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from Yanis Varoufakis. Whilst I don't have anything like his confidence in the safety of central banks holding your money in a digital ledger (the first part of the interview), what he has to say about inflation, wages, and what he aptly calls 'techno-feudalism' is bang on - IMO.
Well worth a watch:
Edit - that link doesn't seem to work, so I'll try again:
(or google Yanis Varoufakis, Banks, Inflation and Inequality - AL Jazeera interview - if you can be arsed - it's worth it).
I like Varoufakis and admire his outspokenness which usually runs against the grain. He writes well too and I loved his book 'Another Now' in which he critiques Capitalism through an inventive sci-fi story.
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A fascinating take on the current economic situation.. on 13:35 - Mar 31 with 2980 views
Ever since I can remember my first cognitive thoughts and ramblings it always occurred to me why we never had a central bank and use its services to generate income to go back into infrastructure etc.
Still to this day think any basic human needs like heat and light should not be profit making. Also shareholding principles a total racket. I’m sure my Dad often wondered if we were related when I used to chat with him in the car going to games.
Class war indeed.
Anyone who’s first language is not English and uses the word shenanigans is alright with me
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A fascinating take on the current economic situation.. on 15:14 - Mar 31 with 2760 views
I have reservations regarding a central government bank and digital currency. Although I acknowledge that many (most), of the larger banks seem to have lost touch with the requirements of prudence, stability and fiduciary responsibility, it's central governments and the like of the IMF who facilitate their actions, bailing them out when they should be jailing the boards for mismanagement.
Very interesting, and I agree with some of what he says. However, it is very easy to blame banks for the issues, but he is missing what I think is the most important element of 2008 crisis, namely us, the consumer. We lapped up, and still do, the 100% mortgage, buy now pay later, multiple credit cards to buy the latest TV etc. Nobody was complaining back then. No, we wanted instant gratification. Whatever happened to saving for something?
I've mentioned before that my Dad was a bank manager, he got out in 1998 as he could see the bank changing, but he always said "Banks should be boring ". He was right.
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A fascinating take on the current economic situation.. on 18:13 - Mar 31 with 2495 views
A fascinating take on the current economic situation.. on 17:29 - Mar 31 by Wilkinswatercarrier
Very interesting, and I agree with some of what he says. However, it is very easy to blame banks for the issues, but he is missing what I think is the most important element of 2008 crisis, namely us, the consumer. We lapped up, and still do, the 100% mortgage, buy now pay later, multiple credit cards to buy the latest TV etc. Nobody was complaining back then. No, we wanted instant gratification. Whatever happened to saving for something?
I've mentioned before that my Dad was a bank manager, he got out in 1998 as he could see the bank changing, but he always said "Banks should be boring ". He was right.
The most important element of the 2008 crisis was an American policy called the Community Reinvestment Act of 1977. It started a ball rolling that led to the normal rules of banking going out the window.
A fascinating take on the current economic situation.. on 14:40 - Mar 31 by charmr
I think he’s spot on.
Ever since I can remember my first cognitive thoughts and ramblings it always occurred to me why we never had a central bank and use its services to generate income to go back into infrastructure etc.
Still to this day think any basic human needs like heat and light should not be profit making. Also shareholding principles a total racket. I’m sure my Dad often wondered if we were related when I used to chat with him in the car going to games.
Class war indeed.
Anyone who’s first language is not English and uses the word shenanigans is alright with me
Interesting character.
Accused of using his anti-austerity politics ro build a lucrative speaking and conference career earning many hundreds of thousands and keeping it in the Swiss banks he berates.
A fascinating take on the current economic situation.. on 14:40 - Mar 31 by charmr
I think he’s spot on.
Ever since I can remember my first cognitive thoughts and ramblings it always occurred to me why we never had a central bank and use its services to generate income to go back into infrastructure etc.
Still to this day think any basic human needs like heat and light should not be profit making. Also shareholding principles a total racket. I’m sure my Dad often wondered if we were related when I used to chat with him in the car going to games.
Class war indeed.
Anyone who’s first language is not English and uses the word shenanigans is alright with me
A fascinating take on the current economic situation.. on 20:26 - Mar 31 by E17hoop
Interesting character.
Accused of using his anti-austerity politics ro build a lucrative speaking and conference career earning many hundreds of thousands and keeping it in the Swiss banks he berates.
To be fair, he’s never said there is anything wrong with being rich and he’s never said there is anything wrong with using retail banks.
He can hardly keep it under his mattress.
Not that it matters, but he‘a never charged a penny for any event I’ve been involved with. A bit of mischievousness there from the German broadcaster, who know full well why Greek businesses failed and austerity came about.
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A fascinating take on the current economic situation.. on 09:56 - Apr 1 with 2012 views
Basically, he advocates world wise communism in its purist form.
Hard not to like what he says, proposes a sort of la la land that always goes down well with his disciples, they do get a bit wet down there when confronted by a smooth talking intellectual.
Trouble is, we are too far gone, the idea that the US or China will give up their hold on the world or have it prised from their teeth by the Cloud and a digitised currency is beyond far fetched. Those same countries will dominate a digitised currency just like they dominate the World Wide Web, which was precisely the opposite to what we were told at thats inauguration.
The only way his ideas could come to pass is if there is some kind of ground zero moment. Unlikely, but as he rather likes to point out, the clock says we are only 100 seconds away from it.
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A fascinating take on the current economic situation.. on 10:34 - Apr 1 with 1983 views
A fascinating take on the current economic situation.. on 09:56 - Apr 1 by stevec
Basically, he advocates world wise communism in its purist form.
Hard not to like what he says, proposes a sort of la la land that always goes down well with his disciples, they do get a bit wet down there when confronted by a smooth talking intellectual.
Trouble is, we are too far gone, the idea that the US or China will give up their hold on the world or have it prised from their teeth by the Cloud and a digitised currency is beyond far fetched. Those same countries will dominate a digitised currency just like they dominate the World Wide Web, which was precisely the opposite to what we were told at thats inauguration.
The only way his ideas could come to pass is if there is some kind of ground zero moment. Unlikely, but as he rather likes to point out, the clock says we are only 100 seconds away from it.
Whatever we think 'ground zero' might be, most indicators point to the world heading for a series of crises for which it is unprepared.
We live in a house of cards where the knock on effects of, for example, environmental collapse will create economic chaos, massive movements of displaced people, increased hunger and water shortages, the spread of vector borne diseases such as malaria and dengue fever, and the rest.
Another example is the breaking down of capitalism that's been apparent since the banking crisis of 2008. It's a slow motion tailspin from which few seem interested in pulling out.
There will be no 'ground zero' moment but there's a series of interconnected outcomes unfolding before our eyes that result from completely unsustainable global systems. We still have time to mitigate the worst effects coming our way, but the lack of intent to do so does not fill me with confidence that we will.
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A fascinating take on the current economic situation.. on 11:07 - Apr 1 with 1923 views
A fascinating take on the current economic situation.. on 10:34 - Apr 1 by dmm
Whatever we think 'ground zero' might be, most indicators point to the world heading for a series of crises for which it is unprepared.
We live in a house of cards where the knock on effects of, for example, environmental collapse will create economic chaos, massive movements of displaced people, increased hunger and water shortages, the spread of vector borne diseases such as malaria and dengue fever, and the rest.
Another example is the breaking down of capitalism that's been apparent since the banking crisis of 2008. It's a slow motion tailspin from which few seem interested in pulling out.
There will be no 'ground zero' moment but there's a series of interconnected outcomes unfolding before our eyes that result from completely unsustainable global systems. We still have time to mitigate the worst effects coming our way, but the lack of intent to do so does not fill me with confidence that we will.
Bit tough on Vector there mate, sure he could do with dropping a few pounds, but apart from that, he appears reasonably healthy.
Janet Yellen let the cat out of the bag by recognising people are taking their funds out of the smaller banks and putting it into bigger ones - you know the sort..."Too Big To Fail"?And then they'll steal that lot eventually. The banks with the biggest exposure to Derivatives probably the first to go down. Anyway,buckle up,it's going to be a bumpy ride.
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