Conversation with my (young) mortgage lender representative Feb 2021 "Are you sure you want a 5yr fixed rate? It's slightly lower if you have variable! "Yes, I'm sure" "Can I ask why?" "Interest rates will undoubtedly go up, I remember they went to 12% when I was a kid" "*chuckles* I really don't think we'll see that happen again" "Yeah...fixed rate please"
Had a very similar conversation 2.5 years ago and did a 5 years fixed. Now I wonder if the time I have left is enough for things to stabilise a bit or it's going to be double digits
Oh yeah, not in UK (Switzerland) but I refinanced fixed 10 years at the very beginning of the year. Super low rate, couldn't be happier, perfect timing.
It was a "rookie mistake" both because, as hard right free market fundamentalist ideologues, she & Kwarteng have only a "childlike understanding" of economics, business & markets (Will Hutton, economist writing in The Observer), and she is a new PM -- starting by crashing the UK economy. A beginner in both senses.
@@VeganSemihCyprus33 good documentary but progress is inevitable albeit destructive at times …. We are so disconnected but too far gone now … not enough people awake
The property market is what's wrecking the UK it's a scandal for years. It didnt pop in 2008 its paused and kept going. Its overvalued, driven by the "addiction of lower interest rates", a monopoly of 6 or so large property developers who have so much power and local influence, and now the BTR blitz, along with very weak governments made up of career politians. Unfortunately a correction is what is required no matter how much pain it brings.
You're right. But when the market does crash, the wealthy will swoop in and sweep up all those properties that people can no longer afford and move out.
It is overdue by more than decade as you said. The responsible thing to do was all the chips to fall where they may in 2008. It would've forced the banks to actually act in the interest of protecting investments, and would've dropped the house prices massively in the UK and beyond. Instead we kept up the falsification of interest rates by preventing them from rising, and here we are today. I would not be surprised if they prevent them rising to acceptable levels now as well. They clearly should be between 5-7% to prevent the run on the pound continuing and to stabilise inflation. The fact the BoE base rate is still only 2.25% is a joke. They all know they've saddled the country with ludicrous amounts of personal debt, and the banks will obviously lose big time if the market does correct itself. London needs to lose over 50% of the ridiculously inflated prices across the board. It will in the end be a good thing if the interest rates go up as is being predicted, but don't hold your breath, because they know what they're going to lose if they do it. Take a 400k mortgage, many will be on about 1% interest at the moment, meaning 1400 notes a month repayments currently, this will go to 3000 notes a month if you're forced to remortgage or revert to standard rates and the base rate is about 5%.... and if property drops in value you also lose out on loan to value. I really hope it goes bang, because in the medium to long term it will benefit everyone if it does.
@@ario4795 that's because about a quarter of MPs are in fact landlords themselves, and the rest also own multiple properties. So you can see how it's a rotten system being rigged by those in parliament.
Yes, RUclips, he is part of the "alt right" like 99% of the worlds population. Even though he's a Liberal. I know that sounds like a contradiction, and that's the reason he should be shut down. Hopefully we can then ignore the contradiction.
Why are you amazed that he was allowed to speak on BBC? The man is a self declared capitalist reformer, a man who masquerades himself as a Marxist, yet claims that he "wishes to save capitalism from itself". He often concludes to similar anecdotes as the MSM, with just a dash of pseudo socialism to delude the left. He has also echoed many ridiculous MSM statements, such as, "Russia has the GDP of Texas," which singlehandedly has to be the most vacuous and facile economic assertion a person can reiterate. I will not even begin to dissect the inherit contradiction of his statements with regards to the E.U, that being that the legalistic and bureaucratic structure of the E.U is "incapable of reform," yet guiding the radical left _against_ Brexit, by promoting the very reform he said was impossible. He bouts nonsensical evaluations, and as such is a sweetheart of the MSM. He is like a modern day Herbert Marcuse.
I bought my first home, a mid terrace in a Northern pit town in England at the age of 18 in 1977. Lenders, in this case The Halifax allowed 2.5 x ones annual salary. It cost £7,650 and mortgage repayments were £42 per month. When Mrs Thatcher took power interest rates went into overdrive, double figures and my mortgage went up to £88 per month. That was a lot of money in 1979 - 1983, it was a constant fight, I had two young kids and a wife who didn't work. However, I was in a fortunate position in that I managed to pay my mortgage even though on occasion we had to rob Peter to pay Paul. Fast forward 44 years and I cannot imagine the debt some families will plunge into when UKGOV and BoE realise that like in the days of Mrs. Thatcher they're going to have to resort to the 'unthinkable' and significantly raise interest rates. Of course all of the 'Quantitative Easing', basically Reflation over the past two years hasn't helped matters.
We were in the same position as you with high mortgage interest rates in 1980. We bought the place knowing that we would get a 50% housing improvement grant,and then Heseltine decided he was going to pull the plug on them. Our MP was Gerald Kaufman and I don’t know if it was his intervention or not but the grants stayed. I am frightened for the future youngsters being able to afford a home of their own without it being a mortgage for life, otherwise known as renting with responsibility for maintenance. And that will affect all of us, if only there was an ounce of common sense in government.
2 years QE? More like nearly a decade. Interest rates have been ridiculously low for years now. Varoufakis rightly highlights that the UK's economy - like many others - has become addicted to low interest rates.
Firstly .... congratulations for keeping those payments up ....I remember it well I was still at school but for some reason it captured me ....I literally remember asking my mum if we're ok because it seemed like every house in my road was up for sale Fortunately my mum had paid her mortgage off before the insane interest rate hikes ...many many people suffered ... Your the first person I've seen or heard talking about it The mad thing is no one seems to remember ... Even a good friend of mine that lost friend's, a relationship and fell out with his family , laughed at me when I said ..here we go again ... People will suffer ... families will break up The rich will buy up all of what's left of poor people's lives ...it's horrible They will NOT do this to my family ❤️✌️
Tories will "Cut welfare and public investment", Yanis Varoufakis said and he knows what he is talking about. He knows how the Tories think and what they will do. Britons need to batten down the hatches because the waters ahead are more than choppy.
What’s wrong with that? We have a bloated welfare state that has grown exponentially to breaking point. There is only so much you can tax a population before that money runs out. Everyone is on strike - services are broken. Nothing is fit for purpose. And it is all being done at our expense. I think people fail to realise there is no such thing as government money - it is our money. We shouldn’t be paying for bloated public sector services that fail to perform.
Yasu! Eliniga leo ~~~ I do feel that government's should not have the authority to take such drastic measures that effect the world wide financial stage. Consideration must be taken as to whether the City should have the authority to force the government to change its direction?
@@davelowe1977 He described perfectly well why the help the Greeks received was nonsense, and made it clear that EU finance ministers were all in on it. He also explained that fact to them and they ignored him. So how was he out of his depth?
@@sciencefliestothemoon2305 He has no connection with reality whatsoever. Came to office driving a cuckoo land agenda that even A-level students worth their salt can realise is total bullshit. Caused the Greek economy billions in losses in a matter of weeks. The shortest lived and worse failed minister of economics in the entire history. He is only good at sprinkling his nonsense utopian arguments about "free money" and "power to the people" with complicated academic macroeconomic terminology while coating it all in a serious, cardinal tone of voice in a sad attempt to give his argument the gravitas it is missing and to appear like a smart expert. Most of the time he doesn't even know what he is saying himself. A joke and a clown, 2 in 1.
@@sciencefliestothemoon2305 from what I remember ,he left Greece telling the people he will never let them down He got there ,was obviously shown a few pictures of him in compromising positions and he rolled over on the people and gave Europe what they wanted and fucked the people of Greece
I'm inclined to agree! There's a poor grasp of fact that you need the "poorer" majority spending or there is no economy on the ground. There's only so many necessities and services that a single rich person can buy...
When Nation States are borrowing money from international capital finance, its not the Government that is in charge, it is the lenders of the money who is in charge, the Government will also do as it is told by the " Markets " which always ends up plundering the people of the Nation of their wealth.
They'll be bailing us out soon. So we will all be fans of them eventually. I wouldn't rubbish then too much, because we are going to need their help to get us of the mess we ourselves have created. It's no good blaming them, the EU, or any other large institution. This mess we are in has been created by the Tories - and I think you know this.....but you're trying to find a scapegoat instead because it's more 'convenient' to.
Americans and European politicians love it enough... when it intervenes in developing countries and messes up their welfare systems, not in developed countries of course.
This has little to do with the WEF, and alot to do with the Tories themselves. It's basically an 'inside job' carried out by the ERG, from within the Tory party. They've colluded with the banks in the City to bet against the pound. Kwarteng knows this, which is why he won't be Chancellor of the Exchequer for much longer. When he's found out, his political career will be over. Hopefully he'll then be able to think about what he's done when he's residing at His Majesty's pleasure. In other words, prison.
@@robtyman4281 bigger than the tories 🤔 maybe he will literally be residing at his Majesty’s pleasure as he’ll be well looked after having carried out his duties as per plan ☺️
Exactly. Always amazes me how so many smart people keep falling for the "it's just incompetence" nonsense. Nothing is ever nefarious, they're all doing their best, it's just incompetence.
@@adrianrouse5148 This inflation, which started to rear its head in June 2021, was widely regarded by central banks across the world as 'transitory'. A rise in interest rates would have unnecessarily hampered the expected 'V-shaped' recovery. Covid and the economic and social policies associated with it has been an abject disaster, particularly for the UK, and was bleeding obvious to many of us from the very beginning. Meanwhile the average age of a covid related death remains stubbornly over 80. Nuts. Complete and utter nuts.
We should have let the bank go bust and property price crash in 2010 and we would not have started printing money to save the banks. We never recoverd £1=1.50 euro it never been the same since. The printing more money for covid we should never locked down. Sweden was the only European country not to lock down and save the acconamy.
@@richardwills-woodward I think I'm indeed better off. Thanks to universally funded health care, free education and benefits when I have needed them. Be off with you.
What’s alarming is the total supplication to the logic of the market at the expense of all else. It should be clear by now that markets work in contradiction to other forms of value. In some ways it is a trade-off we do not openly acknowledge, but pay heed to in a delicate dance to keep everything afloat. Truss abandoned people, nature and even the economy because she intuitively believes growing markets are all that matters. That kind of fundamentalism is extremely dangerous.
This man speaks a lot of fiscal sense and he knows his way around the financial markets ,and lets face it he knows what being in a tight corner is like being the ex chancellor of Greece ,i like the man as he speaks at lot of sence ,we need someone like him ,as what we have is calamity Jane and a chancellor who is out of his depth .
Although the 45 per cent rate should not have been abolished we have to remember it only lessens the tax take by around 2 billion. Not an amount to get so worked up about in the overall economy.
A big fall in property price in the UK has been long overdue, for more than a decade. The responsible thing to do was let the chips to fall where they may in 2008. It would've forced the banks to actually act in the interest of protecting investments, and would've dropped the house prices massively in the UK and beyond. Instead we kept up the falsification of interest rates by preventing them from rising, and here we are today. I would not be surprised if they prevent them rising to acceptable levels now as well. They clearly should be between 5-7% to prevent the run on the pound continuing and to stabilise inflation. The fact the BoE base rate is still only 2.25% is a joke. They all know they've saddled the country with ludicrous amounts of personal debt, and the banks will obviously lose big time if the housing market does correct itself. London needs to lose over 50% of the ridiculously inflated prices across the board. It will in the end be a good thing if the interest rates go up as is being predicted, but don't hold your breath, because they know what they're going to lose if they do it. Take a 400k mortgage, many will be on about 1% interest at the moment, meaning 1400 notes a month repayments currently, this will go to 3000 notes a month if you're forced to remortgage or revert to standard rates and the base rate is about 5%.... and if property drops in value you also lose out on loan to value. I really hope it goes bang, because in the medium to long term it will benefit everyone if it does. But then they bailed the banks out before and I figure the tax payer would also be doing that again the way they seem to like throwing all of our taxes around like it grows on trees.
@@joshpickles9022 it is not just rich people thx at own property. Its many wiring folk with their only place as well. But the point is the prices in some places are so unaffordable it is ridiculous. Take London a an example where a one bed flat will cost 350k and a 3 bed terrace house could be 750k... 15 years ago the flat was 150k and the house about 300k. Even then it was overpriced...
@@ln5747 the loan was to prevent Uk banks operating Ireland from crashing, Ireland offered to pay-the loan off early but the Uk refused, instead extracting the maximum interest payment, the remanded of the loan was paid back in full including interest was repaid in 2017.remember the Uk may need another bail out very soon.
@@nicholasflynn5376 what are you talking about? The UK loaned Ireland money as part of an international bailout due to it being a close trading partner and it was in their interests to do so. Ireland could've repaid it early but there were early repayment costs. Literally every loan has those terms and so they should. It's not a charity and a contract is signed on the terms.
TBH the UK housing market NEEDS breaking, naturally there will be pain in the short term but this constant cycle of ever higher borrowing to buy a house and greedy BTL landlords being able to charge higher and higher rents for shoddy accommodation has to end. Capitalism as a system is drawing to a close anyway.
Sadly I've argued with home owners who believe OWNING a house/flat is a necessity and not a luxury. They also claim to be forced to buy weirdly.Renting has been stigmatised that much
Well, I hate to sound arrogant but they should have seen it coming. Buying into the joke that is the housing market is for fools unless you are wealthy
The governments approach to covid trashed the UK economy, and most other countries governments did the same. we wasted over 450 billion pounds on covid with an estimated 2 Trillion pound cost in total from the economy overall..everyone thought furlough etc etc was a great idea without once questioning who and how the hell is this all going to be paid pay for .. well now we and the rest of the world are in trouble and unfortunately people are going to pay a heavy price for allowing governments to lockdown economies without thinking about the impact of it all.
Kwarteng has to go. The UK economy cannot take much more of his fantasy economics; and the public will anyway not forgive him for the 6% bank rate and higher inflation that he’s inflicting on us. Him and Truss are wrecking our economy and prosperity.
@@gabrielyamani5478 public debt and inflation were a problem before and they are affecting the entire western world. Gasoline is exactly what we need in the middle of an energy crisis (this is an attempt at humour). These precise tax cuts are not the problem. Let’s wait for the autumn statement and see how they plan to find this. Some short term market reaction is really not what a sensible person should worry about.
Just another Brexit benefit - we's got blue passports, soverunty and rich guys making more ... who could complain at that ? Liz is a superbrain ..... she's looking after her rich mates , they's suffering they's is She really knows her stuff .....
I'll be convinced by his argument when he first fixes Greece. While he continues to advocate the global status quo that caused the global mess, it's difficult to take him seriously.
He is not in charge. So aside from trolling, how about to bring in some facts and data? He told everyone up front that the EU-help to help Greece was not going to work and that it was a money recovery scheme for German banks.
They should have taken his advice years ago and got out of EU that would have fixed Greece instead other countries benefited from this union including Germany … for starters their infrastructure tops Britain in comparison 💰💰💰
Am I completely on a different planet, or are there other people who think that having near-zero or 1-2% interest rates for the last 10+ years is/was a totally stupid idea? They should have raised base rates to over 3% at least 5 years ago and it would have given the economy and markets more time to adjust, instead we could be looking at going from
You are not, I feel the same too. But a large number of people are not savers so they never get to face the problem of savings in the bank not generating returns. And when you tell the same people that borrowing is cheap and can enable them to buy the stuff they couldn't otherwise afford, you create a large market for addicts to low interest rates.
Yanis doesn't really know what he is talking about, but like a broken clock has his moments of being correct. As for brexit, with having claimed bot pro and con he can always claim to have been right.
@@ericconnor8419 - EU unemployment 6% with UK at 3.6%. Eurozone inflation 10.1% and UK at 9.9%. Of the G7 the 2 highest Debtors to GDP are Italy (150%) and France( 112%) in comparison to UK at 87%. The FTSE down 5% compared to the Dax and CaC average of 20%(Dow 18.5%). And the Euro is down against the USD 14% against the Yen and £ at 20% average. It’s amazing that such an insignificant, isolated , hermit kingdom can cause such ructions in your brain and animate the EUtopians. 🤷🏻🤦🏻♂️
@@garrywynne1218 Neither the EU or UK inflation numbers cited are the real ones so it's hard to know which one is worse. +GBP just started crashing. But it's not really better or worse in the EU, entire Europe has been suckered into self destruction by USA. After their 'shale-revolution' turned out to be a decade long disaster, they came over here purple-headed shouting, telling Europe how buying the most reliable, cheapest, most secure (long term contracts) energy, the Russian, is a giant conspriracy... and our imbecilic ertard servile leaders said "yes yes m'lord", and cut their own legs off.
As a Greek, I'm letting you know that he was one of the Ministers of Finance during the economic crisis in Greece (2010-2021) and his idea was to leave EU and go back to drachma... Luckily he resigned, Greece didn't leave EU and now has growth of more than 5%....I rest my case....
You're right only retards believe that the economic plan was put in place solely by the Chancellor, that's not how British governments work, all government ministers need the authorisation from their PM, therefore the current economic plan has been mutually agreed upon by the PM and the Chancellor, so they are both equally guilty
Doesn't matter what degree he has - what's more important is his links to the conservative backers in the city who made millions last week shorting the pound. Kwasi-degree Kwarten learned his tricks working for Crispin Odey Asset Management - a man who made millions pushing for Brexit and then shorting sterling in 2016 to make a few billion in spare cash.
He is black and any criticism about him as a chancellor will be called "racism"! By the way, I am all for black people who have immensely suffered throughout history!
He didn't mention the obvious fact that the UK is a net importer of most things and has a huge trade deficit. This is extremely problamatic at the best of times and deadly when the pound is dropping like it is. So his comment about it's ok because your printing your own debt in your own currency is questionable. The only country that can really do that is the USA as it has the worlds reserve currency.
In fairness it was only a short conversation to cover all facets. But he didn't say it was okay, ,he siad they don't have the same problem as Greece or Argentina because they have their own currency/central bank. He's right in that provides the UK some options, such as the intervention made today, but I'm sure he's well aware that things are far from OK at this moment
@@liamlynch9359 The assertion that the UK can handle its economy simply because it has the ability to produce it's own currency, is a facile highschool level analysis that fails to address the root of the current crisis, the artificial creation of the crisis, and how corporations and bankers are having a field day making billions in profits that are generated by the crisis. So statements such as "we can produce our currency", is a vacuous statement, as it will do nothing in the greater scheme of things What we are witnessing is the gradual return of the rentier system.
@@Rebel_2891 Who assertion is that and whom are you accusing of having high school level analysis, myself or the commentator? Noting that the situation is not one and the same as Greece and /or Argentina due to the presence of a central bank and their own currency isn't controversial, nor is noting the commentator didn't claim the presence of a central bank makes things OK. Listen back, he never siad thst. Now that's the lay of the land so to speak and so distinguishs the situation at hand from the examples cited. Had I wrote a thesis on the matter and missed the mark I might understand the critism, in this scenario I'm not sure what it is you think you are responding to. So some Word to the wise, when responding/commentating/debating try to address what has been siad or claimed, as opposed to what you have inferred
We here in the U.S. heard the same whining when Ronald Reagan took his first few bold steps to resuscitate the pathetic economy left to him by Jimmy Carter. The chicken littles had no long term plan for the economy, and insisted that near-term painful measures were disastrous. We know the results. The rent seekers in the U.K. need to give Truss and the new administration a chance to work through this. A little fiscal and monetary discipline can go a long way toward improving the economy for everyone. If only the welfare state can be held at bay long enough...
He is right. We have a generation that has lived on next to free money. Welcome to the real world where interest rates need to reflect those of similar economies.
@@Minchya Maybe because he was finance minister during the financial crisis in the 2000s. They had to implement a lot of austarity measures, and while Varufakis was opposed to this, he was responsible for implementig it.
Sadly, they don't want honest decent people, con-men and crooks seem to be the level England likes. Wales don't vote Tory, Scotland don't vote Tory. Only England votes Tory and dumps them on us all.
@@Herr_Damit No, that's not the reasons. It's because the corporate media in Greece vehemently opposes him, but he still has enough support to be elected into the Hellenic Parliament with a progressive party, so there are plenty of Greeks who trust and believe in him.
Wasn't the IMF amongst those predicting dire consequences for just voting to leave the EU? Wasn't the IMF one of those who consistently got their predictions for the UK economy wrong? Wasn't the IMF one of those that didn't forsee the 2007/8 crisis and didn't think anything was wrong with Lehman Brothers? Wasn't the IMF behind the humiliation of the UK in the 70's? The Gnomes of Zurich.
I am a pensioner now lining in Bulgaria, I am dependent upon my pension and exchange rates! Yesterday I received my pension saw what is happening and immediately converted it all into Euros and cash in Bulgarian Levs, I can not trust banks.
@@christopheripad477 true! He is one of those university professors who think they know it all! His party Mera25 since elected does not had any impact or have done anything. Yannis is one of those vain politicians who like to talk and they don't have substance
@@akbk2505 he was finance minister for only a few weeks and in that time caused 86 billion euros damage to the Greek economy. You'd say its a world record even, nobody has ever beaten this.
Yanis Varoufakis know what he is talking about. But does the"Ruling Class" care? Plus will the people still want to Pay for the Monarchy when so many are hurting?
You’ve been wrong before Yanis, look at how Greece has come out of its debt. As has been pointed out so many times, there is no go to book, on economics, or computer module, there are so many knock on factors with every step you take, with most of them unforeseen & out of your control. Budgets are concepts.
Yanis Varoufakis is hardly a success story himself. Interest rates will go to 9% for a short time IMO and the housing market will have a large 'correction' which is long overdue as it's been pumped up by too much money and bankers doing their usual thing of lending to unsatisfactory buyers. Now they'll try and package mortgages to sell on to the unwary and you know how that worked out in the USA
The government has made it financially very difficult for landlords to rent properties and make a profit, so many are selling up and getting out, this in turn has made a shortage of properties to rent which has pushed up rental prices massively. People have to live somewhere, so will have no choice but to buy a property or pay huge rents that could be increased yearly, this will keep house prices up IMO..
There is no such thing as middle class if you have to work to live your working class, the middle class just have bigger mortgages and more debt usually.
@@gmc9451 When you are comfortable enough that you no longer need to get up early every day to go to work in order to live. If you MUST work then you are working class.
Or if the BOE just collected their pay checks and did nothing except bail out the essential financial institutions the exchange rate would fall where it may. End of! Why the urge to kill off businesses with interest rate hikes ?
The world has been addicted to zero interest rates .. and with interest rates on the way up there is going to be hell to pay .. I do wonder though will we see "billionaires" throwing themselves out of windows as their house of cards built on cheap debt comes crashing down ..
Conversation with my (young) mortgage lender representative Feb 2021
"Are you sure you want a 5yr fixed rate? It's slightly lower if you have variable!
"Yes, I'm sure"
"Can I ask why?"
"Interest rates will undoubtedly go up, I remember they went to 12% when I was a kid"
"*chuckles* I really don't think we'll see that happen again"
"Yeah...fixed rate please"
Its been on the cards for a while.......allot have not been paying attention.
Kids ay 😆
Had a very similar conversation 2.5 years ago and did a 5 years fixed. Now I wonder if the time I have left is enough for things to stabilise a bit or it's going to be double digits
@@VirtualDarKness Maybe you can use the time to save up money.
Oh yeah, not in UK (Switzerland) but I refinanced fixed 10 years at the very beginning of the year. Super low rate, couldn't be happier, perfect timing.
Truss did not make rookie mistake, she signed up to the plan before she was inserted into PM postion, BJ and all the rest raking it in yet again
Yep...next one to carry out the plan 🙄
Without addressing the root cause, you are not solving anything 👉 The Connections (2021) [short documentary] 🌳🌳
It was a "rookie mistake" both because, as hard right free market fundamentalist ideologues, she & Kwarteng have only a "childlike understanding" of economics, business & markets (Will Hutton, economist writing in The Observer), and she is a new PM -- starting by crashing the UK economy. A beginner in both senses.
Don’t be so stupid.
@@VeganSemihCyprus33 good documentary but progress is inevitable albeit destructive at times …. We are so disconnected but too far gone now … not enough people awake
The property market is what's wrecking the UK it's a scandal for years. It didnt pop in 2008 its paused and kept going. Its overvalued, driven by the "addiction of lower interest rates", a monopoly of 6 or so large property developers who have so much power and local influence, and now the BTR blitz, along with very weak governments made up of career politians. Unfortunately a correction is what is required no matter how much pain it brings.
How much will houses prices drop when they crash do you think
Agreed! Spot on. Needs equalizing! Owners are just going to have to loose Im afraid so prices go back to realism.
You're right. But when the market does crash, the wealthy will swoop in and sweep up all those properties that people can no longer afford and move out.
It is overdue by more than decade as you said. The responsible thing to do was all the chips to fall where they may in 2008. It would've forced the banks to actually act in the interest of protecting investments, and would've dropped the house prices massively in the UK and beyond. Instead we kept up the falsification of interest rates by preventing them from rising, and here we are today. I would not be surprised if they prevent them rising to acceptable levels now as well. They clearly should be between 5-7% to prevent the run on the pound continuing and to stabilise inflation. The fact the BoE base rate is still only 2.25% is a joke. They all know they've saddled the country with ludicrous amounts of personal debt, and the banks will obviously lose big time if the market does correct itself. London needs to lose over 50% of the ridiculously inflated prices across the board. It will in the end be a good thing if the interest rates go up as is being predicted, but don't hold your breath, because they know what they're going to lose if they do it. Take a 400k mortgage, many will be on about 1% interest at the moment, meaning 1400 notes a month repayments currently, this will go to 3000 notes a month if you're forced to remortgage or revert to standard rates and the base rate is about 5%.... and if property drops in value you also lose out on loan to value. I really hope it goes bang, because in the medium to long term it will benefit everyone if it does.
@@ario4795 that's because about a quarter of MPs are in fact landlords themselves, and the rest also own multiple properties. So you can see how it's a rotten system being rigged by those in parliament.
I wish he’d stop talking sense as I’m used to listen to idiots and avoiding the truth at all costs
Well said 👏
🤣🤣. Me too. Truth is now 2% only
very wise on your part
Why don't the Greeks trust him ?
Please block Mr Varoufakis. He is far too wise and too often right to be allowed to have a voice in the media.
🎯
Not forgetting to delete all comments that reply to his genius.
Thank you you tube.
👁️👎C🤬TS.
Yes, RUclips, he is part of the "alt right" like 99% of the worlds population. Even though he's a Liberal. I know that sounds like a contradiction, and that's the reason he should be shut down. Hopefully we can then ignore the contradiction.
😂👍
Why are you amazed that he was allowed to speak on BBC? The man is a self declared capitalist reformer, a man who masquerades himself as a Marxist, yet claims that he "wishes to save capitalism from itself". He often concludes to similar anecdotes as the MSM, with just a dash of pseudo socialism to delude the left. He has also echoed many ridiculous MSM statements, such as, "Russia has the GDP of Texas," which singlehandedly has to be the most vacuous and facile economic assertion a person can reiterate. I will not even begin to dissect the inherit contradiction of his statements with regards to the E.U, that being that the legalistic and bureaucratic structure of the E.U is "incapable of reform," yet guiding the radical left _against_ Brexit, by promoting the very reform he said was impossible.
He bouts nonsensical evaluations, and as such is a sweetheart of the MSM. He is like a modern day Herbert Marcuse.
😂
Yanis is one of a few people to tell the truth.
Socialist never speak the truth they tend to ignore it.
As if you know what truth is.
@@Kurwajegomac
Do you? 🌏
It's all by deliberate design! js
Yes all of it without a doubt .
Hooray, someone gets it 👋
I bought my first home, a mid terrace in a Northern pit town in England at the age of 18 in 1977.
Lenders, in this case The Halifax allowed 2.5 x ones annual salary.
It cost £7,650 and mortgage repayments were £42 per month.
When Mrs Thatcher took power interest rates went into overdrive, double figures and my mortgage went up to £88 per month.
That was a lot of money in 1979 - 1983, it was a constant fight, I had two young kids and a wife who didn't work.
However, I was in a fortunate position in that I managed to pay my mortgage even though on occasion we had to rob Peter to pay Paul.
Fast forward 44 years and I cannot imagine the debt some families will plunge into when UKGOV and BoE realise that like in the days of Mrs. Thatcher they're going to have to resort to the 'unthinkable' and significantly raise interest rates.
Of course all of the 'Quantitative Easing', basically Reflation over the past two years hasn't helped matters.
We were in the same position as you with high mortgage interest rates in 1980. We bought the place knowing that we would get a 50% housing improvement grant,and then Heseltine decided he was going to pull the plug on them. Our MP was Gerald Kaufman and I don’t know if it was his intervention or not but the grants stayed. I am frightened for the future youngsters being able to afford a home of their own without it being a mortgage for life, otherwise known as renting with responsibility for maintenance. And that will affect all of us, if only there was an ounce of common sense in government.
My nephew has a million pound mortgage and his house has already lost 1/4 of its value before the current clowns did their number
2 years QE? More like nearly a decade. Interest rates have been ridiculously low for years now. Varoufakis rightly highlights that the UK's economy - like many others - has become addicted to low interest rates.
Firstly .... congratulations for keeping those payments up ....I remember it well I was still at school but for some reason it captured me ....I literally remember asking my mum if we're ok because it seemed like every house in my road was up for sale
Fortunately my mum had paid her mortgage off before the insane interest rate hikes ...many many people suffered ...
Your the first person I've seen or heard talking about it
The mad thing is no one seems to remember ...
Even a good friend of mine that lost friend's, a relationship and fell out with his family , laughed at me when I said ..here we go again ...
People will suffer ... families will break up
The rich will buy up all of what's left of poor people's lives ...it's horrible
They will NOT do this to my family
❤️✌️
Without addressing the root cause, you are not solving anything 👉 The Connections (2021) [short documentary] 🌳🌳
Always tells the truth,and he knows the financial game inside out.
Obviously. That's why Greece is such a success story!
Sorry to break your bubble but he doesn't know his ass from his elbow.
@@davelowe1977it seems that you should go back to the books.
@@comet315 please make a video and enlighten us all. Your genius is so obvious the way you communicate.
Without addressing the root cause, you are not solving anything 👉 The Connections (2021) [short documentary] 🌳🌳
Tories will "Cut welfare and public investment", Yanis Varoufakis said and he knows what he is talking about. He knows how the Tories think and what they will do. Britons need to batten down the hatches because the waters ahead are more than choppy.
What’s wrong with that? We have a bloated welfare state that has grown exponentially to breaking point. There is only so much you can tax a population before that money runs out. Everyone is on strike - services are broken. Nothing is fit for purpose. And it is all being done at our expense. I think people fail to realise there is no such thing as government money - it is our money. We shouldn’t be paying for bloated public sector services that fail to perform.
I am no fan of this communist, but I pray he is right.
@@ominousparallel3854 He's not a communist.
@@ominousparallel3854 Apparently you're the kind of idiot for whom anyone left of Attila the Hun is automatically a "communist."
Hilary, sadly, I suspect you are right.
A real economist..... not a gambler.
Nooo He is Greek ex Economic Minister dude
Thank you for putting this up. When Yanis speaks, we should all listen.
I am politically to the right and am a Conservative but he speaks a lot of sense.
@@Robbiewa-bg4lu I am also. May I suggest that Tariq Ali is also worth listening to. An echo chamber will never allow us to go forwards.
First she visits the Queen ☠ nxt the economy ☠
🤣🤣
I've got a list of people she can visit next!
@@MrBragle hopefully she has same effect within Westminster lol … that would be her greatest achievement ☺️
🤣🤣🤣🤣🤣
Can she visit Putin?
Yasu!
Eliniga leo ~~~
I do feel that government's should not have the authority to take such drastic measures that effect the world wide financial stage.
Consideration must be taken as to whether the City should have the authority to force the government to change its direction?
YANIS I LISTEN TO WHEREVER HE SHOWS UP. Intelligence uploaded. Affectionately ❤️
Without addressing the root cause, you are not solving anything 👉 The Connections (2021) [short documentary] 🌳🌳
Why don't the Greeks trust him ?
I listen to him he's always been correct
I'm confused ..... Didn't he fuck Greece up ?
He's never been correct about anything important. I remember him being completely out of his depth when Greece collapsed.
@@davelowe1977 He described perfectly well why the help the Greeks received was nonsense, and made it clear that EU finance ministers were all in on it.
He also explained that fact to them and they ignored him.
So how was he out of his depth?
@@sciencefliestothemoon2305 He has no connection with reality whatsoever. Came to office driving a cuckoo land agenda that even A-level students worth their salt can realise is total bullshit. Caused the Greek economy billions in losses in a matter of weeks. The shortest lived and worse failed minister of economics in the entire history.
He is only good at sprinkling his nonsense utopian arguments about "free money" and "power to the people" with complicated academic macroeconomic terminology while coating it all in a serious, cardinal tone of voice in a sad attempt to give his argument the gravitas it is missing and to appear like a smart expert. Most of the time he doesn't even know what he is saying himself. A joke and a clown, 2 in 1.
@@sciencefliestothemoon2305 from what I remember ,he left Greece telling the people he will never let them down
He got there ,was obviously shown a few pictures of him in compromising positions and he rolled over
on the people and gave Europe what they wanted and fucked the people of Greece
I'm inclined to agree! There's a poor grasp of fact that you need the "poorer" majority spending or there is no economy on the ground. There's only so many necessities and services that a single rich person can buy...
Thank you very much for your advice and insight.
When Nation States are borrowing money from international capital finance, its not the Government that is in charge, it is the lenders of the money who is in charge, the Government will also do as it is told by the " Markets " which always ends up plundering the people of the Nation of their wealth.
Right on
This is the status quo that was protected at great cost in ww2. They couldnt allow Germany's economic success with interest free money to catch on.
@@SumoCumLoudly 100% correct
Every time Truss smiles somewhere in the world a glacier cracks and sheers off into the sea!
You saying she's got a warm smile?🤔
@@crowbar9566 Some people do not engage brain before speaking😅
@@crowbar9566 Boo 🙃
Lol so true.
@@crowbar9566 🎃
Who in their same minds is a fan of the IMF?!
They'll be bailing us out soon. So we will all be fans of them eventually. I wouldn't rubbish then too much, because we are going to need their help to get us of the mess we ourselves have created.
It's no good blaming them, the EU, or any other large institution. This mess we are in has been created by the Tories - and I think you know this.....but you're trying to find a scapegoat instead because it's more 'convenient' to.
Americans and European politicians love it enough... when it intervenes in developing countries and messes up their welfare systems, not in developed countries of course.
All part of the WEF AGENDA
This has little to do with the WEF, and alot to do with the Tories themselves. It's basically an 'inside job' carried out by the ERG, from within the Tory party. They've colluded with the banks in the City to bet against the pound. Kwarteng knows this, which is why he won't be Chancellor of the Exchequer for much longer. When he's found out, his political career will be over.
Hopefully he'll then be able to think about what he's done when he's residing at His Majesty's pleasure. In other words, prison.
@@robtyman4281 You say that, but the only people who benefit from this more than the Tories are the Davos crowd, of whom Truss is an asset.
@@robtyman4281 bigger than the tories 🤔 maybe he will literally be residing at his Majesty’s pleasure as he’ll be well looked after having carried out his duties as per plan ☺️
Yanis, good to hear you again. Hope you will be on the internet more often.
HIGH TIME THE HOUSING MARKET WAS BROKEN - IT IS OVERDUE AND WAY OVER HEATED.
@Martin Baldwin-Edwards well said
How much will houses prices drop when they crash do you think
Get back to watching Ed sweeney videos
It’s all calculated and contrived.
The real reason is to fund a growth out side the UK, government ain't bothered about its citizens.
"Rooky mistake" no Yanis, they are doing this on purpose.
Exactly. Always amazes me how so many smart people keep falling for the "it's just incompetence" nonsense. Nothing is ever nefarious, they're all doing their best, it's just incompetence.
Headline. UK economy already trashed before Liz!
Amen. Brexit was Britain's death knell.
When the uk started borrowing for covid payments. Why did the bank of England not start raising the intrest rate. Why wait for three years
@@adrianrouse5148 Cause interest rates were low then cause trade was low.
Yep...economic crash = pandemic and war 🤔
@@adrianrouse5148 This inflation, which started to rear its head in June 2021, was widely regarded by central banks across the world as 'transitory'.
A rise in interest rates would have unnecessarily hampered the expected 'V-shaped' recovery.
Covid and the economic and social policies associated with it has been an abject disaster, particularly for the UK, and was bleeding obvious to many of us from the very beginning.
Meanwhile the average age of a covid related death remains stubbornly over 80.
Nuts. Complete and utter nuts.
Just doing what she is told to do,meet the new boss,same as the old boss.
Good news
This is a very clever man.
Why don't the Greeks trust him ?
@@Minchya
Because he tells the truth.....🌏
@@mariettestabel275 Who's truth ???
@@Minchya
Maybe he is to much intellectual for some people......
Happy 2023.
@@mariettestabel275 That attitude seems to be much more common among the Left who always think they know better. Happy new year to you also.
We should have let the bank go bust and property price crash in 2010 and we would not have started printing money to save the banks. We never recoverd £1=1.50 euro it never been the same since. The printing more money for covid we should never locked down. Sweden was the only European country not to lock down and save the acconamy.
lets give yanis an application form for kwazis job.
Buy gold now or watch your money disappear
Defense is a better investment. The UK wants to spend 3% of GDP on defense right now.
It's a Trickle Down Truss crisis.
Brought to us by her idolatry of The original Witch of The West. Her plan to complete MT's gutting of the British Safety Net and Unions.
welcome to Trussia.
Without addressing the root cause, you are not solving anything 👉 The Connections (2021) [short documentary] 🌳🌳
Are you better off than a person in your class 100 years ago? The answer is yes. Unleashing wealth creators lifts all boats.
@@richardwills-woodward I think I'm indeed better off. Thanks to universally funded health care, free education and benefits when I have needed them. Be off with you.
We have the best comedians in the world it's just a shame that they are so damaging for the plebs like me.
What’s alarming is the total supplication to the logic of the market at the expense of all else. It should be clear by now that markets work in contradiction to other forms of value. In some ways it is a trade-off we do not openly acknowledge, but pay heed to in a delicate dance to keep everything afloat. Truss abandoned people, nature and even the economy because she intuitively believes growing markets are all that matters. That kind of fundamentalism is extremely dangerous.
Which BBC Radio 4 programme was this interview on? (on Wed 28 Sept?) As I'd like to listen to the whole interview on BBC Sounds
I will put a bet someone else will be PM if not new chancellor by the end of the year. I also bet it will not be Boris.
Bet in what currency?
There needs to be a General Election before Christmas.
I agree.The two dunces the Tories had in mind werent up for the job....
This man speaks a lot of fiscal sense and he knows his way around the financial markets ,and lets face it he knows what being in a tight corner is like being the ex chancellor of Greece ,i like the man as he speaks at lot of sence ,we need someone like him ,as what we have is calamity Jane and a chancellor who is out of his depth .
Although the 45 per cent rate should not have been abolished we have to remember it only lessens the tax take by around 2 billion. Not an amount to get so worked up about in the overall economy.
2 billion that could be used for the NHS or education...not important I guess
Make a bad thing worse? They all do.
A big fall in property price in the UK has been long overdue, for more than a decade. The responsible thing to do was let the chips to fall where they may in 2008. It would've forced the banks to actually act in the interest of protecting investments, and would've dropped the house prices massively in the UK and beyond. Instead we kept up the falsification of interest rates by preventing them from rising, and here we are today. I would not be surprised if they prevent them rising to acceptable levels now as well. They clearly should be between 5-7% to prevent the run on the pound continuing and to stabilise inflation. The fact the BoE base rate is still only 2.25% is a joke. They all know they've saddled the country with ludicrous amounts of personal debt, and the banks will obviously lose big time if the housing market does correct itself. London needs to lose over 50% of the ridiculously inflated prices across the board. It will in the end be a good thing if the interest rates go up as is being predicted, but don't hold your breath, because they know what they're going to lose if they do it. Take a 400k mortgage, many will be on about 1% interest at the moment, meaning 1400 notes a month repayments currently, this will go to 3000 notes a month if you're forced to remortgage or revert to standard rates and the base rate is about 5%.... and if property drops in value you also lose out on loan to value. I really hope it goes bang, because in the medium to long term it will benefit everyone if it does. But then they bailed the banks out before and I figure the tax payer would also be doing that again the way they seem to like throwing all of our taxes around like it grows on trees.
@@atheosmachina
_Perhaps much of what you have mentioned has been planned already! What a state to be in - the country could be taken off us._
@@atheosmachina agreed 👍 empty homes should be repossessed by the government and supplied for council tenants.
Where do the rich have all their money? The property market. I doubt they'll be making policy that will lose them money.
@@joshpickles9022 it is not just rich people thx at own property. Its many wiring folk with their only place as well. But the point is the prices in some places are so unaffordable it is ridiculous. Take London a an example where a one bed flat will cost 350k and a 3 bed terrace house could be 750k... 15 years ago the flat was 150k and the house about 300k. Even then it was overpriced...
@@atheosmachina in the end if we're all paying taxes for anyone to have a house visa the council it doesn't matter where they're from....
The worst,is yet to come
Interesting contrast between the Budget in Ireland on the back of record tax receipts and London’s disaster.
You mean the Ireland that has only just repaid the loan the UK bailed them out with.
@@ln5747 the loan was to prevent Uk banks operating Ireland from crashing, Ireland offered to pay-the loan off early but the Uk refused, instead extracting the maximum interest payment, the remanded of the loan was paid back in full including interest was repaid in 2017.remember the Uk may need another bail out very soon.
@@nicholasflynn5376 what are you talking about? The UK loaned Ireland money as part of an international bailout due to it being a close trading partner and it was in their interests to do so.
Ireland could've repaid it early but there were early repayment costs. Literally every loan has those terms and so they should. It's not a charity and a contract is signed on the terms.
Well said!
Why don't the Greeks trust him ?
TBH the UK housing market NEEDS breaking, naturally there will be pain in the short term but this constant cycle of ever higher borrowing to buy a house and greedy BTL landlords being able to charge higher and higher rents for shoddy accommodation has to end.
Capitalism as a system is drawing to a close anyway.
Sadly I've argued with home owners who believe OWNING a house/flat is a necessity and not a luxury. They also claim to be forced to buy weirdly.Renting has been stigmatised that much
Agree, capitalism failing all apart from the wealthy, high stakes roulette now. The model needs consigning to history 😡
England needs to cut interest rates so housing doubles. Then only none English and foreign corporations can afford a house.
The British middle class are going to lose their homes.
This is all by design, just as the rising living cost is!
And many below them.
then finally they might stop electing tory governments
@@miaash3870 Exactly - this is all done so that the middle class is eradicated, as a neo- feudal rentier systems is established.
Well, I hate to sound arrogant but they should have seen it coming. Buying into the joke that is the housing market is for fools unless you are wealthy
Just as Truss doesn't know the difference between the Baltic and Black Seas, she has pressed the wrong button and trashed the UK economy!
The governments approach to covid trashed the UK economy, and most other countries governments did the same. we wasted over 450 billion pounds on covid with an estimated 2 Trillion pound cost in total from the economy overall..everyone thought furlough etc etc was a great idea without once questioning who and how the hell is this all going to be paid pay for .. well now we and the rest of the world are in trouble and unfortunately people are going to pay a heavy price for allowing governments to lockdown economies without thinking about the impact of it all.
Kwarteng has to go. The UK economy cannot take much more of his fantasy economics; and the public will anyway not forgive him for the 6% bank rate and higher inflation that he’s inflicting on us. Him and Truss are wrecking our economy and prosperity.
There is a back story of Kwarteng being overheard after the result of the Brexit vote in 2016 saying he doesn't care if the pound crashes 🤔
It's Truss's fantasy economics as much as it is his. She ran her campaign on unfunded tax cuts.
The idea that high interest rates or inflation are due to a government which has been in place for two weeks borders economic illiteracy.
@@ominousparallel3854 They did not start the fire, but they sure as hell just poured a lot of gasoline on it. God have mercy...
@@gabrielyamani5478 public debt and inflation were a problem before and they are affecting the entire western world.
Gasoline is exactly what we need in the middle of an energy crisis (this is an attempt at humour).
These precise tax cuts are not the problem. Let’s wait for the autumn statement and see how they plan to find this. Some short term market reaction is really not what a sensible person should worry about.
Fantastic analysis
😊🏴☠️
Just another Brexit benefit - we's got blue passports, soverunty and rich guys making more ... who could complain at that ?
Liz is a superbrain ..... she's looking after her rich mates , they's suffering they's is
She really knows her stuff .....
Wealth creation is good.
The world has become 'addicted' to low interest rates Yiannis, not just the UK.
You can't trust Truss.
When you water the garden, you don't water the weeds.
I'll be convinced by his argument when he first fixes Greece. While he continues to advocate the global status quo that caused the global mess, it's difficult to take him seriously.
He is not in charge. So aside from trolling, how about to bring in some facts and data?
He told everyone up front that the EU-help to help Greece was not going to work and that it was a money recovery scheme for German banks.
Do you want people to take you seriously with what you just said? Since when can one man fix a whole country?
They should have taken his advice years ago and got out of EU that would have fixed Greece instead other countries benefited from this union including Germany … for starters their infrastructure tops Britain in comparison 💰💰💰
@@sciencefliestothemoon2305 'advocatenthe global status quo'. I'm not holding him personally responsible ...
You stick with Kwasi then , he seems to be doing a good job 🤡 his favourite film is Honey I shrank the quids !
Where can i find the full interview?
World at one bbc sounds r4
Am I completely on a different planet, or are there other people who think that having near-zero or 1-2% interest rates for the last 10+ years is/was a totally stupid idea?
They should have raised base rates to over 3% at least 5 years ago and it would have given the economy and markets more time to adjust, instead we could be looking at going from
You are not, I feel the same too. But a large number of people are not savers so they never get to face the problem of savings in the bank not generating returns. And when you tell the same people that borrowing is cheap and can enable them to buy the stuff they couldn't otherwise afford, you create a large market for addicts to low interest rates.
How things change in two days !!!!
I remember when Yanis said we were mad to leave the EU, then a few years later said actually, yeah it was probably the right thing to do…
It was madness, however you try to justify it. Project Fear has become Project Reality.
Yanis doesn't really know what he is talking about, but like a broken clock has his moments of being correct. As for brexit, with having claimed bot pro and con he can always claim to have been right.
@@ericconnor8419 - EU unemployment 6% with UK at 3.6%. Eurozone inflation 10.1% and UK at 9.9%. Of the G7 the 2 highest Debtors to GDP are Italy (150%) and France( 112%) in comparison to UK at 87%. The FTSE down 5% compared to the Dax and CaC average of 20%(Dow 18.5%). And the Euro is down against the USD 14% against the Yen and £ at 20% average.
It’s amazing that such an insignificant, isolated , hermit kingdom can cause such ructions in your brain and animate the EUtopians. 🤷🏻🤦🏻♂️
@@garrywynne1218 well said
@@garrywynne1218 Neither the EU or UK inflation numbers cited are the real ones so it's hard to know which one is worse. +GBP just started crashing. But it's not really better or worse in the EU, entire Europe has been suckered into self destruction by USA. After their 'shale-revolution' turned out to be a decade long disaster, they came over here purple-headed shouting, telling Europe how buying the most reliable, cheapest, most secure (long term contracts) energy, the Russian, is a giant conspriracy... and our imbecilic ertard servile leaders said "yes yes m'lord", and cut their own legs off.
Fortunately Queen Elizabeth is not around to see the mess Liz Truss has created.
Thank God for Yanis.
This is all true
As a Greek, I'm letting you know that he was one of the Ministers of Finance during the economic crisis in Greece (2010-2021) and his idea was to leave EU and go back to drachma...
Luckily he resigned, Greece didn't leave EU and now has growth of more than 5%....I rest my case....
Sounded like a good plan that was definitely going to be rejected 🙅♀️…. Greece could probably have increased their growth more than 5% 🤔
Not the most useful figures considering that we don't know what the growth would have been like with a different currency.
@@oldskoolmusicnostalgia See Turkey and Russia with a weak currency... You're welcome.
@@pollypocket2081 And inflation of 150% like Turkey...You're welcome.
@@captaingreek your making assumptions
We need to get back to giving priority to producers of new wealth - the act of making stuff - rather than manipulating the property market.
To My Dear UK brothers and Sisters: Stop Electing Tories.
The alternative is terrifying.
No, this awful, awful government is terrifying. How can any sentient person still support these dangerous lunatics?
@@TazRingo it must be terrifying for the rich if the massive taxcuts doesnt come their way.
@@TazRingo Only if you spend all your time being brainwashed by those morons at the Lotus eaters
@@mikedunn3436 Sorry, but Labour will spend all the money as well - they did it last time, do you remember.
The enemy within.
I bet you all think KamiKwarsi is actually making these decisions?
Not all of us Sunshine .
You're right only retards believe that the economic plan was put in place solely by the Chancellor, that's not how British governments work, all government ministers need the authorisation from their PM, therefore the current economic plan has been mutually agreed upon by the PM and the Chancellor, so they are both equally guilty
he is one switched on dude....
I would have loved to have been in the room when he dealt with the EU
Either it´s all going pear-shaped, or it´s all going to plan.
I´m not sure which is worse.
the end result is precisely the same.
Those who aren't the uber rich are @ucked
Tell it like it is, you Greek Genius.
Our chancellor has quasi degree from a London polytechnic, hardly the right person to be head of UK money matters!
Correction: A 'Kwasi' degree.
Doesn't matter what degree he has - what's more important is his links to the conservative backers in the city who made millions last week shorting the pound. Kwasi-degree Kwarten learned his tricks working for Crispin Odey Asset Management - a man who made millions pushing for Brexit and then shorting sterling in 2016 to make a few billion in spare cash.
Eton man... no competence required...
gosh - as much as that?
He is black and any criticism about him as a chancellor will be called "racism"!
By the way, I am all for black people who have immensely suffered throughout history!
Is there a positive correlation between increasing welfare and increasing productivity or wealth? He seems to suggest there is
He didn't mention the obvious fact that the UK is a net importer of most things and has a huge trade deficit. This is extremely problamatic at the best of times and deadly when the pound is dropping like it is. So his comment about it's ok because your printing your own debt in your own currency is questionable. The only country that can really do that is the USA as it has the worlds reserve currency.
Alot of the things that he says are questionable.
In fairness it was only a short conversation to cover all facets. But he didn't say it was okay, ,he siad they don't have the same problem as Greece or Argentina because they have their own currency/central bank. He's right in that provides the UK some options, such as the intervention made today, but I'm sure he's well aware that things are far from OK at this moment
@@liamlynch9359 The assertion that the UK can handle its economy simply because it has the ability to produce it's own currency, is a facile highschool level analysis that fails to address the root of the current crisis, the artificial creation of the crisis, and how corporations and bankers are having a field day making billions in profits that are generated by the crisis.
So statements such as "we can produce our currency", is a vacuous statement, as it will do nothing in the greater scheme of things
What we are witnessing is the gradual return of the rentier system.
@@Rebel_2891 but nobody said the uk can handle its economy because it issues its own ccy so what's your point?
Who are you claiming said that?
@@Rebel_2891 Who assertion is that and whom are you accusing of having high school level analysis, myself or the commentator? Noting that the situation is not one and the same as Greece and /or Argentina due to the presence of a central bank and their own currency isn't controversial, nor is noting the commentator didn't claim the presence of a central bank makes things OK. Listen back, he never siad thst. Now that's the lay of the land so to speak and so distinguishs the situation at hand from the examples cited. Had I wrote a thesis on the matter and missed the mark I might understand the critism, in this scenario I'm not sure what it is you think you are responding to. So some Word to the wise, when responding/commentating/debating try to address what has been siad or claimed, as opposed to what you have inferred
We here in the U.S. heard the same whining when Ronald Reagan took his first few bold steps to resuscitate the pathetic economy left to him by Jimmy Carter. The chicken littles had no long term plan for the economy, and insisted that near-term painful measures were disastrous. We know the results. The rent seekers in the U.K. need to give Truss and the new administration a chance to work through this. A little fiscal and monetary discipline can go a long way toward improving the economy for everyone. If only the welfare state can be held at bay long enough...
He is right. We have a generation that has lived on next to free money. Welcome to the real world where interest rates need to reflect those of similar economies.
It was doing extremely well before .
Yanis is like the Irish politicians that I wish could somehow become the leaders of my country.
Why don't the Greeks trust him ?
@@Minchya Maybe because he was finance minister during the financial crisis in the 2000s. They had to implement a lot of austarity measures, and while Varufakis was opposed to this, he was responsible for implementig it.
Sadly, they don't want honest decent people, con-men and crooks seem to be the level England likes. Wales don't vote Tory, Scotland don't vote Tory. Only England votes Tory and dumps them on us all.
@@Herr_Damit No, that's not the reasons. It's because the corporate media in Greece vehemently opposes him, but he still has enough support to be elected into the Hellenic Parliament with a progressive party, so there are plenty of Greeks who trust and believe in him.
@@alexrenn2479 🤣🤣🤣from someone who lives in Greece!!!
well, that's what you get when the rich people put a person in charge of the UK
Wasn't the IMF amongst those predicting dire consequences for just voting to leave the EU?
Wasn't the IMF one of those who consistently got their predictions for the UK economy wrong?
Wasn't the IMF one of those that didn't forsee the 2007/8 crisis and didn't think anything was wrong with Lehman Brothers?
Wasn't the IMF behind the humiliation of the UK in the 70's? The Gnomes of Zurich.
I am a pensioner now lining in Bulgaria, I am dependent upon my pension and exchange rates! Yesterday I received my pension saw what is happening and immediately converted it all into Euros and cash in Bulgarian Levs, I can not trust banks.
Yannis should check how he messed up when he was a Finance Minister in Greece and then judge others
Asking this man for financial advice is like asking Gary Glitter to look after your kids.
@@christopheripad477 true! He is one of those university professors who think they know it all! His party Mera25 since elected does not had any impact or have done anything. Yannis is one of those vain politicians who like to talk and they don't have substance
That's a false point! How long has he been in this position (to even mess up)?
@@akbk2505 he was finance minister for only a few weeks and in that time caused 86 billion euros damage to the Greek economy. You'd say its a world record even, nobody has ever beaten this.
Rishi Sunak was a learned economist from a prestige University. He had warned about this
I want the UK housing market to collapse so that I can afford to buy a house there
Yanis for life 💪
Yanis Varoufakis know what he is talking about. But does the"Ruling Class" care? Plus will the people still want to Pay for the Monarchy when so many are hurting?
i have heard this is a ONE TRILLION dollar pension crisis. no more mortgages. unplayable energy bills. my lord, the chickens are roosting.
You’ve been wrong before Yanis, look at how Greece has come out of its debt. As has been pointed out so many times, there is no go to book, on economics, or computer module, there are so many knock on factors with every step you take, with most of them unforeseen & out of your control. Budgets are concepts.
The knock on factors are the politicians following instructions from globalist elite
We need Yanis as our Prime Minister.
Yanis Varoufakis is hardly a success story himself. Interest rates will go to 9% for a short time IMO and the housing market will have a large 'correction' which is long overdue as it's been pumped up by too much money and bankers doing their usual thing of lending to unsatisfactory buyers. Now they'll try and package mortgages to sell on to the unwary and you know how that worked out in the USA
The government has made it financially very difficult for landlords to rent properties and make a profit, so many are selling up and getting out, this in turn has made a shortage of properties to rent which has pushed up rental prices massively. People have to live somewhere, so will have no choice but to buy a property or pay huge rents that could be increased yearly, this will keep house prices up IMO..
You litherally said what he said word for word, just swapped 6% with a totally random 9%
OK so basically we're fucked?
The middle class hate the working class. This is a good thing 😊
So. The middle class don't work?
There is no such thing as middle class if you have to work to live your working class, the middle class just have bigger mortgages and more debt usually.
Why? . And at what stage do you become middle class.
@@gmc9451 When you are comfortable enough that you no longer need to get up early every day to go to work in order to live. If you MUST work then you are working class.
@@BRM101 the middle class exist. Who do you think cracks the whip to get the plebs to do unpaid overtime etc?
True
He is well positioned to comment on what makes economies crash, after all he crashed one himself in a matter of weeks, I'll give him that.
You are clueless lol
How did he crashed the economy for weeks when the government had been taking huge amount of money for yours?
It is sad that Liz Truss is all the British have. How low can the Empire goes!!!?
Or if the BOE just collected their pay checks and did nothing except bail out the essential financial institutions the exchange rate would fall where it may. End of! Why the urge to kill off businesses with interest rate hikes ?
Because of the glorious bargain basement sales!
Do you really think Liz truss and her cronies in the cabinet are making the calls??!!!
Im only 22 and balding almost 60% . I've lost my confidence and suicidal. What should I do 😞
Embrace it. There is nothing wrong with being bald.
Read Dostoevsky, Marquis, pamukh, Paulo cohello,....... Many more
Be glad you aren't a decapitated Russian POW.
Shave your head like Yanis.
Work out. Get healthy. Stop masturbating so much it saps vitality. Varoufakis is bald and I think he's attractive (no homo)
The world has been addicted to zero interest rates .. and with interest rates on the way up there is going to be hell to pay .. I do wonder though will we see "billionaires" throwing themselves out of windows as their house of cards built on cheap debt comes crashing down ..