Yanis Varoufakis in conversation with James K. Galbraith | DiEM25

The coronavirus crisis is revealing that the powers that be of the European Union have learned nothing from the Eurocrisis.
They are currently betraying the interests of the majority of Europeans in the same way that they have done so in 2010 -- by failing to mobilize existing money and public financial instruments in the interests of the many. With their current decisions, they are jeopardizing public health, public goods and the interests of Europeans.
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[@waynemcmillan5970]

Great to see two reknowned economists I enjoy listening to, talking about important matters.

[@rrosaseconda]

Greetings from Berkeley, CA. I well remember Mr. Galbraith's father and his politics. I also recall reading his clear and persuasive writings. I am sure his opinions helped shape my progressive views. Thanks for the historical perspective so lacking, IMHO, in U.S. education.

[@charleskesner1302]

Wonderful discussion. US Corporate Media fails us. Thanks

[@jagsherdhaliwal3191]

A progressive is not complete without J.K.Galbraith

[@Diego-ys9tv]

Thank you Diem for having such amazing discussions in Another Now, I've been learning a lot and got familiar with progressive actors. Let's carry on!

[@neilwalsh3977]

I love Galbraith pere's video series on economics.

[@skintnick]

A predictably interesting and sobering discussion, thank you. No mention AT ALL of climate change?

[@rwess]

Re "austerity" - that's how they preserve the emotional scarcity of their fiat currencies. The value is kept by keeping it tight - only at the bottom - but printing unlimited amounts for the top.

[@kuwapa]

Wow iintersting concept

[@rwess]

@@kuwapa Only the penny-pinchers know and guarantee the value of the pennies. The billionaires don't even know the value of a $100 bill. This ought to be in economics texts, but it's probably too subversive to "the economic order". The value of a currency is kept by those at the bottom, by its emotional scarcity, not its real scarcity. Austerity guarantees scarcity at the bottom, and the value of a currency. (The top feel no scarcity; they only impose it.) Fiat money, especially these days, is not really scarce at all. It gets created out of thin air and distributed to the top.

[@kuwapa]

@@rwess thanks for the food for thought - I've always been interested in the austerity model & the philosophy that pushes it - people like Paul Ryan in the hay day. But this does help me put it in context and connect the dots. Remember when Obama was proactively promoting the 'Grand Bargain of entitlements' & ironically the right wing detested obama enough they wouldn't cooperate?

[@justinyarbrough4821]

@@rwess As the Keiser Report is describing it, while fiat currency is losing value as it is printed out of thin air, cryptocurrency like Bitcoin is "hardening", gaining value. Someone mentioned something like: isn't Bitcoin unsustainable environmentally because of the amount of energy required to uphold it, "Isn't it just another crazy dream?" And I agree with your response: Cryptocurrency is in its infancy, and I would add that so are other crypto-era technologies like IPFS that might provide the world a decentralized media infrastructure. Bitcoin has proven that it is possible to build _distributed social technologies_ that are self-authorized outside of the regulation by existing government. This is a revolutionary proof. Next: Build distributed sense-making platform for *open-source legislation* on IPFS that cannot be shutdown by the government. Radical democracy => Holarchy. medium.com/the-khôra-project

[@stephena.sheehan9959]

The history of how the economy arrived at this terrible moment is covered in "Democracy in Chains: The Deep History of the Radical Right's Stealth Plan for America," by Nancy MacLean. If she's not been a guest on the program, perhaps she could be invited for a future segment. Thank you for this brutally honest interview.

[@TTYounga]

I can't help but think "Louie Thorough" when I see Mr Galbraith

[@DanielCarrapa]

Starts @41:15

[@bikerslow2598]

Why do they keep this much empty... Don't know how to edit?

[@Confucius_76]

they fixed it now

[@martingergov6562]

@@Confucius_76 it still starts around that point. the stuff before is filler.

[@rosemarykean510]

I'd like to see Yanis in conversation with a more diverse group of leaders, maybe starting with Robin D.G. Kelley.

[@jumrts]

DIEM, can you put subtitles, or automatic subtitles in all your videos? It helps a lot! Thanks!

[@kylieisola4735]

You know, the more I listen to such discussions, the more, it appears to me, that, human beings, at such times, naturally move towards, what's labelled, as enlightened, socialist directions. Animals will search for the best means of survival..as will we...the question is, will we. I feel like the political system that rules the world is like a junkie, looking for the next fix, and we all know what happens to junkies. Only thing is, these junkies will take us and the planet with them.

[@toddstevens8506]

Yes, of course we're moving in a Socialist direction, it's in our nature. We will, provided that we don't kill ourselves off with environmental degradation or nuclear catastrophy, eventually rule ourselves.

[@anthonychristie7781]

@@toddstevens8506 The programmed movement toward Socialism is so often interrupted by our rulers slaughtering us, or having us slaughter each other, in our tens or hundreds of millions. Just once it'd be nice if they'd just let the programme run.

[@vincesiciliano6363]

Great comment Kylie. Great insight. Thx

[@xian2708]

Is socialism family values on a societal scale? You wouldnt charge your child interest for expenses of rearing so why the student loans for education? Issues to be solved around this seem to be things like closing the economicc loop as in making sure your 'kids' actually look after you and the next generation instead of hoarding communal wealth

[@kylieisola4735]

@@vincesiciliano6363 Thanks Vince.🕊

[@lynnez8352]

Sound is too low

[@ricardodiaz302]

Subtitulada al español?

[@joaolitos]

Learn some English

[@judithbetts453]

Blank video until 42:25!?

[@martinehamon3818]

Judith Betts yes, why not! We might get an answer perhaps!?

[@JT-xg1nq]

A pandemic takes away a lot of individual freedom abruptly. A country having a high degree of freedom has a lot more transition to make its people curtail their own freedom. A democratic country has been translating a lot of individual aspirations into shared visions. Reversing it during a pandemic requires its people to be uncomfortable in un-learning and re-learning. Going back to the familiar comfort of freedom of choices is a lot more likely. Regardless of social and ecological concerns. Political elections cannot be done away with, and politicians need not be perfect. In fact, are there perfect solutions in life? One mental model I am developing is to value-add to the party or leader(s) I support. Not just in words online but in meticulous conversations with people around me using simple questions like, "What is the alternative?" "Is the current policy based on creating more good for more people?" "Are people who oppose current situations attempting to satisfy all people?" The economic bias is in curative medicine over preventive medicine. It is more economically viable to solve problems than to prevent problems. Economic-social considerations has been growing over economic-only plans. Now the pandemic has made some people realise that economic-social-ecological considerations are necessary. Are there enough people to make their leaders do so in real terms? This depends on whether the few people who understood are transmitting the message to more people effectively. DIEM25 is one effort. I estimate a few hundred such efforts is required because learning takes time and is inefficient when the movement is more nudged than coerced. DIEM25 coalesced green movements in Europe and Canada. There are concerned people in all 7 continents and online connections would lead to actions in mind, if not (yet) in actions.

[@Hands2HealNow]

Can iether of you experts please address the issue that New York has hired 17,000 contact tracers @$22/he. Such a suggestion has offenses to privacy so its important to address.

[@Tessali666]

China's economy is not rooted in debt, now that's something new.

[@PMMagro]

It is becoming more so but not like ours- based on debt (in some places based on debt almost alone)

[@MrRandythibeault]

It's like we're on the Titanic and there's a stage show called political reality that's a hit with all the levels. It's about how those in charge of the ship are exploiting what time there is left. And the people know it's actually happening! Yet they keep tuning in! How Bizarre?

[@badomaji]

“Empire of Illusion” by Chris Hedges

[@meisam14]

Solution: Debt-Free Monetary System.

[@xian2708]

Maybe a pay it forward system instead? Gifting capital to young and new projects where the repayments will be payed forward to propagate through society at large instead of payed backward to a centralised pool. Decentralising debt?

[@meisam14]

Xian In a debt-free economic system, the interest on bank loan repayments would recirculate via two channels: the public via return on investment; and the Treasury to be spent on public services and development. Alternatively, the public banking model can facilitate the repayment of principal+interest to the Treasury directly to substitute or significantly reduce taxation. [The tax system ought to be revamped with an APT tax.]

[@wiseman9960]

It is not true that Bulgaria did very little. All the public facilities were closed - restaurant, sport and culture events closed, even some shops(not providing goods of first necessity). All students study remotely via online tools, except of course pharmacies, hospitals and other public protection services. Now these measures are loosen, because the economy cant handle such lockdown for a long. Nevertheless this false statement, Bulgarian covid reports are not accurate (I bet as is in the most countries). Small portion of the population (representative sample) have actually been tested. So whatever is there as a statistic is far from truth and isnt worth mentioning at all.

[@jovimaja6927]

Never north only MACEDONIA

[@kalaupun]

Galbraith's voice and manner of speaking are somehow extremely grating but he does mention useful details about his dad's history and obviously has systematic insider knowledge that can be useful. Then he admits his support for the Democratic Party is based not on any of that analysis but simply on religious attachment (29:30). An illuminating admission, and extremely disturbing to see how sick the US is as a society when its leading supposed progressive intellectuals lock their political action in cages of crypto-religious allegiance.

[@svetlicam]

Change perception that votes matter. That everyone can see how only real gathering together actually matters.

[@uptoit100]

the interview begins at 3:10

[@Dode108]

Yawnnnnnn...OMG

[@mariacelesteconnor8573]

I am hoping that now that the old is dying the new can finally be born: a posthuman, nonanthropocentric, global village.