What is money and who rules the world? | Yanis Varoufakis | Escaped Sapiens #46
Escaped Sapiens・2 minutes read
Former Greek Finance Minister Janus Verifakis discusses power dynamics, economic crashes, and the rising influence of social media and tech giants, highlighted on the "Escape Sapiens" podcast with Shane Farnsworth. Verifakis contrasts capitalism and feudalism, advocates for writing off unpayable debts, and criticizes the handling of economic crises, lack of tech innovation, and integration within the European Union.
Insights
- Janus Verifakis emphasizes the detrimental impact of bank bailouts post-2008, where state money saved bankers while innocent people faced harsh austerity, hindering economic recovery and the green transition.
- Verifakis critiques the European Union's lack of cohesive plans for financial aid distribution, artificial intelligence, and energy strategies, contrasting it with the US and China's proactive tech approaches, ultimately hindering Europe's competitiveness and technological progress.
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Recent questions
How does Janus Verifakis view the power dynamics between politicians, multinational banks, and tech giants?
Janus Verifakis discusses the intricate power dynamics between politicians, multinational banks, and tech giants, shedding light on economic crashes, bank bailouts, and the influence of social media and tech monopolies. He emphasizes the real power wielded by politicians and the rising impact of social media and tech companies in today's world.
What historical insights does Janus Verifakis provide on the evolution of money?
Janus Verifakis delves into the historical evolution of money, citing Karl Marx's definition of money as the alienated ability of humankind. He explains money as both a tangible commodity and a transferable form of debt, tracing its roots back to ancient payment systems. Verifakis contrasts feudalism and capitalism, highlighting how capitalism's financialization led to endogenous economic crises.
How did the 2008 bank bailout differ from traditional methods of handling financial crises?
The 2008 bank bailout involved central banks printing money to salvage banks' failed bets, rather than extracting value from the future. Janus Verifakis explains that unpayable debts should be written off, either by tearing up the IOU or constantly rolling it over to pretend it can be repaid. He criticizes the post-2008 tragedy of socialism for bankers and austerity for innocent people, leading to a catastrophic economic situation.
What are the consequences of saving banks versus saving bankers during financial crises?
Janus Verifakis emphasizes the importance of saving banks to maintain the payment system but argues that saving bankers is unnecessary and harmful. He contrasts South Korea's approach in 1998 of saving banks but not bankers, leading to minimal crisis impact in 2008. Verifakis highlights how directing financial aid to the general population can boost demand and prevent economic downturns.
How does Janus Verifakis view the European Union's handling of financial challenges and technological progress?
Janus Verifakis criticizes the European Union's inefficiencies in distributing financial aid to citizens during the pandemic, highlighting technological shortcomings and lack of integration. He notes Europe's failure to nurture tech competitors like China or the US, resulting in a defensive stance against Big Tech. Verifakis discusses the EU's lack of a comprehensive plan for artificial intelligence and the absence of a common debt system, hindering effective crisis management and technological progress.
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