Yanis Varoufakis blows the lid on Europe’s hidden agenda

Yanis Varoufakis blows the lid on Europe’s hidden agenda


[Music] professor Yana throw focus thank you for speaking to us it’s a great pleasure this is your new book adults in the room kind of a tell-all memoir of featuring secret meetings with Larry Summers people phoning in the middle of the night threatening your stepson because you saying bad things about the bank secret recordings from Eurogroup meetings why did you write this primarily because the story of Greece should not really matter for the rest of the world Greece is too small it should matter for us Greeks but it shouldn’t really matter to you in Sweden to the Brits the Americans but it greeted a little bit like the canary in the mine died in order to warn the rest the miners down the mine that there was a systemic problem I’m a same week let’s say and the way in which the powers-that-be the liberal establishment which is now protesting Donald Trump and brexit and the peloton mishandled massively mishandled the Greek crisis is indicative of the way in which the liberal establishment has lost the plot internationally after 2008 so the reason why it is in English and why I’m exerted so much effort in putting it together and not just publishing a great book in Greece about our country’s problems is because I think that it’s a universal story and it’s also a kind of dramas because very often I I caught myself in meetings with very powerful people who were caught up in a trap of their own making in a way that only Shakespeare can relate the title address in the room that comes from Christine Lagarde anyway I mean at some point she said that we need others loom in order to have a an agreement but it’s an expression that she did not invent it’s an expression that in a sense relates and reflect the contempt that the establishment has for the people who very fertile themselves as adults and of course the children are the masses out there that we are the source of all the juma see in a properly functioning democracy so Sweden hasn’t joined the euro we had a referendum in 2003 did we have a lucky escape absolutely why because the euro the idea of a common kind suspended but this particular common currency the way that they designed it is as if it was designed in order to first create huge capital imbalances capital flow imbalances inflate gigantic bubbles which then burst naturally and then once you have that you have depression in part of the deficit parts of the eurozone and deflationary forces creating the circumstances for bigots and xenophobes to rise up in the rest of Europe this is the architecture flaws is the reason why you should not have big part of it and we should have good part of it either so in your retelling of this story the Greek bailout is not about northern Europe coming to rescue the lazy Greeks has been dancing all summer like grasshopper not thinking about the future but it’s about the eurozone rescuing French and German banks how well look it’s very simple isn’t it 2008 great financial crisis all the banks went bankrupt throughout the Western world every single one of them in the United States the elites and the institutions are very pragmatic they got around the table and immediately pumped up the quantity of public money of dollars and effectively reflected the collapse banks in Europe who had created the central bank on condition that it’s not allowed to do that so if your bank your central bank cannot reflect the in name and deflated banking sector and the banking sector is insolvent the only alternative is to shift quite cynically the losses from the books of the banks on to the taxpayers so the Greek bailout was nothing more than a bailout for Deutsche and Finance Bank bell / Association are the French in German I said between them they had led 200 million to the Greek state they were ready insolvent because they had stuffed their boots with toxic derivatives from the other side of the Atlantic and they had already been bailed out by the French and particularly the German government and mrs. Magda could not go back to the Buddhists and demand another world of money for the same banks that she had just saved so it was packaged as an act of solidarity towards the lazy Greeks which of course has to be become attached with austerity strings in a tough love in reality this was money that went from the Germans love work Portuguese IRS tax payer to the Greek state to go straight back to the French and German banks on conditions that guarantee to string the incomes of the Greeks that were not enough to pay for the old days let alone for the new ones a ten year old can tell you that this cannot end well could it the book you very critical of this obviously but you also express understanding for why Dominique strauss-kahn Christine Lagarde even mrs. Merkel do this at the first instance understanding is not the same thing as excuse or legitimacy I believe that whenever you talk to someone whenever you try to negotiate with someone you should try to see things from their perspective does not mean that you agree with them it does not mean that you excuse what they do but that’s unless you have this capacity to get into the shoes of the other person then you are not going to have a civilized discussion my discussions with Christine with all these people were very civilized the trouble was that they did not have the political degrees of freedom to come clean about what had done because they they had effected the crime against logic lending the largest amount of money in the history of capitalism in absolute terms not relatives to the most bankrupt state in Europe was a crime against logic especially when they did it other countries conditions of such harsh austerity that guaranteed the diminution of incomes from which those on that of course I didn’t expect to get their money back and but they could not bring themselves once the money back where they wanted their money back but we wanted other things more than the money they wanted to preserve and maintain their own power structure in particular in our case given that we oppose them we got elected on a campaign to raise tax the deck when they didn’t want to restructure that if they had come to an accommodation with us a compromise a mutual compromise find common common ground a mutually advantageous agreement they would have gotten more money back that they are getting now but Spain Spanish voters eyes voters Portuguese voters Italian voters and ultimately French workers might have gotten ideas in their heads that they could have opposed Lagarde melting show a Blair land and so on and so forth and achieve a better outcome from the perspective of those who were in power at the time this was a nightmare and it had to be snuffed out so you mentioned in logic from reading the book logic seems to be important to you you are sort of often angry about they are people are being irrational in Europe you can’t speak economics at Euro group meetings I mean you come in as an economist into a very political reality but also an involute over really you know critical yes okay bureaucratic but often when reading this I was thinking why is he so surprised I wasn’t surprised no I think that my readers are surprised I wasn’t surprised at all I was expecting this fully but I believed that it was important that you folks found out that in eurozone Eurogroup meetings which is where all the decisions about fiscal and monetary policy remain economic discussions banned I don’t believe the European European voting knew that and I think that they are aghast at the idea that those who are determining their economic future are simply not engaging with economic reality reality for instance you know in the Euro group at some point welcome so I said to me okay so you don’t like the four and a half percent primary service target of your country what do you want it to be and I said it’s not what I want it to be it’s what it can’t be given the circumstances and you know that target has the dependent also on our investment policies the extent which you can close the gap between savings and investment and of course the extent to which we can support exporters to close the gap between experts in inputs because those three numbers the balance of payments the the budget balance as well as the balance between sales investment those three had to be in equilibrium and the two hours later the world where there were these accusations against me all over the media anything I am saying was lecturing Scheidler and the rest of the gates on economics so economic is banned in Europe now that should really cause a great deal of this consultant everywhere but did you think that lecturing then one economics would work I didn’t lecture them I answer the question ok remember the question was if you don’t like four and a half percent primary service would would you like it to be and I answered the question I could not answer the question in any terms other than economic I was not elected by my electorate in order to be a complete fool in the Eurogroup because if I had answered in any other way I will deliver food so let’s be clear that isn’t why I became finance minister it’s because it some time 2011 when I first started chatting with the man became prime minister in the end my friend Alexis tickles I want him I said him the moment you get elected I at the time I never imagined that that would be part of any government let alone his but this was a piece of advice as an economist I said him the moment get elected and there would be no discussion the troika would threaten to close down your banks and snuff you out because I was predicting what I experienced and then sort of family said we so what should I do if I get elected then I started putting together a plan for how to deter the bank closures and how to force the troika to accept the basics that were necessary for Greece’s recovery and because Alex tip is agreed with my proposals at some point he said well I agree with your proposal but I don’t have anyone in the party to implement them I want you to be the finance minister then the moral crisis and moral crisis as to whether I should accept or not and I decided to accept it and that is history efficient so that the surface targets of 3.5% no country has ever managed to maintain that in the long run proper – yeah exactly did you get the impression that the troika believed that Greece will be able to do this they did not care they did not care what personally I am a completely and utterly with me from the very first night very clear from the work and they even say this non-public accidentally we’re not saying in public they were saying this to me personally now they actually advocated they are campaigning for exactly what I was campaigning for it precisely to the last decimal point I was saying not four and a half not three and a half one and a half and this is the position the formal position of the IMF today indication with no value to me walking safely you can read in the book our exchange in which he in the end he took months of discussions in the end he said me you’re right this this this program is very bad for your country you shouldn’t sign it but his view was that in the context of the power play within the the north of the euro zone finally between Berlin and Paris he would not be willing to reconsider the Greek problem even if it was a sensible reconsideration because he was worried that that would be signal to Paris the Paris could expect more ela means from Berlin and the view was very simple from from sharpening particular if they want the Europe the sentiment they’ve got except that I’m going to veto their budget and so this was collateral damage purely qualitative dimension we were being forced into a program that sadly news was bad for us and therefore he knew you wouldn’t get his money back from us from us because he was signaling to Paris a degree of inflexibility now if you start if you if anyone tries to manage the market economy of European is where you end up with a mess we have and the rise of the pen and the alternative of Deutschland and the loss of credibility and Trust amongst the European voters regarding of the establishment Christine Lagarde also tested a quite early space of this program can’t work but she still goes into this meeting and for five hours basically August for the programs we have all these people saying one thing doing another now you’re at game series can you model this the kind of behavior you don’t even need game theory to model this behavior because Christine explained is to be perfectly well yeah she said to me this program can’t work but Yanis put so much political capital in it that we can’t go back this is like a free commitment and you have she was telling me instructing me you have to accept this and so I know I don’t because you know I was elected with the promise of my lecture not to accept something that makes no sense so you don’t really need game theory for that it’s in it read Shakespeare Macbeth Macbeth commits a crime and then he commits the second crime to cover up the first crime and then a third one to cover up the second one so the more you commit crimes against logic in this case the more you get entrenched into a big lie so mrs. Merkel for instance when she lied to the boo-boos back in 2010 saying this this money with both of money is for the Greeks to help them and that we will get our money back with interest she was not believing that at the time was she but when she made that statement she was caught in the trap that she had created herself and then it was impossible her to go back and ask for that destruction give that Prime Minister members of parliament first ago this was money for Greeks it was not it was for Deutsche Bank and secondly that there would be no data structure but you are trying to beat this down with logic and rational economic argument shouldn’t you somehow have been more aware of the political reality I mean whether any political conditions where a sort of Germany could forgive a Greece’s debt allowed to say that not for one second did I believe you that the power of reason and persuasion would prevail not for one second you still kept going in there for fun of course I kept going there and one has to speak the language of reason so you knew you were going to live no I knew that we would lose if we didn’t have a deterrent you need two things you need sensible proposals and the deterrent when they try to crush you and your deterrent was Greece leaving no not in the slightest firstly the Greek state still only 27 billion to the European Central Bank these were bonds for the ECB had purchased in 2011 now the main weapon ahead or the threat that if you close down my banks to fixate me which is what they did I will immediately restructure these 27 billion which were payable in the next three years I’m going to delay payment by 40 years now why was this important 27 billion is not that much money for the central bank of Europe but legally it was a major made it was a nuclear weapon the reason it is the only reason why the hero survives today is quantitative easing the fact that draggy since march 2015 has been printing anything between 60 and 80 billion mark purchasing bonds and other kinds of debt now you may recall that Ian’s vitamin the buddhist bank was adamant against QE and precursor the so-called own OMP program so much so the tea personally and presenting of course a buddhist man took the european central bank to the Constitutional Court of German in Council and asked the Constitutional judges to beam these bond purchases by the ACB legal and in violation of the German constitution this is a very big charge begins Viton submitted 121 pages of a deposition signed by himself against this now of course the judges did what the judges do in this circumstance they decided not to decide because it’s just difficult for them to make this decision so they referred the matter to the European Court and the European courts asked summoned mister dragon who appeared in front of them of the judges and won the case against right-minded to this bank are the basis of a pledge and the pledge was that he would not allow any restructuring of any of the bonds owned by lazy B this is why extraction the 27 billion that of big bonds which were written in Greek law would in other words all you needed was a signature for me in order to restructure them unilaterally that would have blown up the QE program that kept the euro together this was a nuclear weapon but we had I never wanted to use any weapons against Europe but if they close down my banks I think it was completely legitimate to say that 27 billion well you can’t have it so that was one part of any NGO analogy is the siphoned but but but we had the only reason I accepted the ministry was because we should hand Alexis tsipras and the leading team of syriza that it makes no sense for us get elected this is going along with the gist of your question just with good arguments and the power of persuasion you’re not going to get anywhere there’s the old wall of denial in the hero book and in the drawing but if you have the nuclear weapon as well the doomsday machine if you could call it then they will come to the table and I know that it would have come to the table unfortunately this is where disunity brings defeat our government disunited and members of the team signal to draggy don’t worry about work I guess we’re not going to let him help out those those pots and phenomenon which defeat was readable that you were convinced that Georgia would never let the tiny lemon convince you would not let it happen if I was allowed to do that it was only when dragon realized that we were not united in government and I would have had the rug pulled from under my feet but he closed the bank the banks so the greek Finance Minister now says that they will be negotiations about debt relief you know what we’ve been doing this now for seven years yeah for seven years I hear the same inanity for seven years we keep taking loans on the basis that our sometime in the distant future is going to get better structure this no doubt that is going to create that obstruction and unpayable debt does not get paid it’s really very simple question of willpower so a question of ethics it’s not because in the Bible yeah it would not be debate if you’re bankrupt you cannot avail you that full scope so you need a data structure the only question of interest is is that that the structures going to come first and they were giving an opportunity to the economy to recover with a reduction in tax rates reduction in the budget surplus targets and so on and so forth which is necessary to attract investment or is the patient going to die we’re going to be fossilized as I say turned into a desert with all these young people having left becoming an old folks home and then of course at the end they would cut the debt because you know once that the place is derelict they will cut to that that’s exactly now unfortunately I could friend Euclid who succeeded me in the ministry whom I know at least entirely with everywhere that I just a drill and I am prepared to testify for this in any court of law or any forum for some reason that I cannot explain is now adopting the language of the troika and of the lend itself well you take more loans now and interpose more aesthetically and you shrink your income more and one day we will do is capture that but no sensible person religious on this planet and I can assure you that you can take a lot us who is saying this now in the Ministry of Finance doesn’t believe title I’ve known him for 30 years he doesn’t believe it so I am f becoming increasingly critical of how it acts so you see damn it doesn’t you know do you think I must believe the great program no no why not yeah I’m everything right old mess unfortunately for a very long time now the leadership of the IMF which is usually European don’t really care about the MF they are interested in their own political careers in the future in Europe and therefore they utilize the MF against the interest of the international community that should be using the IMF for good we have a good reason for good causes hmm because that’s how you explain the IMF’s involvement in the beginning with Dominique strauss-kahn Kenny without caring about his political career in front listen whenever I have a choice between explaining something on the basis of stupidity or self-interest I offer said the self-interest explanation Dominique strauss-kahn was a very smart man so why did he push the IMF into a program that violated the principles of the IMF not because he couldn’t see what he was doing but because he wanted to be President of France at the big president of France he had to save the French banks from their own folly and this is what happened so what about you do you make any mistakes Creole French is stupidity and self-interest others what was your biggest mistake doing this five months to large lines yeah first one is that I accept it we are too much to decision the policy of keeping our negotiating tactics under wraps everything I’m telling now but the haircutting of the sob bones and all that this was not something that was out there was a good reason for that or a semi good reason that we buy damn we got elected it was already a bank run so talking about haircutting the assembly bones of the ACP that would have sped up the the bank run but with the benefit of hindsight it was a mistake not to share this mataji this vision of the strategy with the peoples of Europe not just the peoples of the people of great greats but the peoples of Europe that one big mistake because in the end I do believe I was believing in – in Spanish now I believe in transparency even more whenever you want to do something your voltage should know what it is that you’re trying to do not only what your objective is but what your means are as well and this is where there is a may here in Britain is very badly mistaken to keep her cards close to your chest the second mistake I made was to sign the the application for the extension of the loan agreement towards the end of February where the good agreement of the 10th February in the Europe 20th of February well Greece our government would be assessed on the basis of our own agenda regarding reforms then a few days later the troika took this back and they turn us back to the old failed program at least verbally I should have said to them well since you are violating the spirit and the letter of the 20th February agreement I’m not signing this extension of the loan agreement I I hope that our government will remain united and we would simply be buying time to give the creditors more of an opportunity to honor that 20 February agreement I was wrong I should not have signed it and that would have meant that the Panthers would have come towards in February no word towards the end of June and one way or the other they would Ellucian much earlier so you mentioning there was already a bank run when you got elected because some people will say that Greece was recovering in 2014 and it was only kind of you coming in and picking a fight to the creditors but then sort of made the problems worse again well I can say that the earth is flat it’s just as critical Greece was fading it’s been fading since 2008 just just go to any data bank and look at Greek gdb nominal GDP in euros and you see that it it fell in 2009 2010 11 12 13 14 every year it hell what happened was was a real GDP growth in 2014 but you know why cuz real GDP as you know is ratio GDP in euros nominal GDP divided by an index of crisis what happened 2014 was the prices were falling faster than incomes and therefore the ratio was going up because the denominator was falling faster than the numerator but that is not a sign of recovery that is a sign of huge depression when prices fall faster than incomes after seven years six years of a decline in income this is you are the depths of the question to have international press saying oh Chris Newsom was recovering when these people kick walked into government this is just absurd and you know what it’s also offensive to the Greek people the Greek people didn’t want to elect us they did not suddenly become left-wing and we were a part of 4% and then we want 40% why did that happen because griddlecakes could see that nothing is working the big the people these are much wiser than foreign correspondents except of course you Adam of course and this they chose us because what we said may be said you make sense and there was no recovery the recovery was great coppery as they used to call it the Greek success story was just adding insult to the injury of the Greeks so here is here’s the bad guy in this story because you you are quite understanding you get along with George Osborne the British prime minister fun as Minister even Vulcan chauvel who was portrayed in the media as your enemy you know towards the end of the book you you get you get along or sort of you have good discussions here’s the bad guy no one I try to ride this book with a humanist perspective if it wouldn’t mean when you watch an ancient Greek tragedy it was who is the bad guy general where what is there no bad guys everybody is doing trying to do their best but that’s the whole structure of tragedy the game is set up in such a way that even though everybody is trying to do their best in the end everybody is contributing to disaster so house of sketch was exactly how I try to I this book I’ve no doubt that what considerable scientific space Christian like I was trying to do her best my prime minister was thanks to his best but in the end the game we play in Europe is bringing out the worst possible outcome for our people and even powerful men like you know workmanship or women like Angela Merrick in the end they are caught in the trap of their own power and end up powerless this is the stuff of true tragedy so how do you change Europe from being the stress of true tragedy to something else by democratizing it you see democracy is not a luxury for the creditors it’s not something that’s nice to have there is my democracy evolved never perfectly and nowhere perfectly is because it’s the only way of managing a crisis you see during the good times you don’t need motors you can have a cartel structure like you doable which the Europe is cursed at really of heavy industry the site started members with Economic Community of Coal and Steel like optic and then the other other indices were co-opted agricultural sector with the Common Agricultural Policy so when you have the United States of America minding the global shop and ensuring that those growth internationally could which is what was going on between 1945 and 2008 really in a global economy and then you can have an undemocratic European Union expanding and everything is relatively dissatisfied and relatively at the same time and the whole thing is is a thing I mentioned topic when is optic about to crash when prices come down human bad times cartels cannot handle the distribution of burdens and losses similarly it is now since the crisis began that you can see that the European Union is desperately in need of more democracy because it cannot handle the distribution and noticed additional burdens that’s what we need mockers and transparency it is absurd that the people are there do not know what their representatives are saying on their behalf behind closed doors and that’s why you were secretly recording the Eurogroup meeting under the table with your cell phone no that’s not why I was doing it I was doing for even better reasons than that after my first year ago which lasted 10 and a half hours I’ll exited that Eurogroup meeting with a head of spinning from fatigue from confusion from exhaustion now I consider myself to be an hour’s representative of the Greek people in the government in there the future of a nation dependent over what was being said during that meeting I was threatened by the president of the eurogroup with bank closures on that meet in that during that very very first meeting now I had the responsibility towards my Prime Minister my cabinet my Parliament and the Greek people to come out and answer questions as to what was said in there and I remember once the press conference was finished I asked my secretary for a copy of all the transcripts of the minute and she called me 10 minutes later saying Minister I asked the Secretariat and there are no minutes say with fire and memory of course was my only memory I had a duty to be able to report to Parliament Parliament parliamentarians would ask me this what happens in the democracy they said yourself so what so I will say to you when you said that and what exactly what was the precise wording of what you said when it is a question of national survival for a place like Greece and I had no idea I would have to say you know what I can’t really remember I have a hazy recollection below tiles so after that I started recording and then and then once the brasses correspondents began to spread huge lies about what was said to me about what I said in meetings recording my conversations was the only defense against this kind of toxic lives and even became this book as well thank you you almost broke

100 thoughts on “Yanis Varoufakis blows the lid on Europe’s hidden agenda

  1. Humans are greedy, delusional.. think they are godlike and will live forever, Yanis sadly you are a part of another Greek tragedy.

  2. This guy caved to the Troika. All a big show and the Greeks have no balls. Maybe Italy will be different….

  3. I love this guy's honesty,I am unsure why he hasn't been eliminated by the elites I know this sounds extreme but people have said less than him and paid the price

  4. Well Said, THIS could be the future of the UK if we don't leave on 31.10.19 !! The euro IS FINISHED it is only here still because the unelected EU so called Leaders are buying bonds FFS, WAKE UP PEOPLE TO REALITY, YOU ARE HEARING FROM THE HORSE'S MOUTH !!

  5. The British are THE DEVILS presence on earth, no question. Do not feel obligated to the British enterprise. The British plundered and murdered nearly a quarter of the world for their own profit, let's not pass it off as the age of enlightenment. You Brits can add this to the long list of British failures. Brits tried to take something that could never be British. The story of our Greek lives priceless monuments and culture painted on canvas or etched in stone.

    You Britons Should Be Ashamed. And Return the plundered Parthenon Sculptures back to Greece. And Keep your grubby British filthy hands off Corfu and Cyprus and Greece. You British are thieves and murderers who steal from graves and never forget that. Everything in the British Museum has been stolen from Africa, Asia, and Europe – Even the Queens Crown. You British are cheap royalty and a cheap mixed stock of people and society. I hope the fallout of Brexit will be bloody and tear the UK apart. …Goodness knows you English queen and English fascist bastards deserve it?

     P.S. The British are nothing more than the offspring cousins of inbreds. The greatest collection of nuff-nuffs, spastics and retards God ever shoveled guts into.

  6. 9:33 Could be 1 of the hackiest questions I've ever seen. As if he didn't just explain the situation. What garbage.

  7. Greece get out of the EU. Whatever you face has to be better than being on your knees to Germany – whilst they take all your assets – shipping lines, historical buildings, islands etc saying they will bail you out financially. Germany didn't nobble us in two world wars but now they are achieving dominance by other means. Germany now owns a lot of your assets Greece. With discipline one gains freedom. 🇬🇧

  8. The southern countries of Europe [the Latins] are just like their southern counterparts in the America's – useless and welfare dependent.

  9. Us Brits WILL leave. They are damaging themselves with all the difficulty they pose. The Euro WILL fail very soon.

  10. This is the reason the uk voted to leave the EU they think we don’t understand what is going on, but we do and we don’t want to stand for the bribery and corruption anymore .great interview

  11. Greece is not the canary in the coal mine, the canary was the 1997 Asian financial crisis, timed perfectly to coincide with the handover of Hong Kong to China

  12. 27B is not much money for a central bank…while Africa, Venezuela starve to death. This reality will collapse so hard. It's in the Bible. Heil Jesus Christ!!!

  13. What about taking responsibility for your own actions and mistakes first? Fact is that Greece cocked its books and cheated themselves into the EURO even if their economy was not ready. Now that's everyone else' fault that Greece were cheats?

  14. whatever the issue or the European agenda was. he was part of the problem he was a big fat coward, afraid to be unpopular all he can do is complain appoint blame

  15. What a load of BS, clearly their own governments lied about its own credability joining the EU, secondly a EU loan had not been necessary because of their own securities below in their soil. Nobody in the EU should have paid !!! Greece has 10 million barrels of proved oil reserves as of 1 January 2011. Hellenic Petroleum is the country's largest oil company, followed by Motor Oil Hellas. And another one, now all is being arranged; https://www.keeptalkinggreece.com/2018/05/08/greece-oil-gas-resources-worth-ionian-crete/. AND OFCOURSE NOBODY KNEW ANYTHING ABOUT IT DURING THE CRISIS. Who is investing now in Greece ?? investigate for yourself.

  16. The Greek bailout was always nothing more than a German/EU bank bailout at the expense of the Greek people

  17. Folks positive energy can only be unleashed by full freedom and incentives, on the other hand the speed of robotization makes cristal.clear that soon there will be few jobs for humans, thus a básic rent instead of pensions & subsidies together with free Enterprise allowing 100% freedom of work fórmulas is the way forward.

  18. Until there is total global exposure and elimination of fractional-reserve banking and interest-bearing currencies, nothing will really change. If the currencies of the world are debauched, anything done with them will automatically become corrupted. These two things are completely ignored for the most part. Loaning monies created out of nothing and demanding interest on the "loan" means that more "money" will have to be created to pay the first interest….more to pay the second interest, more to pay that interest on that money and so on into infinity. Booms and busts are purposely designed into the system. Without changing the currency and banking system, everything else done is temporary.

  19. The guy is another whistle blower, willing to express how the moneyed, will pull the strings. But everyone is in debt to the ultimate provider-who gave us the ability to think rationality, but also to think eternally. U.N prayer room has an similar block to the. Mecca black monolith that the faithful pray to and around. The tower of Babel, was man's attempt to usurp God, what is new? Jesus. Christ 2nd Coming is always imminent. 200,000 souls everyday pass into eternity. The Holy Spirit is given to lead us to the Absolute Truth so we recognise the lies of satan, who speaks his native language. The Bible is Days Of Future Passed! Trust that Jesus isn't fazed by the machinations of pretenders, His resurrection is to save us from the infection of greed lust possessions power. He had the First word, He will also have the Final Word ! Gaining the whole world was why satan tempted Jesus, But Christ had to be crucified so we could receive the Holy Spirit, and be born again! Our hope is in the promise to keep those who endure to the end.

  20. We have always been friends with Greece, come to the deal table. Russia will be waiting for you.

  21. all this talk is just propaganda.
    only changing the money system that creates money from debt to regular fiat money will work.

  22. What a very informed guy, Greece was screwed big time on the alter of federalism by Germany and France, corruption on a massive scale. Get the UK out and quick before they try it on with the UK.

  23. Okay Yanis, talk about something you know works, remove taxes from labor and real production and collect the economic of rent of land and natural resources for the public good. Simple. Clear. Beyond old right and old left. Put public banks in the mix as well.

  24. The gloomy reality of globalization is that if/when the UK leaves the jurisdiction of the United States of Europe, it will be become subject to the T&C's of the United States of America & WTO. 🙁
    Which is the lesser of the two evils?

  25. It was yet another deliberate depression…the banksters need to be jailed along with the EU bureaucrats… the solution every nation should have control of their own currency just as JFK attempted with EO 11110…interestingly the first duty that LBJ did was to reverse that liberating executive order. The Euro is designed to drag down the so called richer nations and massively in-debt the poorer nations, overall weakening Europe in line with the Globalist agenda to gain control.

  26. That this man could not operate in the Eurozone as a countries financial minister and elected by his populace mind you. Because like he says himself, the position is not just superflous in one country but all of them there. Is insane.
    As a young kid, I called the Euro "the small steal", because in Germany literally overnight batteries for my stuff, doubled in cost. As did everything. What cost one Deutsch Mark overnight cost me two.
    On everything.
    Yeah, it didn't take a very young non economist to work out, that this could not end well.

  27. I am sorry but you lied on one fact and put it out of context.
    The US has not been minding the world local store from 1945 to 2008, they were guarding it from 1945 to 1989. And like a pulled switch it changed. 2008 was nothing compared to the slow erosion.
    Out of context, because they were not guarding Europe, but their own investment into Germany to control it and from there leverage it's power against the other states.
    You must surely be aware of the Marshal plan and it's capabilities, yes?

  28. Greece got the worst kicking from The EU’s austerity policy introduced to save the bankers, but the policy hit virtually the entire EU working population – the bankers however escaped virtually unscathed continuing to receive bonuses, despite huge losses – European Politicians to save face are ignoring the ongoing problems with the euro another financial crisis is just around the corner.

  29. our financial system is a scam, central banks are in private hands. Yanis is a wonderful man, who know the system.

  30. this gentleman speaks very good English because he masters his own language extremely well the only thing he has to do is translate it from Greek to English. Obviously, Yanis had elocutions lessons which is the norm for Attorneys and other Executives. Definitely, he posses a high intellect and the ability to very clear.

  31. this guy talks out of both sides of his mouth, why does he not stay in greece and try to solve their problems, could it be he is not wanted there but fits in with remainer panderers here, his country s bankrupt what can he add to our progression

  32. A very, very intelligent man of integrity. Quite frankly many people should be in jail over what happened in Greece.

  33. Unfortunately economic is not SCIENCE, macroeconomics is bad sociology and microeconomics is even worse psychology, logic is not the only aspect to consider, it is only one in a motley of irrationality crude interests and personalities.

    What about if we crank-up another turn to Varoufakis argument (machine) and we say that everyone is AWARE that the Breton Woods – PETRODOLLAR system is BANKRUPT beyond repair and everyone (in power) are just waiting the system to CRASH (perhaps helping to it) and getting ready for its REPLACEMENT from an advantageous position.

  34. Now, Varoufakis says that the solution is democracy, but what kind of democracy ? Representative democracy, or as I call it, PARTIDOCRACY, is not the ancient Greek democracy, there were no REPRESENTATIVE democracy back then, yes, there were factions but not political PARTIES, this nefarious entity is an invention of the XIX century in the two acronym (anonymous) states: USA and UK. In classical democracy there were no manhood suffrage, besides, if you read Thucydides you will notice that he calls the system: "wild democracy" and he blames it for the disastrous Sicilian expedition a war – commercial "concern" sponsored by Pericles ET AL that brought down Athens.

  35. Fact. The world's monetary system is virtually bankrupt.
    There's one very good motive for this Co2-global warming scam and this is it:
    The global monetary system has come in the greatest crisis ever. In fact all of the system's banks are basically bankrupt.
    The central banks have been 'printing' money by huge amounts in the form of buying government bonds. But it's not enough to save the monetary system. Someone came up with a brilliant idea. 'What if the whole world beliefs we have too much Co2 in the atmosphere that drives up temperature and we need huge investments (more debts) to reduce Co2.'' Already governments have policies and international agreements to invest thousands of billions for Co2 reduction. This will rescue the financial system and gear up world economics as it always did, by creating debt with the banks. It is advertised on every tv channel, in every newspaper or magazine, that the world is in great danger because of Co2. It's almost like a holy church. If you don't belief in it, they will call you names like 'extreme right wing populist', 'nationalist', some won't hesitate to even call you a fascist every time you are opposing the doctrine of the climate-church.
    They may call you a 'conspiracy thinker' and the likes. But the truth is, that the financial system ran out of fuel. This happened in history before. Every time it did it was followed by a destructive war and some of these wars cost millions of peoples their lives. If I had to choose between the Co2 scam, or the war, I would choose for the scam. But why didn't we choose to fund the thousands of billions to reduce poverty in the world instead? That would have been a great world wide project too and it wouldn't have taken a dirty scam to refill the banks with debts. Give it a thought. Cheers.

  36. Case in point, Jose Martinez de Hoz, famous finance minister (1976 – 1981) of an extremely rich but incompetently (and sabotaged) governed country, performed unchecked a vast economic EXPERIMENT based on the tenets of the Chicago Boys school, the "scientific", logical and systematic economic PLAN that end-up impoverishing all the people who could not manage take his CAPITAL out of the country quickly enough, namely the VAST MAJORITY plus, perhaps, some rich honest people left behind.

  37. When the austerity revolt….began the Wall Street Journal . . printed ; " …Barrons is suggesting Greece no longer a 1st world country.." [ approx ]

  38. Its all the same in America because Washington dc is a corporation with London city and the shit Vatican and is a private with the federal reserve , IRS , and all the Rothschilds , and there fiat currency in the banks , Rockefellers, walburgs and the shit lists goes on that was the act of 1871 that they threw out the constitution and turned it into maritime/Admiralty law

  39. Yanis is a good man. That's why his tour in the halls of power was short. He wasn't qualified. You have to be complete psychopath to get in with those folks.

  40. "They don't expect to have their money back"??? What about the Greek public assets they illegally lay their hands on through the memoranda, the Loan Agreements and the so-called Superfund??? Is that no money, Mr Varoufakis? Please answer that question, if you don't mind.

  41. Banking Con money for nothing plus intrest. This money is being used to build the prison you live. With the government's blessing. All government's are liars. Full stop wake up mugs

  42. In Ireland we could have done with this man negotiating our bailout. Instead of the incapable politicians we had and still have. Varadkar just wanted to be the poster boy for Europe and shafted every man, woman and child in our country. He was elected from within his own party. The Irish public never voted him as leader. He will find out at the next election. It can't come soon enough.

  43. The #EUropean experiment is a dead man walking. The power-drunk fantasists of the #EC will continue to further their own interests until, like the Court of Versailles in 1789, the axe falls; in this case, the next #GFC.

  44. Intuitively, based on a life-long involvement with the study and teaching of Western European history – ancient and modern – I had little confidence in the largely redundant institutions of Brussels-Strasbourg. Yanis Varoufakis confirmed for me the perception that the #EC is little more than a slicker version of the Central Committee of the Communist Party of the former Soviet Union; an undemocratic, self-serving & self-appointed “elite” furthering the interests of themselves and their apparatchiks at the expense of the tax-payers of member nations.
    .Future historians will not treat these people kindly.
    The #EUropean experiment will end like every Atlantic seaboard “empire” since 410 AD. Geography, just as in the past, dictates that eastern and Southern Europe will go their separate ways.
    And a “Europe” that does not include european Russia? Germany will never accept Russia as an equal partner in a federated Europe where Berlin holds the whip hand.
    Game over!

  45. No minutes? That is enough of a smoking gun to have them all sacked. How they continue to get away with these back-room deals amazes me. The press are falling down on the job or they are being bought off. The should be asking awkward questions.

  46. Democracy is not the only way to handle a crisis, far from it… If we plan on solving any reality based problem, we call in the technical experts. People don't understand that politicians and financial professors don't know how to solve reality based problems for the great benefit to ALL people because all they're interested in is creating problems that they profit from. They're in the conflict manufacturing business.

    But if we decided to free up infinitely regenerating energy resources with our existing technological know how, fully applied and utilized in harmonious accord with natures laws for the great benefit to ALL people, then there'd be no limit to our problem solving abilities and politicos would be deemed irrelevant and rendered to the confines of the minds open insane asylums where they belong.

    Call in the Doc, we have trouble in mind… https://www.youtube.com/watch?v=JZPat3DpTa4

  47. If anyone doubts that the EU is yet another exercise in pan-Continental empire building I would love to hear their response to this.

  48. it is always nice to hear someone confirm what I could see with my own dutch eyes.
    yes it was a bank bailout and not a rescue plan for the Greeks.

  49. Greeks were the founders of LOGIC: shame true democracy – also of Greek origin – never truly follwed: anywhere. THIS WORLD IS IN CHAOS AND ALL ARE RESPONSIBLE. Excellent speaker; wish I understood completely but I WILL LEARN.

  50. Now the EU want an army , They already have NATO costing the UK multi billions every year , The EU army is required to keep EU countries in their place as they are left wing open border dictators" demanding all obey their demented orders, German and French plan to be rulers of Europe , 1st and 2nd world wars failed now this is where they up to ,

  51. This man is a true Greek who speaks a great deal of sense and deserved better from the Greek politicians.

    d better treatment from Greek politicians.

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