[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.20,0:00:02.40,Default,,0000,0000,0000,,Democracy.
Dialogue: 0,0:00:02.96,0:00:04.30,Default,,0000,0000,0000,,In the West,
Dialogue: 0,0:00:04.32,0:00:08.26,Default,,0000,0000,0000,,we make a colossal mistake\Ntaking it for granted.
Dialogue: 0,0:00:08.28,0:00:09.58,Default,,0000,0000,0000,,We see democracy
Dialogue: 0,0:00:09.60,0:00:14.10,Default,,0000,0000,0000,,not as the most fragile\Nof flowers that it really is,
Dialogue: 0,0:00:14.12,0:00:16.96,Default,,0000,0000,0000,,but we see it as part\Nof our society's furniture.
Dialogue: 0,0:00:17.96,0:00:21.96,Default,,0000,0000,0000,,We tend to think of it\Nas an intransigent given.
Dialogue: 0,0:00:22.68,0:00:27.90,Default,,0000,0000,0000,,We mistakenly believe that capitalism\Nbegets inevitably democracy.
Dialogue: 0,0:00:27.92,0:00:29.26,Default,,0000,0000,0000,,It doesn't.
Dialogue: 0,0:00:29.28,0:00:33.66,Default,,0000,0000,0000,,Singapore's Lee Kuan Yew\Nand his great imitators in Beijing
Dialogue: 0,0:00:33.68,0:00:36.62,Default,,0000,0000,0000,,have demonstrated beyond reasonable doubt
Dialogue: 0,0:00:36.64,0:00:40.54,Default,,0000,0000,0000,,that it is perfectly possible\Nto have a flourishing capitalism,
Dialogue: 0,0:00:40.56,0:00:42.16,Default,,0000,0000,0000,,spectacular growth,
Dialogue: 0,0:00:42.96,0:00:46.02,Default,,0000,0000,0000,,while politics remains democracy-free.
Dialogue: 0,0:00:46.04,0:00:50.46,Default,,0000,0000,0000,,Indeed, democracy is receding\Nin our neck of the woods,
Dialogue: 0,0:00:50.48,0:00:52.06,Default,,0000,0000,0000,,here in Europe.
Dialogue: 0,0:00:52.08,0:00:55.46,Default,,0000,0000,0000,,Earlier this year,\Nwhile I was representing Greece --
Dialogue: 0,0:00:55.48,0:00:58.22,Default,,0000,0000,0000,,the newly elected Greek government --
Dialogue: 0,0:00:58.24,0:01:00.94,Default,,0000,0000,0000,,in the Eurogroup as its Finance Minister,
Dialogue: 0,0:01:00.96,0:01:05.90,Default,,0000,0000,0000,,I was told in no uncertain terms\Nthat our nation's democratic process --
Dialogue: 0,0:01:05.92,0:01:07.34,Default,,0000,0000,0000,,our elections --
Dialogue: 0,0:01:07.36,0:01:09.14,Default,,0000,0000,0000,,could not be allowed to interfere
Dialogue: 0,0:01:09.16,0:01:12.40,Default,,0000,0000,0000,,with economic policies\Nthat were being implemented in Greece.
Dialogue: 0,0:01:13.12,0:01:14.34,Default,,0000,0000,0000,,At that moment,
Dialogue: 0,0:01:14.36,0:01:18.66,Default,,0000,0000,0000,,I felt that there could be no greater\Nvindication of Lee Kuan Yew,
Dialogue: 0,0:01:18.68,0:01:20.22,Default,,0000,0000,0000,,or the Chinese Communist Party,
Dialogue: 0,0:01:20.24,0:01:23.98,Default,,0000,0000,0000,,indeed of some recalcitrant\Nfriends of mine who kept telling me
Dialogue: 0,0:01:24.00,0:01:28.32,Default,,0000,0000,0000,,that democracy would be banned\Nif it ever threatened to change anything.
Dialogue: 0,0:01:29.64,0:01:32.90,Default,,0000,0000,0000,,Tonight, here, I want to present to you
Dialogue: 0,0:01:32.92,0:01:36.08,Default,,0000,0000,0000,,an economic case\Nfor an authentic democracy.
Dialogue: 0,0:01:36.60,0:01:41.46,Default,,0000,0000,0000,,I want to ask you\Nto join me in believing again
Dialogue: 0,0:01:41.48,0:01:43.48,Default,,0000,0000,0000,,that Lee Kuan Yew,
Dialogue: 0,0:01:44.48,0:01:45.86,Default,,0000,0000,0000,,the Chinese Communist Party
Dialogue: 0,0:01:45.88,0:01:47.26,Default,,0000,0000,0000,,and indeed the Eurogroup
Dialogue: 0,0:01:47.28,0:01:50.92,Default,,0000,0000,0000,,are wrong in believing\Nthat we can dispense with democracy --
Dialogue: 0,0:01:51.60,0:01:55.34,Default,,0000,0000,0000,,that we need an authentic,\Nboisterous democracy.
Dialogue: 0,0:01:55.36,0:01:58.34,Default,,0000,0000,0000,,And without democracy,
Dialogue: 0,0:01:58.36,0:02:01.22,Default,,0000,0000,0000,,our societies will be nastier,
Dialogue: 0,0:02:01.24,0:02:03.38,Default,,0000,0000,0000,,our future bleak
Dialogue: 0,0:02:03.40,0:02:06.22,Default,,0000,0000,0000,,and our great, new technologies wasted.
Dialogue: 0,0:02:06.24,0:02:07.50,Default,,0000,0000,0000,,Speaking of waste,
Dialogue: 0,0:02:07.52,0:02:10.30,Default,,0000,0000,0000,,allow me to point out\Nan interesting paradox
Dialogue: 0,0:02:10.32,0:02:13.10,Default,,0000,0000,0000,,that is threatening\Nour economies as we speak.
Dialogue: 0,0:02:13.12,0:02:15.42,Default,,0000,0000,0000,,I call it the twin peaks paradox.
Dialogue: 0,0:02:15.44,0:02:16.74,Default,,0000,0000,0000,,One peak you understand --
Dialogue: 0,0:02:16.76,0:02:18.38,Default,,0000,0000,0000,,you know it, you recognize it --
Dialogue: 0,0:02:18.40,0:02:23.46,Default,,0000,0000,0000,,is the mountain of debts\Nthat has been casting a long shadow
Dialogue: 0,0:02:23.48,0:02:26.30,Default,,0000,0000,0000,,over the United States,\NEurope, the whole world.
Dialogue: 0,0:02:26.32,0:02:28.20,Default,,0000,0000,0000,,We all recognize the mountain of debts.
Dialogue: 0,0:02:28.88,0:02:33.00,Default,,0000,0000,0000,,But few people discern its twin.
Dialogue: 0,0:02:33.64,0:02:35.84,Default,,0000,0000,0000,,A mountain of idle cash
Dialogue: 0,0:02:36.84,0:02:40.20,Default,,0000,0000,0000,,belonging to rich savers\Nand to corporations,
Dialogue: 0,0:02:41.12,0:02:43.70,Default,,0000,0000,0000,,too terrified to invest it
Dialogue: 0,0:02:43.72,0:02:47.02,Default,,0000,0000,0000,,into the productive activities\Nthat can generate the incomes
Dialogue: 0,0:02:47.04,0:02:50.10,Default,,0000,0000,0000,,from which you can extinguish\Nthe mountain of debts
Dialogue: 0,0:02:50.12,0:02:54.10,Default,,0000,0000,0000,,and which can produce all those things\Nthat humanity desperately needs,
Dialogue: 0,0:02:54.12,0:02:55.78,Default,,0000,0000,0000,,like green energy.
Dialogue: 0,0:02:55.80,0:02:58.14,Default,,0000,0000,0000,,Now let me give you two numbers.
Dialogue: 0,0:02:58.16,0:02:59.50,Default,,0000,0000,0000,,Over the last three months,
Dialogue: 0,0:02:59.52,0:03:02.30,Default,,0000,0000,0000,,in the United States,\Nin Britain and in the Eurozone,
Dialogue: 0,0:03:02.32,0:03:06.74,Default,,0000,0000,0000,,we have invested, collectively,\N3.4 trillion dollars
Dialogue: 0,0:03:06.76,0:03:09.42,Default,,0000,0000,0000,,on all the wealth-producing goods --
Dialogue: 0,0:03:09.44,0:03:12.46,Default,,0000,0000,0000,,things like industrial plants, machinery,
Dialogue: 0,0:03:12.48,0:03:14.70,Default,,0000,0000,0000,,office blocks, schools,
Dialogue: 0,0:03:14.72,0:03:17.86,Default,,0000,0000,0000,,roads, railways, machinery,\Nand so on and so forth.
Dialogue: 0,0:03:17.88,0:03:20.62,Default,,0000,0000,0000,,$3.4 trillion sounds like a lot of money
Dialogue: 0,0:03:20.64,0:03:24.50,Default,,0000,0000,0000,,until you compare it to the $5.1 trillion
Dialogue: 0,0:03:24.52,0:03:27.22,Default,,0000,0000,0000,,that has been slushing around\Nin the same countries,
Dialogue: 0,0:03:27.24,0:03:29.06,Default,,0000,0000,0000,,in our financial institutions,
Dialogue: 0,0:03:29.08,0:03:32.28,Default,,0000,0000,0000,,doing absolutely nothing\Nduring the same period
Dialogue: 0,0:03:33.44,0:03:38.30,Default,,0000,0000,0000,,except inflating stock exchanges\Nand bidding up house prices.
Dialogue: 0,0:03:38.32,0:03:43.58,Default,,0000,0000,0000,,So a mountain of debt\Nand a mountain of idle cash
Dialogue: 0,0:03:43.60,0:03:47.30,Default,,0000,0000,0000,,form twin peaks, \Nfailing to cancel each other out
Dialogue: 0,0:03:47.32,0:03:50.14,Default,,0000,0000,0000,,through the normal\Noperation of the markets.
Dialogue: 0,0:03:50.16,0:03:52.48,Default,,0000,0000,0000,,The result is stagnant wages,
Dialogue: 0,0:03:53.36,0:03:59.02,Default,,0000,0000,0000,,more than a quarter of 25- to 54-year-olds\Nin America, in Japan and in Europe
Dialogue: 0,0:03:59.04,0:04:00.54,Default,,0000,0000,0000,,out of work.
Dialogue: 0,0:04:00.56,0:04:02.90,Default,,0000,0000,0000,,And consequently, low aggregate demand,
Dialogue: 0,0:04:02.92,0:04:05.14,Default,,0000,0000,0000,,which in a never-ending cycle,
Dialogue: 0,0:04:05.16,0:04:07.88,Default,,0000,0000,0000,,reinforces the pessimism of the investors,
Dialogue: 0,0:04:08.88,0:04:12.70,Default,,0000,0000,0000,,who, fearing low demand,\Nreproduce it by not investing --
Dialogue: 0,0:04:12.72,0:04:15.42,Default,,0000,0000,0000,,exactly like Oedipus' father,
Dialogue: 0,0:04:15.44,0:04:17.94,Default,,0000,0000,0000,,who, terrified\Nby the prophecy of the oracle
Dialogue: 0,0:04:17.96,0:04:20.70,Default,,0000,0000,0000,,that his son would grow up to kill him,
Dialogue: 0,0:04:20.72,0:04:22.66,Default,,0000,0000,0000,,unwittingly engineered the conditions
Dialogue: 0,0:04:22.68,0:04:25.68,Default,,0000,0000,0000,,that ensured that Oedipus,\Nhis son, would kill him.
Dialogue: 0,0:04:26.56,0:04:28.56,Default,,0000,0000,0000,,This is my quarrel with capitalism.
Dialogue: 0,0:04:29.20,0:04:31.22,Default,,0000,0000,0000,,Its gross wastefulness,
Dialogue: 0,0:04:31.24,0:04:32.86,Default,,0000,0000,0000,,all this idle cash,
Dialogue: 0,0:04:32.88,0:04:36.98,Default,,0000,0000,0000,,should be energized to improve lives,
Dialogue: 0,0:04:37.00,0:04:38.34,Default,,0000,0000,0000,,to develop human talents,
Dialogue: 0,0:04:38.36,0:04:41.22,Default,,0000,0000,0000,,and indeed to finance\Nall these technologies,
Dialogue: 0,0:04:41.24,0:04:42.50,Default,,0000,0000,0000,,green technologies,
Dialogue: 0,0:04:42.52,0:04:45.28,Default,,0000,0000,0000,,which are absolutely essential\Nfor saving planet Earth.
Dialogue: 0,0:04:46.28,0:04:49.54,Default,,0000,0000,0000,,Am I right in believing\Nthat democracy might be the answer?
Dialogue: 0,0:04:49.56,0:04:50.78,Default,,0000,0000,0000,,I believe so,
Dialogue: 0,0:04:50.80,0:04:52.02,Default,,0000,0000,0000,,but before we move on,
Dialogue: 0,0:04:52.04,0:04:53.44,Default,,0000,0000,0000,,what do we mean by democracy?
Dialogue: 0,0:04:54.52,0:04:56.94,Default,,0000,0000,0000,,Aristotle defined democracy
Dialogue: 0,0:04:56.96,0:05:01.90,Default,,0000,0000,0000,,as the constitution\Nin which the free and the poor,
Dialogue: 0,0:05:01.92,0:05:04.08,Default,,0000,0000,0000,,being in the majority, control government.
Dialogue: 0,0:05:05.00,0:05:08.30,Default,,0000,0000,0000,,Now, of course Athenian democracy\Nexcluded too many.
Dialogue: 0,0:05:08.32,0:05:11.36,Default,,0000,0000,0000,,Women, migrants and,\Nof course, the slaves.
Dialogue: 0,0:05:12.04,0:05:13.30,Default,,0000,0000,0000,,But it would be a mistake
Dialogue: 0,0:05:13.32,0:05:16.90,Default,,0000,0000,0000,,to dismiss the significance\Nof ancient Athenian democracy
Dialogue: 0,0:05:16.92,0:05:18.92,Default,,0000,0000,0000,,on the basis of whom it excluded.
Dialogue: 0,0:05:19.68,0:05:20.94,Default,,0000,0000,0000,,What was more pertinent,
Dialogue: 0,0:05:20.96,0:05:24.82,Default,,0000,0000,0000,,and continues to be so\Nabout ancient Athenian democracy,
Dialogue: 0,0:05:24.84,0:05:28.34,Default,,0000,0000,0000,,was the inclusion of the working poor,
Dialogue: 0,0:05:28.36,0:05:33.06,Default,,0000,0000,0000,,who not only acquired\Nthe right to free speech,
Dialogue: 0,0:05:33.08,0:05:35.34,Default,,0000,0000,0000,,but more importantly, crucially,
Dialogue: 0,0:05:35.36,0:05:37.98,Default,,0000,0000,0000,,they acquired the rights\Nto political judgments
Dialogue: 0,0:05:38.00,0:05:40.38,Default,,0000,0000,0000,,that were afforded equal weight
Dialogue: 0,0:05:40.40,0:05:44.06,Default,,0000,0000,0000,,in the decision-making\Nconcerning matters of state.
Dialogue: 0,0:05:44.08,0:05:47.14,Default,,0000,0000,0000,,Now, of course, Athenian\Ndemocracy didn't last long.
Dialogue: 0,0:05:47.16,0:05:51.58,Default,,0000,0000,0000,,Like a candle that burns brightly,\Nit burned out quickly.
Dialogue: 0,0:05:51.60,0:05:52.82,Default,,0000,0000,0000,,And indeed,
Dialogue: 0,0:05:52.84,0:05:57.10,Default,,0000,0000,0000,,our liberal democracies today\Ndo not have their roots in ancient Athens.
Dialogue: 0,0:05:57.12,0:05:59.46,Default,,0000,0000,0000,,They have their roots in the Magna Carta,
Dialogue: 0,0:05:59.48,0:06:02.74,Default,,0000,0000,0000,,in the 1688 Glorious Revolution,
Dialogue: 0,0:06:02.76,0:06:04.98,Default,,0000,0000,0000,,indeed in the American constitution.
Dialogue: 0,0:06:05.00,0:06:10.02,Default,,0000,0000,0000,,Whereas Athenian democracy\Nwas focusing on the masterless citizen
Dialogue: 0,0:06:10.04,0:06:12.32,Default,,0000,0000,0000,,and empowering the working poor,
Dialogue: 0,0:06:13.24,0:06:17.42,Default,,0000,0000,0000,,our liberal democracies are founded\Non the Magna Carta tradition,
Dialogue: 0,0:06:17.44,0:06:20.54,Default,,0000,0000,0000,,which was, after all,\Na charter for masters.
Dialogue: 0,0:06:20.56,0:06:24.86,Default,,0000,0000,0000,,And indeed, liberal democracy\Nonly surfaced when it was possible
Dialogue: 0,0:06:24.88,0:06:28.74,Default,,0000,0000,0000,,to separate fully the political sphere\Nfrom the economic sphere,
Dialogue: 0,0:06:28.76,0:06:33.82,Default,,0000,0000,0000,,so as to confine the democratic process\Nfully in the political sphere,
Dialogue: 0,0:06:33.84,0:06:35.70,Default,,0000,0000,0000,,leaving the economic sphere --
Dialogue: 0,0:06:35.72,0:06:37.66,Default,,0000,0000,0000,,the corporate world, if you want --
Dialogue: 0,0:06:37.68,0:06:40.36,Default,,0000,0000,0000,,as a democracy-free zone.
Dialogue: 0,0:06:41.72,0:06:44.70,Default,,0000,0000,0000,,Now, in our democracies today,
Dialogue: 0,0:06:44.72,0:06:48.22,Default,,0000,0000,0000,,this separation of the economic\Nfrom the political sphere,
Dialogue: 0,0:06:48.24,0:06:50.50,Default,,0000,0000,0000,,the moment it started happening,
Dialogue: 0,0:06:50.52,0:06:54.82,Default,,0000,0000,0000,,it gave rise to an inexorable,\Nepic struggle between the two,
Dialogue: 0,0:06:54.84,0:06:58.06,Default,,0000,0000,0000,,with the economic sphere\Ncolonizing the political sphere,
Dialogue: 0,0:06:58.08,0:06:59.60,Default,,0000,0000,0000,,eating into its power.
Dialogue: 0,0:07:00.48,0:07:03.88,Default,,0000,0000,0000,,Have you wondered why politicians\Nare not what they used to be?
Dialogue: 0,0:07:04.56,0:07:06.98,Default,,0000,0000,0000,,It's not because their DNA\Nhas degenerated.
Dialogue: 0,0:07:07.00,0:07:08.62,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:07:08.64,0:07:13.26,Default,,0000,0000,0000,,It is rather because one can be\Nin government today and not in power,
Dialogue: 0,0:07:13.28,0:07:16.58,Default,,0000,0000,0000,,because power has migrated\Nfrom the political to the economic sphere,
Dialogue: 0,0:07:16.60,0:07:17.84,Default,,0000,0000,0000,,which is separate.
Dialogue: 0,0:07:19.16,0:07:20.74,Default,,0000,0000,0000,,Indeed,
Dialogue: 0,0:07:20.76,0:07:23.06,Default,,0000,0000,0000,,I spoke about my quarrel\Nwith capitalism.
Dialogue: 0,0:07:23.08,0:07:24.82,Default,,0000,0000,0000,,If you think about it,
Dialogue: 0,0:07:24.84,0:07:28.16,Default,,0000,0000,0000,,it is a little bit like\Na population of predators,
Dialogue: 0,0:07:29.08,0:07:33.80,Default,,0000,0000,0000,,that are so successful in decimating\Nthe prey that they must feed on,
Dialogue: 0,0:07:34.56,0:07:36.70,Default,,0000,0000,0000,,that in the end they starve.
Dialogue: 0,0:07:36.72,0:07:37.94,Default,,0000,0000,0000,,Similarly,
Dialogue: 0,0:07:37.96,0:07:41.66,Default,,0000,0000,0000,,the economic sphere has been colonizing\Nand cannibalizing the political sphere
Dialogue: 0,0:07:41.68,0:07:45.06,Default,,0000,0000,0000,,to such an extent\Nthat it is undermining itself,
Dialogue: 0,0:07:45.08,0:07:46.82,Default,,0000,0000,0000,,causing economic crisis.
Dialogue: 0,0:07:46.84,0:07:48.94,Default,,0000,0000,0000,,Corporate power is increasing,
Dialogue: 0,0:07:48.96,0:07:51.18,Default,,0000,0000,0000,,political goods are devaluing,
Dialogue: 0,0:07:51.20,0:07:53.02,Default,,0000,0000,0000,,inequality is rising,
Dialogue: 0,0:07:53.04,0:07:54.62,Default,,0000,0000,0000,,aggregate demand is falling
Dialogue: 0,0:07:54.64,0:08:00.76,Default,,0000,0000,0000,,and CEOs of corporations are too scared\Nto invest the cash of their corporations.
Dialogue: 0,0:08:01.52,0:08:08.18,Default,,0000,0000,0000,,So the more capitalism succeeds\Nin taking the demos out of democracy,
Dialogue: 0,0:08:08.20,0:08:09.54,Default,,0000,0000,0000,,the taller the twin peaks
Dialogue: 0,0:08:09.56,0:08:13.10,Default,,0000,0000,0000,,and the greater the waste\Nof human resources
Dialogue: 0,0:08:13.12,0:08:14.56,Default,,0000,0000,0000,,and humanity's wealth.
Dialogue: 0,0:08:15.64,0:08:18.50,Default,,0000,0000,0000,,Clearly, if this is right,
Dialogue: 0,0:08:18.52,0:08:21.58,Default,,0000,0000,0000,,we must reunite the political\Nand economic spheres
Dialogue: 0,0:08:21.60,0:08:25.10,Default,,0000,0000,0000,,and better do it\Nwith a demos being in control,
Dialogue: 0,0:08:25.12,0:08:28.06,Default,,0000,0000,0000,,like in ancient Athens\Nexcept without the slaves
Dialogue: 0,0:08:28.08,0:08:31.04,Default,,0000,0000,0000,,or the exclusion of women and migrants.
Dialogue: 0,0:08:32.12,0:08:33.86,Default,,0000,0000,0000,,Now, this is not an original idea.
Dialogue: 0,0:08:33.88,0:08:36.66,Default,,0000,0000,0000,,The Marxist left\Nhad that idea 100 years ago
Dialogue: 0,0:08:36.68,0:08:38.36,Default,,0000,0000,0000,,and it didn't go very well, did it?
Dialogue: 0,0:08:38.84,0:08:42.26,Default,,0000,0000,0000,,The lesson that we learned\Nfrom the Soviet debacle
Dialogue: 0,0:08:42.28,0:08:48.62,Default,,0000,0000,0000,,is that only by a miracle\Nwill the working poor be reempowered,
Dialogue: 0,0:08:48.64,0:08:50.62,Default,,0000,0000,0000,,as they were in ancient Athens,
Dialogue: 0,0:08:50.64,0:08:54.40,Default,,0000,0000,0000,,without creating new forms\Nof brutality and waste.
Dialogue: 0,0:08:54.96,0:08:56.20,Default,,0000,0000,0000,,But there is a solution:
Dialogue: 0,0:08:56.88,0:08:58.72,Default,,0000,0000,0000,,eliminate the working poor.
Dialogue: 0,0:08:59.36,0:09:00.62,Default,,0000,0000,0000,,Capitalism's doing it
Dialogue: 0,0:09:00.64,0:09:05.52,Default,,0000,0000,0000,,by replacing low-wage workers\Nwith automata, androids, robots.
Dialogue: 0,0:09:07.08,0:09:08.30,Default,,0000,0000,0000,,The problem is
Dialogue: 0,0:09:08.32,0:09:11.54,Default,,0000,0000,0000,,that as long as the economic\Nand the political spheres are separate,
Dialogue: 0,0:09:11.56,0:09:15.88,Default,,0000,0000,0000,,automation makes the twin peaks taller,
Dialogue: 0,0:09:16.64,0:09:18.38,Default,,0000,0000,0000,,the waste loftier
Dialogue: 0,0:09:18.40,0:09:20.46,Default,,0000,0000,0000,,and the social conflicts deeper,
Dialogue: 0,0:09:20.48,0:09:21.68,Default,,0000,0000,0000,,including --
Dialogue: 0,0:09:22.32,0:09:23.86,Default,,0000,0000,0000,,soon, I believe --
Dialogue: 0,0:09:23.88,0:09:25.48,Default,,0000,0000,0000,,in places like China.
Dialogue: 0,0:09:26.72,0:09:29.14,Default,,0000,0000,0000,,So we need to reconfigure,
Dialogue: 0,0:09:29.16,0:09:32.82,Default,,0000,0000,0000,,we need to reunite the economic\Nand the political spheres,
Dialogue: 0,0:09:32.84,0:09:38.22,Default,,0000,0000,0000,,but we'd better do it\Nby democratizing the reunified sphere,
Dialogue: 0,0:09:38.24,0:09:43.94,Default,,0000,0000,0000,,lest we end up with\Na surveillance-mad hyperautocracy
Dialogue: 0,0:09:43.96,0:09:47.98,Default,,0000,0000,0000,,that makes The Matrix, the movie,\Nlook like a documentary.
Dialogue: 0,0:09:48.00,0:09:49.58,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:09:49.60,0:09:53.02,Default,,0000,0000,0000,,So the question is not\Nwhether capitalism will survive
Dialogue: 0,0:09:53.04,0:09:55.36,Default,,0000,0000,0000,,the technological innovations\Nit is spawning.
Dialogue: 0,0:09:55.96,0:09:57.58,Default,,0000,0000,0000,,The more interesting question
Dialogue: 0,0:09:57.60,0:10:03.34,Default,,0000,0000,0000,,is whether capitalism will be succeeded\Nby something resembling a Matrix dystopia
Dialogue: 0,0:10:03.36,0:10:07.78,Default,,0000,0000,0000,,or something much closer\Nto a Star Trek-like society,
Dialogue: 0,0:10:07.80,0:10:10.18,Default,,0000,0000,0000,,where machines serve the humans
Dialogue: 0,0:10:10.20,0:10:14.62,Default,,0000,0000,0000,,and the humans expend their energies\Nexploring the universe
Dialogue: 0,0:10:14.64,0:10:18.94,Default,,0000,0000,0000,,and indulging in long debates\Nabout the meaning of life
Dialogue: 0,0:10:18.96,0:10:22.96,Default,,0000,0000,0000,,in some ancient, Athenian-like,\Nhigh tech agora.
Dialogue: 0,0:10:24.36,0:10:27.80,Default,,0000,0000,0000,,I think we can afford to be optimistic.
Dialogue: 0,0:10:29.40,0:10:30.70,Default,,0000,0000,0000,,But what would it take,
Dialogue: 0,0:10:30.72,0:10:32.70,Default,,0000,0000,0000,,what would it look like
Dialogue: 0,0:10:32.72,0:10:37.60,Default,,0000,0000,0000,,to have this Star Trek-like utopia,\Ninstead of the Matrix-like dystopia?
Dialogue: 0,0:10:38.24,0:10:39.50,Default,,0000,0000,0000,,In practical terms,
Dialogue: 0,0:10:39.52,0:10:41.26,Default,,0000,0000,0000,,allow me to share just briefly,
Dialogue: 0,0:10:41.28,0:10:42.48,Default,,0000,0000,0000,,a couple of examples.
Dialogue: 0,0:10:43.08,0:10:44.86,Default,,0000,0000,0000,,At the level of the enterprise,
Dialogue: 0,0:10:44.88,0:10:47.22,Default,,0000,0000,0000,,imagine a capital market,
Dialogue: 0,0:10:47.24,0:10:49.92,Default,,0000,0000,0000,,where you earn capital as you work,
Dialogue: 0,0:10:50.88,0:10:56.22,Default,,0000,0000,0000,,and where your capital follows you\Nfrom one job to another,
Dialogue: 0,0:10:56.24,0:10:57.74,Default,,0000,0000,0000,,from one company to another,
Dialogue: 0,0:10:57.76,0:10:59.02,Default,,0000,0000,0000,,and the company --
Dialogue: 0,0:10:59.04,0:11:02.50,Default,,0000,0000,0000,,whichever one you happen\Nto work at at that time --
Dialogue: 0,0:11:02.52,0:11:06.84,Default,,0000,0000,0000,,is solely owned by those who happen\Nto work in it at that moment.
Dialogue: 0,0:11:07.40,0:11:12.10,Default,,0000,0000,0000,,Then all income stems\Nfrom capital, from profits,
Dialogue: 0,0:11:12.12,0:11:16.50,Default,,0000,0000,0000,,and the very concept\Nof wage labor becomes obsolete.
Dialogue: 0,0:11:16.52,0:11:23.14,Default,,0000,0000,0000,,No more separation between those\Nwho own but do not work in the company
Dialogue: 0,0:11:23.16,0:11:26.42,Default,,0000,0000,0000,,and those who work\Nbut do not own the company;
Dialogue: 0,0:11:26.44,0:11:29.64,Default,,0000,0000,0000,,no more tug-of-war\Nbetween capital and labor;
Dialogue: 0,0:11:30.44,0:11:34.58,Default,,0000,0000,0000,,no great gap between\Ninvestment and saving;
Dialogue: 0,0:11:34.60,0:11:37.84,Default,,0000,0000,0000,,indeed, no towering twin peaks.
Dialogue: 0,0:11:38.60,0:11:40.98,Default,,0000,0000,0000,,At the level of the global\Npolitical economy,
Dialogue: 0,0:11:41.00,0:11:42.94,Default,,0000,0000,0000,,imagine for a moment
Dialogue: 0,0:11:42.96,0:11:47.94,Default,,0000,0000,0000,,that our national currencies\Nhave a free-floating exchange rate,
Dialogue: 0,0:11:47.96,0:11:51.74,Default,,0000,0000,0000,,with a universal,\Nglobal, digital currency,
Dialogue: 0,0:11:51.76,0:11:55.78,Default,,0000,0000,0000,,one that is issued\Nby the International Monetary Fund,
Dialogue: 0,0:11:55.80,0:11:57.02,Default,,0000,0000,0000,,the G-20,
Dialogue: 0,0:11:57.04,0:11:59.58,Default,,0000,0000,0000,,on behalf of all humanity.
Dialogue: 0,0:11:59.60,0:12:00.82,Default,,0000,0000,0000,,And imagine further
Dialogue: 0,0:12:00.84,0:12:05.18,Default,,0000,0000,0000,,that all international trade\Nis denominated in this currency --
Dialogue: 0,0:12:05.20,0:12:07.02,Default,,0000,0000,0000,,let's call it "the cosmos,"
Dialogue: 0,0:12:07.04,0:12:08.44,Default,,0000,0000,0000,,in units of cosmos --
Dialogue: 0,0:12:09.72,0:12:14.10,Default,,0000,0000,0000,,with every government agreeing\Nto be paying into a common fund
Dialogue: 0,0:12:14.12,0:12:19.66,Default,,0000,0000,0000,,a sum of cosmos units proportional\Nto the country's trade deficit,
Dialogue: 0,0:12:19.68,0:12:23.08,Default,,0000,0000,0000,,or indeed to a country's trade surplus.
Dialogue: 0,0:12:23.72,0:12:28.94,Default,,0000,0000,0000,,And imagine that that fund is utilized\Nto invest in green technologies,
Dialogue: 0,0:12:28.96,0:12:34.28,Default,,0000,0000,0000,,especially in parts of the world\Nwhere investment funding is scarce.
Dialogue: 0,0:12:34.84,0:12:36.42,Default,,0000,0000,0000,,This is not a new idea.
Dialogue: 0,0:12:36.44,0:12:39.78,Default,,0000,0000,0000,,It's what, effectively,\NJohn Maynard Keynes proposed
Dialogue: 0,0:12:39.80,0:12:43.12,Default,,0000,0000,0000,,in 1944 at the Bretton Woods Conference.
Dialogue: 0,0:12:44.08,0:12:45.30,Default,,0000,0000,0000,,The problem is
Dialogue: 0,0:12:45.32,0:12:48.62,Default,,0000,0000,0000,,that back then, they didn't have\Nthe technology to implement it.
Dialogue: 0,0:12:48.64,0:12:49.86,Default,,0000,0000,0000,,Now we do,
Dialogue: 0,0:12:49.88,0:12:55.80,Default,,0000,0000,0000,,especially in the context\Nof a reunified political-economic sphere.
Dialogue: 0,0:12:56.64,0:12:59.06,Default,,0000,0000,0000,,The world that I am describing to you
Dialogue: 0,0:12:59.08,0:13:01.54,Default,,0000,0000,0000,,is simultaneously libertarian,
Dialogue: 0,0:13:01.56,0:13:06.14,Default,,0000,0000,0000,,in that it prioritizes\Nempowered individuals,
Dialogue: 0,0:13:06.16,0:13:07.38,Default,,0000,0000,0000,,Marxist,
Dialogue: 0,0:13:07.40,0:13:10.62,Default,,0000,0000,0000,,since it will have confined\Nto the dustbin of history
Dialogue: 0,0:13:10.64,0:13:13.10,Default,,0000,0000,0000,,the division between capital and labor,
Dialogue: 0,0:13:13.12,0:13:14.68,Default,,0000,0000,0000,,and Keynesian,
Dialogue: 0,0:13:15.32,0:13:16.80,Default,,0000,0000,0000,,global Keynesian.
Dialogue: 0,0:13:18.32,0:13:19.90,Default,,0000,0000,0000,,But above all else,
Dialogue: 0,0:13:19.92,0:13:24.84,Default,,0000,0000,0000,,it is a world in which we will be able\Nto imagine an authentic democracy.
Dialogue: 0,0:13:25.76,0:13:27.52,Default,,0000,0000,0000,,Will such a world dawn?
Dialogue: 0,0:13:28.40,0:13:32.90,Default,,0000,0000,0000,,Or shall we descend\Ninto a Matrix-like dystopia?
Dialogue: 0,0:13:32.92,0:13:37.04,Default,,0000,0000,0000,,The answer lies in the political choice\Nthat we shall be making collectively.
Dialogue: 0,0:13:37.72,0:13:39.34,Default,,0000,0000,0000,,It is our choice,
Dialogue: 0,0:13:39.36,0:13:41.68,Default,,0000,0000,0000,,and we'd better make it democratically.
Dialogue: 0,0:13:42.28,0:13:43.54,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:13:43.56,0:13:46.92,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:13:49.48,0:13:50.68,Default,,0000,0000,0000,,Bruno Giussani: Yanis ...
Dialogue: 0,0:13:51.88,0:13:56.32,Default,,0000,0000,0000,,It was you who described yourself\Nin your bios as a libertarian Marxist.
Dialogue: 0,0:13:58.40,0:14:00.92,Default,,0000,0000,0000,,What is the relevance\Nof Marx's analysis today?
Dialogue: 0,0:14:02.00,0:14:05.34,Default,,0000,0000,0000,,Yanis Varoufakis: Well, if there was\Nany relevance in what I just said,
Dialogue: 0,0:14:05.36,0:14:06.58,Default,,0000,0000,0000,,then Marx is relevant.
Dialogue: 0,0:14:06.60,0:14:10.10,Default,,0000,0000,0000,,Because the whole point of reunifying\Nthe political and economic is --
Dialogue: 0,0:14:10.12,0:14:11.34,Default,,0000,0000,0000,,if we don't do it,
Dialogue: 0,0:14:11.36,0:14:13.62,Default,,0000,0000,0000,,then technological innovation\Nis going to create
Dialogue: 0,0:14:13.64,0:14:15.94,Default,,0000,0000,0000,,such a massive fall in aggregate demand,
Dialogue: 0,0:14:15.96,0:14:20.74,Default,,0000,0000,0000,,what Larry Summers\Nrefers to as secular stagnation.
Dialogue: 0,0:14:20.76,0:14:23.62,Default,,0000,0000,0000,,With this crisis migrating\Nfrom one part of the world,
Dialogue: 0,0:14:23.64,0:14:25.18,Default,,0000,0000,0000,,as it is now,
Dialogue: 0,0:14:25.20,0:14:27.90,Default,,0000,0000,0000,,it will destabilize\Nnot only our democracies,
Dialogue: 0,0:14:27.92,0:14:32.14,Default,,0000,0000,0000,,but even the emerging world that is not\Nthat keen on liberal democracy.
Dialogue: 0,0:14:32.16,0:14:35.98,Default,,0000,0000,0000,,So if this analysis holds water,\Nthen Marx is absolutely relevant.
Dialogue: 0,0:14:36.00,0:14:37.74,Default,,0000,0000,0000,,But so is Hayek,
Dialogue: 0,0:14:37.76,0:14:39.58,Default,,0000,0000,0000,,that's why I'm a libertarian Marxist,
Dialogue: 0,0:14:39.60,0:14:40.82,Default,,0000,0000,0000,,and so is Keynes,
Dialogue: 0,0:14:40.84,0:14:42.74,Default,,0000,0000,0000,,so that's why I'm totally confused.
Dialogue: 0,0:14:42.76,0:14:43.98,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:14:44.00,0:14:46.06,Default,,0000,0000,0000,,BG: Indeed, and possibly we are too, now.
Dialogue: 0,0:14:46.08,0:14:47.38,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:14:47.40,0:14:49.38,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:14:49.40,0:14:52.18,Default,,0000,0000,0000,,YV: If you are not confused,\Nyou are not thinking, OK?
Dialogue: 0,0:14:52.20,0:14:55.30,Default,,0000,0000,0000,,BG: That's a very, very Greek\Nphilosopher kind of thing to say --
Dialogue: 0,0:14:55.32,0:14:56.98,Default,,0000,0000,0000,,YV: That was Einstein, actually --
Dialogue: 0,0:14:57.00,0:14:59.62,Default,,0000,0000,0000,,BG: During your talk\Nyou mentioned Singapore and China,
Dialogue: 0,0:14:59.64,0:15:01.70,Default,,0000,0000,0000,,and last night at the speaker dinner,
Dialogue: 0,0:15:01.72,0:15:06.90,Default,,0000,0000,0000,,you expressed a pretty strong opinion\Nabout how the West looks at China.
Dialogue: 0,0:15:06.92,0:15:08.50,Default,,0000,0000,0000,,Would you like to share that?
Dialogue: 0,0:15:08.52,0:15:10.68,Default,,0000,0000,0000,,YV: Well, there's a great\Ndegree of hypocrisy.
Dialogue: 0,0:15:11.40,0:15:15.70,Default,,0000,0000,0000,,In our liberal democracies,\Nwe have a semblance of democracy.
Dialogue: 0,0:15:15.72,0:15:18.46,Default,,0000,0000,0000,,It's because we have confined,\Nas I was saying in my talk,
Dialogue: 0,0:15:18.48,0:15:20.14,Default,,0000,0000,0000,,democracy to the political sphere,
Dialogue: 0,0:15:20.16,0:15:23.62,Default,,0000,0000,0000,,while leaving the one sphere\Nwhere all the action is --
Dialogue: 0,0:15:23.64,0:15:24.86,Default,,0000,0000,0000,,the economic sphere --
Dialogue: 0,0:15:24.88,0:15:26.72,Default,,0000,0000,0000,,a completely democracy-free zone.
Dialogue: 0,0:15:27.28,0:15:28.54,Default,,0000,0000,0000,,In a sense,
Dialogue: 0,0:15:28.56,0:15:30.76,Default,,0000,0000,0000,,if I am allowed to be provocative,
Dialogue: 0,0:15:31.88,0:15:36.30,Default,,0000,0000,0000,,China today is closer to Britain\Nin the 19th century.
Dialogue: 0,0:15:36.32,0:15:37.58,Default,,0000,0000,0000,,Because remember,
Dialogue: 0,0:15:37.60,0:15:39.94,Default,,0000,0000,0000,,we tend to associate\Nliberalism with democracy --
Dialogue: 0,0:15:39.96,0:15:41.46,Default,,0000,0000,0000,,that's a mistake, historically.
Dialogue: 0,0:15:41.48,0:15:44.02,Default,,0000,0000,0000,,Liberalism, liberal,\Nit's like John Stuart Mill.
Dialogue: 0,0:15:44.04,0:15:48.74,Default,,0000,0000,0000,,John Stuart Mill was particularly\Nskeptical about the democratic process.
Dialogue: 0,0:15:48.76,0:15:54.14,Default,,0000,0000,0000,,So what you are seeing now in China\Nis a very similar process
Dialogue: 0,0:15:54.16,0:15:57.34,Default,,0000,0000,0000,,to the one that we had in Britain\Nduring the Industrial Revolution,
Dialogue: 0,0:15:57.36,0:16:00.34,Default,,0000,0000,0000,,especially the transition\Nfrom the first to the second.
Dialogue: 0,0:16:00.36,0:16:03.66,Default,,0000,0000,0000,,And to be castigating China
Dialogue: 0,0:16:03.68,0:16:06.82,Default,,0000,0000,0000,,for doing that which the West did\Nin the 19th century,
Dialogue: 0,0:16:06.84,0:16:08.16,Default,,0000,0000,0000,,smacks of hypocrisy.
Dialogue: 0,0:16:09.52,0:16:13.18,Default,,0000,0000,0000,,BG: I am sure that many people here\Nare wondering about your experience
Dialogue: 0,0:16:13.20,0:16:15.94,Default,,0000,0000,0000,,as the Finance Minister of Greece\Nearlier this year.
Dialogue: 0,0:16:15.96,0:16:17.34,Default,,0000,0000,0000,,YV: I knew this was coming.
Dialogue: 0,0:16:17.36,0:16:18.62,Default,,0000,0000,0000,,BG: Yes.
Dialogue: 0,0:16:18.64,0:16:19.98,Default,,0000,0000,0000,,BG: Six months after,
Dialogue: 0,0:16:20.00,0:16:22.40,Default,,0000,0000,0000,,how do you look back\Nat the first half of the year?
Dialogue: 0,0:16:23.92,0:16:26.54,Default,,0000,0000,0000,,YV: Extremely exciting,\Nfrom a personal point of view,
Dialogue: 0,0:16:26.56,0:16:27.82,Default,,0000,0000,0000,,and very disappointing,
Dialogue: 0,0:16:27.84,0:16:31.74,Default,,0000,0000,0000,,because we had an opportunity\Nto reboot the Eurozone.
Dialogue: 0,0:16:31.76,0:16:33.86,Default,,0000,0000,0000,,Not just Greece, the Eurozone.
Dialogue: 0,0:16:33.88,0:16:36.82,Default,,0000,0000,0000,,To move away from the complacency
Dialogue: 0,0:16:36.84,0:16:39.30,Default,,0000,0000,0000,,and the constant denial\Nthat there was a massive --
Dialogue: 0,0:16:39.32,0:16:42.18,Default,,0000,0000,0000,,and there is a massive\Narchitectural fault line
Dialogue: 0,0:16:42.20,0:16:44.38,Default,,0000,0000,0000,,going through the Eurozone,
Dialogue: 0,0:16:44.40,0:16:48.82,Default,,0000,0000,0000,,which is threatening, massively,\Nthe whole of the European Union process.
Dialogue: 0,0:16:48.84,0:16:52.02,Default,,0000,0000,0000,,We had an opportunity\Non the basis of the Greek program --
Dialogue: 0,0:16:52.04,0:16:53.38,Default,,0000,0000,0000,,which by the way,
Dialogue: 0,0:16:53.40,0:16:57.78,Default,,0000,0000,0000,,was the first program\Nto manifest that denial --
Dialogue: 0,0:16:57.80,0:16:59.02,Default,,0000,0000,0000,,to put it right.
Dialogue: 0,0:16:59.04,0:17:00.26,Default,,0000,0000,0000,,And, unfortunately,
Dialogue: 0,0:17:00.28,0:17:02.10,Default,,0000,0000,0000,,the powers in the Eurozone,
Dialogue: 0,0:17:02.12,0:17:03.32,Default,,0000,0000,0000,,in the Eurogroup,
Dialogue: 0,0:17:04.08,0:17:06.06,Default,,0000,0000,0000,,chose to maintain denial.
Dialogue: 0,0:17:06.08,0:17:07.34,Default,,0000,0000,0000,,But you know what happens.
Dialogue: 0,0:17:07.36,0:17:09.42,Default,,0000,0000,0000,,This is the experience\Nof the Soviet Union.
Dialogue: 0,0:17:09.44,0:17:11.94,Default,,0000,0000,0000,,When you try to keep alive
Dialogue: 0,0:17:11.96,0:17:15.84,Default,,0000,0000,0000,,an economic system\Nthat architecturally cannot survive,
Dialogue: 0,0:17:16.52,0:17:19.18,Default,,0000,0000,0000,,through political will\Nand through authoritarianism,
Dialogue: 0,0:17:19.20,0:17:20.86,Default,,0000,0000,0000,,you may succeed in prolonging it,
Dialogue: 0,0:17:20.88,0:17:22.46,Default,,0000,0000,0000,,but when change happens
Dialogue: 0,0:17:22.48,0:17:24.98,Default,,0000,0000,0000,,it happens very abruptly\Nand catastrophically.
Dialogue: 0,0:17:25.00,0:17:27.01,Default,,0000,0000,0000,,BG: What kind of change\Nare you foreseeing?
Dialogue: 0,0:17:27.03,0:17:28.28,Default,,0000,0000,0000,,YV: Well, there's no doubt
Dialogue: 0,0:17:28.31,0:17:30.98,Default,,0000,0000,0000,,that if we don't change\Nthe architecture of the Eurozone,
Dialogue: 0,0:17:31.00,0:17:32.90,Default,,0000,0000,0000,,the Eurozone has no future.
Dialogue: 0,0:17:32.92,0:17:35.82,Default,,0000,0000,0000,,BG: Did you make any mistakes\Nwhen you were Finance Minister?
Dialogue: 0,0:17:35.84,0:17:37.06,Default,,0000,0000,0000,,YV: Every day.
Dialogue: 0,0:17:37.08,0:17:39.62,Default,,0000,0000,0000,,BG: For example?\NYV: Anybody who looks back --
Dialogue: 0,0:17:39.64,0:17:41.72,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:17:44.12,0:17:45.50,Default,,0000,0000,0000,,No, but seriously.
Dialogue: 0,0:17:45.52,0:17:49.10,Default,,0000,0000,0000,,If there's any Minister of Finance,\Nor of anything else for that matter,
Dialogue: 0,0:17:49.12,0:17:51.34,Default,,0000,0000,0000,,who tells you after six months in a job,
Dialogue: 0,0:17:51.36,0:17:55.06,Default,,0000,0000,0000,,especially in such a stressful situation,
Dialogue: 0,0:17:55.08,0:17:57.78,Default,,0000,0000,0000,,that they have made no mistake,\Nthey're dangerous people.
Dialogue: 0,0:17:57.80,0:17:59.10,Default,,0000,0000,0000,,Of course I made mistakes.
Dialogue: 0,0:17:59.12,0:18:01.94,Default,,0000,0000,0000,,The greatest mistake\Nwas to sign the application
Dialogue: 0,0:18:01.96,0:18:04.06,Default,,0000,0000,0000,,for the extension of a loan agreement
Dialogue: 0,0:18:04.08,0:18:05.70,Default,,0000,0000,0000,,in the end of February.
Dialogue: 0,0:18:05.72,0:18:06.94,Default,,0000,0000,0000,,I was imagining
Dialogue: 0,0:18:06.96,0:18:09.94,Default,,0000,0000,0000,,that there was a genuine interest\Non the side of the creditors
Dialogue: 0,0:18:09.96,0:18:11.22,Default,,0000,0000,0000,,to find common ground.
Dialogue: 0,0:18:11.24,0:18:12.46,Default,,0000,0000,0000,,And there wasn't.
Dialogue: 0,0:18:12.48,0:18:15.10,Default,,0000,0000,0000,,They were simply interested\Nin crushing our government,
Dialogue: 0,0:18:15.12,0:18:16.58,Default,,0000,0000,0000,,just because they did not want
Dialogue: 0,0:18:16.60,0:18:19.74,Default,,0000,0000,0000,,to have to deal with\Nthe architectural fault lines
Dialogue: 0,0:18:19.76,0:18:21.78,Default,,0000,0000,0000,,that were running through the Eurozone.
Dialogue: 0,0:18:21.80,0:18:23.62,Default,,0000,0000,0000,,And because they didn't want to admit
Dialogue: 0,0:18:23.64,0:18:27.26,Default,,0000,0000,0000,,that for five years they were implementing\Na catastrophic program in Greece.
Dialogue: 0,0:18:27.28,0:18:30.18,Default,,0000,0000,0000,,We lost one-third of our nominal GDP.
Dialogue: 0,0:18:30.20,0:18:32.14,Default,,0000,0000,0000,,This is worse than the Great Depression.
Dialogue: 0,0:18:32.16,0:18:33.42,Default,,0000,0000,0000,,And no one has come clean
Dialogue: 0,0:18:33.44,0:18:36.38,Default,,0000,0000,0000,,from the troika of lenders\Nthat have been imposing this policy
Dialogue: 0,0:18:36.40,0:18:39.38,Default,,0000,0000,0000,,to say, "This was a colossal mistake."
Dialogue: 0,0:18:39.40,0:18:40.62,Default,,0000,0000,0000,,BG: Despite all this,
Dialogue: 0,0:18:40.64,0:18:42.98,Default,,0000,0000,0000,,and despite the aggressiveness\Nof the discussion,
Dialogue: 0,0:18:43.00,0:18:45.42,Default,,0000,0000,0000,,you seem to be remaining\Nquite pro-European.
Dialogue: 0,0:18:45.44,0:18:46.66,Default,,0000,0000,0000,,YV: Absolutely.
Dialogue: 0,0:18:46.68,0:18:50.82,Default,,0000,0000,0000,,Look, my criticism\Nof the European Union and the Eurozone
Dialogue: 0,0:18:50.84,0:18:54.88,Default,,0000,0000,0000,,comes from a person\Nwho lives and breathes Europe.
Dialogue: 0,0:18:55.68,0:18:59.26,Default,,0000,0000,0000,,My greatest fear is that\Nthe Eurozone will not survive.
Dialogue: 0,0:18:59.28,0:19:00.74,Default,,0000,0000,0000,,Because if it doesn't,
Dialogue: 0,0:19:00.76,0:19:03.62,Default,,0000,0000,0000,,the centrifugal forces\Nthat will be unleashed
Dialogue: 0,0:19:03.64,0:19:05.34,Default,,0000,0000,0000,,will be demonic,
Dialogue: 0,0:19:05.36,0:19:07.34,Default,,0000,0000,0000,,and they will destroy the European Union.
Dialogue: 0,0:19:07.36,0:19:09.78,Default,,0000,0000,0000,,And that will be catastrophic\Nnot just for Europe
Dialogue: 0,0:19:09.80,0:19:11.42,Default,,0000,0000,0000,,but for the whole global economy.
Dialogue: 0,0:19:11.44,0:19:15.54,Default,,0000,0000,0000,,We are probably the largest\Neconomy in the world.
Dialogue: 0,0:19:15.56,0:19:17.30,Default,,0000,0000,0000,,And if we allow ourselves
Dialogue: 0,0:19:17.32,0:19:20.14,Default,,0000,0000,0000,,to fall into a route\Nof the postmodern 1930's,
Dialogue: 0,0:19:20.16,0:19:22.82,Default,,0000,0000,0000,,which seems to me to be what we are doing,
Dialogue: 0,0:19:22.84,0:19:24.66,Default,,0000,0000,0000,,then that will be detrimental
Dialogue: 0,0:19:24.68,0:19:28.10,Default,,0000,0000,0000,,to the future of Europeans\Nand non-Europeans alike.
Dialogue: 0,0:19:28.12,0:19:30.54,Default,,0000,0000,0000,,BG: We definitely hope\Nyou are wrong on that point.
Dialogue: 0,0:19:30.56,0:19:32.26,Default,,0000,0000,0000,,Yanis, thank you for coming to TED.
Dialogue: 0,0:19:32.28,0:19:33.50,Default,,0000,0000,0000,,YV: Thank you.
Dialogue: 0,0:19:33.52,0:19:38.34,Default,,0000,0000,0000,,(Applause)