ERC Viewpoints: The Future of the EU after Brexit with Yanis Varoufakis & Lord Lamont
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- Опубліковано 16 вер 2024
- For more information on ERC events, please visit www.ercouncil.org
Recorded on 27th January 2021
*Please Note: Views expressed by speakers are their own, and do not necessarily reflect those of the ERC*
In the first of our 2021 ERC Viewpoints webinars, ERC president Lord Lamont will host Yanis Varoufakis in a timely discussion of the future of the European Union following Britain’s departure. Lord Lamont and Yanis Varoufakis’ discussion will likely cover the hopes and fears for the future and the probable effect of Britain’s exit from the EU. After touching on the negotiation of the Brexit deal, we hope to hear an outline of Mr Varoufakis’ own vision for the European Union.
Yanis Varoufakis
Yanis Varoufakis is a member of Greece’s Parliament and parliamentary leader of MeRA25, the Greek political party belonging to DiEM25 - Europe’s first transnational paneuropean movement. Previously, he served as Greece’s Finance Minister during the first six months of 2015. In his own words, Varoufakis was “thrust onto the public scene by Europe’s inane handling of an inevitable crisis”. In January 2015 he was elected to Greece’s Parliament with the largest majority in the country and served as Greece’s Finance Minister (January to July 2015). During his term he experienced first hand the authoritarian inefficiency of the European Union’s institutions and had to negotiate with the Eurogroup, the European Central Bank and the International Monetary Fund. Varoufakis resigned the finance ministry when he refused to sign a loan agreement that perpetuated Greece’s debt-deflationary cycle.
Varoufakis read mathematics and economics at the Universities of Essex and Birmingham and subsequently taught economics at the Universities of East Anglia, Cambridge, Sydney, Glasgow, Texas and Athens where he still holds a Chair in Political Economy and Economic Theory. He is also Honorary Professor of Political Economy at the University of Sydney, Honoris Causa Professor of Law, Economics and Finance at the University of Torino, Visiting Professor of Political Economy at King’s College, London, and Doctor of the University Honoris Causa at University of Sussex.
He is the author of a number of best-selling books, including Another Now: Dispatches from an alternative present (London: Bodley Head, 2020), Adults in the Room: My struggle against Europe’s Deep Establishment (London: Bodley Head, 2017); Talking to My Daughter About the Economy: A brief history of capitalism (London: Bodley Head, 2017), And the Weak Suffer What They Must? Europe, Austerity and the Threat to Global Stability (London: Bodley Head and NY: Nation Books, 2016); and The Global Minotaur: America, Europe and the Future of the World Economy (London: Zed Books, 2011,2015). His academic books include Economic Indeterminacy (London: Routledge, 2014); Foundations of Economics (London: Routledge, 1998); and Rational Conflict (Oxford: Blackwell, 1991).
In February 2016 Varoufakis co-founded DiEM25, the Democracy in Europe Movement - Europe’s first transnational movement. In March 2018 DiEM25 founded MeRA25, its Greek political party. Led by Varoufakis, MeRA25 entered Parliament with nine MPs in the July 2019 General Election.
Lord Lamont of Lerwick
The Rt Hon the Lord Lamont of Lerwick was at the centre of British politics for many years. He was Chancellor of the Exchequer from 1990-93 and Chief Secretary to the Treasury under Margaret Thatcher. He was a member of the House of Commons for 25 years. He was also a Minister in the Departments of Energy, Defence and Industry. He is currently a director of or consultant to a number of companies in the financial sector, several with Middle East involvement. He is Chairman of the British Iranian Chamber of Commerce, President of the Economic Research Council and a former Chairman of Le Cercle (a foreign affairs think tank). He was made a Life Peer in July 1998. He is an Honorary Fellow of Fitzwilliam College, Cambridge.
Introduced by Jacqueline Mallender
Jacque is a respected international health and public policy economist. Over the last 35 years, she has directed many strategic engagements in healthcare, crime, justice, home affairs, education, employment and social welfare. She has worked in the UK health sector throughout her career; internationally she has directed projects and/or provided subject matter expertise to clients in Europe, North America, and, more recently, the Middle East.
Her experience includes: the economics of public health; service and care-pathway design across all diseases and population groups; healthcare systems including contracting and financing; and access to healthcare and disparities for vulnerable groups. Recent interests include value-based healthcare systems, and integrated health and social care and the role of digital health in accelerating improvement. She has a keen subject matter expertise in crime and justice, migration and home affairs and civil justice.
As a non-economist, I often find discussions about economic issues difficult to follow. Yanis has the gift of elucidating economic and financial complexity in layman’s language, showing us where, and how, the money goes ... and why; to wit, cui bono, who profits. Few emotions move us more surely than fear and greed. Astute, and unscrupulous, politicians understand the use of stick and carrot only too well. Thank you, Yanis Varoufakis.
Yanis has the gift to BS his way through every conversation. Always remember: The guy once was the finance Minister of a country and in his short time in office, he nearly managed to crash its banking system because he couldn't imagine that he wouldn't be able to BS his way through the job.
If you are brit or american...always you see "people" like barouf "enlightened"... they ruin "their" countries to serve "queen and country"...
@James Stuart, Absolutely! It's refreshing to hear him articulate the facts that we'll never get on US corporate media. 🎯
Yanis has always been a very understanding and level headed finance guru. He is one of the only people to whom I would listen to !
Wanna take and give him ministry at your uk/usa? We, Greeks, have no objection...
I'm just a simple person with very little education but I've a thirst for such informative subjects like this, thank you for educating me.
your views and humility are treasured by others
If you are awaiting from "persons" like baroufakis you to be"educated"... you f it up, like Greece...
You are aware of what you know, and what you like to know: You are already ahead of others in some aspects. And if you have to look up some things that are mentioned - that's normal, and it's normal to understand things only vaguely. I am saying that so you do not think you need it because of little education.
I encourage you to search more and diverse information. First of all, look after the motive behind the statement. There is always a motive - hidden behind good intentions - which will make the messenger stronger when he / she know and you do not, always look after the hidden message. Second, find out if there are opposing parts. If there is (always) then also listen to the other side. This is very important. Try to trust no one with a message.
@@mortenlund1418 No, there is not always something hidden. And it is a big problem to assume there is.
It happens that somebody seems to do the right thing, and that is because his motive is to do the right thing, and the thing is actually right.
It is similar to "Even a dishonest person sometimes does not lie."
If one assumes there is always something hidden, it means one think the most probable hidden motive is the real motive, even if it is just the open motive that is true.
Thank you for publishing this.. difficult to find people with this type of experience, speaking about the reality of the EU.
The reality of Europe? Just a splash of what has changed in recent months in the EU. There has been a collective approach to vaccines. The Pesco fond has arrived. EU has moved further away from subsidizing agriculture and moving into high tech. EU are moving into a collective cloud solution that has been so successful that the whole world is now participating. The EU are refonding the semiconductor industri. EU are moving rapidly and unprecedented - globally - into green industri. Germany has for the first time ever ordered its frigates from another country - namely Nederland. The people of Europe are waking up to a new world, just watch the debates on the future of Europe. There are so many voices that do not want to live in poverty in the future. I belive Europeans can think. Fragmentation is the worst black hole to enter. No way Europe will there. We owe it to humanity. Europe is the most civilized place on Earth.
@@mortenlund1418 Oh my word.. "the most civilised place on earth" The type of arrogance only the French are usually know for.. what planet are you on.. Eu is a talking shop trying to become an empire, but has forgotten to tell ir ask its citizens.. best of luck chump
@@anasjudge1937 I will be happy for every country that you list civilized. And there are many. And of course this is what I want you to do and of course you dare not starting a reasonable debate about why Europe is so high on this list. I am sorry if it offends you that it is not possible to have the cake and eat it at the same time. Why do you think tourist flock the beautiful streets of Europe?
@@mortenlund1418 As Civilisations go the only reason why the EU exists is thanks to the USA and marshal plan.... Japan, North Korea.. India, China all have more culture than you Eurocentric dimwits even know about...For example every year countries like Indian produce more doctors, engineers than the EU.. Boy you are going to cry when you social security cheque runs out.. The UK is free now from your arrogance.. So yes, we are having our cake and enjoying it !
@@anasjudge1937 I am sorry the EU is by some, the reason to all evil. Following the media - especially the anglo saxon I really wonder why they are so condescending about Europe and the EU? It seems like a propaganda war where the goal is to remove hope. And it is not easing. I understand that the verbal style is more direct in England. It still does not satisfy the why? Now that I know that you are English (? - I am Danish), how do you see fragmentation as an answer? It leaves me wondering, that the propagandists underestimate (arrogant ?) the people that live inside the European Union. Intelligence is not blocked by borders. The people of Europe will value their freedom and civilization and understand the thoughts behind uniting. I am surprised of your choices - North Korea? Civilization? Maybe we put different values in the word civilization. My understanding is: Development, fairness, equality, a society where weak and strong can live together. Free press and what the EU is offering besides national democracy - and add on, on democracy. A forum where communication and sharing can take place. What is not to like. Hopefully - when the stubbornness has passed, you will join us again. Best wishes.
I read ‘Adults in the Room’ and Varoufakis exposed the EU. I found him both idealistic and realistic at the same time in his reflections and predictions.
I think he predicted accurately the EU negotiation strategy and behaviour, which was of course ignored by Mrs May.
Despite his many weaknesses I have a lot of respect for him. A truth teller
This was one of my favorite Varoufakian seminars. Perhaps THE favourite.
He has done more shows... true comedian vein, only for what they BOOSTED him from very young age is unworthy...
This is such a great, frank and insightful debate. Many thanks!
A man with whom I think I would disagree on just about every issue, delivering the most lucid explanation of the Euro situation I've yet heard.
Couldn't agree more... I don't know his personal viewpoints well, however I am aware that he is pro-European but dislikes the current structure. You have to admire his explanations and genius..
And a brexiteer stirrer then months after brexit stating he thinks brexit was a mistake. If he had it his way he and his country would not be in the EU and he would have nothing to talk about.
5 days on and less than 3000 viewers . We are in a sad mental stage.
People need to share it as I did. People watch and forget to share it.
I didn’t know it existed till it randomly popped up in my suggestions box just now!
We live in a world where people roll their eyes at anything longer than ten minutes, or involving genuine discussion without tantrums or hyperbole.
@@Stew282 So agree its wonderful to hear such lucid points put by Yanis.. I dont know that I agree with his politics but he is always worth listening to. Also so good looking and that's always a plus.
@@Stew282 often a lack of vocabulary leading to verbal and physical attack endless celebrity tripe on the moron box to titillate and celebrate stupidity
Varoufakis has long been a voice of reason as far as the sustainability of the EU is concerned.
He has been the Nigel Farage of the "Left" (though I don't think that he actually believes in Leftist ideals, just like Farage he is into this for his own advantage, which is why he walked away every time he might have gotten some sort of responsiblity).
@@swanpride What advantage?
@@andrewcavenagh2029 Do you really think he doesn't make any money out of being the cool economist?
@@swanpride he explained why he walked away
I recommend reading Yannis’s book “ And the weak suffer as they must”. It lays bare how the EU really works, and it’s not pretty. If you never knew he is an EU supporter in principle, you’d never guess it by what he often writes or says because he’s always so critical of it. At the end of the day, he’s just another frustrated idealist with a vision that ain’t gonna happen. Having said that, he’s still realistic enough to recognise that the EU won’t change without being inflicted with huge trauma that will shake it to its core.
@TheSteelDonkey Yes, I agree, it's a great book. Yanis reads it himself at Audible. Also "Adults in the room".
Excellent discussion - thank you
A really great discussion and such a refreshing change from the toxic perspective disseminated on UA-cam between those who voted leave or remain creating an even greater divide in time we need respectful humility. I don't agree with Yaris Varoufakis on number of issues but agree the crystal ball is very cloudy.
*No 1: Don't Only Hope On Government For Income,*
*No 2: As An Individual Look For Different Self Income Not Only Waiting on Monthly Wages,*
*No 3: Always Save The Little You Can And Think Of What To Do With It When It Become Good For Capital.*
*It's 100% Good To Have Different Ways To Gain Income*
*Because Government have failed us so therefore let's try and survive*
Yes ! For real It is very important to have different streams of income and a diversified portfolio as for me I have already invested in crypto which is very profitable and easy to gain
Exactly I'm also happy to start investing too than to have my money sleeping in bank
Stocks are good but we have to make the right plans
Yes Stocks are good but they are alot of businesses more convenient than stocks
That’s the fact well I only invested in stocks and will love to know a better investment too
A wonderful discussion. I think Yannis nailed it when he said the real tragedy of Brexit is that a voice for pragmatism and moderation (I paraphrase) has left the room. I fear for Europe, and for us, shackled by geography to a political and economic corpse. His point about *increasing* divergence, at the start of his presentation, is particularly telling.
A fine discussion by sensible people who don’t have to agree, as sensibly held opposing views generate solutions for the good of all. This is the basis of democratic civilisation which Yanis Varoufakis and all sensible politicians accept.
His logical words have made me cry!
Eh...get him back in usas n uks to...cry more. This will happen FOR SURE, if you do so and not letting him ..FILLIBUSTERING for your interests in Greece
The same playbook idea: I don't know about The Guardian, but you wrote an article for the London Evening Standard warning Britain post-referendum about what would happen during negotiations and that it wasn't worth it. I disagreed with your suggestion to stay, but I have kept the article to this day because I knew you were right and I wanted to show it to friends who ostracised me for voting for Brexit. God, it turned out to be true to the letter.
Maybe you should apologize to your friends for helping to destroy the UK economy, setting up a situatio over which the UK might break apart, taking away their freedom of movement and maybe even destroying their livelihoof? Also, what exactly did you want to show your remainer friends? That you actually knew that this would end up in a shit show? they most likely knew too. Except that they wouldn't frame it as the EU doing something evil, but the EU doing what needed to be done to protect the union from a state which explecitely wants to destroy it and demands an impossible deal.
@@swanpride Did you watch the video? It sounds as if you had, you wouldn't have missed the point of the first comment and made an irrelevant comment.
@@ltmund I’ve just seen this video and your last comment , I presume that you are referring to the referendum.
You should remember that it was only for information, never compulsory .
In a following court case the judges decision was that if there had been any compulsion to implement this it would have been declared illegal and ordered a rerun .
@@steveosborne2297 Again, irrelevant. If you still think that the majority of the UK electorate wants to be a part of the current EU, after a referendum, EU elections and 2 General elections then I think you need more than a technicality to deny democracy. But that's beside the point. The original post was regarding the article explaining how the EU does not negotiate. It uses its power to achieve all it wants.
@@ltmund yes the EU uses its economic power to negotiate ; just the same as every other trading bloc .
Now , instead of being a major influencer within that powerful bloc , the UK is one of the minnows; who even got bullied by Australia .
Remember that the EU isn’t the only trading bloc we will have to deal with (from weakness) , there Is also a South American bloc , an African bloc , the Pacific bloc, Central American bloc ; all of which are based on the EU model . That’s not to mention China and the USA , who do you think will be controlling the direction of these negotiations?
Yanis Varoufakis is a brilliant person.
Well you're not going to learn about what REALLY happened during the "Greek crisis" listening to that treasonous muppet regurgitating his usual contradictory verbal diarrhoea - depending on who's paying and listening - just ask his former "communist" comrades about his "moral crisis"...
@@noIMspartacus2
I recommend to read his Book " Adults in the
Room " Eye opener.
💫
Two months after this video was premiered, Italy has thrown a spanner in the works. This is a real threat to the Euro currency. The break-up of the EU has begun to develop.
Dream on "knight"... rest states in EU arent that VICTIMS and uss hms protectorates to..make your wet dreams come true and believe HMS CROOKS like barouf... Watch not to lose a...Scotland, I d say...
I'm surprised Yanis is still so balanced about the EU, I would have thought he wouldn't have a good word to say about them, especially as they own all the public assets in Greece, that's a disgusting situation
@ZX Ace I believe that Yanis is the type called "mediator". His DIEM25 organisation aims to renovate the concept of an EU with justice and truth in tow.
I like his honest economic views of how the Eu think-
It's hard not to like this guy despite not agreeing with him economically. What I don't get is why he is so wedded to the EU.
I will owe the IRS way more than I can pay back and they knew that when they set me up to fail. This is the capitalized society in the United States. Austerity for the many and socialism for the few Rich 🤑
You just need a better accountant.
Spending your money before taxes come, so the tax office can't take your money. Brilliant. /s
It seems you are beginning to sense the neoliberal new world order, the US based corporate plutocracy that is the driving force of wars, poverty, mass starvation and pollution all over the world. Sadly this is because the majority remain deluded by corporate/neoliberal MSM propaganda.
Neoliberal economics was developed during the Thatcher & Reagan regimes. Jobs were exported to third world countries to make it easier to control the working class. One avoids Tax by making use of the many tax havens -- those who cannot do so have to pay more tax.
Wherever you go whatever you’re always going to listen to nowadays is : money money money ( therefore economics politics institutions, policies ecc)
We are a civilised specie enslaved by the idolatry of money. Sadness in its true form
It's not money, it's power, economic or political or what ever other way of power there are. It's for what reason you use it , so it's not power but the bat that uses it.
And is completely neutral so please be true to your self.
I suppose people are not monks living in self sustaining manner in caves. Even monks these days live on someone ´s charity and protection. Closing the eyes does not change the reality that the world runs on money. It doesn’t run on food, gold, petrol, arms but only on money.
@@GK-ui8fv it runs on money when everyone and everything has been given a value or a price. Nothing or nobody in the world was created by nature with a price tag on them
@@VinsLeMans well, humans like animals are created to find their way out to sustain themselves and humans have found themselves to tie themselves with each other and money is that glue that ties them together. Yes, there are still peoples living in Brazil, India’s Andaman’s and say remote areas of chile , Canada or Russia who may not need outside interaction with the money but otherwise money is the only means to sustain you, power you etc etc. Price, value tag on someone ´s head etc only matters if you have accepted money or it’s essence in the first place. Value etc depends on how many people are craving a particular thing. Anyway, you know it too, it is pointless me trying to stress a point even you believe in - power of money irrespective of what you wrote.
@@GK-ui8fv absolutely and I’m not here to dispute that. To me it’s just sad that the only incentive to make human beings exchange and share with each other has to be out of interest and money is the manifestation of that. When an artifact becomes more important than life itself that’s when we need to start asking the right questions
I always enjoy listening to this man and I am greatly saddened by the suffering of the Greek people in recent year, I wish them better fortune and happiness in the future. And I trust the UK and Greece May work well together in , let us just get on with our relationship and not allow the EU to drive us apart.
Best wishes from Britain
Much of the suffering of the Greek, Italians and Spanish, are their own doing. There is no reason why they could not be in the same situation as the Netherlands, Germany or Sweden. The rules are the same for everyone. It is their own choice to not handle their public finances properly. It is WAY too easy to blame the EU, but I guess that this is a common trend everywhere in the EU: if something goes right or gives you a benefit, politicians tend to say this is their own doing. If something goes wrong, it is easier to just blame "Brussels". The EU did not drive Britain and Greece apart. The UK left, and was not forced to leave. The EU is only providing a framework with common rules, so that there can be free trade on virtually the whole of Europe. It is up to the member states to make sure you benefit from that situation. The EU does not drive countries apart. By definition, it is a partnership where member states try to find common goals. Sure, that's way more difficult than having an all-powerful president, but is the only sensible way to go forward. Identify the problems, discuss the possible solutions, and then try to find consensus on the best solution. This involves making compromises, which is something UK and US people don't understand. If the majority of seats in parliament is not held by a single party, who can then "rule", they don't know what to do. US and UK people do not understand the concept of making a coalition, and writing an agreement on what will be implemented by the next government based on compromises between the different views in each party. In Belgium, no parties ever "win" or "lose" in an election. Parties only gain or lose seats and gain or lose influence, but in the end always have to work together to form a new government. In this system, after an election, you don't have a winning and losing side ("you lost, get over it", etc). This is exactly what also happens in the EU. Member states have to convince each other that something should be changed, but other than that, there is no limit on how the rules of the EU can change in the future. Instead of throwing everything away, the current members (and most of its people) understand that we need to fix the problems by changing the rules, not by going back 100 years and start our habbit of continuous warfare. Just check out what happened in Europe in the last 2000 years. It is riddled with conflict and war between nations. The EU is a valid attempt at working together instead of smashing each others heads in. This attempt should not be thrown away lightly. The UK left the EU and that was (in my view) a big mistake. The UK's influence in Europe is now dramatically diminished. You are no longer sitting at the table where 27 European prime ministers discuss how they should proceed. If any one country is trying to drive countries apart, it is the UK. First by leaving the EU, and now by asking/urging/hoping others to leave next. You decided to leave the union, well you are out now, so leave us alone and let us continue building solutions together.
@@janickpauwels3792 Hi Janick
From the British position a weak Europe is a bad thing, it would not benefit us at all, so no sensible person would want that. Unfortunately though the EU becomes less and less successful, see their attempts to sort out their vaccination problems, it is sad that so many people are so misruled.
I do t know if you play cards? Being in the EU for Britain was rather like watching someone else play our hand less skilfully than we could ourselves.
We will trade with Europe a lot in future and I wish our friends there good fortune, but the EU model is not suitable for us.
@@davidgray3321 lol!"play our hand less skillfully than we could ourselves" our entire government is in a constant state of chaos, britain cannot govern itself
How come Greece now borrows at negative interest rates?
Greece was in a mess, and the EU forced it to modernise. Not perfect; but it's gone through loads of modernisation. Greece is not a victim, it's ruling class brought it into this position, and the financial crash did the rest. The Greek elites profited massively, and the EU tried to convince Greece to tax it's rich properly, but they weren't so keen on that.
All my Greek friends are glad they stayed in the EU, kept the Euro, and that the EU forced them to modernise a broken system in a way that they would never have done by their own.
Varoufskis has made a brilliant career by blaming the Getmans for everything. He's a jet set guy profiting from people's feeling of misery and pain, which undoubtedly exist.
In that way, he is very similar to Boris Johnson and utilises the same mechanism for his personal career.
The Brits who love to criticise the EU should remember that the UK was asked to join forces to help Greece. But the UK decided 'not my problem and looked the other way. Bear that in mind.
The system isn't perfect, a UBI would be great, and oh "socialism" yes. But it's not realistic. The EU did the right thing in 2008 and saved Greece to save itself - without creating a bad example.
Greece is beautiful, the Greek people are wonderful, they'll be ok, and if they need help the member states of the EU will be there. But there is no such thing as a free lunch.
German spotted. Self evident.
Greeks-the Light of the World.
💫
Great show and debate / analysis of recent EU related events. Always gratifying to hear some of the actual shinanigans that EU plays on its 'subordinates' from the horses mouth, rather than the snowflakes that have not been part of the actual realities of how the system works!
Yanis is making money telling stories , I hope you like them....
Very interesting, thank you. I’m going to be rude but truthful about Mr Lamont our former chancellor who hardly covered himself with glory when in office. When he was unable to find a safe seat he was sent to the Lords, the haven of failed politicians and no doubt still sings in his Bath. So would I given the privilege and pay of the members of that cosy club.
Yanis speaks beautifully.
Why not edit out all the waiting at the beginning?
Yanis is always well worth listening to and this was no exception. I am surprised he talks as if the EU will still exist in twenty years, although twice he stated it is not sustainable as is.
Very informative and interesting perspective on post Brexit EU and the challenges that are both general and specific to the global economy and the way in which the EU needs to confront.
The basis of the argument is that Democracy is not evident in either the current national political class and the EU structures and institutions. This, is also the reason why the economic viewpoint and scenarios outlined during this discussion are flawed.......
When the people’s of the EU wake up to the current malaise in their pro EU political class, they will rebel against the current system in the ONLY way they can....... to support national political parties who will take their country out of the EU membership club.
Call it populism if you wish, but it is the basis of democracy. The only way for the EU to survive is to as Yakis states, enable the EU Parliament to become a true Parliament and for the Commission to become n executive of the majority coalition of the Parliament. However, this will only be possible if the member states give up nation sovereignty and pool resources (a federal model). But this will never happen because national populism will never support it.
I fundamentally disagree. I am very pro EU, but I do NOT want a united states of Europe, with one parliament, one government and one president. This way, a certain right-wing or left-wing government would decide EVERYTHING for everyone, and opens the possibilities of having a Trump or Putin as president. The basis of the EU should be cooperation between countries, based on common goals and principles. Before a new EU rule comes into effect, I want all members individually to have a say on it. The commission only enforces what was already agreed, or within the parameters of existing treaties and rules. Member states can not complain about this, because they agreed to those rules and principles. That's why you need to think long and hard before you agree to a new rule. On the other hand, if a certain rule turns out to be a bad idea, and most member states (democratically representing their people) agree, it is very easy to change this rule, and then the commission will enforce that changed rule. We are NOT being "ruled by" Brussels. The only power the commission has, is granted by the member states, and can be revoked at any time (if there is consensus to do that). I cannot see how you see only 2 solutions, where one is the complete collapse of the EU, where every state is standing alone again. We would go back to 27 currencies and customs checks and tariffs on ALL borders. This would severely cripple most businesses. Imagine that the USA or China would be divided into dozens of area's, where trade between those area's would become much more difficult, would that help the US or China? Of course not. Your other solution is complete integration into a federal state, which strips all sovereignty away from the members, without a way out. The current system is fine. It is a partnership where consensus between the members is needed to change anything. Yes, this is sometimes slow, and yes, this is not perfect, but this can be fixed. Maybe countries should be allowed to leave the Eurozone, if that is better for them and the Eurozone. There are many other changes possible, but to make those changes, you need to convince the people of the member states (via their democratically elected government) that this change is needed. Only in this way can you say that you are not ruled by Brussels. Only in this way is the voice of the smaller members still heard. In a united states of Europe, the majority wins, and if everyone in (for example) Belgium disagrees, then that's tough luck for Belgium. In the current system, you need to convince Belgium, Malta, Romania, Poland,... that a certain idea/change is a good one. Yes, I know this is difficult, but it is the only place in the world where this principle is used. Too many people think in terms of "rule or be ruled" or "being bossed or being the boss" and fail to see that there is something in between: a partnership where all partners recognise the importance of each partner. If a single partner is deeply unhappy about a situation, then the other partners should find a way to solve this. And if a single partner REALLY cannot live with the situation, they are free to leave. The EU is not a prison. You are in it because you want to be in it, not (like the Scottish) because you signed a treaty hundreds of years ago and are now following orders from Londen (literally "being ruled by") and are not allowed to leave (they have to ask for permission to have a referendum). I think it is clear which of the 2 unions is more democratic.
It is true that the US and UK has stimulated more than the EU has in its recovery fund, but the US and UK, unlike the EU, are countries.
The individual EU countries can also stimulate their economies, but the problem in the EU is that the Southern Eurozone countries are too weak economically to do so, and therefore rely on the recovery fund, which is in effect the North subsidizing the South, including Greece.
The EU is much more complex than, say, the UK, because it consists of multiple economies, and, in general, the Northern ones are being asked to support the Southern ones. As long as the integration in the EU, fiscal and otherwise, is not stronger than it is, there is a limit to how far the stronger economies wish to take this, especially if they feel there's mismanagement and misspending in a country like, say, Greece.
That doesn't make EU 'sick'. It's just a consequence of the Union being a more complex and looser entity than a single country.
The comparison with the UK counties does not stand up, because London can control expenditure in, say, Yorkshire. The 'home counties' of the EU, i.e. the wealthier nations of the North, are concerned about spending, exactly because it lacks control over how the spending takes place, especially in certain nations of the Union, Greece included.
If there were more political and fiscal integration in the EU, including an actual centralized government, like in London, the issue would be very different.
Besides, I think Mr Varoufakis will want to ask in Yorkshire if it feels that it is receiving its fair share of funds and investment from London.
Finally, why has it become impossible to be critical of the EU because of Brexit? Right now, millions are looking at the mess in the UK and largely concluding that staying in it is certainly better than leaving it. But this does not keep us from debating the future of the EU.
What I would like to add, is that people often forget how small the EU budget and contribution is. You always hear things like the north paying for the south, or the UK "propping up" the rest of the EU. In reality, the payments to the EU are just 1% of GDP. This automatically means that the amount the EU can spend, is relatively small. This redistribution of funds to places/businesses who need them in other countries, are very limited. The richer countries are NOT paying for the poorer ones via the EU. As an example: the contribution of the UK was 10 billion per year. This pales in comparison to the total UK budget of 750 billion. Somehow, brexiteers focussed on that 10 billion and completely forgot to check what happens with the remaining 740 billion the UK government spends every year. It is immediately clear that this 10 billion does NOT make a big difference, not to the UK budget, nor to the national budgets of the member states. There is WAY too much focus on that. At the same time, they are also forgetting how businesses are benefiting from being in the single market, and being allowed to trade freely with any other business in the whole of Europe.
So Greece's situation of the Troika holding the reins is/was almost as poor as New Zealand's was post 1984/6 when everything conceivably saleable by the then (Labour)adminstration was corporatised, which involved sometimes the taxpayer recapitalising industries the taxpayer had created and sometimes recapitalising them twice, before they were sold off to foreign investors resulting in a future of servitude for the New Zealand tax payer. A period known as the 'great experiment' by the IMF where the intention was to realise and make visible/tabulate the consequences of the sale of the country and throw it to the vagaries and exotic stragies of open offshore markets. New Zealanders were/are clueless as to what was happening. It's still a similar situation. The country now operates a medium level ++ right of centre economic system and everything is commodified, financialised, and the value of people and planet lies in the proverbial dustbin of history. (there remain a few exceptions but all under severe financial strain) New Zealand has a healthy marketing and PR industry which sells the country as clean and green ( a patent lie) offshore, and uses ill researched journalistic pieces from the US and UK Europe as a sale's brochure for domestic consumption. We have a film star for a PM! We produce financial budgets to order to back up sales, PR and political campaigns. Welcome to a peaceful yet economic violence fuelled 2021 for many in the community in Aotearoa. Nga mihi
Yes as a NZ'er watching constantly from afar NZ is a bubble ready to burst. I constantly friends from all over the world to not believe these stupid lying fantasy adverts for NZ appealing to foreigners on tv etc to bring their money to NZ and have a super life.
e perfect case against the EU but then goes on to defend it without determining whether he iscoating for Federation of National sovereignty. My own view is that the EU is unreformable but is re-formable in a more Democratic less ambitious enterprise. He would make an excellent champion for this solution.
Thank you for this enlightenment from a politition who is respectful of answering questions coming from EXPERIENCE, yes or no or I don,t know. So refreshing, old fashioned and no UMMMMMS...THANK YOU SIR and Norman. Xn
When you write the sequence of letters 'politition', doesn't something tell you that you might have misspelled a word or do you simply not care about either spelling or syntax Nancy Thomas-Ward M.B.A?
@@mwoxo maybe this senior needs new glasses...blessings for taking your nor so valuable time...however my ears and what's between them appreciated this talk... ps...I thought YT police had been banned...xxxx
Compelling. Thank you.
@1:25:00 Brexit does not have to mean no open borders. It just makes negotiations on open borders harder. The main point is the far-right messed up the real issue by making the focus immigration, when the real issue had already been solved by Charles Goodhart and Bernard Connolly (who both warned Thatcher), which was that the UK kept their monetary sovereignty and could thus have always avoided austerity as a result, just by giving the middle finger to the "fiscal compact". Instead the UK consistently under both Tories and Labour _deliberately and needlessly chose austerity_ because they they did not understand MMT.
Also, it is rubbish that the EU will "export deflation" to other countries. They could, but only if the other countries allow it. The UK with monetary sovereignty can always buy European goods and by floating the UKP they can essentially ignore the exchange rate, it has no effect on their domestic capacity to sustain full employment in the UK.
What exactly was the point then of Brexit? They already had open border, and the UK could have avoided austerity, but chose not to.
"it has no effect on their domestic capacity to sustain full employment in the UK" - What? The UK is the worst hit by Covid and is further hit by Brexit. Unemployment is now up to 5%, from 3.8% in December 2019.
The UK wasn't part of Schengen and could have kicked out any EU citizens that wouldn't have found a job within 3 months
Fantastic insight into the EU and EC political tensions...
Great exposition by Yanis whose analyses are crystal clear and almost bullet proof. However, for a very long time, I have believed that economists and politicians have gleefully engaged in creating very complex non-solutions to problems that would not exist except for their interventions. For example, the creation of money via quantitative easing is a mechanism that creates a non-existent entity that is used to fill financial holes that would not exist if those using it were not permitted to spend more than they generate. Most of 'economics' and 'finance' is based on passing the parcel, i.e. acting irresponsibly with other people's money, making a mess of it and shifting the expanding black hole of debt onto others. To sustain that illegitimate activity those in power attempt to cover their tracks by repeating it ad infinitum...the definition of madness. Can anyone answer the question (I cannot) of what would happen if all international debts were cancelled overnight? I have a funny feeling that everyone would be better off. Many of the answers, I fear, may be of the EU type, i.e. no logical, fact-driven answers because they are not prescribed in the international profit cabal's crib sheets.
Yanis makes the point that the EU cannot reform itself from within so the argument many UK remainers make that the UK should have stayed in and argued for reform from within seems a flawed one if you accept his conclusion. Yanis makes the point that in his view it is only through conflict that EU reform can happen. From that viewpoint the UK leaving is more likely to be the catalyst of change required than the UK staying in. In which way that reform occurs is yet to be seen. It could result in greater integration or it could disintegrate back to nation states with further exits.
So we if we were leaving both the customs union and single market we should have left and taken whatever deal the EU offered really and how does the biggest stumbling block to Brexit get resolved that being Northern Ireland or don't they matter.
Yanis is correct on the eurozone (currency union) being the main problem macroeconomically if not politically. But if you want a much more succinct and direct explanation for the failure of the eurozone I'd suggest checking out Warren Mosler back around 2011 predicting what we've now seen come to pass: ua-cam.com/video/0YhrtktLQQw/v-deo.html Mosler says it all in starker clearer ways and makes the solution so obvious the EU Troika could not acknowledge it, it would be too embarrassing for them. It sometimes seems we need the founders of the EU (and neolib Boomers generally) to just die off, or orchestrate some miraculous way they can "save face", because Yanis' approach of appeasement with neolib technocrats will likely never work. Mosler did not advocate exits of the EU, but does suggest they can be a last resort, and probably will be what happens, a "Plan B". As painful as a Grexit would be, regaining currency issuing capacity would allow Greece to recover in short measure. Same for Spain, same for Portugal, Italy, heck, even France, _all of them_ except Netherlands, Belgium and Germany would in the long run benefit from exiting the eurozone currency union, while negotiating to remain in a trade union.
The fear of currency depreciation upon a Grexit is of course a concern, but need not be. MMT shows how to retain a strong currency, worth as much nominally as the currency issuer _chooses,_ the worry is a Grexit return to the drachma, or Scottish independence using a new Scottish currency, or Italians return to their lira, are fraught with financial instability concerns only if neolibs are put in charge of the process.
See, ua-cam.com/video/MClyK7vS_jw/v-deo.html for advice on how to stably create a new Scottish currency.
Deep insights into the role of Angela Merkel within the EU and Euro-Group and the rochade of La Garde (ECB) and Van der Leyen
Great analysis - The currency manipulation of the Euro is essential for the future of German industry, they will have to pick up the cost eventually the only question is when are they going to break the news to the German people.................an how they will react???
First part of my comment missing; it should say: He makes a perfect ... ...is advocating...Federation or national sovereignty...
I gave up on Varoufakis long ago. His abiding character trait is wishing to please everyone while at the same time knowing on which side his bread is buttered. He has sold out his avowed ideals at least once. He is an EU policy wonk, waiting to be admitted to the inner sanctum. He is also extremely garrulous, fond of rhetorical flourishes, exhibiting a favourite EU pastime of demonstrating how wonderfully he speaks English in contrast to the dear old English who speak nobody's language, at all, and they did, would do it badly! On the last, I have some sympathy and in general. I have none for Varafoukis who would be a scoundrel, were he not so charming.
I’m sure that Mr Yiannis has visited the Peloponnesus Greece where I hope he saw the tragic results of indiscriminate Greek bank loans for housing that blight the beautiful countryside. Why would any prudent EEC citizen not be infuriated by such fiscal irresponsibility, and now you would have Greece sit at the table to spend the hard earned money of other prudent EEC members?
How can he make all those negative comments about the EU and then finish by saying that Britain would be better off remaining in it?
It's the dominant economic power in Europe. Outside is worse than inside, especially since you can't change it if you're not inside. That said, the global economic system is a shitshow driving towards the abyss, so it's not like there's any choices that aren't varying degrees of evil.
Germany needs a Euro value that is dragged down by the southern state debts. Keeping the currency value in Germany low helps German exports. If they had the Deutsche Mark, its value would be so high that nothing made in Germany would sell on the world economy. Germany needs Greek debt more than Greece needs Greek debt!
Not only Germany but other prosperous countries as well. There is no reason why a successful business model in Germany cannot work in any other country. It is up to the other countries to make sure they benefit in the same way. Don't blame the Germans for doing things right. Don't forget where they come from. They had to rebuild virtually everything. There is no reason whatsoever why other countries could not do the same. The rules in the EU are the same for everyone. Instead of always blaming the EU, people, businesses and countries should look at themselves instead, and figure out what it is they are doing wrong. There is no one stopping any Greek person or business to move to Germany or any other country and do the same there. That is the beauty of the EU: all people and business of all member states can live, work and operate in any country they like or where they see an opportunity. There is no restriction. You only have yourself to blame if you fail.
Germany actually needs a strong currency. It's what its whole economy was built on. And if you don't believe that the idea that a lower currency pushes exports up is nonsense, just look at the UK. Currency down, export numbers also down.
I think that Yanks Varoufakis is the only person who would persuade me to be left wing. (Moderately)
I think he's one of the few authentic political figures who reminds us that the right and left are capable of earnest discusson and friendship in this most toxic and partisan climate.
The lefties are turning in him
The only problem with leftism is it is run by leftists.
In the title, it should name Britain as the country discussed by this panel. Brexit is an event in time, while the question in the title relates to the future of Britain, isn't it? There's something so often present in British women who take part in discussions, like the woman presenting the questions. I can't help observing how apologizing her facial expression is, which is a phenomenon in many British faces of adult women. Something has sadly gone amiss.
I wish the remoaners would watch this.
I understand the value of allowing the European workforce to move freely within Europe, I don't understand why there is a focus on open borders, using systemic thinking it is critical to know who is in the system or budgets, taxation and services can never be managed effectively - the external borders of the EU being so porous was always a security and resources issue for me
I don’t understand‘exporting deflation’. Need to study economics to understand this.
I think what he means is that the major players in global economics - USA, EU, China, UK, Japan etc. are interconnected. It's never now the case that only one booms or goes into recession. If any one undergoes a significant economic change, it affects them all. So if the EU, that he earlier called the 'sick man of the world' suffers deflation, it is likely to spread to other countries/blocs, leading to an economic slowdown and possible recession.
A recent example of the interconnectedness of all things is that European stock markets, including London were subdued with low trading volumes while waiting for the US Federal Reserve announcement on interest rates, but immediately jumped when the Fed announced no change. Macroeconomic factors in any major market are 'exported' to the others.
That's my take on it, I could be wrong! :-)
@fe421286 Yes child, the UK.
@@Stew282 Typical example of exceptionalism. The GDP of the UK is "just" 3 trillion USD. That's hardly in the same league as US (21 trillion), EU (18) and China (14). If you look at GDP per capita, then the UK is around 25th in the world, just barely above the EU average (which includes countries like Greece and Romania). Your GDP per capita is not especially high, and your total GDP is not that impressive either. You are severely overestimating the global importance of the UK. You DO know that your empire doesn't exist anymore?? I'm not saying the UK economy is bad, but calling it a major player, and thinking it is of equal importance as US, EU and China is laughable.
@@janickpauwels3792 Grow up
Yanis is an entertaining intellectual.
Nah... It's too stable.
How come Lord Lamont is still interested on European affairs since he achieved what he wanted since the 1990s to leave the European Union?
@diaouldu29 With how they messed up? I agree leaving the EU sentiment like there was a couple f years ago has gone down drastically.
I love seeing Yanis pootling around Athens on his old AR80. He's always up for a chat too, last time I saw him we were discussing the PIGS!! 😀
Lucky you.
💫
Yanis Varoufakis is an honest man. Someone should tell him the politics is not for honest people. Or at least if no one wants to tell him at least introduce him to the American President. He sas more than 47 years of not honest politics. He will tell Yanis Varoufakis everything without even knowing it himself.
Why anyone bothers to listen to Varoufakis? Did you forget what a wonderful job (not) he did as finance minister in Greece?....
QUIZ: What common thing have baroufakis and socialism ANSWER: nothing
I would like to like Yanis Varoufakis, because i agree with him on so many issues Yet I disagree with him so vehemently on tactics that I cannot do so. This is my complaint of so many of the left: They cannot comprehend the possibility that their ideas are not so obviously correct, that merely expressing them will cause the opposition to collapse. The left envisage a new order where justice rules not from force but from logic. Yet politics and economics has always been about interests.
And Varoufarkis was asking the Germans to sacrifice their interests to save the Greeks. Naturally, they said no. What did he expect?
The left are never ready for power. They assume it because of the incompetence of the right. Then they must adapt. Those that adapt the fastest are promoted. Those that cling to old ideas are demoted. Those that are left adopt the policies of the right and are then rejected by the electorate.
The left spend too much time talking to those that agree with them. They need this like a fat fool needs another hamburger. They must learn to talk to those that hate them. They must learn to understand those that hate them. They must learn to love those that hate them. But they never do.
Well written sir. Europe can be peaceful and unified in the way you describe in your last paragraph, a monetary union with a corrupt technocracy forging trade deals that benefit the winners only (Germany, Netherlands) is not the way.
What on earth are you on about? "The left must learn to understand/talk/love to those that hate them"???? Here in the UK, the areas that have most benefited from EU social programmes have been used and conned into self-destruction and the Tory Government has, for over a decade now (and a lot longer before that), discriminated against the working and lower-middle classes. Look at the stats, Systemic underfunding of the NHS, public school system, Social care, pensions, state aid.... all while using the tabloids to sell the unsellable. Now the chickens have come home to roost, we are outside the EU, outside the single market, outside the customs union, without a plan and they still dont give a f**k. What constitutes "understanding and love" for you? Is addressing these issues and trying to educate and persuade people like Yanis and many other do not a sign of exactly that? Are you suggesting that the left should adopt right-wing tactics and just start lying through their teeth to sell their idea? Wouldn't that innevitably backfire as, by definition, if you lie and promise the impossible, you end up in situations like the one we are in right now. I have to disagree with you Sir, as futile as it seems short term, you cant fight lies and greed with more lies and more greed.
@@commonsenseplease836 “ what constitutes understanding and love “ good question. In a representative democracy the elected get to write the rules for everyone. In old Britain everyone was loved because they were British. Now the left have a series of litmus tests with prizes. Those that pass are excused hate until the next test. That is the prize! Is he old, is he white, is he a male, does he spell obese correctly, does he open the door for women, does he treat people as he finds them, does he bend the knee for BLM, etc etc. But the prizes are not worth the test. The challenge is to love the left anyway. To see them as citizens, to try to understand them, as people, to listen as patiently as you can to their ideas, often utopian and impractical and despite the fact they cannot listen to you.
They are part of the majority that a politician must create. That is the job.
@@brianarps8756 well I have to disagree... I’ll tale utopian ideas and genuine concern and care for the wellbeing of the majority pf the UK population from the left over ruthless not giving a toss of the Tories. Brexit being the ultimate example... we can disagree over leave vs remain, thats fine, but the way the tory government has acted over the past 4 years... and the absolute mess they have made of it is inexcusable. When you’ve been in government for over a decade, you have been responsible for the referendum, the party politics, the internal power struggles, backstabbing, negotiation AND implementation of withdrawal and trade agreements... theyve got no one else to blame but themselves. The whole “oh but the left...” argument doesnt work. These people need to be held accountable.
@@commonsenseplease836 “These people (Tories ) need to be held responsible.” But so does your doctor, your wife, your children, schoolteachers, road sweepers, share brokers and everyone else. People with responsibilities have to be held responsible. But how do you do that? By setting an impossible standard attacking those that don’t meet it? I hope you don’t think that’s ok. They have to be judged as people, imperfect but talented as most people are. They want to be judged by a loving, but fair, judge. Is that you?
The referendum stood for less or more austerity, and it turned out to be an issue for Grexit. This happened because of the flexibility of the Greek language and its meaning to different interpreters. Above all, Greeks were desperate and frantic, so they accepted the fraudulent behavior of their beloved president. This phenomenon is unique in its deception and will be taught one day in postgraduate studies in Macroeconomics. This is not, of course, the best example of how a state should run politics of ethics.
Its interesting that most people agree with the absolute failure of the EU in regards to Greece but no one ever seems to do anything about it. We have the British of course but other than that it seems to be business as usual in Brussels???
First Greece, then Italy and now Spain........
I remember talk of the EU making a mistake with the EURO back in 2004 but not a single change has been made...... Very strange.
North of the alps and south of the alps people have very different mentalities.
This is the reason why the € area might break sooner or later.
Thank you for this interesting discussion. So... The Brexit had no consequences in the EU and the Eurozone, besides having people loving or hating EU/Eurozone and nothing in between? I understood the evolution that happened in the EU during the Brexit years, but i failed to see the consequences of the UK leaving the EU. Also being the UK the first country to leave, is there any doubt it will always be an example for future processes? How do you avoid "dead bondage" and at the same time ask for more intense intervention, therefore integration? Stagnation has been seen in several countries, therefore, how can we be so sure that a model more similar to a country will solve stagnation? How can a currency exchange rate be considered responsability of the European Union, particularly when there is an independent entity, the ECB, responsible by the Euro?
All central banks are responsible to government / governments.
The eu constructed the ecb and set the mandate. The ECB simply carries them out
@@liamfraserobrien The mandate for the ECB comes from the countries belonging to the Eurozone, not the EU. The main decisions are made by the ECB council which is mainly fomed by the presidents of the national banks, chosen by their own countries (www.ecb.europa.eu/ecb/orga/decisions/govc/html/index.pt.html). There is little or no EU decision.
All politics, no economics.
The EU is a sad state of affairs. If they want to have full Union they are going to have to have a common fund, and that means these very poor EU nations will need to receive significant wealth from the North without debt entrapment. I think the rise of the Anglo Speaking Union will be "very" distressing for the EU. And all they had to do was give David Cameron a tiny little thing on welfare lol. Hubris, gets us every time. UK = The bottom 20 EU nations. Thats the scale of the loss. Sadly people like Yanis who are in the EU are not in power. It's all these old politicians who are out of touch.
Excellent discussion.
It's an interesting confession at 1:24:30, that given his background, Yanis Varoufakis fell for one of the many absurdities of Project Fear. It seemed reasonable to him because he made the elementary mistake of not questioning it.
I think he didn't read the news that Nissan is being hugely subsidized by the UK in order for them to stay for a little longer. The UK will have to next year when the new tax income post brexit will have become clear to dispell project Fear. Unfortunately for them most predictions are coming through.
@@QnA22 Lots of companies receive aid from the government in various forms. It happens all over the world and has done for decades. Nissan has been receiving UK govt assistance for 36 years.
Don't speculate about others' lack of reading when your only source of information is the far-left press.
@@Stew282 Then read the right economist or financial times. There is a grace period of 6 years for carmakers, but after that it won't be that clear cut anymore. Sunderland has a superb factory. That is possibly difficult to abandon. Other carmakers however.... as FT put it:
“I suppose shooting yourself in the foot is better than shooting yourself in the head,” says Ian Henry, who runs the forecasting and data group AutoAnalysis and advises several carmakers on production strategies. “There’s no gain from this, just a reduced loss.”
And jeez... leftist? Really? You actually use that as an argument? Only if you consciously want to be blind. Don't do it mate. Don't fall for that cultist trap.
@@QnA22 "Don't fall for that cultist trap" he says, after repeatedly demonstrating that all he does is fall for cultist traps!
Have you ever considered reading information instead of opinions, and forming your own conclusions?
Oh, and The Economist hasn't been right wing for years; it's now just another leftist rag. Though the FT is a capitalist paper, it is vehemently anti-Brexit and regularly publishes opinions on the matter, but with a complete absence of informed analysis or factual reporting.
@@Stew282 Complete absence of facts??? You must be taking the piss now. Have you ever seen a Brexiteer basing decisions on facts? It's not for nothing they use the word "believe" in their campaigns (and yes, therefore cultist) and denounce science and fact based research.
Whatever you may say, any of those newsoutlets pointed at the current loss of Brexit. You may deny one or even a handful, but a tsunami? Then you're a cultist. Your trying to preach something to me which you don't adhere to yourself.
TIL: Lord Lamont is still alive.
That's nice? This is not a democratic European committee.
He should stick to stand up
Is it tenable to pretend that Greece would have been treated any differently if the other countries acted independently rather than as the EU? I doubt it.
The Greeks had an overvalued currency and too lower interest rates because of the euro. This largely caused the problem they were given buying power beyond their means. They then couldn’t devalue and they weren’t allowed to default ultimately the way out of anyone who can’t pay their debt
@@liamfraserobrien Okay. What would have happened if they WERE allowed to devalue? Exactly what happened before: The common people would have lost everything, while the rich ones would have gotten richer due to having their assets in stronger currencies. There is a REASON why there was a huge immigration wave from Greece to Germany long before the Euro was even a topic of discussion.
Now the EU is in a panic as it has admitted it is going bankrupt . Financial meetings are going on at present time .
Source?
@@matthijshebly His dreams
I heard england has thousands of buisnesses moving to the EU ,their bank system is second to Amsterdam now , huge problems with N Ireland ,fish rotting with NO market BT Net centre moving to Dublin, many of BoJo s party have been sacked and much much more
legend yannis
What a mess that the EU has made.
Peerie Norrie has become fab
Sweet god above, Lamont is still alive?
Lamont still likes the sound of his own voice....
Jonathon Jubb Like me you recall when the currency markets were getting bombed and Ken Clarke later admitted that Lamont and he had no idea what to do next having tried to buy off the market. If they did we would have joined the Euro zone 🤔
@@rogerfjohnson2051 Found out yesterday that Lamont and Yanis V. are mates and agree about lots of things.. who'd have thunk that?
I never understand this logic of the so called democracy: "I respect a vote even if it leads to a country's decline". Can anyone enlighten me?
I remember very well Yanis big up brexit then afterwards, about 2 months or so saying it was a mistake. An absolute Wally.
What can I say...I understood everything Yanus didn't mean... what is he talking about ? I'm sure it's me... He keeps changing he's opinions !!
It's you. Yanis is a idealist based in reality...maybe you're not smart enough to understand this talk...
Varoufakis fails to address the main problems facing Greece, that is the staggering corruption present at all levels of the Greek state. I am of Greek descent and have spent a lot of time in the country, you will not see these things during your two-week summer vacation. The Greek state is entirely clientistic, which serves to impoverish the nation and degrade the state, like wise private business. The growing petty bourgeois Greek diaspora spells trouble for Europe and for where ever they end up as for the most part they continue their Byzantine practices to the detriment of all.
Many Greeks are decent hard-working people, their middle class in civil society are for the best part animals, and it grieves me to say it but the truth hurts.
Probably because that was not the subject of this discussion. I've seen him speak about endemic corruption in Greece before.
@@Stew282 The EU banked on that endemic corruption and won. Germany now owns Greece. The best educated nation in the EU is poorer than the worst educated (Portugal). Yanis like the rest of his class will do OK.
During WW2 half a million Greek civilians perished, due in no small measure to the corruption inherent in the Greek psyche, with of course the help of the Hun, four of those dead where my immediate family, two were children, all starved.
I am an Orthodox Christian of Greek Russian Jewish descent, born in London.
There are no probables on this subject, I have learnt and forgotten by now what the majority of the Greek population know about their own country, and its current dilemma appals me.
@@petrosros You seem quite a bright chap. It's a shame you're not quite bright enough to realise that this discussion was not what you wanted it to be about.
@@Stew282 It is directly connected, because a key reason that some countries are concerned about union-wide stimulus is a fear of mismanagement of the funds allocated.
@@sardendibs Fair point, but perhaps those countries should be equally, if not more concerned about the corruption and mismanagement of funds in Brussels!
What has the ERC become. Lord Lamont and Yiannis Varoufakis...what about diversity of views? That said, Varoufakis correctly pointed out that the (greatly) reduced UK and EU cultural exchange is one of the greatest tragedies of Brexit.
Yanis Varoufakis all talk no action
Echo chamber!
1:02:15 🤯 you breathe debt in europe.
💜🇬🇷
"Serve our interests while you are RUINING your land, for queen n country...SUCKERS!!"...
@@vasilykatuma5689 my land in Athens has nothing to do with your Queen.
We
die Wirtschaft explodiert
wasted an hour listening to these when Mr.Yanis finally said he's not in favor with Bre/ Ital'exit
do you guys even listen to yourselves what you talked about?
all these complexity are all about the system
the sinews
but none touches about DIRECT CORRELATION AND IMPACT TOWARDS YOUR OWN COUNTRYMEN....
THE PEOPLE WHOM TOOK A GREAT DEAL OF TIME AND RESOURCES FOR ANY EACH OF YOU TO SIMPLY GROW UP
a simple question --
define what's the best governance and economic system humanity could ever attain?
NOW HERE'S THE KICKER ---->> WITHIN FRIGGIN' SOTF?
----
what have become to the intellectuals alike huh?
what have become of we?
----
the people hold true potential
and we move and moved by mere data alone
for the country to thrive -- mindedness and knowledge
----
Everything in favour of deutsche bank
?? You surely know that that bank is a PRIVATE bank ???
Could you elaborate why you mentioned that bank ??
why should the frugal pay for the spendthrift ?
Are the frugal really frugal and the spendthrift really spendthrift?
@@andreselectrico the frugal are the ones who dont want to spend money, so yes they are frugal
@@ericburbach632 Hetty Green was known as the richest woman in America during the Golden age. One day one of her kids broke a leg and she tried to have him admitted to a clinic for the poor. she was recognized, she did not agree to pay for the medical services and treated him herself. The boy's leg did not heal properly and had to be amputated due to gangrene. She too did not wanted to spend money. Does it make her frugal or miser?
Because firstly they created a currency union without any fiscal union, an arrangement which has never worked in the past (e.g. the Latin Monetary Union), and could never work without large monetary transfers from areas positively benefiting from currency union to those negatively effected by it.
And secondly because they ill-advisedly decided to let Greece into the Eurozone, when it (& many others) was (were) clearly unsuitable for Germanic imposed economic rigours, and were never likely to be suited to them.
And thirdly because they have failed to enforce Eurozone rules on current account deficits and overall public debt (in all countries, including Germany & France, not just Greece).
The Eurozone was doomed from day one unless it moved to full fiscal union with large & permanent monetary transfers (as, for instance, you get in Britain where London & the South-East effectively send money to the rest of the UK).
Correction: I meant "Gilded age" in stead of "Golden age". Although this period could be seen as a golden one for the big capital it was not that much for most of the population, which (like today) experienced abject poverty in the middle of scandalous inequality even when the United States grew at the fastest rate in its history.
F
The near surname prominently expand because willow ethnically receive minus a talented ramie. light, obscene creek
I'm very sorry about Brexit. It's the radical right. I'm the Left in Washington State of the United States. Yanis belongs here with us in the leftist movement of Berniecrat's of Our Revolution Washington!!!
@@rountolfbouzo8667speaking of bots how is your English. 😁
Brexit is not that simple. Most Northerner Brexit voters who turned "against Corbyn"[*] were working class left, they voted to preserve self-determination and a vague hope to stop austerity. The fact the Tories will give them austerity anyway is beside the point, they'd prefer their Tories deliver them austerity than an unaccountable technocracy in Brussels. The far-right favoured Brexit for completely different xenophobic reasons.
[*] they were not anti-Corbyn really, they were turning on the neoliberal sentiment of the Labour Party.
@@Achrononmaster I am an outlier thus with incomplete information, so what I have gleamed Corbyn was or is a progressive, not a neoliberal, being that, does not account for his ouster. The British whether Leftist or Rightist betrayed his citizenship.
Stop saying that, there is no leftist movement in America. By the way, I like Seattle and am thinking about moving there in 2022. Just, stop it...
@@commonsensethecynosure1639 Corbyn lost for one simple reason, even as a Life long Eurosceptic himself, he either could not for in party reasons ..or would not for personal reasons reign in the section of his party that was determined to see Brexit overturned....
so they entered an election with a Brexit Policy that was, when elected...return to Brussels to renegotiate the Deal on the table then bring it back to the People for a second in out Referendum where they as a party would campaign to stay in against the very deal they had just renegotiated.......Utter madness and a complete and transparent betrayal of the large portion of its heartland support that voted for Brexit in the First play..
Every red wall seat they lost was in a Constituency that voted Brexit....leading to the re-election of the Tories with a massive 80 seat majority at a time when they were ripe for routing out of office....Corybn lost that election not because of betrayal from the demos...but a Betrayal to his own beliefs and the influence of the neoliberal Remainer Clique within his own party that could never get over the Brexit vote that didn't turn out the way the wanted back in 2016
I think a more interesting discussion would be on the future of the United Kingdom following Brexshit. It wouldn't take long.
And you were wrong yanis, we should get rid of this so called UE project immediately
You probably want to follow the steps of your British friends (masters).
This guy has such a large axe to grind it is hilarious. He hates the EU and this whole discussion is a between a group of UK centric pseudo-economists. He is the Brexiteer's Brexiteer. Let's see how his beloved UK will be doing 2 years from now outside the EU, especially the City when the EU repatriates euro financial services to the EU.
Yet FDI is pouring into the UK. Look at Siemens for eg, they've invested over £100m into a factory building trains in north England, even Nissan is expanding UK ops, as well as US aerospace firms setting up in England, probably the biggest surprise is India launching launching multiple Pharma bases in the UK as well as Tata consultancy services in overdrive recruiting brits, and a big indian biotech expansion in Wales & so forth. Let's see if Brexit is a success
@@msagoo29 You don't have to wait, you can see it is a failure already, the catastrophe is only starting. The Nissan EV/battery factory and 100m from Siemens, lol, are small deals used as propaganda by the current government, the losses are in the hundreds of billions, 47 billion alone they owe to the EU in terms of infrastructure and membership they have to pay. You do the math.
Co.operative Banking Internation.all ........eh