Yanis Varoufakis: Capitalism AND Social Democracy Are Dead
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- เผยแพร่เมื่อ 17 พ.ค. 2024
- --Yanis Varoufakis, former Finance Minister of Greece, Professor of Economics at the University of Athens, and author of several bestselling books including most recently "Another Now: Dispatches from an Alternative Present," joins David to discuss the future of the global economy, Europe and the European Union, and much more. Get the book: amzn.to/3GlYGR2
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Broadcast on January 11, 2022
#davidpakmanshow #yanisvaroufakis #economy
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“Capitalism without debt is like Christianity without hell.” wow what a quote
His books are great
His quote on capitalism was brilliant!
I like this gentleman already.
Interesting, because I am a Christian and many people I am friends with in my particular congregation, and others that i network with, question the traditional concept of hell a lot.
Only it is not true. There is nowhere in the Bible mentioned a Hell as we interpret it today. Jesus mentioned it once but with the actual meaning of eternal grave from where the sinners will never be resurrected for the new life after the Judgement. Hell is just a human addon in order to scare people. On the other hand debts were not added to scare people but to be able to have an economic activity if they did not possessed the funds themselves. So, not only Christianity CAN exist without Hell but actually it was born like that. Also capitalism was born without debt because there were no banks and financial institutions back in the day but people used to practice, and still do for that matter, the private loan and debt. So this metaphor is not the best one could come up with. The Christianity is centered towards reward and not towards deterrence as capitalism is centered towards profit and not bankruptcy. However, both of these negative "incentives" or outcomes, Hell and debt/bankruptcy have some role when it comes with the motivation.
@@zberteoc What you said about Christianity is largely true...which makes the point about it that you're attempting to refute even _more_ true. The fact that Christianity can and has been conceived of without hell but for centuries has nevertheless been practised with the threat of Hell very much in mind absolutely proves the point that Hell plays a significant role in Christianity as a cultural force.
As you said yourself, "Hell as we interpret it today" is what is understood in Christianity today. I'd argue that more than anything else, the dual driving forces behind the sustained prominence of Christianity over the centuries have been carrot of "heaven" and the stick of "hell", and I can't help but think that you're downplaying the importance Hell Stick plays in motivating the faithful.
20 minutes with Yanis Varoufakis produces more insight than all the mainstream media combined. It really makes you realize how impoverished our national dialogue has become.
Mainstream media really don't want the intellectuals, we have many but sadly they are rejected because it tells you like it is.
Exactly the same situation in Australia. We are deprived of expertise because the people are scared of the hard truths. Or, from another angle, having revealed to them how little they actually understand.
Correct. In truth, there is no real national dialogue through or on mainstream media (not even including Fox TV). It's primary role seems to be a sort of sophomoric pseudo intelligent lightweight analysis of everything. Yanis has a brilliant mind, and it will never be heard by America. One of the greatest minds in the United States has been Noam Chomsky, and he has NEVER appeared on mainstream media. Regardless of how one views his thoughts, Chomsky has been a clear and erudite commentator on the world at large for a very long time. Now he is old, and there is no present American intellectual to match his wisdom.
In this interview, Yanis mentions Google. But, I think we need to remind ourselves daily that, despite their earnest appearing commentariat, ALL our television stations are corporate owned, profit driven corporations. Hence, no Yanis and no Noam Chomsky.
You said it all brother!
@@raymondmartini5500 they dont allow intellectuals on because they dont want their viewers to achieve class consciousness.
I usually find financial experts extremely boring to listen to - this gentleman was very easy to understand, and interesting. Thanks, David!
I completely agree!!
The guy is a teacher. He has a really good book about understanding capitalism: Talking to My Daughter About the Economy. Highly recommended.
@@Z7aRk Thank you. I will check it out.
@@Z7aRk thanks, yt has a audiobook that I just downloaded.
Anyone else interested, here it is.
th-cam.com/video/lqQMT4Uuh0s/w-d-xo.html
I don't know if it is his accent or something I can't put my finger on but he has inspired me to buy his book and find out more about his ideas.
I can't think of anything more dystopian than living on digital currency in a techno-feudal system....while the ocean slowly loses its ability to produce oxygen. Wow, what a dark future.
Not really. Humans don't have a future... Anymore. The ability for the oceans to generate oxygen (photsynthetic organisms) is but one aspect of the oceanic 'vector of doom'. Oceanic thermal uptake (via atmospheric CO2 mixing) is another. The oceans are still absorbing a large amount of anthropogenic CO2 emissions, however, as is now the case with the Amazon rainforest (and other aboreal and boreal ecosystems), the oceans will reach another 'tipping-point' and instead of being a net absorber of CO2, will start to revert to being a net producer of CO2. These processes are slow (thankfullly) but inevitable. Before that the ocean ecosystems - the trophic pyramid - the food web will collapse and thus the ability for the oceans to generate O2.
.
''When the oceans die, we die...'' [Capt Paul Watson]
.
Eukaryote and quite likely prokaryotic life is now experiencing their final century, if not decades of evolution on this beleaguered Earth.
The oceans are still and will continue it's process of prodicing oxygen without problems. The only thing from your comment that was correct was you dark pessimism and idiocy.
@@eclipsesolar8345 Wow aren’t we grumpy today
@@Deebz270 ah, you know what they say, there will always be life in the oceans... just not life as we know it lmfao. we can go back hundreds of millions of years and life will be a bunch of sludge...
If you’re going to call someone an idiot and try to sound like a self righteous asshat, you should probably try to spell correctly. One is forgivable, but two in one short comment? I’m afraid that’s… indicative.
I am Greek and I am very proud to have this man represent me in the Greek parliament. Bravo Yani!
That’s amazing! Good luck with everything. Will Greece ever see real progress? Will Syriza ever get its act together and will New Democracy still be number one in the polls? The US, democracy is incredibly weak when the rich dominate everything and its a duopoly.
I’ve always liked and respected Yanis. I watch anytime he’s being interviewed!
@@ricardobarahona3939 Unfortunately, my friend, things aren't looking particularly good in Greece either. SYRIZA is dead in the water. Its leadership has become power hungry and is now gridlocked in supporting (covertly) the same politics of austerity it meant to eradicate when elected in 2015. All SYRIZA managed to do was discredit the "Left" in the minds of the Greek people. I think New Democracy will suffer in the polls, because of its ongoing corruption and incompetence. SYRIZA is still behind and even if it manages to somehow take the lead not much will change. I can only hope that the people of Greece see the light and support MeRA25 and Varoufakis. I am not very familiar with American politics. All I can say is that I am very sorry that Sanders gave way to Biden. I really backed the man.
@@Quantumtalesxx I wouldn't be sorry. I'm from Finland and as much as I like Bernie I'm happy Biden was the nominee against Trump. The USA just isn't ready for someone like Bernie. It will take 20-30 years I think. Trump would have just yelled "communism" all the time and won because of that, even if Bernie would have crushed him in debates like he probably would have.
It was better to get Trump out with Biden - whoever is better than Trump. And Europe's relationship with the USA is so much better under Biden also. I know he has failed what comes to his domestic policy, let's hope that changes.
@@MultiJejje I don't think Trump and trumpism are out. I think trumpists are regrouping and Biden, who, from what I hear, will prove ineffective and just another "business as usual" politician, will make them stronger than ever. So perhaps in this case maybe it would have been better if Trump had won from a systemic point of view. Whatever the case may be, if the left doesn't band together behind a solid movement there will be no one to answer to the trumpists.
An ideal dinner party guest, and personal hero of mine, Yanis Varoufakis.
He has an Informed and fascinating View of the World.
I could lock him in the basement & make him tell me everything he knows lol. Great talk
He is one of the most phenomenal guests you’ve ever had in your show. So many truths that are hard to stomach but so appreciated.
@@user-wickedflower selfish. 😝
I just downloaded his audiobook.
th-cam.com/video/lqQMT4Uuh0s/w-d-xo.html
@@user-wickedflower I am sure there are others with a similar idea but they want to keep him there so many will not hear what he has to say :-)
Yanis is a much needed voice. Kudos to David for giving him this exposure.
he is so charismatic and smart :)
Except: Yanis is just Spouting Delusions; You seriously need to recognize the Difference.
@@KManXPressTheU Pls explain…
@@vancity87 No need to Explain when Somebody is Reaching.
@@KManXPressTheU could you be the Delusional one?
If you cannot explain the "reach" you don't understand the topic you criticize.
"Capitalism without debt is like Christianity without hell: it doesn't work." Thanks for having Varoufakis on; please have Mark Blyth on soon!
Yeah, that was a good one from Yanis.
I'm mad I didn't think of that on my own lol
off topic: I taught a rock band class for elderly ladies, they choose the name Wabi Sabi for their group.
@@dgodrummer8110 Haha! Excellent!
Doesn't work? I am a Christian who questions the traditional concept of hell myself, and I know a lot of others do too, so I'm not sure about what this quote means.
Yanis speaks in a balanced informative fashion.
Great talk.
more Yanis please, one of the most important figures on the left in our time
I wish he'd do more interviews on American platforms. He's tremendous
I agree. I always listen to him and Noam and prof Wolff. Very eye opening and highly intelligent people.
Main stream media will never invite people like him. And between all the commercials it's never going to happen... Sadly. Agree with Ruddy735
Considering even in EU he is considered a person too dangerous to have on mainstream media, there is no way the US platforms would be allowed to go even near him
@@Songfugel Exactly. The main stream media is just another form of corporate control. You see what they want you to see. They control the narrative.
@@Ruddy761 look at the main stream media and what few people own them. That in itself is a huge fraud that exists. Hurst was long ago, today it's worse, these feckless liars are pushing right wing bullshit and are dividing people. Sick
This man has the best metaphors: "Capitalism without debt is like Christianity without hell." (on not forgiving debt:) "It's like beating up a sick cow."
Hope this guy can loan me a million bucks and then forgive the debt!! That would be great!🍾👍
Ideally you wouldn’t have to take a million dollar loan, but hey, I’m not gonna deprive you of defending a shitty system.
@@babyyoda3118 You are trying to mock him with an argument that it really happened with the banks, and not one million, quite more. So for you this system is fine, nothing wrong with it?
@@JP-xd6fm Oh everything is wrong with the system! I’m totally against bank existing! I’m against loaning out money at all! I want the system to totally collaps, anarchy is the way! But if you do loan money you should pay it back!! True on every level in society!!
Yanis is a treasure of this Earth. The way he is able to communicate the issues and connect so many dots that most people (including myself) just never would've picked up on otherwise, is truly stunning. He is a magnificent speaker, with absolutely priceless wisdom to share.
The first time I heard him years ago taught me this: whenever Yanis speaks, I damn well am going to listen.
Thank you David, this was incredibly important to bring to your audience, and judging by the comments, it looks like everybody else thought so too ✊
Well, I think people in these positions that he's been in are frequently discussing these ideas behind closed doors or within upper echelons. I get the sense that without what's happened in Greece recently, we wouldn't be hearing people of this caliber communicating with anyone but each other.
100%!!
Right on, man! And, he doesn't get bogged down in innuendo or ''conspiracy'', he doesn't have to. Although there is a lot of institutionalised conspiring and collusion going on all the time, as being inside the mouth of the lion (the EU's Eurogroup Working Group) for 5 months proved. Which he wrote about in his book: ''Adults in the Room: My Battle with Europe's Deep Establishment'' (2017). Cheers from Estonia!
Republicans Love Corporate Welfare but God forbid We should give financial assistance to the working and middle class
Don't kid yourself. Both parties are garbage and nothing but shills for Wall St and Corporate America. The Dems are not sacrosanct or the solution either.
@@rothtiberiuscain7589 I tend to agree with You but the Dems are the lesser of 2 evils if You are not a rich person- I liked Yang actually for Pres. So I guess I'm an independent
Republicans love to make people suffer, it makes them feel powerful and important and something to entertain themselves.
@@HawklordLI Agree, even though what you're saying sounds so diabolical it 'shouldn't' be true, but it is. They have a certain sadism to their sense of self-righteousness; it needs suffering to compare itself to.
@@HawklordLI Orwell said, in 1984, that you know you have power over someone when you *make* them suffer.
Capitalism without debt is like Christianity without hell. That is such a darkly funny, but true statement.
Actually it's even worse because it's comes with 'hidden' cost of the environment.
Something we can't really live without.
Not hell but holy profits
You should really bring Yanis on more, David. Truly an incredible economist and a remarkable communicator. What I love most about him is that his views are very holistic. He understands how a variety of issues of our economic system are intertwined and he breaks it down wonderfully for us. Many can identify the issue with corporations being given loans which then turn into stock buybacks, rather than reinvestment. Not many can connect the dots, and definitely not as beautifully as he did, with the fact that plays a big role into why social democracy like systems are much harder now under that paradigm, with the banking sector becoming the primary means of expanding the economy, rather than the industrial second. Always brilliant to listen to him.
Capitalism without debt is like Christianity without hell.
Love that!
Gotta have those boogymen.
In Christianity you are born into debt through the concept of "original sin".
In capitalism you start your life in debt through the concept of student loans etc
Both systems ultimately achieve the same. A mass of good, tame lemmings, that can be exploited and abused, in order to continuously fuel each system.
Or its just socialdemocracy. Northern Europe = No debt.
@@starkad67 i do agree that the competency you see in a lot of nordic societies particularly like denmark/finland/iceland (even moreso than sweden or norway) does render them effectively without debt because you know, they actually invest in the long term health of their societies. what a concept. but yanis does point out a seemingly novel problem in the inability to breakup something like facebook and needing new solutions to these new problems. i think if social democracy is understood as a historical group which became stagnant and poorly suited to address these new problems with their past solutions, then social democracy is dead. however if social democracy is merely understood as a more philosophical idea of recognizing that certain sectors of the economy are inherently dysfunctional (like healthcare, prisons, education, etc.) because they lack one or more of the various requirements for a market to function like effective bargaining power by the consumer which is absent when you for example, *have* to have x or y medicine *in order to live* and effectively, have 0 bargaining power and just have to pay whatever price they jack it up to, then i think yea social democracy if it's adapts to new solutions "isn't dead" but i think his point is entirely valid that at minimum that companies like facebook or "platform companies" like that present new complications that need new solutions. i'm very curious what his proposals are in his book or what potential solutions could look like though. i do think if any country has a shot at competently addressing such problems, it'd be those nordic societies but they're also not really exactly major players in humanity's broader affairs unfortunately and it's not like silicon valley is located in even sweden or something.
@@mememachine4570 Denmark has a debt on 536 billions DKK. That’s 23% of the GNP.. Yanis talks investments and Denmark has decided that the jet fuel used within Denmark has to be green in 8 years. It’s helping the planet and there’s a lot of money in it. Investing is a main focus presently.
I was expecting to flip through this, but ended up finding it so incredibly interesting and thoughtful that the time blew by. Fantastic guest and interview.
Ditto.
Same here.
Yep!!
This is an old conversation but you'll love it.
th-cam.com/video/XIgFnfHhcRc/w-d-xo.html
I love listening to Yanis speaking.
He's occasionally a guest on the UK, political debate show "Question Time."
He always comes across as very well informed, informative and balanced.
The voice of reason.
There’s plenty of economists who are the voice of reason. They’re just not given much of a platform, because it doesn’t suit the capitalist interests with power. .
You can also add political economy professors such as Mark Blyth and ha joon chang. Both have books worth reading.
It's also pretty ironic to see all the amazon affiliate links in the description of this video, lol. I went to buy the book through the affiliate link when I realized what a strange dystopian irony that was and decided to go straight to Yanis for it.
That was a great interview, and very educational.
More time with this guy please
You or I may disagree with his solutions, but Yanis' identification of the problems is brilliant.
that's exactly how I feel about Karl Marx
@@intlvoiceofreason9239 Yh most people recognize marxism is the most coherent criticism of post agrarian market economics out there
His solutions are just... a bit questionable
especially now that we've had 100 years with of data on the subject in practice (even tho many would deny it as "not real socialism")
The left has to own up to its failures if the goal is to improve people's lives.
Capitalism like socialism are just models, they are not sacrosanct and we can find combinations that offer the best quality of life and long term societal viability
@@BasicLib the whole argument of *that not real socialism* is not an argument that his being done by the left. I am an anarchist and the anarchist critise the communist from DAY 1. It is the ML who refuses to accept responsibility foe their actions
@@BasicLib Captialism without Socialism equals Fascism. Communism without Capitalism equals Authoritarianism
@@ericmacrae6871 in many ways I prefer the “not real socialism“-left to what is increasingly becoming an alternative…
The “it was real socialism and it was glorious”-left
Cause the former shows contrition and atleast a recognition that a totalitarian hellscape with heavy repression and secret police and the suppression of all debate is not ideal whereas the later not only rejects that but revels in the brutality of the Marxist Leninist regimes of the 20th century and those that still survive to this day
I’d honestly rather give an Ancap power than let the “Stalin and Mao were based” crowd anywhere the levers of power.
It’s the same with mainstream right who are like, the Nazis were bad, we’re not Nazis we just want freedom, liberty, family values etc. (respectable positions you can reasonably disagree with in a civil manner)
And the “Heil our furher” right (who would stop at nothing but your extermination cause Hitler was based”
Before I used to complain about leftist who deflect from the practical failures of historic leftism, but compared to those who straight up even refuse to recognize them as failures but rather triumphs, the deflectors are a godsend.
This guy really knows his stuff. Thanks for having him on. Thank you, Yanis, for coming on.
I spent the entire pandemic reading 2 of Yanis' book and watching every youtube video I could...i learned more than my entire Princeton BA in economics. seriously.
I hear you! Same here!
would you mind sharing the titles of those 2 books, please?
Yanis, what a great mind and he's right on the money in everything he said.
Such a great interview! I am German and our media was condemming Greece for its depth (that we caused and profited from at a large extend). They were making fun of Varoufakis w/o really explaining the injustice.
I thought Greek Debt was becasue they pushed everything on the public paycheck and all wanted to retire at 50
Yes!
@@mckenzie.latham91 Greek had that already before the Euro, they also work the most hours in Europe and are at top 5 worldwide. We shall also not forget that national productivity decides over at what age you can retire. In Germany you could retire at the age of 70 and also could get universal healthcare with the Productivity level 1870. Germany could already afford that 152 years ago, so to retire at the age of 50 isint that hard for a developed country in 2020.
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What Greece did wrong, was it missed the euro inflation rate target, 0.8% above the 2% target. This made Greece more expensive than the rest of Europe. So they couldn’t export but import more but also could boost their domestic market.
In fact all Southern European countries gone this route, and became more expensive over the years.
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France was the only country to exactly hit the 2% target. As it was following the Golden Wage Rule of Capitalism, increase wages in line with national productivity growth plus 2% (inflation target).
So if France national productivity rose by 3%, their wages will also rise by 3%, plus 2% for inflation. So Nominal wages will grow all in all by 5%. Real wages (real purchasing power) have then grown by 3%. With that higher purchasing power France can now afford better more luxurious healthcare, or a earlier retirement, a higher retirement payment, fewer working hours for the whole economy, better and more expensive roads, better standards over all etc.
But there was another Problem, Germany. It started to cut and stagnate wages, causing its inflation rate to be under 2% even under 1%. Germany alone dragged the whole of the Eurozone so strong into deflation, that it nullified the inflation of all inflationary South European countries, in the average Euro-Inflationrate.
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This made German Products pretty cheap in comparison to other, and took over its European partners market shares. Germany was practically exporting its unemployment to south Europe and imported South Europes employment.
To make it worse, Germany was so cheap that it even took market shares of healthy France, which was the only country following the inflation rule.
Forcing South Europe and France to take very high Trade Deficits. Germany was to the Eurozone as China is to the US but worse.
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To fight the unemployment South Europe had to take additional Debts for stimulating the economy.
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Now Greece was forced to cut its wages to reach the 2% inflation target, for that it had to cut wages by 29% over night (beating the US wage Cut in the Great Depression), causing unemployment to skyrocket as demand fell immediately afterwards by 29% as well, meaning less work for Greek companies, meaning more unemployment. - this also just disproved the neoliberal idea of a Labor Market - So after the prices in Greece and Souther Europe normalized becoming even cheaper than France they still couldn’t recover.
Why?
Because there was still one County that was undercutting them this Whole time by 20-30% price difference over 22 Years, it’s Germany.
Which is why even the ECB can’t do anything against it, making Draghi frustratingly asking the German government to finally raise the wages, back in line with national productivity growth. But would need an inflation target of 4% for the next 15-20 years only for Germany. While the others stay at 2%.
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The time is running for Germany, because France and Italy won’t survive to be in the Eurozone with this high unemployment. Germanys economy is to 50% dependent on its exports. If France or Italy leave the Eurozone, they will depreciate their currency against Germany by 20% over night. Meaning Germany will loose 50% of its economy over night.
@@sharann3482 Greece had 2 additional problems:
1. The 2004 Olympics. With a cost of >$10bn that ballooned due to “required security antiterrorism measures”, and typical graft. Way too much money for a small country.
2. Probably the most important one. In 2004, the EU expanded east and increased from 15 countries to 27. This meant the PIGS (Portugal, Ireland, Greece and Spain) went from net receivers of European subsidies , due to being the smaller/poorer countries, to becoming net “contributors” to the national pot , since the former Soviet countries were now the poor ones.
Clearly the EU was not ready for such an expansion, and these countries were not ready to shift either.
@@philippetsoukias833 these Countries still managed to grow the strongest and invested massively in their productivity. These costs mean nothing as long as they are in their own currency. Which was also no problem before the Euro. The Olympics are nothing in comparison what happened in the World wide financial crisis 2007/2008. Greece was forced to rescue its bank’s thus rescuing German and French Banks and deposits. This exploded Greeces debt massively. But only became a problem as the ECB didn’t wanted to act as a central bank for Greece (which it did at the same time for France and Germany). Which made Greece debts in its own currency suddenly foreign debts. Pushing Greece further into the slump.
It was when Draghi stepped in and made the ECB also the central bank of Greece, turning the debts back into Greece currency.
The only problem Greece had from that point wasn’t its debts but its weakened competitiveness inside the currency Union. Which is why Germany has to rise its wages, so Greece and the other countries can get back their market share and equalize their trade deficits.
For those who only discovered Yanis through this video, I implore you to seek out his other work. The man is a superstar and his books are incredible
I totally agree.
It's always an informative and interesting conversation when listening to Yanis Varoufakis.
I never have any clue what he’s talking about
It's weird to me, that people keep talking about this as if the people in charge actually want to improve the lives of humans in general, but can't quite solve some hard problem. This is all going exactly according to plan. The rich are doing fine, and they don't see the rest of us as human.
Someone is trying to do something now and they are constantly being beaten down, they can spend trillions in war for the Middle East, but we can't spend our hard own money at home.
“The strong do what they can and the weak suffer what they must”, Thucydides.
Absolutely right. The system is not broken, it's working perfectly... for the few.
It was the reason why this country was founded; by greedy, rich, white men, who didn't want to pay taxes and have politicians tell them what to do. The sad thing is many in this country are not rich, but they want it later. They don't want people in charge help them out; better man kind. To them the country is working if they are just left alone in their misery. Sad.
@@DrVVVinK founded; by greedy, rich, white men, who didn't want to pay taxes and have politicians tell them what to do.-- more like tell the politicians what to do...but agree on the main thrist of what you said
When the tax rate was high in the 60’s, that’s why companies did invest heavily because if they did they could avoid paying taxes which led to more money circulating throughout the economy. Wages were higher and people had a higher quality of life. There was more velocity.
This cannot be repeated enough! Certain propagandists have hammered the idea that taxation is theft alongside the bogus idea that _anyone_ can be a millionaire in the US, driving the idea that taxing the rich is _actually_ taking "your" future money, even though "you" are poor. The economics of the 1950s and 1960s, our most prosperous decades, show us *exactly* what should be done.
@@FakingANerve Everyone who comes up in a discussion with this american dream stuff "anyone can be a millionäire" should be instantly confronted with the following sentence:" Yes, you are right. Anyone. But not everyone. And the difference between anyone and everyone in that case is astronomical!"
the way Yanis articulates his words and arguments is quite wonderful, especially considering he's not a native English speaker.
This was fantastic! A great outline of why and how the world will end. Bittersweet.
US hegemony might end. Some other countries still invest in infrastructure, renewables etc.
Mr Varoufakis is one of the few that I believe when he talks about the global economy and how we could do better. Every single one of his books is worth reading btw!
The man is a genius in a number of different areas. It's always a pleasure to listen to his descriptions of the way he sees things. Very matter-of-fact, and steeped in facts and history. He's the perfect professor. :)
I just purchased "Another Now". I also highly recommend a book to all y'all interested in the philosophy of our collective mind emerging social monetary systems, "Democracy Incorporated: Managed Democracy and the Specter of Inverted Totalitarianism"
“Nobody likes debt unless it finances themselves”.
I'm not sure a successful business that initially needed to borrow money to get started agrees with you. Or a family that can afford to buy a house instead of cramming inside a tiny appartement because they could take a mortgage.
@@antonkarlsson7664 I believe you have just proved the point. Temporary debt to increase a lifestyle in the long term is something “likable”. Long term debt to increase a lifestyle in the short term is fun followed by sorrow.
@@MrDouglasSawyer Being an irresponsible borrower is certainly a thing. Just look at Greece. However, that doens't mean that debt is inherently bad. One can be irresponsible with a lot of things, such as one's income, a weapon, a tool, power etc. That doesn't make it inherently bad. Debt is a necessary component to transfer money (willingly) from a lender to a borrower. I do understand though that in Varoufakis socialist utopia, an individual's consent has scant value.
Donald trump literally admitted several times that he only survived economically by manipulating his debt.
@@antonkarlsson7664 Indeed, your examples are about 'themselves'.
Wow what an incredible communicator, and thought provoking topic. I wasn’t sure what to expect coming in but listened the whole way through.
Look him up on youtube he is an incredible speaker and i would dare say a brillant man. Every time i see him it is a video that i NEED to see and there is always something that I haven't learn before
@@ericmacrae6871 Imagine being Greek and seeing your compatriots regurgitating bought and biased media talking points about his actions in 2015 as a finance minister,while at the same time you view him as one of the very few honest politicians left in your country.His party now has the lowest percentage in parliament while at the same time our own majority elected government is the most corrupt disgusting lying ultra right flirting piece of shit i have ever experienced in my thirty years on this earth.That will lift your spirits.
@@dawnbylaw I already know this and of course, that is what happened, after all, they did the SAME thing for Corbyn. It is simply the capitalist overthrowing the left the normal authoritarian tactics that it is always used. But of course, they can't EVER admit that the first world democracy is authoritarian ever and pretend that it is all free speech etc. I have come to the realisation that NOTHING is going to change. The people are to set in their way and follow the will of capitalist and not seen the danger that is around the corner. It is not until AFTER the climate crisi occurs who destroy the entire planet that WE MIGHT have a hope to change humanity course. After all, we sill have those people believe HERE ARE OUR CHANCE AND LET''s DO REAL CAPITALISM with no government and crap.
@@ericmacrae6871 sad but true.I regret that i share your pessimism
@@dawnbylaw I like to call myself a realist. I am pessimistic when the situation I called to be pessimistic and I am optimistic when the situation is called to be an optimist. I am very hopeful about my own individual life and how i can take my own life to be. Still trying to figure out shit tons of stuff. However, things that are beyond my control like societal issues I am very much pessimistic. As such I can only focus locally. Fortunately where I live is fertile ground for farms and livestock and there is a bridge that connects to the mainland. So yes I live on an island (PEI Canada). As such, I am trying to build my own community that we can survive by ourselves when shit hits the fan and it will happen so I am trying to prepare for it.
Always like hearing Yanis speak. Such an intelligent man and the empathy he portrays for his fellow human beings is commendable.
Οπός πάντα, κ Βαρουφάκη … είναι ‘Ο ΑΝΤΡΑΣ’ David, you have pulled out the stops with this post. Thank you.
David, your economic background is really shining through here in not only the discussion, but arranging such an amazing interview in the first place. I'd love to see more of exactly this!
This is probably taken as a rude question. Do you not learn economics and finance in schools where you are living? Most of us learns that in 9th grade in Denmark. If not? You guys needs to demand more from your educational system. Just like I need to learn better English 😀😀😀
What he calls techno feudalism I've been calling money chasing money (which generates nothing of value). Great interview.
Yes. Private equity investment firms are destroying this country.
@@superblump87 the housing crisis as well!
“Techno Gold diggers”.
Jodi dean calls it neo-feudalism, David Harvey calls it accumulation through dispossession.
The elites call it the great reset.
Yanis is an important figure in making alternatives to necrocapitalism accessible and understandable.
Μπράβο κύριε.
Just call it Neoclassical economy, it has nothing to do with capitalism anymore
Good one. Necrocapitalism, I like it.
15:00 This is an exceptional point, people talk about the internet allowing for searching and comparing and competition which CAN be true but that's not what is happening in reality at the moment. Once one guy controls the visuals the competition disappears, you'll never find that other guy competing to bring you something cheaper/better because you're so funneled you never see him.
Thank you David for bringing this to us! Great interview. We've really mucked up the world. Greed seems like the worst sin......
The love of money is the root of evil
@@baronesselsavonfreytag-lor1134 i mean, im definitely not trying to defend money but there was plenty of evil before money became a thing.
@@sparkofcuriousity just exchange money with wealth and power.
"Greed" is the worst human quality. I hate it..... although Hate isn't very good either. Nevertheless, in my view, Greed begets Hate.
@@falkorornothing261 yes, but where do those come from?
What turns a person into a megalomaniac, power lustful sociopath?
The person above me mentions *greed* . It could be greed. But, what is greed? Why does one develop greed?
Some might say, "it's just human nature". That is a very simple and shallow answer that i don't agree with.
Without going into great detail, in my mind greed, hate, powerlust, etc, are character flaws, not necessarily natural traits, but flaws that have been reward in human society from ancient times.
How does one combat character flaws? I believe it can be done through developing something that used to be highly valued but depreciated over time. *Wisdom* . What we witness in human societies from long ago culminating in our modern society is that loss, the loss of that ability to develop and experience wisdom.
So what is wisdom? Well to me, wisdom is the direct opposite of ignorance.
Wisdom is the ability to be knowledgeable and to effectively aplly said knowledge, but it's so much more, that it's difficult to tackle it in a comments section. So, ultimately my position derives from the perspective that the root of all evil is in fact, the loss of wisdom and the rise of ignorance. I don't mean ignorance as in lack of higher education.
Looking at our modern society what do we see? A mass of people who idolises tv and internet celebrities and rejects knowledge and science. This is ignorance to the point of madness.
Dr. Varoufakis is a gem.
If only more U.S. politicians were like him.. instead we get Manchins and Sinemas.. barf..
That wouldn’t make any difference. He stated that it doesn’t matter who’s in power, Bernie, AOC, or otherwise. The laws of capitalism, the inherent contradictions, the anarchy of production can’t be checked by political authority.
Yanis talks so succinctly about very complex issues and makes them very understandable.
Yanis is only speaking of social democracy from a Greek perspective because Greece does not have a capitalism base like many social democracies have around the world. The fact of the matter is Greece produces very little merchandise of value, which means they have no base to tax (capitalist base to tax) to build a social democracy.
That seems to have always been the history of Greece.
Big fan of his speeches and interviews.
And Sen. Joe Manchin says with a straight face that the main concern of his fentanyl-addled West Virginian constituents is inflation.
Respect to Pakman challenging his own beliefs, I’m with Yanis, Social democracy is finished and not worth fighting for if it wasn’t
this interview was pure joy. thanks david!!!!
I first heard of Yanis Varoufakis when he was Greece's finance minister. He was NOT painted in a positive light. German media (I am German) made him seem like an aloof character that had no business being finance minister (this *seemed* to check out as he was riding a motorcycle and wearing a leather jacket). A guy that's just blocking all the "great solutions" that Germany and the European Union suggested to "fix" the many problems of Greece - factually a bankrupt state at the time (and unfortunately still today afaik).
Only later did I start coming across his TED talks and interviews like this one where he wasn't taken out of context and he was in control of the narrative or at least able to answer in full sentences. Boy oh boy did this change my perspective.
He described a meeting with the European finance ministers in which _he did the math_ and told them that unless his numbers are wrong, the proposed solutions will lead to Greece being screwed over for many, many years to come. Like he says in this interview, turning into a zombie state that is only surviving thanks to the new money printed / lent by the European Union.
He said that German's finance minister replied that there were NO ERRORS in his calculations. So Varoufakis correctly realized that he would be about to sign something that would do terrible damage to his country, he confronted the people that made him this terrible offer, they got caught and they did not even lie about it...
I dare anyone in his position to act differently. I believe he is very likely a Greek national hero and he should be - he truly deserves it. A lesser person would have just signed these contracts to keep Greece afloat for a few more months, but he used his brains and refused to sign as he correctly understood it would doom the country for many more years to come.
I am ashamed of what many of my countrymen did, how the great people from Greece have been treated in the German media and I hope that Varoufakis can continue to spread his gospel as he certainly seems to keep in mind what works for *the people* a lot more than most other politicians.
He was subject to tactics of character assassination. I'm Greek and I speak fluent German (studied there!) and it was all 100% calculated to achieve this exact result. People in the west and especially in DE do not understand how one-sided their media landscape is and how susceptible they are in the tactics of opinion-makers. Unfortunately we are even worse than in the 20th century in this aspect - public education has been in steady decline. I would disagree with the assessment he's a hero or sth. He should be able to see what the media was trying to do. Instead of blocking it, he was feeding it with his own quasi-bad-ass looking behaviour. He made it easier for them. One reason is his vanity, which IMO is the size of Olympus. But every man has flaws I guess.
Another problem is that he didn't assess correctly 1) the true intentions of the EU masters at the time (they didn't care about the true economics, it was all a power play and pseudo-virtue signaling that fit their narrative). And 2) the limits of his own government and the negotiating hand of Greece. You can't really play poker bluffs where you have everything to lose and your opponents have almost nothing to lose.
@@dirtyharry1881 Thank you for these insights.
I don't think I heard much about his vanity? Do you have something you can link me to so I can better educate myself? 🙂
@@soulwarrior I wrote an extensive answer but it disappeared!
@@dirtyharry1881 Oh my, I'm sorry. I didn't want to cause you work and then it's all for nothing. :(
@@dirtyharry1881 Thank you for the effort, though! I appreciate it!
This gentleman's description of capitalism, and it's current state of decline is explained in very clear, and simple terms, and offered some interesting, if not fascinating solutions, but his explanation of how we got to this point on the brink of economic catastrophe stops short of the main reason for our financial crisis, it can be described in one word, and that word is.....GREED!!!
It goes beyond greed. In a functioning capitalist system, greed is almost a good thing; an incentive to be efficient and create value. But because we've allowed our public debate to be shifted to ever more extreme forms of capitalism though paid propaganda but also by defining ourselves not by what we're good at, but by "the opposite of communist russia", we've lost sight of how capitalism works.
Capitalism as a philosophy is in essence merely a niche application of game theory. And the essence of that observation is that we *need* to set up to rules such that that game converges towards some global optimum we care about. But we can't even *talk* about that anymore; because talking about rules is generally equated with government control i.e. akin to communism - that-which-we-define-ourselves-to-not-be. Just listen to democrats - even to somewhat leftist electable political actors in other countries - they immediately counter any accusation of socialism or communism; the concept is so taboo that we don't even consider the merits of non-communist policies, we primarily consider whether they might appear communist, and if so, shut down discussion, hard.
Even when the government *does* introduce rules, they're carefully designed to typically be as non-redistributive as possible, even when that involved makes terribly inefficient rules - and indeed makes for rules that are considerably more controlling than the alternative. The classic example of this being pollution taxes and specifically carbon taxes - rather than set a price and let the market figure it out, we try to micromanage what's allowed and what's not - because taxes are evil, mmkay. In fact, taxes are one of the simplest, most effective tools governments have to shape the playing field without rigidly controlling it. But while carbon taxes may be a well-known example of this, a much deeper and similar flaw is in how we deal with intellectual "property". The absurd rules surrounding that are terribly inefficient and injust in all kinds of way - but the thought of deemphasizing those in favor of e.g. citation or consumpation based subsidies, and/or at least imposing an ever-increasing tax on such monopolistic grants is essentially taboo. If you think copyrights+patents are efficient, consider that they're enforced through the courts (the most inefficient and inflexible arm of government), and are mini-monopolies, that they acquire monetary value often not through intrinsic value but through network effects - and that they're basically tailor-made to allow anti-competitive exploitation via onerous terms and conditions.
But can you even imagine a world without pervasive copyrights, patents and EULA's? A world with carbon taxes instead of micromanaged regulations so long no human has ever read them all? I can't even imagine that world, and I doubt I'm alone. It'd almost be an alien planet.
The problem isn't greed. It's all the other cruft we've allowed ourselves to be bogged down by.
@@MoireFly No, sorry (and I didn't bother reading the bulk your word-buffet... Mostly because you don't use paragraph breaks... And my ageing eyes can't keep up..) greed and power has always been in the driving seat. And yes, I can imagine a utopian paradigm where pervasive copyrights, patents and EULA's don't exist. But given that humanity and all other species are now living on borrowed time, it is all a moot point.
@@Deebz270 While I admire your honesty in admitting you couldn't be bothered to read, it's not exactly an inspiration to reply with a constructive critique. I'm somewhat confused by your complaint however, since I can see paragraph breaks - perhaps your youtube client eats them?
Capitalism died in 1913 when the Fed was created. Deposits were insured and this facilitated cycles of reckless loans and subsequent debt that have magnified each time.
Practical politics forbids austerity. Governments know that printing cheap money is detrimental in the long term but hey, what do they care . They just want to appear great for the moment.
@@Deebz270 what a pathetic cop out.
You surprised me, David. Let’s see more of this! Excellent instruction, and conversation, here in this interview.
Yanis is such an intelligent, insightful and knowledgeable man. Great guest, great interview.
The real deal is yanis. Incredible human also.
I didn't even watch the interview yet and for the first time on youtube, I gave a like on the video before I watch the actual video. I know how good the interview is going to go. One thing i will give credit to David Pakman he is a really good at intervewing people but having this brillant man on it is a perfect combo. This is coming from a man who disagrees with David Pakman takes on socialism/world politics
A question to Yanis, In the Greek financial crisis, I thought that a mechanism to alleviate the unemployment problem could be a border levy on all imported goods and services with the levy rate linked to the unemployment level with the funds from the levy being applied to employment restructuring. The problem for Greece was that they could not print money being part of Europe and there was a need to promote Greek employment to rebalance the economy so that the debts could be serviced. A border levy would be a device to compensate for the inequity of a week state economy in a group of strong state economies.
Nice idea, but I think being part of the EU also prevents this. There can be no tolls between EU countries and outside trade deals are negotiated by the EU. I think such levies would also be forbidden.
I'm well to the right of Yanis Varoufakis, but the guy is absoutely brilliant, incredibly informative, passionate, and able to maintain personal friendships with Thacherite conservatives, with whom he can debate ideas without personal animosity.
I wouldn't want to be in the same room with Thatcherite mofos.
You should consider moving to the left.
If you're well to the right of Yanis you're in the wrong place.
Didn't Greece go bankrupt?
Conservatives who continue to support Trump? Are like ex convicts who have committed serious crimes, are still committing them and would not hesitste to make you a victim.
Hope Yanis is a regular guest. He's a good one.
Yanis and Mark Blyth are beasts.
very insightful. Not often I can say that I enjoyed hearing an interview about economics - but I did now.
Yanis is an excellent man!! He knows his stuff, well educated, he has figured the angles behind this stuff.
He’s a good lefty! I totally agreed with what he was saying all the way.
Everything he said made complete sense. Many of those things I already agreed with. Some were very educational. Thank you for having him on. Thank goodness I didn’t invest in crypto. It just seemed like it would be a disaster.
I bought some Bitcoin at $3,000, it's not been a disaster!
Totally agree and Diem25 is hugely important for Europe, I really like Yanis very refreshing to get a human politician.
@@nonflyingdutchman9573 maybe not for you in the short term but as a country as a whole or even for the world it may be a disaster in the long run. This is exactly what Yanis said.
@@lucky3026 but you said thank goodness you didn't invest. Why would you not want to have invested in the single best performing asset of the last few years?
@@nonflyingdutchman9573 did you listen to what Yanis said? Or are you just reading the comments? Or maybe you listened but didn’t comprehend or understand what he said.
I had no intention of listening to this talk. Well I was surprised, I found myself listening and i found I could understand what he was telling us. it was a great and interesting talk and im so angry at governments . 🦋
My financial health has been Ill since 2008 and I have been unable to get ahead of my debit. I have not been able to buy a house. I live paycheck to paycheck. Rich getting richer and my struggles keep getting bigger. Just when I think I can buy a house I find out I can no longer afford a house because the market just went nuts. Feels like I am one step behind all the time.
Thank you so much for having Mr.Varoufakis! Been following him for years. Whenever he speaks, it just makes sense. This man is an encyclopedia. A treasure really.
Who the hell is this man? He's like finding the guru on top of the mountain! If we don't listen to him we deserve what we have coming to us!
Google his name. He has quite an impressive resume. 🙂
Great interview! Thank you for having such a knowledgeable authority, who is not American to discuss this gives s great dynamic.
Whoever told you we intended to pay the debt back or whoever told you any other country would ever pay their debt back
I'm so glad you had him on. He needs way more exposure to the US.
That was an excellent interview David (I've re-subscribed). I can't believe I've just watched 26 minutes about economics and I was enthralled to the end. For the record, I'm a 60yo Leftist/Socialist. I like the way Yanis explains economics in a way that I can understand, albeit in this instance, with a rather bleak outlook.
For the last 25yrs or so, I've had this un-nerving feeling that the political system was heading in the wrong direction. I should have got off my arse and got more involved in politics instead of sitting at home getting stoned and playing music.
I'm reminded of a Pink Floyd song from their Animals album, Sheep: "Hopelessly passing your time in the grassland away - Only dimly aware of a certain unease in the air"....
My time will be up soon enough, but I'm worried about my two children's future. Surely there is something we can do. 😩
The more I listen to this the more I think capitalism will lead us to the apocalypse.
For my dead feiends suffering from poverty, it already has.
American Capitalism as it was concieved was ALWAYS going to end this way.
It was all an illusion.
At It's core.. It is quite Literally
a 'self cannibalising' system that devours itself alive.
Misguided by Hopes of INFINITE growth it reaped from within the systematic control,..
of a financial structure dependent on Resources which are ..FINITE
It was ALWAYS an illusion.
George Carlin was right.
"It's called The 'American Dream'... because you have to be asleep, to believe it''
It's not hard to see it..
Just close your eyes.
The fucking free market and the Banks and corporate shareholders lust for this "unlimited" financial growth has unleashed it..
Running completely and rampantly Unfettered..due mostlyto the diabolical results of the neocon's greed-driven deregulation.
And THAT'S exactly what has dropped humanity ... As in ALL of humanity
on this 🌎..
.. now inevitably hurled off of the ledge , ... Splattered..
Finally Arriving at our Destination.. Survivors strewn across the Marbled steps of a Dystopian Future..forced to stand up and limp,
bleeding.. up to it's Front 🚪.. .
Finally facing the 🔔..
which we most likely will ALL be ringing, together.
"DinNG- 😞
DONg---🥺
--DOOMED☠️
David, I have been a financial backer of this show for several years. In the past you had very interesting speakers such as Yanis, and then you went thru a period of just being another TH-cam publisher that just repeated what was already said by other news outlets. I'm glad you are getting back your moxie and going into cerebral topics. Otherwise I was going to drop this channel.
Yanis Varoufakis was a great choice for an interview.
i enjoyed this interview very much. he says it how it is.
This was my favorite interview I've seen of yours, and that's a big statement considering how many great interviews you've done. I watched it twice because I enjoyed so much. Extremely interesting and informative. Thank you!
If you haven't seen it you will probably enjoy this th-cam.com/video/GB4s5b9NL3I/w-d-xo.html
Thank you for the link I am excited to watch it. Yanis is extremely intriguing.
100%
This guest speaker - Yanis Varoufakis - was absolutely phenomenal. He showed amazing insight into the global financial and central banking system. Many of his observations reflect the principles of free markets, yet (at the same time he believes in socialist ideals). I completely agreed with his comments about the way “monetary stimulus” is replacing free market profits. Impressively, he understands the mis-allocation of financial resources and that, importantly, capital investment (in the appropriate areas) is essential for society to prosper. Allocation in the right “areas” is a critical element. I think another question is how these investments are delivered? Through the free-market mechanism or through government bureaucracies? Ultimately, we need people like Yanis (on the left) collaborating with free market advocates to build a system that actually works in the coming, digital age. Thank you very much for bringing my attention to this man and his book - “Another Now”. I have found his book on Kindle and will definitely enjoy reading it soon.
Brilliant conversation with Varoufakis
This best 26:51 minutes I've spent, during the pandemic trying to understand how we've ended up in such financial and political insanity! Thank you Yanis and David very well articulated, i imagine the book will be as well.
Without a doubt the best, most interesting and informative DP Show I have ever watched. Great choice of guest David.
Been a fan of his for awhile. Love his theory of Techno Feudalism
I love seeing David being pushed from the left, and not by some pie in the sky dreamer but by a long-time academic and one-time finance minister. The U.S. needs more exposure to this kind of big brain stuff.
@@harkowl this expresses exactly what i'm so concerned with over china so well. they're not a fucking communist country at all whatsoever but what they really pose is the practicality and therefore a seductive allure to taking a capitalist society and making it into a dictatorship/authoritarianism because china might be worse than even us but they're competent unlike us. they can actually get shit done. they actually fucking invest in the long term health of their society, however faustian, brutal, or dystopian. and that can become very seductive to do even worse things than incompetency to do good: competency to do evil.
@@harkowl Okay, so you're suggesting that the guy in favor of ditching capitalism outright telling the guy in favor of reworking capitalism to accommodate social democracy that it just won't work isn't a push from the left? Alright, guy.
This was really fascinating! I've never actually listened to anything from Varoufakis before, he seems to be much more informative than Richard D. Wolff. Namely in that he speaks with some actual practical authority and insight instead of repeating the same 4 or 5 cliches over and over again. Awesome interview!
I think he was a finance minister in the Greek government 👍very knowledgeable.
Give Dr Wolff a break. He has also identified the problems with financial capitalism, but goes soft on why social democracy is going off rails in Europe. He knows it will depress Americans who like quick fixes. Older countries are more cynical because they've endured longer. Steps toward social democracy are still better than where we are & the downward spiral that awaits us if we capitulate to corporate feudalism.
@@gladtobefreeagain7375 Oh, don't get me wrong, Prof. Wolff has certainly been helpful in normalizing anti-capitalist conversations in the U.S., especially among younger people, and his analyses of the practical economic ramifications of public policy are frequently quite interesting, but I've found that his discussions of practical applications of socialist economic development leaves much to be desired.
Speaking as someone who became interested in socialism back in 2012/2013, once I became convinced of the idea of worker self-management and economic democracy, I vigorously read up on as many sources as I could get my hands on, searching out how such an arrangement works, and so I feel as though I've formed a pretty solid theoretical framework; but having followed his social media presence over the years, I've noticed a disappointingly glib and repetitious quality to many of his TH-cam presentations. Especially the videos he made a while back about Titoism, which really irked me with their lack of practical insight, especially since that's a topic I'd been reading about several months prior, and the model of socialist economic development pursued in socialist Yugoslavia at that time held a number of helpful examples that could've been presented for consideration to his audience. He either sincerely didn't know much about it or, for whatever reason, chose not to go into detail, either way, he seems to be committed to addressing his Patrons with broad generalities and, frankly, the same level of information that they could be getting for free from a WikiPedia article. Basically Prof. Wolff is helpful as a start, as an introduction, but he's also someone to move beyond if you're interested in acquiring a serious and thoughtful formation in socialist thought.
@@GarrettFruge the way i look at Richard Wolff he his like a high school teacher who is teaching the basics of socialism. The problem with North America is that people can't even understand the basic of socialism which is why that he doesn't like to go into deeper detail
@@ericmacrae6871 I can respect that. He is a professor and in school teachers do tend to go over past material as a way of keeping the subject fresh in the students' minds, and so I guess he's speaking to his social media audience in a similar manner. But, like I said, I think he's missed several opportunities to introduce some useful discussions and has passed over a lot of history. Don't get me wrong, I'm not trying to be too harsh on him, I'm just frustrated and a tad disgruntled.
This guy was 100% spot on, on identifying the issues and although I found myself agreeing in most of his assessments and proposed solutions (not all), I must say that this was one of the best interviews overall. I'm glad I subscribed to your channel and I keep getting pleasantly surprised by your guest selection.
Please have this man on again, David. Interesting, unpretentious, and clear, above all.
And genuine! You can tell he really means what he's saying.
This gentleman is brilliant. Love listening
to him. He sounds so very honest. Thanks 🙏.
Money being hoarded by wealthy corporations... not the first I've heard this. It's been a few years. The money was not being turned around and either invested or spent, leading to a problem with supply. And no one addressed it then (2017, I believe, although it may have been earlier). Open to more info on this.
I suppose b/c the mechanism to stop that is fair but tough taxation policies, which is a poison challis to any politician to drink from, as much as it's probably impossible to implement
This interview was amazing! It's being a very long time since I heard anything so eye-opening. I consider myself a social-democrat but now I've realized that the foundation has shifted under us. I had for a long time my doubts about the relevance of some socialist dogmas on defending the interests of the working class, but I could not explain it as well as Yanis V. did.
The financiers must be put back in their place. Reinvest in jobs and industry, re establish the conditions he says are necessary. The current system is dead man walking.
Hitting the old youtube roulette wheel long enough tonight that it finally threw out this gem of an interview.
A great interview, thanks David! I've bought his books and are eagerly looking forward to reading them.
Thank you Yanis and thanks to your ancestors for democracy
Great interview & conversation, cheers.
Great interview. Thank you very much for taking the time and creating this video. Much appreciated.
Hey from Canada, Loved this interview, extremely informative.
What a breath of fresh air. It's what we ve been thinking and knowing. I'll follow you in play money game...Wow David. I loved hearing him speak truth. Peace.
Sir, this was a very informative and entertaining interview. Thank you. Keep up the great work you are doing.
A sensible, lucid summary by Yaroufakis. Thank you David
Loved this. So clear, and so important for us all to have an overview of where we are, why and what we can do about it.