Watched this one over the holiday. Was a good listen certainly and nice to see more and more coverage of the crisis of ownership.
Starts slow - and then by 15 min is talking about much the same structural issues we've noticed (share entitlements, pooled shares / fungible bulk) but from a banking cartel perspective.
Takes a long time to mention DTCC by name, doesn't mention Cede. Incorrectly asserts that all shares are owned by them, flies past that assertion. This is the same issue I had with the book. It's sensational, but inaccurate. We know it's at least 83% probably 90% plus - but he says 'all' multiple times.
Love the detailed points about how central clearing has robbed derivative investors of clarity when trying to assess risk and how fragile it makes the market infrastructure.
The second half is all theory and alarm about how the breakdown will happen... Which is fine, but not based in same level of fact imo. Ultimately takes an approach which doesn't perceive avenue to ownership exists. Unaware of DRS or intentionally misleading? Why not mention the key way investors can legally evade the 'great taking'?
That being said, his final suggestion that banking should be a not for profit / public utility is one I agree with (love my credit union). I would sooner see this democratization of money moved away from state control and towards citizen control through some kind of blockchain. That would help simplify and enable his tax reform suggestions as well. Limiting impact of military contractors, certainly want that too. These policy suggestions though I agree with them seem out of place to me in the video (ownership crisis is plenty) and I wish DRS had been mentioned as an insulating factor. Cue 'you call yourself a cynic, but you still have some faith in the system' from DRS detractors, lol.
So interesting in his closing statements he talks about holding things directly - such as land or property. Good advice absolutely. Don't hold debt. But not securities?