2008 Financial Crisis Was the West’s 1991 Moment |Yanis Varoufakis

[@henryyip1]

Yanis Varoufakis One of the Greatest Thinkers of our Time

[@Flylikea]

True, his mind is brilliant.

[@MetaView7]

*The Greek is Back !*

[@anthonyfong2292]

He was my lecturer 🤗

[@derricktapia2098]

If he knew what he was talking about, that would be good... not sure why they're on american internet, pretending. Why aren't they on thier own countries Internet.

[@MetaView7]

@@derricktapia2098 What makes you think you own this internet? Why are you using a Chinese keyboard ???

[@Ksrwilhelm]

Another important factor of WWII saving capitalism imo was the fact that Europe was almost completely destroyed. There was so much opportunity for productive investment. The process of real capital accumulation was almost reset. By the late 70's this venue of investment was drying up, with financial speculative investment beginning to dominate, leading up to 2008

[@jama987]

Well put Sir.

[@louise_rose]

Americans love to contrast "old Europe" (supposedly weak, frail and complacent) with "young and virile America" but in terms of economics and investment it's sometimes the other way around. As you pointed out, Europe saw periods of massive destruction during the world wars - especially WW2, and this called for reinvestment and rebuilding, but also allowed for new groups to come to the fore, capital and assets shifting hands and so on. The US hasn't really seen that kind of widespread disasters since the Civil war, and the result is that old family fortunes and business empires have sometimes had a better chance of survival in the US - at least up until the 1980s/90s. I would also say that the western European political scene during the Cold War was sometimes more modern and able to take on new problems than the American on, with its heavy, uneasy swings between civil rights progress and conservative/oligarchic politics.

[@dunzhen]

Could listen to Yanis all day. Love this talk with him and a Chinese person...full discussion needs to be released

[@evanmcarthur478]

He’s not just gonna let you listen to him talk all day , he’d make you read too😅

[@hoboringmaster8029]

What??! The W3tback!!….. ohh ohh the world bank 😂😂😂😂

[@Mike-ys4sr2023]

Always a pleasure and lesson to listen to Mr Yanis on politics and economic

[@kaushalsuvarna5156]

Good to see some people still remember 2008

[@raymondho3574]

This is the best discussion on definition of globalization I have seen, whether one agrees with its impact or not. Get the definition right first. And precise and concise of larger global developments over past hundred years. Thank you very much.

[@juhantoon6524]

Many Westerners especially the politicians view him as a traitor. But what he did is just simply to speak the truth. And many a time, truth hurts.

[@vladimirdashkov3041]

The best economist in the world

[@vivalaleta]

I slightly prefer Wolff and Hudson myself but Yanis would round out the three....but I love Desai... Economists are my favorite speakers.

[@dimiberberu]

Best potential because he deals with DIEM25, trying to bring Democracy to the EU (unlikely with US bullying)

[@JK-gu3tl]

Peter schiff

[@taiwanstillisntacountry]

2008, the PRC saved the world economy. Never forget that

[@johntitor414]

to be fair thats like those ignorant americans saying America pulled China out of proverty by sending their industries, technically partially true, but its done on pure self interests.

[@elonmusksellssnakeoil1744]

Where can I learn more about this?

[@Darkmatter321]

Exactly right 👍

[@Darkmatter321]

​@@johntitor414The difference is the US'self interest consists of washing wars, of China is making mutual progress

[@bungkusi2432]

Actually... To be fair *CHINA DID NOT* save the world economy at that time China just let the America to have bigger bubble

[@hc1897]

In 2008 I suspect China did the world as well as ITSELF a good turn. If the world economy had collapsed then, the global south was still too underdeveloped to keep things going. So the US really was too big to fail at the time. Now the tables have not 100% turned, but at least today the global south has a fighting chance to make it through the collapse of the traditional big economies which are imploding before our eyes.

[@mysterioanonymous3206]

I'd tread very careful. The west was extremely welcoming in integrating the global poor into their trade system but seeing the hostility towards us is quickly turning people around. Once these historical trends are underway it's virtually impossible to stop them. Should the west take an aggressive stance the developing world incl China is toast. Again, be careful what you wish for. Every action generates a reaction. And I and other westerns aren't feeling the love trust me. You should pray the west isn't taking a hostile position. When we come to fight your world will lay in ashes.

[@fabiodeoliveiraribeiro1602]

Varoufakis failed to mention that since the end of World War II, the US has been fomenting and financing coups d'état, civil wars and wars between states to subsidize its immense private military-industrial complex. This branch of American industry (the only one that has survived alongside the oil industry and entertainment) does not need to be saved by China. On the contrary, it will continue to distribute profits if a new major war breaks out, and this has been the goal of the US government in the Middle East, Asia and Europe.

[@stchan8569]

Even before that period, US was involved in wars and Jimmy Carter said 226 years were involved in wars out of 242 years as a nation. The most war like nation in the modern world.

[@christineyoung8345]

That's a different topic. But while on that topic, America's military hegemony will be jeopardized by the erosion of dollar dominance, which has become a reality due to China's rise.

[@fakekomeil4084]

that part is on Russia, Iran and probably northKorea to handle

[@musiqtee]

Good points here - just mentioning that Varoufakis has «mentioned» every aspect of US hegemony repeatedly. The forum (or time available) isn’t always the right one to do so… All of this is interconnected, they’re not separate issues. Just like the myriad discussion points in any board room, coalesce to the single goal of the company - to «win». Open question; Do we as voters (people, majority) understand what the coalescence of our «issues» is?

[@CanTho2022]

China said they WILL NOT bail out AmeriKKKa the 2nd time…..and it is coming! 😂😂😂

[@ohmikesroh5904]

@@CanTho2022 yes. Why save or help someone who is only out to kill you.

[@antediluvianatheist5262]

Both they are Russia are trying to let USA down slowly. Crashes cause panic, and panicking people do stupid things. With nukes.

[@JCSY1]

Yes. No more bailing someone who keeps sanctioning and attacking you.

[@lisa.e5776]

Good 👍

[@johnwright9372]

China did not save America in 2008. The Federal Government did by pumping vast amounts of money into the banking system.

[@JohnLocal-v6i]

100%! I'm saying this since more than a year and people look at me in disbelief.

[@heinzgrilberger722]

Happens to me too ! A lot of people look at me in disbelieve but only because they are too much brainwashed and not smart and educated sufficient🤠🤠🥳🥳

[@flutieflambert]

From a socialist perspective the term “globalization” has been misused for it refers to the globalization and hence accumulation of capital only, while labor was and is deliberately prevented from coalescing its power globally. Only capital was/is allowed to move across borders effortlessly while labor was/is deliberately prevented from moving across borders in order to maintain regional pockets of poverty that capitalists could exploit via its globalization.

[@Badbentham]

I feel that it deserves to be pointed out that Capitalism itself, in its essence, is based on an expanding deficit run by the community. That then lands as Surplus in the books of the capitalists: No printing press, with unlimited " IOU supply" , no capitalism . - By 1929, it then became completely apparent that this ever-expanding debt mechanism, to the benefit of the profit-making class, became unsustainable for the single national economies. Thus, the US created post- WW2 a globalized version of it, with themselves as the centre.

[@childsname7294]

I think China shows how capitalism should be done: a balance between the common good and the power of private capital.

[@diedoktor]

​@@childsname7294 China had a communist revolution and is controlled by the Chinese Communist Party. If that's how you think Capitalism should be done then maybe you're not a Capitalist.

[@yearningcontrol]

​@@diedoktorameirca is controlled by a singular orange man, that is even more fucked up.

[@seanbeadles7421]

International capital was already established in the 19th century. Belgian Congo, Banana wars, opium wars-boxer rebellion were all a result of international capital. I think the change after ww2 was the proliferation of American mass media

[@mementomori7825]

​@diedoktor I don't have capital, so I can't be a capitalist.

[@cibernerd]

Thanks, enjoyed your video and Mr. Varoufakis lecture

[@theweakthemightythecrazy]

This was a very good interview.

[@valuedent6485]

always great to hear from mr. Yanis!! 👏👏👏

[@Kurt-p1c]

Yanis is cool

[@henryyip1]

Yanis Varoufakis One of the Greatest Thinkers of our Time

[@ohmikesroh5904]

Why would anyone save a traitor who keeps stabbing in your back?

[@toliverwrist6770]

Not just a traitor, but also a liar, bully, narcissist, robber, warcriminal, and serial killer.

[@Papawcanner]

To preserve their market in the US . This will not happen again . The US is done in so many ways .

[@junky2fk]

@@Papawcannercorrect, the US no longer has a prospective market for Chinese companies to invest in.

[@marisalin3806]

Thank you !! for open our mind and teach us how the economic works.

[@Law-of-love]

Brilliant analysis 🫡

[@thedolphin5428]

Incredible insights and myth busting. Go Yanis!

[@ranjanaprobodh6322]

Excellent analysis, revealing, informative and educative!!

[@thevindictive6145]

There are so many asian countries that work their ass off but yet have weak exchange rate. Its time to end the US in meddling with other countries finances. Everybody needs to benefit from their hardwork, not just the G7. The poor farmers to the miners, to the factory workers and so on. Not wallstreet and their bankers.

[@Iandar1]

You kinda have to end capitalism at that point.

[@oceanst50]

On top of his mastery of the subject matter, Yanis has the morality, honor, courage and integrity, which are lacking in some leading economists in the west

[@henryyip1]

Yanis Varoufakis One of the Greatest Thinkers of our Time

[@jamesmoy1214]

Don’t Greed and selfishness

[@mariettestabel275]

Mr.Varoufakis has a Brilliant Mind. Great Leader

[@henryyip1]

Yanis Varoufakis One of the Greatest Thinkers of our Time

[@mariettestabel275]

​@@henryyip1 Greeks-the Light of the World. 💫

[@oneplanetearth]

This is so GOOD. Marvelous YANIS - BRAVO 🤩🤩🤩

[@mejiger]

Mr weiwei and Yannis are one of the best thinkers in the world today

[@AyyappanRandaman]

In the broadest sense economic progress is about trust. Trust comes from transperancy. Transperancy comes from sharing all relevant information which must be reliable and verifiable. This is why Gorbachev started his reforms with glasnost and perestroika.

[@Hystericall]

Very wise talk by both gentlemen.

[@Andrew-rc3vh]

What is going on at the end of the video (~13m) is a classic case of a word that means one thing in China and different thing in the west. That reminds me of when a British party of diplomats turned up in China wearing poppies. They were in The Great Hall of the People.

[@petergreen5337]

❤Thank you very much for this lesson Yanis

[@bryansmith9231]

This was so great. Thank both of you for sharing these facts.

[@orangutan4696]

Fools think their own way is right, but the wise listen to others.

[@childsname7294]

Very revealing that Yanis says "the more trade the better for everyone".

[@tigading2177]

which is precisely the reason why USnUK are busy stopping global trade with sanctions and stealing foreign reserves.

[@jurgschupbach3059]

Trade yes .........but not Humans...........manufacturing can be done everywhere.........oh but thats how we make the profit

[@alangraham8926]

Yanis really sees things how they truly are. He has never forgiven the banksters for what they did to Greece.

[@mysterioanonymous3206]

You shouldn't take advice on economics from a Greek person, an absolute basket case and one of the poorer countries in Europe. Mind you, yanis has never in his life worked in the real economy. He's a professor. He just talks and theorises. His failed stint as finance minister was over quickly, a failure that he blames on Germany. This guy literally has never worked a real job - he's a tax recipient, not payer. He is clueless.

[@abelmagwitchgreatexpectati7885]

If you take me to be your enemy how can you then be my friend

[@TakeThis-z7v]

Very clear and to the point. Always eager to listen to YV.

[@antiproxygrifters]

It’s what everyone in The West doesn’t realise, just how important, critical it was for China buying US Bonds. Historical fact.

[@pwp8737]

it is a two-way street; America finances its deficits by selling treasuries to surplus countries, and surplus countries industries exist because they gain access to US markets. China didn't do it out of altruism, but as the price of industrialization.

[@antiproxygrifters]

@@pwp8737 that is a very good point, there is plenty for everyone.

[@DianaTownsend-kj5kj]

I’ve been thinking a lot lately about globalization. There are so many opinions on whether it’s good or bad, especially in this era of economic turbulence and shifting power dynamics. It feels like we're in a state of constant change

[@georgeearling905]

Just look at how interconnected we are now, when something happens in one part of the world, it affects everyone

[@AliciaCrone]

globalization is such a complex issue. On one hand, it’s opened up so many opportunities, countries working together, businesses expanding globally, technology spreading at a faster rate. But on the other hand, it’s definitely made economies more vulnerable to global shocks

[@Sanchyfab]

but what I find fascinating is how people like Zhang Weiwei and Yanis Varoufakis approach the topic from different angles. Their dialogue really highlights the nuances in the debate about capitalism and globalization. Zhang looks at how China’s managed to integrate into the global economy while maintaining control, whereas Varoufakis focuses on how capitalism, in its current form, is becoming more unstable

[@ericbergman7546]

That’s exactly why I think globalization is both a blessing and a challenge. It’s reshaping economies and power structures. The rise of China, for instance, is challenging traditional Western dominance, and that’s creating a lot of tension

[@CarlAcevedo-sc3bl]

But it also creates opportunities for new ways of thinking. We can’t go back to isolationism, the world’s too connected for that

[@samsungtabs8121]

Great wisdom... i just feel better about myself because this video gives validation to what i have learned about world recently 😅

[@Emilien-hy3sy]

Thank you Yanis. We now absolutely need to stop capitalism to avoid total social and ecological collapse

[@TheFirstGroover]

Thank you Yanis

[@shaunehuolohan5736]

A mixture of all systems work best in different areas. Military uses a dictatorship, farmers capitalism, miners socialism sharing mineral wealth with the people and this provides wealth for health, education and infrastructure.

[@ShameOnZionists]

Very important conversation

[@fffuu4444]

Make sense, you don't help those that goes around bad mouthing you.

[@BobbyGriffin-ur3ik]

Thanks for the perfect update. Thinking about investment diversification is certainly key, How do I properly invest in the market and what strategies do I employ to make significant gains and stable cashflow?

[@SylvieKgirard-ij2sx]

in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial specialist

[@Matswagner]

Productivity is never accidental; it is always the result of careful planning, dedication, and consistency. I am grateful to God for my advisor, MRS Clara Burn

[@Wallason-zh1if]

Clara Burn is the best, honestly, I benefit from it too. This inflation has taught people the importance of multiple incomes. Investments help a lot.

[@bigsuperlivinginarizona7383]

I am impressed by the way expert Clara Burn conducts business and makes statements. And I really like her quick answer

[@DelightBarbie]

I initially invested $8k I was making return of the investment plus interests.

[@phillipholland6967]

so long since the notion of capital control has been articulated...in retrospect, Deng Xiaoping & his advisers were so canny...so much food for thought in this video..

[@bungkusi2432]

14:30 👈🏻👈🏻👈🏻 well said If panda listen to eagle at that time Panda poverty will be like the biggest democracy country in the world

[@henryyip1]

hahaha agree

[@sagarshrestha5800]

How?

[@cutemomr]

Yes, what is happening in China now. No country can stand idle.

[@s.nawfal6211]

Yanis Varoufakis is spot on.

[@Peekul1]

Harry shearer made a joke about that on his podcast 20 years ago. "We spent all that money to defeat communism, only to go bankrupt 20 years later."

[@siewkonsum7291]

Quote. *_Prof Donald Hoffman_* says, _"Capitalism & Democracy are for _*_unenlightened_*_ people,_ _Socialism & Communism are for _*_enlightened_*_ people."_ Unquote.

[@TK621why]

I have a lot of time for Yannis Varoufakis and the points around globalisation (albeit not as in depth as a real lecture), however what would also need examining is China's "money recycling" through their own central bank, and through property speculation. The collapse of these property schemes, essentially pyramid schemes that the public and banks took part in, has severely tied the hands of the government and effected the poorest most, not to mention contributing to a massive waste of resources and to shoddy construction projects. (Yannis ought to know about Tofu dreg buildings as well as American bridges) This is not to say the points are invalid but criticisms of economic systems cut both ways and we should be seeking ways to trade and industrialise that are a) sustainable both materially and economically and b) recycle and reuse the waste of the last century to equalise the standard of living around the world.

[@JCSY1]

China indeed has it's own way and style which is far better than the US and western style. It is because of this unique style that China can grow to what it is today and will continue to grow further in the future.

[@Luxflux777]

Wasn't aware china saved anyone.

[@mattsuran1270]

The state is there to create and enforce the rules of the game. When one side starts to rewrite those rules is it a surprise that side starts to win every time.

[@magicsmurfy]

So true, even though I am a capitalist. Nothing here says it is right or wrong, it is just the way it works for the world now (setforth by United States of course)

[@hongqi5734]

Professor Yanis is absolutely correct. If China had liberalise its capital market, it would have sent China back to pre-opening up period and it would have caused disaster. All what we toiled for would have been in vain and the country would have broken up to pieces for the Western countries to colonize.

[@childsname7294]

At 12:00, Zhang is being very insightful when he is interrupted by Yanis.

[@missycat7095]

everything works till CEO greed kocks in to pay for the donations to keep it all going.

[@henryyip1]

capitalism is the1% screwing the 99%

[@missycat7095]

@@henryyip1 well really its the lower 80%, the 19% make it happen, your boss telling you there is no raise for you to save their bonus. While the whole top 20% donate to keep it all going by LAWS. stay well

[@NO-LIVAS]

The whole America can't build bridges comment hits different after what happened in st Louis a few months ago

[@entertainmentjoke2871]

Nobody will save a predator.

[@SH-bw5fx]

" Resuscitation " of capitalism by WW2 . It can t be revitilized , revived , reanimated , rejuvinate

[@billykotsos4642]

We havent had an economy since 2008 but States need to spend more and more on taking care of their elderly citizens

[@garrenosborne9623]

I largely agree with Yanis, but what about the 1990s crash in the south east asia? I believe it was also a pivotal moment...when the east realised that following the west blindly had issues & the seeds of the multi polar world were sown.

[@prashanthkamath7437]

Can this guest clear my small doubt? Broad money in the economy as a share of monetarily measured nominal annual GDP was about 0.5 times in 1960. It has seen a secular and steady increase over the years. At present it is more than 1.5 times the monetarily measured nominal annual GDP. Let me translate it for non-economists. My blood pressure was 115/70 when I was born in 1960. My blood pressure has steadily increased over the years and now it reads 345/210. What would that mean? Anyone interested in economics can answer this question. Kindly do not come back with a "the economy has grown" answer, that would be stupid, and I am being nice here! Just like a higher BP would have altered my body's structure and makeup and turned it into a powder keg, waiting to blow -up. Why I am yet to receive any answer to this question of mine? What are the central banks doing? What is the economic academia doing? Unfortunately, our mainstream macroeconomics is as much of a Voodoo as Modern Monetary Theory

[@diedoktor]

Isn't that what happens when Chinese capitalists invest in other economies? Their assets have an associated debt represented as money. It seems like a function of capital migrating to china.

[@shahirshaik2477]

How beautifully explained in one button they destroyed money countries lucky India also survived in 2008 crises due to our well knowned economist and PM manmohan singh ji

[@thepagecollective]

The Cold War was a competition between Anglo-American style capitalism and Soviet style Communism, with everyone else in the middle. 2008 was 1991 for Anglo-American capitalism, not capitalism itself. Bnd China is one giant bubble where the air is slowly being let out. The Acela Train train works fine, though.

[@Muh.khalif990]

3:31 Mr. Bean cars, i had just noticed it after rewatching.

[@jomo2483]

Intriguing, I think the third world holds the key for the future of capitalism

[@B4s3MXxD]

One distinction between 2008 GFC and 1991 USSR collapse was transparency. The US system is transparent, so much so that there were people who could foresee the 2008 crisis coming and could profit from it like Michael Burry. The USSR collapse was a complete surprise because there was little to no transparency from the Soviets. What's interesting is China is brewing its own financial crisis and there's very little transparency just like with the Soviets. U.S. capitalism's dysfunction is easy to critique because transparency means we see all of its parts, including the warts. Transparency is a feature. With China, they're attempting to do some sort of manipulation of their LGFVs (local government financing vehicles) hidden debt. Nobody knows the details because there's little transparency with these LGFVs. But it appears increasingly like the world is witnessing a 1929/1991/2008 moment in China brewing.

[@apollothirteen9236]

The only way to save the U.S is to stop taxing rich people and their corporations & quadruple taxes on the middle, working class and the poor. All entitlement spending should be redirected to rich people to stop inflation.

[@fabiobravo329]

This guy is like a modern Marx

[@duprog]

Trade is only good as long as you trade goods ! As soon as you trade your goods for a promise, which any fiat currency is, you're going to loose any control and most likely your capacity to produce those goods. The only way to protect yourself is to trade those promises for real goods asap before they lose their value. Basically, screw somebody else before they do it to you.

[@GPS509]

After Richard D. Wolff Yanis is the second brilliant economist

[@thevindictive6145]

Really, Marx, Keynes?

[@JL88]

Brilliant

[@macrosense]

The 2008 financial crisis was nearly inevitable. Especially given the previous 7years. However, it was mostly fixed within a short period of time. The United States did not collapse like the Soviet Union, nor did it go through a Great Depression.

[@alphago9397]

"China will not save the U.S again" Started laughing out loud immediately.. I think you accidentally flipped those countries.. maybe then it would be true.

[@groovy3443]

God is good

[@fooballers7883]

So correct....I lived through it all... from 50s till today...Uk is today borrowing even more... already a basket case...soon a third world

[@frankyeo8931]

Yanks is always interesting

[@stephenwilliams9570]

Sounds like philosophy. I just took a train from New York to Washington and it never broke down. I only had to walk out the door of the train station to my bus.

[@puzzled012]

google highspeed railway metrics for US and compare it with China...

[@mmmhorsesteaks]

Listen, as much as I love Yannis, saying capitalism ended in 2008, 16 years ago, lacks self-awareness somewhat. Capitalism used to be quite good; it's going to becomme less and less good for the people who have to endure it. That is all - there will be no "great reset" or cultural revolution or whatever.

[@harbinger6562]

Wow Mr Yanis biting the Hands that feed them ❤️🇬🇷🇨🇳🦾😇👋

[@henryyip1]

Yanis Varoufakis One of the Greatest Thinkers of our Time

[@kennethhymes9734]

The context you leave out, as in all of your talks, is the constraint placed on all of this going forward by the place itself.There is no consideration of the loss as part of the history, nor as current experience for vast numbers of people. you look comfy in those chairs. that situation won’t last

[@PIT72100]

China said to the hypocrite United States....i gave you my finger dont take my arm ...😂😂😂😂😂😂

[@EdwinaTS]

Athenes monetary policy: got to have a common enemy, created or otherwise, to suck in support for the the Miltary Industrial Complex and the high value dollar.

[@danielfunari1992]

Great

[@marcuswalters8093]

1:42 😮 Oh my God.

[@gregorysagegreene]

Chronically unlistenable, if one has to put the phone down while getting ready for a day's wage slavery.

[@gregtriplex5878]

is China can save Cuba, to secure trading road and banking system for Cuba?

[@JenHope118]

Yup, no more safety net.

[@anonUK]

2008 wasn't the neoliberal capitalists' 1991, i.e. absolute collapse. It was, however, their 1986 "Chernobyl" moment.

[@luisabarca7363]

Shen Yun is a fraude!... I went to see that proposterous show one year ago, at the Capitol Theatre, Sydney... What a waste of time and money I threw to the toilet, A$ 500 for two tickets, in preferencial seats... Before the end the first part, I wanted to leave... Disguised as a traditional chinese dances, is both a vehicle to make easy money and a grotesque political show against modern China... Based in the US, this company belongs to a cult movement, with his own Mesiah who lives a billionare´s life, cut in the same mould as some US extreme evangelical cults, or our own Hillsong church, with all their Brian Houston and Frank Houston running the show... That level of morality!

[@guillll]

As usual, Varoufakis says very interesting things but misses the most important thing, which is the current environmental collapse. Capitalism and other economic systems based on growth can't exist anymore without litteraly destroying the world. Degrowth is mankind's only horizon.

[@michaelboguski4743]

Fiat Currency is driving Fiat Spider to the Lost Continent of Stellantis !

[@gregp7379]

So whats the solution ?

[@idicula1979]

Yeah, I could see that, it’s like capitalism doubled down with ridiculous figures ll Ike Donald Trump, Elon Musk, Javier Melei in Argentina by saying the only thing that was wrong with capitalism was it wasn’t capitalizing hard enough. But you had to be and outsider and a ridiculous one at that to draw that conclusion, not only did management exploit labor and never before seen rates, but it continues to squeeze water from stone. As it now seems all but certain to enter its absolute oligarchic age.