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This circuit converts ambient RF to DC, For the record the one I mentioned in the video that I built a year ago got fried by a lightning strike to my HF antenna. Also when I said "2 capacitors in series instead of 4," I meant to say "4 capacitors in parallel instead of 2."
A similar circuit can be found here: http://energyexperiments.blogspot.com/2010/10/experiment-with-teslas-mechanism-for.html
A simple description of the circuit is that it takes radio waves and turns them into DC energy. The radio waves could be background noise in the universe, static crashes from lightning, local radio stations, your internet router, cell phone, ect. It is best described as an "RF harvesting circuit" in my opinion instead of a "free energy circuit" exclusively, because while it will harvest the natural radio frequencies it will do the same with man made RF energy.
A more technical description of the circuit is that it is a full wave bridge rectifier that has filter capacitors that help "smooth out" the output with a wide range of input RF frequencies. A normal full wave bridge rectifier (which is generally a 4 pin IC) found in household electronics would only be designed to turn 120v 60hz AC and turn it into the desired DC output for electroncs.