Transcript:
"Look, now: Here we are! Go back to 2007, where I made this proposal, for reform. I said, we propose a reform, on the basis of the authority of the Constitution of the United States. That would have worked. Anybody who's intelligent, who understands the system, would have known, that what I proposed {then}, would have worked. We would not be in the mess today!
"But, who the hell, came up with this other idea? Of getting the United States into debt, for obligations it didn't owe?! In order to bail out London, to bail out the international monetary system! At the expense of the United States! To loot the United States and its Treasury, for the benefit of an international monetary cartel! What about "bail out"! To whom, did we bail out? Did we bail out our industries? Did we save the auto industry, or put it into equivalent form, something else besides autos? Did we {save} the American farmer? Did we {save} the infrastructure, of the cities of the United States and the states? {Whom did we bail out?}
"We bailed out the London bankers and their New York extension. We don't owe them anything: We just happen to have a government that says that.
"This is our nation. And the law of bankruptcy of our nation is our authority. If I were President, I would end this thing right now. And I'm sure, I could get the support of the great majority of American citizens, very quickly, simply by making clear what I intend to do: Put the whole thing in bankruptcy.
"You guys are going to live. We're not going to kill you – like Obama's doing. We're not cutting you off from health care, we're not trying to accelerate your death, we're not trying to get you to kill yourself. You're going to live. You're going to be employed. We're going to rebuild our industries. We going to {cancel} this filthy debt! Which we never really owed in the first place. Only some crooked traitors, or traitorous kinds of people, gave us this kind of debt -- it's not real. We don't owe it. We're going to go back to a credit system.
"And we're going to get some power. How're we going to get power? We're going to have Russia as a partner. And Russia needs a credit system, desperately, to solve its problems. But Russia can do a lot of things for us. Russia has vast mineral resources, in Siberia and related areas. These mineral resources are required, for the development of nations, because the Russians are very good at this; they're sitting on top of territory that has rich mineral resources. We have below, in the south of that, we have China, and other countries, which have a shortage of these mineral resources. Therefore, the development of Russia, its building up as a power, for power of {science} and {development}, is necessary, for Europe, for Russia itself, for China, and so forth. Japan's possibility of existing, depends upon this success of China and Russia. China requires cooperation with us and Russia. We require cooperation with China.
"For example, what about the debt of the United States to China, the dollar debt? The unpaid debt to China? What happens to the world if the unpaid debt to China is written off, because the United States dollar collapses? What happens to the world,then? If China collapses; China goes into a crisis, under those conditions, what happens? India's destroyed, not so much by an economic crisis, but by the chaos engendered throughout the world, where the spillover from what you're seeing in Afghanistan and Pakistan, and so forth, now spreads into there, and causes chaos there.
"So what we simply do, is, we take these four great nations, we use these four great nations as a pivot. Japan will jump in immediately. South Korea will jump in immediately, other nations will jump in immediately. But we have to get the four big nations to cooperate on an agreement, and the others will gather, and we'll have enlarged agreement.
"We then create a new international system, entirely a {credit system}, consistent with the design of the credit system built into the U.S. Constitution. All monetarism is {cancelled}!
"The only honor, is the honorable debt, which can be converted to a debt in a {credit system}. And the world will operate under an international credit system based on cooperation, on a fixed-exchange-rate system, among credit systems of nations of the world. We will, then, generate, in the range of 1.5-2% basic long-term loans, among nations, based on credit systems. These loans will be directed to, largely, to the driver of technological progress in basic economic infrastructure."