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NEW ECONOMIC THINKING ... YANIS VAROUFAKIS 2008 & 2020: The Combination That Changed Capitalism Forever Burgess COMMENTARY Yanis Varoufakis is an impressive thought leader. I can relate to most of what he talks about ... not all ... but almost all. He has a better understanding of the deep dysfunction of the modern economy than most and talks about things like 'the financialization of the economy' and 'financial engineering' as I do, but he is not as clear as I would like about the role that SOCIETY and the ENVIRONMENT should have in the overall functioning of the global socio-enviro-economic system! Peter Burgess | ||
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2008 & 2020: The Combination That Changed Capitalism Forever [Yanis Varoufakis]
New Economic Thinking July 2nd, 2020 262,294 views 154K subscribers As protests erupt on the streets of America and the world, current power structures no longer feel tenable. Can this popular uprising break the neoliberal grip on the state and create lasting structural change that will empower the disenfranchised? Join us as the Former Finance Minister of Greece and founder of the Democracy in Europe Movement 25 (DiEM25) explores what a restructured economic and political landscape might look like in a post pandemic era, and what it would take to harness state power in service of the masses rather than corporations. Yanis Varoufakis is an economist, philosopher, and politician. He is a member of the Hellenic Parliament, Secretary-General of MeRA25, co-founder of DiEM25, and the former finance minister of Greece. Together with Bernie Sanders he co-founded Progressive International, to unite progressives around the world. He has taught economics at the University of Cambridge and the University Texas, Austin, and is the author of several books, including Adults in the Room, And The Weak Suffer What They Must, and The Global Minotaur. License ... Creative Commons Attribution license (reuse allowed) ----------------------------------------------------- COMMENTS ------------------------------------------- Abra K. Abra K. 1 year ago Thank you from the bottom of my heart for your words, Yanis! «It is a gross error to imagine that we live in a world of the Americans against the Chinese, the Europeans against the Senegalese. No! This is a class war that is raging in every country, and the oligarchies without frontiers are very united in this. So, to my friend in Senegal: Your oligarchy are on very good terms with our oligarchy here in Greece, with the German oligarchy, with the American oligarchy. They have bonds of solidarity that I only wish the rest of humanity had.» Dear members of the human family, dear awakening and awakened people, 'the rest of humanity' comprises ~ 99% of the world's population and we finally should show true solidarity across all borders, network and join us in a peaceful revolution against the ridiculous 1% of oligarchs/plutocrats! We are MANY, we are the overwhelming MAJORITY, we are TOO MANY TO FAIL! 78 ------------------------------------------- Richard Galea Richard Galea 1 year ago Abra K. .....We fail because we have too many fools within.... 3 ------------------------------------------- N S N S 1 year ago YES!!! 2 ------------------------------------------- Bertie Fox Bertie Fox 10 months ago Unfortunately, 99% of the 99% would rather watch Netflix. 6 ------------------------------------------- Anita Anita 2 months ago Bertie Fox smacks head, such sad truth. 1 ------------------------------------------- Jaggy Nettles Jaggy Nettles 1 year ago Thank you for taking the time and care in understand that not everyone understands economics , and explaining in such simple terms so as person like me can have a better understanding how economics work. I have a growing appetite for more information now about how the economies of this world work , thanks to people like you guys. 🙏🙏🙏. 45 ------------------------------------------- Dieter Dieter 1 year ago Yanis Varoufakis is incredibly insightful. Sadly there is no way to aptly communicate the extent of his philosophy to the political institutions of neoclassical priesthood, let alone all the people who actually matter, those who have no time for economic studies. 9 ------------------------------------------- yan yan 8 days ago I think when the younger masses of world superpowers finally become web savvy enough to escape the social media algorithms and echo chambers, and learn the true nature of their class struggle on the internet - change may truly be kickstarted. Then, everything might finally happen as Yanis is describing. I just hope this happens before it's too late. 5 ------------------------------------------- sonja k sonja k 1 year ago Correction: The earliest joint-stock company recognized in England was the Company of Merchant Adventurers to New Lands, chartered in 1553 with 250 shareholders. Muscovy Company, which had a monopoly on trade between Moscow and London, was chartered soon after in 1555. The much more famous, wealthy and powerful English (later British) East India Company was granted an English Royal Charter by Elizabeth I on December 31, 1600, with the intention of favouring trade privileges in India. 19 ------------------------------------------- Andrew Ozolins Andrew Ozolins 1 year ago Every crisis its Janis Varufakis that gives me the greatest insights of what's going on 174 ------------------------------------------- B Lawrence M B Lawrence M 1 year ago (edited) So very very nice to hearing sense spoken again. Thank you Yanis. More like you in politics and the world would be so much better off. THANK YOU! 37 ------------------------------------------- louise hoff louise hoff 1 year ago this has been such an interesting and hopeful conversation and explanation. thank you both so very much! 5 ------------------------------------------- iris Yau international iris Yau international 1 year ago 'Just because you are strong, does not mean that you have the rights to crash the weak' 👍 #ethics 37 ------------------------------------------- Kylie Isola Kylie Isola 1 year ago Always, so good to hear Yanis tell it like it is. I am deeply grateful for his voice. 9 ------------------------------------------- mxfxsr mxfxsr 1 day ago I like the concept of evaluating the interdependencies of countries economic ties and how beneficial they are in both directions. ------------------------------------------- Richard Williamson Richard Williamson 1 year ago Yanis is THE economist for our age! He taught at my alma mater University of Texas, though it was after my time there. Thanks to YouTube, I get to hear his lectures. He is bringing back the Golden Age of Greek philosophy! 8 ------------------------------------------- Alexander Lavin Alexander Lavin 1 year ago Strong discussion. I met this guy at the Sanders thing in 2018 and he was very cordial. This podcast is likely not anything new to most of us, but well distilled. Looks like we need to jump on that Progressive International! I also was impressed by Richard Duncan's work on a world wage floor, another interesting approach to global working class politics. 10 ------------------------------------------- Bhangra Fan Bhangra Fan 1 year ago Points he is missing: these financial flows from the early 1980s were all about globalisation. Globalisation was all about capitalists maximising the returns on their international investments by exploiting global variations in local relative scarcities of resources, a kind of international division of labour. Seeking out energy, materials and labour where they are cheapest and selling the products and services produced where they are more expensive. The profits were recycled through NY and the City of London via multinationals repatriating profits and bond and asset sales to foreigners. The result was the tertiarisation of the economies of former western industrial powers. We all had misgivings about exporting manufacturing jobs, but it was difficult for most of us to put a finger on why. With hindsight we see that the secondary sector has more dynamism (meaning greater potential for productivity growth) than the tertiary sector (meaning retail, personal services, hospitality, catering, leisure and tourism etc.) This seen in the down grading of the job market. There are fewer upper level jobs and many very low level jobs; drivers, warehouse workers, nail technicians, bar staff, waiters etc., with little prospect of advancement. Practically 'dead end' jobs. As productivity growth stagnates so the real standard of living stagnates too. Trump was elected to try to reverse this process (rather late) by adopting a more nationalistic economic policy aiming to promote domestic production as opposed to offshore production and to repatriate manufacturing jobs to the US. COVID hits the tertiary sector worst off all, so it chokes the flows of revenues needed to sustain very large numbers of these low grade jobs. 96 ------------------------------------------- Francis Feeley Francis Feeley 1 year ago (edited) Very clear presentation on the conditions of contemporary capitalism. Thank you for it. One caveat, however: It has been my position that all wars are class wars, to the extent that the ruling class controls them for it's private profits and again exploits the working class in the production of destruction by disarming them ideologically and alienating them from any possibility of attaining the only hope that exists to achieve power over their own lives, i.e. diplomacy. The exit from this condition of pathetic domination lies within us, the working class and it's allies; not with the capitalist class and their thugs. 12 ------------------------------------------- Catherine Brown Catherine Brown 4 days ago Very glad that you have developed an eclectic approach - closed system thinking needs to be challenged and you are doing it in an interesting and engaging way. This is like a good Socratic dialogue ------------------------------------------- John Smith John Smith 2 months ago (edited) Awesome interview! Janis Varufakis is great! If only we had a government that listened to him. 1 ------------------------------------------- HeavyThunderMetal HeavyThunderMetal 1 year ago Fantastic video, Yanis is always great at speaking on economic issues 2 ------------------------------------------- John Vaughan John Vaughan 1 year ago His comment that 'to have properly functioning markets we need to end capitalism' is a concept I have given to all my students in 30 years at world-rated business schools. Whoever got you to believe that Capitalism is about free markets has been pulling the wool over your eyes for long enough. Remove it and open them! 50 ------------------------------------------- twinfishfour twinfishfour 1 year ago Nothing counts if there is going to continue to be asymmetric information. Nothing counts if there is not going to be transparency and disclosure. Competition is based on superior information, but rules must level the playing field or corruption and entrenched power (for example generational inequality) take us in the direction of serfdom. If there had been no industrial revolution, no information revolution, no electronic age, the issues of centralization and decentralization would be framed differently, but society and its environment and supply chains have been utterly transformed. We are also moving out of a fossil fuel age into something else that is largely unknown. Democracy, neoconservatism and neoliberalism are probably somewhat irrelevant except they now represent imbalances that are unsustainable. There are huge efforts to maintain asymmetrical access to information, to suppress access to information that could and should be released to the public domain but is not. Also to control the narrative to one that benefits an elite or multiple elites. This is really, right here, the crux of the matter. This is the bastille that needs to be stormed. Assange is one of the poster boys for this issue. Aaron Swartz (November 8, 1986 – January 11, 2013 is/was another. What happened recently in Bolivia or Hong Kong or the West Bank or Syria or Libya, the list is too long, are object lessons in the consequences, which will come home to roost at the center of empire. 16 ------------------------------------------- Kevin West Kevin West 1 year ago Yanis' ideas are beautiful! I particularly swooned when he spoke of a non-systemic eclectic approach to economic thinking. 6 ------------------------------------------- Cambria Wellness Cambria Wellness 1 year ago (edited) I don't see why Europe couldn't have a sovereign currency, where they can correct the value of their currency to production, (or to the value of their preservation or conservation, a new concept, but one Rockerfeller is mounting). I think they need a representative Parliment, and a Constitution. When they do, give mothers and fathers more value when they birth and nurture a child a few children, and not in terms of becoming a mercenary or soldier. 7 ------------------------------------------- rattylol rattylol 1 year ago (edited) I could listen to Yanni for hours, I hope he never gets tired of talking. 62 ------------------------------------------- Modern Conversations Modern Conversations 1 year ago I loved 'If rational extra-terrestrials were to visit planet earth, and see all the wonderful financial engineering we've invented, share markets, private banking...they would say they were all elaborate forms of debt!' 1 ------------------------------------------- Daphne Emanuel Daphne Emanuel 1 year ago Yannis Varoufakis should be influencing global economies. He saw what potential Bernie Sanders had to shape an intelligent US economic landscape. The two thinkers are a powerful force.- 39 ------------------------------------------- Briand Beaudin Briand Beaudin 1 year ago Great presentation. I think that your ideas could greatly improve the global economic situation. But how can we ever implement such ideas when leaders, politicians, populaces and governments appear to be tending toward ever more irrational thoughts, programs and actions. Fear and emotion rules and inequality reigns supreme 3 ------------------------------------------- Markus Pfeifer Markus Pfeifer 1 year ago There’s one economist in Germany who acknowledges that deflation, not inflation brought Hitler to power: Heiner Flassbeck. He also has other interesting things to say. Please have him at some point. 38 ------------------------------------------- T B B T B B 1 year ago This was absolutely superb! 65 ------------------------------------------- A. Randomjack A. Randomjack 2 months ago (edited) Thank you very much. I never thought I'd like talks on economy. I love this one, probably because it relates to reality. ------------------------------------------- Dewey Watts Dewey Watts 1 year ago To continue to think humans in power will do the right thing, is to ignore every war and every response to crisis. 45 ------------------------------------------- Joao Miguel Joao Miguel 1 year ago This is so true. There is an absolute disconnection between real estate value and income levels for majority of the population. And this discrepancy has been increasing over and over. Yanis is right. I have been working so hard for the last 15 years, and there is no way I can afford to buy a house because the cost of rents and transportation is incredibly high compared to people's salaries. Most of my salary goes off to pay the bills, I hardly manage to save anything. I do not even own a car or motorbike. ------------------------------------------- Gregory Wonderwheel Gregory Wonderwheel 1 day ago (edited) It's always about social power. Who has the power to make economic and financial policy? Who has the power to make military and economic war and interventions on other nations? The flow of money is the sign of the flow of power. Whether we call them the share-owning lords of the corporations or feudal lords of landed estates they are the 1% who hold the power and are able to wield it by the collaboration of the 10% management class and the paid gangsters of 'law enforcement' who police the money flow so that is flows into the pockets of the 1% and not to the 90%. It's all about the ownership-employee class exploiting the wage slave employee class by using debt bondage and precarity wages. The 1% will never relinquish their power without a fight to the death of anyone who wants to take it away from them. ------------------------------------------- Mat Macmillan Mat Macmillan 1 year ago Would be interested to hear Yanis thoughts on a Universal Basic Income. 16 ------------------------------------------- Foundups Michael Trout Foundups Michael Trout 1 year ago Yanis, awesome talk... the problem of capitalism comes down to the insane idea that one can have infinite growth on a finite resource planet. Until we have a model that not but on CAGR we can not fix anything. ------------------------------------------- eroceanos eroceanos 14 hours ago This guy gets it… we need interest-free credit, moreover. ------------------------------------------- Patrick Van Gelder Patrick Van Gelder 1 year ago 'It s remarkable how sensible people can be' and this after Brexit and Trump, brilliant analysis ------------------------------------------- Carl Wilson Carl Wilson 1 year ago Much appreciated. With respect to banking replaced by central bank individual accounts. A great deal of banking operation can be run on an 'automatic' basis but there is also a problem of to whom are loans made. 2 ------------------------------------------- Jeff Jeff 1 year ago Yanis spelling it out nicely - explaining how we got here and what to do about it- the latter bg much like Richard Wolff's work 1 ------------------------------------------- NAB NAB 1 year ago We need a new world government because each country is effected by what happens in the other ones. And Mr. Varoufakis must become the global finance minister please! 3 ------------------------------------------- Jamie Isbitt Jamie Isbitt 1 year ago What if instead of everyone gathering to protest against companies use the equivalent amount of money that would have been spent to travel to all collectively to buy shares in a community trust? 2 ------------------------------------------- Camcolito Camcolito 1 year ago 'We need to be eclectic and like philosophers' - Said nobody in history prior to Yanis 7 ------------------------------------------- eva merritt eva merritt 4 days ago Yanni can explain economic reality better than most. He doesn’t sugar coat it . ------------------------------------------- Judy Florida Judy Florida 3 months ago (edited) Wish Janis V was my economics teacher at the university. Thank you for your knowledge. Today I have no idea what they are teaching but economics and banking would be a lot more interesting. Seems few know about our banks moved to Britain and monopolies taking over our country with their wealth. ------------------------------------------- When Trees Will Rule The World Again When Trees Will Rule The World Again 1 year ago It's kind of terrifying. There seems to be no scenario under which the mind rebels. Everyone just steps through the templates for living provided for them. 3 ------------------------------------------- Cherry's Cottage Cherry's Cottage 2 months ago Wow this is critical to my understanding of why our economy is declining...always so illuminating Yanis! ------------------------------------------- Abram Badal Abram Badal 1 year ago Coongratulations Yanis , I reached that idea after 2008 ' crisis ' : EXIT CAPITALISM ! Let's create Open Social Political Global Universities , networking the Earth , New and Completed Human Rights , Directe Democracy for local to Global Congress , Open & Transparent Management , Social Status for all according and in proportion to their Social Hourly -- Quality ( A, B, C, ..... activity noted in team-works ) used also as a new means of social distribution of world networks , named also as good ' social credit ' to be transparent and make General Global Interest of Earth security , Ecology to prevail groupe interests or regional interests ( A true Socialism , that will be inverted Financial Fascism ruling today thru State--Banks making fascism grow all over the five continents ! ) 3 ------------------------------------------- andrew mcmillan andrew mcmillan 1 year ago 'Bankers have a very clear loophole: never lend money to people who actually need it.' - brilliant. 6 ------------------------------------------- rory ferriera rory ferriera 1 year ago The reason why people are so good at voting with one vote is because everyone’s different and no one knows how to walk in each other shoes. We all need different things yet as a whole the same 2 ------------------------------------------- Thorn Hedge Thorn Hedge 1 year ago Yanis, I have nothing but respect for you and your work. That being said: The fiction that is the entire financial system seems an unnecessary creature that serves only centralization of everything into the hands of it's Creators. Democracy is in fact the last historical step prior to Totalitarianism, which today looms as a centralized global system which seeks to (Through digital technology) micromanage the biological, physical, and human capitol assets of the whole world. I for one prefer the dissolution of the entire fiasco that the fictional system represents, and instead relying upon decentralization of all our systems into small local/earth friendly self contained though mutually supportive communities of peoples. More centralization will only lead the sooner to all of our Destruction. Which is the whole purpose of their green new deal! Austerity for all! And Roosevelt was a tool..... ------------------------------------------- A Puzekat A Puzekat 1 year ago 36 minute of theory that is well presented. Again I disagree with 2008 being the beginning of the finance economic failing’s. It began right after 2000 but was delayed due to the war on terror and the injection of loaned money to increase the war machine. ------------------------------------------- A B A B 1 year ago In 2008, the flow of money into the financial sector and to the corporations exacerbated the already existing trend of small businesses losing their place of business: all over New York City for example corner delis, grocery stores, diners, etc., who were already suffering from liquidity problems when the crisis started, were losing their locations to corporate chain stores. And strangely enough as real estate values went down a bit in New York City, commercial rents started rising at a rate unseen before 2008. One of the reasons for such hikes was the discrepancy between the rising real estate values in the City prior to the 2008 crisis and the income from said properties - the rent paid. the owner of a one bedroom apartment on the upper east side, who was getting 1250$ monthly in rent for a property worth (in 1994) 70K, thought to have a nice income of 20% on the investment. but when a few years later the market value of the same property had risen to 350K even a higher rent of 2000$ didn't seem to provide adequate income (about 7% income). But of course such calculations rely of the somewhat distorted perception of property values at the time of a real estate bubble and further distort (such calculations) the perception of financial and investment reality. At the same time - a time of deflation - for some reason food prices kept going up after 2008 as if calculated according of (a non-existent) rise in inflation. One of the reasons why store owners kept raising product prices after 2008 was probably a reflection of the rise in commercial rents - their rent was rising at an alarming rate, and short of closing down and leaving the neighborhood they raised the prices of the products they were selling to make up for the higher rents. Now the rise in the price of essential products such as food and household items, and other commodities such as clothing, these higher prices, had the appearance of an inflationary trend, when in fact they reflected only the higher rates of commercial rents, higher rates that were triggered by the miscalculated rental income based on the real estate bubble pricing of said commercial properties. this vicious cycle went on for at least ten whole years, and completely changed the urban landscape. The really inadequate leaders of the financial world resigned themselves to looking at the commercial landscape after 2008 as a mildly inflation environment (due to the rising cost of living) not understanding the full impact and nature of Deflation after 2008, and allowed this farce to further ruin the financial stability of the middle class. and of course during this time personal savings were not yielding any income because of very low interest rates on savings, and good old middle class families had to resort to try their luck at day-trading on the stock market to generate a modest income. And this goes on and on. ------------------------------------------- TTBOn00bKiLleR TTBOn00bKiLleR 1 year ago for someone who doesn't know how the feds work or the central bank, but wouldn't that make them able to also withdraw funds from your accounts if there is no third party? what if the state is authoritarian? 1 ------------------------------------------- Aram Simsar Aram Simsar 1 year ago (edited) Asset prices are completely disconnected from reality. Housing prices in my area have gone up during the pandemic. I think the last time I checked Blackstone owned around 20,000 houses in Phoenix. 57 ------------------------------------------- Conan Duke Conan Duke 8 months ago (edited) Love the cortizone metaphor.... Varoufakis' analysis is always spot-on. However... Minor Correction: The US economy is the patient, the financial sector is the cancer... Cancer's apparently doing great right about now. Demmurage = Hemorrhage ------------------------------------------- chris baldry chris baldry 1 year ago Great explanations, thanks Yanis ------------------------------------------- Costas Yiannourakos Costas Yiannourakos 1 year ago Do you think that politicians of strong militarily nations will ever work or make decisions to the benefit of economics or the entire world? The quality standards of our politicians is not encourageing for such dreams. 7 ------------------------------------------- André Chapetta André Chapetta 1 year ago The end of private banking and stocks exchanges (wich i do not necessarily oppose) could be viewed as radically undemocratic, since people will have no choice on where to keep their money or trade their stocks. That is a VERY risky and bold idea. ------------------------------------------- Hillbilly Hippy Hillbilly Hippy 1 year ago I can’t pronounce his name, but I can’t help but think his name will be well known to my progeny. THIS combining of ideas to create a better world for all will be where the solutions are found. Bravo! 1 ------------------------------------------- Christian Quintino Christian Quintino 1 year ago Absolutely ......2008 crisis and 2020 will be ONE in history books in 2100 , this is a consequence a sequence of unsupportable debt levels. 8 ------------------------------------------- pcuimac pcuimac 1 year ago That's exactly the idea that I had two years ago. Remove all private banks and make the central bank hold all accounts of all people and corporations. No more tax evasion by companies and the rich. Direkt stimulus to the working class or companies who do existential production. Of course such a system can produce its own ugly problems. We,have to bind the amount of money to the enrgy we produce with renewable energy and recycled resources. 1 ------------------------------------------- 466chalk 466chalk 1 year ago 'The Nationalist International'. I've heard many terms for this, but this one is my favorite! 3 ------------------------------------------- mxfxsr mxfxsr 1 day ago Feels like some wide assumptions about what forces are in play and how they are interrelated. The data points during two chaotic events that turned everything on its head cannot be cherry picked from the intervening decade that connected them. ------------------------------------------- Scott Yu Scott Yu 1 year ago It doesn't matter what kind of theory or economic formulas you use to analyze the economy, the very fact is 1% people takes +60% the wealth in USA. ------------------------------------------- Bradley Kelsall Bradley Kelsall 1 year ago Okay, let's review: 1.) A large number of lower and middle income jobs disappear (depression sets in). 2.) All the unemployed lose their employer-connected healthcare (illness increases dramatically). 3.) Huge numbers of renters are unable to pay their rent (desperation sets in). 4.) they get evicted and end-up on the streets (at least the weather's not bad - good timing). 5.) 'Landlords' drop their rental income expectations but find no new tenants (except for some foreigners). 6.) A huge number of home owners are unable to make their mortgage payments (divorce and suicides increase). 7.) The banks evict residents and repossess their properties (adding to the astounding numbers of homeless). 8.) The banks put these properties up for sale at lower prices (to recover the shortfall - remember, banks don't lose). 9.) These distressed properties are quickly purchased by the wealthy at 'fire-sale' prices (also Chinese and other foreign investors move in). 10.) The end result is even more wealth inequality (and the Republicans rejoice). Capitalism. 1 ------------------------------------------- Lorraine West Lorraine West 1 year ago Mr Yanis another educated hero of the world. Strong, brave, truth teller. It appears that economic warfare is going on against the interests of the masses of people worldwide. A teacher of economics for the unlearned. ------------------------------------------- priya cool priya cool 1 year ago Intensification of class wars within countries! Spot on!! 2 ------------------------------------------- Markus Pfeifer Markus Pfeifer 1 year ago Yanis, the point of having intermediary banks is that central banks have no idea if you need another pizzeria in your town; your local bank might know. How about that: let’s organize banks as co-ops as well. The banks where you put your deposits and where you request a loan to build a house are owned by the local community, banks that grant loans to industrial co—ops are owned collectively by the industrial co-ops. That way, power is nicely distributed to those who are concerned by the decisions made by the banks rather than to complete outsiders. 5 ------------------------------------------- HebaruSan HebaruSan 1 year ago I learn something every time Yanis utters a sentence ------------------------------------------- Mario Hatz Mario Hatz 2 months ago We are lucky, speaking on a global basis, that we have people that have learning, the heart and the courage to advise/enlighten people of the diabolical situation that Oligarchic/psycopaths have pushed most western economies to with the consequent societal debasement. There is only one answer to all of this mess. Keep communicating what INET, YANIS & RICHARD WOLFF and others do and we must divert all our attention/energy/funds to saving our children from climate catastrophy we have unleashed. Yanis finished off with exactly what is reqd. This is not to do with economics the situation we face is POLITICAL disfunction caused by Oligarchs to prevent societal cohesion so they can control all. '1984' is NOW and. Please refer to TONY SEBA & RETHINKX work one of the ways forward. ------------------------------------------- C O C O 1 year ago For a someone that negotiated the Greek bailouts that so utterly failed, he's not shy about dishing out more platitudes ------------------------------------------- Martine Reed Martine Reed 1 month ago I would live to see a more current discussion by Yanni. What is his position on US political turmoil? What is his opinion of cryptocurrencies? ------------------------------------------- Catherine Lemmons Catherine Lemmons 1 year ago There’s one economist in Germany who acknowledges that deflation, not inflation brought Hitler to power: Heiner Flassbeck. He also has other interesting things to say. Please have him at some point. ------------------------------------------- Elizabeth Djokovic Elizabeth Djokovic 1 year ago He's such a smart cookie. He's passionate about a subject he has explored in great depth and this is probably what makes him so interesting and worth listening to. 4 ------------------------------------------- Amir Haririan Amir Haririan 1 year ago Excellent segment. Great job !!!!!! ------------------------------------------- Mark Knoop Mark Knoop 1 year ago Tax avoidance is the nail in the coffin of capitalism. 1 ------------------------------------------- Stbs Abs Stbs Abs 1 year ago (edited) With tax havens and tax avoidance/evasion nothing can be done. This should be the starting point and this is the main basis that people should protest for in the streets. No point to rally for any other reason when states do not have the power to solve the issues. Companies and people make money and then a logical part of it always should go back to the state. Basis this system, states never become dependent to market loans because part of the private wealth always returns to the state. Then the issue would be for governments to use this money through real democratic discussion and decision in the best quality way possible. Even if states spend too much if the tax system was working properly part of the profit of the entities/individuals made from this spending would always return to the state. Tax havens and tax avoidance/evasion is THEFT and the reason of the planet's destruction. Govenments beg for charity and donations to face economic and environmental crisis and now the pandemics which will keep coming since organisms mutate trying to adjust and survive to the new environment and climate. No suprise that viruses mainly come from countries and places with the most heavy industrial activity. Governments should have the power to ensure sustainable development and economic growth with environmental logic. 2 ------------------------------------------- Tony Y Tony Y 1 year ago This man knows what he is taking about 2 ------------------------------------------- Markus Pfeifer Markus Pfeifer 1 year ago Actually, saving and debt are equilibrated already in the very act of taking a loan, as loans fundamentally are new money. You don’t need to supply money via saving. The only thing interest does vis-a-vis saving is rigging the game in favor of those who already have a lot. You can always only save as much as others are willing to over-spend, regardless of interest. If anything, higher interest rates deminish savings because people won’t take loans. ------------------------------------------- Camcolito Camcolito 1 year ago 'We don't need private banking' - Wow, and amen. 17 ------------------------------------------- Earl Larrabee Earl Larrabee 1 year ago (edited) Yanis Varoufakis is my new favorite person. How can the global economy be saved from the corporatization and financialization collapse and how do we curb the rise of nationalism and radical extremism that will inevitably follow this collapse? Answer: We look beyond the dynamic of Multinational Corporations V.S. the state (government). Instead we realize the inevitable truth that it is in fact PEOPLE that create value. The potential value of a single individual is worth far more than huge swaths of land, some factory somewhere, derivative equations, or commodity surpluses. Nothing functions, nothing has value, money is meaningless WITHOUT PEOPLE. Short answer: We reallocate value back to the individual. Give people more power. Everyone is a shareholder of universal growth, and no one can strip that away. Rather than privatizing all gains from how people allocate their time, energy, data, etc, allow people to have a share in that gain. How? The accumulation and centralization of wealth has nearly universally been tied to distribution. Trade routes, ports, railroads stock exchanges, google, Amazon everything comes down to who controls exchanges. People facilitate all exchanges, and therefore people ought to be their own beneficiaries. Money, currency, is the means by which exchanges happen, Oftentimes intrinsically tied to the value of a commodity I.e.gold. However gold does not dig itself nor does it ship itself, its not the means to an end. Rather it is energy, power, fuel, electricity, that ultimately facilitates HOW goods are distributed. Therefore, I would argue that it is energy, in all of its various forms, is where currency is inextricably linked. Any production of goods or services that generate wealth and more currency requires energy. The US Dollar, the Petro Dollar, is dependent on oil, the commodity, precisely because oil=energy. But who needs oil when you can have renewable energy? Who needs oil when electric cars are faster anyway and wind and solar energy is cheaper to produce? By linking currency to energy, specifically green energy, a few things happen, currencies remain stable, Green energy continue to produce energy(money) it help solve the climate crisis, it helps eliminate the need for imperial activity and best of all...its decentralized. It has to be. Wind funnels can increase wind turbine production by 500% Solar panels can be placed anywhere. So who ought to have, produce, and be the beneficiaries of all this energy and stable source of wealth generation? People. Who ought to be their own shareholders and beneficiaries of the very capital needed to fuel growth and capitalism? People. For you see, whether you are an environmentalist, a capitalist, a wealthy person, a poor person, an entrepreneur, a nationalist, a socialist, a developing country or a post industrial country...All of this benefits you. Stability is everything, more power and economic independence in your own hands, no matter who you are, is a good thing. It is also the greatest check that can ever exist for anyone who fears fascism, terrorism, militarism, corruption, or a soviet style socialist state that dominates everything. Why? Happily employed fulfilled people do not radicalize. People who are not desperate and starving, do not steal food. People with wealth tend to hold on to it, if everyone had wealth and profited from the activities they engage in, I don't imagine everyone giving it up. If people profited from most activities they engage in, I couldn't imagine any scenario where the economy wouldn't benefit. ------------------------------------------- Elizabeth Djokovic Elizabeth Djokovic 1 year ago 'my pip squeak of a nation' I love it. And I live Greece. 4 ------------------------------------------- Terence Irwin Terence Irwin 1 year ago Apropos developing countries and the IMF honing their predation. The lost opportunity of Racism in Ireland, as elsewhere, is that the consequences of policies of commodification of the commons, privatisation of essential public services and austerity (excepting those who make the 'hard decisions' and their cronies) that our destitute migrant brothers and sisters brought with and etched into them, was lost in transition. Very few freely choose to uproot their lives, fragment their family, separate from loved-ones and friends and abandon their homes. If conditions are conducive at home most people are quite happy to stay there. With our own history and much lauded ceád míle fáilte an appropriate response is one of inclusiveness. But instead, seeing invasion and threat we failed to ask, and so to learn, the causes of their plight and the flight from their homes to far-flung fields which by now decades later, are not much greener then what they left behind. If knowledge is power (but not necessarily only because engagement is the prerequisite to exercising that power), it at least might contribute to preparation. But here, as elsewhere, our knee-jerk media-fuelled parochial reaction left ourselves starved of both. While men, women and children continue to languish in the limbo of direct-provision camps that were brought in decades ago as a temporary measure. 1 ------------------------------------------- Len Berman Len Berman 6 days ago To overcome Capital we must remove legal recognition of corporate right to speech: No lies, i.e. advertising, lobbying, public relations, ... . ------------------------------------------- John Leebold John Leebold 1 year ago (edited) Thank you Yanis.. unfortunate collectivism is an ideology where as unfortunately capitalism is what we have to work with and it is basically a distribution problem to solve. You will never have equality of incentive drivers ... some people are initiators and some people would rather be employed .. not saying this cannot not change ... collectivism for which I used to hope was possible in business I personally found that running a very small business was never possible ! Socialist Academics and Politicians who have had little experience in the realities of long term small business as i have had for 35 years in Australia I don’t think will ever understand that most workers have no interest in the problems of how to distribute what in fact are very small surpluses after the expenses impost side of the ledger for most small businesses... Note..Yanis ... I know you know the Australian context and myself being a generational Labour Party and Trade Union supporter from the Hawke/Keating/Kealty era ..the closes we got to a real balance between medium to large business was during the years of ' the accord ' but realistically this accord never works for small business sector ( Howard brought in ' Work Choices Legislation ' ( in other words work place contracts which drove down wages due to tendering ) another disaster but swallowed by well paid workers who are now the new neocons ) Small business interestingly employs 70% of the population ! ? Food for thought ... Yanis your a University Economics Professor put this into your equations 2 ------------------------------------------- IEl tr IEl tr 1 year ago (edited) Yiannis was right back in 2015. Now the situation is so much worse. His thinking makes sense even to a right winger. This crisis is not about right or left. This is a global mess of immense proportions. By the way, I love the artwork on the wall.. ------------------------------------------- Bob Channell Bob Channell 1 year ago Everything he's saying sounds true, but I think in the US, our problems stem more from our own government's stupidity than anything else. We had people going around talking about Ayn Rand, and small government, and deregulating the financial system. And taking money from the financial system to do these things, I'm sure. Then the financial institutions did what was predictable, they overextended, to the extent of fraud; then they failed, and we bailed em out. But it was only a band aid fix that changed nothing in the long run. 1 ------------------------------------------- John Leebold John Leebold 1 year ago You always argue about big business but they relatively employ a small proportion of the total workforce ... This is a bigger problem for small business which employs most people 7 ------------------------------------------- jaye see jaye see 1 year ago 'Corporate executives make corporate decisions, corporate decisions are made by corporate executives. Knowledge is power.' ------------------------------------------- Deborah Norton Deborah Norton 1 year ago (edited) Would 'digital accounts having gifts of finances added' also have money taken from them to balance the books? Will this create debt ? It somewhat reduce individuals power to run their own lives somewhat doesn't it? I appreciate your thinking though regarding a new approach to finance and business / economics and indeed life. ------------------------------------------- Peace IzaVerb Peace IzaVerb 1 year ago FANTASTIC INTERVIEW! Truly brilliant thinking! 1 ------------------------------------------- Carol Reid Carol Reid 1 year ago (edited) Yanis it’s great that you think more deeply than your pocket book, and Economics 101. So far, I get your point regarding the middleman, markets dominated and manipulated by those who control stocks and banks, and I personally also see a more equitable alternative with cooperatives. However, I still don’t get why necessarily the reformation or elimination ( incrementally or forced ) of the banks, still requires elimination of a Capitalist system? if a reformation and regulated checks and balances are inculcated.? What essentially defines the essential character of the Capitalist system in your paradigm.? I think and fear, unless I have somehow missed the elementals of your discussion, a hidden suggestion of a movement to eliminate, entirely , with stringency, the creativity and opportunity, Capitalism reformed might allow and would create an unintentional void birthing a new Stalinism creep.? ------------------------------------------- Terry McGinnis Terry McGinnis 9 months ago The only way to have properly functioning markets is to end capitalism. - Yanis Varoufakis ------------------------------------------- Michael Croft Michael Croft 1 year ago 'The crisis consists precisely in the fact that the old is dying and the new cannot be born; in this interregnum a great variety of morbid symptoms appear.' Gramsci 59 ------------------------------------------- Sydney Morey Sydney Morey 1 year ago Some people just make sense, and this is one that does. Cheers mate. ------------------------------------------- Alexandra Martin Alexandra Martin 1 year ago OMGOD YOU HIT IT ON TARGET! Changes every thing when you lay it out like this😃 ------------------------------------------- Mary Ebert Mary Ebert 1 year ago I would help push a progressive movement in the US. How do I sign up? ------------------------------------------- chris doe chris doe 1 month ago I wonder what Yanis thinks of peer to peer currency and how it would fit into the new economic model ? De fi and eliminating the parasitic central bank and federal reserve and letting the distributed ledger hold the reserve. ------------------------------------------- Thomas Manning Thomas Manning 1 year ago In 1970, my U.S. Army Company Commander had a discussion with we Non Commissioned Officers. He had been West Point educated and we respected his character. He told us America was moving slowly toward Socialism while Russia was moving in the direction of Capitalism. These ideas have been around for at least 50 years in my personal experience. We ought to be disciplined with the word 'Capitalism'. American 'Capitalism' does not exist in the sense of the economic system that made America great. What has undermined American Capitalism? Consider the unionization of government employees and the insanely generous pensions they've monopolized for themselves. Consider that Interest Rates are not (haven't been for decades) a consequence of market pressures. Consider that the U.S. Constitution expressed that our money (coinage) must be gold and or silver. When a government controls the power to manipulate the value of the people's currency it is crushingly obscene to call that system Capitalism. The examples of our decline are everywhere. The only moral economic system that 'works' is a free market economy where wages are prices (and benefits) are strictly determined by free (dynamic) markets. We have compromised our future. The compromises are now obvious. ------------------------------------------- Harriet You Harriet You 1 year ago (edited) 1. Paradox: There exists no real interest rate which is low enough to turn savins into investment, but not too low as to destroy pension funds. 2. Paradox: Even though there is low real demand (income falling, production falling), asset prices are kept artificially high. High asset prices is the same as huge levels of inequality. 15 ------------------------------------------- karakoshka karakoshka 1 year ago A very concrete question: Varoufakis proposes abolishing private banking: in the total absence of competition, what will be the mechanism to force the monopolist central bank to offer the public improving rather deteriorating services (loans, savings etc) ------------------------------------------- Mark Skinner 1 year ago This bloke is one smart cookie. His grasp of English and slang is great. 4 ------------------------------------------- Azotea Post 1 year ago (edited) So true Yanis! Excellent reflexion! You should talk about Bitcoin as a form of sovereign financial systems in the world. 1 ------------------------------------------- Starman Alpha 4 months ago This guy understands capitalism and it's flaws to a 'T'. ------------------------------------------- Ollie Reed 1 year ago The big problem that everybody, has whatever their view in which economic system to implement. Is the fact that we have a financial oligarchy it is not capitalism. It is so powerful that they call the shots on everything. If a socialist economic model is implemented. The Privately owned Reserve banking system will still exist. So nothing will change. A small group of people, private individuals control the supply of money and the value of it. That is not capitalism its an usury fiat aka slavery. People like Yannis need to move and develop their arguments. They are 20th century. Going at the problem in this way will change nothing. ------------------------------------------- Tarot Holly 1 year ago asset prices have always been high and care for the environment has always been low. The best part of the lock down is that nature has a rest from our constant neglect and demand. Humans and our economies a deeply floored. Money is a shackle that binds us to ego driven enslavement. We dont need loans with interest. We need leaders who have genuine emotional intelligence and not only ideals around economics we have lost our healers. ------------------------------------------- Mishkin Faustini Mishkin Faustini 1 year ago brilliant. simply brilliant analysis. 2 ------------------------------------------- Gamias Thsmanassou Gamias Thsmanassou 1 year ago I dare anyone to challenge Yanis' analysis. 21 ------------------------------------------- Waking Red Waking Red 1 year ago Wasn't Weimar Germany experiencing too many Deutschmarks chasing too few goods? Baskets of Deutschmarks to buy a loaf of bread? Didn't the French demand payment in a currency other than Weimar German currency? Didn't the French also take over all of the most productive pieces of the Weimar German economy? Factories etc. ------------------------------------------- Ty N Ty N 3 months ago At 44:00, Yanis unknowingly explains one of the key features of digital yuan. Direct government stimulus with an expiration date and controls on how its spent. ------------------------------------------- The Goon The Goon 1 year ago 'I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop.' BITCOIN FIXES THIS. 2 ------------------------------------------- Mohammed Sadiq Mohammed Sadiq 1 year ago THANKS FOR PROVIDING THIS INFORMATION. EXCELLENT ------------------------------------------- Malachi Trout Malachi Trout 3 days ago I think I see the dystopia more as the movie 'Soylent Green'; however, a distopia is coming. ------------------------------------------- fuckfannyfiddlefart fuckfannyfiddlefart 1 year ago I've been saying to abolish private banking FOREVER! When the government bailed out the banks they should have nationalized them! Go Yanis! 13 ------------------------------------------- Tesla Ozone O3 for Optimal Health Tesla Ozone O3 for Optimal Health 1 year ago Now that the USMCA has been passed this amidst the Covid chaos and went into effect on July 1, 2020, how will that effect US sovereignty and the Constitution? Does it no longer exist? Are we now beholden to the IMF the way the EU nations are beholden to the ECB? Is MMT still a thing? Who is this new government that supersedes the US, Canada and Mexico? ------------------------------------------- TheControlBlue TheControlBlue 1 year ago The guy can't solve the problems of his own tiny country, but has the confidence to talk about making a PLANETARY New Deal that will, of course, work without 'any' shortcomings or unexpected results... The absolute HUBRIS! 1 ------------------------------------------- Nhoj737 Nhoj737 1 year ago Usually the 'economists' who use 'macroeconomic models' 'believe' that the solution to the current macroeconomic problem is the implementation of the 'correct' type of demand side policies. That is, how to increase income/output {'growth'}. Increase M0, M2 or M3, cut r, or make it negative. Increase G and finance it by 'borrowing' from the central bank or by borrowing from the private sector. Or ensure that private credit is extended only for GDP transactions. All that is lacking is a 'sufficient' increase in aggregate demand! The neoclassical and Austrian economists, who believe that income/output is 'supply determined', will argue that all that is required to generate a large increase the growth of the underlying productive potential of an economy is for taxes to be cut and more 'competition', etc be introduced! However, the problem is, or soon will be, 'the supply side' pf the economy? ' . . . our best estimate is that the net energy 33:33 per barrel available for the global 33:36 economy was about eight percent 33:38 and that in over the next few years it 33:42 will go down to zero percent 33:44 uh best estimate at the moment is that 33:46 actually the 33:47 per average barrel of sweet crude 33:51 uh we had the zero percent around 2022 33:56 but there are ways and means of 33:58 extending that so to be on the safe side 34:00 here on our diagram 34:02 we say that zero percent is definitely 34:05 around 2030 . . . we 34:43 need net energy from oil and [if] it goes 34:46 down to zero 34:48 uh well we have collapsed not just 34:50 collapse of the oil industry 34:52 we have collapsed globally of the global 34:54 industrial civilization this is what we 34:56 are looking at at the moment . . . ' https://www.youtube.com/watch?v=BxinAu8ORxM&feature=emb_logo ------------------------------------------- Michele Simko Michele Simko 1 year ago Thank you for your thoughts....enlightening ------------------------------------------- Faust Faust 1 year ago (edited) This is disgusting, it makes me so mad that the real ability to improve our world is so close to being possible, but a few people get to flick a switch and ruin the lives of billions instead. ------------------------------------------- Egor Kotkin Egor Kotkin 1 year ago I’m very interested how Progressive International is going. 8 ------------------------------------------- Renzo Toglia Renzo Toglia 1 year ago Can't this all be condensed to just say that profits are going in personal pockets instead of into company reinvesting to grow? 1 ------------------------------------------- ARTHUR MAROLF ARTHUR MAROLF 1 year ago we have not have capitalism for at least 15 years - we have state 'capitalism where the FED ECB decides the cost of money etc - (state socialism Do you like the result ? 8 ------------------------------------------- G G 1 year ago Yanis is a very smart man - so articulate.🤗🤗👍🏼👍🏼👊👊 ------------------------------------------- Alex Goslar Alex Goslar 1 year ago Dear Yanis, if democracy is built on the principle of reaching a consensus than an arbitrating commander in chief is undemocratic. Each office should be governed by an electable constituency of designated experts. ------------------------------------------- Patrycja Gabriela Patrycja Gabriela 1 year ago Should've mentioned Merkel in one sentence with Hitler and Mussolini. Other than that, as always, a brilliant man. ------------------------------------------- Fendi ten hoeve Fendi ten hoeve 1 year ago Correction for Varoufakis: The Dutch East India Co. (VOC Vereenigde Oostindische Compagnie) holds the distinction of being the first company to offer shares of its business to the public, effectively conducting the world's first initial public offering (IPO). It also played an integral role in modern history's first stock market crash. ------------------------------------------- Systemic Analysis Systemic Analysis 2 months ago I do see some parallels between greece and germany when it comes to onerous economic conditions. Economics has always been tied to society, only recently have we remembered. Including one edit and the original. Edit name: Why we had keynesian economics part Edit links 1-2: https://www.youtube.com/watch?v=YS-gdsvBBKc https://www.youtube.com/watch?v=PhyxI9g8y5Y Original name: This Is Neoliberalism ▶︎ Keynesian Embedded Liberalism (Part 2) Original Link: https://www.youtube.com/watch?v=EkBpqLWFNg4 ------------------------------------------- Simple Living Simple Living 1 year ago It looks like for a long time (wasteful big money go to stocks, hedge funds, and speculation rather than manufacturing, new infrastructure, creating businesses, and jobs. 3 ------------------------------------------- Orlando Clairmont Orlando Clairmont 1 year ago holy shit, this guy gets it. 1 ------------------------------------------- David Wilkie David Wilkie 20 hours ago Whatever word modification made by 'ist' or 'ism' you choose, the interpretation is taught to mean 'a tendency towards..', which is usually deceptive in the strictly limited understanding of the circumstances provided, because in this Global Mafia style situation of WYSIWYG Victim blaming value system, the Professor is not short for words, but for the people, there is a Global expectation of consequences not dealt with, for 'Panama Papers' type Revelations, and that is definitely about real value-holding Capital. The 'Law' that protects the Banking System says so, and we're all dependent on stability in 'Market Confidence' in finance. (Which is as sound as the morning mist). Only the Financial Security Forces don't know what to do about Capitalism and Capitalists? ------------------------------------------- Hilding Hilding 1 year ago If all the Amazon workers would realize on the same day that they have all the knowledge, all the assets, all the skills etc. to resign and walk away from the company and found a new Amazon one in cooperative so spirit, would be the day Jeff Bezos turns from being the richest to sell ok wealthy and all these breeds hundred thousand workers to be free and having a huge pay raise! They wouldn't work under bad conditions and badly payed only to create wealth for the board and shareholders, but instead for themselves. We need corperations, but they should have a soul and heart, working for the benefits of the many not the few. ------------------------------------------- Matt Orfalea Matt Orfalea 1 year ago 30:30 main point. If we don’t deflate asset prices...and if we corporations are going to collapse. ------------------------------------------- MakingKnowSense MakingKnowSense 1 year ago I disagree the financial situation began in 1980 with the election of Reagan. The other piece was the coming to power of the Baby Boomers whose focus was money and how rich you were. I am so ashamed that it waz my generation that provided the support and funds. The only value they saw was money. They were miserable rich people and the only way to be happier was more money. Of course this was wrong but endless until you get to 2008. ------------------------------------------- jmitterii2 jmitterii2 1 year ago 'Only way to fix markets is to end capitalism.' 'What a remarkable paradox.' There is no paradox. Capitalism, at least this economic system, is insufferably inefficient. And markets have been around well before our version of capitalism, a more defined labeled I would call financialization or corporatism... pick your descriptor. And that's the cunning work of propaganda at play. Our current economic system: capitalism, financialization, corporatism, whatever label descriptor you want to put to it has imaged itself as if it's the economic system that birthed markets. Markets predate recorded civilizations. Barter markets, slave markets, feudal markets, mercantile markets, financialization markets, patronage markets, etc. etc. All economies had a market. An economy literally deals with a market (the exchange of goods and services among individuals). Just as conflated capitalism as the only system that had money, currency, debt obligations, etc. This is nothing new in any form of economic systems. Our current system did not invent anything new. It's not amazing nor great.... it was simply an advancement on some of the more immoral and unstable economic systems (in which it can also live within so doesn't necessarily mean the complete end of and as we can see the rebirth of a type of feudalism) and contradictory systems of barter, slavery, feudalism, mercantilism, patronage, etc. 10 ------------------------------------------- Adrian Costa Adrian Costa 1 year ago You need a global levy fund to contribute to fixing the negative externalities of globalization. E.g. everyone pays 1% income to the levy to fix pollution, water shortages, lack of social services like hospitals ------------------------------------------- Aline Baruchi Aline Baruchi 7 days ago Não adianta citar gramsci e falar que o velho está morrendo e o novo não pode nascer, se há uma eterna recusa em entender a própria estrutura religiosa. ------------------------------------------- Vivian Oosthuizen Vivian Oosthuizen 1 year ago Change to accounting rules and laws will provide less absurdity in economy but economists don’t see the link and those that do use accounting tricks to formulate their evils ------------------------------------------- N S N S 1 year ago this needs to be projected on every screen in the world. this guy is a fucking genius ------------------------------------------- Transistor Transistor 9 months ago Keep us posted about the Progressive Movement. Excellent. Quite obvious but you're the only prominent person I have seen recently anywhere, that is saying, and which happens to reflect my own conclusions!!! ------------------------------------------- Larkinchance Larkinchance 1 year ago Yanis!, I've been looking all over for the 'job creators' but I can't find them.. Someone told me that are down in the Caymans... 10 ------------------------------------------- Linde Rachel Linde Rachel 1 year ago Excellent! I hope this will be translated into French. ------------------------------------------- TheMaddav TheMaddav 1 year ago This algorithm is not so good at distinguishing between human hair and dolphin skin. 163 ------------------------------------------- Javier Puig Rovira Javier Puig Rovira 1 year ago (edited) if there is somebody there: how do you think it will be affect the mortallity from COVID in the future? do we will have more resources for a social restablisment because we will pay less for retirement? 1 ------------------------------------------- lloyd moore lloyd moore 1 year ago Constructive criticism,how do you have a million folks going in different directions in the name of capitalism?it's ok but still there should be a head figure,that's the government.to regulate and cap when necessary,the head of the home. ------------------------------------------- David Evans David Evans 1 year ago The only economic problem that exists is money itself, because it assumes externally, our inner wealth for others to control. All we have is time and money enslaved it. Think past the money, everyone and everything needed to continue without money is already here, it's called life. ------------------------------------------- charles wigan charles wigan 1 year ago I'd like to see him explain the importance (or not) of birthdays. It's my birthday coming up, but I lost the plot with a breakfast bbc presenter giving the minister of health a hard time. As I threw at the tv so how many days are old are you...don't expect people to have their facts and figures perfect when I doubt few of you could answer that. Surely that is beyond money, economics etc ------------------------------------------- MechaBits MechaBits 1 year ago Who do we have to 'take out' in order to fix things? 2 ------------------------------------------- Prog Nosis Prog Nosis 1 year ago Was anyone else's first thought when seeing this video 'Is that man wearing a dolphin on his head?' 9 ------------------------------------------- John Gordon John Gordon 1 year ago (edited) Quantitive easing enables developed countries to export their debt to developing countries who need the credits but then the developed nations then demand the credits back with interests which cannot be paid because the resources no longer belong to the resource rich developing countries because those resources have been coopted by the rich developed countries who pay little or nothing to access the resources of the under developed countries ------------------------------------------- Matt Vollmer Matt Vollmer 10 months ago (edited) Yanis is a great example of a proponent of Market Socialism. When you dismantle the idea ... the ideology that money is an end in itself you have already made a huge difference. That puts the evil genie back in the bottle. All the behaviours that are allowed by this false belief are suddenly made to be very unpopular indeed. Then we can start living on mandates of substance instead of the dangerous concept of supposed value of imaginary numbers. 'I work to accomplish X, Y or Z.' As opposed to 'I work to see an imaginary number on my screen get bigger'. We can still use those imaginary numbers as tools to do things, but not as an end in itself! ------------------------------------------- Sheesh Sheesh 1 year ago When I see this dude I want to write highly zucculent content, which makes me wish yt just made a 'explicit' category for all the banned/demonetized/shadowbanned topics. 2 ------------------------------------------- Vivian Oosthuizen Vivian Oosthuizen 1 year ago Natural resources should belong to all citizens in a country NO man should be the owner of it in any way. Our governments should use it to the benefit of the nation ------------------------------------------- Iculus333 Iculus333 1 year ago 'Lacuna'—perfect metaphor in both directions. See 'Sense8'—it’s an imperfect example, but the imagery is valuable in illuminating a very diffuse system of power, as well as its antithesis. ------------------------------------------- Revolutionary Thinking Revolutionary Thinking 1 year ago He's also for a Universal Basic Income. 9 ------------------------------------------- hideki mizuguchi hideki mizuguchi 1 year ago Yes,as a Japanese, I think the current Japan' s government is also Oligarchy. 1 ------------------------------------------- Chant Live Chant Live 1 year ago Great Talk - Thank you ------------------------------------------- Bernard Heathaway Bernard Heathaway 1 year ago Nice discussion! 1 ------------------------------------------- Robert Burns Robert Burns 1 year ago 43,59 when he is talking about banking, when i worked for RBS years ago we used to have a saying 'A friend in need is no friend of mine' 2 ------------------------------------------- Big G Haywood Big G Haywood 1 year ago We don't need a new system of thinking, as Yanis points out. The solutions are rather simple: the land, labor, markets, and resources, of a nation, need to belong to and be democratically determined by the People. We need a rationally planned economy, and in order to get to this arrangement, we are going to have to build class consciousness amongst the working people of the world. Some nations have already attempted to democratize their economies, but they immediately come under fire from the imperialist nations of the world, most notably, the United States of America. These countries include China, Iran, Nicaragua, Venezuela, Cuba, North Korea, and to a lesser extent, Russia and Syria. ------------------------------------------- Karl P Karl P 1 year ago Do really want 'Greek economics minister' on your CV? 5 ------------------------------------------- Dorina Filippini Dorina Filippini 1 year ago Very well put, humanity with solidarity of course is the logical solution to me... However, I do not thing a move in that direction, a capitalism renaissance is not seen by all. A blurred vision to divide by a psychopathic leader in many areas of the world will make it possible to work together for a conman good. Solidarity, humanism, a more distribution of wealth is thwarted due to greed, dishonesty, sheer stupidity, and power. ------------------------------------------- Cat Lady Cat Lady 1 year ago That dolphin background though... 8 ------------------------------------------- Blabla Blabla Blabla Blabla 1 year ago Ah gotta love the dolphins and this cross over, keep up the good work! 2 ------------------------------------------- Jamie Isbitt Jamie Isbitt 1 year ago Decentralised blockchains and localised technology hardware is key to redistribution of ownership of assetts, land and natural resources. We are only enslaved by manaufactured consent and engineered scarcity. Capitalism feeds off scarcity, obsolescence and waste as they are all products of centralised controls 5 ------------------------------------------- nansir nansir 1 year ago 39.00 - we need a new system and it exists, it's called a #ResourceBasedEconomy ------------------------------------------- Juan Daugherty Juan Daugherty 1 year ago (edited) Gets interesting around 42:00 .but then the underlying syncretist conservative disappointment around 59:00 that brings you back to who you knew you were listening to.Why not a whole new economic system? You say Capitalism, as distinguished by share markets and private banking must end and the whole overstructure can just shimmer as it takes a transform into the new otherwise unchanged but for these two instruments of class rule. Also no dots were very clearly connected between how democratic ownership by the workers of all production would emerge from the current thing although the other part, eliminating private banking, if narrow in conception is at least easy to see how it would work. I doubt it will work out that way. Neither will the weak suddenly come to dominate the strong other than the way they do now thru the structures which the strong set up for them to vent, nor will fundamental change come in American, covid is too radical for us we need something piecemeal and incremental, bites let alone some neat two. Rather expect that the transformations will occur, they will be more fundamental than you imagine and they will only increase the favor which nature and culture bestow on those well endowed with both. ------------------------------------------- Illya Illya 1 year ago great analysis ------------------------------------------- Made for Man Caves Made for Man Caves 1 year ago Capitalists do whatever it takes to accomplish a thing. Socialists do whatever is agreed upon regarding a thing. One is trying to reach a goal. The other has agreement as the goal it is trying to reach. ------------------------------------------- Paula Samec Paula Samec 1 year ago Companies should be owned by the workers working in them, each worker having the same vote leverage! ------------------------------------------- rob lanchi rob lanchi 1 year ago This situation unless it radicalizes further will change nothing. chances are that because of advancing hardship, working and disenfranchised will continue on the streets to push to gain some advantages. but that would not be enough. because of furder radicalization, the pull and push between working-class and capitalism will create a full-blown revolutionary period hopefully working and poor will come out of that victorious. 1 ------------------------------------------- AniishAu AniishAu 1 year ago (edited) 'huge inequality is the other side of the coin of high (over-valued) asset prices' (29:29). I didn't feel like he explained the connection here. Is he saying the distortions financialisation has created in the economy leading to high asset prices are also responsible for the 'soul-destroying' dead-end over-demanding jobs because financialisation has perpetuated non-productive investment (ie failed to 'turn savings into investment') ? ie Financialisation has perpetuated zombie companies that are unable to stimulate wealth and prosperity? 1 ------------------------------------------- Tiago Agostinho Tiago Agostinho 1 year ago If the problem for democracy is capitalism and totalitarianism (to which Varoufakis only refers as fascism but not other forms of centralized power which is necessarily made up of a few people, how do we reach the conclusion that simply ending liberal capitalism in which everyone has equal rights to own things, will make democracy more effective or democratic? The state is more powerful than the company. If you make the argument that the company can lobby the state, well so can the state. People are good and bad everywhere and if evil is to be performed, the state is far more dangerous for its power. I admire Varoufakis insight, but there’s a big big lie in these kinds of arguments. A lie that I suspect Marx would hope would grant him power. The reason is both he and Varoufakis never speak about what got us the rights we have and never had before liberalism came, and that is Laws that guarantee we are equal in rights, not necessarily de facto, but at least in iure. This is no different from than the XVlll idea of an enlightened tyrant. And no different from the Rosseaunian idea of original purity in humankind being corrupted by society. Humans make mistakes, are evil, kind, have good and bad intentions, whether in state or in a company. ------------------------------------------- Larry Smith Larry Smith 1 year ago The mark of the beast is becoming less and less of a mystery wrapped in a riddle inside an enigma. ------------------------------------------- Fábio Gonçalves Fábio Gonçalves 1 year ago (edited) Is capitalism necessarily associated with the equilibrium hypothesis? I believe in capitalism but i dont believe in equilibrium because i think its a lazy perspective and also because most agents are not rational. Most important, dont make economic theory discussion about political views. Instead i think it would be more productive to pivot it around how one measures imperfections. ------------------------------------------- Marcy Marcy 11 months ago THERE IS AN ECONOMIC MACHINE OR ARTIFICIAL INTELLIGENCE ABOUND. It has been around since about 2012. One of its main goals, or its main goal, is to keep US inflation/CPI at 0-3%. It established military safeguards in Asia and Eastern Europe from 2012-2015 using the Russian, Turkish, Syrian, Chinese, and North Korean militaries. This was to avoid US aggression after it infiltrated the US economy via dampening inflation/CPI. That is why even 3-5 years after the 2008 recession, inflation figures were so abnormally low.Then in 2015, given the US' 8 year recessionary cycle, it propped up asset prices, including the US stock market. Close observers of the US stock market can attest to this as it seemed to be tumbling but was abruptly halted. Inflation in 2015 was also becoming abnormally low or negative, so propping up asset prices made sense. Come 2017 Trump was placed in office. I, family, friends, and coworkers began to feel ill starting 2018, just as inflation neared the inflation ceiling. So spending was funneled to less inflationary avenues like medical care, or made less. Then from 2018-2019 Trump instituted tariffs. Right as inflation rose to as high as 2.5% in early 2020 COVID-19 struck dampening demand. The recession in 2020 if you notice was quick or short. It makes sense as it was relatively controlled via the tariffs cutting off a lack in demand by naturally lessing supply. Plus, COVID-19 mainly kills the elderly or those most frail, generally the least productive in society. ------------------------------------------- Paula Samec Paula Samec 1 year ago Yes, these are pure financial capitalists receiving gigantic sums of money after playing in world casino stock exchanges at the cost of economy ------------------------------------------- Debra Legorreta Debra Legorreta 1 year ago We live in the 21st century, yet we use 18th technologies to make policy and govern. ------------------------------------------- Debra Legorreta Debra Legorreta 1 year ago (edited) Taxes are another way to turn savings into investments. If taxes on these savings were high, savings would flow to investments to avoid taxation. As things are currently set up, the only incentive to investment is profitability -- the promise of a carrot in a time of poor harvests. The carrot is not enough. What's needed is the threat of taxation, not more stimulus that only produces more and more zombies. ------------------------------------------- trickdawg trickdawg 1 year ago The greatest concentrations of wealth are not near distribution centers of products and services but of banks and financial instutions. 2 ------------------------------------------- Terry McGinnis Terry McGinnis 9 months ago Like the bee in the valley, collect [nectar] from different flowers to create your own honey. - Yanis Varoufakis ------------------------------------------- Echoeversky Ü Echoeversky Ü 1 year ago For all that is holy, close the email inbox and shut the phone, oof. That said this man puts down some serious economic considerations. Imagine Blythe and Varoufakis dropping knowledge on the Allen Group that meets in Sun Valley or other some such gatherings of the elites. ------------------------------------------- Randy Geyer Randy Geyer 2 days ago So. No one talks about, how brilliant but incredibly cute this man is. ------------------------------------------- oldspammer oldspammer 1 year ago (edited) 15:19 When I hear the words Xenophobe, and so on, I instantly recall a prior video that I watched recently of an interview of a Rabbi by a Black elderly wise Christian Priest. (Rabbi and Minister Clash in Bold Talk) In that revealing interview 60% or so into it the Rabbi strongly intimated that all of a certain race were innately racist. Wow, talk about promoting intersectionality and racism, that was it! All of a particular group were heritable trait immoral thinking clones of one another who would never think in (non-racist) ways different from one another. That smacks heavily of the subversion planned in the late 1800s by a supposed remnant faction of the Illuminati whose goal was an unelected world government in private hands. Another video that I watched was >Ted Gunderson Chronicles< about 5 hours long or more. It quoted directly from a projector slide supposed Illuminati plans, etc. Gunderson was a retired multi-district level FBI agent in charge and not a mere foot soldier grunt. Supposedly a direct extension of those Illuminati plans was being carried out by Marxists and socialists that to me indicates a common Rabbinical origin to the entire subversion motives. One or more of the plan items included race and class warfare that was to be stirred up by organized agitators. Once the world government was established upon the 'Goy,' the useful idiots who served the cause as trouble makers would be summarily murdered for being dangerous to the 'new system.' In her lectures and interviews on the deliberate dumbing down of America (or the world) the very old lady Charlotte Thomson Iserbyt said that at least from the 1950s until recently change agents inserted into the school board and the state / federal education system introduced curricula that promoted race and class warfare seeds (among many other nefarious things) by showing students on field trips motives for people to envy what rich people had claiming that they had somehow unfairly obtained their wealth and possessions not by hard work and having better grades in their many grade levels throughout their schooling, etc. Prof. Jordan Peterson who started as a young supporter of leftist politics in Western Canada found that different levels of that organization were in the cause for different motivations and that the worst of these political organizers were entirely motivated by envy of what more wealthy people had achieved and acquired through hard work and extensive education and good judgement, etc--that their thinking was that these wealthy were to have their wealth stolen from them by heavy taxation, etc, and be provided to workers in their cause of socialism, etc. ------------------------------------------- Gavin Taylor Gavin Taylor 1 year ago Outstanding Mr. V. ------------------------------------------- Chant Live Chant Live 1 year ago (edited) The answer may be to push liquidity to the entrepreneurs and the masses at scale instead of allowing corporations to buy back their stock causing and inflated stock market. Ordinary people have no benefit or stake in this. As this would mean the consuming public could afford the products. A massive push in free education too. A discerning educated Population may be more interested in quality rather than built-in obsolescence. This would require an enlightened benign progressive democracy. The 2008 stock market crash created the drive to the right wing and this could be a way of turning this around.Yanis Varoufakis - your thoughts on this suggestion? ------------------------------------------- Medicus Washington Medicus Washington 1 year ago Thank you so much..liberalizing Russia China without the C. I. A . ? Expedient. ------------------------------------------- GhostOnTheHalfShell GhostOnTheHalfShell 1 month ago US pension investment is municipalities is also a problem because suburban municipalities are Ponzi schemes. But for constant home building the infrastructure maintenance costs 25 years on would bankrupt them. Taxes can’t cover them. This would suggest stress in cities some years on after a recession as the dip in housing cuts back their cash in flow. ------------------------------------------- Bruce Bouck Bruce Bouck 1 year ago Is there any way to get an accurate transcription of Yanis' remarks? The CC is hilarious, but disconcerting! ------------------------------------------- Jason Lehfeldt Jason Lehfeldt 3 days ago Watch this at least 3 times and then share. ------------------------------------------- Southside School of Financial Freedom Southside School of Financial Freedom 1 year ago Central banks, the Fed, are a consortium of private banks so I don't get the argument of ending private banks without also ending the Federal Reserve (central bank). ------------------------------------------- Cathy Elings-Sysel Cathy Elings-Sysel 1 year ago The Fed is not a central bank. It is a conglomeration of private banks. It is not part of the government. It is private. Central Banks are government institutions. The U.S. does not gave a Central bank, like other countries. IDK if that is good or bad. Probably pros and cons either way. ------------------------------------------- Life Portal Life Portal 1 year ago BRAVO!!! ------------------------------------------- Bijou Smith Bijou Smith 1 year ago @11:00 this is not true. Trade deficit countries (net importers) in the eurozone are indeed 'condemned' to credit bubbles and eventual debt-deflation. But a sovereign currency economy is not. In a currency sovereign nation the government has unlimited spending capacity to eliminate private debt bubbles, should it so choose, and thus entirely prevent any such 'condemning' (the neolib problem is they often choose not to!). The cost of preventing such credit bubbles is a potentially lower exchange rate if exports are not sufficient to offset the imports, but that eventually equilibrates until exports get stronger permitting more imports without exchange rate depreciation. Your problem is eurocentric, it is because the ECB is not as powerful as the central bank of other nations, it has no fiscal injection power. ------------------------------------------- Mike Franz Mike Franz 1 year ago Bravo. Yanis looks much deeper and wiser than much better talking in English prof. Richard D. Wolff. Wolff must stop rehashing Marx and just start rehearsing Varoufakis content to put in better use Wolff's eloquence [of lean substance]. ------------------------------------------- JustaThought Kwazai JustaThought Kwazai 1 year ago Stay out of debt. What's owned and paid for stays safer in a collapse(2029?). Easier said than done. ------------------------------------------- adam bohm 1 year ago Is it still possible to invest savings with severe regulatory capture that exists by the private banks? ------------------------------------------- Vivian Oosthuizen 1 year ago Australia has thousands of hectares of Crown land thus this land should be distributed to citizens without any assets like they did with settlement ------------------------------------------- Dave McCarroll 22 hours ago I want somebody to publicly try and debate Yaris. ------------------------------------------- rob lanchi 1 year ago I love it. this is new way to revolt. let us join and sing the Anternacional. ------------------------------------------- Matt Orfalea 1 year ago 38:50 even if Jesus Christ...the financialization would find a way to subvert it 1 ------------------------------------------- Dart Harpy 9 days ago Yanni is a great communicator ------------------------------------------- Matt Orfalea 1 year ago 21:00 'It wasn’t hyperinflation that created the Nazi’s. It was deflation.'
| The text being discussed is available at | https://www.youtube.com/watch?v=wwfM3IKaZgw and |
