Mark Blyth: 20 χρόνια ευρώ, μια αποτίμηση // Euro: An Assessment | Q&A with Yanis Varoufakis

[@superKOEImania]

19:08 the book Mark is refering to is called "America against America"

[@DNBon.an808]

oh my gosh finally a post covid lecture from Mark! I've been watching almost decade old talks and its made me so curious how things have changed in his opinion.

[@floydwilkes9904]

Well done. Very informative and entertaining. I am thrilled to see Mark B. and Yanis V. considering our global situation in tandem. Gracias. Sincerely, gratefully 🙏✌️

[@LeoiCaangWan]

I've been wishing for this collab for years.

[@floydwilkes9904]

@@LeoiCaangWan I agree completely XVandalgyonX. Such collaboration is essential to the formation of an effective progressive international and the march of Liberty & Justice.

[@valdomero738]

Both are Kremlin-owned shills. Specially Varioufakis.

[@soerenbode]

How wonderful! My two favourite economic thinkers on stage. Yannis "Adult in the room" and Mark "It may be complicated, but let's have fun with it regardless". Thanks for putting this online. Can't say I really understand it all, but I will continue to try. Anywho, Yamas from Germany. (Oh boy, aren't we potatoes some bad apples..)

[@jimbob-robob]

I agree some of it is hard to follow because of the assumptions of prior knowledge on some of the economics like "spreads" "bond yields" etc...but the more I follow , getting a definition sorted here and there the more it is making sense...👍🏻

[@daarom3472]

It's not that complicated, it's just that governments have paid economists for decades to come up with fancy nonsense to make regular people confused and stop thinking. These fables are complex because they try to tell you 1=2 ("don't worry we can print money without prices rising" because "yadablabla")

[@athenakoios]

I love Mark . Very. Clear thoughts with great sense of humour .

[@landontesar3070]

wonderful to see Mark and Yanis share perspectives. Mark's slides are awesome and profound.

[@riva2003]

Came here for Mark, surprised by Yanis.

[@sharoncurran6622]

Thank you from Canada! Very interesting discussion.

[@Cleyhill]

Without strong unions inflation is a tax on the poor. It allows employers to lower real wages with minimal backlash, and governments to reduce benefits and minimal wages silently. It also rewards those that have access to credit (those with mortgages or business loans) and penalizes those that don't (those with a cash savings account and no collateralizable assets). Agree with a lot here, but inflation creates a lot of problems, and the idea that it empowers government to run fiscal deficits is only good if you gullably believe that governments are a intrinsic force for good in the fight against inequality (which they can be but increasingly acting in the interests of the powerful). Promoting inflation to empower government only works if you have a government of the people (which is really unlikely when you are part of the EU (or west) socio-political machine).

[@TheDirtydingle]

Thanks for the great lecture

[@jimbob-robob]

Two of my most admired people in the world right now (Yanis and Mark, no disrespect to the other panelist) trying to explain the real problems of the world to inspire solutions. Fantastic...😍

[@ronanfitzpatrick1261]

Best KZbin video I've watched in years

[@spindlecitysister]

Brilliant. Gotta watch this again.

[@christophmahler]

Thank God, thermo-nuclear conflict will enable us to meet the 'net zero carbon emission' target until 2050 _in a single day_ .

[@webfreakz]

Thank you, great session!

[@DjAkho]

READING SUBTITLES WHILE WATCHING SHREK. The scottish shrek xd+storyline. That's just absurd level of humor on the spot.

[@webfreakz]

36:42 Warren Mosler said: "Raising interest rates is giving money to people who already have money" (the rich)

[@simonebrady05]

Brilliant talk by Blythe. A must watch.

[@Julie_Hamilton]

meta, please more of this kind of discussion!

[@jonathonjubb6626]

Ahha: Are you the Hamilton he joked about?

[@0xCAFEF00D]

20:25 I don't understand why this comparison is made. Roughly the UK is 1/20th of Chinas population. In per capita energy consumption they're very roughly equal (4496kwh/capita UK 2018, 5885 kwh/capita China, 2021) (1 UK Citizen = 0.76 Chinese citizen). I'm not arguing anything about China using too much, they're manufacturing for the world, very different from the UK spending energy. My point is that if you're going to look at how much energy capacity is being built perhaps look at the overall demand for energy. That's what decides how much power generation capacity you should have. If you prefer absolute numbers China sits at 8312800 GWh/yr and the UK at 300520 (uk/china=3.6%). Yes they're building a lot. They build a lot of power generation capacity in things other than renewables too. They're also one of the primary manufacturers of wind infrastructure so it advantages them greatly to buy this stuff. What's the overall point here beyond inaccurately shaming the UK? If the UK built that over roughly 20 years they'd have roughly the same buildup rate compared to demand. I can accept that perhaps you expect much more of the UK, I do too. But this comparison is just not leaving people with the right impression.

[@davidwilkie9551]

Excellent interchange

[@Telluwide]

I would love to see a debate between Mark Blyth, Varoufakis and Peter Zeihan....

[@jorgegomez524]

Peter who?

[@adriankovac1943]

@@jorgegomez524 A pro American author who believes that the us will stay ascendant.

[@sciencefliestothemoon2305]

I get the first two, but why the latter?

[@landontesar3070]

@@sciencefliestothemoon2305 They differ dramatically on the current opportunity and ROI for renewables and sustainability of supply chains for EVs for example. Domestic consumption does seem to be an alignment. Peter would add demographic component and focus on commodity sourcing to the conversation.

[@Ipeefre3ltyy]

Peter wouldn't be seen dead with this climate hysterical idiot.

[@citygasbatteryriot964]

We need to democratise the tube, it doesn't even involve tubes, ever. Not the electrical ones

[@Pat10Ireland]

At 59:45, it is mentioned Trump did an interview where he said to acknowledge climate change would be a “victory for communism.” Anyone know where to find this interview?

[@musiqtee]

Even here in Norway, this macroeconomic reality sets the bounding framework also for the small local government my even smaller party is elected to. What I can’t understand, is that no colleague or opponent read up on anything at a global scale, let alone a national one. They seem to keep struggling from case to case in a narrow local perspective, and endlessly getting surprised when things don’t work out socioeconomically. There are no other DiEM25’ers around here, so it’s an uphill walk, but I keep thinking of passages from E. Temelkuran’s “Together”, and walk on. Thanks! 🔥👍

[@elkoraco]

Norway is a puppet state.

[@allyi302]

Is their a Volt chapter in Norway? It's a slightly different ideology than DiEM I know but the perspective on acting on a EU wide level could be useful

[@BigHenFor]

It doesn't matter what size the government is. What matters is where the focus of the people running it is. Whatever its size, if politicians are focused on prioritising the protection of assets of the wealthy minority over the welfare of the majority, you get car crash populism and a shift to fascism, as the wealthy try to wrest control of the state from the Demos to themselves in order to keep riding the gravy train. There is a thin line in the human psyche between good stewardship and avarice or greed. All are driven by the fear of scarcity, but good stewardship places value on the welfare of all. It does not encompass social darwinism, nor neo-feudalism in a rentier economy.

[@toddstewart6368]

Brilliant discussion and Q&A

[@kapk]

Might be a cultural or language translation issue, but the lack of laughter at Blyth's jokes is distinctly unsettling.

[@joekerr3638]

The lack of laughter at the Hamilton joke was unsettling. Blythe's comedic style is why I love listening to him.

[@kapk]

He's an aspiring standup comedian too, I think!

[@sciencefliestothemoon2305]

Lack of cultural reference, doubt man would know Hamilton vs the musical, and to be fair I didn't know about the latter either.

[@landontesar3070]

@@sciencefliestothemoon2305 kind of a regional joke

[@tcritt]

No mic in the audience

[@JJ-wi2uw]

I've been hoping to see these two gentlemen on stage together for ages.

[@TheCriticsAreRaving]

Yeah this is video of the year for me. What a treat!

[@roscoedash6673]

Blyth is gigabased

[@leesnyder9144]

how?

[@valdomero738]

Blyth is a fashy Chad, Ultrabased Scotsman.

[@bobwinters5572]

This talk hasn't aged well when looking at it from September 2022. Inflation, crypto, the effects of the Ukraine War, US politics, European trade and politics, China, green investments... None of it is playing out on the prognosticated lines. Maybe it will look different again in a few months.

[@btgan9227]

15:30 Why the chart can't be shown? Censored?

[@stevendamon7309]

Q: How many armies, navies, warplanes, nuclear bombs and submarines do the banks have? A: All of them.

[@antediluvianatheist5262]

Not China. Not Russia.

[@lewisw3436]

@@antediluvianatheist5262 what

[@talltroll7092]

@@lewisw3436 If the State owns the banks, then what the is the banks' is the States'

[@lewisw3436]

@@talltroll7092 if that were true sure; but that doesn't make what's the states the banks

[@robdeskrd]

Don't make that mistake, the banks get to do a lot of the but the u.s. military owns the guns & runs the country

[@martinhartecfc]

Wow, that was depressing but illuminating.

[@DrSpooglemon]

When Varoufakis started speaking in Greek I thought I had had a stroke.

[@adam-yk6yd]

I love Mark but he scared the shit out of me here 🫤

[@denisemorton56]

Great stuff.

[@JosephusAurelius]

30:32 is that Socrates?!

[@philmaccall4943]

Being following MB and YV for years so great to see them together. MB particularly has shaped my view on how the world works however he totally missed the Inflation spiral we're currently in as did most commentators. Just post covid I remember him dismissing Larry Summers prediction of Inflation as BS. So everyone is fallible

[@TheCriticsAreRaving]

58:47 China and EU leading green investment?

[@landontesar3070]

possibly measured by 'capacity' but not necessarily 'generation'

[@Ipeefre3ltyy]

Absolutely ridiculous. China gets 60 percent of its energy from coal.

[@SebastianPereira]

Printing your way out of a crisis is what Argentina is trying. It's not going well.

[@1873Winchester]

The thing about rare earths is, they are everywhere basically. The EU would have zero problem sourcing all rare earths domestically, if they could deem it politically worth it.

[@talltroll7092]

It's a "yeah, but". Yeah, rare earths are everywhere, but with the exception of Sweden, there aren't many relatively high concentration deposits in Europe, so the costs of production would be pretty high. Rare earth extraction is also phenomenally dirty (China produces them cheaply because their environmental protection standards are just terrible), and meeting reasonable production and safety standards would push the costs up even more. Now, given how much of a ridiculous profit margin is built into many products that use rare earths, specifically smartphones, if the manufacturers were willing to take the hit to profits, they wouldn't have to raise prices at all. And maybe they could also arrange to have phones delivered by the Porcine Aerial Delivery Service

[@1873Winchester]

@@talltroll7092 The EU has via denmark access to greenland in addition to Sweden and with high productivity and automation those issues can be mitigated. Nonetheless the times of having things cheap and ignoring externalities is coming to an end. Get reliant on China and they can wave it front of you. We're now shown how naive it was to think free trade will solve geopolitcs for us, it didn't and now nations are getting back into thinking not just about maximizing corporate profits but also national security concerns.

[@JasonCunliffe]

Ukraine Ukraine Ukraine

[@scriptguru4669]

Very good thank you for the video.

[@drakekoefoed1642]

how does asset capitalism interface with workers? through the guillotine

[@DeusexmachinaChutzpahSipahiAsh]

Love it.

[@atozer2547]

The Big Short 2 will have a scene where Mark Baum sits down in a sushi restuarant with a US bond trader.

[@atb8660]

Very informative. However China is building green tech like Crazy but it is also building coal power plants like crazy, half of the worlds coal power plants this year built in China. They will likely not peak emissions this decade, so not exactly in a green transition, more an energy security drive

[@landontesar3070]

and Nuclear I heard

[@atb8660]

@@landontesar3070 6 new nuclear reactor and 43 coal fired power plants. Their energy production is going through the roof about half of the worlds increase.

[@Ipeefre3ltyy]

They output more co2 than Europe, the United States Canada Australia Japan Mexico and Russia Combined!! Yet this Chinese apologist talks about us "relying on Chinese green tech." LOL give me a fucking break. China don't innovate they just steal other people's ideas.

[@kyllerbuzcut]

Per person though-China's emissions are extremely low. And you've got to invest in the production capacity to make the necessary stuff. You can't just start with sorry made clean energy creation technology out of thin air - you have to have factories, powered by something, to make that first.

[@atb8660]

@@kyllerbuzcut if China does reach US per person emissions well you can forget about climate change action, we may as well enjoy the carbon BBQ. China is afraid of its dependency on foreign energy and on the US navy. This is the reason behind the push, Xi even stated himself that climate change action comes behind energy security, food security and every day life of people. Personally I think Vaclav Smil is right you will never power an Asian mega city off renewables and batteries it is a fool’ s errand.

[@darrengrady3230]

Very enjoyable, a weird dig at the guardian at the end though

[@OneEyedMonkey9000]

@28:40 "What is the Furher for the..." best frauden slip ever 🤣

[@andrejmucic5003]

well done!

[@charlessz3564]

Thank you for this lecture. As feedback though for future videos, can the camera have the dual view of presentation and the presenter, without switching in each frame. It is confusing. Thank you.

[@Krasbin]

And that would also resolve the issue at 15:45, where Mark is talking about some diagrams, but what is shown is a quote that comes after the diagrams. The diagrams were never visible. But besides that, great talk, good sound quality/video quality (apart from the above), and of course the combination of Mark Blyth and Yanis Varoufakis is really awesome.

[@landontesar3070]

@@Krasbin almost like the content was censored.

[@The_Angry_BeEconomist]

gold on its own, no- but gold, silver, PGMs and many other commodities definitely can work

[@manuelmanuel9248]

Half of the crap this scot says is poorly explained except to those in the audience that are international monetary and financial experts. Varoufakis is is a better teacher by far.

[@stuartbedwell8576]

What happens when Germany's economy starts to tank from late 2022? Cheers Stuart.

[@nomore2001]

17:40 The Mussolini salute?

[@dogetaxes8893]

One thing I never see mentioned is that Europe is also demographically fucked, most countries, Germany, pretty much all of east Europe, Britain (Sweds and France aren’t bad) have aged past replacement level for decades on end now. They are gonna have Japan like economies with extreme old burden populations. Also the rest of the world is ageing fast, there’s gonna be a lot of old economies wanting to export, not having anyone too export too.

[@dogetaxes8893]

@It’s OK but Current unskilled migration doesn't have the best track record in Europe already. These are also bandaid solutions, and often come with their own problems. The social and polical unstability this will cause due to cultural divides and issues assimilating shouldn't be underestimated. Plus, having unskilled cheap labor flood your workforce when most of Europe has high youth unemployment sounds like a nightmare. Immigration can help IF done right, but I have very little faith the technocratic decadent elite of Europe will pull it off.

[@cornishhh]

China has the worst in the world. Without immigration its population will halve by 2050.

[@guytouquet]

What might happen if the boards of directors of the 100 biggest banks in the USA were replaced with people chosen at random from voter lists and obliged to govern the banks in the public interest?

[@ADobbin1]

The system would collapse.

[@yordanyordanov4911]

Most people can't manage their personal finances. Putting them at the helm of a massive financial institution is going to be a disaster.

[@landontesar3070]

They'd copy the gov't model and give money to their friends.

[@johntowers1213]

you'd not notice any difference at all...you don't get to the top of those organizations by being an economic savant you get there by understanding the structure of large organizations and how to gain and press advantage to rise up the ranks...

[@johntowers1213]

@@yordanyordanov4911 so how would that be any different? if not for government intervention across the globe allowing these banks to socialize losses whilst privatizing profit they'd have collapsed already.. These Banks are chronically dysfunctional with so called "experts" at the helm....which suggest the amount of actual expertise needed to gain control of these banks is a lot lower than they make out... Mainly the problem is these top level roles don't sort for expertise in the right area's they sort for the people able to use the systems they're in to gain power.. rather than wield it well

[@barkobama7385]

The idea that humanity can avoid utter destruction due to climate change ignores our history. Ronald Wright's a short history of progress covers the most likely outcome. We're Easter Islanders cutting down our last tree to make statues to our gods to make more trees grow, utterly incapable of processing that our actions are killing us.

[@gregorythompson8627]

History isn't prophecy

[@DonJuanDM]

If all my lecturers talked like him, I would get a 1st hon degree like walk in a park.

[@benday1218]

@It’s OK but probably, yes, and Mark isn't one to recognise a previous predictive error, but equally, someone who can translate economics into a story, and we humans love a story.

[@dodododatdatdat]

My eyes are open

[@personzorz]

Mark Blyth, Yanis Varoufakis, and Steve Keen for triumvirate

[@jorgegomez524]

Tough crowd

[@DearSX]

Love it!

[@seancasey4646]

Or the Peter zeihan theory, the US let's the entire system go to shit.

[@jorgegomez524]

That’s BS. Don’t trust zeihan

[@collin5052]

There's a difference between letting go to shit than scorched earth, that's the amerikkkan (elite) way. If we can't have it, no one can.

[@landontesar3070]

@@jorgegomez524 Don't trust the US

[@seancasey4646]

Lol, The EU can't survive its current format. As a economic union is moronic. Mathematically speaking, we will never have economic growth like we did in 2019. It's impossible. Why would the US keep this system going without any benefits? It's over

[@shawnjavery]

Otherwise known as the scenario where the economists stop deciding things. I think something like that is going to happen, but it's pretty hard to see how things will play out when it does. Also not something I'd ever expect an economist to admit to.

[@martynfenton4862]

mmm, he does seem to deliver the same stuff for years, entertaining though

[@dadsbarmy254]

read- behave: the biology of humans at out best and worst

[@deniseah5822]

I would love a debate between Mark Blyth and Tom Woods. My issue is lefties just hang out with lefties and it’s an echo chamber.

[@jruss609]

Honestly, I would listen to Mark Blythe read the phone book, but this is even more entertaining and enlightening!

[@gaaaaray2215]

Jesus. Tough crowd!

[@Panjax]

I can't penetrate 90% of what they're saying because I've never studied economics but I still find this really interesting, weirdly.

[@christophmahler]

"No woman has asked a question (...)" A Transatlantic EU can't 'gender' themselves out of a geopoltical, security competition. *There is another 'nature' that no amount of 'enlightenment' ideology will co-opt **_'an exact knowledge of the past as an aid to the interpretation of the future, which in the course of human things must resemble'_** (Thucydides)* and _'men grow tired of sleep, love, singing and dancing sooner than war_ .' (Homer). We shall flay another alive and enter the next cycle of *'a dark age'* , long before the sea levels rise 'due to carbon emissions'... The _only_ hope, Europe has left, is _to accede to a Sino-Russian lead _*_Eurasian Union_* - and that requires the slaughter of it's _entire_ political class, groomed along Transatlantic ideology since the 1920s . As things stand, Russia advances toward the very border of Hungary, securing pipelines and railways of the Chinese *Eurasian Land Bridge* to Belgrade, so that _it will come to pass_ . "No woman has asked a question (...)" And those who do aren't women.

[@DimitrisAndreou]

That was a lot of BS squeezed inside one hour! The one that cracked me up the most was that China is moving off of coal 🤣 this is standup comedy material

[@1Three8Fiver]

It was going so well until 56:11 when that person wanted to blame everyone else in the room for their distorted collectivist mindset and absolve that side with which she associates of the individual responsibility to be there and speak. Bet it was the pink tax that got them interested in economics (TIC)

[@Tasmantor]

misogynist says what now?

[@Riddingwithvivian]

Thats a joke for fuck sake...lets lighten up a bit. Mark Blyth is great

[@Detector1977]

There is no way the north of Europe, who has been frugal and not spent money not being there, to bail out a southern Europe who has promised and spent money that wasn't there for DECADES...

[@anbu2]

As mentioned in the video that you obviously didn't pay attention to and are now regurgitating EU propaganda, the vast majority of the bailout funds when right back to the ECB and other central banks.

[@shawnjavery]

More or less, but the countries are kinda tied together by the ankles at this point. Economics are one thing but there is a point where it becomes a political problem, radicalism does tend to spring from bad times afterall. Either Europe federalises and bails out the spending that the south has done or the EU breaks up into more sustainable parts. The current situation is only going to end in a crisis.

[@MrZerausogaitnas]

c'mon laugh every now and then what's wrong with you people

[@drakekoefoed1642]

blyth is wrong. the dollar has had it

[@taxidermyable]

One has to assume that there are philosophical and cultural differences within the EU that shape what polititians are comfortable with selling to their constituents. The artificially strong currency from the view of southern EU countries puts a lot of pressure on them, taking loans and investing is probably the only thing keeping some of those polititians in power. I voted Diem25 whenever i could, because the european parliament needs to live up to it's name. The Keynesian gods you worship, however, will forsake you when you need them most. Just spend as much as you can with a firehose and not a syringe - as long as some demand is created it's all good, right?

[@shawnjavery]

If you're in a recession because most people don't have the money they used to have and the economy starts to stagnate then yeah. If you're an importer that's having the local currency collapse, there might be better options. In the future I don't really see the economic problems to be caused by the government. There's going to be a lot of global shocks that aren't able to get fixed while the government gets discredited as they are unable to provide a credible defensive then the crazies start coming out with narratives convient to some people. I look at the mismanagement of the euro crisis in 2010 more as evidence that there isn't a strong enough European identity to pull through the crisis that will come in the future, largely due to demographics and climate change.

[@manuelmanolini6756]

CANT UNDERSTAND 75% OF WHAT THIS SCOT SAYS. HE IS MORE WORRIED ABOUT BEING FUNNY AND SARCASTIC THAN TO ACTUALLY EXPLAIN THE MUMBO JUMBO.

[@Sukerkin]

I think that a certain level of understanding of economics is assumed in this talk. I had no trouble following along but that is likely because my first degree was in Economics. I can see that being presented so quickly with a picture of how macro-economics functions could be bewildering.

[@manuelmanolini6756]

@@Sukerkin International finance is advanced economics. Not the usual fare. The scot is a pretty crappy teacher.

[@manuelmanolini6756]

@It’s OK but It figures.

[@webfreakz]

"the pimps" lol

[@saattlebrutaz]

This guy lost the plot halfway through.

[@Ipeefre3ltyy]

Yep showed his crippling trump derangement syndrome

[@andyfensham-smith3304]

This talk is all over the place. There's no main thesis and no consistency in analysis. He jumps from topic to topic with very little linking thought. A combination of little explanation and doomerism. Lots of easily refutable points (of course bailouts don't pay Greece - if someone pays off your debt or refinances your debt - you don't get the money, the banks you owe do). Borderline rambling.

[@vmoses1979]

The point with Greece is that the northern Europeans were bashing the Greeks for profligacy and irresponsibility when it was banks from Germany, France, Scandinavia enabling this all the while knowing the ECB will bail them out. The bailout wasn't for the Greeks but all the opprobrium was put on Greece. It's a distortion of the reality.

[@galileo_rs]

US will defend Taiwan 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣 With what exactly? Stick to economy Mark. WTF is wrong with the audience, if you can watch a lecture in English, ask your question in English.