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Life & the Creation of Infinite Banking - R. Nelson Nash - (BWL POD #0001)

Jun 06, 2021
In this episode, Nelson Nash and I discussed the genesis of NNI, the Nelson Nash Let There Be Light Institute, and there it was. You really know a couple of words, you just know, going back to genesis. That's first, the first book. Actually, it's before the first book Right then James: When you wrote the first book, Become Your Own Banker. Nelson: My Genesis Oh yeah. Yes, there is no doubt. Yes, that's the big book. James: At first. Nelson: Yes, there are 66 of them. James: I want to talk about your book. Nelson: Oh, you mean this one? Nelson: Have you read that one?
life the creation of infinite banking   r nelson nash   bwl pod 0001
James: I've read it. Nelson: Very good James: I can't tell you how many times. James: It's been quite recent. Read all (recently) three times. Nelson: You know what it says? James: Yes, I do. I think so. I'm still looking in case I missed something. Very good, but when you created the right think tank, and then it evolved into IBI. And now it is the Nelson Nash Institute (NNI). You didn't imagine or create it for a bunch of agents to sell a bunch of

life

insurance. Why don't you do what you did?

nelson

: why James: Yes Nelson: Well, the view that something is wrong in the financial community that

banking

is necessary or existed in the way we live today.
life the creation of infinite banking   r nelson nash   bwl pod 0001

More Interesting Facts About,

life the creation of infinite banking r nelson nash bwl pod 0001...

It has to be, but the show is in the hands of the wrong people and when you look deep into it, you find out that they are evil to the core. Anyone who lends money does not exist is evil. James: And charge him interest. Nelson: Yes. If they understand this concept. It is real money and only in a place that cannot invite the money supply. There is a really good video called Banking With Life (James film). Have you ever seen that one? Jamie: I have. Nelson: Anyway, there are about 13 personalities in that video, including yours, but I think the third one is a guy named Paul Cleveland, who's a good friend and an Austrian economist in Birmingham, Alabama, and he points out that the money is not wealth, wealth is goods. and services.
life the creation of infinite banking   r nelson nash   bwl pod 0001
That money is the medium of exchange by which we acquire wealth. the function of money i felt is in the hands of the wrong people because all you have to do is look at what happened during my

life

time how the money supply increased in a big way well what did that do was dilute the power of the medium of exchange ? Okay, I graduated from college in 1952. I was on active duty in the Air Force for a couple of years because I was an ROTC student there. that was one of the ways I worked my way through college.
life the creation of infinite banking   r nelson nash   bwl pod 0001
The other way was two part-time jobs all the time. I was in college. Very good. So anyway, do you have any idea what the base salary for a second lieutenant was in 1952? $213.75 a month, every month whether you like it or not. Now I had $75 a month housing allowance, I had $42 food allowance. And you know, we get along really well on that. Compared to everyone else, we lived pretty well. Well, consider what is happening today Absurd. Increasing the money supply solves nothing at all. But who caused this? bankers They are the only ones who can inflate the money supply.
So it's in the hands of the wrong people. Well, there's real money out there and there's fun money out there, but people can't tell the difference because it's just digits to them and such. I'm sure you know this place called Tulsa, Oklahoma, where the biggest race riot in history took place. We are talking about 1922-23 which one? James: 1921. Nelson: Yes Yes, there was a black community there that was relatively very wealthy. Well, it was tragic what happened there in terms of death, but the thing is that human beings have a tendency to obsess over tragedy. but they don't look at the cause.
Well find out what the cause is and the cause had to do with the fact that the tenth commandment was in effect, you shall not covet. And can you imagine white trash seeing these really rich black guys who live nearby. Well, that led to disaster. Yeah, but why did blacks get rich? Money never changed the community until it rotated between 30 and 100 times Alright let's go back to Paul Cleveland and in this great video called Banking With Life you should see it. Wealth is goods and services. So some guy did a service somewhere and what did he get in compensation?
Jamie: Money. Nelson: Money! Okay, that's real money, right? That is a representation of something that was real wealth. Therefore, that is real money. Well, he's got that real money and if there's another black guy around here that he's got something you'd like to sell and this guy just happens to like to buy it. So they reach an agreement based on the monetary denomination. Alright, so the money flowed from here to this guy and the goods flowed here. Very well now, when he has that money, he looks for someone else and so the money never left the community until he gave it 30 to 70 times.
Well, that's the secret of all there is. Well, in contrast to what happens in the big world, human beings love to have designations behind their names. MD, PhD and so and so. CRNA all that kind of nonsense. Well, in life insurance it's Chartered Life Underwriter. CLU Now you have to understand something. You're getting into the life insurance business and you become a member of life insurers and if you're going to be somebody, you have to be here, somewhere along the way. And sometimes you have to become a CLU. Well, when I did the course it was ten parts and it took a couple of years.
It is equivalent to a master's degree anywhere. One of the parts of the book was economics. And of all things, the economics book they used was Economics by Paul Samuelson. That is the textbook that all the universities used and so the guy is on the brink of communism. Caramba. To the extent that he is teaching, life insurance would cease to exist. They do not have life insurance in Russia. O good pain. So here I am studying that course and I come across this idea that Samuelson describes. He says the government taxes the economy ten billion dollars.
Well, that's money going into the government. Right Jamie? James: Yes Nelson: Very good. Now the government is going to spend it, he says. Then it will rotate three times and that stimulated the economy. Well, being of the Austrian school of thought for about sixty-two years. I deliberately failed that course. I've only failed one course in my life, and that was economics. CLU studies. James: It's funny, I don't care who you are. Nelson: I'm also pretty proud of the fact that when I was in college. First year there, there's economics 101. And I did a d-plus. That's Delta more no bravo more is fine.
I'm proud of that fact because that way I didn't have to wash so much nonsense out of my brain. It's okay. Anyway, I deliberately failed the course, CLU Studies, on the final exam. and I said, yes, so what Samuelson said here is true, but this is also true. Al Capone, the notorious gangster. He steals ten billion from the American public. He's going to spend it. That will multiply three times. That stimulated the economy too. Therefore, we should have more Al Capones. And they didn't see any sense of humor in that and they flunked me. I took the course, gave them their answers, and they gave me a designation. and I have a... what do you call it?
Certificate! Hello. That's all framed and so on and I'm a CLU. Well, eight years ago. Getting older and stuff like that. Where we lived there was more space and more yard to keep up with what we need to be doing at our age. We reduced the staff and I found that diploma. It was in a cupboard against the wall, and I was going to throw it away, but David says no, I'll keep it. So I hung it in my garage. So if you want to come see my CLU studio, my CLU designation. Come visit my garage when you come to Birmingham next time.
James: So the Nelson Nash Institute bench is in the wrong hands. Nelson: Yes James: Banking. Nelson: Yes. James: People don't really realize that they've really abdicated their responsibility. Nelson: Sure! James: You did create this institute, though, but you didn't do it for agents to go out and write a lot of life insurance. Nelson: No, that wasn't the goal at all, that's just the means to achieve that result. You know? Emerson said, "The end pre-exists in the means." "the objective pre-exists in the media". Look at the media. Now, my mentor, Leonard Read, quoted Emerson quite a bit and I always liked him.
But when I found out that he was very influenced, at one point, by that guy from Walden Pond, what was his name? Anyway, we're all looking around, Walden Pond? Nelson: Yes, Walden Pond. Yeah, I can't think right now, but anyway, those guys were the ones that caused the Northern War of Aggression, so it's hard for me to cite Emerson as a result, but no, he was a nice guy, but you know . Many people are fooled and that is not good. Yes. But it's impossible for life insurance companies to increase the money supply anyway. it can't be done.
Okay, I met a guy named James Neathery and he convinced me that buying life insurance is a really good idea. Well, I signed my name on the dotted line and they examined me and things like that and the policies issued. What am I going to give him? Jamie: Money. Nelson: What kind of money? Jamie: Effective. Nelson: Real money. Something I've earned out there for goods and services of some kind or another. Everything is well now. James is going to gain something for his efforts there. Oh, that's real money you have, right? Jamie: Yes, sir.

nelson

: ok now Most of it goes to the life insurance company.
It's real money. Well, they have to pay their hired help. You cannot run any business without administrative staff. It is impossible. That's real money to them. Well, most of it is going to go. Uh Build things that are like, come to downtown Birmingham on Fifth Avenue. 20th Street is a civic center in Birmingham. There are four buildings there and three out of four or two are owned or fully funded by Equitable Life. That's real money. Am I right? Yes, that's fine. Now, how do they recover? that investment. Well, they provide office space and so on. Well, what do people have to give them?
Real money. So you'll see if we get this thought across to enough people, then they can learn how to separate themselves from the system. You don't have to change it from top to bottom. It cannot be done from the top down. It's impossible because of the people who created all the inflation and so on. Bankers have been poisoning people's minds for so long that it's not going to happen. but in that community you can. I evoked this phrase James. How will IBC survive in a hostile financial environment? and one of our practitioners modified it. He said no.
How to survive - - and thrive - - in a hostile financial environment. As you can see, this is a work in progress and people are adding it all the time. James: So you're quite satisfied with the The execution, you know the structure, the NNI activity and what's going on there as far as you know, agent training in the Austrian economy and what you figured out what you could do with insurance life and structure. Nelson: Well, when I discovered all this over 35 years ago. I saw that this had to be taught out there and it cannot be taught from the top down.
I tried that attack and it was a miserable failure and I thought the academy was the way to teach it and that was even worse and I saw that it had to be done, on the level of you and me and I also saw that I'm not going to live forever. That I needed to find people who would get this and take the baton and walk away. And I had a couple of miscarriages there with people who had really good drive and stuff, but had steering issues. Have you ever heard the term vector? Jaime: Yes. Nelson: Vector is the force in the direction without both qualities, you don't have a vector, okay?
So, to illustrate, you know, I'm an airplane driver and here's the airline pilot with his load of passengers and he says halfway through the trip, folks say, I've got good news and bad news. He says the good news is we're making good time, but the bad news is we've lost our way. James: They're going to get to a place they didn't want to go to very quickly. Nelson: And that was a big hit and so on. Well, as time went on, here was this guy named Carlos Lara who got interested in this and didn't realize it right away, it took a while.
Which he readily admits to, but I guess he has the fullest understanding of this of anyone I know. I have always tried to pass this on to my Austrian friends, but they are too busy with whatever they were chasing then. I was never able to get his attention at all. Carlos Lara in one way or another got up with a guy named Bob Murphy who lived there in Nashville, Tennessee. How they came together is an interesting story in itself, we wouldn't have time to follow it now, but anyway it was Carlos who convinced Bob that he had to read my book.
Then Bob says that he had read the book. He says when he is right about everything but there are 10 things missing and so on. So he read the book again and said no, it's only nine to go. He finally got off, there was nothing wrong. James: It was him. Nelson: It's a funny story as Bob tells it. We will never achieve the mission without the intellectual community. That's all about it. And Bob Murphy is the key. If there is anyone who can fully understand it, it is Bob Murphy and he is the key to the intellectual community.
Well, luckily my youngest daughter got married. Well, a guy named David Stearns. Of course, he wasn't that excited about buying life insurance when hehe first married my daughter, but that was the only way we got it. So he too was a slow learner, but there is no better practitioner of the concept than David Stearns. If there is one thing that gives me true joy at this late stage of life today. It's just that those three guys are everything I've ever dreamed of. So the future is in good hands and there are great practitioners out there. Nelson: Life is good.
James: Life is good. So you are going in the right direction. The Delta that is correct. It's okay. Nelson: Shall we talk about this? James: Well, we don't use the word revolution. We are moving money from. Nelson: Well, it's a revolution for individuals, but not for the masses. You will never realize this. They will never realize this. You see they are so indoctrinated by the

banking

community. That when you try to describe something like this. They think it's crazy. You see when I first saw this vision. It was kind of an instant thing. And I tried to suppress it for two years because I said no one would believe me and I can make a really good living selling life insurance and teaching individual clients etc. and that would be it, but the fire wouldn't go out.
I know what that burning bush and Moses was about. That this had to be taught big and so well. I started teaching it to individuals or small groups of ok, the conference room I was using had a capacity of 18 people and I was trying to do it in two and a half hours, but it was going over everyone's head. Fortunately I had this experience years ago with a guy named Larry Wilson, Wilson Learning Corporation. He was the guy who created the advisory sale. He was a school teacher and had a bad habit of spending 1.25 times his income.
James: Was he a doctor? I'm kidding. Was he a doctor? Nelson: No, no. Anyway, he had to get another occupation. He got into the life insurance business and did extremely well. But he annoyed him. He couldn't explain. Why was it good? He called himself a competent unconscious and although he had four children, at that time. He decided that he was going to find out why. So he took a year off and says I'm going to find out why I'm good. When you start looking for the answers they appear as if by magic. You have to want is the thing, what it means.
He discovered that the answers were there more or less to ask, but he also stumbled upon something else. It's called a syllogism. He came across BankAmerica, who was looking for Someone to create a sales training package for his bank, and advice selling was born. It was a 40-hour instructional block designed to be delivered 4 hours at a time over a 10-week period. Anyway, you know, we became really good friends and stuff. My partner in the life insurance business in those days with equity was Lamar Phillips. We used to present it to the general public and so on.
So based on that experience, I saw that he was making a huge mistake trying to get this in a package at 2 1/2 hours. So, I rewrote the course. I just put it in five parts and designed it to be put on in two hours over a five week period. And then I got a group of 18 people. The oldest is 75, the youngest is 25. Men, women, all kinds of occupations and so on. I wouldn't let there be more than one life insurance guy in the room. Very well. By the end of the first session, 60% of them were waiting to ask questions and I told them to go home.
It's over. I'll be here Thursday night at six next week and deliberately didn't call one. I wanted to see what would happen. 20 people showed up. More of the same 18 people, but others said you need to listen to this and by the third session they all said you need to write a book. You need to write a book. You're too young to remember Paul Harvey now, aren't you? James: No, I remember. nelson: okay! Well, you know the rest of the story. Thus the book was born. James: So a group of financial professionals and brokers told Nelson that we want to do this too.
How did you know the Think Tank would develop? Nelson: Well, I've been running these seminars before the book came out. Quite a while, I suppose, but at least four years. I was using overhead projectors and a box of slides and stuff. Things like that. And anyway, this is a guy in Iowa who said you need to meet Kim Butler in Phoenix, Arizona. I didn't know her and she didn't know me. Anyway, I searched for someone to introduce me and no one could. I couldn't find anyone. Finally, I gave up, I just called her, she wasn't there, she called me back.
I wasn't into playing tag, probably five sessions before we finally got together. Early one morning. I was in the yard running around and Mary yells at me. Telephone. Kim Butler is on the phone. I introduced myself and said I wrote this book. I will send you the manuscript. I'd like to see what you think of him. Anyway, she said I've been looking for this here since Anyway, my wife and I have been working with Dr. Clarence Carson on book publishing, so Carson was my number two guy. Leonard Read was from the Foundation for Economic Education, he was my boss.
But man number two was Clarence Carson, a historian there in Alabama, he wrote history from an economic point of view, from a natural point of view. Economic good. Anyway, we all worked with him for about 22 years and he was the influence I got from him on how to publish books and stuff. So we knew how to self-publish. We knew something about asking for books and things like that. How many did you order from this printer we had been using for Clarence? and Mary said 500, that will last forever. Anyway, when I went out to do the seminar for Kim Butler.
She bought 100 copies immediately. I place an order for 2000 Mary said, "You've gone crazy." I called and said add another thousand. Well The books did pretty well. It is in 31 countries and has changed the lives of many, many people. Most of them you will never meet. True, yes. But it is quite rewarding. So that they call and say that you are changing my life. I said no, I didn't change your life. You saw something of value and you changed. Without you, you are not doing anything. Back then, in my days in North Carolina, when I was a ranger.
At one point, I was president of the Chamber of Commerce. Well, I admit that I have to select the speaker for the annual meeting. He would be an airplane driver, I chose William Piper, Piper Aircraft Company. He is around 82 at the time and I was around 30. I mean, what an experience. Spend time you and me with a guy like that. Anyway, we had fun just visiting, but one of the messages that he conveyed to our group was that he says: You have a phone. What a thing. If someone else doesn't have a phone, then you don't have anything.
Alright, what's the message? 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 have nothing. So the magic that exists is if people see this vision and catch guys like James Neathery. You know, thanks for saying my name, you can say it all you want. That's fine. Yes? Okay. I've watched. I've come to learn that, you know, it's really the message. It is really ultimately the freedom and control of the banking function.
Of course! Absolutely. The medium is just the life insurance structure. It's the only thing that meets the It's the perfect solution, but people won't realize that because they've been totally focused on the death benefit and after all the things that after the advent of World War II here come all these GI is out of active duty and The socialists we're in charge at the time said, oh, that's going to ruin the economy. That wasn't true, but you know, they ran the show. Listen, we have to give them something to do so they can work their way through the economy over a period of time.
So let's send them to college. Not all of that. We will solve another problem, we will increase the intellectual capital and thus we will kill two birds with one stone. GI Bill is the biggest thing that's ever happened. Well, what happened was 108 degrees opposite. Tom DiLorenzo, who is big, is a good friend. We are on first name in a big way. He points out that there was a completely opposite result. And the universities became diploma mills. And today we have people who have college diplomas who can't read the diploma. So those Harvard MBAs that came out created an atmosphere of, I guess you could call it a hierarchy or something, but these are the people who become the big bankers, which isn't that increase in the money supply and so forth.
And that's bad, but people don't recognize evil. You have to recognize what evil looks like. You have to admit that the devil is a cunning creature unless you understand what he looks like you won't recognize him. So the middle here is a place that you can't inflate the money supply and if you had this gated community that life insurance creates, it's always going up in value. Everyone should be doing this kind of thing, but that's incomprehensible to most people. I don't know if they will ever happen or not, but it doesn't matter if it happened or not.
You don't have to live that way again, how to survive and thrive in a hostile financial environment. The joy and ease of having the banks out of your life cannot be described. You know, I've worked, I've done seminars for people like you all over the country for the last 20+ years. See, I had been doing the seminars long before the book came out. Anyway, years ago I was giving a seminar for this guy in Thousand Oaks. Los Angeles region, high income district. By the way, that's just a lie. There are not a thousand oaks, I have counted them.
I am Forester. There are only 976. Anyway, the sponsor was Arkady Milgram, a Russian Jew who came here in 1989, I guess it was something like that. He was able to leave Russia. But with only a hundred dollars in his pocket. That's all he could get. done extremely well. I never discovered the life insurance business until about eight years ago. I had 25 Russians there and about 20 of us US guys already halfway through the seminar. I tell people what a peaceful, stress-free way of life it is when you remove the banks from your life. And lightning struck my feeble brain at that moment.
God is good. I'll tell you. I said to myself, my word, what an opportunity right in front of me in the front row is a female doctor from Russia. A neurologist. I'm going to rummage through her brain right in front of everyone and I have no idea what that woman is going to say. I'll take a chance. Doctor what heart plays stress in medical illnesses. Her response, "it all starts there." So I asked the group in their lives and in the lives of their peers what they see as the biggest stressor. a chorus came back Money.
This is how to totally control the money factor in your life. In a place that can't inflate it. But you have to pass the message on to the next generation. Well, what are they exposed to out there. Noise. Yes, the hostile environment, big time. So we have a patient with them and so on. There are some people who won't notice and you can't help it. But you know, you just have to recognize that you can't force this kind of thing. You can't inject it into their brains. They have to catch him. They had to be fertile ground.
Receptive to superior seeds. Now you know how much more you do this kind of thing out there. You may come across some superior people. So you know a lot about something I'm talking about there, you know with all the books you read, by God. Can you imagine what it was like to have Leonard Read as your personal friend and mentor? Sit down and chat with him like this and like that. And if he could pick up the phone and call you and if he didn't have something urgent, he would take some time and talk to you and so on.
I mean God. James: I think I'm as close to that as any man alive today could be. Nelson: yes Okay, I have your phone number. Nelson: All I knew was collecting seeds and trying to find fertile soil to plant them in, that's all. But you have to understand that you have found the superior seeds in fertile soil, but you also get weeds. You have to recognize the weeds. What if you get rid of the weeds and then the top stuff sticks out like a sore thumb? Well, how complicated can this be? Good sir. But therein lies the problem.
People love to complicate things, don't they? Well why? I don't want to say So do you think NNI practitioners will be able to continue to carry the message to the next generation? I have high hopes. We think some very, very good candidates have come along. Look, we made a big mistake when we first formed the IBI. We had it open to anyone who wanted, but you know, I've been singing in choirs for 75 years and so on. I had to resign here recently, it's been so painful for me to do that, dammit, but our music minister at our church is one of those very outstanding people.
He is the director of the School of Fine Arts at Sanford University. Anyway, here's this pianist who's been with us for quite some time. He is a very young boy and he gets along very well. Well, he wanted to go to the next level. Well, to do it he had to meet with Say five people in the Department of Fine Arts there. Go through an interview to determine if he was a candidate or not. so i suggestedto College Bob and David that this is what we should do. So we adopted it right away and now we won't even let anyone take the course until they've done it for 30 to maybe an hour.
Interview to find out what motivates you. What do you want to do this for? And so on. We have had to turn away some people. They just won't fit. Jamie: What a shame! Nelson: As a result of the candidates getting veteran veterans. Some in the relatively recent past are spectacular. I mean, oh my gosh, I'd like to live a few more years to see the results of them. Yeah, he'll be in the movie in a minute. So there's the interview process that they have to do coursework, Austrian economics, and then there's, you know, some life insurance education that they didn't get from head office or any of the insurance companies because this It was not created by insurance companies.
It was discovered by you. I saw something they were leaving out and so on. You see the devil going back to those Harvard MBAs because the home office is a life insurance company decided they had to be everything to everyone. And there is no way. That's not. They don't understand the power of what they really have, they don't understand what can be done with this thought process. Well, some of them are starting to realize it today and that's the glorious feeling, but it's not an overnight process because they've cleared out a lot of the old thoughts that they had there that dominate everything.
James: pretty hard to unlearn Nelson: always the hardest job in the world is unlearning. Thanks for listening. If you liked the content, please leave us a like or a like, share us with your friends, give us feedback and see you next time. You

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