god I father again we bow before your throne the grace to praise your holy name thank you for all that you are and all that you do thank you for these dear friends and thank you for this opportunity to serve you in this manner bless our efforts and be with us as we go about the project Christ's name I pray Nelson would give his whole seminar to one person and he wouldn't be doing it grudgingly he would be excited that this one person is now learning the truth about what those bankers are doing and how he can free himself from their grip there's really I don't know anyone else like him like he's he's a character you know there's that he's Nelson and once you know I'm you say okay that's possible that sort of person can exist now but you didn't know that before you met the guy any questions Nelson before we yeah where do we start I'm like a a mosquito in a nudist colony I know what to do how do you start the men and the women that would that would change things for people with with common sense and character and courage you know courage to be able to tell the truth you know in front of anybody and to me that describe Nelson Nash to me all right good and ready let's do it we go Nelson's house and he'd be in the office you know on the computer typing as a and what he's doing is receipts for for orders and get a phone motor so he order one book he'd prostitute he'd type a word document or receipt thanking him for the order and you know kind of like assurance a little bit of wisdom with him and so he took them about an hour the process one order yeah approximately and but it was definitely it was definitely a personal message for every single one of them though please welcome feet president Larry Reid thank you very much Roger thank you ladies and gentlemen well it's my privilege tonight to bestow our blinking lights award upon an extraordinary gentleman I love this guy his name is our Nelson Nash Nelson Nash is the discoverer and the developer of the infinite banking concept in the author of the book becoming your own banker in that book he describes the power of the dividend paying whole life insurance and the financing capabilities that it presents for policyholders but that the description doesn't do full justice to this extraordinary idea that Nelson has developed and promoted it it truly is one of the most personally liberating tools of the last half-century but more than a financial innovator and educator Nelson is nearly a lifelong advocate of the Austrian School of Economics so important to fie in our history free markets and sound banking it was more than half a century go that Nelson became acquainted with Leonard Reid and feet he's been one of our most faithful cheerleaders and supporters ever since untold thousands of people have been introduced to feet and these principles by Nelson the books he's written and the events and programs that he has sponsored always with the help and support of his lovely wife Mary at his side we also to Mary we paced on home periods of introspection are extremely important 30 years ago today I was at Brookwood Hospital of you getting replumbed in the heart full challenge went to bed about 2 o'clock in the morning I woke up with a rumbling in here there was no chest pain there was no pain shooting down my arm that people talk about stuff like that well there was no seeum yeah you know picked up a sack with a cat or a snake or something like that and feel it moving around in there that's why I felt like anyway it was so incidental I just laid there for a while and finally said to myself hey boy something wrong got me down to Brookwood Hospital couldn't find anything wrong and they found a cardiologist on Lydia that afternoon about 5 or 6 o'clock gave me the heart cast and said you have full blocks and 90% and you're right on the verge of a massive one next thing I know I'm coming out of anesthesia well you see the inspiration for the concept begun at least five years before then and I tried to suppress it how you explained this sort of stuff through the mindset that prevails out there and I can try to suppress it but when I had that bypass so forth is about like a two before cross eyes yes look boy I find something in your head bone and it needs to be revealed get your tail up and go to work now I have to admit that first ten years was a monster yeah it wasn't funny at all yeah you know I was trying to get the message done through the seminars with local people and so forth then you get about 40 people that good suspects here let's say 30 of them what nuts gonna be probably saying they're gonna be there alright six o'clock on Thursday night 4 o'clock I start calling an Ultraman you every last one of them says they're gonna be there and there were several occasions where no one showed up I'm trying to think of a word disheartened there's not one of them it's not strong enough yeah it's why are you doing this boy I guess something like that ya know I was teaching quote the book years before the book came out I was using overhead projectors and slides and handouts and stuff like that back in my equitable days the big meat was always spring the year and invariably I got to be on a panel I always liked these panels well there's three people in the panel always and a moderator well you've got a maximum 15 minutes at the top well by the time you get through with the trivia stuff that goes on you know just those gatherings you've probably got 12 minutes max they're trying to make a point now you go ahead and try to explain infinite banking concept to admit you oh yeah how do you explain the word infinite oh yeah that's it was my frustration man so I was trying to get the message done as I saw it over two and a half hour period of time it went right over his head no no response at all to speak out anyway that was the experience that led me to realize that I was trying to get too much done in too short a period of time didn't give people a chance to digest the information no way couple with the fact that this is different than the way people think well how do you change them the way people think when they've been fully and nothing of their life with a pattern so get that whole thing changed is a very very difficult thing you got to go back and get totally reprogrammed or whatever so I thought that I had to rework the course rewriting let's talk about introspection a bit more how important that is remember that I'm a forester and during those nine years of work I spent lots of time in the woods by myself now I'm an airplane drop I got about eight thousand hours of flying time but for each military for civilian of this military at least one-fourth of that time was by myself in an airplane we would discuss the what flying an airplane is like hours and hours of boredom punctuated by a few seconds of stark terror yes it and there's the world and he gives you the place to think and so you correlate all these things that's what I what led to me to see so very vividly that people are looking at this thing of what goes on with life insurance Tori entirely backward that I can see easily you need for finance is way bigger than your need for death benefit it should never have been called life insurance because that is not the major characteristic it's obvious you can have a lot more letter nor produced in death benefit but the magnitude of it never been examined the problem out there again is right back to how people think the fact that there is not all that introspection one more example then we'll get off that subject okay we've got to go back to the Bible again you know the story of Oh Paul used to be so first cute the Christians and so forth the Pharisee of the Pharisees yep what nobody higher than him he studied under Gamaliel he had a PhD under debate yo ya owner Rogan Damascus to get the living daylights slapped out of him there or no no but you know it took him ten years of introspection to get his head screwed on right ten years now consider what's going on out there in the minds of people about the banking business today you've got to go through they've got to get inspired they've got to go through the period of introspection and get their heads screwed on right I'm Robert Murphy I'm an economist of the Austrian School of Economics I am member of the Nelson Ashe Institute board I've helped design the IBC practitioner program with Carlos Lara I wrote how privatized banking really works and with Nelson and Carlos I'm co-author of the case for IBC I'm also a senior fellow with the Mises Institute and research assistant professor with the free market Institute at Texas Tech I was in Nashville I was there for nine years and at the time I just get this email out of the blue from this guy Carlos Lara and he says he's using a study guide that I had written to a big fat economics book that Murray Rothbard had written and he was he was working on a presentation that he was giving to commercial bankers on how fractional reserve banking works and Carlos just really wanted to make sure he you know had his ducks in a row and he saw on the back of this study guide that I had written that I also was from Nashville so he invited me over and I get over there and then at some point because we got to know each other better he hands me Nelson's book and he says it Bob I want you to look at this thing tell me what you think cuz this really made an impact on me but he didn't say too much more about that it was more of a an open-ended question so I took it I went home with it and my initial reaction was along the lines of this guy Nelson Nash don't like a great guy you want to go have a beer with him he's got a lot of wisdom I just I love love him as a character but sorry there's like five things wrong with this book like seriously you know serious fundamental problems and I'll be honest if I didn't know who Carlos was and I didn't know who Nelson was like if somebody had just mailed me that book I would have put it aside and I would ever would have come back to it I just would have thought now there's something weird there but it was because I knew Carlos well at that point and trusted his judgment and he thought so highly of this guy Nelson Nash and this concept that I stuck with it I didn't just reject it and the more I got to learn about how whole life insurance worked and more about what Nelson actually meant it was like okay actually there's only four things wrong with this concept and then a lot more I learned you know what three things right misunderstood that other piece and and of course you could hear this is going got whittled down to finally I was told that I was thinking how come not everyone's doing this this is obvious so it was that sort of thing I think the fundamental thing was that I didn't know how whole life worked and then also that I I misunderstood a lot of what Nelson was saying and as Nelson would probably put it like my training you know my PhD in conventional economics i I just it sort of made me think of it a certain way and so that that was there was a paradigm shift that was necessary the first few times you're reading becoming your own banker it it seems like a hodgepodge of ideas of what we're talking about flying an airplane what we're talking about these bankers and Texas take it out money and bilking their shareholder and and at first it just seems like these weird string of anecdotes and then but I realized the more I studied it and especially hearing him give lectures and all the function of that story is to teach this principle in the end so just the more I got to understand it's like okay there really is a method here and he knows what he's doing some of the things that in becoming your own banker at first I didn't understand why it was hard for me to grasp because gee that's not the way I would have presented it but he's not writing a textbook he's certainly not writing something for an actuary he's writing something to tell the general public this is important you need to look into this this can change your life and that's why the book was written the right way it was the first time I met him I was invited to be a speaker at what they what was called a think-tank the IBC think-tank and so I went down under those auspices and the first time I saw I was in a room with him is he was the middle of giving his seminar and I was I was just really blown away like I said because yeah I'm professor I've seen people lecturing I feel bad for people who are never gonna see him in action and they're just gonna be able to read about or hear people tell stories because it really was something amazing to go and he just takes over a room and it's just he's in charge and it's it's a mixture he's telling stories and they but you you understand I go yeah he could he could give a seminar for eight hours and people are gonna be sit there and they're not gonna be twiddling their thumbs or saying when's this thing gonna be over it was really impressive just a string of a mixture of teaching principles that are kind of driving you sit there telling people this is how you can use a life insurance policy that doesn't sound like it's a very interesting thing and yet he would intersperse it with personal anecdotes and and such and but it'd be quizzing the audience and he would go around and you know nothing married love what would you say about this and he just would bounce around it and just make sure he's not losing people and get everyone involved and it was it was impressive to watch just in terms of him commanding the room just as a public speaker and it was a just a very unique stylist like I said I there's really no one else like him in that respect I'm Carlos Lara I'm the businessman I'm also a co-director sitting on the board of the Nelson Nash Institute the author of two books how privatized banking really works with Robert Murphy and also a co-author with our latest book the case where IBC with Nelson Nash and Robert Murphy I'm also co-creator of the authorized IBC practitioner program I was actually I was in someone's office we were having to discuss I can't remember what it was about but I noticed the book sitting on this individuals desk and it was the original book that Nelson had written doesn't look anything like with us today but the title of it is what caught my attention becoming your own banker you know now I didn't I didn't know anything about this and but that title just it wouldn't go away so I asked the individual what's that book about it you know he said I have no idea I haven't read it he said you want it go ahead and take it and so he said somebody gave it to me and so I took it home began to read the book and naturally like most people I was intrigued there's there was a lot of things in there that it just intrigued me it puzzled me so you have to remember that I've spent but basically four decades working with businesses that get in serious financial trouble I do what is known and known as informal reorganizations which is when a business falls in a situation where they run credit the runner cash they're thinking very seriously about filing for bankruptcy and I tried to reorganize their company outside of bankruptcy and along the way in order to to help businesses raise capital I actually became a broker dealer which is as a securities specialist I was a member of the National Association of Securities Dealers and so I've gone through all of those licenses that you have to go through and whatever so I understood Wall Street and its financial products that was my background and so the idea that you become your own banker really struck with me because anytime you're dealing in the financial crisis with businesses there's there's a commercial bank involved and they're generally the secured creditor and everybody else is fighting to just be able to come out with their shirts on their back but when I picked up the book I couldn't figure out you know they're talking about he's talking about banking but at the same time talk about life insurance so I just you know was wanting to know more and you know Nelson had his address and telephone number on the back of the book and so I you know I called Nelson and realized he lived just about three hours from me and so set up an appointment you know to visit with him just to find out a little bit more about his concept one reading this book won't do the job it's got to to pique the imagination of a person and they've got to go over and over and over it because they're things that you don't see at first because the more you see the more you see you didn't see in essence infinite banking concept is ridiculously simple but it's complicated by the fact that the mindset that the general public has they think that this is can't be true because it is so simple the forces out there that cause all this other stuff the really make it that way they intimidate use what in monster well you've got to realize a what what evil looks like and that is the people that's going home not there don't participate that's all you gotta learn to succeed from the way that the world things it's what this is amounts to and when you do you created in microcosm that's all yours you've created an aquarium well the most important word really is probably concept and the others are modifiers now it involves the flow of money it involves the warehouse then you have money but the more you see again the more you see you didn't see and so that's the reason for the word infinite how do you describe infinite you can't when you define something you put limits on something well there's no way you can put limits on this see the idea that the banking function should be totally controlled at the individual level is a totally foreign idea to 99.9% of the world yeah I point out that there's only one only one full of money out there in the world the fact that Varys inserted banks insurance companies corporations and individuals managing a portion that pool is incidental it's just like an analogy of water this earth is covered by over 75% of it is water and sun heats that stuff up that causes some of it evaporated in the atmosphere that causes wind currents because moist air is lighter than dryer and it precipitates out in rain sleet snow and hail and somewhere notice some of it's gonna flow through you and me otherwise we're dead but 75 to 80 percent of you water we can't live without that and it's got the flow well the same sort of thing happens with the money out there it's got to flow otherwise it's absolutely worthless see people under they understand that but yet when it comes down to a simple thing like a banking they lose all perspective and it's all because of a mindset and that mindset predominates out there Fisher the last notice the waters been going home for something like five to six thousand years and no you cannot break that cycle easily you got to learn how to succeed from it and realize that you do not have to play their game at all all right now when you don't play that game out there it's a simple life really and it's very profitable compared with everything else because you see so much of what we do in life out there has absolutely no function at all it's just excess baggage that we have to put up with because the way that we don't we don't think and all the easiest things to do is get rid of the bankers out there don't be paying interest it doesn't take all that long to really get started when you get to my stage of life that it's the best way in the world to pass the medium of exchange into next generation we had 49 policies at one time we're down to 24 now yes you can't take this stuff with you good grief since I developed this concept and so full of them got rid of the banks and that indebtedness owed them Mary and I and Kim and Dave and their family we out seemed I might in over 30 years everything is done within the and within the family there's no mortgages no car notes there's no more financing of any and that is the very peaceful stress-free way of life well it all begins with solving the banking equation is the yummy level to the point whether you do not participate in anything that goes on out there that involves loans from any type of banking organization including mortgages there's no mortgage here there's no ball games over there with that there's no mortgage oh with my other two children at all days for kids and so forth you know let's focus that's eight automobiles in nature nothing is financed outside the system it's it's an aquarium again Kim and David been married does like 79 was when they got married first thing David do is buy significant life insurance policy I actually met Nelson at the airport in Honolulu Hawaii two days before the wedding the first time I was an army lieutenant so I was not interested in any southern marriage rituals you know with the father of ending the son-in-law and all that stuff like that I just wanted to get it over with and so I proposed to Kim and and never asked for her hand in marriage like I should have unfortunately because that wasn't part of the the culture in Hawaii for single second lieutenants but anyway I met I met Nelson and his wife Mary and Kim's grandparents and sister and brother-in-law at the airport we picked him up the airport a couple days prior to the prior to the the wedding and after after shaking hands and and getting formal introductions out of the way first thing I remember was me signing a piece of paper and lo and behold it was it was a whole life insurance policy I I think was a first I I think was $100,000 death benefit and I was like oh at that point I was signed to anything okay but that the first thing we I did was fill out my name is sign it and I'm sure he submitted as soon as I get back to the states but that was the that was the first thing I in his mind I think so that you know I had no idea you know what what that would lead to but him still I mean it was just the first of many you know so here we are never knew I'd be here today doing what I'm doing with Nelson but my first time when I really I got the message was we lived in Montgomery Kim and I had that we had four kids by then and we were getting ready to move to Savannah Georgia and we were getting a conventional loan so I needed to put down 20% and of course I don't have money because I was in the army and all my disposable income was going to premiums but anyway so we had to come up with with some cash and so I like we asked Nelson if we you know how much cash added value we had we could we had enough for I think was a $20,000 down payment he said I had no problem you know you know get your check in the mail immediately and then we saw I filled out the paperwork for the the mortgage and it was like okay where did you get the $20,000 down payment for the house and I was afraid to tell him where I got it because my thought was that if I was borrowing money for a down payment then they disqualify me for a loan okay so I just like how do I get around this and not tell them that this is a loan I'm using for a down payment and so finally it came down to well it was a policy when he said oh that doesn't count that's your s an asset you own so that's fine I went really so I was like it was to check the block it wasn't like going down to the bank and getting a loan you know you know I'm talking about so I was like wait a minute this is something this is different okay in this mortgage company that they treated as a different asset then and that so that was 1992 and that was the first time I really started looking at it differently thinking about it differently after that the the longer I'm doing this the ibc the the longer the more I see it from from a personal perspective 90% of people still don't understand what it's all about they think it's about insurance all we're talking about is is creating a you know cash flow management system where you don't lose control of that cash flow you buy policies as you can you buy policies for reasons that you need to buy them for okay if you have you have increased cash flow then you can buy a policy okay if you can afford it okay if you haven't you have a new grandson or a granddaughter there there's not portunity to buy a new policy okay to me it's it's a lifestyle okay it's not a financial plan it's just a lifestyle it's just part of living okay just like everything else I also shared that you know we've talked about you know that that Kim and I bought Nelson and Mary's house back in 2010 and we tore down and rebuilt it up but that house was was completely remodeled through policy loans a hundred percent okay the way we designed the policy loans was we designed them like construction loans because every two weeks I get an invoice from the Builder for about twenty thousand dollars they didn't me for what you know for materials and labor was a cost plus contract we did so I was about $20,000 in books every two weeks and so every two weeks we $20,000 policy alone you know take two or three days of cycle and get in the bank account so we had that set up and so it was just a cash flow you know from from you know the policies to me to the construction company and background again so it was all over with you know we have that that audit trail and it's still you know unfortunately the house is still not paid for you know but guess what the deed is in my possession okay I have a place for windfalls if I ever have an opportunity to get something and I and and we we pay it as we can or want to so that's yes perfect peace of mind so there's there's two urban guys in school they're discussing what they're going to take next session in school ones that I just signed up for this new course at Auberge offering in logic his friends that what's that he said look I can learn a great deal about you in a relatively short period of time with just a few questions and the use of logic for instance do you own a weed eater and he says yes well logic tell me you're a homeowner yes well logic tell me you might be married then yes or logic tell me you might even have children yes we have to said well logic telling me that you're heterosexual yes you see see I worked out yes I don't take that course - he signed up talking with somebody a couple of days later he says I just signed up that new course all burns off and in logic the other party says well what's that I said look I can learn a great deal about you in just a few minutes with just a few basic questions and the use of logic for instance the only weedeater no logic tell me you're probably homosexual you see he took a little bit of information and he reached an absurd conclusion well if there was ever a business out there that treated that way it's the life insurance people like a little bit of information and they reached absurd inclusions people keep thinking that life insurance is a product of the IRS code and it is not in USA the IRS codes only been around since 1913 the country is Oh about 1.8 to 930 years old something like that life insurance is older than the United States quite often people with quote a large amount of monetary value have a more difficult time catching on this and the everyday person the everyday person can see the value of it and start on the scale that's appropriate for them and it doesn't take long do you get rid of one of those indebtedness out there and once you get that done it snowballs in a hurry like I said it took me 13 years to get rid of the the banks but so what was going in years ago go by anyway but once you get rid of this it's such a different life Shakespeare gave us a clue years ago he said all the world is a stage and all the people are actors they're on but my observation in the financial world when it comes to the subject of a financial they don't even know what the play is about but worse than that to get two characters into play mixed up all right now somebody's got to be the banker out there what's happening with dividend play an old life insurance you got to pay a premium they life insurance company has got to put that money to work they put it to work in various and sundry places and in my book I point out that they hit one of the places they put it is shopping centers and real estate developments and so forth another place they might put it to work is mortgages alike house mortgages residential mortgages things of that nature and another one is that they do make it possible to lend money to you in fact if you read the contract it tells you that you have available 100 percent of what it can be lent from your policy at any one time well if that's true which it is it's total control well the life insurance company really is your trustee this is just like a trust agreement a trust as they grant all is as they trustee it has a beneficiary the grantor creates the trust up until that time it did not exist when you buy a life insurance policy you're creating a new business from scratch that never existed you put property into the trust the trustee becomes the owner of that property the trustee becomes the owner of that property the trustee has got to put it to work carry out the provisions of the trust well they can limit you can push to work in any number of places but one of the places you can't put it to work it would be Graham dog look at the financial statement of being a life insurance company and it will show you very plenty that it's an instruments that have a guaranteed payback schedule I said guaranteed paybacks get you now that's not true of things called universal life that's not true things called variable life but these are products of the brains of Harvard MBAs that it won't hold up over a period of time well you got to meet people where they are you can't post feed this stuff at all it's not an intellectual argument it is not a statistical argument the concept of banking is banking is it's just that the people who have taken know the banking equation have polluted it all and the banking function should be at the unit level totally but that is a foreign idea to most people they can't conceive of it at this particular time you're gonna have to ask them to Fagin that's painful this conditions out there well there's any number of people with college diplomas they had never cracked the books since they got out of college other than some trash novel of some sort you know I've arrived and so what do I need to learn more and so when you've arrived you quit thinking and everything that you do is downhill learning should be a continuous process all of your life otherwise it's just not all that much of a life and of course so there's my mentor Linden Reed most educated man I ever met in my life he had no degrees in any way they didn't Henry Hazlitt his cofounders of the foundation for economic education neither herbert spencer in years in england years before that and that was the time when they were had nowhere near the resources that we have out there today so people have really no excuse but they have some erroneous ideas put into their minds and that's the problem it just doesn't have to be that way and that's why they've got to learn to succeed from the way the world thinks so that's the real message of the arrival syndrome is when you quit searching out there that's just not good that's all just do it nelson as up today is 87 years old Nelson's persona I think is is what really got infinite banking where it is his his you could tell his genuine passion for what he did and how he did it and why he did it and both the insurance side of him the Forrester side of him and the Austrian side of him okay so that persona we think it's incredibly important to keep that whole package moving forward for the next generation okay so instead of selecting individuals to do that we're trying to create this entity that under the under the guidance of a passionate direction we'll keep it going in you know for for your children your grandchildren in the next generation of insurance agents also because we know without a mutual insurance company or mutual holding company and trained life insurance agents then how can you implement IBC without those resources so that that's what the anti is all about we were trying to get it up and going and get the momentum create create that critical 10% tipping point as Malcolm Gladwell talks about to keep it going and get the crush the wave going well we're not seeing all this out of about thirty five years plus ago I saw that this had to be taught out there and it can't be taught top-down I tried that tack and it was a miserable failure and I thought academia was what it thought and that was even worse and so I saw that it had to be done it doesn't you'd be level and also saw that I'm not going to live forever that I needed to find people that would grasp this and take the baton and go as time went by here was this guy named Carlos Lera that got interested in this and he didn't catch on immediately it took a while and when she readily admits but I guess he's gets most thorough understanding this of anybody I know and I've always tried to get this across to my Austrian friends but they're too busy with whatever they were pursuing and I never could get their attention at all and Karla's Lera some another got up got name Bob Murphy live they're not natural can you see I'm an academic economist I wasn't from the financial sector per se I immediately took to Nelson because he was in an Austrian economics Leonard Reed had been his mentor so we had that that bond in that respect and the the crucial link was I was in Carlos Lara's kitchen and he was telling me that hey Bob you know the Austrians what you guys are doing going around warning the public about the Federal Reserve policy and how we really need to return to sound money and this is what causes the business cycle that's all great but there's no there's nothing the public can do about it except maybe buy some gold and try to pass books around to your friends and neighbors and we got to change public opinion which I still believe in ultimately changing public opinion is crucial but that's a very long-term project and what Carlos was telling me is then we got what Nelson's teaching people ibc becoming your own banker and as yet and so at that moment I still thought those were two separate things I was able to tell Bob that what the Austrians had always wanted was to you know bring money in banking back to the private sector that Nelson CIBC was a way to actually do privatized banking and that based on Nelson's idea anyone can do this you know there was nothing holding them back we didn't have to wait until government changed laws and all of this that the Austrians knew would take a long time to do Nelson had a way with his idea to bring privatized banking to the individual immediately and sort of secede from the system and it really hit me I was like whoa every household or business that implements IBC is in effect that's a form of privatized banking that there's moving towards a private banking system that the Austrians are painting is the vision for society and in retrospect has made sense that Nelson always talked about how you know the Austrian economics was the backbone of what he was doing and so then Carlson I wrote our book how privatized banking really works we were trying to integrate Austrian economics in IBC Bob and I continued to work we were making presentations to audiences and we were not yet formally connected with Nelson and we had begun trying to bring the book alive by having a conference and we in which we would join together Austrian speakers from the Austrian school on one day and then on the second day we would talk to audiences about the infinite banking concept and we called that event the night of clarity we also put Nelson on the stage because Nelson has been an Austrian for 16 plus years Nelson Nash and and his son-in-law David Stern's really like the night of clarity and that it was truly now integrating you know the infinite banking concept with Austrians and they they like that that marriage very much because of that so there were perfect financial professionals who were setting their clients up with IBC type policies and Carlsen I started getting invited out to these events to speak but the problem was once we moved beyond you know once we started getting more popular on the speaking circuit if you want to describe it like that we started moving beyond financial professionals that Nelson knew personally or David Stern's knew personally and Katella see how those are good guys and they they know what they're doing what we realize is that we get on a plane do a presentation we leave and we really didn't know these financial professionals well we we did we didn't know what they were selling the audience there and so as IBC was growing in popularity we were also seeing that there was a lot of life insurance policies that were not working well because they were the wrong kind of life insurance policies and so if you went to the internet you saw a lot of information there that was calling IBC a scam people should get involved with it we became concerned that because we were seeing there's a lot of people that claim to understand what IBC is and how it works and and we had no way of knowing that and so we begin thinking very seriously with Nelson and David about how to fix that and so that was one of the main reasons for coming together in forming what's now called the Nelson Nash Institute and establishing the practitioner program where we design a course from national professionals that go through and one of the the elements that are one of the the goals was that now I can with comfort and confidence continue teaching the public about IBC and then when someone says okay so what do I do now I can point them as they go to the graduates of our practitioner program well one thing that comes out is that whenever you speak to people and you see that they're beginning to understand I be seeing what it's about they'll say I wish I had started doing this years ago and that is the way we all feel wish that we had started doing this years ago and so Nelson was and his bright mind was able to look beyond life insurance to see what was there and how important it was and that it needed to be passed on to the next generation and that's why he you know he had so many dividend-paying whole life policies you know we up to 47 I believe any bottom on every time a child was born he would buy them because he wanted those children to know what the infinite banking was about with the idea that should learn what it is and continue use it and as he you know often says they'll never see a bank in their life and so this is very important to be able to pass it on to the next generation and each one of us that that do this take this process on for ourselves almost have that obligation to make sure that our children and our grandchildren children know about it we'll never get the mission done without the intellectual community that's all this to it and Bob Murphy is the key to it as anybody didn't understand that totally it's Bob Murphy out there and he's the key to the intellectual community well fortunately my youngest daughter married well a gun named david stern's and of course he wasn't all that enthused about buying life insurance when he first married my daughter but that was the only way we get done and so he was slowly learning to but there's no better practitioner of the concept out there than david stern's and so if there's anything it gives me real joy at this late stage in life today is that those three guys everything I've ever dreamed of and one time I was president Chamber of Commerce well that meant that I got to select the speaker for the annual meeting I'll be an airplane driver I fit William Piper Piper Aircraft got me one of the messages he got across to our group was he says you have a telephone big deal if somebody else doesn't have a telephone you don't have a thing you may have the best message in the world you may have the best delivery system in the world you may have the best technique in the world but if you don't have a receptive listener you know everything well the books done rather well it's in 31 countries and you change the lives and lots and lots of people so it's pretty gratifying to have them call and say you changed my life he said no I didn't change your life you saw something rebellion you changed so the magic out there is it people see this vision and catch on [Music] [Music] the blinking lights of war takes its name from a moment that I will never forget a very personal moment in November of 1986 I was in Poland at the time spending time with people who are active at that time and the anti-communist underground and one evening a couple was introduced to me he had run an underground radio during martial law in Poland that was broadcasting a message of freedom for their country and I asked him at one point I said how did you know when you were broadcasting and people were listening and Sophia answered and she said we wondered that ourselves we could only broadcast for eight or ten minutes at a time and then we had to go off the air tear down the radio go someplace else set it up again broadcast another eight or ten minutes hoping to stay a step ahead of the government and she said that one night we asked people what we were broadcasting if you believe in Liberty for Poland the message of this radio will you please blink your lights and she then told me we went to the window and for hours all of Warsaw was plenty a drinking lights award for Nelson - reads as follows the blinking lights award from the foundation for economic education recognises our Nelson - with deep appreciation for a lifetime of advocacy inspiration and achievement on behalf of Liberty and Sam banking congratulations Nelson and Mary [Applause] [Applause] Valeri asked me to say a very few words for those who know me I usually talk eight hours at a time I would try to restrict myself but folks you have no idea what a joy it was to know London Reid as your personal friend and mentor I first got acquainted with fve in 1957 I started telling everybody about the organization everywhere I went I first met him personally in 1966 I think it was and so it has been a passion since that time you have no idea how valuable an instrument you have in fve folks Leonard wrote for busy people you could pick up any one of his books it doesn't matter what you want you could read any chapter in about 15 minutes now once you got through that you could chew on that information for at least a week because it was that valuable that is so please take my advice there get that stuff and study it it will bless your life you see if you aren't politically we wouldn't be here that's my opinion approach though say I've known lots of economists Oh down from the last 61 years and working with economists is about like trying to herd cats Bernhard had that ability to work with these people and to form such an organization it's FPE that took special talent so you have a heritage that you wouldn't believe from this great man thank you for your intense interesting in the commission of FAA and let's spread the word let's blink lights I remember the first time that I actually was talking to an audience about Nelson Nash I said you know held up his book and I said you know only an Austrian could have written this book the day I was reading it I knew it that there was something Austrian about it of course Nelson's been an Austrian economist for many many years so I loved that about it I love the fact he's of Austria he has a lot of courage to speak his mind and so I respect that about him he's been a great person to follow I'm amazed that at age 88 his mind is still as sharp as it can be and he still wants to be in the middle of this movement you know he you know and and it's amazing I mean he's just a great role model to have I don't mind saying that I adore the man he's a he's just a great man Nelson's definitely served as a role model for me and things I've tried to copy his example one element is his willingness to speak about his Christian faith even in a financial setting that permeates who he is that's something I've definitely learned from him is is that you really don't hide who you are and if you believe something and that's of course the most important thing and what we believe and to share that and and Nelson he's still always learning and I've even seen him incorporate things over time such that when others would hear him saying it they might have thought oh yeah that's probably some principle or aphorism he's been repeating since 1967 but I know it all that one he just started doing that three months ago and and so it's interesting that he is not that he's just he was who he was back in 1985 and now he's just repeating the same old thing he is still learning to this day we have video conferences to keep in touch and he'll hold up a new book and talk about I'm reading this and he's reading more books than I am and it's really impressive just to see what a what a scholar he is and so that's that also just inspires me that the yes that it's you don't want to get a rival syndrome as he would say you wanted to always be learning in terms of me knowing other academics and intellectuals there's really no one I've ever met like him and and once you get to meet him and you take it for granted but an occasion I'll remind myself and say there's this guy Nelson Nash out there and look at all these things he did it and he wrote this book that could be translated in other languages and all these people are just changed in their lives and it's it's so he really has had a huge impact because he discovered something that really it's a it's true and it's important and it also can can change things and so there's a lot of academics to come up with a great idea that's interesting and people might tell others just because oh look at this this is a nice way to look at the world but it doesn't lead to anything and then there's also a lot of people who are doers you know men of action but they're not very thoughtful or intellectual and Nelson's both that he's a scholar but he also gets things done so I would say that that's a fairly unique combination [Music] what do you want the world to know about your husband pardon Elsa natural well I think first and foremost that he's a Christian and they love the Lord with all his heart mind and soul and he loves his wife and his children and all of his family and that he's a man of honor and grace so over the last 17 years I've probably spent more time with Nelson than anybody right yeah you know I guess I know him better and you monk than my own father so I probably learn more about life from you than anybody else I think our relationship is somewhere between a father and son and best friends than anything else does that how do you feel about that totally thank you you're welcome so you have no idea thank you you're welcome I love you love you son and we'll miss you [Music] in his book he quotes the statement that says plan is if you're going to live forever and live as if you're going to die today so I like to think of that when I think of him [Music] you [Music]