Home Politics Yanis Varoufakis discusses the economic and political consequences of the coronavirus| DiEM25

Yanis Varoufakis discusses the economic and political consequences of the coronavirus| DiEM25


[Songs] Yanis Varoufakis here, for you
DiEM25 is our Democracy in Europe Motion. Here are some ideas for the effects of
The epidemic is affecting our daily lives and our health.
But primarily on our economy, our national politics and our morality. We manage crooked.
or symmetrical threats. As with all upsurges, this epidemic is not uncommon.
Both of these realms, while distinct and relevant, are equally important. The other is the impact on our health.
It alters our lives in a way that is seclusion and requires us to stop doing normal tasks.
Fear of illness. This epidemic can also be frightening.
This virus spreads through the entire political-economic situation of international capitalism. The Corona virus will undoubtedly spread.
Accelerate the message 2008 situation. Currently wear'' t allowed any individual tell you that, that
Situation ended, but we now have a new one. The 2008 dilemma has never ended.
It evolved into many types and traveled across the globe. But it is always with us.
After 2008, the world has never been able to return to some form of equilibrium.
Commercialism today is not distinguishable using terms from
The duration prior to 2008. The Corona infection has caused the ever-present crisis to grow and intensify.
When you consider it, the reason there was some normality in recovery after 2010, 2011, is because Central Banks as well as Governments took it upon them to refloat economic markets and to restore financialized capital. The printing of trillions and trillions of dollars, a range of huge amounts of money was created and also tossed at the 0.1 %. Companies that are currently cash-strapped, such as Apple and Google. Borrowing money from the Federal Get. As an example, take the USA.

To reclaim their shares.
This was increasing inequality immensely. Stabilizing economic markets and at the same time decreasing. all serious investment in top-quality jobs in labor. in health, education, learning, and the Eco-friendly Transition this planet needs.
this is why there ' s been so much discontent also before Covid-19 got here on the scene. Covid-19 came on the scene in. It found a Global industrialism, which was still living in an immense bubble of personal debt. that was actually produced by Central Financial Institutions for monetary funding. Stock exchanges are not the issue. Stock exchanges go up and down. Every catastrophic collapse of. The stock market can be easily followed by a remarkable rise,
The indices are soaring.
The Federal Reserve, Bank of Japan, and the Financial Institution of England are.
The European Central Bank. Even if they do manage to refloat businessism,. In the exact same manner as they did in 2008, 2009 and 2009, this is unlikely to take us to where we need to be. Covid-19 is not the same as it was before.
For a very basic reason. It is a very simple reason. Covid-19 actually popped the bubble.
Monetary commercialism has been going strong up to now. This is also true if the financial market are refloated.
The level of investment will increase once more.
It was even lower than it had been a few months ago. Let’s not forget,.
It was only a few months ago that the amount of financial investment was at its highest.
Particularly, vital stuff.
Concrete products, environment-friendly power, and so on, the level of investment.
The available liquidity, as well as financial savings, have never been lower than they were.
Even before the Corona infection. Imagine what it will look like afterward. What defenses is financialized capitalism?
What is the difference between 2008 and today? This is a very useful comparison.
Between 2008-2020

Two things saved the International commercialism industry in 2008
The Federal Reserve is the Central Bank of the United States, as well as China.
Certainly, there will be more information on governments in Europe, the International Monetary Fund, and other institutions.
The FED and China both did a lot to complete the task.
By shifting cynically huge amounts of losses to the exclusive financial institutions unto.
The shoulders of the most vulnerable tax payers in what DIEM25 calls Socialism for the Very Extreme Few.
For the lenders and rough austerity in the lot of. China was also involved, as was the FED.
These columns were what kept monetary capitalism afloat. Today, both these columns are very depleted.

China. It severely damaged the ability. The Chinese political economy climate was to produce excess. It shut down all manufacturing plants. It decreased the rate of development to below zero, and as a consequence it did. Particularly China’s opposite to what happened with. The 2008 monetary dilemma China is not currently in a position to take action. To increase Germany’s accumulated needs, it is necessary to take action. Holland, Japan, and the United States. China is currently a patient.
It is not a clinical company. It could be.
You can repeat the wonderful feat of 2009 because, unbeknownstto many,.
The Federal Book extended what was contacted the business in 2009:
Dollar Swap Lines with the European Central Bank
Moreover, to the Bank of Japan as well as to the Bank of England.
Moreover, to many other Central Banks.

Reserve. We will offer you a reservation.
As many Dollars as you like. You will need to cover your positions with your bets in Bucks.< i > You can see the pffuf in the air. Trillions upon Trillions of Dollars were given.
By the Federal Reserve to the insane absurd lenders of Germany of France or Greece of Japan and also.
So on and so forth, and they refloated them. They could do it again right now. There are two problems. The first, as I stated before, is that this is not happening.
to restore commercialism’s ability to buy essential things and also.
High quality work. This capacity will be reduced. Even at the absurdly low levels.
We had before the Corona infection. But there’s another issue.
it'' s called Donald Trump in the White Home, will certainly Mr. Trump sit lazily by enjoying.
The Federal Reserve provides swap lines to Germany To the European Central Financial Institution To Japan? If necessary, to China? It is very concerning to me that he will attempt.
You can attach strings to Dollar swaps of any kind.
You can also try to use this as a working device with China or the European Union. The dollar swap lines. It appears to be a technological problem. it ' s not a technological problem. It’s more a question brute force. In 2008, 2009, the Federal Get used.
The extremely high benefits of having the ability to provide dollars in order to.
Save economic resources for the rest of the world. Is Donald Trump considering doing this? If not, he might be curious about it.
This would result in a very basic problem:
A much deeper economic crisis, with significant results for the lives people from Hong Kong and.
This is why the epidemic is so serious. It is of vital importance for the lives of real people all over the globe. There are some lessons to be learned. It is double-folded from the current global political economic situation. The importance of public wellness systems. And also, secondly, just how vital it is that public finance be used for the benefit of. It is not only the few. I ' ll start with public health and wellness.
Did you notice that the exclusive wellness carriers look like rats jumping from a sinking ship? Are you aware of any information being discussed regarding the payment of personal healthcare centers and exclusive health care in this Corona infection caused dynamic situation? No! They are not to be found. These are the exact same media as before the Corona virus. continuing about private-public partnerships and exactly how vital it is to push money towards exclusive medical care because that ' s extra effective than public healthcare, that ' s the narrative of the blessed,. You can choose to leave the west, which was dominant for many years. The west has been dominated for many years. Reagan, as well as After Thatcher.
The same media outlets that had been praising the virtues of privatization, private-public collaborations, etc., now only discuss the benefit of using the general health and wellness solution for saving our bacon, conserving our lives, and improving the Corona infection. I ' m going to make a really strong statement. I ' m not just going to claim.'that personal medical care mishandles, No, it ' s not just that they ' re inefficient, they are destructive.Every Euro, every Yen, every Dollar which is being invest in. personal health and wellbeing services does not provide sufficient. Yet, it interferes with Mankind’s ability to cope with pandemics. to handle pandemics. It ' s concerning time that we get rid of. private health solution.
There isn’t also. Liberal support for exclusive medical insurance is not supported. of wellness systems. They don’t work, even if they meet the requirements of Liberal financial procapitalist. pro-market thinking. Then there are fiscal points.
It is intriguing that also the Federal Reserve, especially the European Central Financial Institution under it ' s brand-new Head of state Christine Lagarde, who by the way obtain ' s a rating of specifically absolutely no out of her initial attempt to intervene,. A few days ago, a interview was conducted.
The European Central Bank is here to calm the nerves of the market and also to prove that it can be trusted. will do whatever it absorbs order to save again the Euro ' s bacon.
She failed to stabilize the economy and she fell short spectacularly. she made 2 gaffes,'I ' m
They are not likely to get in.

This is the end of the parenthesis.
She, however,. She also stated, “Look at our ammunition as a Central Financial institution. has actually been invest over the last 10 years” She didn ' “t use those words,.
That ' s what she meant. “We have actually refloated the financial markets.
there ' s absolutely nothing we can do. “” It is the European Reserve Bank.
A negative rate of interest of 0.5% It continues to acquire all types of debt.
personal financial debt, public financial debt and also so on.It goes to completion of it ' s secure. Also, she for the extraordinary.

Traditional European Reserve Bank, also looked at Prime Ministers.
Head of states in the eye and also said “It ' s your work currently, to borrow as well as spend.” They are doing what? It'is astonishing, recently there was.” a Euro-group conference, the conference of the European Union ' s.
Finance Ministers from the Euro-using countries
It was also teleconference. They decided that the Corona virus was a very real threat. It is extremely likely that there will be a severe economic downturn in Europe. The urgency was so great that it was a concern for European economies. They chose to do nothing. They chose that they ' re going. to check the circumstance, that they'are mosting likely to be viewing. The Euro Group is what happens. and also the European Union, and certain the Euro Area is so horribly structured that they ' re on auto-pilot. They only adhere to regulations that are impossible to follow without destroying our economic climates. This isn’t a mere representation of absurdity. It is also that, but it is a representation for a system.
It was created to prevent federal governments acting for the benefit of society. This is the Neo-Liberal kernel. Within the Euro-group. They talk about doing anything.
It must be within the fiscal compact.
The financial compact is a kind of iron cage that enforces austerity. You can’t leave, and you must escape.
If you’re most likely to make any changes, an iron cage of austerity. A Transition to an Environment-friendly Future that is crucial or about managing the whole sale economic crisis that Corona is going to bring. This stringent policy has left the rest of the World behind.
An austerity package which was initiated in Greece in 2010 and has since spread uncontrollably throughout the European Union. Allow ' s wrap-up. We stay in a World which is not governed in a way that enables us to see any kind of light at the end of the tunnel, regarding the handling of Capitalism ' s. never ending situation, which the Corona infection has currently turbo charged.The European Union has actually never ever been. It is much less competent now than ever before.

The European Union was never really created.
There is no better time than now to act as a union. DIEM25 ' s propositions over. The last four years since our creation have been about a common investment strategy based on a partnership between our financial investment financial institutions. The European Investment Financial Institution and the European Central Financial Institution. Concerning the Universal Basic Dividend. Concerning a Carbon Tax, as well as a Social Equity Fund. It will stimulate both personal and financial resources. as well as public finances, or public economic tools. Consider the wealth of liquidity found in our economic circuits.
Use it for good, and push them into public service. the Green Change and public health.
It is possible to develop high quality jobs.
Today is a crucial time and it has never been more critical. All the arguments are evident. Liberal facility, effectively “business as usual”. It took just one tiny infection to cause damage. We know that the idea behind “Lexit” is a bad idea. of a Left-wing leave from the European Union, all it did was it ' s strengthened individuals. Boris Johnson and the Right-wing Exiteers, Nationalists and the Nationalists are just a few of the many who were affected. There are taller walls between us and those who profit politically by transforming. One proud nation against another; one person against another; one participant in the working class versus another. We have witnessed the failure of existence. The common Policy is to bring together nation-state-based political party and provide a typical Policy. A typical plan schedule for all of the European Union. DIEM25 is the only one to have done it. Our Green New Bargain was available, and we still have it. You can quickly see the Eco-friendly New Bargain. It is the only structure that we can build simultaneously the investment in. Environment-friendly Shift, which is vital to ensure that we take a deep breath in the world.
The public wellness services that are crucial for dealing with a crisis like this. The World will become worse. The world will become a very bad place very quickly, but it depends on our ability to get rid of it. It is considered a Transnational activity. Similar to what DIEM25 aims to be

Constructing in Europe, as the “Progressive International”, is doing.
All across the Globe. We ' ll have even more to say about this later on,. We will reunite “Progressive International” in September, especially. Reykjavik, Iceland It is crucial that we fight on.
because our suggestions and also our blue-print make sense.They ' re sensible,.
they ' re right away implementable. We only need to “do it”. It is impossible to transform the politics of Europe’s national governments. Without the basic, it will not be able to adapt to the existing situations.
We promote extensive transnational modern nation politics as DIEM25
. Thank you [Songs]

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