I enjoyed this immensely. I am a Massachusetts resident with a minor degree and a trade certificate because I grew up on social benefits and the foster care system. I did what I could. I used to work in that neighborhood, or close enough to have clients that came in from these areas. Watching you hand their pretentious, seemingly well-thought out and educated (to them) questions back to them as if to say "go sit in the corner and think about why you're wrong" was worth the time I invested in watching. Well done, the best to you and yours.
the politician - give me all power and wealth and i will make your socialist dreams come true. right before every socialist death trap initiates itself and murders its citizens.
A very great thank you to professor Yanis and to the Cambridge Forum, because if Aristoteles and Karl Max listen to professor Yanis, they will raise from their graves to chose him as the prodigy professor, who explains the truth of our modern Capitalism, with its goods and diseases.
Aristotele and Karl Marx can't listen because they're dead. It's not possible to listen, full stop, if you're dead. So, unfortuntely they're not likely to rise again. But well done for trying to give a metaphor.
Thank you for your insightful comment, Roy. You have really opened my eyes to the fact that Aristotele and Karl Marx are dead. You must have a lot of experience in dealing with dead people, since you seem to have the personality of a corpse. Maybe you should stick to what you know best, and leave the metaphors and the critical thinking to those who have a pulse. But well done for trying to be relevant. your literal interpretation of metaphors is as refreshing as a summer rain in the Sahara. It’s true, the dead can’t listen. But if they could, I’m sure they’d be thrilled to hear your enlightening commentary on the limitations of their auditory capabilities. Keep up the good work!@@royborrill2711
Peter Tschann-Grimm - I’m wallowing in his intelligence, he’s a bit of a hunk too! (Secondary observation, at least that’s what I keep telling myself) hehe! Seriously though love this mans thoughts. I joined Diem25 from its founding days. Worth a look at its principles.
Because here there is only capitalism: from our founding, now, and forever into the future. Any other mode of thought is 'un-American', as I have heard 3 times on CNN. In order to pull this off, they don't teach history either. We live in a giant feedback loop.
A lesson in how Capitalism will save USA 🇺🇸 always. Thank you for a great explanation of economies affect on markets.. USA has studied Socialist aspects of globalizations NEGATIVES. MORTGAGE BROKERS hire lawyers who do the first closing on mortgage. They state in first contract that you will be sold after 10 years and renegotiate your mortgage to the next part of your purchase with their "Associates" guarantee on mortgage broker-- NOT TAXPAYERS. If you have done your consumer diligence they renew you. If you have not enhanced their capital (pay more early on principal in loan from the beginning =increases brokerages cashflow and allows for increase in interest to new lower credit purchasers)or kept increasing consumer value your mortgage will be sold . Fanny& Freddie need to GO and let financiers do what Countrywide did for me. They were low fees, low interest. FINANCE and ACCOUNTING should be in curriculum by High school MATH. Teach Capitalism & Accounting for budgeting, purpose of Capital investment is NOT Flip that house. That is a STUPID ACCOUNTING EXPENDITURE for fast money. The usual culprits ,too few experienced trades people... carpenters, plumbers, electricians. Same in most countries. So you purchase a flipped house and lower the neighborhood pricing...shooting your neighbors investment. Americans should be taught Capitalism...Business...Retail... Sales.
Richard Wolff is as good. The key to both their genius is that they understand the system to the extent that see through the bu11$#it WHILE SIMULTANEOUSLY having a healthy empathy for the little guy.
As a German, please accept my condolescence for treating Greeze so badly. I am unfortunately one of only few Germans that will admit that the EU was only punishing Greece and not looking for solutions to a problem. It was a buyout of private debtors, but as long as Greece is paying the bill Germany is even making money of it. Disgusting!
Das land heißt Greece. Ich weiß das manchmal Deutche leute nutzen z und nicht c. Also Griechenland ist Greece. Aber Greeze klingt echt lustig. Z ist S ubrings :)
Why do you apologize for something you have such limited control over? Apologies feel good but only solutions can make amends. Germany also self flagellates over Hitler. However, most people say would join the NAZIs. In a nutshell, if you take away food and jobs people will become afraid and angry. If your leader borrows money to feed and employ the people, that is a religious experience for them. If the leader scapegoats X (Jews) for the national problems, that fear and anger will run wild and be all too happy to punish (Jews, Uiegers, Catholics, the Bourgeoisie, Jan 6 protesters, Hillary supporters, Trump supporters ,…) and the leaders are all too happy to point the finger at them to get the ball rolling. Be proud of Germany and learn from the mistakes of the past. You can’t lay guilt at the feet of a future generation of kids without generating the same civil unrest and hatred that empowers the Hitlers of the world
Greece is not so innocent, don't be so quick to be hoodwinked by this charlatan. Look into his history. However, he is a smooth and articulate speaker because he knows economic history. That does not make him a good or honest person. In any case, as far as Greece goes, it was admitted into the EU on lax terms which were unacceptable in the first place for EU Membership, with poor infrastructure and corruption levels that did not qualify them for it. The Rothschild Dynasty is responsible for involvement of getting Greece into the EU and Euro currency, and Greece has been milking off the hard work and generosity of Germany and German Working People.
With every passing moment the disparities get more extreme for all of us. Its getting more and more true by the day till capitalism breaks in on itself. And gets replaced (or even reborn)
Same as pal and can you imagine what the BBC’s, MSNBC’s of the world would think of him now!?🤪🤪Obviously he’d have been told to say that by Moscow haha
@@jamesscott6661 sorry for being nosy 🥸🧐but is that you on the fifty cal? And about the media? Just scumbags, apart from a few good apples. And those apples are under attack from the neo libs constantly. Make America Left Again 😇
Guys this Monster is an absolute narcissist who has a big idea for himself one of the worst politicians that have ever existed in the Greek history a huge thug that looks attractive but he is responsible for the 2015 debt and economical corruption of Greece as when he was the Greek minister of Finance back in 2015 he shut down all the banks and businesses in Greece .Also Europeans and other investors withdrew their investments from Greece resulting at more than 20.000 people to lose their job and living almost in the line of poverty, he vanished the Greek middle class, the least to say he has been involved in many scandals
I dont think i've ever listened to a more engaging and interesting lecturer, its like he draws you in and he talks in a way that makes even complex concepts easy to understand.
Yanis does offer some useful criticism of the conditions of Capitalism. The potential for our involvement in what the Capitalists do with Capitalism seems limited.....
Around half-way I started to experience a rush of blood to my head, that left me astonished and jaw dropping all the way. What a magnificent, superb and utterly simple way to explain our complex and intricate reality. Mind mindbogglingly clear!! Eureka, Yanis!!
He brought the economy to the brink of collapse with damages of 86 billion euros within only a few weeks. The people of Greece are still paying his cuckoo land idiotic experiment. He should be trialed.
I am here to renegotiate our debt. The people voted me in. Do you have a plan even if it's not acheivable? No! I am demanding a deal. You cant demand anything we face a collopse (spain, Italty etc) so sorry no can do - not even a few sums to look at. Nope, I am a academik with theories that I will badger with. Sorry, the cash machines have been turned off so run along - bankers are bastards - have you anything to table. Nope, well I am in a hard position, I do a deal with you, we are facing doom. I cant do any deal - but eventually your smart mouth will bet it right - 15 years later. Greece has thrown you out by election - but you have maintained the lime light with that same old dooms day vision - all systems screw up, whats your contribution? Tell us something we dont alredy know. a taxi driver would bring along a plan of arrangement no matter how ridiculous, I need something dummy? I am greek, lazy and cant prduce a paper from 20 years of living off the states nipple. You bully! Bully on this - soveiign debt - sell pireus to china - no way! It proved a good deal and he was opposed to it. So Australia decided your a tax and tax economists - they see - yeah one day we will ll see, but a stratergy and time table is handy. Do you think Capitalism and the debt crisis may be problematic - you'll see. You never aid anything when greece was gorging itself on debt, now its a cementry you think things may be problematic? Yes. Greece recovered more than you or anyone could forsee. China's opening of it's trade was a bonanza for greece, greece is till in the top 10 of container trade. It meets its interest - look s like we bet on the right straatergy. For now. WE now that one day we'll be fucked, your 15 years late and Greece voted you out completely - Greece threw you out - gotta job, yeah another state nipple - your a leech.
Same here. It's 4am, and this came on after watching cdrama. I appreciated his explanation of the "Clearings". I am saddened that I wasn't taught this in school, but did find out about it a few years ago. Such a tragedy. Destroying the houses so people could not even have a place to shelter.
I just thought everyone knew money, law, property, rights, companies were not a real thing, just a lie we all believed. A common fiction, necessary for civilization. I didn't think it was something to be awkward over, at least with a group like this.
Mitza Paap - I do not argue that money is some conspiracy against the foolish. Without some form of common measure, we would be trading nails for strawberries and each deal would be different. It would be horrible with much starvation and deprivation. What surprises me is that the fact that this audience is somehow driven to nervous laughter when he says that money is a common fiction. Not common is the sense of pedestrian or some trashy pulp fiction novel, but common in the sense that it is shared. If we all do not believe $1 is worth $1, and there is no reason to beleive it is other than everyone else agrees it is, then money is just a fiction, not a common one. Even if the $1 is back by gold because gold is what we all commonly think it is worth. In the end, it is an imagined value that we all simultaneously believe in our heads.
"In the end, it is an imagined value that we all simultaneously believe in our heads. " yes and it goes beyond money, "society is an agreed upon illusion" - Durkheim. that's sociology 100. If people do not agree on the illusion no society is going to work. we've agreed that dollars are worth something.
I'm a fan of Yanis, but there are a ton of inaccuracies and mischaracterizations there. I get that he's trying to put together a brief, impactful and persuasive narrative, but he's committing what he would call "crimes against historical fact" in doing so and that's very disappointing.
A superb and enlightening discussion. It really broadened my perception of how economics works in practical terms at an operational level. Varoufakis' interpretation of events is always worth listening to. His point at the end about the IRS taxing corporations on global income was terrific.
This video is such a teacher. The part about is going from surplus to debtor nation has so many historic events in them. I think I get it all now, why prices are high, energy, " power", etc.
@@alliums361 God? If there were a God, things would be much better than they are now. We`d literally be in Heaven right now. And I`m afraid war and fascism is only going to get worse. Thank God, indeed! God is the Devil, anyway. As an example to parents everywhere and to save the world (from Himself); God so loved the world, that He gave His only begotten, perfect, and innocent Son, to be tortured and killed, as a ritual blood sacrifice; to appease Himself, so that He could forgive us for the sin, He originally condemned us to in the 1st place. John 3: 16 God is the author of evil. "I form the light, and create darkness: I make peace, and create evil: I the LORD do all these things." Isaiah 45:7 Shall there be evil in a city, and the LORD hath not done it? Amos 3:6 And he is proud of the evil that he creates. Behold, I will bring evil upon the house of Jeroboam, and will cut off from Jeroboam him that pisseth against the wall. 1 Kings 14:10 Behold, this evil is of the LORD. 2 Kings 6:33 Thus saith the LORD God of Israel, Behold, I am bringing such evil upon Jerusalem and Judah, that whosoever heareth of it, both his ears shall tingle. 2 Kings 21:12 Thus saith the LORD, Behold, I will bring evil upon this place, and upon the inhabitants thereof, even all the curses that are written in the book. 2 Chronicles 34:24 All the evil that the LORD had brought upon him Job 42:11 The Lord ... will bring evil. Isaiah 31:1-2 I will bring evil from the north, and a great destruction. Jeremiah 4:6 I will bring evil upon this people, even the fruit of their thoughts. Jeremiah 6:19 I will bring evil upon them, which they shall not be able to escape; and though they shall cry unto me, I will not hearken unto them. Jeremiah 11:11 Thus saith the LORD; Behold, I frame evil against you. Jeremiah 18:11 I will bring evil upon this place, the which whosoever heareth, his ears shall tingle. Jeremiah 19:3 I will bring evil upon them. Jeremiah 23:12 For thus saith the LORD ... I have brought all this great evil upon this people. Jeremiah 32:42 Judah will hear all the evil which I purpose to do unto them. Jeremiah 36:3 None of them shall remain or escape from the evil that I will bring upon them. Jeremiah 42:17 Thus saith the LORD of hosts, the God of Israel; Ye have seen all the evil that I have brought upon Jerusalem. Jeremiah 44:2 Thus saith the LORD of hosts, the God of Israel; Behold, I will set my face against you for evil. Jeremiah 44:11 I will watch over them for evil, and not for good. Jeremiah 44:27 I will bring evil upon all flesh, saith the LORD. Jeremiah 45:5 I will send the sword after them, till I have consumed them. Jeremiah 49:37 Out of the mouth of the Most High proceedeth not good and evil? Lamentations 3:38 I will set mine eyes upon them for evil, and not for good. Amos 9:4 The inhabitant of Maroth waited carefully for good: but evil came down from the LORD. Micah 1:12 Behold, against this family do I devise an evil. Micah 2:3 Things the Bible says that God has done: The LORD smote all the firstborn in the land of Egypt, from the firstborn of Pharaoh that sat on his throne unto the firstborn of the captive that was in the dungeon.... And there was a great cry in Egypt; for there was not a house where there was not one dead. Exodus 12:29-30 And the LORD sent fiery serpents among the people, and they bit the people, and much people of Israel died. Numbers 21:6 Thus saith the LORD of hosts ... Now go and smite Amalek, and utterly destroy all that they have, and spare them not; but slay both man and woman, infant and suckling, ox and sheep, camel and ass. 1 Samuel 15:2-3 Behold, O LORD, and consider to whom thou hast done this. Shall the women eat their fruit, and children of a span long? shall the priest and the prophet be slain in the sanctuary of the Lord? The young and the old lie on the ground in the streets: my virgins and my young men are fallen by the sword; thou hast slain them in the day of thine anger; thou hast killed, and not pitied. Lam.2:20-21 Things the Bible says God plans to do in the future: I also will do this unto you; I will even appoint over you terror, consumption, and the burning ague, that shall consume the eyes, and cause sorrow of heart: and ye shall sow your seed in vain, for your enemies shall eat it. Lev.26:16 And thou shalt eat the fruit of thine own body, the flesh of thy sons and of thy daughters. Deuteronomy 28:53 And I will feed them that oppress thee with their own flesh; and they shall be drunken with their own blood, as with sweet wine. Isaiah 49:26 Therefore will I also deal in fury: mine eye shall not spare, neither will I have pity: and though they cry in mine ears with a loud voice, yet will I not hear them. Ezekiel 8:18 Behold, I am against thee, saith the LORD of hosts; and I will discover thy skirts upon thy face, and I will shew the nations thy nakedness, and the kingdoms thy shame. And I will cast abominable filth upon thee, and make thee vile. Nah.3:5-6 Behold, I will corrupt your seed, and spread dung upon your faces. Malachi 2:3 I`m sorry this was so long, but I wanted to make sure I had enough evidence to prove my hypothesis beyond a reasonable doubt. Hail Satan, lol!
53:31 His response to her question was priceless. A coup d'etat is exactly what happened. But then she didn't shift gears and continued to blame the electorate instead of the corrupt DNC.
Agreed. Still, it's too bad that the "populist" we elected as a giant middle finger aimed at the establishment wasn't anything more than that... Sanders was the better populist choice, but the DNC appears to hate working class people, in part because the working class, regardless of "race," tends to be socially conservative.
Especially his comments paralleling and comparing the British voters who voted for Brexit (weren't xenophobic, racist, etc.) versus or similar to the American voters who voted for Trump while many of whom voted for Obama four years earlier. The commonality of the diminished middle class or newer lower class "sticking it to the elites" by denying them what they coveted most and made their privileged lives more difficult.
What a shame that the people who are making such a mess in the human sphere, and the World, do not open their eyes, ears, and hearts to the pure common sense of Yanis Varoufakis.
The last two minutes are golden. It shows just how ensconced the brainwashing is that simple concepts seem ridiculously abstract, and how hard it is for people to decouple from what they've been taught is a law of nature, not a confidence game.
Thank you for sharing your brilliant wide angle telescopic and global understanding of our common political and economic situation! A thoroughly satisfying and comprehensible delivery, Commanding our deepest gratitude............... Justice and freedom for all....!!!!!!!
@M K making it complicated ,but fancy. We use to learn it in Marxism Leninism course in USSR. How to disintegrate the western society. Good luck with dictionary. No offence. I like his lecture as well, the only problem i fled USSR, i can see it all applied in practice, especially academia, being a student in UK. History will tell the story, if not rewritten to fit the narrative, like i saw in the greatest socialist experiment in the history.
Summary 1:03:15 "new" new deal; workers controlling their own shares; Obama and saving banks in 2008 1:06:25 China! 1:16:30 labor and 1929 crisis; relative power of trade unions; organizing the precariat; need of creative collective actions 1:21:50 need of federalization in European union 1:25:00 migratory crisis in Greece 1:33:50 industrial policy and how EUA can survive through federalism 1:36:30 Greece and staying or leaving Eurozone 1:41:30 nationalism and patriotism; fictional trades; punishing multinationals 1:46:27 eliminating credit systems; assimetric property over means of production
Good god, the woman with "China bad" is so cringe. She literally cannot fathom why she hates China, and went as far as admitting that she thinks China is doing what the west is doing to Africa. It's pure textbook projection. She wasn't fearing for the well being of Africa, she was fearing what will happen to her if China will to do what her people did to Africans and the collective Global South. It's purely fear of retribution. She knows what the west did to the rest of the world are absolutely abhorrent, and she is desperate to not let karma find its way back to the west. Her desperation and ignorance and hate really reminds me of a Genghis Khan quote: “I am the punishment of God...If you had not committed great sins, God would not have sent a punishment like me upon you.” And she is afraid that China will be that punishment for the great sins they have committed.
@Happy Joy Bravo Political ignorance is a drug. Many countries were born through worker unions of social democratic pushes in governance. It's learned in every other country the danger of capitalist propaganda
This man is brilliant and so articulate ( even if I dont agree with everything he says). Love the answer to womans question about China - I think what he said between the lines - Americans think we have a right to bomb countries into getting what we want (and supporting absolute monarchys) while we object to China building ports and roads. Its part of the fallacy that we have a "god given right" while others should follow a different set of rules.
Exactly! I disagree with him on 50% but he is obviously such a brilliant person that it would be a pleasure just talking to him. Civil discourse is the difference between a colony on mars and colonies in the Gulag Archipelago.
@@Anomalyy666 socialism...while I do agree that capitalism is failing. Politically, capitalism started failing when super packed were legalized (under Regan) and special interests began controlling the funds available to our congressmen/women for elections. Corporate "veil" should be lifted. Let fossil fuel companies pay the cost to insure over damages which may occur from global warming. Same with other corporate interests- level the playing field.
That's a weird coincidence. I've been reading quite a bit about the enclosure of common land to farm sheep in Britain over the past few days. Lots of people were kicked off their land and forced into the cities where they then had to work for capitalists for survival instead of farming and being self-sufficient.
Yes & they said they were lifting them from poverty, I'd sooner live off the land "subsisting". Just a way for elitist pigs to have dominion over the lives of others.
@Nolan Armstrong Make of it what you will. That period was the last days of feudalism & the first days of capitalism. Also it sounds nothing like communism, I assume you are thinking of Stalinism, a common encouraged error.
@Nolan Armstrong Well, it was the Lord or Duke or Baron or King's land, right? Originally for Englad there existed three estates: The nobility, the church and the peasantry. Then a merchant class rose to power. With that wealth, they could buy power and begin to change laws, which they have been doing ever since. Then, as inventions gave rise to factories, they needed people who came to the city and died in droves.
Yannis understanding of the modern economics is superb because his knowledge of political/economics history is so deep. It is so sad that only 3.5% of Greeks voted for his party but instead voted for those morons that brought Greece to the 2010 recession
Yanis doesn't understand, (or maybe doesn't accept?) That to carry out MAJOR projects, requires Capital, And CAPITAL is just a fancy word for SAVINGS. The Greeks who usually fund these things have found what many around the globe have found... It is EASIER to bribe politicians, to protect the greedy from their own risky projects, or to fund them, than to risk their own money, then THEY as insiders can be in the right place at the right time, to take advantage of new opportunities... It's the POLITICS that are corrupt. Not the idea of Capitalism.
Yanis Varoufakis is the most knowledgeable economist in the world. I've never heard anyone talk as he does, and so clearly. As he once said, all the economists who teach, teach the same thing, the same way everywhere, all the time. Not he. In contrast to them, he's stunning. I could listen to him for hours on end.
Autonomous driving will fix that... Also can't we build a city for autonimous ebikes or autonimous controlled horses, they are less dangerous than cars even if all of the sensors, network card, battery, motor break.
Misanthrop - A person who hates or distrusts humankind. >Be uber driver >Give your vehicle and service to those who need or want it, literally giving your time and energy to other people >Have your back turned to complete strangers while you let them in your vehicle and chauffeur them around. Yeah this guy really knows what he is talking about SO INTELLIGENT OMG
“The unforgiveable sin of Hitler's Germany was to develop a new economic system by which the international bankers were deprived of their profits.”-Winston Churchill
@@clarencewspangle Firstly, this isn’t an original Churchill quote. This was written in a forward to a 2001 republished version of a book. Secondly, the English is much to clumsy for Churchill. Thirdly. Don’t you dare use him to speak your antisemitic conspiracy theories about banking being the reason the world fought Germany.
Great video and audio quality, including editing. And of course Varoufakis gets to fundamentals of concepts in economics without losing the oft-forgotten humanity.
I totally agree with everything Yanis was talking about, what was interesting was his take on Obama care being a disaster, which was what I said in a discussion I had before it was put in place...brilliant discussion, thank you! Peace
But still less of a disaster than the healthcare system the day before the law was passed. Thats the problem. It was one of the least bad out of a slew of terrible options that were being considered.
The problem is it was a severely compromised half measure. To get a real healthcare system & increase efficiency & outcomes we need full measures. Get rid of insurance companies & get the burden of healthcare off employers.
Wow, I've never heard him give this talk before. I didn't know a lot of this information. He does a good job explaining how the system got started. Thanks for the upload :)
What I love about Yanis is he is not only insightful, personal, humorous, wise, damning and eloquent, but he's the only left economist I know that is offering radically anti-capitalist, yet practical solutions.
@m g I think all economists should be practical and activist, especially in this day and age. I lament that economics has become an excuse to escape into theory.
You know he was referencing Bernie Sanders, who is a completely rational actor in his own right. Varoufakis is pretty much a centrist in most of Europe despite all things. There are a lot of people like him.
If it's anti-capitalist, it's not practical--what's practical about sacrificing the individual to the collective, especially if that individual is an Elon Musk, a Thomas Edison, or a Socrates?
Watched this twice in the past couple of yesrs and very much enjoyed the thoughts, questions & ideas presented in this discourse.. Bravo Yanis - we need to be looking to you, Richard Wolff, Cornel West and many other economists, politicians & philosophers who are changing the discourse from the combative to the conciliatory which upholds the dignity of ALL creeds, nations & people's.
i had to do 10 years (!!) of reading, admittedly randomly and unguided studies, to reach this level of understanding. benefit from this true scholar and educator and do it in less than 2 hours!
@BabbyThor Very interesting perspective. Your commentary evinces a rather astute individual. However, the savory irony is that someone that projects such intelligence, would traverse within the corridors of the Epoch Times and Project Veritas. Did I miss something here?
I remember him back then during the Greek Financial Crisis. He is an astounding intelligent man who stood up to the Globalist Powers of Capitalism. #LegendExtraOrdinaire
Every single American should watch this. Simply amazing amount of information in such a short amount of time. If we don't stop using the word Socialism like a bad word, we're never going to fix things. And I'm not talking about the kind of socialism that exists in places like Venezuela. It's about taking back some control and power from the bankers and the ultra rich, and giving the people a better standard of living. But they're smart, and they know that socialism would benefit the people and not them, so they have turned it into a scary, horrible idea, and people are voting against their own self-interests because of this fear.
Most '-isms' are bad words. Its great to have a governance model with qualities built by and for the working class, but social-ism has a rich history of dark and scary things all of its own making. Anything that has been distilled to an ism has begun the process of crystallizing into an island of thought. Good, fully functioning states of thought include useful ideas across isms, not adherence to one's dogmas. Theres a lot thats been done to control the working class, and a lot that could be done to fix it, but socialism as it will be known is never going to be it. In America we are already supposed to be a country governed of the people by the people for the people. It was celebrated across the world, in China, in Russia, but since then theres been a few unneccessary wars, a few assassinations, some choice subterfuge, a handful of traitors and viola the ruling class has largely clawed back its power as best can be expected for modernity.
@@CmdrCorn lol america was never "by the people for the people" It says it in the constitution, only rich white men have power, this is still true. It also stated that slavery was just and natural and that it is an american way of life. 9/10 of every person who had anything to do with writing the constitution owned slaves. "socialism" isn't hardly as scary as a country built on genocide and chattel slavery
standard of living was defined by capitalism.. key is balance. capitalism creats.. socialism distributes.. u need both.. thats why most of the world has or tries to have a mixed economy
I didn't think I had any gay in me. But if Yanis wants to make me his Ancient Greek-style student/submissive bottom, I would gleefully take every inch, as he whispered in my ear every detail of the Eurogroup meetings where he made so much sense that Tsipras had to kick him out of the cabinet, in order for Greece to receive the fiscal waterboarding that Schauble et al. were demanding. Then he would go further and talk about the necessity of surplus recycling in a monetary union, just as I recycled his surplus. Oh Yanis...
What he is calling for, is democracy at work, where workers own the means of producing their wealth together as equals, and workers decide what, how, and where to produce, and what to do with the surplus. The end of capitalism, via democracy. Nothing less will do.
Except it has NEVER EVER worked out that way! Been tried at least 30 TIMES, with the result ALWAYS the same: "All animals are equal(Those that administrate the $), but some animals are more equal than others": Communism= Pretending human nature( Instinctive greed) does not exist, while simultaneously keeping as much for oneself as physically possible...Leads to instant paranoia, that everyone else is trying to take what you have( They are) Capitalism, is just being honest about it! FIAT USURY (Fake $, created out of nothing; Loaned at interest), is what is convincing you we need Communism. When really, we just need to end Fiat USURY! Student loans= Interest free Car/House loans= Interest free Business loans= Interest free...Cant make a payment this month? No problem, the gov't has you covered. But, if you keep missing payments, it will add to your tax you owe. EVERYONE could afford their own Car/House/Education. The economy would BOOM from all of the extra saved $$$...Common Sense! P.S. We ALREADY HAVE what you suggested: They are called "co-ops"; A group of people invest the same amount, and share a equal amount...Of the interest deducted $...Less interest payment= More $!
@@burtburt2263 Buckle up, it's a long one but worth it I assure you. Part 1 You: "Except it has NEVER EVER worked out that way! Been tried at least 30 TIMES, with the result ALWAYS the same: "All animals are equal(Those that administrate the $), but some animals are more equal than others" Reply: Except it has worked out this way just fine in myriad enterprises across this earth, the queen of the UK herself awarded the 2017 international trade award to a 40 year old socialist worker co-operate based in the north of England, Spain's 5th largest corporation, is a collection of 200 democratically owned and operated co-op enterprises, 70 years old, 100,000 owner operators across 3 continents. Other examples include the Arizmendi bakery chain USA. Switch back brewery US, now ran by its workers, hell there is even a democratically communally owned trailer park that they bought off the aging land owner and now decide collectively what their rents will be and what to do with the income, all done via 1 person 1 vote. Further reading here, a report showing this type of economics is not only more efficient than top down anti democratic capitalism but more robust against economic crisis and more beneficial to those in the enterprise: www.uk.coop/sites/default/files/uploads/attachments/worker_co-op_report.pdf And here is a snapshot of the last 40 years, written up by a boat load of right wing American pro capitalist economists, showing 70% of advanced nations have seen no wage rises, to falls in wages, as a result of the incentives of capitalism unto capitalists, which are to maximize profits, done by offshoring jobs or bringing cheaper workers to the jobs in order to stagnate pay as best as possible while demanding subsidies and tax breaks which are used to automate away the remainder over time. All resulting in a little thing called the rust belt, and millennial's across the west being the first generation to be poorer than their parents in 150 years: www.mckinsey.com/featured-insights/employment-and-growth/poorer-than-their-parents-a-new-perspective-on-income-inequality ------------- You: "Communism= Pretending human nature( Instinctive greed) does not exist, while simultaneously keeping as much for oneself as physically possible...Leads to instant paranoia, that everyone else is trying to take what you have( They are) Capitalism, is just being honest about it!" reply: lol, well here you will get some agreement from me, if by communism you mean the government takes over the means of production, which is the primary form of governmental communism used over the last 100 years, I can safely reassure you that neither Marx, nor Engels, on through to every socialist thinker including Einstein, ever wrote so much as a scribble on a beer mat about government owning things, nor central planning instead of markets. All that was done in Russia, China, NK, etc, was the replication in those governments, of the same flawed structure found in any capitalist enterprise, and in any feudal lordship, and in master slave before that. The flaw is the top down organization of people for the production of goods and services and that is shared across every system for the last 12,000 years. We have effectively been repeating history with better terms and conditions in each new system but the same top down flaw, while ultimately expecting a different result to the condensation of wealth and power from many unto few because of the top down structure of power. Democratize the economy, and you remove the massive inflows of capital extracted from workers and given to the capitalist classes via dividends, rents, and compound interest, all of which is taxed at half the rate of the workers who made that extracted wealth. You lock in wealth in the localities where it is generated, and you politically awaken the masses by doing so, resulting in them having all the power and the politicians doing their damned job by being freed from the vice-like grip of their handfuls of major donors. Democratize the media in the same fashion, from Facebook to the New York times, they should be owned by the people who work there and the public via common ownership, modern communism, a small dividend paid from any profits to all citizens of the host nation, a subsidy given to smaller outfits to allow them to thrive. With them all given a charter to be followed by law as they had before Reagan, which demanded unbiased and informative news and information in the public interest, no matter the dislike of government nor corporation, no more Jeff Bezos and a handful of editors deciding what the Washington post can and cannot say, no more zuckerbergs allowing facebook to be used to overthrow various nations political systems for profits, including the USA, democratize the media. ^ This, is modern socialism with modern communist twists to aid the population, because a great deal of thought has gone into understanding the mistakes and resultant horrors of the USSR and the CCP, and it turns out the solution to a top down anti democratic organization of people that inevitably results in the condensation of wealth and power at the top, is to not do so to begin with, by using democracy to make all responsible to all and responsible for the well being of all in a given enterprise be it public or private. It is rank hypocrisy for anyone to claim to advocate for democracy, while also advocating for a top down anti democratic economic system bolted to it called capitalism that incentivizes the rich to corrupt democracy to their favor which they do with the wealth they are allowed to extract via capitalism. This extracted wealth is then used to purchase politicians and media of all sides, across many platforms and nations. Done so to prevent the people from ever being able to use democracy to interfere in profit making no matter who they vote for, while rich owned media manufactures consent for the politicians and policies the rich want. ------------------
@@burtburt2263 Part 2 You: "FIAT USURY (Fake $, created out of nothing; Loaned at interest), is what is convincing you we need Communism." Reply: No, Einstein is what is convincing me we need communism, by which I mean the communal ownership of resources across the earth from which dividends can be paid to all citizens of the world for their use, rather than handing 68 people more wealth than the bottom 3.5 billion combined, as capitalism has done. Also over consumption of resources is what is convincing me we need the type of communist and socialist solutions I have stated, because capitalism is currently incentivizing the taking of 30 billion tonnes more resources in their varying amounts from this world than the 50 billion a year it can sustain, meaning capitalism passed sustainable limits 3 decades ago. People think of climate change as a cause, many even think it is the primary cause of the collapse of the ecology, 50% of species lost including 45% of ocean plankton in just 70yrs for example, but the reality is climate change and ecological collapse, are the two twin symptoms of a perpetual growth economic system, ecological collapse from consuming resources beyond the limits that the earths systems can replenish, and climatological shift due to producing those resources into things for our incentivized consumption. Also capitalism demands an avg global growth rate of 3% long term in order to satisfy return on investment, too long under that for many reasons as happens and return on investment is less than forecast, sentiment changes, and recessions or worse pop up. Because of that demand for perpetual growth, capitalism MUST double its consumption's of many resources and energies in varying forms over 30 year periods. If you put a grain of rice on a chess board and double it on each square by the time you get to the end you need more grain than has ever been harvested in the history of humanity, capitalism is trying to outrun the chessboard, which are the immutable laws of physics governing a finite world, it is suicidal to attempt to do so. No amount of solar panels, wind turbines, electric cars, new taxes, new regulations, green new deals, nor any tech today, nor any coming down the road, will ever be able to allow a perpetual growth consumption driven socioeconomic belief system, to outrun the immutable physics governing a finite world. I am not just advocating for socialist solutions, nor communist solutions, but also libertarian solutions, conservatives solutions, I am for the bringing to the table of any solutions from any party so long as they do not involve fucking capitalism, a system that is incompatible with democracy and with what physics demands of humanity for it to have a viable future. Physics dictates we can have a little ice cream every year for the rest of our lives or gorge ourselves stupid and die of a heart attack before we get out of our teens, capitalism incentivizes the latter. ---------------- You: "When really, we just need to end Fiat USURY! Student loans= Interest free Car/House loans= Interest free Business loans= Interest free...Cant make a payment this month? No problem, the gov't has you covered. But, if you keep missing payments, it will add to your tax you owe. " Reply: How do you end fiat currency when there is not enough gold on the planet to backstop an 80 trillion dollar economy that doubles in size over 30 year periods. If you take the highest estimates out there of 2.5 million tonnes of gold on earth you've got enough to cover $13.3 trillion, from there it would have to be diluted via ratio or other metals. We got off the gold standard because we were having to dilute the ratios of gold to currency across many nations in order to finance the growth of the economy of a given nation, eventually to such an extent that they caused gyrations in markets every time they were diluted further but without doing so sufficient currency could not be created for the doubling demanded by capitalism plus a long term averaged rate of inflation of around 3% The gold standard was fine for the early to mid life of capitalism, but its demand for perpetual growth eventually outstripped the standards limitations. ----------- You: "EVERYONE could afford their own Car/House/Education. The economy would BOOM from all of the extra saved $$$...Common Sense!" Reply: I presume you mean IF they could afford... The reason they cannot is because of the incentives of capitalism, post 1970 advanced nations began to flip from more jobs than people, i.e. surplus jobs, to more people than jobs, i.e. surplus labor. This was caused by great strides between 45 to 70 in automation, women entering the work place as was their right, and computerization. Over the same era had also been developed the jet engine and shipping container. Employers suddenly found they had more people than jobs but still had growing production due to those advancements, and they had access to a globalized workforce, so they did the following: A) They lobbied governments for trade agreements to make it easier to bring cheap workers to the jobs, helping to stagnate wages further and divide workers against a minority of choice being exploited equally next to native workers, rather than employers, or B) They lobbied governments for trade agreement to make it easier to send the jobs to cheaper workers abroad, or C They demanded massive tax cuts and subsidies in order to remain in western nations, where producing anything is hellishly expensive compared to Bangladesh. Money which employers then used in order to automate away good paying jobs in their home nations, thus raising profits retained and maximizing dividend payments. C is also why in 1950 for every dollar you/a citizen paid in tax a corporation paid $1.50 and today for every dollar you pay in tax a corporation pays 20 cents. And the combinations of A+B+C are why the bottom half of most advanced nations saw their wages flat to falling once inflation adjusted, forcing them to borrow like never before in order to maintain living standards in an age of economic decline for the majority. The few nations that mostly escaped this are your Scandinavian nations that mostly rejected neoliberal methods of administering capitalism and stuck to Keynesian re distributive methods with high taxation. In Denmark for example, sure you pay high taxes, but you get good healthcare for life free at the point of use, and a free world class education and you get paid a thousand dollars a month while you are being educated post high school, so that you can focus on your studies instead of your debts and bills. ------------ You: "P.S. We ALREADY HAVE what you suggested: They are called "co-ops"; A group of people invest the same amount, and share a equal amount...Of the interest deducted $...Less interest payment= More $!" Reply: Ah good so you have some knowledge of my intent, but it is more than that, a law should be created as the labour party in the UK plan to do, that if a business is to close, move abroad, or be sold to another business, the workers would automatically get the right to buy the business off the boss for the same rate, before it can be sent abroad or be merged with an outside party or be closed due to some prick of a bean counter watching out for investors. As for where they get the money, government would create in each region a publicly owned democratically operated bank with the ability to create currency that would only invest in public infrastructure and communally owned democratic businesses. Banking should be made to not only serve society before any other. As for private banks and large corps in general, they too should be broken up into billion dollar chunks and handed to their workers to democratically run them owned by the workers and their customers jointly. Without top down dictatorship hierarchy and major investors to satisfy, ethical investments with steadier long term returns would flourish I assure you. If we want to fix the world, we need to get capitalism out of the way and structure the financial mechanics of this world in a way that incentives the societies of this world to heal themselves and their surroundings.
@@Nine-Signs Nah, seen this repeat 30 times...It always ends the same way: "Muh, Communism", which ironically, always ends the same way, GENOCIDE!...Hummmm; I'm "psychic"! Watch: He doesn't say the words "fiat usury" ONCE, during the entire video. I'm right, aren't I? Told you I was "psychic"...! Pfft...Might as well claim to be psychic; Their BS never changes!
@@burtburt2263I gave you an opportunity but sadly you are a person of absurdity with 70 year old ideas engrained as if current, unable to even debate rationally nor logically due to an overwhelming desire to protect personal beliefs from factual verfiable reality. Your entire conception of communism and socialism boils down to "stalin/Mao bad mkay" followed by "gold standard good mkay", and when faced with someone who fully systemically understands many of the works of the major economists both for and against capitalism over 400 years along with a full understanding of political and economic history you revert to form of expressing words that boil down to "stalin/Mao bad mkay" followed by "gold standard good mkay" I'm not psychic it's just people of your mind are sadly too numerous and very predictable. A head full of beliefs not of your own making but you will cling to them as if they were your own epiphany. I think our conversation is complete as all that is possible to come from your self is seemingly a rearrangement of the same words. Almost as if talking to a devout follower of Ayn Rand. Be well none the less.
I am watching this over and over. Spellbinding. I am still lost and trying to trudge along this trail that leads to a level to a clear view of the making of the modern world.
Some other interesting comments below on Varoufakis's credentials, but although he is pretty sharp at mathematics and modelling, the thing about Yannis that I appreciate is his balance of passion and temperament. He is no genius, but he is authentic and sincere, and smart, and he seems, by appearances, to be just a thoroughly decent guy, the type you wouldn't mind having a beer with (as opposed to the vacuous Bush 43 of "have a beer with" fame) even if you were an extreme Introvert-iNtuitive type.
So you consider yourself the final arbiter of "genius" ? How about you whip one out ? Perhaps include someone with at least some nominal commitment to truth... someone with at least some residual moral/ethical integrity...
The problem I have with Yanis, Chomsky, R Wolff et al, is that when I try to explain what they have said to others, it never works out and I sound like an idiot! Yet when they explain things it all sounds so bloody simple!!!! It's almost as though they are smarter than me.
its not that you are dumber or smarter. it has to do with experience. they out their whole lives into it while you just listen to their lectures. that way you never understand something on the same level as the one saying it. Just chose an area of expertise and focus on it.
You are not stupid. The reality that it takes years of commitment in the form of close study and thought to clearly state and document what most instinctively feel, but not KNOW, is a sign of the high level of propaganda and conditioning we are subject on a daily, hourly, minute by minute basis.
this is because their arguments have holes you could drive a truck through. about the only thing more hypocritical than a Marxist inspired leftist is arguably a 3rd wave feminist, which is also Marxist inspired.
I just watched this guy's video again today, a full year later, and his words resonate even stronger than ever before. Yanis is a stone cold GENIUS. When the reset comes, which is coming like a runaway freight train, men like this should lead the world.
The guy is a joke that promised the Greek people everything and delivered nothing. All he can do is blame the Germans, who bailed Greece out. Ridiculous.
Debt loading is not a "bail out" Muppet. He talks a lot of sense. His views on climate change are directly alligned with the most evil, lying corporate interests. Climate change has now been proven a lie. Humans do not affect climate more than 1%. Source: COVID lockdowns, nobody driving, nobody flying, industrial output halted. Atmospheric co2 levels hardly changed. Go and check if you don't believe me- NOAA government website.
Genius? So democracy means let’s vote in a new govt who promises to not pay back their debts and once the creditors (Germans) say no then says well what’s the point in democracy. Ridiculous so democracy means let’s not pay our debts. Good luck with that kind of economics
@@alfgrebs6172 German's bailed their own banks out coz their banks mostly were holding the Greek Bonds. After their banks got rid of the Bonds a haircut followed to screw the others aka PSI. I have to agree tho that Varoufakis is a joke, but anyone that paid attention knew it from 2010, from the so called "Plateies/Squares of 2010" meetings.
I think the science fiction novel he speaks about (around 1:19:00 - Where industrial robots start organizing a new revolution) is called "The Star Fraction" by Ken MacCloud, a Scottish author. a really fun and crazy energetic sci-fi / cyberpunk mash-up novel that won a bunch of awards a few years back. I really enjoyed it. 👍
I f*cking love the way he answered her first post-lecture question. He literally said what I was thinking as I was thinking it. Bernie Did win the primary.
It's very talked about in right wing circles, because even they see it backstabbing and many Bernie bros felt the energy which was stolen and they didn't go to vote for the culprit - Hillary.
@@FVBmovies everyone except the Dem party loyalists see it. The Dems made public the powerful's previously "quiet" electoral shenanigans- and it has embolden 45 immensely to do what he has been this election. His people are ready to believe his warnings of Dems rigging the mail in ballots because we all watched them get away with cheating Bernie- and us. Twice.
So you prefer a system that has failed everywhere. But Socialism is also destructive of freedom. It leads to totalitarianism. Look at Trudeau what he recently did to the truckers. Socialism led to Greece’s misery. Led to Frances decline. Socialism means big government and lots of government people making lots of regulations that stop trade. Trade creates wealth. When you create less wealth by stopping trade through regulations you create poverty,
If you read a good amount of Marx and Engels, you'll learn what he's talking about. Not only not teaching their work in the U.S. but actively indoctrinating people to reject them has made many citizens historically illiterate. Depending on your interest, I'd suggest first reading Friedrich Engels' Origin of the Family, Private Property, and the State (and be careful to NOT buy the print on demand version from Amazon, it has tiny type [unreadable]). Also read Karl Marx's Value, Price and Profit, and his Wage Labour and Capital (both of those are pamphlet-sized and easy to read and understand). If you read those three and understand them, you're 3/4 of the way to this guy's understanding.
@Great Idea You're blind to the world around you, aren't you? If you want to talk numbers of deaths and misery attributable to economic systems, capitalism has destroyed more lives by orders of magnitude than people who were building socialism. It's plain what we need to do to survive as a species, and that's rein in production. Make meeting human needs, necessity, the purpose of production, not profit, which has a very narrow benefit and very wide detrimental effects. The working class produces everything of value, along with nature, and we should live well because of it. The world as a whole is a much more dangerous place without the balance the Soviet Union offered, and the people of Russia are worse off than they would have been if the reforms had been carried out while the collectivized economy was maintained. So far as your name-calling, a moron like you only gets to be "brave" on the internet, enjoy it.
My advice - for all of us, don't miss the chance to understand how we live our life financially by grasping the knowledge of how it works...& Yanis Varoufakis is one good teacher
This is a gem on RUclips. It is not only the lecture enlightening but the q&a shedding lights on how undereducated the audience is. He exposes how Americans live in their own bubbles due to the lack of empathy and insights. Probably not many people in the audience know the word “proletariat.” I see Americans in general are well-spoken and sophisticated. At the same time, I often find them empty and hallow behind their beautiful talks. How come some people don’t even understand why the US engages in wars? It is hard to discuss democracy with Americans since they don’t have the basic concepts of ideology. I think there’s something wrong in their educational system. Many Americans don’t understand the differences between republic and democracy. The most idiotic thing I have ever heard from them is their country is republic (not based on democracy). Those are my takeaways.
The American education system is dumbed down intentionally. The American people are dumb by design. It is a wonderful country for the super rich, not so good for everyone else :D The public has to be dumb. Makes them useful idiots for the rich and powerful. If Americans were intelligent they would be threat to the ruling class and powerful.
I share this as much as can to people I think will listen. This is such a treasure and has lead me down the path of greater understanding. Many thanks Yanis.
An American woman complaining about what China does around the world. Now I think I've seen it all. She is worried because the Chinese are building ports. I appreciate she is used to destroying them, so she might be a bit confused.
@@ronsmith169 You think I support my own government? Do you have any idea what the world is really like? This is beyond borders my friend. But the ideas are clearly defined. Imperialism, colonialism, globalism. Different names, same basic aim. World domination. Power. Control. The common fool is nothing but a pawn.
@@elias_xp95 People like you really disgusts me. American or should I say the White used to destroy/kill/bomb/slave others, now that China is building things, you call that colonialism, so do you rather the Chinese do the same thing that your ancestors did? Or are you just talking out of your ass??? because those countries that are receiving the Chinese help/fund, they really need help, not just the money/donation, but they need things to be done, like building airports, roads, hospitals, rails, etc, and on top of that, they need those technologies that the West have been refusing to provide. What has the Chinese government done wrong? another than your so deeply rooted "wrong" being Chinese? Cuz the way we see it, when I say we, I meant all non caucasian, the Chinese are doing those underdeveloped countries a big favor, by not only providing them fish, but most importantly, teaching them HOW to fish, get it?
Makes me want to go back to study economics!!¡as my economics professor suggested in my high school days! 😊😍We are blessed to have Yanis in this generations to give us a straight forward and sensible answer to our economics issues in our time.😇😊
Excellent summary of the transition from feudalism to capitalism where the ownership class transitioned from dictatorial lords to dictatorial employers, and the subservient class transitioned from powerless serfs to powerless employees. The only power employees have derives from the right to strike. Employer dictators maintain their power by directly restricting the right to strike, or by indirect restrictions such as restricting access to healthcare as one of the main tools the dictator employers use to restrict the ability to strike.
@@donaldmcauliffe9460 Not every employee has the ability to quit without jeopardizing themselves and their family. When the choice involves you being without medical care, shelter, or food if you can't or won't play the rules of the game (especially if it's rigged against you) that's not really a choice.
Thank You i have been trying to explain this to people for years. Now i can just share your talk and save my breath. Great explanation of how the feudal system led to the mess we are in today; Enslavement through paid service industry employment, after paid education, instead of John carpenter inheriting his father's carpentry business, and John Smith inheriting the Smythery, and how surpluses control prices, and ignore famines. The states were all tied to the Vatican too paying dues so the pope would tell allies to assist when rebellions arose
Yanis just explained our past Crash and our Future Crash... the underlying problem since 1980 has been (and still continues to be) inflation adjusted wages have not gained one thin dime... 80% of the lower Economy of consumers has gained nothing. Only people in the top 10% of the economy have increase their Assets substantially... from holding 24% of all assets in 1989 to holding 85% of all assets today... the bottom 50% of Americans (170 million people) have not broke through collectively greater than holding 1% of the assets of the nation... The so called middle class (a disappearing class of people) or you can call them the "Enforcers for the 10%" (slavemasters) hold only 14% of the assets of the nation. I have written a 4-page paper on this macro economic problem (or libertarian/republican designed free slave economy) here if you would like to take a look... Inside Job: A Critique of Capitalism... www.linkedin.com/pulse/inside-job-critique-capitalism-martin-screeton/
My thoughts exactly. All started with Reagan's trickle down economics and his ridiculous tax cuts - the rising tide created by the tax cuts for the wealthy has simply stranded a greater portion of the population on an ever smaller island. The result will be the same for the ridiculous corporate tax cut just passed. The middle class is desperate to hold on to what they have because they can see more clearly than ever how precarious their financial position is - no real wage growth, insanely expensive health care costs, ridiculous housing prices in the states with real job growth, government deficits that we all know will cause inflation and significantly higher interest rates, and looming cuts to medicare and social security that are certain to negatively affect their retirement plans. In the past, the middle class used their political power to keep the corporate robber barons in line, but no longer - the 2008 meltdown left us with no indictments, corporations having rights and unlimited political power, and the middle class weaker than ever politically. Clinton & Obama simply towed the corporate line, and the huge sucking sound Ross Perot warned about when NAFTA was passed has come to fruition (albeit with most jobs & technology headed to China). The Right's economic policies have failed miserably, and we need nation political leaders like Sanders to make that point mercilessly until the dumbass middle class wakes from their collective stupor.
Conservative Rot... trickle down economics is now "embedded" in the minds of millions of people as a thinking error that says "this will create jobs and investment" ... and it's been proven many times over that it was just a give away for the rich and creates no such investment in people for the economy. This Reagan Failed Tax Incentive was tried as late as 2012 with Kansas Governor Brownback... It was a utter Failure and the republican house had to reverse and restore the tax rates previously in place before 2012. The Myth--> "He argued the cuts would pay for themselves by creating jobs and boosting the state’s economy." ...It didn’t happen. The cuts threatened the viability of Kansas’s schools and infrastructure; in the first year they were implemented, they resulted in a $700 million revenue loss for the state. In 2017, the Kansas legislature voted overwhelmingly to restore the state’s tax rates. www.theatlantic.com/video/index/558143/kansas-tax-cuts/
Mixlop - Those are the facts Mixlop. My rant about Reagan was spot on - the wealthy simply took the tax cuts and invested in stock markets and high end real estate, and made investments overseas. The tax cuts did not trickle down into the rest of the economy and create jobs, which would have increased real wages, and it won't this time either. You appear to be ignorant of the fact that prior to 1980 the interest payments on the national debt were a very small portion of the federal budget, and of course an even smaller portion of GDP. The interest payments skyrocketed during Reagan's administration due to the huge increases in the deficit. Over the last few decades the interest payments have been approximately 2% of GDP, but actually decreased during the Obama administration due to the artificially low interest rates. In upcoming years the interest payments will soon exceed 2% of GDP, and will be quite a "tax" on the economy. For instance, projections are that the interest on the debt consumes 7.4 percent of the FY 2018 U.S. federal budget. That makes it the fourth largest budget item. The only four expenses that are bigger are Social Security benefits ($987 billion), military spending ($874.4 billion), Medicare ($582 billion), and Medicaid ($400 billion). You can't compare federal expenditures prior to 1980 to federal expenditures after 1980 without accounting for that huge difference. You also can't compare federal expenditures from one decade to the next without taking into account the increase in life expectancy that would not be incorporated in the normal increase in GDP. The increase in life expectancy was quite dramatic in the 1970's, and certainly has caused a significant portion of the higher social security payments in each years budget that would not be explained by the increase in GDP. In regards to your comment that there is no logic in my initial comment, your comment is simply absurd as to the reason why the 80% of the US has not participated in wage growth since 1980. A loosening monetary policy would not restrict wages, it would typically lead to investment and new jobs, which would lead to a real increase in wages. That did not happen since so much investment is going on in China and other countries due to lower wages and corrupt tax practices, and that will continue until the US Administrations open their damn eyes and force real "free trade". There are many reasons why real wage increases have been stagnant since the 1980's, with NAFTA, offshoring jobs to Taiwan, Korea, China, Vietnam, etc., illegal and legal immigration all playing their part. But the Reagan administration's policies were also instrumental - the unending demonization of unions, the offshoring of jobs, and the choking off of government expenditures other than defense. Perhaps you're not aware, but after the recession of 1982, the trade deficit of 1983 jumped to an amount that was nearly 100% higher than in any prior year, and the deficits of 1984 thru 1988 were larger each year than any trade deficits until 1998. Reagan's administration was simply an economic disaster for the 80% of Americans who are not part of the super wealthy class.
you are stupid. first the top 1% is not the same people. people enter and leave the top 1% all the time. and people enter and leave the poverty line all the time as well. the truth is there has never been so much economic mobility in the entire history of the entire planet. I could really care less who owns what because whoever owns big business desires to make sure that their investments stay productive. if you prefer we can get rid of all business and we can go back to how life was 200 years ago where 95% of all people woke up in the morning worked all day until the sun went down then went home with a stale piece of bread and if your lucky a rotting tomato. there was nearly no economic ability of any kind.
(Martin Screedon): The fallacy you're making is that the "one percent" is a static group of people. People enter and leave the top 1% all the time. The quintiles of economic wealth are constantly shifting. Besides, who the hell is anyone to determine what an "acceptable" percentage of the population should control what percentage of wealth? The people who have it have generally earned it, and it's their right to keep it. All this stuff about slavemasters and enforcers is nothing more than leftist hyperbole.
Wow, a leftists that knows how history, business, and economics runs the world. And he actually uses this knowledge with good reasoning to bolster his arguments instead of relying on loud rhetoric and false narratives. It will be interesting to see how right wingers will try to smear him.
Why do you have to be so divisive and label everything left and right? Why can't we take the best ideas no matter which side of the spectrum they come from and work TOGETHER for the better of humanity?
@@antonvoltchok7794 I'd have to rewatch and take notes. Partly, I can't agree with everything because I haven't researched every fact or assertion he makes.... but I do agree with his perspective generally. If I were to say "This is perfect"" I would be speaking beyond my own personal knowledge, which is unacceptable.
@@PFA... He has some hardcore supporters but your right to listen to his opinions and have your own take away. He's interesting for sure, you may disagree/agree with him in areas. You don't have to be all in/out :)
![Understanding Marxism: Q&A with Richard D. Wolff [June 2019]](http://i.ytimg.com/vi/eU-AkeOyiOQ/mqdefault.jpg)
![Understanding Marxism: Q&A with Richard D. Wolff [June 2019]](/img/tr.png)
I enjoyed this immensely. I am a Massachusetts resident with a minor degree and a trade certificate because I grew up on social benefits and the foster care system. I did what I could.
I used to work in that neighborhood, or close enough to have clients that came in from these areas. Watching you hand their pretentious, seemingly well-thought out and educated (to them) questions back to them as if to say "go sit in the corner and think about why you're wrong" was worth the time I invested in watching.
Well done, the best to you and yours.
0
It was magnificent
Example at 1:06:27
Is Canada a good example of a free society 😂
As an ECONOMICS major & a history BUFF , i cannot remember a better piece than this one
A politician that tells the truth, you are amazing Sir and I hope your lectures wake more people up 🤩👍
the politician - give me all power and wealth and i will make your socialist dreams come true. right before every socialist death trap initiates itself and murders its citizens.
hes a china fan boy
@@markvietti He is not duh listen again to what he said about China
that's why he was not a politician for very long
A very great thank you to professor Yanis and to the Cambridge Forum, because if Aristoteles and Karl Max listen to professor Yanis, they will raise from their graves to chose him as the prodigy professor, who explains the truth of our modern Capitalism, with its goods and diseases.
Aristotele and Karl Marx can't listen because they're dead. It's not possible to listen, full stop, if you're dead. So, unfortuntely they're not likely to rise again. But well done for trying to give a metaphor.
Thank you for your insightful comment, Roy. You have really opened my eyes to the fact that Aristotele and Karl Marx are dead. You must have a lot of experience in dealing with dead people, since you seem to have the personality of a corpse. Maybe you should stick to what you know best, and leave the metaphors and the critical thinking to those who have a pulse. But well done for trying to be relevant. your literal interpretation of metaphors is as refreshing as a summer rain in the Sahara. It’s true, the dead can’t listen. But if they could, I’m sure they’d be thrilled to hear your enlightening commentary on the limitations of their auditory capabilities. Keep up the good work!@@royborrill2711
@@royborrill2711 I don't know if you need a therapist or an English teacher
One of the most illuminating talks you'll ever hear.
Peter Tschann-Grimm - I’m wallowing in his intelligence, he’s a bit of a hunk too! (Secondary observation, at least that’s what I keep telling myself) hehe!
Seriously though love this mans thoughts.
I joined Diem25 from its founding days.
Worth a look at its principles.
bit of a stretch tbh.
show us something more illuminating!
@@petertschann-grimm1468 yes plz, show us NPCs what we must think !
Yanis always has something worthwhile to say.
This guy is next level smart. In 30 minutes he explains what most people dont even learn through 4 years in college.
Because here there is only capitalism: from our founding, now, and forever into the future. Any other mode of thought is 'un-American', as I have heard 3 times on CNN. In order to pull this off, they don't teach history either. We live in a giant feedback loop.
I agree with you. However, I think many of you ancestors went to America to escape capitalism in Europe.
@Ray Easton Depends on the country but sometimes yes. There was also some poorer countries still hanging on to Feudalism during that time.
npina lol yet u didnt to a single thing
refute every point of relevance start @ 0 im highly interested andw illing to look at your thoughts without bias
This guy makes so much sense. I learned quite a bit from his answers. And he's very entertaining to listen to.
You should try his books, well worth every penny, although most the content is available in videos like this
A lesson in how Capitalism will save USA 🇺🇸 always. Thank you for a great explanation of economies affect on markets..
USA has studied Socialist aspects of globalizations NEGATIVES.
MORTGAGE BROKERS hire lawyers who do the first closing on mortgage. They state in first contract that you will be sold after 10 years and renegotiate your mortgage to the next part of your purchase with their "Associates" guarantee on mortgage broker-- NOT TAXPAYERS. If you have done your consumer diligence they renew you. If you have not enhanced their capital (pay more early on principal in loan from the beginning =increases brokerages cashflow and allows for increase in interest to new lower credit purchasers)or kept increasing consumer value your mortgage will be sold . Fanny& Freddie need to GO and let financiers do what Countrywide did for me. They were low fees, low interest. FINANCE and ACCOUNTING should be in curriculum by High school MATH. Teach Capitalism & Accounting for budgeting, purpose of Capital investment is NOT Flip that house. That is a STUPID ACCOUNTING EXPENDITURE for fast money. The usual culprits ,too few experienced trades people... carpenters, plumbers, electricians. Same in most countries. So you purchase a flipped house and lower the neighborhood pricing...shooting your neighbors investment.
Americans should be taught Capitalism...Business...Retail... Sales.
One of the great economists of our time.
Yanis is the only economist that lives out of the indoctrination boxes of economic education, I value his opinions and his acumen on world affairs.
Because he was not only a scholar but also an actual politician. From theory to practice, the guy was prime minister.
Richard Wolff is as good. The key to both their genius is that they understand the system to the extent that see through the bu11$#it WHILE SIMULTANEOUSLY having a healthy empathy for the little guy.
@@rogue8533 , finance minister
Also, suggest reading up on Thomas Pikitty's and Ha-Joon Chang's conclusions .
The indoctrination boxes is a good way to describe that
I love Yanis Varoufakis. He can be the saviour of Europe if given a true chance. God bless him always.
That is why he will never get a chance he should be happy he survive at all
As a German, please accept my condolescence for treating Greeze so badly. I am unfortunately one of only few Germans that will admit that the EU was only punishing Greece and not looking for solutions to a problem. It was a buyout of private debtors, but as long as Greece is paying the bill Germany is even making money of it. Disgusting!
Das land heißt Greece.
Ich weiß das manchmal Deutche leute nutzen z und nicht c.
Also Griechenland ist Greece.
Aber Greeze klingt echt lustig.
Z ist S ubrings :)
Why do you apologize for something you have such limited control over? Apologies feel good but only solutions can make amends. Germany also self flagellates over Hitler. However, most people say would join the NAZIs. In a nutshell, if you take away food and jobs people will become afraid and angry. If your leader borrows money to feed and employ the people, that is a religious experience for them. If the leader scapegoats X (Jews) for the national problems, that fear and anger will run wild and be all too happy to punish (Jews, Uiegers, Catholics, the Bourgeoisie, Jan 6 protesters, Hillary supporters, Trump supporters ,…) and the leaders are all too happy to point the finger at them to get the ball rolling. Be proud of Germany and learn from the mistakes of the past. You can’t lay guilt at the feet of a future generation of kids without generating the same civil unrest and hatred that empowers the Hitlers of the world
nonsense. Greeks never work, they retired at 45 and Germany, UK and France was paying for the Greek pensions
Fish gotta swim
Birds gotta fly
Cheetahs gotta run...
Tyrants gotta make money and mayhem...
:--/
'Twas ever thus.
Greece is not so innocent, don't be so quick to be hoodwinked by this charlatan. Look into his history. However, he is a smooth and articulate speaker because he knows economic history. That does not make him a good or honest person. In any case, as far as Greece goes, it was admitted into the EU on lax terms which were unacceptable in the first place for EU Membership, with poor infrastructure and corruption levels that did not qualify them for it. The Rothschild Dynasty is responsible for involvement of getting Greece into the EU and Euro currency, and Greece has been milking off the hard work and generosity of Germany and German Working People.
Brilliant! Yanis, keep teaching us how to make the world better for all.
He made Greece worse..he’s acting..we had a referendum 62% said NO &they disregard it UNLAWFULLY & turned it into a yes! When he was in gov…traitor
Watching this two years later and his words ring even more true.
Agreed. Because incrementalism moves at a glacier's pace, if at all. Especially when it comes to doing anything to help people at the bottom.
With every passing moment the disparities get more extreme for all of us. Its getting more and more true by the day till capitalism breaks in on itself. And gets replaced (or even reborn)
Same as pal and can you imagine what the BBC’s, MSNBC’s of the world would think of him now!?🤪🤪Obviously he’d have been told to say that by Moscow haha
@@sadieandme3971 we dont have left wing media, just right wing.
@@jamesscott6661 sorry for being nosy 🥸🧐but is that you on the fifty cal? And about the media? Just scumbags, apart from a few good apples. And those apples are under attack from the neo libs constantly. Make America Left Again 😇
I don't know how many times RUclips has recommended this video to me, but OK, I'll watch it again.
I love this man's work, and he is so ridiculously lucid planted in reality that it hurts good when I hear him describe this world
So bloody true. I am studying this video and not watching it.
He is fantastic in economist
Guys this Monster is an absolute narcissist who has a big idea for himself one of the worst politicians that have ever existed in the Greek history a huge thug that looks attractive but he is responsible for the 2015 debt and economical corruption of Greece as when he was the Greek minister of Finance back in 2015 he shut down all the banks and businesses in Greece .Also Europeans and other investors withdrew their investments from Greece resulting at more than 20.000 people to lose their job and living almost in the line of poverty, he vanished the Greek middle class, the least to say he has been involved in many scandals
Reality hurts
❤😮😅
This is extraordinary. What a brilliant man. Why am I just hearing from him now? I agreed with everything he said.
You’ve been indoctrinated into the Marxist cult… where heaven
Is advertised, yet hell is the only outcome
Bless you. Thank you Yanis for speaking the truth about the election and Bernie Sanders.
I dont think i've ever listened to a more engaging and interesting lecturer, its like he draws you in and he talks in a way that makes even complex concepts easy to understand.
He sprouts lots of total nonsense Useful tool for division in Europe
Yes, he’s a brilliant man.
@@tylorryn4163 if you believe in fairies
@@zoricazorica5752 Stop saying nonsense
Yanis does offer some useful criticism of the conditions of Capitalism.
The potential for our involvement in what the Capitalists do with Capitalism
seems limited.....
Around half-way I started to experience a rush of blood to my head, that left me astonished and jaw dropping all the way. What a magnificent, superb and utterly simple way to explain our complex and intricate reality. Mind mindbogglingly clear!! Eureka, Yanis!!
🤣🤣🤣 not very bright are ya
I UNDERSTAND THIS MAN..... IF HE HAD BEEN MY PROFESSOR IN COLLEGE I WOULD HAVE GRADUATED SUMMA CUMLAUDÉ
@@eddasturrup4912 🤣🤣🤣
alall00lll 0za0add0isand0
@@nolandclark653 Do you have an in-depth knowledge and intelligence to outsmart this man, thus your mocking post?
Superb lecture. He connects so many dots throughout history in a way that makes so much sense. We would be wise to listen to this man.
It's crazy how much the Greek media attacked this man when he was economic minister
the greek media are controlled by the right wing and the mafia oligarchs.
Figures
He brought the economy to the brink of collapse with damages of 86 billion euros within only a few weeks. The people of Greece are still paying his cuckoo land idiotic experiment. He should be trialed.
I am here to renegotiate our debt. The people voted me in. Do you have a plan even if it's not acheivable? No! I am demanding a deal. You cant demand anything we face a collopse (spain, Italty etc) so sorry no can do - not even a few sums to look at. Nope, I am a academik with theories that I will badger with. Sorry, the cash machines have been turned off so run along - bankers are bastards - have you anything to table. Nope, well I am in a hard position, I do a deal with you, we are facing doom. I cant do any deal - but eventually your smart mouth will bet it right - 15 years later. Greece has thrown you out by election - but you have maintained the lime light with that same old dooms day vision - all systems screw up, whats your contribution? Tell us something we dont alredy know. a taxi driver would bring along a plan of arrangement no matter how ridiculous, I need something dummy? I am greek, lazy and cant prduce a paper from 20 years of living off the states nipple. You bully! Bully on this - soveiign debt - sell pireus to china - no way! It proved a good deal and he was opposed to it. So Australia decided your a tax and tax economists - they see - yeah one day we will ll see, but a stratergy and time table is handy. Do you think Capitalism and the debt crisis may be problematic - you'll see. You never aid anything when greece was gorging itself on debt, now its a cementry you think things may be problematic? Yes. Greece recovered more than you or anyone could forsee. China's opening of it's trade was a bonanza for greece, greece is till in the top 10 of container trade. It meets its interest - look s like we bet on the right straatergy. For now. WE now that one day we'll be fucked, your 15 years late and Greece voted you out completely - Greece threw you out - gotta job, yeah another state nipple - your a leech.
Sir Varoufakis explaining & decoding the current financial model of the world in simple language. Brilliant.
Salam and Respect from Pakistan.
Im frm pak too. where r u frm(city etc)?
@@asmadali- City of Lights.
Sorry to hear what the west as done to you’re country , Imran is a good man
Imran Khan refused to be a slave, so he had to go. What has changed?
Traducir è una necessità. Vi prego...
I had my phone in my pocket and I heard this guys voice saying the most brilliant things. So glad this started playing on its own.
Happy accidents!=) what were you watching before?/What other shows do you like?
Same here. It's 4am, and this came on after watching cdrama. I appreciated his explanation of the "Clearings". I am saddened that I wasn't taught this in school, but did find out about it a few years ago. Such a tragedy. Destroying the houses so people could not even have a place to shelter.
Same here, fell asleep, woke up early morning and this was playing. Subliminal autoplay at work again.
One of the most enlightening videos I’ve ever watched. Thank you 🙏
"money is a common fiction"
nervous laughs from the audience
?
I thought everyone knew this, especially a room full of social constructionists
They think it's some kind of secret and acknowledging the truth will have some dire consequence.
I just thought everyone knew money, law, property, rights, companies were not a real thing, just a lie we all believed. A common fiction, necessary for civilization. I didn't think it was something to be awkward over, at least with a group like this.
Mitza Paap - I do not argue that money is some conspiracy against the foolish. Without some form of common measure, we would be trading nails for strawberries and each deal would be different. It would be horrible with much starvation and deprivation. What surprises me is that the fact that this audience is somehow driven to nervous laughter when he says that money is a common fiction. Not common is the sense of pedestrian or some trashy pulp fiction novel, but common in the sense that it is shared. If we all do not believe $1 is worth $1, and there is no reason to beleive it is other than everyone else agrees it is, then money is just a fiction, not a common one. Even if the $1 is back by gold because gold is what we all commonly think it is worth. In the end, it is an imagined value that we all simultaneously believe in our heads.
Mitzi Paap But deregulation and speculation?
"In the end, it is an imagined value that we all simultaneously believe in our heads. "
yes and it goes beyond money, "society is an agreed upon illusion" - Durkheim. that's sociology 100. If people do not agree on the illusion no society is going to work. we've agreed that dollars are worth something.
An understanding of history past & present; Economics and people. Clarity and morality. and all done with humor and love.
Certainly made it a lot clearer for me.
I'm a fan of Yanis, but there are a ton of inaccuracies and mischaracterizations there. I get that he's trying to put together a brief, impactful and persuasive narrative, but he's committing what he would call "crimes against historical fact" in doing so and that's very disappointing.
It's clear because Yanis telling a simple story. Economics, unfortunately is more complex. There are a lot of things that he's skimming over.
To Paul B and Brian G: it’s difficult to argue with such Masterful and concise critiques such as yours, not vague at all!
00⁰0000000000
A superb and enlightening discussion. It really broadened my perception of how economics works in practical terms at an operational level. Varoufakis' interpretation of events is always worth listening to. His point at the end about the IRS taxing corporations on global income was terrific.
This video is such a teacher. The part about is going from surplus to debtor nation has so many historic events in them. I think I get it all now, why prices are high, energy, " power", etc.
Yes so they can Crash the system. Then bring in this NWO global socialism
"Elections must not be allowed to change economic policies." Wolfgang Schäuble, as quoted by Varoufakis here
Is he a politian or political fruad in a bankers pocket?
@@patdiggin7053 Wolfgang or Yanis?
@@Zen-rw2fz Yanis quoted what Wolfgang Schauble told him
how did you type an umlaught?
@@charlespackwood2055 Perhaps it's hard to imagine but there actually are keyboards with other key layouts than US QWERTY in existence. Crazy, uh
"In my country we have a nazi party in parliament" - Fortunately, not any more: as of October 2020, Golden Dawn is thankfully criminalized
If they don't deal with austerity, then Golden Dawn isn't going anywhere. Its not free elections that allow Fascism but poverty.
@@alliums361 God? If there were a God, things would be much better than they are now. We`d literally be in Heaven right now. And I`m afraid war and fascism is only going to get worse. Thank God, indeed! God is the Devil, anyway.
As an example to parents everywhere and to save the world (from Himself); God so loved the world, that He gave His only begotten, perfect, and innocent Son, to be tortured and killed, as a ritual blood sacrifice; to appease Himself, so that He could forgive us for the sin, He originally condemned us to in the 1st place. John 3: 16
God is the author of evil.
"I form the light, and create darkness: I make peace, and create evil: I the LORD do all these things." Isaiah 45:7
Shall there be evil in a city, and the LORD hath not done it? Amos 3:6
And he is proud of the evil that he creates.
Behold, I will bring evil upon the house of Jeroboam, and will cut off from Jeroboam him that pisseth against the wall. 1 Kings 14:10
Behold, this evil is of the LORD. 2 Kings 6:33
Thus saith the LORD God of Israel, Behold, I am bringing such evil upon Jerusalem and Judah, that whosoever heareth of it, both his ears shall tingle. 2 Kings 21:12
Thus saith the LORD, Behold, I will bring evil upon this place, and upon the inhabitants thereof, even all the curses that are written in the book. 2 Chronicles 34:24
All the evil that the LORD had brought upon him Job 42:11
The Lord ... will bring evil. Isaiah 31:1-2
I will bring evil from the north, and a great destruction. Jeremiah 4:6
I will bring evil upon this people, even the fruit of their thoughts. Jeremiah 6:19
I will bring evil upon them, which they shall not be able to escape; and though they shall cry unto me, I will not hearken unto them. Jeremiah 11:11
Thus saith the LORD; Behold, I frame evil against you. Jeremiah 18:11
I will bring evil upon this place, the which whosoever heareth, his ears shall tingle. Jeremiah 19:3
I will bring evil upon them. Jeremiah 23:12
For thus saith the LORD ... I have brought all this great evil upon this people. Jeremiah 32:42
Judah will hear all the evil which I purpose to do unto them. Jeremiah 36:3
None of them shall remain or escape from the evil that I will bring upon them. Jeremiah 42:17
Thus saith the LORD of hosts, the God of Israel; Ye have seen all the evil that I have brought upon Jerusalem. Jeremiah 44:2
Thus saith the LORD of hosts, the God of Israel; Behold, I will set my face against you for evil. Jeremiah 44:11
I will watch over them for evil, and not for good. Jeremiah 44:27
I will bring evil upon all flesh, saith the LORD. Jeremiah 45:5
I will send the sword after them, till I have consumed them. Jeremiah 49:37
Out of the mouth of the Most High proceedeth not good and evil? Lamentations 3:38
I will set mine eyes upon them for evil, and not for good. Amos 9:4
The inhabitant of Maroth waited carefully for good: but evil came down from the LORD. Micah 1:12
Behold, against this family do I devise an evil. Micah 2:3
Things the Bible says that God has done:
The LORD smote all the firstborn in the land of Egypt, from the firstborn of Pharaoh that sat on his throne unto the firstborn of the captive that was in the dungeon.... And there was a great cry in Egypt; for there was not a house where there was not one dead. Exodus 12:29-30
And the LORD sent fiery serpents among the people, and they bit the people, and much people of Israel died. Numbers 21:6
Thus saith the LORD of hosts ... Now go and smite Amalek, and utterly destroy all that they have, and spare them not; but slay both man and woman, infant and suckling, ox and sheep, camel and ass. 1 Samuel 15:2-3
Behold, O LORD, and consider to whom thou hast done this. Shall the women eat their fruit, and children of a span long? shall the priest and the prophet be slain in the sanctuary of the Lord? The young and the old lie on the ground in the streets: my virgins and my young men are fallen by the sword; thou hast slain them in the day of thine anger; thou hast killed, and not pitied. Lam.2:20-21
Things the Bible says God plans to do in the future:
I also will do this unto you; I will even appoint over you terror, consumption, and the burning ague, that shall consume the eyes, and cause sorrow of heart: and ye shall sow your seed in vain, for your enemies shall eat it. Lev.26:16
And thou shalt eat the fruit of thine own body, the flesh of thy sons and of thy daughters. Deuteronomy 28:53
And I will feed them that oppress thee with their own flesh; and they shall be drunken with their own blood, as with sweet wine. Isaiah 49:26
Therefore will I also deal in fury: mine eye shall not spare, neither will I have pity: and though they cry in mine ears with a loud voice, yet will I not hear them. Ezekiel 8:18
Behold, I am against thee, saith the LORD of hosts; and I will discover thy skirts upon thy face, and I will shew the nations thy nakedness, and the kingdoms thy shame. And I will cast abominable filth upon thee, and make thee vile. Nah.3:5-6
Behold, I will corrupt your seed, and spread dung upon your faces. Malachi 2:3
I`m sorry this was so long, but I wanted to make sure I had enough evidence to prove my hypothesis beyond a reasonable doubt. Hail Satan, lol!
Do you have any evidence to support your hypothesis? I didn`t know Mr. Crowley was a Nazi...
that was excellent. ✊🏾❤️🌍✌🏾
do you believe in unicorns seriously
53:31 His response to her question was priceless. A coup d'etat is exactly what happened.
But then she didn't shift gears and continued to blame the electorate instead of the corrupt DNC.
Agreed. Still, it's too bad that the "populist" we elected as a giant middle finger aimed at the establishment wasn't anything more than that... Sanders was the better populist choice, but the DNC appears to hate working class people, in part because the working class, regardless of "race," tends to be socially conservative.
This guy is SPOT ON!! How have I not heard of him before?!
I recommend to read his Book "Adults in the
Room " Eye opener.
Especially his comments paralleling and comparing the British voters who voted for Brexit (weren't xenophobic, racist, etc.) versus or similar to the American voters who voted for Trump while many of whom voted for Obama four years earlier. The commonality of the diminished middle class or newer lower class "sticking it to the elites" by denying them what they coveted most and made their privileged lives more difficult.
Um... mainstream media hate him.
The poor guy struggles alone because all the Greek channels are burying him.
👍👍🇨🇦
What a shame that the people who are making such a mess in the human sphere, and the World, do not open their eyes, ears, and hearts to the pure common sense of Yanis Varoufakis.
They do not have hearts
The last two minutes are golden. It shows just how ensconced the brainwashing is that simple concepts seem ridiculously abstract, and how hard it is for people to decouple from what they've been taught is a law of nature, not a confidence game.
ensconced, impossible to decouple, so true.
How dare you suggest that we, the Jewish banking elite, are responsible for brainwashing the oiks of the world. Yours, Baron Rothschild.
The entire thing was golden. The last two minutes were golden for you.
Interesting.
IM GOING TO SKIP TO THE LAST TWO MINS
THANKS FOR THE HEADS UP
Thank you for sharing your brilliant wide angle telescopic and global understanding of our common political and economic situation!
A thoroughly satisfying and comprehensible delivery, Commanding our deepest gratitude...............
Justice and freedom for all....!!!!!!!
Thank you for succinctly explaining the history of the world economics or lack there of!
I love that a non-native English speaker makes me hit the dictionary.
hegemon?
@@OG-zr3bw well no not really but back when I first started with Chomsky there were some
Put that comment to the Nigel Farages Brexiteers !
That is the whole point of Marxist propaganda.
@M K making it complicated ,but fancy. We use to learn it in Marxism Leninism course in USSR. How to disintegrate the western society. Good luck with dictionary. No offence. I like his lecture as well, the only problem i fled USSR, i can see it all applied in practice, especially academia, being a student in UK. History will tell the story, if not rewritten to fit the narrative, like i saw in the greatest socialist experiment in the history.
Summary
1:03:15 "new" new deal; workers controlling their own shares; Obama and saving banks in 2008
1:06:25 China!
1:16:30 labor and 1929 crisis; relative power of trade unions; organizing the precariat; need of creative collective actions
1:21:50 need of federalization in European union
1:25:00 migratory crisis in Greece
1:33:50 industrial policy and how EUA can survive through federalism
1:36:30 Greece and staying or leaving Eurozone
1:41:30 nationalism and patriotism; fictional trades; punishing multinationals
1:46:27 eliminating credit systems; assimetric property over means of production
THANK YOU HOMIE
Good god, the woman with "China bad" is so cringe. She literally cannot fathom why she hates China, and went as far as admitting that she thinks China is doing what the west is doing to Africa. It's pure textbook projection. She wasn't fearing for the well being of Africa, she was fearing what will happen to her if China will to do what her people did to Africans and the collective Global South. It's purely fear of retribution. She knows what the west did to the rest of the world are absolutely abhorrent, and she is desperate to not let karma find its way back to the west.
Her desperation and ignorance and hate really reminds me of a Genghis Khan quote: “I am the punishment of God...If you had not committed great sins, God would not have sent a
punishment like me upon you.” And she is afraid that China will be that punishment for the great sins they have committed.
you know today this guy is supposed to be a radical leftist while 40 years ago we would call him just social democrat. strange and sad times.
Reactionary assholes falsely call everyone less reactionary and austericist than themselves "leftist" and/or "radical"
It's best to pay them no heed
@Happy Joy Bravo Political ignorance is a drug. Many countries were born through worker unions of social democratic pushes in governance. It's learned in every other country the danger of capitalist propaganda
@Retractions Predicted That is how capitalism works. This is basically the marxist critique of capitalism.
Here in Greece we just call him a Ξεπουλημένος Προδότης a Sellout Traitor.
Kurt Klingbeil well mouth-breathing retards will just call him Marxist for quoting Marx and Engel
This man is brilliant and so articulate ( even if I dont agree with everything he says). Love the answer to womans question about China - I think what he said between the lines - Americans think we have a right to bomb countries into getting what we want (and supporting absolute monarchys) while we object to China building ports and roads. Its part of the fallacy that we have a "god given right" while others should follow a different set of rules.
Exactly! I disagree with him on 50% but he is obviously such a brilliant person that it would be a pleasure just talking to him. Civil discourse is the difference between a colony on mars and colonies in the Gulag Archipelago.
What don't you agree with him about?
@@Anomalyy666 socialism...while I do agree that capitalism is failing. Politically, capitalism started failing when super packed were legalized (under Regan) and special interests began controlling the funds available to our congressmen/women for elections. Corporate "veil" should be lifted. Let fossil fuel companies pay the cost to insure over damages which may occur from global warming. Same with other corporate interests- level the playing field.
@@Anomalyy666 socialism
That's a weird coincidence. I've been reading quite a bit about the enclosure of common land to farm sheep in Britain over the past few days. Lots of people were kicked off their land and forced into the cities where they then had to work for capitalists for survival instead of farming and being self-sufficient.
Yes & they said they were lifting them from poverty, I'd sooner live off the land "subsisting". Just a way for elitist pigs to have dominion over the lives of others.
@Nolan Armstrong Make of it what you will. That period was the last days of feudalism & the first days of capitalism. Also it sounds nothing like communism, I assume you are thinking of Stalinism, a common encouraged error.
@Nolan Armstrong Well, it was the Lord or Duke or Baron or King's land, right? Originally for Englad there existed three estates: The nobility, the church and the peasantry. Then a merchant class rose to power. With that wealth, they could buy power and begin to change laws, which they have been doing ever since. Then, as inventions gave rise to factories, they needed people who came to the city and died in droves.
Sounds like what Marx advocated for in the communist manifesto
@Nolan Armstrong no it doesn't. it sounds like capitalism .
Yannis understanding of the modern economics is superb because his knowledge of political/economics history is so deep. It is so sad that only 3.5% of Greeks voted for his party but instead voted for those morons that brought Greece to the 2010 recession
Yanis doesn't understand, (or maybe doesn't accept?)
That to carry out MAJOR projects, requires Capital,
And CAPITAL is just a fancy word for SAVINGS.
The Greeks who usually fund these things have found what many around the globe have found... It is EASIER to bribe politicians, to protect the greedy from their own risky projects, or to fund them, than to risk their own money, then THEY as insiders can be in the right place at the right time, to take advantage of new opportunities...
It's the POLITICS that are corrupt.
Not the idea of Capitalism.
@@wa1-marketing955 you sound indoctrinated and stuck inside the box
Well, people do vote for the government they deserve.
@@wa1-marketing955Noap. Capital is just a fancy word for loans. Dept is the coal of capitalism.
@@peterelios7568exactly! The same is true of the trump and Biden presidency's.
Yanis Varoufakis is the most knowledgeable economist in the world. I've never heard anyone talk as he does, and so clearly. As he once said, all the economists who teach, teach the same thing, the same way everywhere, all the time. Not he. In contrast to them, he's stunning. I could listen to him for hours on end.
He is good but I would also put professor Richard Wolff as well up there.
" A person working 18 hours a day in an Uber is not a person, that is a moving monument to misanthropy."
Straight fire.
Autonomous driving will fix that... Also can't we build a city for autonimous ebikes or autonimous controlled horses, they are less dangerous than cars even if all of the sensors, network card, battery, motor break.
@@aoeu256 WAOWW!!!
@@aoeu256 That's right China's on way to be the next biggest game changer !!!❤
Misanthrop - A person who hates or distrusts humankind.
>Be uber driver
>Give your vehicle and service to those who need or want it, literally giving your time and energy to other people
>Have your back turned to complete strangers while you let them in your vehicle and chauffeur them around.
Yeah this guy really knows what he is talking about SO INTELLIGENT OMG
@@eyeball9124 *woosh* it went right over your head
probably the best 2 hours i've spent on YT
Always great when someone can hit on the things you know but string them together is a logical order that can be explained to anyone.
"crime against logic" is my new favorite phrase.
“The unforgiveable sin of Hitler's Germany was to develop a new economic system by which the international bankers were deprived of their profits.”-Winston Churchill
@@clarencewspangle Firstly, this isn’t an original Churchill quote. This was written in a forward to a 2001 republished version of a book.
Secondly, the English is much to clumsy for Churchill.
Thirdly. Don’t you dare use him to speak your antisemitic conspiracy theories about banking being the reason the world fought Germany.
@@clarencewspangle say that to swiss bankers!!!
@@MrOowzen Tell Churchill to say it . . .
@@MrCalls1 YER COME DRUNK.
Great video and audio quality, including editing. And of course Varoufakis gets to fundamentals of concepts in economics without losing the oft-forgotten humanity.
I totally agree with everything Yanis was talking about, what was interesting was his take on Obama care being a disaster, which was what I said in a discussion I had before it was put in place...brilliant discussion, thank you! Peace
But still less of a disaster than the healthcare system the day before the law was passed. Thats the problem. It was one of the least bad out of a slew of terrible options that were being considered.
@Nolan Armstrong Glad to hear it. Would you let them know so they will stop trying to kill it.
The same deal could have been made to the medical industry's bypassing the record insurance profits.
@@christiansmith7254 see
The problem is it was a severely compromised half measure. To get a real healthcare system & increase efficiency & outcomes we need full measures. Get rid of insurance companies & get the burden of healthcare off employers.
A well-balanced presentation: the brilliance of Varoufakis is off-set and contectualized by the small-mindedness of the interviewer.
Ha, well said!
Did she say Roosevelt in 1950s caused probldms?
Wow, I've never heard him give this talk before. I didn't know a lot of this information. He does a good job explaining how the system got started. Thanks for the upload :)
Our corporate owners see democracy as a threat.
What I love about Yanis is he is not only insightful, personal, humorous, wise, damning and eloquent, but he's the only left economist I know that is offering radically anti-capitalist, yet practical solutions.
@m g I like both their critiques, but don't find Wolf's solutions practical, and am not familiar with Blyth sufficiently.
@m g I think all economists should be practical and activist, especially in this day and age. I lament that economics has become an excuse to escape into theory.
@@AniishAu check out Mark Blyth
You know he was referencing Bernie Sanders, who is a completely rational actor in his own right. Varoufakis is pretty much a centrist in most of Europe despite all things. There are a lot of people like him.
If it's anti-capitalist, it's not practical--what's practical about sacrificing the individual to the collective, especially if that individual is an Elon Musk, a Thomas Edison, or a Socrates?
Love love love Yanis Varoufakis. I cannot love this man enough. He talks real sense.
Awesome information. Yanis puts it together beautifully.
Watched this twice in the past couple of yesrs and very much enjoyed the thoughts, questions & ideas presented in this discourse..
Bravo Yanis - we need to be looking to you, Richard Wolff, Cornel West and many other economists, politicians & philosophers who are changing the discourse from the combative to the conciliatory which upholds the dignity of ALL creeds, nations & people's.
It’s like many of us know this stuff already because a lot of it is common sense and human behavior but the way he says it is mind blowing.
i had to do 10 years (!!) of reading, admittedly randomly and unguided studies, to reach this level of understanding. benefit from this true scholar and educator and do it in less than 2 hours!
I think Mark Twain said that if elections really made a difference they wouldn't be allowed.
And dumbasses in RUclips misquote him like gospel. Not knowing the context of that just to push their agenda.
@BabbyThor Very interesting perspective. Your commentary evinces a rather astute individual. However, the savory irony is that someone that projects such intelligence, would traverse within the corridors of the Epoch Times and Project Veritas. Did I miss something here?
I remember him back then during the Greek Financial Crisis. He is an astounding intelligent man who stood up to the Globalist Powers of Capitalism. #LegendExtraOrdinaire
I LOVE this man's mind!!!!!
I love the story he tells about Ethiopia and how he reiterates his previous comments about China before he does this.
the Chinese are good with math. they figure it's much cheaper to build than to destroy.
proper sunday content well delivered
well received sir
who needs dreams when clairity is present?
Every single American should watch this. Simply amazing amount of information in such a short amount of time. If we don't stop using the word Socialism like a bad word, we're never going to fix things. And I'm not talking about the kind of socialism that exists in places like Venezuela. It's about taking back some control and power from the bankers and the ultra rich, and giving the people a better standard of living. But they're smart, and they know that socialism would benefit the people and not them, so they have turned it into a scary, horrible idea, and people are voting against their own self-interests because of this fear.
That’s what they want you to believe!! This is dangerous!! They paint utopia and deliver dystopia.
Just go work in a Greek owned cafe for a year or so and your boss will show you how indoctrinated Americans are.
Most '-isms' are bad words. Its great to have a governance model with qualities built by and for the working class, but social-ism has a rich history of dark and scary things all of its own making.
Anything that has been distilled to an ism has begun the process of crystallizing into an island of thought. Good, fully functioning states of thought include useful ideas across isms, not adherence to one's dogmas.
Theres a lot thats been done to control the working class, and a lot that could be done to fix it, but socialism as it will be known is never going to be it.
In America we are already supposed to be a country governed of the people by the people for the people.
It was celebrated across the world, in China, in Russia, but since then theres been a few unneccessary wars, a few assassinations, some choice subterfuge, a handful of traitors and viola the ruling class has largely clawed back its power as best can be expected for modernity.
@@CmdrCorn lol america was never "by the people for the people" It says it in the constitution, only rich white men have power, this is still true. It also stated that slavery was just and natural and that it is an american way of life. 9/10 of every person who had anything to do with writing the constitution owned slaves. "socialism" isn't hardly as scary as a country built on genocide and chattel slavery
standard of living was defined by capitalism.. key is balance. capitalism creats.. socialism distributes.. u need both.. thats why most of the world has or tries to have a mixed economy
This is why i love yanis!
Brilliant!
Roger K ποιος είναι έξυπνος άνθρωπος .; 👄👄👄👄👄🍉🍉
I didn't think I had any gay in me. But if Yanis wants to make me his Ancient Greek-style student/submissive bottom, I would gleefully take every inch, as he whispered in my ear every detail of the Eurogroup meetings where he made so much sense that Tsipras had to kick him out of the cabinet, in order for Greece to receive the fiscal waterboarding that Schauble et al. were demanding. Then he would go further and talk about the necessity of surplus recycling in a monetary union, just as I recycled his surplus. Oh Yanis...
Grebulocities this is hilarious
Sounds intriguing. Is there place for another...student?
best comment ever
hahaha... very graphic indeed
Lol, okay. You do you boo. So long as you let me watch. 😉
What he is calling for, is democracy at work, where workers own the means of producing their wealth together as equals, and workers decide what, how, and where to produce, and what to do with the surplus. The end of capitalism, via democracy. Nothing less will do.
Except it has NEVER EVER worked out that way! Been tried at least 30 TIMES, with the result ALWAYS the same: "All animals are equal(Those that administrate the $), but some animals are more equal than others": Communism= Pretending human nature( Instinctive greed) does not exist, while simultaneously keeping as much for oneself as physically possible...Leads to instant paranoia, that everyone else is trying to take what you have( They are) Capitalism, is just being honest about it! FIAT USURY (Fake $, created out of nothing; Loaned at interest), is what is convincing you we need Communism. When really, we just need to end Fiat USURY! Student loans= Interest free Car/House loans= Interest free Business loans= Interest free...Cant make a payment this month? No problem, the gov't has you covered. But, if you keep missing payments, it will add to your tax you owe. EVERYONE could afford their own Car/House/Education. The economy would BOOM from all of the extra saved $$$...Common Sense! P.S. We ALREADY HAVE what you suggested: They are called "co-ops"; A group of people invest the same amount, and share a equal amount...Of the interest deducted $...Less interest payment= More $!
@@burtburt2263
Buckle up, it's a long one but worth it I assure you.
Part 1
You:
"Except it has NEVER EVER worked out that way! Been tried at least 30 TIMES, with the result ALWAYS the same: "All animals are equal(Those that administrate the $), but some animals are more equal than others"
Reply:
Except it has worked out this way just fine in myriad enterprises across this earth, the queen of the UK herself awarded the 2017 international trade award to a 40 year old socialist worker co-operate based in the north of England, Spain's 5th largest corporation, is a collection of 200 democratically owned and operated co-op enterprises, 70 years old, 100,000 owner operators across 3 continents.
Other examples include the Arizmendi bakery chain USA. Switch back brewery US, now ran by its workers, hell there is even a democratically communally owned trailer park that they bought off the aging land owner and now decide collectively what their rents will be and what to do with the income, all done via 1 person 1 vote.
Further reading here, a report showing this type of economics is not only more efficient than top down anti democratic capitalism but more robust against economic crisis and more beneficial to those in the enterprise:
www.uk.coop/sites/default/files/uploads/attachments/worker_co-op_report.pdf
And here is a snapshot of the last 40 years, written up by a boat load of right wing American pro capitalist economists, showing 70% of advanced nations have seen no wage rises, to falls in wages, as a result of the incentives of capitalism unto capitalists, which are to maximize profits, done by offshoring jobs or bringing cheaper workers to the jobs in order to stagnate pay as best as possible while demanding subsidies and tax breaks which are used to automate away the remainder over time.
All resulting in a little thing called the rust belt, and millennial's across the west being the first generation to be poorer than their parents in 150 years:
www.mckinsey.com/featured-insights/employment-and-growth/poorer-than-their-parents-a-new-perspective-on-income-inequality
-------------
You:
"Communism= Pretending human nature( Instinctive greed) does not exist, while simultaneously keeping as much for oneself as physically possible...Leads to instant paranoia, that everyone else is trying to take what you have( They are) Capitalism, is just being honest about it!"
reply:
lol, well here you will get some agreement from me, if by communism you mean the government takes over the means of production, which is the primary form of governmental communism used over the last 100 years, I can safely reassure you that neither Marx, nor Engels, on through to every socialist thinker including Einstein, ever wrote so much as a scribble on a beer mat about government owning things, nor central planning instead of markets. All that was done in Russia, China, NK, etc, was the replication in those governments, of the same flawed structure found in any capitalist enterprise, and in any feudal lordship, and in master slave before that.
The flaw is the top down organization of people for the production of goods and services and that is shared across every system for the last 12,000 years. We have effectively been repeating history with better terms and conditions in each new system but the same top down flaw, while ultimately expecting a different result to the condensation of wealth and power from many unto few because of the top down structure of power.
Democratize the economy, and you remove the massive inflows of capital extracted from workers and given to the capitalist classes via dividends, rents, and compound interest, all of which is taxed at half the rate of the workers who made that extracted wealth. You lock in wealth in the localities where it is generated, and you politically awaken the masses by doing so, resulting in them having all the power and the politicians doing their damned job by being freed from the vice-like grip of their handfuls of major donors.
Democratize the media in the same fashion, from Facebook to the New York times, they should be owned by the people who work there and the public via common ownership, modern communism, a small dividend paid from any profits to all citizens of the host nation, a subsidy given to smaller outfits to allow them to thrive.
With them all given a charter to be followed by law as they had before Reagan, which demanded unbiased and informative news and information in the public interest, no matter the dislike of government nor corporation, no more Jeff Bezos and a handful of editors deciding what the Washington post can and cannot say, no more zuckerbergs allowing facebook to be used to overthrow various nations political systems for profits, including the USA, democratize the media.
^ This, is modern socialism with modern communist twists to aid the population, because a great deal of thought has gone into understanding the mistakes and resultant horrors of the USSR and the CCP, and it turns out the solution to a top down anti democratic organization of people that inevitably results in the condensation of wealth and power at the top, is to not do so to begin with, by using democracy to make all responsible to all and responsible for the well being of all in a given enterprise be it public or private.
It is rank hypocrisy for anyone to claim to advocate for democracy, while also advocating for a top down anti democratic economic system bolted to it called capitalism that incentivizes the rich to corrupt democracy to their favor which they do with the wealth they are allowed to extract via capitalism.
This extracted wealth is then used to purchase politicians and media of all sides, across many platforms and nations. Done so to prevent the people from ever being able to use democracy to interfere in profit making no matter who they vote for, while rich owned media manufactures consent for the politicians and policies the rich want.
------------------
@@burtburt2263 Part 2
You:
"FIAT USURY (Fake $, created out of nothing; Loaned at interest), is what is convincing you we need Communism."
Reply:
No, Einstein is what is convincing me we need communism, by which I mean the communal ownership of resources across the earth from which dividends can be paid to all citizens of the world for their use, rather than handing 68 people more wealth than the bottom 3.5 billion combined, as capitalism has done.
Also over consumption of resources is what is convincing me we need the type of communist and socialist solutions I have stated, because capitalism is currently incentivizing the taking of 30 billion tonnes more resources in their varying amounts from this world than the 50 billion a year it can sustain, meaning capitalism passed sustainable limits 3 decades ago.
People think of climate change as a cause, many even think it is the primary cause of the collapse of the ecology, 50% of species lost including 45% of ocean plankton in just 70yrs for example, but the reality is climate change and ecological collapse, are the two twin symptoms of a perpetual growth economic system, ecological collapse from consuming resources beyond the limits that the earths systems can replenish, and climatological shift due to producing those resources into things for our incentivized consumption.
Also capitalism demands an avg global growth rate of 3% long term in order to satisfy return on investment, too long under that for many reasons as happens and return on investment is less than forecast, sentiment changes, and recessions or worse pop up.
Because of that demand for perpetual growth, capitalism MUST double its consumption's of many resources and energies in varying forms over 30 year periods.
If you put a grain of rice on a chess board and double it on each square by the time you get to the end you need more grain than has ever been harvested in the history of humanity, capitalism is trying to outrun the chessboard, which are the immutable laws of physics governing a finite world, it is suicidal to attempt to do so.
No amount of solar panels, wind turbines, electric cars, new taxes, new regulations, green new deals, nor any tech today, nor any coming down the road, will ever be able to allow a perpetual growth consumption driven socioeconomic belief system, to outrun the immutable physics governing a finite world.
I am not just advocating for socialist solutions, nor communist solutions, but also libertarian solutions, conservatives solutions, I am for the bringing to the table of any solutions from any party so long as they do not involve fucking capitalism, a system that is incompatible with democracy and with what physics demands of humanity for it to have a viable future.
Physics dictates we can have a little ice cream every year for the rest of our lives or gorge ourselves stupid and die of a heart attack before we get out of our teens, capitalism incentivizes the latter.
----------------
You:
"When really, we just need to end Fiat USURY! Student loans= Interest free Car/House loans= Interest free Business loans= Interest free...Cant make a payment this month? No problem, the gov't has you covered. But, if you keep missing payments, it will add to your tax you owe. "
Reply:
How do you end fiat currency when there is not enough gold on the planet to backstop an 80 trillion dollar economy that doubles in size over 30 year periods. If you take the highest estimates out there of 2.5 million tonnes of gold on earth you've got enough to cover $13.3 trillion, from there it would have to be diluted via ratio or other metals.
We got off the gold standard because we were having to dilute the ratios of gold to currency across many nations in order to finance the growth of the economy of a given nation, eventually to such an extent that they caused gyrations in markets every time they were diluted further but without doing so sufficient currency could not be created for the doubling demanded by capitalism plus a long term averaged rate of inflation of around 3%
The gold standard was fine for the early to mid life of capitalism, but its demand for perpetual growth eventually outstripped the standards limitations.
-----------
You:
"EVERYONE could afford their own Car/House/Education. The economy would BOOM from all of the extra saved $$$...Common Sense!"
Reply:
I presume you mean IF they could afford...
The reason they cannot is because of the incentives of capitalism, post 1970 advanced nations began to flip from more jobs than people, i.e. surplus jobs, to more people than jobs, i.e. surplus labor.
This was caused by great strides between 45 to 70 in automation, women entering the work place as was their right, and computerization. Over the same era had also been developed the jet engine and shipping container.
Employers suddenly found they had more people than jobs but still had growing production due to those advancements, and they had access to a globalized workforce, so they did the following:
A) They lobbied governments for trade agreements to make it easier to bring cheap workers to the jobs, helping to stagnate wages further and divide workers against a minority of choice being exploited equally next to native workers, rather than employers, or
B) They lobbied governments for trade agreement to make it easier to send the jobs to cheaper workers abroad, or
C They demanded massive tax cuts and subsidies in order to remain in western nations, where producing anything is hellishly expensive compared to Bangladesh. Money which employers then used in order to automate away good paying jobs in their home nations, thus raising profits retained and maximizing dividend payments.
C is also why in 1950 for every dollar you/a citizen paid in tax a corporation paid $1.50 and today for every dollar you pay in tax a corporation pays 20 cents. And the combinations of A+B+C are why the bottom half of most advanced nations saw their wages flat to falling once inflation adjusted, forcing them to borrow like never before in order to maintain living standards in an age of economic decline for the majority.
The few nations that mostly escaped this are your Scandinavian nations that mostly rejected neoliberal methods of administering capitalism and stuck to Keynesian re distributive methods with high taxation. In Denmark for example, sure you pay high taxes, but you get good healthcare for life free at the point of use, and a free world class education and you get paid a thousand dollars a month while you are being educated post high school, so that you can focus on your studies instead of your debts and bills.
------------
You:
"P.S. We ALREADY HAVE what you suggested: They are called "co-ops"; A group of people invest the same amount, and share a equal amount...Of the interest deducted $...Less interest payment= More $!"
Reply:
Ah good so you have some knowledge of my intent, but it is more than that, a law should be created as the labour party in the UK plan to do, that if a business is to close, move abroad, or be sold to another business, the workers would automatically get the right to buy the business off the boss for the same rate, before it can be sent abroad or be merged with an outside party or be closed due to some prick of a bean counter watching out for investors.
As for where they get the money, government would create in each region a publicly owned democratically operated bank with the ability to create currency that would only invest in public infrastructure and communally owned democratic businesses. Banking should be made to not only serve society before any other.
As for private banks and large corps in general, they too should be broken up into billion dollar chunks and handed to their workers to democratically run them owned by the workers and their customers jointly. Without top down dictatorship hierarchy and major investors to satisfy, ethical investments with steadier long term returns would flourish I assure you.
If we want to fix the world, we need to get capitalism out of the way and structure the financial mechanics of this world in a way that incentives the societies of this world to heal themselves and their surroundings.
@@Nine-Signs Nah, seen this repeat 30 times...It always ends the same way: "Muh, Communism", which ironically, always ends the same way, GENOCIDE!...Hummmm; I'm "psychic"! Watch: He doesn't say the words "fiat usury" ONCE, during the entire video. I'm right, aren't I? Told you I was "psychic"...! Pfft...Might as well claim to be psychic; Their BS never changes!
@@burtburt2263I gave you an opportunity but sadly you are a person of absurdity with 70 year old ideas engrained as if current, unable to even debate rationally nor logically due to an overwhelming desire to protect personal beliefs from factual verfiable reality.
Your entire conception of communism and socialism boils down to "stalin/Mao bad mkay" followed by "gold standard good mkay", and when faced with someone who fully systemically understands many of the works of the major economists both for and against capitalism over 400 years along with a full understanding of political and economic history you revert to form of expressing words that boil down to "stalin/Mao bad mkay" followed by "gold standard good mkay"
I'm not psychic it's just people of your mind are sadly too numerous and very predictable. A head full of beliefs not of your own making but you will cling to them as if they were your own epiphany.
I think our conversation is complete as all that is possible to come from your self is seemingly a rearrangement of the same words. Almost as if talking to a devout follower of Ayn Rand.
Be well none the less.
I am watching this over and over. Spellbinding. I am still lost and trying to trudge along this trail that leads to a level to a clear view of the making of the modern world.
Same here. I 'v known for about 20 years that we use debt to fuel our economy. Now I kinda know why and that is so fascinating.
So brilliant, clear, and hilarious.
U keep him THERE in aglosaxonia n PAY his "brilliance"...
@@vasilykatuma5689 C'mon Vasily, don't be jealous.
Some other interesting comments below on Varoufakis's credentials, but although he is pretty sharp at mathematics and modelling, the thing about Yannis that I appreciate is his balance of passion and temperament. He is no genius, but he is authentic and sincere, and smart, and he seems, by appearances, to be just a thoroughly decent guy, the type you wouldn't mind having a beer with (as opposed to the vacuous Bush 43 of "have a beer with" fame) even if you were an extreme Introvert-iNtuitive type.
You give that talk in Greek and see if you sound like a genius.
So you consider yourself the final arbiter of "genius" ?
How about you whip one out ?
Perhaps include someone with at least some nominal commitment to truth... someone with at least some residual moral/ethical integrity...
The problem I have with Yanis, Chomsky, R Wolff et al, is that when I try to explain what they have said to others, it never works out and I sound like an idiot! Yet when they explain things it all sounds so bloody simple!!!!
It's almost as though they are smarter than me.
You are almost certainly dumber than them and you are probably not right when you disagree with them.
its not that you are dumber or smarter. it has to do with experience. they out their whole lives into it while you just listen to their lectures. that way you never understand something on the same level as the one saying it. Just chose an area of expertise and focus on it.
You are not stupid. The reality that it takes years of commitment in the form of close study and thought to clearly state and document what most instinctively feel, but not KNOW, is a sign of the high level of propaganda and conditioning we are subject on a daily, hourly, minute by minute basis.
this is because their arguments have holes you could drive a truck through. about the only thing more hypocritical than a Marxist inspired leftist is arguably a 3rd wave feminist, which is also Marxist inspired.
@@bademoxy Ok boomer
I just watched this guy's video again today, a full year later, and his words resonate even stronger than ever before. Yanis is a stone cold GENIUS. When the reset comes, which is coming like a runaway freight train, men like this should lead the world.
The guy is a joke that promised the Greek people everything and delivered nothing.
All he can do is blame the Germans, who bailed Greece out. Ridiculous.
@@alfgrebs6172
Didn't know that. Maybe his rhetoric is better than his actions.
Debt loading is not a "bail out" Muppet. He talks a lot of sense. His views on climate change are directly alligned with the most evil, lying corporate interests. Climate change has now been proven a lie. Humans do not affect climate more than 1%. Source: COVID lockdowns, nobody driving, nobody flying, industrial output halted. Atmospheric co2 levels hardly changed. Go and check if you don't believe me- NOAA government website.
Genius? So democracy means let’s vote in a new govt who promises to not pay back their debts and once the creditors (Germans) say no then says well what’s the point in democracy. Ridiculous so democracy means let’s not pay our debts. Good luck with that kind of economics
@@alfgrebs6172 German's bailed their own banks out coz their banks mostly were holding the Greek Bonds. After their banks got rid of the Bonds a haircut followed to screw the others aka PSI. I have to agree tho that Varoufakis is a joke, but anyone that paid attention knew it from 2010, from the so called "Plateies/Squares of 2010" meetings.
Yanis! the BEST Greece treasurer that no one listened to! One of the few people on earth that can say i told you so..... but he doesn't
Star Trek and not The Matrix. Awesome. Standing ovation from this economist.
i want a standing ovation "from" this economist too!
maybe you should practice english before getting into maths
Bravo Varoufakis, I enjoyed the conference and the Q&A. Thank you so much !
I think the science fiction novel he speaks about (around 1:19:00 - Where industrial robots start organizing a new revolution) is called "The Star Fraction" by Ken MacCloud, a Scottish author.
a really fun and crazy energetic sci-fi / cyberpunk mash-up novel that won a bunch of awards a few years back.
I really enjoyed it. 👍
I f*cking love the way he answered her first post-lecture question. He literally said what I was thinking as I was thinking it.
Bernie Did win the primary.
It's something not spoken about in polite, loyal Democrat circles. Unfortunately, it's why it fucking happened twice and why we have Trump.
Questionable source reporting accurate court case.
observer.com/2017/08/court-admits-dnc-and-debbie-wasserman-schulz-rigged-primaries-against-sanders/
No he didn't, even without the superdelegates he still lost.
It's very talked about in right wing circles, because even they see it backstabbing and many Bernie bros felt the energy which was stolen and they didn't go to vote for the culprit - Hillary.
@@FVBmovies everyone except the Dem party loyalists see it. The Dems made public the powerful's previously "quiet" electoral shenanigans- and it has embolden 45 immensely to do what he has been this election. His people are ready to believe his warnings of Dems rigging the mail in ballots because we all watched them get away with cheating Bernie- and us. Twice.
My entire life I've been Conservative Republican.
I am totally for socialism now.
So you prefer a system that has failed everywhere. But Socialism is also destructive of freedom. It leads to totalitarianism. Look at Trudeau what he recently did to the truckers. Socialism led to Greece’s misery. Led to Frances decline. Socialism means big government and lots of government people making lots of regulations that stop trade. Trade creates wealth. When you create less wealth by stopping trade through regulations you create poverty,
based
If one video changes your entire ideology, then you were never really that which you claimed.
@@Maxbps88 He never said one video changed his ideology. Who knows how much he's read up on the topic, he didn't say.
Welcome comrade. It's never too late to do what you can.
If you read a good amount of Marx and Engels, you'll learn what he's talking about. Not only not teaching their work in the U.S. but actively indoctrinating people to reject them has made many citizens historically illiterate.
Depending on your interest, I'd suggest first reading Friedrich Engels' Origin of the Family, Private Property, and the State (and be careful to NOT buy the print on demand version from Amazon, it has tiny type [unreadable]).
Also read Karl Marx's Value, Price and Profit, and his Wage Labour and Capital (both of those are pamphlet-sized and easy to read and understand). If you read those three and understand them, you're 3/4 of the way to this guy's understanding.
That Engels book was the root of Feminism and did huge damage to the west
@Mitzi Paap violent black neighborhoods governed by black marxist dems? is this satire
@Great Idea You're blind to the world around you, aren't you? If you want to talk numbers of deaths and misery attributable to economic systems, capitalism has destroyed more lives by orders of magnitude than people who were building socialism.
It's plain what we need to do to survive as a species, and that's rein in production. Make meeting human needs, necessity, the purpose of production, not profit, which has a very narrow benefit and very wide detrimental effects. The working class produces everything of value, along with nature, and we should live well because of it.
The world as a whole is a much more dangerous place without the balance the Soviet Union offered, and the people of Russia are worse off than they would have been if the reforms had been carried out while the collectivized economy was maintained.
So far as your name-calling, a moron like you only gets to be "brave" on the internet, enjoy it.
Sehr sehr schön, ein Grieche mit viel Humor und viel Verstand.
My advice - for all of us, don't miss the chance to understand how we live our life financially by grasping the knowledge of how it works...& Yanis Varoufakis is one good teacher
This is a gem on RUclips. It is not only the lecture enlightening but the q&a shedding lights on how undereducated the audience is. He exposes how Americans live in their own bubbles due to the lack of empathy and insights. Probably not many people in the audience know the word “proletariat.” I see Americans in general are well-spoken and sophisticated. At the same time, I often find them empty and hallow behind their beautiful talks. How come some people don’t even understand why the US engages in wars? It is hard to discuss democracy with Americans since they don’t have the basic concepts of ideology. I think there’s something wrong in their educational system. Many Americans don’t understand the differences between republic and democracy. The most idiotic thing I have ever heard from them is their country is republic (not based on democracy). Those are my takeaways.
The American education system is dumbed down intentionally. The American people are dumb by design. It is a wonderful country for the super rich, not so good for everyone else :D The public has to be dumb. Makes them useful idiots for the rich and powerful. If Americans were intelligent they would be threat to the ruling class and powerful.
This is a great lecture. I don't get tired of it.
This is more important than anything I've ever read in school
I still remeber scoffing at the protest in greece and going "how dare they"... what a darn fool I was.
what he says really resonates with me.
I share this as much as can to people I think will listen. This is such a treasure and has lead me down the path of greater understanding. Many thanks Yanis.
It is encouraging to hear an honest appraisal of economics and polutics.
An American woman complaining about what China does around the world. Now I think I've seen it all. She is worried because the Chinese are building ports. I appreciate she is used to destroying them, so she might be a bit confused.
No it's not that they are building ports. It's that they are pursuing colonialism in the 21st century.
@@elias_xp95 Nah, you're mistaken them with your master, uncle sam.
@@ronsmith169 You think I support my own government? Do you have any idea what the world is really like? This is beyond borders my friend. But the ideas are clearly defined. Imperialism, colonialism, globalism. Different names, same basic aim. World domination. Power. Control. The common fool is nothing but a pawn.
@@elias_xp95 People like you really disgusts me. American or should I say the White used to destroy/kill/bomb/slave others, now that China is building things, you call that colonialism, so do you rather the Chinese do the same thing that your ancestors did? Or are you just talking out of your ass??? because those countries that are receiving the Chinese help/fund, they really need help, not just the money/donation, but they need things to be done, like building airports, roads, hospitals, rails, etc, and on top of that, they need those technologies that the West have been refusing to provide. What has the Chinese government done wrong? another than your so deeply rooted "wrong" being Chinese? Cuz the way we see it, when I say we, I meant all non caucasian, the Chinese are doing those underdeveloped countries a big favor, by not only providing them fish, but most importantly, teaching them HOW to fish, get it?
@@rammpage4468 your comment is on point. Thank you .
See also Karl Marx, first volume of Capital, section on England, enclosures, and Sir Thomas More's Utopia. Yanis is much clearer.
Quite Richard!
I mean, Utopia is couched in allegory by design. And Marx wrote a manifesto rather than informative minded text.
it's not radical, it's logical
Makes me want to go back to study economics!!¡as my economics professor suggested in my high school days! 😊😍We are blessed to have Yanis in this generations to give us a straight forward and sensible answer to our economics issues in our time.😇😊
No notes,its all in his head,he actually knows this stuff
This is essential to understanding what is happening in world today
Excellent summary of the transition from feudalism to capitalism where the ownership class transitioned from dictatorial lords to dictatorial employers, and the subservient class transitioned from powerless serfs to powerless employees. The only power employees have derives from the right to strike. Employer dictators maintain their power by directly restricting the right to strike, or by indirect restrictions such as restricting access to healthcare as one of the main tools the dictator employers use to restrict the ability to strike.
Eh. Gregory I just read the words you wrote in a book by Karl Marx.
Or quit
@@donaldmcauliffe9460 Not every employee has the ability to quit without jeopardizing themselves and their family. When the choice involves you being without medical care, shelter, or food if you can't or won't play the rules of the game (especially if it's rigged against you) that's not really a choice.
Thank You i have been trying to explain this to people for years. Now i can just share your talk and save my breath. Great explanation of how the feudal system led to the mess we are in today; Enslavement through paid service industry employment, after paid education, instead of John carpenter inheriting his father's carpentry business, and John Smith inheriting the Smythery, and how surpluses control prices, and ignore famines. The states were all tied to the Vatican too paying dues so the pope would tell allies to assist when rebellions arose
Yanis just explained our past Crash and our Future Crash... the underlying problem since 1980 has been (and still continues to be) inflation adjusted wages have not gained one thin dime... 80% of the lower Economy of consumers has gained nothing. Only people in the top 10% of the economy have increase their Assets substantially... from holding 24% of all assets in 1989 to holding 85% of all assets today... the bottom 50% of Americans (170 million people) have not broke through collectively greater than holding 1% of the assets of the nation... The so called middle class (a disappearing class of people) or you can call them the "Enforcers for the 10%" (slavemasters) hold only 14% of the assets of the nation. I have written a 4-page paper on this macro economic problem (or libertarian/republican designed free slave economy) here if you would like to take a look... Inside Job: A Critique of Capitalism... www.linkedin.com/pulse/inside-job-critique-capitalism-martin-screeton/
My thoughts exactly. All started with Reagan's trickle down economics and his ridiculous tax cuts - the rising tide created by the tax cuts for the wealthy has simply stranded a greater portion of the population on an ever smaller island. The result will be the same for the ridiculous corporate tax cut just passed.
The middle class is desperate to hold on to what they have because they can see more clearly than ever how precarious their financial position is - no real wage growth, insanely expensive health care costs, ridiculous housing prices in the states with real job growth, government deficits that we all know will cause inflation and significantly higher interest rates, and looming cuts to medicare and social security that are certain to negatively affect their retirement plans. In the past, the middle class used their political power to keep the corporate robber barons in line, but no longer - the 2008 meltdown left us with no indictments, corporations having rights and unlimited political power, and the middle class weaker than ever politically. Clinton & Obama simply towed the corporate line, and the huge sucking sound Ross Perot warned about when NAFTA was passed has come to fruition (albeit with most jobs & technology headed to China). The Right's economic policies have failed miserably, and we need nation political leaders like Sanders to make that point mercilessly until the dumbass middle class wakes from their collective stupor.
Conservative Rot... trickle down economics is now "embedded" in the minds of millions of people as a thinking error that says "this will create jobs and investment" ... and it's been proven many times over that it was just a give away for the rich and creates no such investment in people for the economy. This Reagan Failed Tax Incentive was tried as late as 2012 with Kansas Governor Brownback... It was a utter Failure and the republican house had to reverse and restore the tax rates previously in place before 2012. The Myth--> "He argued the cuts would pay for themselves by creating jobs and boosting the state’s economy." ...It didn’t happen. The cuts threatened the viability of Kansas’s schools and infrastructure; in the first year they were implemented, they resulted in a $700 million revenue loss for the state. In 2017, the Kansas legislature voted overwhelmingly to restore the state’s tax rates. www.theatlantic.com/video/index/558143/kansas-tax-cuts/
Mixlop - Those are the facts Mixlop. My rant about Reagan was spot on - the wealthy simply took the tax cuts and invested in stock markets and high end real estate, and made investments overseas. The tax cuts did not trickle down into the rest of the economy and create jobs, which would have increased real wages, and it won't this time either.
You appear to be ignorant of the fact that prior to 1980 the interest payments on the national debt were a very small portion of the federal budget, and of course an even smaller portion of GDP. The interest payments skyrocketed during Reagan's administration due to the huge increases in the deficit. Over the last few decades the interest payments have been approximately 2% of GDP, but actually decreased during the Obama administration due to the artificially low interest rates. In upcoming years the interest payments will soon exceed 2% of GDP, and will be quite a "tax" on the economy.
For instance, projections are that the interest on the debt consumes 7.4 percent of the FY 2018 U.S. federal budget. That makes it the fourth largest budget item. The only four expenses that are bigger are Social Security benefits ($987 billion), military spending ($874.4 billion), Medicare ($582 billion), and Medicaid ($400 billion). You can't compare federal expenditures prior to 1980 to federal expenditures after 1980 without accounting for that huge difference.
You also can't compare federal expenditures from one decade to the next without taking into account the increase in life expectancy that would not be incorporated in the normal increase in GDP. The increase in life expectancy was quite dramatic in the 1970's, and certainly has caused a significant portion of the higher social security payments in each years budget that would not be explained by the increase in GDP.
In regards to your comment that there is no logic in my initial comment, your comment is simply absurd as to the reason why the 80% of the US has not participated in wage growth since 1980. A loosening monetary policy would not restrict wages, it would typically lead to investment and new jobs, which would lead to a real increase in wages. That did not happen since so much investment is going on in China and other countries due to lower wages and corrupt tax practices, and that will continue until the US Administrations open their damn eyes and force real "free trade".
There are many reasons why real wage increases have been stagnant since the 1980's, with NAFTA, offshoring jobs to Taiwan, Korea, China, Vietnam, etc., illegal and legal immigration all playing their part. But the Reagan administration's policies were also instrumental - the unending demonization of unions, the offshoring of jobs, and the choking off of government expenditures other than defense. Perhaps you're not aware, but after the recession of 1982, the trade deficit of 1983 jumped to an amount that was nearly 100% higher than in any prior year, and the deficits of 1984 thru 1988 were larger each year than any trade deficits until 1998. Reagan's administration was simply an economic disaster for the 80% of Americans who are not part of the super wealthy class.
you are stupid. first the top 1% is not the same people. people enter and leave the top 1% all the time. and people enter and leave the poverty line all the time as well. the truth is there has never been so much economic mobility in the entire history of the entire planet. I could really care less who owns what because whoever owns big business desires to make sure that their investments stay productive. if you prefer we can get rid of all business and we can go back to how life was 200 years ago where 95% of all people woke up in the morning worked all day until the sun went down then went home with a stale piece of bread and if your lucky a rotting tomato. there was nearly no economic ability of any kind.
(Martin Screedon): The fallacy you're making is that the "one percent" is a static group of people. People enter and leave the top 1% all the time. The quintiles of economic wealth are constantly shifting. Besides, who the hell is anyone to determine what an "acceptable" percentage of the population should control what percentage of wealth? The people who have it have generally earned it, and it's their right to keep it. All this stuff about slavemasters and enforcers is nothing more than leftist hyperbole.
Wow, a leftists that knows how history, business, and economics runs the world. And he actually uses this knowledge with good reasoning to bolster his arguments instead of relying on loud rhetoric and false narratives.
It will be interesting to see how right wingers will try to smear him.
I am a right winger and I won't smear him.. we are not intimidated by logic .. we love it.
Why do you have to be so divisive and label everything left and right? Why can't we take the best ideas no matter which side of the spectrum they come from and work TOGETHER for the better of humanity?
With any luck politics, left and right, is finished.
there is right but no left. Just right and wrong ;)
@@chrisucl there is no good idea coming from the right.
Cant agree with everything here, but informative and thought provoking.
were are u not agree please state this was free speech out of his head
What exactly do you disagree with, seems like he stated everything honestly including the downfalls of his position/side
@@antonvoltchok7794 I'd have to rewatch and take notes. Partly, I can't agree with everything because I haven't researched every fact or assertion he makes.... but I do agree with his perspective generally. If I were to say "This is perfect"" I would be speaking beyond my own personal knowledge, which is unacceptable.
@@PFA... He has some hardcore supporters but your right to listen to his opinions and have your own take away. He's interesting for sure, you may disagree/agree with him in areas. You don't have to be all in/out :)
@@PFA... I really respect this perspective. Not often seen on youtube videos lmao.
Briliant Mr Yanis, thank you a lot we totally agree with you!!