The former finance minister of Greece talks Keynesian economics and explains how Greece and Portugal are treated differently from Germany and other E.U. countries.
The economist explains how the 2008 financial crisis gave rise to a system in which bankrupt banks rule the world economy.
The economist explains why DiEM25, the movement he founded, is opposed to funding universal basic income through taxation.
"Think of basic income as a trust fund for all our children," the Greek economist said at an acTVism event, "to be financed by dividends from our aggregate capital—which was, after all, created collectively."
A "campaign of building bridges across Europe, bringing democrats together across borders and political parties, is what Europe needs more than ever to avoid a slide into a xenophobic, deflationary, 1930s-like abyss," wrote the political alliance co-founded by former Greek Finance Minister Yanis Varoufakis.
"The only reason why they effected this so-called bailout of Greece was to save their own banks and to present this as solidarity with Greece."
The left-wing Syriza member resigned in 2015 after five tumultuous months battling eurozone creditors as they turned the austerity screws on Greece. Now he is continuing the fight through the new democracy movement, DiEM25.
Together with “a variety of good folks across Europe,” the former Greek finance minister is working to build “a pan-European democratic movement, call it a party, call it what you will,” that transcends national political parties.
In the modern global banking system, all banks need a credit line with the central bank in order to be part of the payments system. Choking off that credit line was a form of blackmail the Greek government couldn’t refuse.
Greece’s former finance minister had a contingency plan if the country’s creditors shut down its banking system and blocked its ability to do business with other countries, as they eventually did. And he’s being pilloried for it.