100 thoughts on “Yanis Varoufakis: “And the Weak Suffer What They Must?” | Talks at Google

  1. Nice to see a decent Leftist speaking substantively and with great sanity in a public forum
    – rather than the noisy Far Left gibberish / reactions to noisy Far Left gibberish – that sadly occupies much of the public debate-space atm

  2. Thank you, an excellent and very clear presentation. I'm not a banker, but I"m thinking with a mind of my own. Just like Yanis. I remember reading about how in the world of money, Russia is printing US dollars and the US is printing Russian roebels.
    Sort of… in secret. And to sketch how the financial system is a sieve, a trickle of water disappearing in the sand of a desert:

    If it's true, Russia infiltrates this money in the US and vice versa. That's how the machinery is in a precarious condition, hanging on a pinnacle, on a slip of its false glittering garment going threadbare in time. The money-machinery is a house of cards, ready to implode into itself. Kings and queens will fall, knights and towers too, on top of the little pawns which are crushed.

    It's a correct title, Yanis' book called "And the weak suffer what they must?" The people in the streets of the global city called planet Earth. in a loop of disempowerment and loss of confidence in themselves, disappointed by a disfunctional government,
    will suffer as long as they're not educate themselves and jump into action in some way. Trial and error. There's a need for an inner revolution, a change of paradigm, that's what I believe. I'm a human being, but I'm living that change, by being it.

    As an incurable optimist, with a strong drive, I foresee the rejuvenating of initiatives, living in self-sustainable ways, a co-operation of producers and consumers, professional carers, doctors and nurses, organising service for those who need care, but education and training too, practical skills, organising one's inner life better, towards an awakening and confidence. Preferably on a local level, living and supporting each other locally. Creating well being. How to live together? That's the question. Unite.

  3. Deflation is good. I don't know who made up this lame that inflation is good for the economy but it has defied reality in every case.

  4. The whole Marxist system is built on several fallacies. Perhaps the most obvious one is that, at root, the organisation of society is economic. It is not. People are born into circumstances that accord closely with their already existing karma and consciousness; or will be if that society is largely a free one. Karma to be expressed freely requires inequality, religious freedom, an interchange of ideas, a culture etc. Uniform, collectivist societies cannot provide this. It negates the individual, in many instances the motor of progress and change.

  5. @ 42.48 he says ,"Who controls interest rates,who controls monetary policy,,, controls the politics"

    Does this mean The Federal Reserve, which has no attachment or responsibility to the government controls everything ??

  6. I'm wondering what goggle has to do with this? goggle is one of the problems, do they help the weak in their suffering? I'm really surprized that goggle allows people like Varoufakis to speak on their forum.

  7. A brave principled open man. If all EU sympathisers were like this I'd have more confidence in them.

  8. He has it backward, the New Deal prevented the rise of socialism here, not of fascism. The wealth holders with everything to lose were threatened by the workers who were becoming very close to having nothing to lose. So FDR created a basket of socialist trinkets, and the wealth holders folded allowing some basic security measures to calm down those workers rather than face a revolution. That's not the threat of fascism it's the threat of socialism.

    Fascism in America operates in our faces but in disguise, it runs as an undercurrent in the structure of the system: endless police and jails, troops-support propaganda and jingoism, economy ballasted by military industry, institutionalized religion to enforce conformity, narrow political choice, state-capitalist collusion via rules, taxes, and special supports. So a lot of what fascism would wish to accomplish is already in place as "Americanism."

    As Sinclair Lewis noted "When fascism comes to America, it will be wrapped in the flag and carrying a cross." PS Fascism does not naturally include racism, the Nazis invented that aspect, the Italian fascists were appalled by the antisemitism of the Germans.

  9. The potato-money comparison has a fallacy. Supply and demand are affected by price in the commodity loans just as in any other commodity. Low interest rates therefore cheaper money increases the demand and supply decreases.

    Investing and consuming do not affect the product's demand or supply since added together they are the demand itself. Yanis example s like saying that when the price of potatoes drops people reduce eating boiled potatoes but they eat fries. Yet the overall demand increases so he is telling half the truth.The same stands for loans. even if investing drops when the price of money drops(which I m not buying that happens I am just following his point) consuming loans and credit card usage should increase.

    And we should not look blindly at investing in new technologies as growth as in gdp growth. For example investing at netflix yes improved the service of home cinema but at the same time less workers/companies/suppliers (if any at all) are required to provide that service taht was previously offered by a quite booming dvd industry that suddenly collapsed obviously leading to unemployement and therefore gdp loss.

    In case of green technologies… Yes they are better and they are great. But let s be honest here. The plastic monsters swarming in the oceans, the gas emissions of animal agriculture and many more willl not go away just because of investments in eco friendly cars….

  10. "And the Weak Suffer What They Must?" reminds me on a good old song of Bad Religion from 1988: https://www.youtube.com/watch?v=vnPwUshysEs

  11. Varoufakis, this man is a Jew, from a very powerful Zionist family. Please keep it mind when you here what he has to say!!

  12. 2 43 saying exactly the same as soros,[the man who broke bank of England black Wednesday 1992 and soros attacks Chinese renminbi $850 ,000,000,000.in a day front cover financial times 2016.][back to the 1930 s]
    The alienated ability of humankind,karl marx,mmmmmm without stablecurrencies the alienated disability of humankind?
    Taking that production =good
    speculation =bad
    and seeing that it is California, the yang [eco friendly production needs the yin stability to prosper whilst the speculative needs volatility yang to prosper.however it coild also be said that yang production is separated from the yin goods and investment by the diversion of funds to pure speculation or volatility yang.leading to death of the economy as the separation of yin yang is death,however that is Taoist philosophy from over 5,000 years ago from the Tao te jing written by lao tse and the yellow emporors classic of internal medicine [university of California press.]
    of course some will shout communist even though 4,000 years of monarchy intervened .
    Marx unfortunately was not party to the circles in which currency trading moved and he too could only look at the economy by the splashes and ripples rather than with accurate information readily available to all to day.[rather like the development of Chinese Taoist philosophy and its microcosm Ancient traditional Chinese medicine.]
    However the Ancients did recognise that to prevent disease is better than to cure.
    ie "it is too late to start to create weapons once the battle has started."
    This analogy can also be used for the prevention of ww3,if we think of ww2 as disease what were the causes and symptoms,ie attack on deutschemark 1921 to 1923 wall street crash and great depression predicted by Churchill in a speech in parliament 1925 ,"and we take these measures against speculators of any country any kind and of any hue………..countries are like ships in a dock..tied together by trade ,and if one falls[the us economy attacked by speculators on wall street]it can pull the rest down with it[great depression with germany being the worst affected and uk having 3 million unemployed with us citizens lying under trains trying to get from the Midwest to the coasts,]
    the disease ,me first nationalist the development of the untermensch theory and generalisation with no regard for human rights even way back to magna carta.The generalisation against politics,race,sexuality,disability,mental and physical and simple rumour and gossip being enough to take an individual to the gas chambers as the will of the people as defined by the tyrant must be obeyed.All thrust on people suffering the ravages of poverty and starvation and the generalisation agaist groups to provide the explanation for the problem like immigrants though of course were the immigrants countries not being attacked the immigrants countries would not be being bankrupted.so perhaps the cry should be not build a wall,but give them their money back ,and further trade sanctions against mexico only exacerbate and make the border problems by creating more poverty in mexico and also damaging the us economy as well perhaps with walls between states and further expansion of currency markets against the us constitution to control its own constitution and also really taxation without representation?though of course most don't know it exists in such enormity nor that it isthought by the creators of the promise to the troops for the stabilization of currencies 3 weeks after D Day as a cause that the boys were being slaughtered in war again……
    The medicine promised to the troops 3 weeks after D DAY;[ Bretton woods united news,video on you tube],"here we are mt Washington Bretton woods….44 allied nations…730 delegates …come here to discuss world peace by economic prosperity ….on the first day amongst things to be discussed the stabilization of currencies……….all agreements to be ratified by the allied and associate nations their governing bodies and respective parliaments …..for the promotion of world trade,"
    The result of stabilisation of currencies the most exponential recovery and then growth and the creation of the American dream and gave the cash for the marshall plan and the un and the world bank…;however Nixon temporarily suspended it due to "ruthless speculators "seven attacks in 7 years,and since then wealth has reversed going up rather down as it did in the stable currencies periods.
    but in reality in the stable currencies period money investment remained in local communities worldwide rather than hoovered up for speculation agaist the interest of account holders and pensions if Bretton woods results are to be believed.
    ie the highest upward social mobility of all time first youth culture and money for the young ,……following on from the most expensive war of all time exponentially.

    and it was good capitalism that brought the communists to good socialism not bombs.

    and so as bad capitalism dominates expect bad politics as in the 1930 s with generalisations blaming the innocent including babies.
    "any large movements of currency detrimental to the world economy should be outlawed,"
    so this should apply to all currency movements un related to trade.
    currency movements a day 2019,approximately $5 trillion'
    total world trade ,$20 trillion from every country a year to every country.

  13. Κύριε Βαρουφάκη γιατί το αποκαλούμενο από τους καλύβα υπαρκτο επιθετο στην Ελλάδα «άγιο φως « υπάρχει ως ιστορία από την Αίγυπτο αφού η Ευρώπη είναι κυρίαρχη στην αρχές της πίστης .’ 👄👄🇲🇨🃏

  14. If you listen to this guy long enough you "may" realize he has an agenda. He spoke in Europe about the point where people find a group to blame things on, (point at others). In this speech he brings up Hitler as the most terrible situation outcome. Why, because he analyzes his audience before his speech and appeals to them on their position to sell his ideas. Money is not the be all end all. It is a tool to obtain what you want that someone else has. If the One has significant power, they will utilize the money to manipulate the possessor to release Ones desire to him. The amount of pain applied to get the possession will vary according to expediency. He loves the words democracy, but like so many he acts ignorant that the greater the population the less successful genuine democracy can be. Its is just not efficient. Its why their are elected representatives in the first place. If you take a population and you appoint leaders who act not in the interests of that population but in some other interests the people will suffer. The people with the ability to elect and recall representatives according to their perception of prosperity. So, the people deserve a level of sovereignty which is necessary to maintain or increase the well being of the population. Globalism is as evil as those he points to as undesirable and is the likely outcome of following all his suggestions. Take the good and throw the bad out with the garbage. He seems to be a rational expectations economist. He thus uses marketing to manipulate those expectations, he mentions logic…. the listener must therefore analyze his speech in logical terms.

  15. Varoufakis caved in at the crucial moment. His failure was due to a lack of brains. When the people gave him a mandate to solve Greece's problem he was NOT ready with the policies. He just begged the ECB for more Euros. He should have looked back at the war years and the depression. How did governments manage with their extreme economic problems in the past? He should have taken the lead in laying down his policies. Pass a fixed term, renewable state of emergency through parliament giving the government extraordinary economic powers. Suspend during this fixed term all Euro debt repayments. Introduce a dual currency system, by printing a domestic currency for internal use only which could be used to inflate the economy, and the state centralising control of all foreign exchange, including the Euro. Central planning would then be needed to prioritise imports which would be controlled by the need to obtain import licenses to obtain foreign exchange. Any foreign exchange earned from exports would be converted by the state to the domestic currency and held in the central bank. Import shortages could be supplemented by barter agreements with developing countries etc. Once the economy was growing heathily then the situation could be gradually normalised and liberalised on a trial and error basis. He could renegotiate the Euro debts from a position of independence. Everyone has been brainwashed to forget how economic crises were manged in the past and their thinking blinkered to policies that reinforce the power of the global banking system. Yes there would be pain but it would be temporary not eternal, just during the emergency. The alternative is continued debt slavery and austerity till the next crash pushes everyone even further down.

  16. One of many things I like about Yanis, is that he is not blinded by math or science in his economic analysis. Similar to how Adam Smith regarded 'animal spirits' as necessary for capitalism, Yanis brings in 'optimism' or 'pessimism'. He understands that statistics and mathematical models are just that … models which necessarily unquantifiable confounding variables. Near the end, when he was talking about the stress … 'Adrenalin, chaos … non-linear mathematics'. Wow. I had images of mandelbrot sets dancing in my head. After all our institutions and heuristics, we are fundamentally social primates, and behaving as such.

    One thing that has me worried though … although he dismisses bitcoin as being no more 'real' than money based on the gold standard, I immediately began thinking about China's experiment with social credits in a cashless society. The Orwellian specter of a Big Brother using Big Data to quantify and judge every aspect of your life, as well as control diversity and dissent, scares me. So much power concentrated into the hands of so few seems to be a sure fire recipe for a digital totalitarian state, and human capital reduced to its lowest common denominator. To be fair though, he does repeat the point that money (social currency?) can not exist outside of a political context.

    Brilliant man. Great speaker. 
    And such a wide ranging education in the social sciences and liberal arts.
    America could sure use a few dozen of him.

  17. I agree with Yanis on most everything except for his view that the UK must stay in the EU. The EU is an authoritarian anti-democratic organization and the EU endorsement of the USA's attacks on Venezuela demonstrate why the EU should be rejected as a legitimate political institution.

  18. Money is debt. That is the new paradigm definition that must be adopted for the new age. Money is not a "good" or "commodity." Money is merely the enumeration, annotation, and symbolization of relationships of debt.

  19. 48:22
    "what Japan needs is to open its borders to migrants"
    unbelievable. so this is the thinking behind feeding mass migration into Europe. islamification to be more accurate. Done in the name of helping the economy. What madness. maybe the real problem is centralization of money power and decision making, which a global currency will only make worse.

  20. The only problem is that he’s explaining this brilliant digital money idea to a global behemoth technology monopoly. Already Facebook is getting in on the BitCoin game. Does he really want Google to implement this? Are we going to see to GoogleCoin next? Is this really a good idea to put this in the hands of a private, stateless company? Well, no. So what’s the answer? The fusion of Google and tech companies with the government, that’s what. And that smells like Orwell’s socks.

  21. He's better than the mainstream however, how's it possible that savings exceed investments? What savings???? What is true is that money supply ballooned, not savings. I'm not advocating the gold standard, but oversupply of money is the problem. Also under-supply of money (say in 1930s due to commercial banks not issuing loans) is also a problem.

  22. Yanis Varoufakis is a brilliant intelligent, and caring humanist – PERFECT & SPEAKS THE TRUTH!

  23. What an appalling pseudo-revolutionary! He represents the most disgusting version of the establishment, he is the ultimate representative of George Soros in Europe. The EU is the continuation of the 3rd Reich, a deeply dictatorial organization build on the principles of elitism… And Varoufakis is an ultimate elitist masking his true intentions under a pseudosocialist mask… He is calling for open borders, the dream of any multinational capital, the absolute dream of the world's shark loaners… And of course, he also firmly supports the "double currency" solution for countries like Hellas ("Greece") and Italy as the answer to their debt problem… He is the ultimate tool of the financial markets and the ultimate enemy of societies and humanity…

  24. 39:00 He straight up tells you the system is fucked and there is no getting out of money as a tool of oppression. Its an hour long talk about how to continuously bandaid what is essentially a political tool, by PRIVATE banks… like, alright, but then who ever controls the banks controls the money, and here we are again. Seems to me that if a gov has a central bank its bad, but if a bunch of random oligarchs do its fine. Equally problematic is the whole talk is just calling for creative solutions to inherently chaotics capitalist ideal that money and capitol and power are all linked. Which they arent.

    But over all, smart man, supporter of this late stage capitalist ideology of money, and its role in society. And makes good tested suggestions on its future. I dont particularly agree as to why we should keep supporting this magic socialism for the rich , recessions debt servitude for the rest of us. But im not a big shot tycoon who influences policies, but to call this market solution to a market problem that will always be rigged with poltical agenda, is very worrysome to me. He even pauses after saying that. Let it sink in.

  25. We need to accept the fact that no matter how well
    off we are, we did not get there by ourselves and we will not be able to
    sustain it by ourselves.  While the fate
    of the economy is to a large extent governed by institutions,  as individuals we have never the less, options
    of augmenting economic predicaments. Beyond the risk that a drastic inequality
    may amplify the potential for a financial crisis, it may also bring about political
    instability.  In fact, equality appears
    to be an important ingredient in promoting sustained growth.

  26. Wasnt not the Greeks who sayed to the conquerd, enslaved nations you are weak and conquered,now you will suffer what you must" untill you dy". a ancient greeks to a conguerd people.
    The greeks were always good in explaneing there theft.

  27. He damaged the Greek economy for 80 bn $USD yet there are still people listening to him on Talks at Google

  28. Τον βάλανε στην Βουλη, γα ενανμονο λόγο, ανοίκει σε μια πολύ μεγάλη Εβραϊκή, Σιωνιστική Οικογένεια

  29. The point is that pessimism breeds more pessimism. And yet, we have had worse pessimism in the past and escaped from it. So why now does it persist for more than a decade? What is it that is weighing on everyone's mind but few will discuss? Could it be the devastation of the ecosystem upon which civilization was built & on which all of us deep down know we depend? Is this the weight that is pulling down our collective psyche? Maybe it's time to vocalize. Maybe it's time to admit, wake up, seek balance. I doubt anyone can be happy without the connection to nature which is at the core of our existence.

  30. We could eliminate money today because money is just numbers in computers. If all people own all things, then no rich man can say “if you want MY FOOD you have to buy it, and if you can’t get a job to get money then starve!” That rich man is a capitalist. We can eliminate money only when all people own all things, Socialism, then Communism.

  31. The facts: Varoufakis found out the game of the Bankers who destroyed Greece. He got them unprepared, as it was impossible for them to believe that someone will have the guts to talk the truth. Then they acted as they had to save their butts, using the traitors they had/have in Greek Govs. The propaganda against him was so strong, that most of Greeks hate him (actually all those they voted all previous corrupted governments). Varoufakis he is an amazing economist and this is agreed also by his enemies!! Who is better than him from all those the have opinion and talk [email protected] about him?? And how do they know about “the damage” he make in Greek economy?? From TV???? Hahahaha

  32. Varoufakis costed the greek economy aprox. 200bil

    dont listen to that economy iliterate buffoon.

    He is a communist. A vile scumbug whose personal choices made the greeks storm ATMs at midnight.

  33. Yanis Varoufakis is a traitor to his people and has the absolute gall to travel around making a fortune as a speaker when he should be in jail for betraying his people and turning his whole country into a slave economy owned by European bankers. I didn't come on this page to listen to this traitor, just to let him know what I think of him.

  34. 1. Kalecki’s Fable ( Is this the origin of the parallel payment system of Varoufakis? )
    'In an impoverished Jewish shtetl in Eastern Poland, whose residents were mired in debt and living on credit, a wealthy and pious Jew arrived one day and checked into the local inn, taking care to pay his hotel bill in advance. On Friday, to avoid breaking the Sabbath injunction against carrying money, he handed over to the inn-keeper for safe-keeping a $100 note2. Early on Sunday, the wealthy and pious Jew left the inn before the inn-keeper had had a chance to return the banknote.
    After a few days, the inn-keeper decided that the wealthy Jew was not going to return. So he took the $100 note and used it to clear his debt with the local butcher. The butcher was delighted and gave the note for safe-keeping to his wife. She used it to clear her debts with a local seamstress who made up dresses for her. The seamstress was delighted, and took the money to repay her rent arrears with her landlord. The landlord was pleased to get his rent at last and gave the money to pay his mistress, who had been giving him her favours without any return for far too long. The mistress was pleased because she could now use the note to clear off her debt at the local inn where she occasionally rented rooms.
    So it was that the bank-note finally returned to the inn-keeper. Although no new trade or production had occurred, nor any income been created, the debts in the shtetl had been cleared, and everyone looked forward to the future with renewed optimism.
    A couple of weeks later, the wealthy and pious Jew returned to the inn, and the inn-keeper was able to return to him his $100 note. To his amazement and dismay, the wealthy Jew took the note, set fire to it, and used it to light his cigarette. On seeing the inn-keeper’s dismay the wealthy Jew laughed and told him that the banknote was forged anyway.'

  35. That last sentence really stuck with me: Greece was beheaded as an example of what would happen to Spain, Portugal and Ireland if they were to make a similar choice during elections. These are four countries of which there is never reported news in Belgium. Of course, the same goes for Finland, Romania or other Balkan countries with the exception of something important like election results – but even when Podemos won the elections it was only briefly mentioned as a headflash. The news didn't attempt to explain the motivaiton and ethics behind Podemos, nor why they became so popular in Spain. What was important for the news to show was how poor this country had become, then years of silence, and now of course our Flamingant reporters are idolizing Puigdemont and his idiotic "hermitage" in our capitol. Not only are national politics in Belgium a fraud, so are European politics. It is carefully staged and it angers me gravely to notice that everyone that possesses power to inform the people and drive their opinion is involved. Europe will collapse because of its ultraconservative, neofascist approach all in the pursuit of money.

  36. It's just a joke that google says they think Democracy is a good thing. The people don't agree with most of the things they believe and want!

  37. Varoufakis should be the European Finance Minister….the economy could have taken off…instead we are stuck with the stupid Germans that implement austerity all over Europe

  38. The profits r hi …………… investers getting peanuts on interest………..salaries r low
    Nos don't add up …….So where the money getting trapped & built up….The Businessmen's fat belly hoarding resources & offering peanuts out of those to make u slave labour & creating extreme disparity

  39. Yanis Varoufakis and Professor Guy Standing are both qualified economists – their job is LITERALLY how to best use money and have a healthy economy and society, and they are both heavily advising everyone towards a Basic Income. That should tell you far more about where we need to go that any greedy politician or bitter misery guts going on about "scroungers".

  40. Dear Prof. Wolff, Would you please consider discussing Jacques Fresco's
    Resource-based economy please? We now fully understand that monitory
    based economy will never resolve the social problems associated with
    inequality of wealth distribution, ever.

  41. Dear Prof. Wolff, Would you please consider discussing Jacques Fresco's
    Resource-based economy please? We now fully understand that monitory
    based economy will never resolve the social problems associated with
    inequality of wealth distribution, ever.

  42. Dear Prof. Wolff, Would you please consider discussing Jacques Fresco's
    Resource-based economy please? We now fully understand that monitory
    based economy will never resolve the social problems associated with
    inequality of wealth distribution, ever.

  43. Dear Prof. Wolff, Would you please consider discussing Jacques Fresco's
    Resource-based economy please? We now fully understand that monitory
    based economy will never resolve the social problems associated with
    inequality of wealth distribution, ever.

  44. The Demography of Europe/East Asia/Russia /and even Canada,are entering a demographic /economic death spiral 2022 forward!!!

    As Peter Zeihan said,America is alone in the Night..America's largest generation in it history was millennials ,Europe/east Asia running out of Young people!!!

    And this dooms them!

    Who says ,Math does!!!

  45. this guy is a Globilist. another one that's trying to convince people that to go on the Gold Standard is a mistake. he gives himself away when he states that Britain must stay in the E U. all monies not backed by precious metals or gemstones is worthless that's why the Dollar is worthless and most countries are getting away from the Dollar as they know it will soon colapse. America will soon be going back on the Gold Standard. right now if the Central Bank had not been Munipulating the price of Gold trying to keep the Dollar Afloat it being the World Reserve Currency Gold would be $6,000 an oz. and Silver would be $800.00 an oz. if you listen to these one worlders like this guy when the Reset comes and it's coming….. your going to get caught with your pant's down around your feet. he's a leftist all right working for the Ruling Class trying to convince as many as he can for a One Goverment, One Bank, One Money for the World.

  46. Bernard Lietaer, a financier who was involved in the development of the EMU, which then evolved into the Euro, proposed that complementary “currency” systems, such as Yanis is presenting here, should be an essential part of a comprehensive system for Europe. Unfortunately, this element was excluded, with the inevitable effect of having a monopolised, externally controlled system. Bernard died this year but his work is well documented.

  47. although he explains some things in an entertaining way—he jumps to a conclusion that Central banks and a free spending New Deal are the answer which is so obviously false.

  48. Can someone explain what he means by "investment creates demand?" Sounds like some Say's law nonsense.

  49. He watched as Greece over borrowed cheap money and burned. He then after the event try to pick the pieces up. Too late, he should have acted years and years earlier, with his knowledge and wisdom. He now living off his unearned fame. He milking it. Morally wrong to do this.

  50. Maybe one should venture a youtube experience with Thomas Sowell once? My mind has opened up a little about puppeteer forces on national and world economics, however I disagree with most of what this guy says. Notice how he uses a lot of anecdotes and less empirical evidence. Case in point, the New Deal. The evidence shows a slight positive market outlook before the New Deal was enacted. I shall use my own anecdote to make a convincing point. What is money he asks? Well, how much money would you pay someone to dig a ditch and fill it back in and the mere act of the work is the objective? Nothing, the answer is nothing. So, what is money? It is a representation of either ones labor or goods. Wealth isn't finite, it is created and has no cap. The real question is how does one create wealth!

  51. The fact that savings grow but not investments (even at low/negative interest rates) has been explained at least since 2010 by Koo's "Balance Sheet Recession" ; watch any of his talks on this matter; e.g. https://www.youtube.com/watch?v=HaNxAzLKegU

  52. Everything he is saying is true. BUT, everything he is saying was also known before the Reagan/Thatcher neoliberal "revolution" (John Maynard Keynes and Abba Lerner had already done the math, and heavy lifting, in this regard).

    The reason the developed world chose neoliberal policies beginning in the 1980s was because that was the pragmatic path to follow given the reality that China had entered the world of global trade, and were going to have the benevolent government needed to see things through and do whatever it took ( a ton of sacrifice fueled by animal instincts with Chinese characteristics).

    Only because that was the reality the developed world found itself in did it choose to follow neoliberalism as long as U.S. (and developed-world to a lesser extent) hegemony was in play.

    If the U.S. chose not to play the game, Germany and Japan would eventually have caved into China's plan and chosen to have their multi-national corporations reap the benefits of globalization while China did what it had to do to develop a country of over one billion people and limited natural resource wealth.

    The difference between the U.S. and Europe since the 2008 financial crisis is the fact that the U.S. is energy independent whereas Europe is not. Europe chooses austerity because it feels that the benefits of austerity are greater than the hit that it would experience in its standard of living if it were to choose fiscal stimulus as the "solution" to bring itself back to full employment.

  53. I remember , as a Greek , during the crisis , all the dirty lies corrupt Financial Times told about him….just because he said to the german establishment "enough with the inhumane austerity on the Greek people"

  54. Digital money controlled by the establishment, so every penny can be traced from one to the other. No thanks. Allowing for social credit like China.

  55. Making ads for El Corrupto of London? of course, there is no conflict of interest if the deputy mayor of London is running aside his own FX Trading fund and is part of an IP theft scheme and of course there is no surprise that the cops won't interfere nor investigate.

  56. If it were in the ancient times yanis would have been put in same category as zeus, and the other gods. I admire his intellect. He however dodged the 1st question and went beating around the bush. I would have really loved to hear a sincere answer to that intelligent question.

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