Greece, Austerity, Brexit and Europe's other darlings at GFMF2016
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- เผยแพร่เมื่อ 30 มิ.ย. 2024
- Yanis Varoufakis - Former Minister of Finance in Greece talks with Mark Blyth-Eastman, Professor of Political Economy at the Watson Institute for International Studies and Brown University about the economically hot topics across Europe at GFMF2016
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I was wondering if Mark and Yanis had ever shared a stage, and here it is. Fantastic.
Yanis is a public hero.
37:05
"Death is sure. That doesn't mean we shouldn't wake up every morning, full of joy about life and optimism, which is based on no evidence whatsoever."
- Yanis Varoufakis, Global Financial Markets Forum 2016
Thank you Global Financial Forum for the excellent interview of a true hero
It really is quite remarkable to hear Yanis talk about how much he would love us Brits to give the EU 'a black eye' by leaving - but that he then urges us not to because of the more significant consequences of a Brexit for both the EU and the UK. I happen to think he's right too.
you could listen to these two for weeks and still be fascinated
Damnit. Get Yanis in charge of everything.
My Intuïtien in 2015 was right. This Man is Brilliant! Thanks Mr.Varoufakis. Diem25 ✊ .
On the point of corruption, at least in Greece and other Southern states corruption is still illegal. In Western "rich" states corruption has been legalized (prime example is the US, smaller examples are seen in other "democratic" states). What's the difference between anonymously sponsoring a political campaign and bribing specific politicians?
Watching this in 2020 - recent history is made more interesting to see how narratives change in real-time, as it were. What is also obvious is that the problems clearly identified in this discussion have not been solved and now, arguably not being subject to the same macro-levels of analysis. OK, we are in the middle of a pandemic, so perhaps we are all holding our breath. But we really must start to address issues like the fragmentation of the EU (around 17min).
Why not just chuck the whole old system out and give everyone £200 a week or the equivalent and let them work shorter hours?
These guys are both intelligent but their "solution" to fixing crises is to go back 75 years to Bretton Woods? Considering they're both considered "left-wing" economists, neither really expressed any inkling of actually discussing moving into a new economic direction. Reforming capitalism is a zero-sum game. People organize, reform and there is relative harmony. Then 8-10 years later there is an inevitable crisis where the ruling class undoes all the reforms, slowly and deliberately. It's like a forever tug of war. Reforming the system is obsolete.
I'd very much like to know more about the Big Data story described at min 38:06. This aversion to transparency appears to be a growing pattern in EU dealings. Even more so at a time when the rest of the world is experimenting with open data and open government.
excellent.
For the lone exception of the central bankers, the entire world is on an austerity program.
Varoufakis is considered among the greatests like Stiglitz and Krugman....where's that german clown (Schaeuble) who enforces austerity in order to punish Greece ?
Yanis is in Love with the Truth.
His Brain can not compute if he doesn't say the Truth.
Yiasou re Yiani you sure know your stuff.
Perhaps keep the structure but replace the administrators.
Putting all the refugees in scotland is a very good idea. haha. Go ahead! do it! you have my blessing! love from Malta xx
Mark you should have asked Yannis this question : is EU governing BCE or the other around ?
LOL! I didn't know Shrek is Scottish :)
i love Blyth's red socks! ok that didn't come out right..
Who knitted Mark Blyth's socks?
Sorry my remark below last sentance "Debtors want their money back" , should be, creditors want their money back
Those socks look comfy.
DEMOCRACY or DICTATORSHIP ? ALL ELSE IS A SIDESHOW.
If Britain leaves and the EU collapses and the European economy tanks exactly how will that benefit Britain?
+Uno G SIR! You're making an argument based in the realm of logic and economics! That has no place in the realm of cynicism and irrational emotion!
the argument there making is that the EU is going to collapse anyway and so Britain is better out.
George O'Dea
It's like cutting off your arm to prevent an amputation later.
Paul Volkers (USA) remark , "we will recycle other peoples surpluses " in other words use surplus fund of other countries, (china, Germany , Japan) in effect borrow money from them , but pay them a not very good interest rate . So the USA now owes 21 trillion , and when interest rates rise they pay more , But the money was not used in the USA it was moved to emerging markets where the interest rate was much much higher . When the whole flow of money reverses (Debtors want their money back ) Volker is back to a deficit situation ???
People who are against mass immigration are not nasty race haters.
They are ordinary people who see the daily affects of immigration in terms of losing their own identity (because we have to embrace and celebrate everyone else's but not our own) and the race to the bottom in terms of standards of living as the job market is flooded (supply and demand) and more and more people end up on the minimum wage.
British people don't hate other races, they really don't. They just want their country and hard earned standards of living back - hard-earned through a century of people action against the rich - trade union movements and real socialist political parties.
This is forced immigration. Not immigration for people looking for work and integrating into an existing society. Thus a clash of cultures ensues .. especially with Islam. They want, perhaps will demand, their own law (sharia) in their own communities. No criticism of Mohammed .. they cannot live with atheists or agnostics, their view of women, their view of anyone outside their own religion ( which some people label an ideology and not a religion).
My understanding is that Syria a also multicultural society .. I don't know much really.
GravityBoy72 So allow immigration and force the rich to pay for it, they caused the wars that created the migrants in the first place
They are normal humans who have youtube, and very little actual contact with "foreigners", evident by statistics as non contact is the only way that people dont interact.. empathize, and adapt. Europes honorary aryan political parties are hardly as bad as some Chinese in china, but only an idiot doesnt understand in a society with no kids...must import its labour to grow economically. Not even 1% of the population of europe is potentially going to migrate...Might be better off worrying about what educated financially armed sectors are doing to focus you on a literal irrelevant issue. How many muslims do you know? And why do you not realize how many christians and other religions there are in the middle east? Maybe its because you dont have even a basic context of the information you are crying about?
Ah! ...everyone needs someone else to blame! Academia is just part of the game & will always rewrite history as usual.
mark got a bit carried away with his brexit followed by Scot exit from the UK.
just thought I'd ask you about this now. still think he got carried away?
Greece should default, print it's own currency and then set up a proper tax collection department. so should Portugal, Spain, Italy, France. northern Europe should then form a modern day version of the hanseatic league
In regards to immigration, it's forced and illegal immigration that needs to be addressed. Refugees are not all encompassing group that represents all immigrants. And there are too many in one go that are living parallel lives, people are not being integrated well.
Every alarm bell inside me has just gone off.....either Varoufakis has been bought or he really hates the Brits or he has gone stark raving mad or all three together......somebody says to me; you have a choice,just once though,to either exit the gas chamber or stay and fight for a breath of fresh air......and Dr.Yanis advice to me is to stay and asphyxiate in it because if I leave it I'll die one day anyway..... I have to confess that I took this man seriously,once upon a time....
the fact that he is controversial should be taken under some thought, it personally makes me wonder if things are worse than they appear to be
These guys underestimate how much the cultural differences between Europeans and African/Middle Easterners plays a role.
This is an absurdly toxic comment section
It really is! None of the comments have aged well and there is an incredible amount of dogwhistling.
When we leave then france will want out holland also and it will be a Domino effect !!
This hasn't aged very well has it
@@robertminshull1943 The fact he thinks The Netherlands is called Holland shows he's a bit clueless
Germany should have taken 2mill immigrants from Greece in the beginning.
I want Mark Blyth as global president. Yanis Varofakis as the global minister of Control Bureau of Equalati and Greed Control . And Dr Richard Wolff as Finance minister. And to not be to sexist Greta Thunberg as Global Ecology and sustainability minister and Tulsy Gabbard as the Global Defence Minister Elon Musk as Science and Exploration. Minister Sorry to only choosing western world ppl. But I have little knowledge of Asian and midlestern folks that are unselfish and think of the greater good of humanety. Suggestions ?
I share their view on EU fiscal policies, but they are completely naive on Islamic immigration.
If it were millions of Jews coming into the EU, people would welcome them. If it were Buddhists, Christians, atheists, etc, people would welcome them. But Muslims... well, the whole of north africa + middle east is f*cked up in many respects (but always human rights), the correlation between the amount of islam in a country and regression in science, human rights, freedom, intellectual development, etc is just so astonishingly strong... Where islam comes regression comes. I am an atheist, but islam made me doubt about the existence of the devil. One must be so evil to the core to come up with something so intolerant, sexist, regressive, violent, that makes no member question it without being afraid for its life, and set the death penalty on exit...
Immigration: fine! But import smart people that have values such as gender equality, gay rights, secularism, etc.
It wasn't
The Elephant in the room is Religion, Muslim refugee's don't drink alcohol or use contraception.
lol so we are screwed ether way 20:50-21:10 , we may as well leave and let the EU collapse rather than wasteing years untill it finally collapses.
Mr. Blyth disagreeable and a bit bitter with Mr. Varoufakis
His comments are put in a polite manner but always with negative criticism, trying to have the last opposite word all the time, even at very end of the interview. He is well respected but let me say I did not like that attitude, behaving himself like a paid-off journalist, but on the Brexit side.
Mr. Varoufakis did not respond to his comments, he was called there for a talk and not for a debate. Good for him.
Yanis has an accent that sounds Spanish to me.
So Yanis bleats about his "Weapon" being disarmed behind his back. How about the if the new weapon is "Democratise" or we leave the table ? How about the Brits leave only to return once the EU is truly democratic ? If the Brits vote to stay in, they disarm that weapon themselves...........
Bur is that why you voted leave, or did you vote leave because of irrational fears of poles taking your jobs? Jobs that don't exist in the first place, ever since the neoliberal (counter?)revolution. EU is not very democratic, no issues with that statement, but if you think that Britain, or any other western country, is democratic, you are in denial.
Face it, leaving the EU was a reactionary movement with no direction in sight. Your country still has no direction.
The One World digital carbon currency on the block chain is on the way. Block Chain is a digital doomsday book....
I don't know why Varoufakis keeps talking about a theoretical "kosmos" when Bitcoin actually exists, has $6 billion capitalization, and exchanges with almost all of the world's fiat currencies.
+Ojisan642 because bitcoin is an absolute shitshow, are we really still having this discussion in 2016?
+TheAmityvillain herpa derp it's 2016 of course why didn't I think of that /s
+Ojisan642 unfortunately there are some technical flaws in the way bitcoin uses blockchain. But your point is well taken, the bitcoin model could well be the way forward and maybe even an exit from the economic fascism the UE is imposing on all of us through the euro sham.
+Albert M Picard I admit plenty of ignorance. I've tried to buy bitcoin before and it always ended up in some shady step I just couldn't take comfortably. There apparently is a bitcoin ATM in NY where I live now but I haven't tried it. Maybe you are right, maybe it's all good now. I dug a bit into the way blockchain works and how other virtual currencies use it (bitcoin is not the only one...). I'm just saying we may need one more iteration on the VC theme to have something that is both solid and convenient. Once we do I'm happy to jump in head first.
Jonas Almeida
part of the problem is you live in NY which is trying to regulate Bitcoin out of existence to protect the banks (they can't but that won't stop them from trying). Buying Bitcoin with USD is dead simple, use Circle, or Coinbase, or direct deposit from your paycheck using Bitwage. There's no shady steps involved at all, but those services are all compliant with the regulations which mandate you have to give them your identification to prove you're not a drug dealer. Breadwallet is a very secure wallet software if you don't want those companies holding your bitcoin for you.
Vote LEAVE and you will have made the most important decision for Britain for at least the next 100 years. Vote remain and you will have made the last decision for Britain. The British people must continue to make decisions for Britain. Vote LEAVE!!!
don't get too excited about yf. he skipped out of greece when he could have led a revulsion of eu membership, established democracy, and saved greece with help from china. but greece wasn't a big enough stage for him. result: instead of being father of his country, he's an international talking head. they are both talkers, not doers, and the world needs doers, badly.
Both of these two are gatekeepers.
This is what depress me so much.
Sir Popperce
It should energize you not depress you. They want you depressed. They want you demoralized. Don't give them that satisfaction. If you can see through Varoufakis then you've got a window of insight like minded people might not.
Because we have huge censure in public opinions, and when someone like Yanis come out he is compromised. And this compromise the next guy, and the next guy like him. Still Yanis is great critical mind , and i strongly believe that gatekeepers will be the reason we get the key.
From cavemen to this mess... Well well
Both guys are total Commy sophists. You really don't know why a 'positive case for immigration' can't be made? Really?
Complete bullshit at 2 min 35 second. Draghi didn't squeeze anything. He had rules to follow, pushed them to their limits but had to stop at some point. The reason for the capital controls is the lack of confidence of depositors in Greek banks because of the inaction and hesitations of the Greek Syriza government. Depositors fled, which forced Draghi to stop funding Greek banks for free. Then the capital controls were only a consequence. Blaming Draghi is blaming the thermometer for the fever, instead of the virus (the dumb spendings of Greece).
+Jean-Baptiste Perrin "fund greek banks for free" the hell are you talking about? the money which the greek people couldnt get out of their bank accounts already exsists. there was no need for the ECB to 'fund' greek banks. greek banks just didnt have enough PAPER MONEY.
+hausmeisterkraftfahr the problem was not that there was no "paper money". The problem was that there was a bank run going on in the background. Mainly Ethniki Trapeza, Alpha Bank and Eurobank were losing millions of deposits on a daily basis which was transferred abroad for a part (mostly electronically) and in cash in their mattresses and hidden envelopes at home. At some point, the level of deposits left in the banks was so low that they had to request daily loans from the ECB just to continue operating. Such loans are what I call "funding for free". Draghi agreed to do this for a while, although it was pushing the legal limits of his mandate (the ECB is not normally allowed to do back State controlled public banks indefinitely because it's a violation of the rule against financing member States directly by the ECB). When it became clear that the trust in the banks by the public was not going to go up again any time soon, it was impossible for Draghi to legally keep the support going. He had to stop the daily funding and the capital control by the Tsipras government became a necessity to avoid a complete failure of the banks.
+Jean-Baptiste Perrin quick question: do you understand, that the money that was being withdrawn in the bank run belongs to the people who own the accounts? no extra money is being created when the ECB provides banks with paper money.
+hausmeisterkraftfahr Of course it does belong to the account holders. But, as I am sure you realize, no bank in the world holds actual liquid reserves equal to the totality of all the deposits of its clients on any given day. A lot of these deposits are used to buy bonds or other securities, which should normally not be a problem since you normally have a guarantee for these, either in kind (shares, etc.) or by hedging your investments as a form of insurance. The rest in this specific case was spent buying government bonds (mostly Greek and Cypriot ones), which had dubious value, or parking money at the ECB itself at a negative real interest rate. Obviously they should not have bought these bonds, but since they are public banks, they had little choice in the matter.
+Jean-Baptiste Perrin are you telling me greek banks buy greek and cypriot government bonds with cash?
Ugly nationalism haha 😂 wtf?! It's called democracy I think..
I almost puked when I heard this guy say "invest 5% of GDP in Green new deal." and then look on keynes as an example. Don't let this guy touch anything serious, he would bring us in a depression we would only get out of with another war.
Confirmed, this guy lives in a swamp.
I vote to exit.
The fact that this person (Varoufakis) is given the stage to mumble incredible nonsensical stories to explain how he destroyed his country's economy with his reckless so called "game theory negotiation strategies" is a good indicator of how irrelevant conferences like this must be.
He didn't believe that the ELA would stop because that would signal a market meltdown similar to the one that happened with Lehman's collapse and begin the ultimate unraveling of the Eurozone, his argument was. Well the ECB stopped the ELA and he was forced to impose capital controls bringing untold misery to the average Greek, and nobody in the markets even blinked.
His new story now is that the threat that Greece would default on Trichet's Greek bonds would have made markets and the ECB blink (and do what exactly?) because Frankfurt would have been very upset with Mr Draghi. At the same time of course Germany and everybody else were ready to kick Greece out of the EU altogether.
It's amazing that there are still panelists that invite this "game theorist" and incredibly disastrous ex finance minister to utter fresh nonsense for a fee.
+makmanos well put!
+makmanos He had nothing to do with the destruction of the Greek economy. He was trying to save it, he and his party failed but he is in no way responsible for the downward spiral of the Greek economy which began way before we heard his name.
+joanofarc33 while that's absolutely true, I don't think mister Manos meant that he is the sole responsible. He just made bad things even worse.
+joanofarc33 He was solely responsible for the unnecessary destruction of the Greek economy from the point he was installed in office after the January election. The Greek economy was ailing but what he did was to totally kill it. Nothing suggests that the economy would have suffered the same had he not been running it the way he did.
During his reign and because of his unproductive so called "negotiations" , the bank run intensified (it had somewhat stabilized before him) as people kept loosing faith in the system.
His strategy was that of senseless and pointless confrontation with the troika (ECB, Eurozone, IMF) without any plan whatsoever to fix anything.
He was told and he knew from the experience of Cyprus a few years back that the ELA that was keeping the banks open , could not continue under any circumstances for ever, if his government was not under a plan. He chose to disregard this as he thought he could make Greece a systemic risk for the Eurozone as a whole to leverage better terms (well nobody knew exactly what those ought to have been).
He wanted to default on ECB-held Greek bonds, he was planning a parallel payments system that could be converted to a real currency easily (according to him) and he chose to set up a fiasco referendum on a supposed deal that was not even on the table. All this was suggesting a euro-exit after a default for Greece.
He brought about capital controls (since the ECB stopped increasing the ELA) to manage the ouflows. None of this was necessary, nor it were bound to happen had he not been the Min of Fin.
He destroyed the Greek economy at the expense of the poorest of Greeks for no reason whatsoever and now he's shamelessly touring the world to sell his "ideas" . He should be ignored at every opportunity.
+makmanos I'm intrigued by this too, it looked at one point that Greece had a clean way out of the Euro and maybe even the EU but Syrisa didn't have the guts to follow it and sold out. Maybe there was a threat they just couldn't stomach. The EU's plan was clearly to use sovereign debt to go on an all-out punitive ransacking of Greece, which they may still regardless. I follow this closely because I stand next in line ... (Portugal).