I like Yanis because he is himself. Many people accuse him that his dress code is not professional, yet I met this guy in 1999 in Sydney, Australia, when he was senior lecturer in economics at the Department of Economics of the University of Sydney. Nothing has changed. His dress code is always the same. He has not put on a Minister's robe like a lot of other people before him (and after him) when he became the FM in Greece. I do not understand what is wrong with his dress? Varoufakis is himself, he is not pretending to be someone else. You can bet on it,
Well said ! An austrian Professor has described this uniform (especially the strong knotted tie) as very v e r y dangerous ! Why this ? Well, it almost s t o p s the blood stream to the h e a d ! (sad to say it: the g e r m a n s are the w o r s t in this bad habit) And how important t h i s is, everybody should know. And isn´t this a s t u n n i n g proof for the insanity which is going on in this mad world ? It is a false uniform that not only destroys the health of the carrier, but also of everything he is coming in contact with ! To make a long story short: Why yes, Yanis is a g r e a t personality ! And thanks to Harald for this interview.
I have a bachelor in Economics, tho I really don't like listening to media regurgutating politics so I avoid it because I think there is little truth to hear that way. I am from Lithuania and all of our media paints Yanis and Tsipras as somewhat dimwits who screwed Greece because of their stubordness. I have to admit that my country's media formed my opinion of Yanis and I thought he must be a bafoon. After watching this interview I can only admire how smart this guy is. It's just interesting to reflect how opinions are formed. To keep this trend, I will have to research Yanis claims further and really think about what he said and if its true what he said, because my own naivity showed how "easy" it is to form an opinion for a person through a story. But I am very impressed with the knowledge of Yanis about macroeconomics and only wish i had a fraction of his insight into explaining such a difficult situation in such a logical and intellectual way.
wHisperis001 The propaganda and character assassination of Varoufakis and Tsipras have been astounding, and depressingly effective. But, it's gone further than that too. The Greek people themselves have been on the receiving end of similar demonisation. It's all very ugly and divisive. Nothing good will come of this. It seems those in power can so easily to turn people against each other. It's no wonder this continent has had so many bloody wars.
wHisperis001 He is living in reality. But the entire western system of economics is based on smoke and mirrors, illusions, imaginary numbers. Reality is what Commies used. You had to work and save money for 10 years to buy a car. But you can't function like that in the space age. Debt is part of the life. Why do you want to be debt free? Debt is used to stimulate people to work. Certainly better than war. Just look how fast technology is moving forward? It's all thanks to debt. Without it, people wouldn't care to get up in the morning and go do something useful.
wHisperis001 This is the age of the propaganda machine which just regurgitates the dogma of the "free market" which is what the US & EU want. We have all been blinded by them & their mantra that there is only one way to do things. There is always an alternative, but the establishment are afraid of people knowing that there is one, this is why we hardly ever hear or see a different opinion in the media. Ever wondered why? Look for the alternatives, they are out there, there ARE economists out there who do not follow the mantra but they dont get air time. Why? Because the so-called "elite" profits from the status quo. There IS money but who has it? It is constantly moving upwards, austerity is redistribution of wealth UPWARDS. Greece & other counties are being screwed by the elite. Spread the word, people need to educate themselves & break free from this bubble, otherwise they will pay with not only their standard of living but with their lives. Sometimes, economics KILLS! Please, lets all remove the blinds & shackles!
Like him or not, Varoufakis does seem to make a lot of sense when he describes the issues Europe is facing. Even more concerning is that the people who criticise him, and actually wanted him out, seem to be unable to give an open interview to explain their points in a sensible and convincing manner.
Interesting to see that at least one finance minister in Europe actually understands macroeconomics and actually has ideas that at least might work, because the current ideas sure as hell won't. Intelligent man, indeed.
i love you mr schumann. thank you very much for putting this avaliable on internet. it is our duty to strugle to understand the dimensions of the european crisis.
THANK YOU. I hope that many people give this the time it deserves, not least the struggling workers of Germany who, like Americans in 2008, are being told "they" owe the bailouts when the crisis is really a function of bankster greed and short-term stupidity. Too many have believed the lies and so turned to scapegoating Greece. Thanks also for "Trail of the Troika" here at YT---a true landmark in the study of these problems. I didn't know what a liar was till I watched the Troika executives grin, dodge and go quiet when faced with the shameful facts.
Whatever happens to Greece at least their people can feel safe in the knowledge that their future is in the safest of hands. In my opinion Yanis is the greatest economic mind currently in high office.
***** Varoufakis has said he will be resigning should the Greeks say Yes to Sunday's voting, so unfortunately there is a chance the greeks will be losing this amazing man from leading the way..i agree though a very sane economist and human being.
everything what Varoufakis said , is correct. The biggest psycho is the german financial minister Schäuble... german politicians are destroying democracy and wealth in Europe by giving billions of tax payer's money to banks and saying to the people: you must live like poor dogs now and pay the depths of the banks.
Thanks to very valuable contributions of two users we have been able to correct some mistakes in the subtitles of this video. If you also find errors in the subtitles, please send us a private message via UA-cam. Thank you!
Harald Schumann On The Trail Yanis is a first class thinker and one of the best analytical minds of our time. I knew that before watching the interview. But what amazed me was the interviewer. What excellently worded questions. He is highly intelligent, informed, lucid, and so pleasant and likeable in character.
Inquisitive Chimp I agree, except for the old "conspiracy" question. But Varoufakis' answer was so clever that it actually made the question interesting too. This man is as pragmatic as you can be, and cultured enough to understand more than numbers from macroeconomics. Last but not least, he seems like an honest man, an oddity in the world's elite. If every country had a minister of finance like him and a president like Vladimir Putin, we would live in a different world, a much better one.
Pity very few will hear this. The whole interview goes around the question the guy asked in the beginning - Why did Greece did not go the American way? And the same for the EU. The answer which Yanis did not want to give right away is - Because Merkel gave EU the middle finger and refused to so do this in 2008 or 2009 I forgot. Political reasons screwed up the economy of EU and now they will do everything to cover it up. Complicity or Stupidity? Both. First stupidity followed by complicity obviously. Politicians were told by experts what they must do. They decided not to because it wasn't in their political interest, at expense of the EU population. And now its so easy to blame Greece, even Obama did. Pathetic.
Chris Zarkov To put the US and Obama's idiocy in dealing with the financial crisis as an "example to follow" is disgusting!!The misleading term "Too Big to Fail" is FALSE but it keeps being used to extract more an more wealth from the productive people using their ignorance to do it. THE LARGE BANKS SHOULD HAVE BEEN TAKEN OVER BY THE CORRECT AUTHORITIES, cleaned up and resold WITHOUT THEIR MANAGEMENT to new owners. In this way no "Moral Hazard" would have been created, as Obama did, and the costs to taxpayers would have been a fraction of what has cost.THE CRISIS IS THE LOGICAL OUTCOME FROM USING THE CURRENT MONETARY SYSTEM WE HAVE. DEBT-BASED MONEY IS THE CULPRIT and as long as we keep using it, nothing will change and the crisis will repeat over and over again.
Chris Zarkov I know that Yanis has been quite proactive in the past in order to spread his message & analysis far & wide (this has been assisted by him speaking well in English & Greek) - at some personal cost to himself from what I know. What I find compelling is the depth & span of his knowledge of European History, Capitalism, Marxism, Economics / Finance as well as the values that many Europeans hold so dear....Well this unfolding crisis has exposed the true nature & thinking of Europa's so called Elites. Who have over time distanced themselves from their own voters, have allowed themselves to be captured by the Banking & Finance elites as well as their determination to keep control of the imaginary levers of political power...
"Complexity or Stupidity." Perhaps the two are not completely exclusive. One can lead to another especially in this case. Stupidity and lead to complexity. And vica versa complicity leading to stupidity of results.
Thank you for this interview. But, are we speaking precisely enough, when we say that "Greece has debts"? To what extent has Greece received "loans", and to what extent has Greece received "credits"? What is the difference between loans and credits, and why should we care? The money supply is not increased by a loan, just as the number of rakes is not increased when I loan you my rake. But the money supply *is* increased by a credit, under our system of fractional reserve. The moment before a credit contract is signed, the money supply is smaller than the moment after. Spendable credit, called "money", is created in a reserve account or in a demand account by the execution of a credit agreement, including by the signing of a "bond" against the future income and assets of the population of a country. By such credit contracts, individuals, companies or the population of Greece or Germany or the USA, are committed to paying "principal" which did not exist before the contract was signed, and to paying "interest" on previously non-existent principal. Is it legitimate that anybody, anywhere, should pay capital earned by their labor to so-called creditors who never had the principal in the first place? What does it mean to pay "back" a debt if the so-called creditor did not have the principal in the first place? Perhaps we feel that creditees in Greece or in Germany or in the USA *got* something of value, and they *should* pay somebody for it. OK, is there any institution with enormous expenses because it imposes this system of "creditism"? (This is a system largely of creation and allocation of credits, not capital.) Is there any institution responsible for educating, policing, and if necessary, putting people on trial and imprisoning them, just in case they do not want to obey the rules of legalized creditism? I am thinking of the institution called "government". Because of its expenses, might a government be a suitable alternative end-recipient of that part of capital payments which was *not* backed by private creditors' reserves in the first place? In other words, so-called creditors under "fractional reserve" would only be entitled to a corresponding "fractional return", the rest would go to government. Under these circumstances, one could kiss austerity goodbye. Or, do we feel that our governments are too often front-runners for private creditors who want to be paid for reserves they never had, and thereby our governments also lack legitimacy? I can think of alternatives to paying back such "debts". Debt jubilees and economic and governmental reform come to mind. What are your thoughts?
I really liked this, although I am not an economist, I appreciate Harald posing the questions we might want to ask. What really strikes me about the so-called Greek Crisis, and the rest of southern europe and Ireland, is the total lack of logic to this. If we put humanitarian concerns to one side for a moment, surely common sense dictates that to have Greece and the rest of us to maybe a lesser degree, in permanent recession, and constantly 'wobbly' means that the crisis will always return, surely it is incumbent on these well-heeled technocrats, who have a vested interest in the survival of the Euro, and indeed the EU itself, that policies need to work towards prosperity, and austerity has not had the desired effect, so this answers this lack of logic. Bringing the humanitarian equation back into play, I cannot imagine an EU pre the Euro and certainly pre-2008, allowing the social tragedies that we see in Greece, the unspoken suicides in Greece, Italy (I presume Spain and Portugal) and certainly in Ireland, allowing a country not to be able to feed itself, a European, EU member, that demands that its vulnerable perish - I cannot imagine an EU like that existing at all, yet here we are. The last piece for me is the Euro itself, which is, after all, just a monetary system, like any other, the fact that Europe has disparate economies, should not matter, so does the U.S and so does the U.K. The Northern Hebrides are very different to the hustle and bustle of London, and the wealthy life style in Home Counties, or the poorer, ex-industrial North. However, and Varoufakis touches on this (and is the first to mention it as far as I have heard), is the political tensions and checks and balances. How can we have a common currency, without these tensions operating between the financial sectors, budgetary constraints imposed by finance ministers who should be elected members of parliament, the judiciary, who can wrap parliamentarians on the knuckles should their actions be deemed unconstitutional (do we even have a constitution for the EU?), and the beaurocrats. None of these exist, we have a parliament divorced from the people, and the people probably not making as much use of their MEPs, we have a silent judiciary (surely the Greek situation must be breaking God knows how many rules on human rights abuses here), the only possible area where there might be accountability is the Council of Ministers? How can we have a common currency without a fully functioning democratic processes and dynamics between these institutions? After all, how does the EU citizen now (and there is a lot anger towards these technocrats and fat cats) sack the likes of Junker, or demand that the EU parliamentary president step down after his shameful remarks about removing the Greek Government and putting a technocracy in its place? Why was Junker trying psychoanalyse Tsipiras instead of getting to work? and who elected him anyway? I didn't, did any of you? The euro has now become a frightening object for people, an object of terror, bullying, abuse, lack of reply giving rise to a sense of disillionment and helplessness and anger directed at these blinkered, and in my opinion, poorly functioning people? Lastly, the sub-titles are important as many people for whom english is not their first language, find them helpful. Indeed someone was asking about them on the 'what happened to the bail out money' doc, which I also really liked.
Mo Aus Kapstadt The problem is not the banks, but the corrupt bankers who shoved their losses onto the shoulders of the European taxpayers. Iceland did jail its corrupt bankers and let their banks go belly up, but it controls its own currency, Greece doesn't.
I don't understand why it is necessary to "clean the broken banks and then sell them again to new owners". If a State buys a bank, why can't it keep it? Why cannot run it not just by short sighted profit goal, but by having in mind the development of the society?. In short, if the private sector is going from crisis to crisis over and over again, why not nationalize the banking system?
David Martín Two reasons in my mind: Economic reason - state owned banks won't survive on free market. Anything a state operates is ineffective in competition with private sector. Hence needs protection or subsidies. Legal reason - in my country a constitution and law dictates the state shouldn't do business. In other words a state is not profit organisation ment to invest, run businesses etc. I can imagine Greece or rest of European countries have similar restriction.
Europeans ...Unfortunately ONCE we had an ethical politician and he only lasted 5 months. That is for me a sing that there is something definitely wrong with European leaders. Not only Europe can not blame Greece for crook politicians but its obvious that Europe supported them and still are supporting them by all means ...The problem is larger than Greece.
***** Seriously !! No to bully you ...You think that Greece should admit half of Greek history and land is not Greek . Greece admitted you are also Macedonians ...You say that you are exclusively Macedonians and half of Greece is rightfully yours....Sorry for being the bad guy!!
***** You see ...You are saying that the second largest city in Greece should not have boarders ....In short in order not to bully you ...You want me to say that the second largest city in Greece is not Greek!! I never said anything about originals ...
***** Well my poin't was that in order for you not to feel bully by me i need to say Macedonia is one ...and Greece occupied half of it. And Macedonian history has nothing to do with Greece ....Thats literally half of Greek land and half of Greek history !! I mean look it from the others perspective ...
what the hell are subtitles doing at the bottom of this interview??/ Varoufakis is one the leading intellectuals and premier economists in the world and his English is impeccable....He is actually a very clear and expressive speaker.
The date of publication shown in the brief description does not reveal that the interview is almost a year old. I don't know the basis for Mr Varoufakis's view that the Congress of the US has been the least bit protective of the interests of ordinary Americans with regard to the practices of the major US banks, the 5 or 6 that were rescued by taxpayer bailouts. The practices that led to the crash of 2007 and 2008 are still active, and Congress has been ineffective in stopping them.
Everyone, really? Not everyone is a digital native like you are perhaps and intuitively knows that there are subtitles and how to activate them. Come on...
Harald Schumann On The Trail Millions around the world are going to wath this interview and subtitles are necessary. We do appreciate this hard work you're doing. Again, I watch all interviews with Tsipras and Yanis Varoufakis, this one is one of the very best. We're very grateful.
of course i was listening you cant dilute such a broad range of discussion and the opinions held on those subjects into something both worthy of reading and concise. anyway interviewing varoufakis would be an honour - it goes without saying that he offers a good critique and is willing to devote himself to common cause in the face of the massive opposition of established power structures and a status quo which values the specific liberty of private property seemingly above all else.
Soweit ich es verstehe, der Mann hat recht, aber weder Politik noch Banksters ( Gangsters) wollen ihm zuhören oder gar verstehen was er sagt. Auf Beleidigung von Schäuble kann er gut verzichten und wenn Griechenland den EU Austritt akzeptieren muss, dann kann sich dieses Land sich ohne EU Diktat wieder neu formieren.
α προφητικα λογια και η εξηγηση για του οτι συμβαινει μεχρι και σημερα με την σκοπια της μακροοικονομιας , δεν ειναι απλα αγγλικα οπωτε η εκτενης αναληση δεν ειναι ευκολο καποιος να το κατανοησει , αλλα και παλι υπαρχουν και κατανοησημα σημεια . Η σηνεντεξη δωθηκε το 2014 οταν ο Βαρουφακης δεν ηταν καν υπουργος, ..... ειναι επιστημονας ο ανθρωπος αυτος και ξερει πολυ καλα τι κανει!!!! La profecia e il chiarimento dalla scopia makroeconomica di Baroufakis pel le cose che succedono nella UE e la Grecia!.Si parla englese avanzato con la terminologia economica e perchio solo pochi possono capire la analysi completa. Allora era 2014 e Varoufakis non era ancora il primo ministro di economia. Quello straordinario uomo sa che fa!!!!! Die profeziehung von Varoufakis für die EU und die Crise in Griechenland , Es gibt die komplete Analyse mit die Wissenschaft von makroekomismus. Es wird nicht einfache Englische Sprache benuzt deswegen kann ebenfalls schwierig sein eigene Dinge zum Versehen. Das interview gab es in Jahr 2014 ,damals war Varoufaniks nicht in die regierung,....... Diese Man weiss gut was er macht!! (übrigens es gibt geanu die Erklärung wohin die Steuergelder den Deutschen geflossen sind!!!!!!??!!!!!!!! :)
Maybe Varoufakis knows economics. Just don't ask him to be your negotiator for financial bailouts. You may end up getting even more punishing terms from the lenders as a result.
Which idiot would invest money into a system that is already insolvent, and he knows that he will never get the money back? If companies did so, than they have deserved to end up with bankruptcy, that’s it.
Herr Varoufakis lässt sich in Details und Symptome verstricken...das verzinseszinste Schuldgeldsystem gehört unmittelbar ersetzt durch zins- und kreditlose Bewertungssysteme für jeden Einzelnen Menschen...
I want Mark Blyth as global president. Yanis Varofakis as the global minister of Control Bureau of Equalati and Greed . And Dr Richard Wolff as Finance minister. And to not be to sexist Greta Thunberg as Global Ecology and sustainability minister along Peter Joseph, and Tulsy Gabbard as the Global Defence Minister , Elon Musk as Science and Exploration. Minister Sorry to only choosing western world ppl. But I have little knowledge of Asian and midlestern folks that are unselfish and think of the greater good of humanety. Suggestions ?
I like Yanis because he is himself. Many people accuse him that his dress code is not professional, yet I met this guy in 1999 in Sydney, Australia, when he was senior lecturer in economics at the Department of Economics of the University of Sydney. Nothing has changed. His dress code is always the same. He has not put on a Minister's robe like a lot of other people before him (and after him) when he became the FM in Greece. I do not understand what is wrong with his dress? Varoufakis is himself, he is not pretending to be someone else. You can bet on it,
Well said ! An austrian Professor has described this uniform (especially the strong knotted tie) as very v e r y dangerous ! Why this ? Well, it almost s t o p s the blood stream to the h e a d ! (sad to say it: the g e r m a n s are the w o r s t in this bad habit) And how important t h i s is, everybody should know. And isn´t this a s t u n n i n g proof for the insanity which is going on in this mad world ? It is a false uniform that not only destroys the health of the carrier, but also of everything he is coming in contact with ! To make a long story short: Why yes, Yanis is a g r e a t personality ! And thanks to Harald for this interview.
I have a bachelor in Economics, tho I really don't like listening to media regurgutating politics so I avoid it because I think there is little truth to hear that way. I am from Lithuania and all of our media paints Yanis and Tsipras as somewhat dimwits who screwed Greece because of their stubordness. I have to admit that my country's media formed my opinion of Yanis and I thought he must be a bafoon. After watching this interview I can only admire how smart this guy is. It's just interesting to reflect how opinions are formed. To keep this trend, I will have to research Yanis claims further and really think about what he said and if its true what he said, because my own naivity showed how "easy" it is to form an opinion for a person through a story. But I am very impressed with the knowledge of Yanis about macroeconomics and only wish i had a fraction of his insight into explaining such a difficult situation in such a logical and intellectual way.
wHisperis001 The propaganda and character assassination of Varoufakis and Tsipras have been astounding, and depressingly effective.
But, it's gone further than that too. The Greek people themselves have been on the receiving end of similar demonisation. It's all very ugly and divisive.
Nothing good will come of this. It seems those in power can so easily to turn people against each other. It's no wonder this continent has had so many bloody wars.
wHisperis001 He is living in reality. But the entire western system of economics is based on smoke and mirrors, illusions, imaginary numbers. Reality is what Commies used. You had to work and save money for 10 years to buy a car. But you can't function like that in the space age. Debt is part of the life. Why do you want to be debt free? Debt is used to stimulate people to work. Certainly better than war. Just look how fast technology is moving forward? It's all thanks to debt. Without it, people wouldn't care to get up in the morning and go do something useful.
wHisperis001 This is the age of the propaganda machine which just regurgitates the dogma of the "free market" which is what the US & EU want. We have all been blinded by them & their mantra that there is only one way to do things. There is always an alternative, but the establishment are afraid of people knowing that there is one, this is why we hardly ever hear or see a different opinion in the media. Ever wondered why? Look for the alternatives, they are out there, there ARE economists out there who do not follow the mantra but they dont get air time. Why? Because the so-called "elite" profits from the status quo. There IS money but who has it? It is constantly moving upwards, austerity is redistribution of wealth UPWARDS. Greece & other counties are being screwed by the elite. Spread the word, people need to educate themselves & break free from this bubble, otherwise they will pay with not only their standard of living but with their lives. Sometimes, economics KILLS! Please, lets all remove the blinds & shackles!
well, what do you think after 3 years? i am still impressed :P and i am a Greek...you dont wanna know what the media says here about him
i just wanted to ask the same question.
The best interview so far about Europe.
Like him or not, Varoufakis does seem to make a lot of sense when he describes the issues Europe is facing. Even more concerning is that the people who criticise him, and actually wanted him out, seem to be unable to give an open interview to explain their points in a sensible and convincing manner.
Interesting to see that at least one finance minister in Europe actually understands macroeconomics and actually has ideas that at least might work, because the current ideas sure as hell won't. Intelligent man, indeed.
Definite bookmark ....This to every non expert in economics is the most straight forward and accurate description of the Greek crisis.
Kostas Spiliotopoulos not only greek but european
Kostas Spiliotopoulos Absolutely. I have understood concepts i have been struggling with.
i love you mr schumann. thank you very much for putting this avaliable on internet. it is our duty to strugle to understand the dimensions of the european crisis.
Thank you for English subtitles.
It was a great interview!
Highly enjoyed your very good and specific questions and answers of a brilliant economist like this!
THANK YOU. I hope that many people give this the time it deserves, not least the struggling workers of Germany who, like Americans in 2008, are being told "they" owe the bailouts when the crisis is really a function of bankster greed and short-term stupidity. Too many have believed the lies and so turned to scapegoating Greece. Thanks also for "Trail of the Troika" here at YT---a true landmark in the study of these problems. I didn't know what a liar was till I watched the Troika executives grin, dodge and go quiet when faced with the shameful facts.
What a brilliant brilliant interview, insight and hell of a man!
Whatever happens to Greece at least their people can feel safe in the knowledge that their future is in the safest of hands. In my opinion Yanis is the greatest economic mind currently in high office.
***** Varoufakis has said he will be resigning should the Greeks say Yes to Sunday's voting, so unfortunately there is a chance the greeks will be losing this amazing man from leading the way..i agree though a very sane economist and human being.
And he's gone...
***** Unfortunately...This is the tragedy of Europe !!Once we had an ethical politician ....and he only lasted 5 months.
everything what Varoufakis said , is correct. The biggest psycho is the german financial minister Schäuble... german politicians are destroying democracy and wealth in Europe by giving billions of tax payer's money to banks and saying to the people: you must live like poor dogs now and pay the depths of the banks.
Thanks to very valuable contributions of two users we have been able to correct some mistakes in the subtitles of this video. If you also find errors in the subtitles, please send us a private message via UA-cam. Thank you!
Harald Schumann On The Trail Yanis is a first class thinker and one of the best analytical minds of our time. I knew that before watching the interview. But what amazed me was the interviewer. What excellently worded questions. He is highly intelligent, informed, lucid, and so pleasant and likeable in character.
Inquisitive Chimp I agree, except for the old "conspiracy" question. But Varoufakis' answer was so clever that it actually made the question interesting too. This man is as pragmatic as you can be, and cultured enough to understand more than numbers from macroeconomics. Last but not least, he seems like an honest man, an oddity in the world's elite. If every country had a minister of finance like him and a president like Vladimir Putin, we would live in a different world, a much better one.
Alexandre Ginnsz Varoufakis is quite the Spin Doctor. He must be loads of laughs as he pours on the jumbo mumble after a few litres of vino.
Harald Schumann On The Trail Beautiful interview, Spartacus is back...
Charles Hardy I'm sorry but I can't respond because I am not sure what you're trying to say.
Congratulations for your work Harald! Please can we have a translation in English for all the German interviews as well?
Pity very few will hear this. The whole interview goes around the question the guy asked in the beginning - Why did Greece did not go the American way? And the same for the EU. The answer which Yanis did not want to give right away is - Because Merkel gave EU the middle finger and refused to so do this in 2008 or 2009 I forgot. Political reasons screwed up the economy of EU and now they will do everything to cover it up. Complicity or Stupidity? Both. First stupidity followed by complicity obviously. Politicians were told by experts what they must do. They decided not to because it wasn't in their political interest, at expense of the EU population. And now its so easy to blame Greece, even Obama did. Pathetic.
Chris Zarkov To put the US and Obama's idiocy in dealing with the financial crisis as an "example to follow" is disgusting!!The misleading term "Too Big to Fail" is FALSE but it keeps being used to extract more an more wealth from the productive people using their ignorance to do it. THE LARGE BANKS SHOULD HAVE BEEN TAKEN OVER BY THE CORRECT AUTHORITIES, cleaned up and resold WITHOUT THEIR MANAGEMENT to new owners. In this way no "Moral Hazard" would have been created, as Obama did, and the costs to taxpayers would have been a fraction of what has cost.THE CRISIS IS THE LOGICAL OUTCOME FROM USING THE CURRENT MONETARY SYSTEM WE HAVE. DEBT-BASED MONEY IS THE CULPRIT and as long as we keep using it, nothing will change and the crisis will repeat over and over again.
Chris Zarkov I know that Yanis has been quite proactive in the past in order to spread his message & analysis far & wide (this has been assisted by him speaking well in English & Greek) - at some personal cost to himself from what I know. What I find compelling is the depth & span of his knowledge of European History, Capitalism, Marxism, Economics / Finance as well as the values that many Europeans hold so dear....Well this unfolding crisis has exposed the true nature & thinking of Europa's so called Elites. Who have over time distanced themselves from their own voters, have allowed themselves to be captured by the Banking & Finance elites as well as their determination to keep control of the imaginary levers of political power...
Alex Khalif Nicely said.
"Complexity or Stupidity." Perhaps the two are not completely exclusive. One can lead to another especially in this case. Stupidity and lead to complexity. And vica versa complicity leading to stupidity of results.
Excellent interview. Thanks for enlightening us.
SURE OF ONE OF THE MOST BRILLIANT BRAIN IN GREECE AND THE PLANET I CAN SAY !!!!!!!!!!!!!
The Amazing man.
Great interview, best explanation of the criss. It helped me understand Yanis' Ted Talk on his proposal to fix the crisis -- I highly recommend both.
What an interview ! History on the run told with truth by one of its actor... A "must see"
thank you very much for sharing:)
I didn´t know Zinedine Zidane was the financial minister of Greece !
Thank you for this interview. But, are we speaking precisely enough,
when we say that "Greece has debts"?
To what extent has Greece received "loans", and to what extent has
Greece received "credits"?
What is the difference between loans and credits, and why should we care?
The money supply is not increased by a loan, just as the number of rakes
is not increased when I loan you my rake.
But the money supply *is* increased by a credit, under our system of
fractional reserve. The moment before a credit contract is signed, the
money supply is smaller than the moment after.
Spendable credit, called "money", is created in a reserve account or in
a demand account by the execution of a credit agreement, including by
the signing of a "bond" against the future income and assets of the
population of a country.
By such credit contracts, individuals, companies or the population of
Greece or Germany or the USA, are committed to paying "principal" which
did not exist before the contract was signed, and to paying "interest"
on previously non-existent principal.
Is it legitimate that anybody, anywhere, should pay capital earned by
their labor to so-called creditors who never had the principal in the
first place?
What does it mean to pay "back" a debt if the so-called creditor did not
have the principal in the first place?
Perhaps we feel that creditees in Greece or in Germany or in the USA
*got* something of value, and they *should* pay somebody for it.
OK, is there any institution with enormous expenses because it imposes
this system of "creditism"? (This is a system largely of creation and
allocation of credits, not capital.)
Is there any institution responsible for educating, policing, and if
necessary, putting people on trial and imprisoning them, just in case
they do not want to obey the rules of legalized creditism?
I am thinking of the institution called "government". Because of its
expenses, might a government be a suitable alternative end-recipient of
that part of capital payments which was *not* backed by private
creditors' reserves in the first place?
In other words, so-called creditors under "fractional reserve" would
only be entitled to a corresponding "fractional return", the rest would
go to government. Under these circumstances, one could kiss austerity
goodbye.
Or, do we feel that our governments are too often front-runners for
private creditors who want to be paid for reserves they never had, and
thereby our governments also lack legitimacy?
I can think of alternatives to paying back such "debts". Debt jubilees
and economic and governmental reform come to mind.
What are your thoughts?
Subtitles I have facilitated the understanding. Thank you!
you are so good Yanis ... we shall get there one day .... keep healthy and stay safe "hasta la victoria siempre"
inconvenient truth - awesome report...thank you -
This interview was recorded in June 2014, before Varoufakis became Finance Minister of Greece. (from video description).
Fascinating.
This guy is brilliant
Yanis is so right and so honest in his views and suggestions. Euro should not exit anymore, all should be going out of this mess......
Charming man minister!
you also subtitled your "mmmhh". i like that :D
already watched "the trail of the troika". great job !
I really liked this, although I am not an economist, I appreciate Harald posing the questions we might want to ask. What really strikes me about the so-called Greek Crisis, and the rest of southern europe and Ireland, is the total lack of logic to this. If we put humanitarian concerns to one side for a moment, surely common sense dictates that to have Greece and the rest of us to maybe a lesser degree, in permanent recession, and constantly 'wobbly' means that the crisis will always return, surely it is incumbent on these well-heeled technocrats, who have a vested interest in the survival of the Euro, and indeed the EU itself, that policies need to work towards prosperity, and austerity has not had the desired effect, so this answers this lack of logic. Bringing the humanitarian equation back into play, I cannot imagine an EU pre the Euro and certainly pre-2008, allowing the social tragedies that we see in Greece, the unspoken suicides in Greece, Italy (I presume Spain and Portugal) and certainly in Ireland, allowing a country not to be able to feed itself, a European, EU member, that demands that its vulnerable perish - I cannot imagine an EU like that existing at all, yet here we are. The last piece for me is the Euro itself, which is, after all, just a monetary system, like any other, the fact that Europe has disparate economies, should not matter, so does the U.S and so does the U.K. The Northern Hebrides are very different to the hustle and bustle of London, and the wealthy life style in Home Counties, or the poorer, ex-industrial North. However, and Varoufakis touches on this (and is the first to mention it as far as I have heard), is the political tensions and checks and balances. How can we have a common currency, without these tensions operating between the financial sectors, budgetary constraints imposed by finance ministers who should be elected members of parliament, the judiciary, who can wrap parliamentarians on the knuckles should their actions be deemed unconstitutional (do we even have a constitution for the EU?), and the beaurocrats. None of these exist, we have a parliament divorced from the people, and the people probably not making as much use of their MEPs, we have a silent judiciary (surely the Greek situation must be breaking God knows how many rules on human rights abuses here), the only possible area where there might be accountability is the Council of Ministers? How can we have a common currency without a fully functioning democratic processes and dynamics between these institutions? After all, how does the EU citizen now (and there is a lot anger towards these technocrats and fat cats) sack the likes of Junker, or demand that the EU parliamentary president step down after his shameful remarks about removing the Greek Government and putting a technocracy in its place? Why was Junker trying psychoanalyse Tsipiras instead of getting to work? and who elected him anyway? I didn't, did any of you? The euro has now become a frightening object for people, an object of terror, bullying, abuse, lack of reply giving rise to a sense of disillionment and helplessness and anger directed at these blinkered, and in my opinion, poorly functioning people? Lastly, the sub-titles are important as many people for whom english is not their first language, find them helpful. Indeed someone was asking about them on the 'what happened to the bail out money' doc, which I also really liked.
@Goedelite Kurt: The description says: "This interview was recorded in June 2014"
21:42 the word Varoufakis uses is 'wayward', not 'wavered' (error in the subtitles).
Jacek Nasiadek Thank you. Has been corrected.
But... why recapitalise the banks at all in the first place?
(ie: is there not a lesson to be learned from Iceland?)
Mo Aus Kapstadt The problem is not the banks, but the corrupt bankers who shoved their losses onto the shoulders of the European taxpayers.
Iceland did jail its corrupt bankers and let their banks go belly up, but it controls its own currency, Greece doesn't.
I don't understand why it is necessary to "clean the broken banks and then sell them again to new owners". If a State buys a bank, why can't it keep it? Why cannot run it not just by short sighted profit goal, but by having in mind the development of the society?. In short, if the private sector is going from crisis to crisis over and over again, why not nationalize the banking system?
David Martín Two reasons in my mind:
Economic reason - state owned banks won't survive on free market. Anything a state operates is ineffective in competition with private sector. Hence needs protection or subsidies.
Legal reason - in my country a constitution and law dictates the state shouldn't do business. In other words a state is not profit organisation ment to invest, run businesses etc. I can imagine Greece or rest of European countries have similar restriction.
Europeans ...Unfortunately ONCE we had an ethical politician and he only lasted 5 months.
That is for me a sing that there is something definitely wrong with European leaders.
Not only Europe can not blame Greece for crook politicians but its obvious that Europe supported them and still are supporting them by all means ...The problem is larger than Greece.
***** Seriously !! No to bully you ...You think that Greece should admit half of Greek history and land is not Greek . Greece admitted you are also Macedonians ...You say that you are exclusively Macedonians and half of Greece is rightfully yours....Sorry for being the bad guy!!
***** You see ...You are saying that the second largest city in Greece should not have boarders ....In short in order not to bully you ...You want me to say that the second largest city in Greece is not Greek!! I never said anything about originals ...
***** No probably we are lost in translation !!My fault !! Never mind!!
***** Well my poin't was that in order for you not to feel bully by me i need to say Macedonia is one ...and Greece occupied half of it. And Macedonian history has nothing to do with Greece ....Thats literally half of Greek land and half of Greek history !! I mean look it from the others perspective ...
***** Ok i agree thats beyond insulting !!!! I am with you on that ....OBVIOUSLY!!!
what the hell are subtitles doing at the bottom of this interview??/ Varoufakis is one the leading intellectuals and premier economists in the world and his English is impeccable....He is actually a very clear and expressive speaker.
Peter Kan well... they may be useful for a non-native speaker anyway...?
The date of publication shown in the brief description does not reveal that the interview is almost a year old. I don't know the basis for Mr Varoufakis's view that the Congress of the US has been the least bit protective of the interests of ordinary Americans with regard to the practices of the major US banks, the 5 or 6 that were rescued by taxpayer bailouts. The practices that led to the crash of 2007 and 2008 are still active, and Congress has been ineffective in stopping them.
Yanis is Absolutely Correct!
When was the interview recorded?
Lol why does the programme recommend subtitles
ac1dP1nk Because subtitles facilitate understanding for non-native speakers? Ever thought of that???
Ofc, but why recommend them. Everyone can easily find whether they are available or not.
Everyone, really? Not everyone is a digital native like you are perhaps and intuitively knows that there are subtitles and how to activate them. Come on...
Harald Schumann On The Trail Millions around the world are going to wath this interview and subtitles are necessary. We do appreciate this hard work you're doing. Again, I watch all interviews with Tsipras and Yanis Varoufakis, this one is one of the very best. We're very grateful.
of course i was listening you cant dilute such a broad range of discussion and the opinions held on those subjects into something both worthy of reading and concise. anyway interviewing varoufakis would be an honour - it goes without saying that he offers a good critique and is willing to devote himself to common cause in the face of the massive opposition of established power structures and a status quo which values the specific liberty of private property seemingly above all else.
Soweit ich es verstehe, der Mann hat recht, aber weder Politik noch Banksters ( Gangsters) wollen ihm zuhören oder gar verstehen was er sagt. Auf Beleidigung von Schäuble kann er gut verzichten und wenn Griechenland den EU Austritt akzeptieren muss, dann kann sich dieses Land sich ohne EU Diktat wieder neu formieren.
painful truth
What did Sweden do in 1992?
@11:59- the second "not" in "...banks will not be not stress-test" ought be removed.
Cheers.
@23:43 - "parties and carriers ..." should be "parties and careers..."
Cheers.
@26:17 - recommend update: "careers" for "carriers..."
Cheers.
Brilliant.!
Honest Man.
Support to DIEM25.
Rather enjoyable at 1.25 speed
The american people stand with the greek people...tha syrian SAA, and russian ukraine...where else?...
He wanted ECB to issue its own bonds, he's gone insane.
yanis is a hero!
α προφητικα λογια και η εξηγηση για του οτι συμβαινει μεχρι και σημερα με την σκοπια της μακροοικονομιας , δεν ειναι απλα αγγλικα οπωτε η εκτενης αναληση δεν ειναι ευκολο καποιος να το κατανοησει , αλλα και παλι υπαρχουν και κατανοησημα σημεια . Η σηνεντεξη δωθηκε το 2014 οταν ο Βαρουφακης δεν ηταν καν υπουργος, ..... ειναι επιστημονας ο ανθρωπος αυτος και ξερει πολυ καλα τι κανει!!!!
La profecia e il chiarimento dalla scopia makroeconomica di Baroufakis pel le cose che succedono nella UE e la Grecia!.Si parla englese avanzato con la terminologia economica e perchio solo pochi possono capire la analysi completa. Allora era 2014 e Varoufakis non era ancora il primo ministro di economia. Quello straordinario uomo sa che fa!!!!!
Die profeziehung von Varoufakis für die EU und die Crise in Griechenland , Es gibt die komplete Analyse mit die Wissenschaft von makroekomismus. Es wird nicht einfache Englische Sprache benuzt deswegen kann ebenfalls schwierig sein eigene Dinge zum Versehen. Das interview gab es in Jahr 2014 ,damals war Varoufaniks nicht in die regierung,....... Diese Man weiss gut was er macht!! (übrigens es gibt geanu die Erklärung wohin die Steuergelder den Deutschen geflossen sind!!!!!!??!!!!!!!! :)
Europe - Strong ans iron, weak as clay
Maybe Varoufakis knows economics. Just don't ask him to be your negotiator for financial bailouts. You may end up getting even more punishing terms from the lenders as a result.
without tie, there can not be competence :-)
Id have more respect for Greece if they didn't let their ancient ruins rot in the sun.
Justin Bailey marble hates pollution not the sun
well, French politicans are very funny animals. You tell 'em Yanis --- Greece Rule(s)!
Varullakis, ....!hacete hervir y tomate el caldo!.
Which idiot would invest money into a system
that is already insolvent, and he knows that he will never get the money back?
If companies did
so, than they have deserved to end up with bankruptcy, that’s it.
great economist thinker an absolute failure of Greek experiment is the shame that Europe knew quite well that the current Armageddon is coming
Herr Varoufakis lässt sich in Details und Symptome verstricken...das verzinseszinste Schuldgeldsystem gehört unmittelbar ersetzt durch zins- und kreditlose Bewertungssysteme für jeden Einzelnen Menschen...
I want Mark Blyth as global president. Yanis Varofakis as the global minister of Control Bureau of Equalati and Greed . And Dr Richard Wolff as Finance minister. And to not be to sexist Greta Thunberg as Global Ecology and sustainability minister along Peter Joseph, and Tulsy Gabbard as the Global Defence Minister , Elon Musk as Science and Exploration. Minister Sorry to only choosing western world ppl. But I have little knowledge of Asian and midlestern folks that are unselfish and think of the greater good of humanety. Suggestions ?
I FUCKING HATE AMAZON PRIME!
malisima traducción del ingles al castellano. horrorosa.