Henry Paulson

'Poverty Inc.' gives long lecture on the banking world

'Poverty Inc.' gives long lecture on the banking world

The advocacy documentary "Poverty Inc." claims that the Federal Reserve, like other central banks such as the International Monetary Fund and the World Bank, is a pyramid scheme that redistributes wealth from the many to the few through quantitative easing. It characterizes the Fed as an unconstitutional lobbying body for commercial banks that prints money out of thin air.

The film also contends that the 1999 repeal of the Glass-Steagall Act effectively turned Goldman Sachs from a financial casino into a commercial bank with full government coverage. Its former head, Henry Paulson, went to the George W. Bush administration to leverage how much it could borrow...