Yanis Varoufakis: "Why Germany neither can nor should pay more to save the eurozone" | DiEM25
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- Опубликовано: 14 июн 2018
- Can Europe and the Eurozone continue as before or should Germany pay for Greece, Italy and others? June 11, 2018.
In this presentation at the IFO institute in Munich, DiEM25 co-founder Yanis Varoufakis sets out to prove that neither is possible. He argues that in order to save the ideal of Europe and prevent a further rise of the extreme right, we have to make one of two stark choices: either engage in a controlled disintegration of the Euro or simulate a federation in line with the proposals of DiEM25's European New Deal: diem25.org/end
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Awesome. Thank you and I wish DiEM you good luck in upcoming year.
wow very interesting, he's very good at breaking down a very complicated topic
If I had a teacher like him I would have stayed at school.
Yanis. An absolute Rock Star, on the political stage.
A very tough crowd. Humourless. Ha! Good talk though.
Those germans!
The silent crowd is the good crowd.
German audience, what do you expect? 😉
As a German, I am very interested, he is great but I do not come to be entertained. There is a giant fuckup to correct.
I dont think ive ever seen yanis bust out the graphs before
Ifo institute guys love graphs.
Sorry Yanis I can't help but be a fan. ♡
His ideas are futuristic groundbreaking and certainly against the bureaucratic ecb grain of sense. Europe needs major restructuring into a more democratic federation and euro zone needs to be re-designed from scratch. We cant go on like this if we are to stay united. #carpeDiEM
This is exactly what is happening now in India. The Union Government is trying to bail out the builders by borrowing from the Public Institutions. Why should the public institutions bear the brunt of losses faced private crony capitalists? These cronies are also tax evaders who also fund the right wing political parties. India is in a hell situation, it's Constitution is under serious threat. Good Europeans must pray to God for well being of India.
Graphs are hard to see . Is there a link to them ?
Didn't mention the parallel currency would have been put in place to save being put under pressure from the European Central Bank and of course the Troika,WHEN THEY CLOSED THE GREEK BANKS. This actually happened because Tsipras surrendered to the Troika!!!!
I'm an American... but I'd vote for this guy as president of Europe in a heartbeat
@34:50 E.C.B. insisting on the rules - There is an old R.A. F. saying "Rules are for the obedience of fools & the guidance of wise men."
I wish I could better understand the details of this. He really may have new solutions, with these parallel currencies, but I’m afraid that it’s so much easier to follow some mad men and demagogues who formulate their tribal slogans with a handful of words.
@Reiner Wilhelms-Tricarico - "it’s so much easier to follow some mad men and demagogues who formulate their tribal slogans with a handful of words. - That's because corrupt politicians try to manipulate us on the emotional level, whereas Y V is talking to us @ the cortical level which requires a lot more work. Especially if the topic is new to us. Also most conventional economics is simply FALSE -TO- FACTS ! In fact Yanis not only simplifies economics but is honest & sticks strictly to reality !
Could someone please translate the speech to German?
Shots fired
Respektschellen verteilen und wieso es garnicht funktionieren kann
Switch on subtitles and set to german - autotranslate.
In Minute 19, he makes a crucial mistake: he says that it makes no difference whether you have exchange rates you can adjust or if you do internal devaluations. But it does! If adjustment is done through internal devaluation, this causes deflation - you create a race to the bottom, where the country with the lowest unit labor cost wins the trophy of not having to suffer from the crisis it creates for everyone else; if adjustment is done through devaluation of an external exchange rate, you can have any inflation rate you want - and punish those countries that cause deflationary pressure.
Exactly why this man is dangerous. He is an interesting speaker though.
In Italy we devaluated to the point that in the '90 we had the same life quality of the United States of the same period. It was pretty stable, and giving benefit. There were other problems, mostly related to corruption. But we were able to devaluate for 30 years and increase life quality at the same time. In the end the coin was a joke, but we were just adapting wages to the needs of people. So even if a person had to pay 1000 Liras for a kg of bread, instead of 100, it didn't matter. We just printed a new 1000 Liras banknote. Our economy stopped and shrinked when the euro was introduced, and from that moment all the lower middle classes just stopped seing any increase in life quality. And this can be easily read trough ppp net GDP per capita. this is also why there's so much europhobia in Italy. It broke the escalator here. And it has been 20 years that our purchasing power has stagnated. So internal devaluation is not negative inherently.
And I would also like to add that basically the lack of economic and financial union is the only thing that creates a risk under devaluation pressure. You see, if Italy was just devaluating for itself, there was no problem. Cost of life and wages simply were adapting to internal needs and global pressures. The problem is that now we are united, but is like the euro is a different currency with different value shifting from one country to the other. One idea of this can be seen by the spread. Italian debt has less value than German debt. Debt is a currency per se. The other clue is wage distribution. Italian wages are so low, that our goods have to adapt to the wages. And this hurts Italy in being competitive in the general market. And this is what becomes a spiral to the bottom. When I go to France, the Netherlands or Germany, I think the prices are crazy. This is because you have different levels of wage. These differences concur to have virtually a different currency even if the money we use is the same in shape and colour. And this is the kind of devaluation that hurts everyone.
SpinazFou Labor cost accounts for around 65 percent of the total cost before taxes. Dafuq you‘re talking about?
SpinazFou „that means there is a structural problem in your business model if the labor cost is at 65%“ - no. I‘m talking aggregate numbers here, that means all the labor up and down the supply chain, not just the single business. 65% is the norm in OECD countries, and it was even higher in the past. It’s just hidden because businesses buy so much from other businesses. Which is mostly a trick to make workers think they don’t matter anymore.
Jens Varoufatzki
Most humans are still trying to understand what to do with conclusions using words and here is someone suggesting Europeans should act on understandings using money. Yanis is at least a thousand years too soon to save us speaking mammals from ourselves.
At minute 17:40, a very tiny verbal pause where Yanis utters, nearly under his breath, "gentlemen". This is what we are talking about with implicit masculinist bias and power imbalance.
To have made such an inflammatory, and tangential statement, it is abundantly clear that you haven’t followed Yanis for very long. Furthermore, who cares!? That is neither the cause of the desperate situation, nor the way to the solution.
Smart guy, it's a shame he is so out of touch. Where is he speaking, at a nursing home?
ha fubby joke
Why is Yanis out of touch?