'Dangerous fantasy'; Gold, Bitcoin won't help you find freedom outside government - Yanis Varoufakis

Central banks should be democratically controlled, said Yanis Varoufakis.
Varoufakis is the former Finance Minister of Greece, and Secretary-General of the political party MeRA25. He spoke with David Lin, Anchor and Producer at Kitco News, about Bitcoin, gold, inflation, and the war in Ukraine.
0:00 - Central bank digital currencies
8:45 - Government tyranny
12:32 - Gold, Bitcoin
15:16 - Inflation
26:09 - Russia and Ukraine
31:02 - Upcoming book
Follow David Lin on Twitter: @davidlin_TV ( / davidlin_tv )
Follow Kitco News on Twitter: @KitcoNewsNOW ( / kitconewsnow )
Follow Yanis Varoufakis on Twitter: @yanisvaroufakis ( / yanisvaroufakis )
#Ukraine #crypto #inflation
__________________________________________________________________
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[@nhardman]

Greece deserves this guy. He’s out of his mind.

[@alb0zfinest]

Why because he said something you don’t like?

[@mattjohnson7198]

@@alb0zfinest Um, yeah. Several things.

[@ruecottage2789]

In the end, he wants control of the money system to force adoption of the green new deal……slavery for the surfs

[@deathlarsen7502]

@@alb0zfinest go back and finish your GED flunky

[@kenanalexander3233]

It’s people like this guy that will lead to the ultimate destruction of the Eurozone nations.

[@CR-ul6nx]

How fantastic to let this man expose how incredibly dangerous governments are, without him even realizing him doing it.

[@ruckercarlson6229]

Now give them total power with CBDC. End free will.

[@pamandaloro7206]

I was thinking the same thing

[@FinanceVector]

@Chris Reddy Goodness, you nailed it. I didn't even think of that, but you are right, it is definitely an exposure!

[@xqt39a]

He is an economist-Nobel prize winning economist says the Internet will have no more impact on the economy than a fax machine. The skill of an economist is persuasion not prediction, even the great Milton Freeman’s predictions were almost always wrong, I checked it. Has government control of money supply ever been successful for innovation?

[@lorenk.775]

Chris Reddy, then go ahead and move to live somewhere where cartels and mafias rule, you donkey! govts can only get dangerous if the people let them or like them that way! govts are made by people!!

[@Sneezyridr]

As soon as he said he’s been an advocate of CBDC’s since 2012…..I’m out

[@HowardARoark]

Out also.

[@EonSpringer]

OUTTT

[@biczo4]

Out for sure

[@ifh4030]

Year 2025: You four are all cut off from the CBDC system for your criticism. Btw, you can only renew your passport using a CBDC wallet so you ain't going nowhere. If you want your account back you need to go to at least 3 pro-government rallies a month for the next 6 months.

[@KQKQKQKQKQKQ]

Know your enemy

[@Guitube99]

"If the money supply was fixed we would not have been able to do lockdowns." That's actually a great argument for having a fixed money supply.

[@huwhitecavebeast1972]

No kidding.

[@dolanduk7946]

The irony of a Greek "economist" advocating for more govt interference in free markets is absolutely staggering

[@77vavavoom]

Not trying to defend him, but where the hell do you see the free market economy, when central banks keep pumping fiat money to the "too big to fail" corporations when on the same time they let the small businesses and individuals burn to the ground?

[@dolanduk7946]

@@77vavavoom im lumping central banks in with govt, which is to say we havent had free markets in over 100 years

[@77vavavoom]

@@dolanduk7946 it's actually worse than that.. western central banks, except the Bank of England, ARE PRIVATELY OWNED (Rothschild owned to put it better) meaning that Bankers are controlling the Governments.

[@shearitchie998]

@@dolanduk7946 governments are the murders and central banks are the murder weapon.... (but it could be said that the central banks are more in control than the governments....)

[@MortonT1958]

It is a different worldview, that’s for sure. The big government-types see strong central government regulations as the answer to everything. They do it with almost religious fervor.

[@joeymcbain4537]

It's an eye opening moment. Now I understand the reason why Greece was bankrupt then. Thank you David

[@christopherpbatty2138]

Exactly total sociopath. His only criticism of the MMT orgy is that it isn’t “democratic” enough

[@rajanranjitmistry]

He recommends increasing interests to 3.5% while printing huge amounts of money to fund green research. He doesn’t remember the Solyndra failure and seems to think we can afford the interest payments. No wonder Greece went bust. Tsipras had no idea

[@dunner079]

@@christopherpbatty2138 My thoughts exactly

[@robt3407]

@@christopherpbatty2138 there's something about his name that describes the situation you mentioned.

[@brinstar]

Very well said. Putting morons like this in positions of power has serious real-world consequences. When will humanity learn?

[@lennyunknown7048]

Printing money to fix inflation. Genius.

[@aokaparagit]

I'm pretty sure he said printing money for green investment & an increase in interest rate.

[@anthonypai6127]

Printing money and using it for the people by improving / creating green energy. Not printing money and giving it to big business so they can buy their own shares and give themselves a pay on the back and keep lots of the money!

[@peterhamill730]

He's a politician.

[@willnitschke]

@@anthonypai6127 Printing money for ANY ideological cause that is utterly uneconomic always ends in catastrophe. Hasn't Europe already "invested" around 2 trillion in green energy only to now suffer a catastrophic energy crisis? (And this was on-going well before Putin.)

[@theguy9067]

Yeah bro, and any one who thinks fiat supply increase causes inflation is "financially illiterate" 🤪🤣 perhaps he needs to ask someone as to why Venezuela experiences hyperinflation or why any country who experiences hyperinflation, does so right after printing "free money". You don't even need the empirical evidence to know fiat printing would help cause inflation. It isn't the be all and end all but it's certainly utterly false that is has "absolutely nothing to do with it"

[@johngrear6506]

Every single person in the comments sees straight through this guy. Faith in humanity - restored!

[@mcata3625]

It's why they've wiped out many comments including mine discussing his views overnight

[@praline4157]

I know it’s a bit of a relief. I find it odd this guy, a Communisn advocate, basically wants the same thing the WEF billionaires and central bankers want themselves to keep control over everything and everyone. It’s bad enough now, it would be hell on earth. It’s basically like China where it’s super controlled Communism fir the vast majority with the oligarchs/political elite enjoying the fruits.

[@KrunoslavStifter]

Don't you just love when Kitco get's a proper old school communist to talk economy. lol

[@HowardARoark]

Kitco ain't the friend of any of us.

[@ifh4030]

I don't like your comment. If I ever get control of your country's CBDC I'm cutting you off.

[@harmankardon478]

@@HowardARoark thats for sure David is a worry...

[@rudiegotbetter8730]

He isnt a communist but ok

[@cleopatraoatcake7364]

He's not a communist.

[@seodo8915]

Your next guest should be Recep Erdogan of Turkey. He would give an excellent advice on how to fight the inflation.

[@davidwhatsapp4678]

Hey mate ᴛʜᴀɴᴋꜱ FOR ᴡᴀᴛᴄʜɪɴɢ have something to share with you msg direct ⬆️✍️

[@icecoldchilipreppers6496]

🤣

[@matmc8100]

😂😂

[@faded6507]

Thank you . Somebody had to say that ahaha

[@77vavavoom]

No need to invite, I can tell you myself. By using the Turkish economy to launder all the smuggling, racketeering, black market euros and USD. And still raal inflation is about 150%

[@randyromano2854]

When Yanis spoke about the pandemic, he missed the part where governments dictatorially shutdown the economies of the world causing all the problems with supply chains and the "hole" in the economy. There was no democracy in that action Yanis. Capitalism will control itself; left to itself.

[@N20Joe]

It's funny how those near power always happen to leave that part out. You know, the self-inflicted pin that pricked this E-N-O-R-M-O-U-S bubble.

[@natasspin3015]

And capitalism will do good, because macroscopically it's caos and it's equal. Hope we will understand freemarket before being whiped out by nukes

[@savagefist1029]

Bingo. Glad you pointed that out. Too many(mainly on the Left) continually fail to realize when government proposes a solution to some huge event with negative consequences that it was government that caused it in the first place. Those in power NEVER offer to shrink government to get it out of the way.

[@randyromano2854]

@@savagefist1029 And that's our fault for allowing our "representatives" ( cough cough ) to gain so much power over us. They should be serving us, not ruling us.

[@jimlehmann1661]

It was a capitalistic administration that put us here.... Blame the GOP in America's case but really, the democrats would have done the same. Globally, that was the 'thing to do' and it makes you wonder if this entire COVID thing was made-up to destroy the current currency system so we could bring on fed coin, YEN coin, Ruble Coin etc etc.... Thoughts?

[@christieman4001]

This guy’s philosophy is exactly why the world is in the position that it’s in and so fragile.

[@davidwhatsapp4678]

Hey mate.. ᴛʜᴀɴᴋꜱ FOR ᴡᴀᴛᴄʜɪɴɢ have something to share with you msg direct ⬆️✍️

[@neonovalis]

He is right in the sense that BTC can not be the solution ... since the early birds (the "oligarchs") will become rich ... same with Gold. He is wrong in the sense that the "little man" can not use Gold to protect himself.

[@christieman4001]

@@neonovalis what’s wrong with being rich? no different than our current landscape just different players

[@neonovalis]

@@christieman4001 Nothing wrong with being rich in general. But becoming rich with establishing a "monopoly situation" (ie Bitcoin) is just not fair ... to start printing a currency (collecting the cheap coins) and then saying: look there is btc that is the future, but you have to pay 30K for it (while the early bird paid 10$) ... that is just not fair. Gold is a bit a different story ... because it was sold (most of the time) at about mining costs +10 to 100% premium (above all in cash costs) ... so that was rather "fair" ... and you can go panning in the river if you want to.

[@FinanceVector]

Well said. We have too many "technocrats" with these useless ideas.

[@anilrai6918]

Thanks for the government side perspective. Government should not be the controlling force rather protecting force.

[@drudini5812]

Amen

[@junktex]

LOL.Government is one of the biggest frauds ever perpetrated.Wake up.

[@anilrai6918]

@@junktex thats the point.

[@77vavavoom]

How can you protect or control the economy when your central bank is not state owned and controlled but private?

[@adenizenabroad9593]

I agree, Amazon should stop controlling the vast majority of wealth. Ridiculous they have that much power over ppl

[@springwater3164]

From gold to crypto to stocks, from distrust of governments (gold is a distrust in government issued fiat) to interviewing central bankers and former ministers. Great to hear different perspectives in recent interviews. Well hosted, relevant questions, good journalism.

[@raftea219]

He is a communist

[@harryzero1566]

It is possible that gold and bitcoin won't help governments, but Gold will always have a value and therefore help individuals of that I am convinced. I would rather have 10 years worth of 5gm gold coins than rely on being fed a arbitrarily set amount of digital currency to be used at a central entities discretion. In Lionel Shriver's dystopian near future novel where the US defaults on its debts, The Mandibles. the populace, submit to being chipped, carrying their digital wallet embedded. If they stray from their geographical enclosure the funds are deleted.

[@yodaddy6586]

Politicians will never promote gold because they can't steal your gold unless they go dig and pull it out of the ground.

[@anilrai6918]

I dont agree with gold being distrust in government statement. Gold is and was money thats it.

[@nenzie110]

[@enriquejaimes3368]

"The fact that we have inflation today is not because of QE" WTF!!!!

[@davidwhatsapp4678]

Hey mate. ᴛʜᴀɴᴋꜱ FOR ᴡᴀᴛᴄʜɪɴɢ have something to share with you msg direct ⬆️✍️

[@willnitschke]

Inflation is caused by Putin 'cause he caused the supply chain disruptions, apparently. Apparently not Chinese lock-downs. I suspect he admires Chinese Communism too much to be critical there.

[@willnitschke]

@Madolite Depends which type of inflation you're talking about.

[@jimlaughton9978]

Maybe Kitco should interview other past financial has beens from say like Venezuela, Argentina or the third rock from the sun

[@bar8665]

😂

[@JohnSmith-zu2sy]

Exactly, I don't trust him, he was relevant for 5 minutes over 12 years ago.

[@patienceobongo]

Or Paul Singer since he owns Argentina's population

[@Harrybowles1969]

Didn't Greece go bankrupt when this guy was in office?

[@jack-xz7px]

Not to mention the banana US republic …..Bernanke Greenspan Yellen et al

[@paulodonnell2820]

He didn’t actually answer David’s question about bitcoin and gold being a store of value independent of government! He went on a rant about why the gold standard did not work lol 😂 anyone who resorts to calling people idiots if they do not agree with their opinion isn’t really worth the time of day!

[@takethepowerback83]

Hear hear!

[@mikerollin4073]

He actually has a lot of interesting ideas despite this interview, IMO, not being his greatest .

[@YG-fm2wv]

@@mikerollin4073 this is the Guy who made the Euro crisis of 2013. As prime minister of Greece, he did not control a lot which resulted in a crisis…. This Guy should be in jail.

[@ssuwandi3240]

Because we are in midst of ideology war! The rock and hard places between freedom of liquidity / printing vs free movement of commodities trades everywhere else except Ukraine/ Russia. Combined value of trades involvedi is quite significant. We are now getting stuck at just paying for the consequences of the imbalance in form of hyper inflation! It's the fundamental problem in store of values. Bear in mind that gold is also a commodity

[@YG-fm2wv]

@AVRO Greece could only enter € by cooking its books thanks to Jp more-trash. 🤠

[@philpot3478]

This fellow has been working in/for governments for to many years. He seems to be completely unaware that the engine of freedom is small business not government. Government is the force which drains wealth, creates wars, creates lockdowns, creates division and destroys small business. "The government must love the poor, they are creating so many of them."

[@daath5114]

Your business gets robbed. Who do you call?

[@seankennedy4284]

The engine of freedom is small business, yes. And sound money.

[@willnitschke]

This is the same genius who presided over the bankruptcy of Greece... so basically if you did the opposite of everything he suggested, you'd likely be far better off. ;-)

[@kryptobear2444]

@@daath5114 Wealth Busters. In other words government

[@philpot3478]

@@seankennedy4284 I agree 100%, actually sound money is essential, and every bit as important as small business. Inflation/extortion is the penultimate tax and bows only to direct confiscation.

[@anassmsallem1977]

So ironic i literally see the idiocy and the economic illiteracy manifested in this guy. No wonder he was a minister of finance!

[@tshandy1]

He's a government guy. He doesn't instinctively distrust government. Rational people who value individuality, privacy, and freedom do, however, distrust the kind of government authority this man is trying to sell.

[@junktex]

EXACTLY!

[@vincentmurphy9252]

Greece Should fold. No one works they do nothing . Then get bailed out

[@ifh4030]

You have dangerous ideas. Your personal CBDC account is therefore going to have a -15% annual interest rate. Good luck.

[@clambert608]

Hes a renowned economist...

[@ramsesmartina4960]

Seriously, is this guy an economist? I already understand why the Greek economy went to shit

[@peaceonearth8693]

You nailed it.

[@enriquejaimes3368]

Well, he is a politician first and that shows. They want to control everything.

[@supertampon5]

he was an economist for a gaming company lol

[@largefarva4712]

🤣🤣🤣

[@goldennuggetz5312]

He's a socialist that thinks he knows economics.

[@Cryptoversity]

"Capitalism is a very volatile beast" and yet talks about political, central bank global-communist money. He has lost the plot.

[@willnitschke]

Given the fact that central bank tightening has so far resulted in recessions 70% of the time, it's a bit rich to blame volatility on capitalism these days, isn't it?

[@EJL171]

@Chris Jones it’s not FREE Market capitalism

[@sporegnosis]

So true!!! Abd this is why he won't accept private money ever - because it would be out his comunist state control.

[@koltoncrane3099]

Chris Sure central banks can be called capitalistic. It’s also fair to say the U.S. still supports FEUDALISM by owning 25% of the land and being the lords and telling the serfs if they can work there or not. Or technically I guess it’s communism or socialism since the government does own such massive amounts of land. You can’t own land in China for instance cause tbr government owns it. Like it’s against the constitution. The constitution also says gold is money and there was no amendment to the constitution. None to make fiat currencies legal tender and make gold a commodity. The point is it’s NAIVE when people just say capitalism. Like that’s a pendulum and you need to be very specific. Is it a semi free market we’re talking about or more of a creditism market which the Us has been in for decades focused on expanding debt to avoid a recession at all costs. Capitalism does benefit from recessions so it’s kind of absurd when people claim ya our society is capitalistic when it’s manipulated so much it’s getting ever closer to a central planned economy. How many people know the US had two central banks before the federal reserve and each time the U.S. got rid of it for a reason.

[@Cryptoversity]

@Chris Jones Its hard/long to explain why I am calling central-banks Communist rather than capitalistic so in short..... They (CBs) create fiat (thy will have value, because we say so, value by authority). Effectively false tokens produced at will to infinity if desired, representing real energy and real capital. Capitalistic money would be gold, silver, bitcoin, or even oil, cattle and tobacco. (Can't be produced at will and valued based on authority and imposed trust). Capitalistic monetary instruments of all sorts can fluctuate in relative value based only on supply vs demand. Communistic monetary devices which include govt bonds and derivatives fluctuate based on the ability of authoritarians to demand agreement of value, or confidence in the issuer of the effective ponzi monetary scheme. The grey areas of confusion of when capitalists use communist scams such as govt funding and pozi schemes to accumulate capital, or when communists use their fiat to aquire real capital to cement further athoritarianism. Fascism, Naziism, Socialism and Communism, are all served by Crony-Capitalism/Corprorate-Welfare.

[@davidcollins8150]

Let's get Prof Henke, Varoufakis and a Max Keiser together - now that would be entertainment!

[@702robertsroad]

Or Michael Saylor or Jeff Booth

[@guzey61]

This must be arranged! Come on Kitco, work on this please

[@matthewgallant4224]

This !

[@fillup8177]

Ooo!...Celente!

[@rajanranjitmistry]

At that point, get Peter Schiff in the mix too

[@rolfs4743]

Yanis is very slick in turning the cause and effect around, calling everyone who says otherwise a 'financial illiterate'. No wonder Greece is doing great financially.. Poor people of Greece who have to deal with this financial clown lol.

[@yeshayahu8358]

I agree. Inflation is high because of years of quantitative easing. The real reason why the gold standard didn’t work is because no one wanted to be fiscally responsible.

[@damiangrouse4564]

@@yeshayahu8358 sounds right

[@alexcipriani6003]

the guy is not even in the government

[@mikecb39]

I used to respect this guy back in the day because he seemed to be standing up for the Greek people but now all I see is an old school communist trying to resurrect ideas that have been proven to fail over and over again.

[@robstrickland166]

tooooo... dictatorial

[@antoniohg]

It is a testament to the great service that Kitco is providing and the excellent interview skills of David, that we are able to get a clear glimpse of such dangerous and fallacious opinions as those put forward by Yanis Varoufakis.

[@antoniohg]

And I refer to his opinions about a CBDC. However I do agree with Varoufakis views on the war on Ukraine.

[@omrit2]

He's obviously a shill for the globalists.

[@sporegnosis]

All of his answers were so ideologially loaded. He really wants to become the tzar of a new centralized inflationary monetary state. The reality is that goods and services are constrained by reality, and all the printed money in the world can't prodive you with wheat and oil - food and energy.

[@JimJamJuicy]

Well said

[@weekendatbernies2265]

That, or Kitco is a propaganda outlet....

[@michaeldob9526]

He's actually making a good case for bitcoin. Money will always be in control of politics and the supply will never be fixed, so to save your wealth you have no choice but to rely on bitcoin or gold.

[@swedeshooter7540]

Of corse is crypto a favorite among socialists. It’s the left’s long lived dream of creating value out of nothing. Carl Marx ultimate wet dream.

[@YG-fm2wv]

@Abc Imschnee Hoddle to 0

[@CryptoDave17]

@Abc Imschnee umm sir have you checked your golf portfolio in the past 10 years?

[@HowardARoark]

They are the best hope.

[@YG-fm2wv]

My son *

[@jairogutierrez6609]

There are more fallacies in this man's arguments than there is sand in a desert xD

[@HowardARoark]

He's just another communist fantasist speaking babble.

[@hansp.]

Inflation has nothing to do with QE??? "Just print the dough to create a massive green new deal." He sounds like a politician!

[@charlesgaylord481]

Having this guy on is like taking boating advice from the Captain of the Titanic.

[@flyinb45]

Not fair, he was sleeping when they hit the ice berg lol

[@drip369]

Screw democracy, i want my constitutional republic back!

[@patriotpioneer]

You guys remember back when the dislike button worked...?

[@dekzzx]

they couldn't even let us have that

[@JR-gj3fx]

This guy thinks a super-centralized bank is going to look out for the little guy better than anyone else? He thinks a centralized bank isn’t oligarchic? Really? Give us decentralized money and we’ll look out for ourselves. I want nothing to do with getting trapped in this guys vision for the future. (Good interview by the way.)

[@AllNighterHeider]

Know your enemy

[@phiaowo3999]

I don’t like the corrupt banking system but I am more afraid of the concentration of power the Fed or the government bank would have over people with a CBDC

[@daviddjerassi]

This video should be compulsory viewing in every school around the world an amazing man who really understands Government money and interest rates ,Thank you Yanis please hurry up with your book i want a copy.

[@rememberremember549]

absolutely agree. Easy to be an armchair expert who has watched a few you tube videos. This guy actually understands the system and is an advocate for real democracy.

[@Scott_Bradbury]

There is a big difference between a central bank giving you money, that you can then remove to cash and spend how you want without any tracking on it. Vs having all money on a centralized blockchain where you have zero sovereignty of money, no way to remove it, and no way keep your privacy.

[@willnitschke]

Of course. And the so called "transparency" of such a block chain would never be available to the masses in the real world.

[@HowardARoark]

It won't be "a blockchain" - it'll be a centralized database. A blockchain must be Proof of Work and it cannot be centralized - Bitcoin is the only functioning blockchain in existence (apart from some hobby projects).

[@willnitschke]

@@HowardARoark Of course, but they'll still call it a block chain...

[@blastfromthepast185]

This speaks volumes on why Greece has had to be rescued by the EU (Germany) financially. At least he is transparent and explains his Marxist views openly. David did a great job just letting him talk, exposing these pernicious ideas of the past, present and unfortunately the future.

[@inflationking1271]

Greece was squeezed out by Goldman Sachs and others like a lemon.

[@neonovalis]

He is not Marxist ... he advocates Green energy ... because the "EU addiction" of Gas/Oil has brought this dependency of this rouge state called Russia. ... besides he is right on the commercial banks ... the big guys (oligarchs) get credit(loans) for 0 percent ... while "Joe Average" has to pay 4-6% ... absurd system.

[@AceFromGorillaz]

First of all Greece wasn't rescued by anyone. The EU only rescued foreign banks, also yanis was a minister for only a few months so he didn't really affect Greeces economy. He went there to go against the EU and the bankers and when the government back down and chose to agree with eus austerity rules he quit.

[@georgesamaras2922]

Germany saved itself (private banks) ... 40 years of corruption and foreign loans had created greece ... politicians and their shell games of debt and vote buying through subsidies

[@AndyPentax]

Here in Ireland, the Unsecured Bond Holder's were bailed out by placing their Debt on the Irish Public Tax Payers. Income Tax increased and the prices of Electricity, Gas and Food also increased. Today these debts have been made permanent and it's called a Universal Social Charge on everyone's Weekly Payslip. This was undemocratic and a decision taken by Government without any input by the Irish Taxpayer.

[@southernbanker1946]

YT took down the video initially....watch and listen for parts that may be cut out or pieced together

[@jr3213]

Yes, did he say bitcoin shouldn’t replace dollar? Weird edit

[@twisttwister8254]

Im not a gold big or a crypto guy, and i disagree with almost everything this guy says.

[@trustedsource2617]

That is because you are not brain dead.

[@asumamonsta]

Yup, his world will give to much power to a handful of people

[@dylanvanhoorne3191]

Anyone who consumes financial content on the reg.can hear all the buzz words.he thinks the ends justify the means

[@tkendirli]

Remembers he is a socialist let say even light communist. he speaks about his beliefs. which I find very naive.

[@JohnSmith-zu2sy]

Because he's a commie shill and should be ignored.

[@Cryptoversity]

Dangerous fantasy? That is subservience-talk. Yanis needs to watch more Nomad Capitalist. I myself have been a digital nomad with no permanent residence for years.

[@mjjackal]

Thanks Kitco for putting a face on pure evil

[@thecars570]

Inflation is great as a hidden tax for gov. Inflation is not great for a saver and the middle class or poor.

[@mcata3625]

I think he knows that, that's why he's in favour of it, to rob people.

[@rrocco74]

Listening to this guy we understand why Greece is bankrupt... Socialism/communism has never worked and will never work... The solution is decentralization not the opposite.

[@stefanfaelschle]

I fully agree. And they have sucked cheap money out of Germany, Austria, Netherlands etc...They should never have been part of the EURO in the first place.

[@RR-qj1ji]

@@stefanfaelschle I am from Greece and I totally agree. We have one of the most corrupt systems in Europe and shouldn't have joined before fixing that. Only thing that did was to flush the corrupt with Euro money and let the people pay for the 210 debt/GDP interests. Oh and the great thing is we can't devalue our currency to attract demand since we are stuck in €. For reference minimum wage is 600€ gasoline at 2.50€ rent at 350€ avg and we have the moste expensive internet and supermarket in Europe as well.. hooray 🎉 Oh and all our masters/PhDs are gone.

[@Harrybowles1969]

@@RR-qj1ji internet expensive and rubbish. This interview glitched all the way through!

[@77vavavoom]

@@stefanfaelschle you only know half the story. The loans were FORCED on greece with the help of the corrupt political system, only to use them to buy German and Dutch "green energy" infrastructure, while on the meantime mortgaging to the lenders all of Greece's resources and assets, even fucking Acropolis. On the same time, austerity measure packages destined to fail from the beginning were imposed, with the result of going from 112% debt/GDP in 2010, to 240% currently. Things are not so simple as your media has told you my friend.. and by the way, you still owe us the NAZI loan you forcefully got from us in 1940, and greece is the only country Germany has not settled compensations with , for the destruction you brought to my country in WW2. I don't know if you media has told you, but these 2 grossly sum up to over 1 Trillion with interest. Any comments on that?

[@1976tsaijay]

3 interviews in the row from kitco discouraging investors and funds to go into gold. I wonder if it has anything to do with recent gold delivery 🤔

[@permabear6025]

Or because the endless gold price projections have turned out to be nonsense and it’s down YoY when inflation is 20% plus even lower than 2011…

[@mcata3625]

@@permabear6025 so, you don't think it's being manipulated?

[@permabear6025]

@@mcata3625 Of course gold price is manipulated which is yet another reason not to buy it.

[@cryptochiefs4752]

"the only thing that gives money value is that it can pay taxes" LMAOOOOOOOOOO

[@hdj81Vlimited]

yeah, he is a payed politician by the WEF.......

[@vernondecker9532]

Digital currency is a prison.

[@cyberblock7619]

Not if its decentralized like bitcoin

[@morganmaniac1364]

Government digital currencies yes, but decentralized cryptos like BTC, NOOOO! The exact opposite!

[@dangonzalez2088]

Not if you could trust you got

[@tiamoore2861]

@@morganmaniac1364 btc is a trojan horse

[@kryptobear2444]

@@morganmaniac1364 unless it was NASA that created it and fooled everyone into thinking it was some unknown guy called Satoshi.

[@QUARTZdls]

Yanis is intelligent... so how on Earth is he unable to comprehend that a currency can be bound to gold yet the supply of the currency can still expand? How can he not comprehend that expanding the currency supply simply requires a commensurate increase in the price of gold (as expressed in the currency)? Or, if the currency supply must expand but we prefer the gold price to stay constant, then do the work to acquire more gold. It’s so basic, yet our thought leaders are all so ignorant. Yanis also does not understand the importance of a high level of energy flux density; you can install *all* the solar and wind you want, but it is low energy flux density so will never be able to propel us forward. Gradually replace carbon with nuclear and re-focus on fusion energy, research on which was largely de-funded in the 1960s.

[@KrunoslavStifter]

Lenin was educated and articulate, but: “We are all susceptible to the pull of viral ideas. Like mass hysteria. Or a tune that gets into your head that you keep humming all day until you spread it to someone else. Jokes. Urban legends. Crackpot religions. Marxism. No matter how smart we get, there is always this deep irrational part that makes us potential hosts for self-replicating information.” ― Neal Stephenson, Snow Crash “The difference between communism and socialism is that under socialism central planning ends with a gun in your face, whereas under communism central planning begins with a gun in your face.” ― Kevin D. Williamson, The Politically Incorrect Guide to Socialism “The world would not be in such a snarl, had Marx been Groucho instead of Karl.” ― Irving Berlin

[@felipe4477]

Thats not how it works pal. Last decade ai made my fortune shorting goldbugs like you lolol

[@attilaa2065]

Guys like this should show us is why it’s so important to keep our 2A

[@budgetingstrategies6240]

As soon as he says he doesn't like Bitcoin but likes Blockchain, I'm like, yeah this guy sucks

[@aokaparagit]

Yah you don't have to like him.

[@Harrybowles1969]

They didn't say they didn't like him they said he sucked. I didn't get anything useful from listening to this unfortunately

[@HowardARoark]

He is absolutely full of shit.

[@EJL171]

Typical bullshitting bureaucrat

[@joeferreira657]

Who is CEO of bitcoin.? Oh,it's machines burning electric power. Ok.

[@galaxyknuckles9000]

This guy sounded like a total tool. He is definitely a politician.

[@ThinkForYourself8258]

Thanks for bringing on Yanis. Please do it again where he can explain techno feudalism.

[@georgesamaras2922]

traditional land = web space / platforms -- we slaves producing data for FAANG

[@manmorg]

Good little Keynesian.

[@scottyp3956]

“It has nothing to do with the monetary policy, but the supply chain” lol okay

[@krz8888888]

Minister of finance: Nice! Of Greece: Oh...

[@markyocum8249]

Hahaha right?

[@peaceonearth8693]

lol

[@g0rd0nfreeman]

Haha well done.

[@michaelallen5766]

That’s just cold 🥶 🤣🤣😅

[@danielbarnett6859]

exactly!

[@dasbof]

"Yes freedom is good, but we need it metered out by the State" - Buy Bitcoin and gold, silver, and land. Have emergency cash on hand. Good luck.

[@ashleysoudah]

He literally just said there are ways to maintain anonymity and have blockchain CBDCs . The whole point of blockchain CBDCs is that they are NOT anonymous! (at least to the government)

[@tbled52]

How many time has the Greek economy collapsed in recent years?

[@arbitrader893]

Is kitco looking for the dumbest people to interview? Because lately Kitco takes the cake.

[@ruckercarlson6229]

I think it's great. To see the faces of bureaucrats who enable socialism for corporations, devalued the money of the saver to hand it out for free to government connected Corp.

[@geirsivertsen4225]

Arbitrader: I think you should stick to your trades. This former finance minister is sharp as a razor blade, - but new political ideas outside the mainstream are always treated with disbelief and mockery, as seen in most of the comments here. By the way, same phenomena has happened in the scientific world through times…

[@arbitrader893]

@@geirsivertsen4225 Who told you to think?

[@clambert608]

@@arbitrader893 it shows a sad glimpse into your mind that you think someone needs to be "told to think". Probably why youre so close minded to the worst of an incredibly intelligent man. Perhaps you just cant grasp the topic at hand properly...

[@atzegittler2157]

“Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world.” - Henry Kissinger

[@maximummilitiaimmaculataem883]

“The man of peace” will soon rise and offer a global solution which will offer a “mark of convenience”

[@KrunoslavStifter]

This later was something the kleptocracy in the west forgot in favor of printing machine. So they abandoned food and energy supply in favor of money control. It was easy and worked for long Time. than came Putin and reminded them that they might have printing machine , but he has food and energy and he has them by the balls. Rubles for everything. No wonder they dragged thousand year old scum Kissinger to latest Davos meeting to say that few weeks ago. With no food and energy, money have create out of thin air in the west is becoming worth....less. And eventually it will become worthless. Not so for Russia, because they still control food and energy.

[@jeffersonblackmon]

Credit Kitco NEWS for showing both sides of the story. Gold and Bitcoin it is...

[@okimitchell1043]

Kitco always stays neutral and this makes for way better interviews because they have no dog in the fight.

[@isaacgewn]

Who?

[@AR-ilire]

This guy is also ok with people's savings being devalued for the greater good and the politicians failures. He is basically saying the end result would be the same but he would do a few things differently.

[@davidwhatsapp4678]

Hey mate.. ᴛʜᴀɴᴋꜱ FOR ᴡᴀᴛᴄʜɪɴɢ have something to share with you msg direct ⬆️ ✍️

[@georgesamaras2922]

The only person that has benefited from the greater good is advertising revenues, shit food, and mil-industrial complex

[@miketyson8933]

The only thing he said that makes sense is by getting rid of all these middle man banks except local credit unions

[@mannyrichardson]

Some people cannot live without someone ruling over them. You can keep your government. I prefer freedom and self rule! I guess that I need to buy an island.

[@peaceonearth8693]

Quack! So, how did Greece's finances do while this guy was in charge?

[@davidwhatsapp4678]

Hey mate. ᴛʜᴀɴᴋꜱ FOR ᴡᴀᴛᴄʜɪɴɢ have something to share with you msg direct ⬆️✍️.

[@bikespok]

Omg I haven’t laughed this much in a long time 😂

[@willnitschke]

Really? I had to vomit instead...

[@slavric]

We can laugh, but for how long? Those bastards are working against people.

[@melonshop8888]

🤡 TOINKS WORLD. AHAHAHAHHH... 😂🤣😂🥳

[@martinvanmansvelt2390]

Great answers from Yaris, smart man 👍

[@RealJoshBinder]

I miss gareth talking about unbiased objective probabilities

[@jasonpost7538]

Gareth will not be on Ctypto News for a year guaranteed when he made the prediction gold will be the number one asset this year more than any cryptocurrency

[@kaputalist1971]

I used to respect him, then I saw how far he lost the plot. His arguments are worse than his internet connection.

[@bill7778]

Gold was is and always will be GOLD.

[@user-DongJ]

Absolutely. Just like Lead was is and always will be LEAD. Or Tin was is and always will be TIN. However for those who understood nuclear science, Tin, Lead & even Gold can be destroyed by extreme energy fields/objects like strangelets & black holes.

[@galaxyknuckles9000]

Yes but its perceivable value can change radically and it isn’t an extremely fundamental or particularly scarce commodity considering its use cases.

[@bill7778]

@@galaxyknuckles9000 but ones and zeros are almost "priceless"

[@galaxyknuckles9000]

@@bill7778 No, just scarce(or not). And on one of the most reliable/robust open source networks if you’re referring to btc.

[@kryptobear2444]

@@user-DongJ Yes , so buy buttcoin and watch it go LUNA

[@WassimDabboussi]

It is ppl like this guy why we are where we are!!

[@jackturner1446]

Great interview. I really enjoyed this perspective of current affairs.

[@Asmodai2011]

Ideocracy would be taking Capitalism lessons from a self proclaimed "Libertarian Marxist". There will always be the need for Gold, so long as there is the desire by those in charge, that choose to be Fiscally and Monetarily irresponsible.

[@Lexman00]

WTF is a libertarian marxist?

[@willeke8855]

Always good questions David. Great video again! And nice to hear from Yanis Varoufakis again.

[@Stephan2099]

David we need you to host a live debate between Yanis Varoufakis and Michael Saylor! CBDC VS. BTC!

[@jeffl511]

If that interview doesn't scare you I imagine nothing will.

[@Tampa0123456789]

Omg yanis got on KITCO news? 😄 haha. Funny to watch since I also followed socialist like yanis and know he is on the other side of KITCO so seeing him on a Libertarians channel is funny. Great channel tho. Put the information on and let us make up our own minds.

[@ocox8659]

Kitco is on a losing streak regarding its guests

[@robwindridge7804]

David I wanted to ask him in his opinion should the ECB start to sell their gold then ?

[@jakekresh2571]

Kitcooooooo 👏

[@albertorodriguezfernandez5956]

He is right regarding the printing money bit. The issue with money printing is massive, that is the main problem and the way the political and corporative elite can control markets.

[@toyoharada560]

Kitco reputation is destroyed. David needs to bounce out asap

[@Dedicated_.1]

What’s up with the connection ?

[@angelika1586]

ty Mr. Varoufakis the truth teller :)

[@s.396]

He makes good points but I do get a bit nervous when he explains away every problem with 'democratic control'

[@mcata3625]

Which good points?

[@s.396]

@@mcata3625 It's been three weeks, so I don't remember everything he said, but I do think the libertarian circuit around Kitco hyper-fixates on monetary inflation and tends to misunderstand MMT people. When he said current inflation has more to do with supply chain trouble and commodity prices, I agreed that this is also an important factor in inflation (next to monetary inflation)

[@anthonym9130]

The point he's missing is that the increase in the money supply is now detrimental and causing massive inflation for people that can't afford it if we had a real free market with real interest rates many people would have had savings to deal with the downturn and use that for temporary consumption

[@LoWang123]

The point you missed is that it would be much worse if the governments couldnt increase the money supply during the pandemic and past economic crisis.

[@mcata3625]

@@LoWang123 lol! They created both tailored to the outcomes required.

[@JoseJose-mg4qv]

Oh so now we need BIGGER BANKS AKA GOVERNMENT 🤬

[@mttrader7]

Gold will preserve your money from depreciating

[@ruofengxiu4243]

While millions of west and north Europeans bailed out Greece and suffer under the tax rates this guy looks healthy and fresh. Honest work doesn’t pay out a bit.

[@gabrielaevita6058]

Fear of inflation has hammered stock and bond prices, causing the financial markets to underperform the US economy..

[@YusufEymen248]

You'll make a lot of money in the long term if you stay invested and ignore the market's ups and downs; but, a major market correction triggers a lot of margin calls and sell-offs, sending the market further lower. In a bull market, people become greedy, and it's nearly impossible to resist the urge to buy additional stocks with borrowed money or money they don't have..

[@carinapalomino1108]

As Warren Buffet said "be brave when everyone else is fearful ". The stock market ALWAYS recover, so hold for long term and have the stomach for the ride .

[@drudini5812]

The US economy is debt.. WEAK. And your stocks are trading at like 80 PE lol

[@Walter_Nicolas]

Hi Gabriela how're you doing

[@sebastienloyer9471]

Now everyone should be it's own bank. Barter your way out of EVERYTHING you can.

[@markminister2599]

I very much listening to this guest. He seemed very knowledgeable. In fact, I listened to him several times.

[@drudini5812]

Former finance minster of Greece? Seems like a good person to take advice from.. lol

[@Warpcox]

Exactly!!!!! Ignore this puppet

[@99.99]

Left wing and economics don't go hand in hand

[@jimmymcdonald1638]

There should have never been a shut down. All you need to do is put your trust in politicians right?

[@haze1123]

Always a great guest. Thanks

[@konreww]

Yeah. Greeces economy was great in 2015. Best Bitcoin advertisement ever

[@puntoomega10]

This guy, Varoufukis, seems to have fun calling gold and silver advoctaes idiots who live in a fantasy, while advocating for politics (which pays so well for politicians..) as the solution for the problems caused by politics..., sounds like he is the one living in the biggest fantasy.

[@sang3Eta]

We need a government that serves the people. With mobile phones and internet we could be voting on policy rather than leaders. This would limit the power of corrupt leaders. No law passed without the peoples approval.

[@robwindridge7804]

A debate between Yanis and Alistair Macleod would very interesting Kitco ?

[@KrunoslavStifter]

You can't debate with a communist. they don't operate in realm of reality, but fantasy. Alistair is realist and responsible economist. Yanis is ideological Marxist that has nothing to do with economy and everything to do with ideology/religion. As they say. If you could reason with Marxist, there would be no Marxism.