Yanis Varoufakis on why we should 'let the banks burn' | UpFront 

Thank you Al Jazeera for having on people like Yanis!!

This man is a gift for the Greek people, yet on Sunday's elections people didn't even put him in the parliament. We deserve what is happening to us.

Yanis is an Economic Legend-🙌👍👊. I have been listening to his Economic research and analysis since the 2007/08 global financial crisis. He is legendary for dissecting the prognosis of economic and political issues like a piece of cake.🙌😎👍👊✊️

Great show and respect to the Interviewer for asking the Q and letting the answere be heard in full without interruption

Thanks to Yanis for a rational, wise and sound analysis. We need more people like him in Europe. Also very glad to see he is doing much better after the nefarious attack he was subjected to.

I love how Yanis breaks down and explain the most complex things.

I hope Yanis is back to full health... He is a diamond; telling us what is really going on in the murky world of global capitalism. Thank you Al J for having him on. I listened to him months ago explaining how we were being fleeced by energy producers and suppliers. His insights and analyses are necessary and educational in order to see through the opaque systems of finance which govern our lives. He cares about the workers of the world. Thank you Yanis..

Glad we have this brave Man Mr.Varoufakis.

Brilliant mind! one of the key voices in this world to shine the light and make sense of the destruction of the middle class.

All the bankers know they will always get bailed out. Their bonuses are guaranteed!! They cant lose!! What a world we live in?

Varoufakis is a great economist. His explanations is cutting through the bs of corporate media. Also thank you to great host Lamont Hill.

Just finished Yanis's book "Adults in the room". Highly recommended it, its such an eye opener on the corruption and anti-democratic practices within the EU.

Yanis, it's so good to hear an intelligent reasoned argument against the status quo constantly pumped out by the majority of the media. Please keep it up.

Yanis Varoufakis you are a gift to humanity! thank you

Love to hear Yanis talk. A man of the left so maybe I'm biased but his reasoned analysis serves to provide a genuine (not simply a bloated rhetorically device) alternative to our current financial system. Lets be clear his ideas are not perfect and there will be opportunity costs for sure. No system is perfect but at least he knows the details well enough to show what can be done to restructure the system away from bank and financial institution friendly interventions, towards an intermediation mechanism that directly fits with needs of the people and small/medium sized companies

Exactly what we should have done in 2008-2009. Let the "too big to fail" banks fail. If you or I start a business and manage it horribly, we go bankrupt. The same should be true for all financial institutions otherwise we're kicking the moral hazard can down the road for an even bigger collapse. There shouldn't be bailouts for any businesses or institutions that choose greed over sound business practices. We're going to pay big time for the past decade and a half of bailouts and "quantitative easing".

Love to see Lamont Hill with his own show

Your savings are safe, but your freedom is gone.....

Refreshing view! Thank you Yanis!

It's so good to see Marc Lamont Hill.

A unique ability to know like an insider, but see like an outsider ...

Mr. Varoufakis is one of the few clear-headed and courageous people who can communicate that economics as it's been structured is a form of brain damage.

Hi Professor Hill, so glad to see you're doing well and working for Al Jazeera. Peace to you.

The US national debt is more than $31 trillion, with 38% of it held by foreign entities. The US also has $38 trillion in unfunded Medicare liabilities and $17 trillion in unfunded Social Security liabilities The US dollar is the dominant reserve currency, backed by its perceived strength, allowing the US to print unlimited dollars as long as the world maintains trust in it. The US dollar is the backbone of US power, and any actions that undermine confidence in the currency threaten to destabilize its position of dominance. Each unilateral sanction imposed by the US risk damaging the stability and credibility of the US dollar, leading to dire consequences for the nation's power and influence. The US is the only country actively undermining the strength of the US dollar. The freezing of Russia's $300 billion currency reserve by Western governments may lead countries to reconsider investing their funds in US Treasury bonds. A significant portion of US dollars is held outside the US, estimated at 60-70% of all US dollars in circulation, due to its status as the dominant reserve currency and wide use in international trade and finance. The one trillion dollar trade deficit of the US is a consequence of being the reserve currency, as a strong dollar makes it difficult for US businesses to export goods and services while simultaneously making it easier for other countries to sell to the US. Countries are shipping goods to the US in exchange for green pieces of paper. The US budget deficit is $1.38 trillion in 2022 which must be paid for by selling more Treasury bonds. The interest on this debt is greater than the military budget. To pay the interest on its debt, the government sells more Treasury bonds, leading to a cycle of increasing debt. The US printing of dollars has been exporting inflation in other countries for decades, but will eventually increase US inflation. Raising interest rates to fight inflation decreases consumer and business spending, increases the trade deficit, and higher interest payments on government debt. Other countries will respond to the US raising of interest rate by raising their interest rate, risking global recession. The Plaza Accord addressed this issue in the past, but it will be challenging to implement such measures now. A well-run country collects taxes to fund essential services and infrastructure. In the US political system, wealthy corporations and individuals can lobby for tax breaks. The shortfall in funding for the US government has reached $31 trillion. Instead of collecting taxes from wealthy corporations and individuals, the government pays interest to them. Banks hold Treasury bonds for their safety, liquidity, regulatory compliance, and potential profitability. When interest rates on Treasury bonds rise sharply, the decrease in bond values reduces liquidity and makes it harder for banks to raise cash quickly. This causes depositors to lose confidence, triggering a bank run. In response to the current bank run, the government is issuing Treasury bonds to raise funds to compensate depositors for any lost funds. There are $19 trillion in deposits in US banks. The estimated unrealized loss on these treasuries is $1.7 trillion. The total size of US banks' equity is $2.1 trillion. The new Bank Term Funding Program (BTFP) help prevents discounted bondholders from taking losses when they have to sell them urgently. The BTFP accepts discounted bonds at face value to be used as pledges for loans to inject more money into the economy. More inflation. It's a Ponzi scheme.

So refreshing to have a reporter ask a question that is not leading and listen to the answer

Thank you Yanis , Al Jazeera for this objective analysis.

I totally Agree Yani even from our New Zealand’s banks! As I heard from a reliable Source that bank managers were putting Pressure on their staff to push for more loans from clients etc…🧐 It’s Greed to feed the so called Coperate World banks ever increasing Debt and this in the not to far away future will crash along with Energy Blindness as researched in graphs by Art Berman and Nate Hagens Gitta The Master Series is also a very Awakening Facts 💦🐬🕊🌏🧐

Inflation also finally materialized because from 2008 to 2020 with cheap money, corporations used the easy money to build upon their monopolies. They gave up margins and accepted losses in exchange for market share. They also used the cheap money to buy/control more components of the supply chain to have complete price control. Now that interest rates are increasing, they can exercise their monopoly and raise prices without any competition for consumers to turn to. This is happening in every industry, from retail to their stranglehold on pricing as suppliers have no other buyers to compete for their goods.

Pure genius insight

You have to listen Dimitris Kazakis from Greece!

Prof. Yanis. A great contemporary thoughts 🙏

Digital currency,can be shut off- would you want your money shut off,like a Canadian trucker ? Do what you want,but scream no to digital national money.whatever it takes !

Nice to see someone else championing many of the issues that have been causing me mental health issues. I've been talking about them for a long time. Nice to see someone getting some traction on them. They mock me when I say them. Mentioning them is not the real issue. Sad he got attacked. I think they go after anyone who speaks about it. My life got very problematic. It's better now, though.

Sensible suggestion. Provision of state backed payment system. A parallel system to remove the monopoly of banks in payments. UPI in combination with eRupee CBDC is a model in place in India. Exactly on the lines of Yanis's suggestion.

Amazing interview 👌 I need to rewatch and take notes!

Aren’t we always in a banking crisis? The entire house of cards would come crashing down tomorrow w/o government’s guarantee of bail out.

Apart from the content of this interview, baby, that studio center-piece table is AMAZING!

Yannis is a brilliant economist and a futurist who sees beyond the obvious ..

thanks Yanis, good to see you back

Just spot on again, Yanis. You are a gem in these depressing times.

Thank you Yanis for the courage to speak out and expose the the nexus of the banks and the governments. Like George Carlin said, 'It's a big club and you ain't in it!'

Thank you for this. Just great.

Mr. Varoufakis always points out the truth. Thank you!

this was easily one of the most informative + inspiring things I've ever seen, I've just finished watching it for the 2nd time, and I'm really excited to now get the book, Yanis' references to the late 1700s are a terribly relevant example from recent-ish history, so powerful to think we may be on the brink of undoing the current cloud-shackles - I'm really grateful to be able to have access to the thoughts of incredible thinkers around history/economics/revolutionary ideas like this, it's really exciting to think we're potentially only one small revolution away from a far more equitable social situation, given how "globalised" the world asserts to being... it really sounds possible that enough people can agree around the world.. that we don't want to be cloud serfs, maybe more that we want to have a share of the profits being sourced from technological growth. no longer should the risks be socialised with profits privatised, the more people that learn this key human right the better I think. thank you yanis, pls i rly hope that people see the sense in this information..

Great Interview! Thank you for this AlJazeera!

OH WOW!!!! SO HAPPY TO SEE MARC LAMONT HILL ON AL JAZEERA!!!! I haven't tuned in for a hot minute, what a surprise!

This video should have millions of views ...

With changes in the economy leading to instability in the stock market, some individuals may face a decrease in their investments in an effort to benefit from the current market conditions, I am considering liquidating my $725k portfolio consisting of bonds and stocks. Someone else in the same situation? Please tell me in the comments!..

!al jazeera, nice vid! to sum it up, we havent learn anything! we just keep repeating history over and over again, which is why we are in another financial crisis, but this time china is not going to help us, cause of the way how we treats them!

An economist that you can understand.

The host did great job preparing. just watching another interview with both of them

Once a cancer has grown its too late to incise it. We should never had let the financial speculators grow this far out of proportion.

"Digital currency" no thanks, your time is up anyway.. bye bye centralised banking system bye bye petrodollar!!

Great to see him healthy and alive…..bless you Yanis

That was great, Thank you all.

Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank

surprise surprise that Yanis is pushing CBDC's. I was literally shocked to hear that.

Sometimes things have to be destroyed and burned down.. like, cancer cells. Systematically broken banks shouldn't be allowed to grow, and definitely shouldn't be saved.

Thank you! Excelent.

These long segments are good. Don't get them on other channels usually

A very good summary of the state of affairs in the world economy.

Excellent Talk 💫

Will repeat this a few times to memorise his mind blowing breakdown of what is happening.

Terrific and thought provoking discussion.

it doesn't make sense to save a bank or company that doesn't build equity during the good times so when a downturn arises it is not on the edge of bankruptcy. it's greed and ignorance

Personally I think it would've been better to reduce the retirement age from 62 to 60. The reason is because the majority of French citizens spend their money within the economy anyway. The money supply wouldn't change by that much and furthermore economists could also substantiate a minor tax increase on major corporations in order to make the economic system fairer for consumers and business.

Σε αντίθεση με την Ελλάδα, εδώ Γιάννη οι δημοσιογράφοι δεν σε κοροϊδεύουν, ειρωνευονται ή κάνουν χαζές επίτηδες ερωτήσεις. Είναι ωραίο να μιλάς με κανονικούς δημοσιογράφους που είναι διατεθειμένος να ακούσουν, να ρωτήσουν και να μάθουν.

it's not wages that raise prices, it's greed! Companies make hundreds of thousands, millions, billions in profit and yet they raise prices, lay off and fire people!

Glad to see these two interacting again.

I liked the ending of the conversation when the idea that RENT is counter capitalistic. This makes lots of sense for me how through the ages the legitimacy of one of the cores of feudalism, was assimilated deep into our current economic model.

This gentleman is making a cogent argument. We need to hear more of it in the united states. I would like to hear more from him. I will be looking for his books. Thanks for a revealing look.

Smart and whit a lot common sense guy . Respect

Varoufakis is my hero!

Yanis Varoufakis ❤✊

Meanwhile in Greece, pension age has been raised to 67 years with almost no backlash at all (I.e. practically nobody is going to get any pension). It’s shameful how the media has put my fellow countrymen to a collective sleep.

Amazing❤

Wait. Varoufakis endorsing CBDCs? I did a double take and a What?! I understand what he said about having the ledger open and transparent. But we know that CBDCs come at a cost to anonimity, privacy and can be frozen and or limited at any time. That's the part that might be most important.

It stuns me enormously the way that I go from carrying on with a typical way of life to making over 63k each month I've gleaned some useful knowledge throughout recent years that there are a lot of plenty opportunities in the financial markets;all it takes is just to focus on the right thing. Credits to Gregory Thomas Patchak

Last 3 videos I watched have made me immensely knowledgeable on Dollar, wealth shift and this one. Kudus to French for at least standing up to criminal elites. Afterall their ancestors brought French revolution. We need a global 'French revolution' to cleanse the elites so that the whole world is safe again.

Ah man... Why have I never heard of this guy before 😮

Wow. Extraordinary.

I really wish this system breaks down with all the consequences

Thanks 😮

Al Jazeera and DW, are probably the only two "big" organizations that still have shows and interviews that are not glorifying the current system. I know that ALL of them have some kind of agenda. But compared to channels like CNN, BBC or FOX, Al Jazeera and DW are almost like rebel media. Unfortunately, i am 46 years old, and comparisons between reporters and reportage of the 80s and 90s, and reporters and reportage of today, shows an absolute and clear decline in quality. In my country Greece, the country of Yianis, journalism is dead. LITERALLY. 9 out of 10 tv channels are in favor of the government. 13 out 15 newspapers, the same.

The moderator must not interrupt the interview when a question is done, a full answer must be heard, otherwise the moderator must give the answer immediately and continue to the next question.

brilliant!

I absolutely love this guy. Intelligent, honest, moral, ethical. All words one would not use to describe 99 percent of the world's politicians, industrialists and corporate leaders. Keep punching my friend.

Making perfect sense as usual

The story with the banking system goes back centuries with the bank of England, the Dutch bank and later the Venetians. Anyone having read the book about Jekyll Island meeting circa 1910, what happened to Abraham Lincoln, Jackson and Kennedy, will have an idea of the legalized banking fraud occurring.

Hearing Yanis say 'shenanigans' is worth it by itself :)

Varoufakis is always great, also good job by the journalist, which is rare nowadays

a super interview *******

Banking possibly the greatest con of them all , they keep your money but you still think it belongs to you, when it actually belongs to them

mmm. I am always eager to hear him.

On that note, thank you RU-vid algorithm for recommending this video.

Very good

Quite interesting.

There is no reason to let the banks fail…save them but jail the bank Directors for life…I’m sure that would sort out any moral hazard issues….

this guy is insanely good at explaining these things, 100% behind him!

I love Yanis Varoufakis