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Thread: Yanis Varoufakis - New Bottle, Old Keynesian Wine

  1. #151
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    Default Re: Yanis Varoufakis - New Bottle, Old Keynesian Wine

    Quote Originally Posted by C. Flower View Post
    I guess you don't have any more idea than I do.

  2. #152
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    Default Re: Yanis Varoufakis - New Bottle, Old Keynesian Wine

    Varoufakis is being interviewed by Marian Finucance (RTE Radio 1). He is there essentially to sell his book on his Greek Government experiences.

    Varoufakis drops that Ireland should not have paid private bank debts. Marian comes back that it was not only the ECB / EU but also Timothy Geithner (Seoul meeting with Lenihan) who laid down the law that it should pay up.

    Marian way more realistic immo. Although of course there were alternatives, the Greek experience shows that none of them would have been easy.

    As yet she has not asked him, and he has not said, what he should have done when the Greek banks were being emptied out in the first days of the Syriza government. Capital controls, duh ?

    ? is saying that the legal instruments that have been put in place to deal with the crash are inadequate and would not work if needed in a new crisis. Our "Anglo Timeline" thread shows that for years Ireland's government was aware of the need for this legislation and moved at slower than snail's pace on preparing it.

    The speaker is lying in saying that people in the banks thought the issue was only insolvency. If nothing else, the Anglo Tapes put that nonsense to bed.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  3. #153
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    Default Re: Yanis Varoufakis - New Bottle, Old Keynesian Wine

    First thing of interest from Varoufakis is that Greece should not have entered the euro.

    He seems to think that Ireland has recovered. Ireland has had one of the poorest recovery rates in Europe, according to an ECB report in 2015. No reason to believe that has changed. Support to the financial sector alone caused a 20% rise in debt as a percentage of GDP. If you look at the 'real figure' of debt as a percentage of GNP (i.e. excluding brass plate operations) it would be much, much, worse.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  4. #154
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    Default Re: Yanis Varoufakis - New Bottle, Old Keynesian Wine

    Quote Originally Posted by C. Flower View Post
    First thing of interest from Varoufakis is that Greece should not have entered the euro.

    He seems to think that Ireland has recovered. Ireland has had one of the poorest recovery rates in Europe, according to an ECB report in 2015. No reason to believe that has changed. Support to the financial sector alone caused a 20% rise in debt as a percentage of GDP. If you look at the 'real figure' of debt as a percentage of GNP (i.e. excluding brass plate operations) it would be much, much, worse.
    I am nearly certain he said, or alluded to that previously

    He was well aware of the fact Greece fudged the numbers in 1999 to enter the monetary union in 2000/2001 and was baffled by the payback coming in the form of stern punishment at the non-negotiating table.

    He is not the only one that believes Ireland has recovered. That is more or less what the numbers indicate.

  5. #155
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    Default Re: Yanis Varoufakis - New Bottle, Old Keynesian Wine

    Quote Originally Posted by random new yorker View Post
    I am nearly certain he said, or alluded to that previously

    He was well aware of the fact Greece fudged the numbers in 1999 to enter the monetary union in 2000/2001 and was baffled by the payback coming in the form of stern punishment at the non-negotiating table.

    He is not the only one that believes Ireland has recovered. That is more or less what the numbers indicate.

    What numbers ?
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  6. #156
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    Default Re: Yanis Varoufakis - New Bottle, Old Keynesian Wine

    My best read of the day is posted below.

    It is an interview with Yuval Noah Harari. His book 'Sapiens' fascinated the likes of Obama, Zuckerberg and Bill Gates. He has a new book 'Homo Deus' that I want to read.

    RNY.

    ---
    I value Marx very highly. To some extent, we are all Marxists today. We may not accept Marx's political program, but even the most extreme capitalists analyze history and politics using Marxist thinking. For example, when we try to understand the rise of Donald Trump, we usually think that economic changes such as growing inequality between the American working class and the upper class lead to political upheavals. That"s a Marxist analysis.

    However, in the twenty-first century Marxist theories are losing their relevance. Marxism assumes that the working class is vital for the economy, and Marxist thinkers have tried to teach the proletariat how to translate its immense economic power into political clout. These teachings might become utterly irrelevant in the twenty-first century, as AI and robots replace humans in more and more jobs, and as the masses lose their economic value. Indeed, some might argue that already Brexit and Trump demonstrate an opposite trajectory to what Marx envisioned. In 2016 Brits and Americans who have lost their economic usefulness but still retained political power have used that power to revolt before it is too late. They revolt not against an economic elite that exploits them, but against an economic elite that does not need them anymore.

    ---

    I agree with these remarks so completely i had to just copy/paste here for record keeping and later move it to my blog the entire thing.

    "Yuval Harari: for the first time in history we don't know what to teach our children"

    Scroll down to find the English version of the interview which is posted after the original in PT.
    RNY

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