And the Weak Suffer What They Must? | Yanis Varoufakis | Talks at Google

[@laurencevanhelsuwe3052]

Fascinating to see the huge difference in quality of explanation between what Varoufakis explains, and what the masses are being fed via mainstream media.

[@BhutanBluePoppy]

Agree 100 %

[@amnesia071]

!!

[@maddyblack5814]

He sees the big picture and he's asking the world (us) to see it too--he's not afraid to speak out, what a guy

[@nikzanzev2402]

People like Varoufakis are rare, in the sense that there are a lot of people who see the issues, but few are able to express them as well as him. Still, in the 21st century the works of people like him are more and more readily accessible...

[@atziazas]

Laurence Vanhelsuwe bingo!

[@fact1376]

Every time I listen to Varoufakis I feel there's hope for humanity.

[@Kobe29261]

There are just so few of him though. Nearly everyone of our leaders has a price; that's the challenge. As long as they have a price some monster will be willing to pay that price. Kyrie eleison!

[@pocardus2075]

Yep, him and Richard Wolff.

[@daman426]

I bet he cant make it down a block in Athens without getting beaten

[@vojin7video]

You're wrong. I vacationed recently in Greece and took it upon myself to "survey" cabbies, shopkeepers, store clerks, just general folk: he is their hero (as he should be). It's Tzipras they despise and rightly so. Clever people these Greeks. They have an uncanny ability to smell BS from their leaders, unlike many others.

[@chahinebinsaleh6954]

Yannis P why?

[@tendrams]

Someone has certainly read his Keynes! I get the very strong feeling that Varoufakis often (whether in the presence of European finance ministers or other university faculty members) is the only guy in the room who knows what the hell he is talking about.

[@willtherealgeorgemichaelpl5879]

Varoufackis works for Soros! Do you know what that means?

[@ms2506]

and Soros is in cahoot with Merkel and Hillary. So I wonder why he bad mouths and hates Merkel then?

[@pop-n-rock]

shut up you both propaganda trolls! you both work for soros!!!

[@deadpanbarry5442]

I am Spartacus

[@ineednochannelyoutube5384]

Keynes is but one ciew of economics amongst dozens.

[@BullishTham]

5 years late, but listening to Yanis talk gives me clarity in todays economy.

[@samsun01]

His warnings are spot on in 2022 as the European Union crumbles and falls off a cliff even before winter arrives.

[@identification133]

My favorite line was "what will I tell the people?" I admired his honesty. He refused to lie and frankly, he knew he couldn't be a politician. Great speech. Some aspects of economy I didn't quite understand but he was talking on global scale.

[@willtherealgeorgemichaelpl5879]

Take it from a Greek. This guy is a con artist who works for George Soros. He is interested in creating a new world order,which will not include a middle class!

[@pop-n-rock]

alexander, what are you taliking about? You watch too much Greek media.

[@cryptomaniacz4365]

and take it from a different Greek. This guy is the only hope for change in European union. He talks simplicity and logic. Greek Debt is unsastainable and needs restructuring. Bending to IMF and accepting high rates is just gonna further reduce the gdp and diminish hopes for recovery.

[@antediluvianatheist5262]

@@pop-n-rock Nutters exist in every country.

[@Mapenzi2635]

​, why are you saying so? Is there any evidence for your position? Soros policies lacks morals and thus take human value similar to to market value. Yanis is exactly the opposite of George Soros.

[@TheMackbutter]

We rarely get to witness such a personable and moral intellectual giant like Yanis. Amazing.

[@gigabuyceps]

He has holes in his explanations.

[@NewCalculus]

Hats off to John Varoufakis - an honest intellectual.

[@robertstar7463]

and most importantly .....with a conscience.

[@DocMartinPortWenn]

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

[@Magnum756]

Such a good talk.

[@reprogrammingmind]

Such a good comment.

[@diogotxx]

I always think on giving up seeing videos of Varoufakis beacuse I don't think the next could be better than the previous one. And I am always wrong, what is quite incredible.

[@danfloros4267]

Greeks - light of the World. We need more people like Yiannis to cut through to reality of what is happening in this World in these times... and the poor shall suffer.

[@gigabuyceps]

U didn't listen well enough his statements about Bitcoin causing deflation so fast that everyone stop consuming is so false.

[@jacktrotter-vm3nj]

Thousands stolen I've had thousands of dollars stolen from my bank account, direct deposits made by the i.r.s. I did my homework and had a zoom meeting with an agent. After this meeting concluded he said, "this (tracer) could take at least 120 day's. Please examine the (roman fasces) on USA Senate walls. Then please read Daniel chp 2-9? We were decived by our government to inflict mass casualties upon a already very oppressed people's who did nothing to U.S. Please read (Twin Towers NYC was a mossad operation) What happen nexted, Afghanistan, numerous overthrow of various Middle Eastern States. Why, under pretense to destroy an enemy created by USA intelligence community for invasion, where we left billion's in military hardware too the very people we were hunting. Bagram airbase is now a chinese military advanced airbase. george w. bush jr. buy's 300k hectares in (Paraguay) centered on the world's quite probable last and largest (aquifer) covering at least three S.American countries. Who was in charge of the Twin Towers security, (MARVIN BUSH), the the president's brother, oh yeah! The USA has been positioned by a (beast system) for exploitation to manuver nation's into a ten-toe global economic union prison camps? What's coming, a strong delusion that people will embrace. Revelation 6:2 And I looked, and behold, a white horse! And its rider had a bow, and a crown was given to him, and he came out conquering, and to conquer

[@agentsmith7727]

an intellectual beast

[@sebastian21051989]

+Craig David You're kidding right? He basically punched Greece in an even greater depression than they're already in. If he was actually smart, he would've negotiated in a way that would have been the best for Greece. But all he does is try to appear lie a decent guy to feed his ego. He's a clown of academia with 0 real world experience. That's a fact

[@agentsmith7727]

+Seb ..dont you get it, the troika aren't open to rational argument or debate. They are stuck in a neoclassical time warp in which capitalism is modelled through 'equilibriums'. Varoufakis attempted to persuade them to at least grow the incomes from which to repay the debts, and they refused. Don't conflate his libertarian marxism with the 'lefty' loons of this world, they are quite different

[@klausbrinck2137]

+Seb "0 real world experience": So, it was not him, but you, the one that drove around Athens by Motorcycle, as a financial Minister, to listen to the people...!

[@Adanosiam]

Alexis Tsipras,the prime minister,he negotiated a deal without consulting his prime minister,and now Greece has lost its sovereignty.

[@Adanosiam]

Yeah,and 2 year bonds were up to 26%.Greece acted a lot like Yanis's students regarding that matter,comes with depression and pessimism.

[@michaelb1348]

One of the great men and minds of this generation.

[@lecombattant8442]

He lnows what he is talking about,, always great to listen to Mr Varoufakis

[@CalWillify]

Wow...the ending tho. This is going to be a great movie someday; too bad it's a true story. I remember when the mass media was painting him out to be this brash uncontrollable maverick. Now I understand why they did that to him...demonize the martyr. His innovative policy was a great missed opportunity indeed. I hope that someone will pick up where he left off before this whole system goes to hell in a hand basket.

[@panagiotisatmatzidis9972]

To be honest, his idea of a world with automated systems of surplus recycling was first delivered by JMK in Bretton Woods. It wasn't accepted, because it required the US to give up it's supremacy and the USD as the global reserve currency, but the plan was (and still is) superb in conception and probably the best way to avoid global financial crisis in a globalised economy.

[@dengelke]

Cue Yanis to pick up and read note while Tspiras is in the bathroom.** Definitely a great movie!

[@emmanuelagtzidis]

Well that movie is being filmed these days by Costas Gavras. 😉

[@harism6877]

Well your wish came true! Adults in the Room by Costas Gavras now on cinemas in Greece. (and its awsome)

[@noIMspartacus2]

@@emmanuelagtzidis And it was just as pathetic as this clown...

[@jenskruse1475]

It is great problem to detach money from work. Because in the end money is what makes us work.

[@michaelhof9999]

Love the comparison he mades at 24:04, crisis to capitalism is what hell is to christianity, unpleasant but essential.

[@korona3103]

He reminds me of Churchill's line "you don't get rid of starving wolves by throwing them meat".

[@jewellstarsinger]

How do you get rid of them? eugenics? birth control?

[@korona3103]

Heh, the wolves or the EU finance ministers?

[@jewellstarsinger]

Sorry, I don't like characterizing beautiful animals as greedy fuckers. I missed your point. Was it that we could feed the finance ministers to the wolves?

[@korona3103]

Wolves are beautiful but can also be terrifying, especially if they are trying to make you their next meal! cdn.c.photoshelter.com/img-get/I0000pvtWHPulN4Y/s/600/600/MW1630.jpg I'm saying that bankers are behaving like a pack of wolves where Greece is a flock of sheep and this round of deals is like throwing mutton to the pack. An analogy between two things doesn't mean that the two things are alike in every way. The bankers aren't hairy predators that eat deer just as wolves aren't greedy unscrupulous jerks who use financial leverage to impoverish their "clients". Where being feral predators is appropriate for wolves it's completely abhorrent for humans.

[@korona3103]

Yeah he was talking about appeasing Nazi Germany... Churchill didn't like appeasing zee German Reich...

[@c4p4c1t1v3]

I could listen to this guy talk for hours. oh wait, I already am

[@MrFanderwald]

this was exceptionally explained, kudos!

[@stevemartin4249]

One of many things I like about Yanis, is that he is not blinded by math or science in his economic analysis. Similar to how Adam Smith regarded 'animal spirits' as necessary for capitalism, Yanis brings in 'optimism' or 'pessimism'. He understands that statistics and mathematical models are just that ... models which necessarily unquantifiable confounding variables. Near the end, when he was talking about the stress ... 'Adrenalin, chaos ... non-linear mathematics'. Wow. I had images of mandelbrot sets dancing in my head. After all our institutions and heuristics, we are fundamentally social primates, and behaving as such. One thing that has me worried though ... although he dismisses bitcoin as being no more 'real' than money based on the gold standard, I immediately began thinking about China's experiment with social credits in a cashless society. The Orwellian specter of a Big Brother using Big Data to quantify and judge every aspect of your life, as well as control diversity and dissent, scares me. So much power concentrated into the hands of so few seems to be a sure fire recipe for a digital totalitarian state, and human capital reduced to its lowest common denominator. To be fair though, he does repeat the point that money (social currency?) can not exist outside of a political context. Brilliant man. Great speaker. And such a wide ranging education in the social sciences and liberal arts. America could sure use a few dozen of him.

[@yinka661]

No one wants to include Africa in any of these discussions. In fact although a strong advocate of Europe (the concept) it is pretty clear it's view of Africa or in most cases it's omission is quite telling... Yanis thought process is clear and illuminating but it will be great to expand his thinking to Africa.

[@pop-n-rock]

that is a good thought, maybe you could reach him and his comrades in Diem25, you can sign in online and make your suggestion

[@georgikorovski9054]

I understand your concerns and I am not saying that the people of Africa should be left alone to deal with their troubles but you have to start the initiative. Nobody is going to come and fix your system.

[@QubitVector]

Only Africa can solve Africa's currency crisis.

[@joannabusinessaccount7293]

@@georgikorovski9054 China just did. America shackled Africans and forced Africans to work for free as slaves in America. China goes into Africa and starts building infrastructures as a long term, patient investors, benefitting Africans in their home country, as treating Africa like a business partner, not a slice of slavery.

[@atilla4352]

Africa has a bigger baggage than Europe... very hard case. It will get solved one day but as in the Middle East there are many tribes and there used to be many stirring around the African issues by European colonists.

[@livetwice7702]

Greeks bearing gifts .......this man is awesome

[@jacktrotter-vm3nj]

Thousands stolen I've had thousands of dollars stolen from my bank account, direct deposits made by the i.r.s. I did my homework and had a zoom meeting with an agent. After this meeting concluded he said, "this (tracer) could take at least 120 day's. Please examine the (roman fasces) on USA Senate walls. Then please read Daniel chp 2-9? We were decived by our government to inflict mass casualties upon a already very oppressed people's who did nothing to U.S. Please read (Twin Towers NYC was a mossad operation) What happen nexted, Afghanistan, numerous overthrow of various Middle Eastern States. Why, under pretense to destroy an enemy created by USA intelligence community for invasion, where we left billion's in military hardware too the very people we were hunting. Bagram airbase is now a chinese military advanced airbase. george w. bush jr. buy's 300k hectares in (Paraguay) centered on the world's quite probable last and largest (aquifer) covering at least three S.American countries. Who was in charge of the Twin Towers security, (MARVIN BUSH), the the president's brother, oh yeah! The USA has been positioned by a (beast system) for exploitation to manuver nation's into a ten-toe global economic union prison camps? What's coming, a strong delusion that people will embrace. Revelation 6:2 And I looked, and behold, a white horse! And its rider had a bow, and a crown was given to him, and he came out conquering, and to conquer

[@sanekabc]

Perhaps we need Greeks once again to light the way.

[@michaelangelo7431]

Where did all Of his longer speeches about the corruption with you and the banks go when he was financial minister

[@stacyclarkson6202]

Greek Governmentence is corrupt and don't pay their taxes in mass!! Thats a No!!!

[@MirkoskjiVero]

@@stacyclarkson6202 lol... American global corporations are corrupt and they dont pay their taxes in mass... On a global scale.

[@stacyclarkson6202]

@@MirkoskjiVero America is not dying, like Greece!

[@MirkoskjiVero]

@@stacyclarkson6202 america is not dying? No one is dying. Debt is an artificial concept that we like to transform into reality by giving money way too much importance. Then even if Greece is dying, the biggest responsibility today falls on the european union and Germany. But, even if usa its not dying, 43 million people unemployed. It isn't good either. And americans have to thank the low protection they have on their jobs, which comes by the fact that their job system openly embraces neoliberalistic capitalism. That's why Trump is so much into National Socialism today.

[@runthomas]

this guy has his head around some very important real issues of the entire planet.

[@emilysevastou5075]

IF there is wil there is way and yes MR Varoufakis is our motive and spirit to do so🤗

[@LeeMulcahyForSenate]

Larry Summers told him---"Yanis, either you're going to be an outsider or you must accept the program and not speak out against your fellow elites." The scariest thing is that Larry was President of a university. Harvard.

[@pop-n-rock]

LEE his fellow elites,haha! that was hilarious!!

[@youyoutful]

Talk!!!!! I am proud i went to the same university and was educated in the same department as this guy.Beautiful talk.

[@broAnansi]

Yanis is a Total Badass. I completely agree with him that the notion of "sound money" divorced from politics, where scarcity is governed by gold supply or cryptographic blockchain, is a fantasy. Bitcoin is a commodity that has many desirable attributes as money, but the libertarian idea that you can sustain an economy with a currency that is free from human manipulation is...autistic, ie. Lacking social insight. Bitcoin is a better gold, not a better dollar. It will become a superior store of value. As such it will work in tandem with other currencies, probably blockchain currencies whose supply can be adjusted to changing economic conditions.

[@jappiejojo777]

he's an idiot who almost forced collapse on his own country. he should be a professor on some 3rd tier university ranting against "the system", not be anywhere near power or influence.

[@MisterTaoTao]

+Maciano Van der Laan ok, he might be an idiot. but you? who are you ,and on what exactly do you disagree with him? contradict him with an precise argument.

[@jappiejojo777]

He's an idiot. You missed out on 1,5 year of Greek drama? He should have speed off with his motorcycle to nowhereland and stay there. If you take him seriously, you're an idiot too.

[@alexwilson483]

+Maciano Van der Laan Didnt the crisis begin before Yanis became Minister of Finance? He didnt cause the Crisis, the "System" (your word) did ,and the current government is following what i imagine your advice would be (austerity)! and if you havent noticed the Crisis has gotten worse. Plus you have yet to respond to the first question. What exactly do you disagree with?

[@jappiejojo777]

+Alex Wilson i'm not blaming him for the euro or greeks being greeks, i'm blaming him for 1) inflaming passions among greeks towards its creditors 2) unreasonable leftie cloudcastle solutions 3) actually thinking he could make this shit work on the back of europeans in countries that did not fuck up. he's a complete intellectual idiot, the kind of which europe has suffered too much in its history.

[@LiebensteinMovies]

I am sure, Schäuble (Germany's finance minister) understands nothing.

[@reprogrammingmind]

Generous!

[@Pspet]

Oh I am pretty sure he understands everything, he just doesn't care / thinks he is powerless to actually do something about it.

[@grahambird1570]

A Brilliant dissemination of facts and betrayal >>> Yanis, you are a Gladiator of Great Minds !!!!

[@wocheiron9632]

Neoliberal capitalism brought a heap of money to few people. But it is dead now. Varoufakis knows that. I support Diem25.

[@robertperrella4194]

i hope neoliberal capitalism is dead but nevertheless the FEW PEOPLE who have benefited from neoliberal capitalism HAVE AN EXCEPTIONAL AMOUNT OF POWER!!!!!!!!!!!!!

[@JoyfulJabber]

Awesome! What a man, what a mind.

[@robertstar7463]

...and most importantly with a conscience.

[@GUULLIVER]

1:02:44 _"...and I don't trust myself to be able to do it."_ I didn't expect this from a politician! (in this context)

[@nikzanzev2402]

I am doing an MBA (well, focus in healthcare, so MHA) and I would have loved to have Yanis Varoufakis as my econ prof....

[@Deradeac]

I'm a librarian and digital culture post-graduate student, and when i watch such speeches of him, i wish i had a bachelor in economics and attend his lectures.All i can do now is vote for him and Diem25.

[@CorModo]

The man who made economics interesting.

[@gigabuyceps]

He has holes in his theory about monetary supply, he explained Bitcoin with bullshit statements.

[@CorModo]

@@gigabuyceps Maybe, I don't think anyone has a map to the field of quicksands... The entire system is set to shift common sense, in order to cover its true purpose.

[@plenary77]

God bless Varoufakis.

[@pop-n-rock]

oh shut up with soros...

[@joaomiguel6220]

If 2 per cent of the politicians in the world had the decency of Yanis, the world would be a better place. Yanis thank you so much for speaking the truth!

[@mikolowiskamikolowiska4993]

The World will be in ruins

[@Athanael777]

This guy is a whole dimension above most economists.

[@TheAtheist22]

And his talks are eye openers.

[@tusharsingh4543]

I have no idea what he's saying, but I like it.

[@beatricerweyemamu5540]

It's like watching a movie you enjoy what you see and what they say but you don't understand the story....!!

[@LibertyOrD___h]

@Beatrice Rweyemamu He’s saying that an automated centralized international fiat banking system merging politics and technology together is better than a decentralized, gold backed, market regulated currency.........

[@DarkAngelEU]

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

[@autumnfox4870]

Finally, bringing someone from the left to Google.

[@DimitrisTsironis]

+Autumn Fox you should watch the Paul Mason Google talk on Post-capitalism. Very interesting.

[@autumnfox4870]

+Dimitris Tsironis I did and then after that I read his book. I didn't find Mason's arguments persuasive.

[@DimitrisTsironis]

+Autumn Fox I'm planning on buying the book as well so I can evaluate his ideas

[@autumnfox4870]

Nah, I only think in left and wrong. Sarcasm aside, what is wrong about wanting more people with a leftist perspective to be giving a critical analysis of capitalism and its effects on the people of the world to people who are workers at one of the largest corporations the world has ever seen? I think it's wrong to have an eternal pro-business echo chamber constantly reinforcing the idea that motivated self interest is all you ever need to consider when you think about your place in the world.

[@autumnfox4870]

Are you talking about left and right (Liberal vs Conservative) in the modern tradition of the United States or in the global history of left and right (Anarchism/Socialism/Communism vs Liberalism/Capitalism/Imperialism) for the past 200 years?

[@donaldwhittaker7987]

One of the good guys.

[@saptarsimondal7653]

I would like to see a discussion between two of the greatest minds, Yanis Varoufakis and Raghuram Rajan. That will definitely be an empowering discussion!

[@Rodrik18]

I like how they call it "talks AT Google" because we all know Google doesnt listen to feedback, just your private conversations...

[@andiw7358]

This guy has no filter on telling the truth. Good for him.

[@penjorebhutia2815]

Huge respect for this guy..!!

[@amaramichaels2064]

My eyes have been opened. If someone had told me of the wilful stupidity, cruelty and deceit our society depends on for it's foundation, I could never have believed it. I needed to experience it first hand, however hard that has been. it has not been wasted time. Fact 13, I would suggest the only hope for humanity, is fervent prayer to our father for mercy.

[@mrdeathgaming1457]

Varoufakis tells the truth. 'They' won't allow this. It's a BIG CLUB................And WE[Little People Ain't In it!..Carlin].

[@almagalicia3288]

It is both fantastic and surprising to listen to "what more or less really happens" at those eurozone negotiations and meetings.... they prefer to sink greece's economy and not solve the problem in order to keep the germany-France power balance intact.... this bureocracy is contributing enormously to the financial and economic problem by engaging countries and people into greater problems they sell to us as solutions.....i thank Mr Varoufakis to be this honest both in describing precisely what happens in those blackholes meetings,and both for presenting his ideas and views about can be actually done.

[@siszi6]

economic rockstar

[@jameswhite1890]

thanks

[@jameswhite1890]

thanks you

[@salishaho3194]

Greeks are very smart people.

[@Nosiluminadimenso]

I have a suggestion, as follow. That people READ the book (And the weak etc) FIRST, and then come back to start a new batch of comments. And by the way, don't skip footnote 8 of chapter 7.

[@Mrkeysersozeify]

+Nosiluminadimenso Gonna read the book after the exams! But could you elaborate regarding that footnote?

[@TheAtheist22]

He’s amazing.

[@RicardoSosaOnline]

Insightful! People could organise and build alternatives to insurance and banks.

[@danielrerimoi7632]

Very informative video. Thanks

[@spacebar3010]

What a Loyal Man He Is To His Country Men & Women from The Bottom Class Up To The Youth,Elderly to Sick,Poor, Wealthy & Common Man/Womenm& Baby's Neighbouring European CountryMen/Women & Around The World 🌍 & 2 The His Business Partners👥, & EVEN SO SO MUCH MORE RESPECT NOW 4 Him & The Work He's CONSTANTLY,CONSISTENTLY & CONTINUALLY Doing Now ALL OVER THIS PLANET FOR ALL OF HUMANITY💯 STILL TO THIS VERY DAY What He Is Doing Is Just INSPIRATIONAL, LOYALTY BREEDS FORTH LOYALTY $IT DEMANDS RESPECT & LOVE AT HIS AGE IT'S JUST AMAZING AFTER ALL THE KICKS & KNIFES STUCK IN THIS BACK WHILE HE WAS DOWN & IT'S FANTASTIC & INSPIRING AS DROCORNELL WEST WOULD SAY "FAIL, FAIL AGAIN, FAIL BIGGER" THANK YOU Mr.Yanis Varoufakis👍🌍💚Luv From Dublin🍀✌"Tiocfaidh Ár Lá🍀"

[@alexandrasymeon5893]

I'm in love.

[@Syklonus]

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

[@gabrielluisbianchi]

Genius !

[@ceemermigas4845]

The value of money is 'negative' since a private company as the FED issues the money and not the Government - every new banknote carries more interest than the previous one. Period. But nobody talks about that. And yet the whole world is full with philosophers and politicians and academics. Wake up people!

[@GregoryWonderwheel]

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

[@anantgaurav6017]

What a closing remark!

[@alexgoslar4057]

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

[@zabzec1500]

once again drawing the major distinctions between neoliberalism and its view on economics vs. populism/progressivism/socialism and their shared themes

[@vladrazzy]

I don't know what kind of students he teaches, but I gave mine this test and ALL the answers were - 9 !!! This is understandable. If everyone chose 9, and I chose 1, then I get 10%, the remaining 2% - both are bad, if I chose 9, all the other 8, then I get 79%, the remaining 80% - both are very good - the right strategy always chooses a larger number, outside of the actions of others, since by choosing a smaller one, I am guaranteed to do myself badly, and choosing a larger number is not guaranteed to lead to losses. Choosing a lower number is optimal ONLY in the case of a zero-sum game, for example, when I need to become a leader, or not lose, regardless of the result of the others. In this case, we are talking about an exam, not a competition.

[@comet315]

Absolutely right. Which shows what a clueless clown varoufaker actually is. And he calls himself a "game theorist". It's really pathetic how this man was ever goven the responsibility to handle a country's finances, especially during a difficult time. The country is still paying for his reckless mistakes almost a decade later. He should stand trial instead of lecturing Google on economics.

[@pauladams1814]

If I was Greek he'd get my vote.

[@comet315]

If you were Greek and voted for him, he would have cost you 86 billion euros in 2 months and you would have capital controls - maximum cash withdrawal from an ATM of 60 euros per day. You would still be paying off the debt he brought to you 10 years later, like the Greeks are currently doing (whether they voted for him or not). Wise choice.

[@kulchitskywright]

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

[@mikolowiskamikolowiska4993]

He would be buried under Hades

[@cherchuhaikieu4328]

We’re facing it now.

[@dmdmorg]

He's gorgeous, and so clever:)

[@MaximC]

54:00 - You know what's "funny" about that? Is that we can/could, *easily,* be doing this - meeting our everyone's needs (food, housing, electricity, education, healthcare) - *if only* we realise that the problem *is not* that we don't have money (pieces of paper) for this and that, the problem is that we hold religious-like belief about money, belief that effectively *blocks* humanity from feeding, housing, clothing itself, do whatever it needs to take care of itself. Basically we have natural resources, abundant (especially if used intelligently), and this intermediary that is "money"/monetary system, and, fascinatingly, we humans now are basing our capacity on the intermediary rather than on the actual thing that actually holds value, that allows to do things (because no amount of pieces of paper could allow us do/build something ( *anything* ), *unless* there are natural resources required to do/build that something). Same works in the opposite direction too - if something (anything) is profitable in terms of "money", *but* it's unsustainable ecologically (unnecessary things we produce, the fact that manufacturers have to include in the design of their products intrinsic and planned obsolescences (to stay competitive)) - that's where the monetary system we are using goes against our own survival on this planet.

[@jollyjack4271]

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

[@growthandunderstanding]

The banks must be overthrown and each nation must take back their sovereignty over their respective finances.

[@transmitterrelay11]

this guy exposed way too many people some things criminal

[@waldfee2283]

A very sharp mind👍 and a mentally incorruptible mind. Which is a very rare characteristic. Unfortunately in our late history we germans tend to twist mind of people into harmful souls. 🥺😔

[@shone_m]

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

[@21stcenturyoptimist]

Why does demand of the product depend on agreggate investment?

[@craserx6267]

because ability to buy something is limited mostly by purchasing power ,not want. many people in africa want to buy iphones. how many can?

[@jamescliff7533]

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

[@Anna-us8og]

Real Talk~

[@sebastianbeltran379]

Does anyone know if there is a lecture (or else) of him elaborating more on what was commented at minute 21:30 (New Deal preventing rise of fascism in the USA)?

[@imanimalaika7734]

He is still talking about income redistribution (give surplus to those in deficit), which diminishes profit. You may believe that this is the moral thing to do, but multinational corporations are not going for it. Their shareholders won't allow that, naturally. Western financiers feel that if you don't have enough value (GDP) then you don't deserve a (continuous) bailout. US banks got a bailout because they still made money for certain people (and still know how to) while bankrupting (defrauding) those in the EU that invested in their toxic credit default swaps.

[@emilnemyl448]

Nah, the root of this problem is not in optimism or pesimism. The problem is that you can make money according to some rules, but the rules CAN be changed with money, than you can make more money and gain MORE influence on rules and so forth. . you get a deadly positive feedback loop which will create the huge disbalance of the 1% and freez the economy in the end. That is the root of the problem, not optimism or pesimism.. You can solve this only by denying money its influence on politics and make everyone participate in politics in a fair way.

[@larrysmith2636]

One is either on the guest list or one is on the menu. Many falsely believe that they are permanently on the guest list. Have a nice day?

[@pas9ify]

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

[@Arkantos117]

"Opening borders to migrants" is not actually a solution to any financial woe, it's just a stopgap.

[@Arkantos117]

@Bill Randall Yeah, but even in the best case scenario it's only putting duck tape over a leak.

[@MirkoskjiVero]

@Bill Randall in europe its an ongoing humanitarian crisis. Thats it.

[@comet315]

His response to this question is agreat example of how clueless he really is and how avoidant he can be when he gets cornered. The entire answer is a big messy word diarrhoea with absolutely no substance and most importantly, without any regard, or relevance, to the original question.

[@peaou]

i was trying to catch where Varoufakis suggests nationalisation of Google

[@salishaho3194]

Which are the most efficient mechanisms to control the pessimistic economy?

[@mihailmihaylov4974]

Real deflation is as much of a social and psychological phenomenon as it is economic. I doubt that the consumer can detect deflation and reduce its spending in expectations of a better deal. If you want or need to buy a PC you might wait for the next model to push down the price on the current one but will you wait a year or two for demand to put pressure on the price? Except for homes (and that is a market driven by other forces not just deflation) I do not think real deflation has any effect on purchases. Now made up deflation ( created by statistical institutes choosing how to comprise their basket of goods) is another thing and it is primary an excuse to print money, to make saver pay for not blowing off their money and for banks to push (cheap at first) loans to the consumer. The necessary crises Varoufakis speaks about imo are caused by oversupply driven by greed and the perpetual chase of growth instead of sustainability.

[@vatoalex83]

2024 now and this all makes sense!

[@dionis198686]

I would like to say that, that what gives value to money, is the ,,belief'' or ,,conviction'' that different banknotes or coins have a different value respectively. )

[@mikolowiskamikolowiska4993]

Wrong Money is a receipt for gold Over printing is what is causing the imbalance

[@dionis198686]

@@mikolowiskamikolowiska4993 also truth

[@mishmohd]

16:19 because you're assuming these saving are evenly distributed- or close enough, which is wrong. They are held by a small minority that can have all its investments dissolved and start over again and still come out on top.

[@rgaleny]

socialize all things that need to be bought. capitalize all things that need to e sold

[@oldspammer]

18:48 The reason that the small government, low taxes, guys are getting into power was that the population who were poor did not want mass immigration and open borders.

[@mickymtl]

blockchain tech and programmable money is the solution. bitcoin is the stepping stone.

[@MegzeeR]

The problem with his digital payment system is that it's all paid through taxes, right? If you don't spend it you'll get a 10% decrease in your taxes next year as a reward? Our money is already digitized and produced out of nothing from the banks using optimism as determining the value of that money's purchasing power. What you are proposing is the same thing where the citizens start out IN DEBT by "loaning" us digital credits in our names to be saved and get "tax credits" as a reward. In layman's terms the rich get a 10% tax credit...AGAIN, and the citizens will have to spend theirs because they have nothing else to use to survive on. So what happens when the $1,000 digital credit (debt) doesn't cover the expenses of living and gets traded faster than the citizen can perform some service (labor/sales of good) to replenish their personal account? And at this microlevel that the municipality has agreed to credit each citizen with a base amount of digital numbers to be used in their closed system that gives the numbers a monetary value but then that city needs to pay outside construction crews or engineers who will need the payments from the macroeconomic money supply? What I see is the city "credits" each citizen numbers on an account to exchange goods and services only in that city (microlevel) but our taxes must be paid in the macrolevel money system, right? We we slowly get drained from the macrolevel economic system's money to make it impossible to even move outside of the cities boundaries because any money we'd have wouldn't have any value outside of it, therefore penniless aka a imprisoned slave of that cities govt.

[@larrysmith2636]

Random observations- When the cow has been milked dry all that remains is to eat the cow. There are more of us here than the plantation owners have need of. The big fish eat the little fish. The playing field is not level, it never has been and it never will be. In nature this is the natural order of things. Governments are instituted among men to codify, adjudicate and enforce the same order; like an orchard, low hanging fruit first. The rich rule the poor. It is interpreted as an eleventh commandment which apparently provides qualified immunity to the rich from the preceding ten. With mechanization, automation and A. I. comes the elimination of the "peasants." Have a nice day?

[@emotionalinvalid]

Money should only be a means of exchange not a commodity. not something to be speculated upon, the value of money should not be determined by wall street or "the city" in London . Yes we need healthy , good will competition for innovation where the best do not want to be rewarded with endless personal profits and wealth. What We need most of all is a sharing economy , not law of the jungle economy which neoliberalism(aka neoconservatism) economics is . We are humans , not wild predator or prey animals .

[@megenberg8]

'money is the lifeblood of men' - an ancient greek.

[@steven2183]

First Challenge Tsipras: your policies are going to kill the cow, don't you want the milk? EU: **looks at beef prices