argument runs as follows we have a certain property property
we have a certain property property
we have a certain property property right rights in the Western world which
right rights in the Western world which
right rights in the Western world which means we can we have no limit to capital
means we can we have no limit to capital
means we can we have no limit to capital accumulation the sky’s the limit and we
accumulation the sky’s the limit and we
accumulation the sky’s the limit and we believe firmly in compound interest
believe firmly in compound interest
believe firmly in compound interest which means interest on interest and if
which means interest on interest and if
which means interest on interest and if we have just these two axioms these two
we have just these two axioms these two
we have just these two axioms these two basic assumptions automatically we will
basic assumptions automatically we will
basic assumptions automatically we will see exponential growth of wealth of
see exponential growth of wealth of
see exponential growth of wealth of capital this exponential growth leads
capital this exponential growth leads
capital this exponential growth leads must lead to economic to increasing
must lead to economic to increasing
must lead to economic to increasing inequality increasing inequality leads
inequality increasing inequality leads
inequality increasing inequality leads to a rising savings rate to a capital
to a rising savings rate to a capital
to a rising savings rate to a capital glad capital flood we see sinking
glad capital flood we see sinking
glad capital flood we see sinking interest rates lots of investment but
interest rates lots of investment but
interest rates lots of investment but mass incomes lag behind is the asset
mass incomes lag behind is the asset
mass incomes lag behind is the asset bubbles over capacity cancerous
bubbles over capacity cancerous
bubbles over capacity cancerous structures debt overload and then a seer
structures debt overload and then a seer
structures debt overload and then a seer correction will occur maybe every seven
correction will occur maybe every seven
correction will occur maybe every seven years every two to three generations so
years every two to three generations so
years every two to three generations so that’s how bubble forms what’s the
that’s how bubble forms what’s the
that’s how bubble forms what’s the solution it’s very simple the solution
solution it’s very simple the solution
solution it’s very simple the solution the basic reason is the unchecked
the basic reason is the unchecked
the basic reason is the unchecked exponential function we just have to
exponential function we just have to
exponential function we just have to skip we just have tools to stop this
skip we just have tools to stop this
skip we just have tools to stop this this unchecked
this unchecked
this unchecked exponential function a death text is not
exponential function a death text is not
exponential function a death text is not enough progressive income tax isn’t
enough progressive income tax isn’t
enough progressive income tax isn’t enough either so we just have to abolish
enough either so we just have to abolish
enough either so we just have to abolish the hidden wealth field they hidden
the hidden wealth field they hidden
the hidden wealth field they hidden wealth text and everyday transactions by
wealth text and everyday transactions by
wealth text and everyday transactions by giving back the money to where it comes
giving back the money to where it comes
giving back the money to where it comes from to the normal people or to the
from to the normal people or to the
from to the normal people or to the income people so what we could do for
income people so what we could do for
income people so what we could do for example is introduce a property tax on
example is introduce a property tax on
example is introduce a property tax on real estate that’s not used by the owner
real estate that’s not used by the owner
real estate that’s not used by the owner himself Peter the idea lives in his home
himself Peter the idea lives in his home
himself Peter the idea lives in his home or the farmer who cultivates his soil
or the farmer who cultivates his soil
or the farmer who cultivates his soil for lit for let’s say 3% per year we
for lit for let’s say 3% per year we
for lit for let’s say 3% per year we also could try a wealth tax on shares
also could try a wealth tax on shares
also could try a wealth tax on shares and dividend income for those who don’t
and dividend income for those who don’t
and dividend income for those who don’t work in the company for maybe also 3%
work in the company for maybe also 3%
work in the company for maybe also 3% but that’s dangerous maybe capital will
but that’s dangerous maybe capital will
but that’s dangerous maybe capital will flee in other places that’s difficult
flee in other places that’s difficult
flee in other places that’s difficult and the third one we should also
and the third one we should also
and the third one we should also eliminate the compound interest by
eliminate the compound interest by
eliminate the compound interest by introducing stamped money but right now
introducing stamped money but right now
introducing stamped money but right now we have interest rates of nearly 0% in
we have interest rates of nearly 0% in
we have interest rates of nearly 0% in Europe and in the United States though
Europe and in the United States though
Europe and in the United States though we could do this somewhat later take
we could do this somewhat later take
we could do this somewhat later take this money give it to the low income
this money give it to the low income
this money give it to the low income people they will have more income they
people they will have more income they
people they will have more income they will increase their demand and supply
will increase their demand and supply
will increase their demand and supply demand will be a match again so the
demand will be a match again so the
demand will be a match again so the solution would be very very simple or
solution would be very very simple or
solution would be very very simple or you just make a one-time wealth tax of
you just make a one-time wealth tax of
you just make a one-time wealth tax of maybe 30% for for the top 5% of the
maybe 30% for for the top 5% of the
maybe 30% for for the top 5% of the population and then all these troubles
population and then all these troubles
population and then all these troubles would be would be resolved I the clock
would be would be resolved I the clock
would be would be resolved I the clock doesn’t work I don’t know when exactly I
doesn’t work I don’t know when exactly I
doesn’t work I don’t know when exactly I started so what can what could be
started so what can what could be
started so what can what could be individual contributions well Joseph
individual contributions well Joseph
individual contributions well Joseph boys a famous artist once said 90% of
boys a famous artist once said 90% of
boys a famous artist once said 90% of our products are either harmful or
our products are either harmful or
our products are either harmful or needless or unnecessary so everyone
needless or unnecessary so everyone
needless or unnecessary so everyone could have a sort of a meditation about
could have a sort of a meditation about
could have a sort of a meditation about the statement how can I do without
the statement how can I do without
the statement how can I do without needless goods and activities second how
needless goods and activities second how
needless goods and activities second how to handle my assets if I have some money
to handle my assets if I have some money
to handle my assets if I have some money and give it to the bank for they can ask
and give it to the bank for they can ask
and give it to the bank for they can ask what is the bank doing with my deposited
what is the bank doing with my deposited
what is the bank doing with my deposited money what does the bank invest in often
money what does the bank invest in often
money what does the bank invest in often we read your money is working for you of
we read your money is working for you of
we read your money is working for you of working hard – it’s just untrue it’s
working hard – it’s just untrue it’s
working hard – it’s just untrue it’s always people who
always people who
always people who make me clothes or give my food who give
make me clothes or give my food who give
make me clothes or give my food who give me shelter so we can have a meditation
me shelter so we can have a meditation
me shelter so we can have a meditation about this statement man cannot live on
about this statement man cannot live on
about this statement man cannot live on money you always live on the work of
money you always live on the work of
money you always live on the work of others and the third one is to overcome
others and the third one is to overcome
others and the third one is to overcome claims mindedness egotism self-interest
claims mindedness egotism self-interest
claims mindedness egotism self-interest we could also have a sort of meditation
we could also have a sort of meditation
we could also have a sort of meditation about the about the statement all goods
about the about the statement all goods
about the about the statement all goods and services one makes use of all work
and services one makes use of all work
and services one makes use of all work you a it brings about that all others
you a it brings about that all others
you a it brings about that all others have to work harder and we have kind of
have to work harder and we have kind of
have to work harder and we have kind of a meditation about these three
a meditation about these three
a meditation about these three statements and the long run maybe after
statements and the long run maybe after
statements and the long run maybe after 10 years maybe after 20 years we will
10 years maybe after 20 years we will
10 years maybe after 20 years we will change our behavior we will change what
change our behavior we will change what
change our behavior we will change what we buy or what we don’t buy we will
we buy or what we don’t buy we will
we buy or what we don’t buy we will change our behavior what we do with our
change our behavior what we do with our
change our behavior what we do with our money and we change maybe even our jobs
money and we change maybe even our jobs
money and we change maybe even our jobs in some directions with which fits
in some directions with which fits
in some directions with which fits better to what we really want so many
better to what we really want so many
better to what we really want so many revolutions were started by very very
revolutions were started by very very
revolutions were started by very very few people and Avalanche always starts
few people and Avalanche always starts
few people and Avalanche always starts at the top that very few small stones
at the top that very few small stones
at the top that very few small stones and then it runs down to the belly many
and then it runs down to the belly many
and then it runs down to the belly many we have many grassroots movements today
we have many grassroots movements today
we have many grassroots movements today so don’t be afraid of the top 1% or may
so don’t be afraid of the top 1% or may
so don’t be afraid of the top 1% or may be 0.1% there’s reason for hope we can
be 0.1% there’s reason for hope we can
be 0.1% there’s reason for hope we can change meanwhile there’s lots of lot of
change meanwhile there’s lots of lot of
change meanwhile there’s lots of lot of literature on this topic thank
literature on this topic thank
literature on this topic thank [Applause]
[Applause]
[Applause] you
”
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