Among the important points made in the video are:
The system is created for a different era, when cramming som basic skills (reading and arithmetics) and facts (geography and social sciencies) were important in order to create reliable components for the global administration machine, that made global empires work, before airplanes, computers and the Internet.
Young children have a strong capacity for divergent thinking, a requisite for creativity, that is eroded year by year at school. How come "date of manufacturing" is still considered the most important factor for your abilities to learn?
The system still kind of worked until just a few decades ago, when education was reasonably cheap and all but guaranteed a good job. Now, neither is true. Almost all school achieves now is wasting time and money, while killing creativity and forming bad habits and causing low self-confidence.
The video above is so short, yet still makes some very powerful statements, that you really don't have to listen to this hour-long TED podcast about learning - but perhaps I've piqued your interest enough to give it a chance. If not, just listen to this 11-minute segment about Indian 'slumdogs' teaching themselves English, computers and biology from just getting access to a computer with an internet connection. Compare that to how 10 years of school is hardly able to teach western children how to read properly. And here is an interesting TED show about creativity.