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Credit scores are the biggest scam of all.

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Ever heard of Adam Smith's Wealth of Nations? The book has been downloadable from the Internet since 2001. If you search it for 'education' you will find Smith used the word Eighty Times. If you search it for "and account" you will find multiple instances of "read, write and account". The United States could have made accounting/finance mandatory in the schools since Sputnik. Karl Marx and Adam Smith never saw a planned obsolescence economy. Marx used the word 'depreciation' 35 times in the first two volumes of his major work. There were no cars to go into debt for and depreciate. Western countries claiming to be Capitalist promote a distorted version of Smith's ideas. Smith used "The Invisible Hand" so many times it could be counted on one finger but Milton Friedman never stopped slapping us around with it. 😅

I wish the stores would have "no price matching" lanes. Frustrating to be stuck in line especially behind a shopper that is disorganized.

Jack Nicholson telling us all about sticky inflation! :)

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” - Ludwig von Mises

Great guest. I just changed my mind last week about getting a three year term instead going to get a five year term mortgage

Jeff needs to return for a hour special. Tons of great information. He looks like he partied hard the night before. lol

This was really interesting. Thank you for posting this. I believe that in support of Mr.Rubin's thesis, the work of Peter Zeihan is worthwhile. Basically, Zeihan explains how poor demographics (meaning aging populations) has led to the decline of China, Russia, and many other countries. In a nutshell, the population of China has aged past the point where it can be competitive. It is now, according to Zeihan, cheaper to manufacture in Mexico than in China. As well, a lot of China's growth has been heavily funded by massive debt and that will be unsustainable. We also have to contend with retiring North American Boomers removing their capital from markets and putting it into safer, lower growth portfolio assets for their retirement and this likely contributes to the rising cost of capital (and adds to inflationary pressure). While we in North America are going to have relatively prosperous future, higher inflation and thus higher prices are going to be with us for a long time.

Excellent.

Best guest yet Doug 😊 He knows exactly what is going on in the financial world.

This guy is a complete waste of time. You have a $30K job and no property. You go up to the creditor when nobody wants to pay them ( that's now) and you make an offer. I'll pay you 10 cents on the dollar and you give me a paid in full letter to clear my credit or you get bupkus squared. Keep in mind there's only so much you can write off when nobody's paying you. Your first guess at what a creditor will take??? Now you riddle me this Batman: What is the point of the idiot trying to sell you some crap in this video???

She said something that is not true. No. I Do not need the lenders money but I use the cards religiously instead of my debit card. Especially my capital one card. I have 10- and 2 secured. I leave a balance of less than $20. Eat the little interest some months and other months I either zero everything or let auto pay do the work on the little 10-$20 I have left to create business. You can have as many credit cards as you like and it will improve your score and you must pay the balance down or in full before the statement date which is like a week after the due date. They report the statement date balance I have between the 12-14 on many cards

Its the same with food. We get the hard options(saving, investing, health food, cooking at home) vs easy options (fast food, snacks, using borrowed money, plastic/phone). This is why peole get im debt. Growing up it was not this easy to get things at the speed we do now and ease. Also people are bad at saving. Most people think they have to spend money to have a good time.

They took my Social Security check! That is against the law. 42 USC 407 of the Social Security Act states The right of any person to any future payment under this subchapter shall not be transferable or assignable, at law or in equity, and none of the moneys paid or payable or rights existing under this subchapter shall be subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law. (b)Amendment of section No other provision of law, enacted before, on, or after April 20, 1983, may be construed to limit, supersede, or otherwise modify the provisions of this section except to the extent that it does so by express reference to this section. So EVEN IF they think I owe them money, my check is tightly protected under Federal Law. It is free from Attachment by the Bank. ("Attachment" means seizure of funds to pay a debt) Is there anyone else out there who had their social security taken by the Bank??

Cut all streaming services a year ago: they definitely add up. Bonus, I don’t have to worry anymore about their prices rising

Great documentary!!

Fantastic documentary, more like this please!

federal reserve not mentioned once. thats where its all coming from . stop printing

I remember buying my second-hand car from the dealer for $14,000. The look of disgust on his face when I told him I would pay cash in full. He was seething with anger and sulking because I wasn't signing up for a payment plan. That's the greedy world we live in thanks to debt.

The average Canadian carries more debt than the average American.

This is a fantastic video. I also enjoy your podcast which I review every Saturday. This video is so informative and well-made. I am watching and listening from Southern California in the USA

Exceptional documentary! Well done. Bravo. 🎉

Bummer, I was expecting a movie about the impossibility of FIAT currencies and the debt-based monetary system we these days have... But guess this is one part of that equation too. Good movie and spot on!

This video was very insightful. Thank you

If we all went back to cash and credit was gone people would not have half the items that they own. Cars, homes etc gone

Thank you all for taking the time to watch, like, subscribe, and especially for leaving your thoughts in the comments!

Very well done -- as an aside, how odd it is to hear Ron Butler speak without any profanity!

Got my license in ‘86. Followed a rule of never spending more than $1,000/year on cost of vehicle. Not $1,000 per month. That meant used Japanese cars. That lasted up to 2016 when I bought a new vehicle. I will drive that vehicle into the ground. Nonetheless, I’m forced to change the #’s in my rule to $2,000 -$2,500 per year, depending on how long it lasts before it dies.

This is a great documentary but the one thing (which is key) that i was hoping to hear more about, is about our broken money system and the role of the central banks in devaluing our currency, reducing our spending power by 50% every 10 years... the increases in taxes to make up for the deficits created by government spending. In a system where money can be soo easily created with a printing machine, there is little incentive to save, currency is depreciative

"He who goes a borrowing goes a sorrowing." - Benjamin Franklin

Not sure about the price in Canada, but Prime is more than $9.99 in the U.S. It's up to $14.99 now.

What is a trustee ?

@vistagraphsnet 9 days ago Bank of America is by far the worst. On April 24, 2024 I received an email from BofA saying i successfully activated Face ID. I am 83 and would never use face ID because I use a password and my family knows how to get into my account upon my demise. So I tried to access my account and was not able to so I called Bank of America and was informed that an IP address from outside of the US used my account and I was responsible. They claimed I had to have given someone my password outside of the US. They immediately closed my account. I have been a BofA customer since 1987 with never a bounced check or other problem. I have had two direct deposits with them since I retired in 2004. Because they would not let me access the account, I could not get the bill pay information who I pay, phones and addresses. Both direct deposits were returned and in the case of Social Security it will be six weeks before they can direct it to my credit union account. The CALPERS retirement check was returned and it will take three weeks to receive it at my credit union account. I know no one outside the US so have no idea who could have changed to face ID. Today I received a letter from BofA stating my information has been entered into a database all banks use and I will not be able to open another account with any other bank for five years. Please put BofA on top of your list. Everyone should be warned that this could happen to them.

The borrower really is the slave to the lender. People choose to go from debt free to ten of hundreds or hundreds of thousands of dollars in debt in less than a few minutes when they obtain a loan for a car or a home. Allocating money they haven't even made yet for the next 6 to 30+ years. Yet they don't see it as such because it's acceptable.

This excellent presentation gives testimony to the degradation of the human species to the degree that they may be defined as "Entities that acquires things!" This is yet another huge nail in the coffin of a species which has lost all connection to the purpose and meaning of life and thus of what being a human entails. It's axiomatic amongst those cognescenti that man is primarily a spiritual being enclosed in a physical form. But when that principle is abrogated, and physical existence is prioritized over spiritual values, you inevitably arrive at chaotic social breakdown! We've arrived to a point where it's a "Dog eat dog," or "Every man for himself" type of existence, ideas that are so pervasive that after a few decades, this pathological behavior pattern is the accepted norm.The only thing guaranteed here is a life of anxiety, uncertainty and depression!

I’ve seen the absolute worst advice in Canada when it comes to personal, consumer finance. Everything is structured around debt. It has fundamentally reorganized the way we view purchases and the way we view goods. We no longer even see a price tag, but a bi-weekly or monthly financing rate and an interest rate. I’ve seen financial ‘experts’ tell seniors to leverage their home equity in a line of credit to finance purchases, effectively using their hard earned equity to only further plunge into the hands of predatory financial institutions when they can least afford it. We have not only a debt-based economy but are rapidly developing a debt-based mindset, if it hasn’t already developed to full maturity. This was a very interesting and informative video and is in line with the personal finance guidance I’ve been following lately. The grand ship may never correct itself, but if you can take control of your own finances and minimize your debt as much as possible, you’ll be in a much better and secure position.

Wonderful documentary

Amazing work!

"And that was the end of that" If Ron Swanson was a real person, it would be Ted.

Toyota charges 12.00 per month for auto start! Ridiculous!

It's not our reliance. Rather, the system is designed to force people to rely on it. Get the banks 🏦 out of the equation and products/services would be based on what consumers actually earn and save instead of how much debt they can get themselves in. 😳

Thank you so much for putting this all in one video! Since I was in college starting in 1986 I saw debt as a trap and have avoided it my whole life. The type of person I am is the one who wants to save the money first then buy. If not for the constant inflation from central bankers, this would be a winning strategy!

Great video. We became debt free a few years ago after learning about Dave Ramsey. I can’t imagine us ever using credit again. “The borrower is slave to the lender”

Congratulations for this great Canadian documentary!

Looking forward to this!

Debt slavery- why use your master card and prove it. I burned my masters cards

Debit card does all those things reguardless of your credit history. I pay bills online over the phone - book a flight or a room with my visa debit no one has ever asked me what my credit score was like.

I havnt used credit cards for 27yrs. I've been debt free for 27yrs. Think there's a correlation there? You bet. Everything I own is paid for and I paid only the price plus taxes ect. Over 27yrs I would have paid so much in interest I would have a lot less stuff. Why pay more for everything ? Want more stuff just buy what you can afford to buy or save up for. Don't expose yourself to the parasites. The gangster banksters are thriving off of you. Your Visa debit can do everything credit cards can do.

CBC Cost of Living reported some car dealers will not accept cash. They want you to finance it.