[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Democracy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In the West, we make a colossal mistake\Ntaking it for granted.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We see democracy not as the most\Nfragile of flowers that it really is,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but we see it as part\Nof our society's furniture.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We tend to think of it\Nas any transient given.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We mistakenly believe that capitalism\Nbegets, inevitably, democracy --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it doesn't.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Singapore's Lee Kuan Yew and his\Ngreat imitators in Beijing
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,have demonstrated\Nbeyond reasonable doubt
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that it is perfectly possible to have\Nflourishing capitalism,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,spectacular growth,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,while politics remain democracy free.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Indeed, democracy is receding\Nin our neck of the woods,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,here in Europe.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Earlier this year while I was\Nrepresenting Greece,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the newly elected Greek government\Nin the Eurogroup as its Fincance Minister,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I was told to know on certain terms,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that our nation's democratic\Nprocess, our elections,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,could not be allowed to interfere
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,with economic policies that were being\Nimplemented in Greece.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,At that moment,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I felt that there could be no greater\Nvindication of Lee Kuan Yew,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or the Chinese Communist Party.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Indeed some of recalcitrant\Nfriends of mine who kept telling me
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that democracy would be banned\Nif it ever threatened to change anything.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Tonight, here, I want to present to you
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,an economic case\Nfor an authentic democracy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I want to ask you to join me\Nin believing, again,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that Lee Kuan Yew,\NThe Chinese Communist Party,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and indeed the Eurogroup,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,are wrong in believing that we\Ncan dispense with democracy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That we need an authentic,\Nboisterous democracy,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and without democracy,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,our societies will be nastier,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,our future bleak,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and our great technologies wasted.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Speaking of waste,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,allow me to point out\Nan interesting paradox
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that is threatening our\Neconomies as we speak.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I call it the twin peaks paradox.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,One peak you understand --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,you know it, you recognize it --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is the mountain of debts
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that has been casting a shadow\Nover the United States,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Europe,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the whole world.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We all recognize the mountain of debts.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But few people discern its twin.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,A mountain of idle cash belonging to rich\Nsavers and to corporations,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,too terrified to invest it
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,into the productive activities\Nthat can generate the incomes
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,from which you can extinguish\Nthe mountain of debts
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and which can produce all those things\Nthat humanity desperately needs,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,like green energy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now let me give you two numbers.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Over the last three months,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in the United States, in Britain\Nand the Euro zone,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,we have invested collectively,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,3.4 trillion dollars on all\Nthe wealth-producing goods,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,things like industrial plants, machinery,\Noffice blocks, schools, roads, railways,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,machinery, and so on and so forth ...
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,3.4 trillion sounds like a lot of money
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,until you compare it to the 5.1 trillion
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that has been slushing around in the same\Ncountries, in our financial institutions,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,doing absolutely nothing\Nduring the same period ...
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,except inflating stock exchanges\Nand driving up house prices.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So a mountain of debt\Nand a mountain of idle cash
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,form twin peaks failing\Nto cancel each other out
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,through the normal\Noperation of the markets.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The result is stagnant wages,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,more than a quarter\Nof 25 to 54-year-olds --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in America, in Japan and in Europe --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,out of work,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and consequently,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,low aggregate demand,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which in a never-ending cycle,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,reinforces the pessimism of the investors,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,who fearing low demand,\Nreproduce it by not investing.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Exactly like Oedipus' father,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,who terrified by\Nthe prophecy of the oracle
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that his son would grow up to kill him,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,unwittingly engineered the conditions
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that insured that Oedipus,\Nhis son, would kill him.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,This is my quarrel with capitalism.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's gross wastefulness,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,all this idle cash,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,should be energized to improve lives,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to develop human talents,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and indeed to finance\Nall these technologies --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,green technologies --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which are absolutely essential\Nfor saving planet Earth.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Am I right in believing\Nthat democracy might be the answer?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I believe so, but before we move on,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,what do we mean by democracy?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Aristotle defined democracy\Nas the constitution
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in which the free and the poor,\Nbeing in the majority, control government.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now of course Athenian democracy\Nexcluded too many --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,women, migrants and of course, the slaves.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But it would be a mistake\Nto dismiss the significance
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of ancient athenian democracy
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,on the basis of whom it excluded.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,What is more pertinent,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and continues to be so about ancient\Nathenian democracy,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was the inclusion of the working poor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,who not only acquired\Nthe right to free speech,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but more importantly --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,crucially --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,they acquired the rights\Nto political judgements
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that were afforded equal weight
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in the decision-making\Nconcerning matters of state.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now of course, Athenian\Ndemocracy didn't last long,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,like a candle that burns brightly,\Nit burned out quickly.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And indeed, our liberal democracies today,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,do not have their roots in ancient Athens.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,They have their roots in the Magna Carta,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in the 1688 Glorious Revolution,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,indeed in the American constitution.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Whereas Athenian democracy was focusing\Non the masterless citizen
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and empowering the working poor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,our liberal democracies,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,founded on the Magna Carta tradition,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which was, after all\Na charter for masters.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And indeed liberal democracy\Nonly surfaced when it was possible
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to separate fully the political sphere\Nfrom the economic sphere,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,so as to confine the democratic process\Nfully in the political sphere,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,leaving the economic sphere --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the corporate world, if you want --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as a democracy-free zone.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now in our democracies today,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,this separation of the economic\Nfrom the political sphere,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the moment it started happening,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it gave rise to an inexorable,\Nepic struggle between the two
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,with the economic sphere\Ncolonizing the political sphere,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,eating into its power.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Have you wondered why politicians\Nare not what they used to be?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's not because their DNA\Nhas degenerated --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Laugher)
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It is rather because one can be\Nin government today and not in power.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Because power has migrated
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,from the political to the economic\Nsphere, which is separate.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Indeed --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I spoke about my\Nquarrel with capitalism --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,If you think about it,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it is a little bit like\Na population of predators,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that are so successful in decimating\Nthe prey that they must feed on,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that in the end, they starve.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Similarly, the economic sphere
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,has been colonizing and cannibalizing\Nthe political sphere to such an extent
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that is is undermining itself,\Ncausing economic crises.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Corporate power is increasing,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,political goods are devaluing,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,inequality is rising,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,aggregate amount is falling,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and CEO's of corporations are too scared\Nto invest the cash of their corporations.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So the more capitalism succeeds in taking\Nthe demos out of democracy,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the taller the twin peaks
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the greater the waste\Nof human resources,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and humanity's wealth.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Clearly, if this is right,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,we must reunite the political\Nand economic sheres
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and better do it with demos\Nbeing in control,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,like ancient Athens except\Nwithout the slaves,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or the exclusion of women\Nand migrants.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now this is not an original idea,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the marxist left had\Nthat idea 100 years ago
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and it didn't go very well, did it?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The lesson that we learned\Nfrom the Soviet debacle
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is that only by a miracle will the working\Npoor be re-empowered,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as they were in ancient Athens,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,without creating new forms\Nof brutality and waste.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But there is a solution.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Eliminate the working poor.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Capitalism's doing it
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,by replacing low-wage workers\Nwith automata, androids, robots.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The problem is
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that as long as the economic and\Nthe political spheres are separate,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,automation makes the twin peaks taller,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the waste loftier,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the social conflicts deeper,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,including --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,soon, I believe --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in places like China.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So we need to reconfigure,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,we need to reunite the economic\Nand the political spheres,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but we better do it by democratizing\Nthe reunified sphere,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,lest you end up with\Na surveillance-mad, hyper-autocracy
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that makes The Matrix, the movie,\Nlook like a documentary.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So the question is not whether\Ncapitalism will survive
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the technological innovations\Nof this moment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The more interesting question is whether\Ncapitalism will be succeeded
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,by something resembling a Matrix dystopia,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or something much closer\Nto a Star Trek-like society,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,where machines serve the humans
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the humans expend their energies\Nexploring the universe
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and indulging in long debates\Nabout the meaning of life
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in some ancient, Athenian-like,\Nhigh tech Agora
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I think we can afford to be optimistic.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But what would it take --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,what would it look like --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to have this Star Trek-like utopia,\Ninstead of the Matrix-like dystopia?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In practical terms,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,allow me to share, just briefly,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,a couple of examples.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,At the level of the Enterprise,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,imagine a capital market,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,where you earn capital as you work,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and where your capital follows you\Nfrom one job to another,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,from one company to another,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the company --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,whichever one you happen\Nto work at at that time --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is solely owned by those who happen\Nto work in it at that moment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Then, all income stems\Nfrom capital, from profits,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the very concept\Nof wage labor becomes obsolete.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,No more separation between those\Nwho own but do not work in the company,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and those who work\Nbut do not own the company.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,No more tug-of-war\Nbetween capital and labor.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,No great gap between\Ninvestment and saving,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Indeed, no towering twin peaks.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,At the level of a global\Npolitical economy,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,imagine for a moment,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that our national currencies\Nhave a free-floating exchange rate,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,with a universal, global,\Ndigital currency,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,one that is issued by\Nthe International Monetary Fund,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the G-20,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,on behalf of all humanity.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And imagine further,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that all international trade\Nis denominated in this currency --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,let's call it "the cosmos" --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in units of cosmos.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,With every government agreeing\Nto be paying into a common fund
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,a sum of cosmos units proportional\Nto the country's trade deficit,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or indeed to a country's trade surplus.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And imaging that that fund is utilized\Nto invest in green technologies,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,especially in parts of the world\Nwhere investment funding is scarce.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,This is not a new idea.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's what, effectively,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,John Maynard Keynes proposed\Nin 1944 at the Bretton Woods Conference.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The problem is that back then
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,they didn't have the technology\Nto implement it.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now we do.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Especially in the context of a reunified\Npolitical economic sphere.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The world that I am describing to you
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is simultaneously libertarian,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in that it prioritizes\Nempowered individuals,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Marxist,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,since it will have confined\Nthrough the [dustbin?] of history
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the division between capital and labor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and Keynesian --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,global Keynesian.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But above all else,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it is a world in which
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,we will be able to imagine\Nan authentic democracy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Will such a world dawn?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Or shall we descend\Ninto a Matrix-like dystopia?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The answer lies in the political choice\Nthat we shall be making collectively.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It is our choice,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and we'd better make it democratically.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Bruno Giussani: Yanis ...
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It was you who described yourself\Nin your bios as a libertarian marxist --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,what is the [relevance of Marxism] today?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: Well if there was any relevance\Nin what I just said, the Marx is relevant
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,because the whole point of reunifying\Nthe political and economic is --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,if we don't do it,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,then technological innovation will create\Nsuch a massive fall in aggregate --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,what Larry Summers referers\Nto as secular stagnation.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,With this crisis migrating\Nfrom one part of the world,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as it is now,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,we destabilize not only our democracies,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but even the [emerging?] world that is not\Nthat keen on liberal democracy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So if this analysis holds water,\Nthen Marx is absolutely relevant.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But so is [Hagen?] --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that's why I'm a libertarian marxist,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and so is Keynes,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,so that's why I'm totally confused.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: Indeed, and possibly we are, too now.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: If you are not confused,\Nyou are not thinking, okay?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: That's a very, very Greek\Nphilosopher kind of thing to say --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: That's more Einstein, actually --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: During your talk you mentioned\NSingapore and China,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and yesterday night at the speaker dinner,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,you expressed a pretty strong opinion\Nabout how the West looks at China.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Would you like to share that?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: Well there's a great\Ndegree of hypocrisy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In our liberal democracies we have\Na semblance of democracy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's because we have confined --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as I was saying in my talk --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,democracy to the political sphere,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,while leaving the one sphere\Nwhere all the action is --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the economic sphere --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,a completely democracy-free zone.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In a sense,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,if I am allowed to be provocative,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,China today is closer to Britain\Nin the 19th century,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,because remember,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,we tend to associate\Nliberalism with democracy --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that's a mistake, historically.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Liberalism --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Liberal --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it's like John Stuart Mill.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,John Stuart Mill was particularly\Nskeptical about the democratic process.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So what you are seeing now in China\Nis a very similar process
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to what we had in Britain\Nduring the Industrial Revolution,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,especially the transition\Nfrom the first to the second.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And to be castigating China
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for doing that which the West did\Nin the 19th century,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,smacks of hypocrisy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: I am sure that many people here
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,are wondering about your experience
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as the Finance Minister of Greece\Nearlier this year --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: I knew this was coming --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: Yes --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: Six months after,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,how do you look back\Nat the first half of the year?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: Extremely exciting\Nfrom a personal point of view
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and very disappointing,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,because we had an opportunity\Nto reboot the Eurozone.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Not just Greece, the Eurozone.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,To move away from the complacency\N
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the constant denial\Nthat there was a massive --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and there is a massive --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,architectural fault line\Ngoing through the Eurozone,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which is threatening, massively,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the whole of the European Union process.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We had the opportunity\Non the basis of the Greek program --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which by the way,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was the first program\Nto manifest that denial --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to put it right.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And unfortunately,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the powers that be in Eurozone --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in the Eurogroup --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,chose to maintain denial.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But you know what happens.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,This is the experience\Nof the Soviet Union.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,When you try to keep alive
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,an economic system\Nthat architecturally cannot survive,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,through political will\Nand through authoritarianism,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,you may succeed in prolonging it.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But when change happens
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it happens very abruptly\Nand catastrophically.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: What kind of change\Nare you foreseeing?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: Well there's no doubt
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that if we don't change\Nthe architecture of the Eurozone,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the Eurozone has no future.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: [Did you do any mistakes] \Nwhen you were Finance Minister?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: Every day.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Anybody who looks back --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,No but seriously.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,If there's any Minister of Finance --\N
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or of anything else for that matter --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,who tells you after six months in a job,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,especially in such a stressful situation,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that they had made no mistake,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,[they're dangerous people],
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of course I made mistakes.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The greatest mistake
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was to sign the application\Nfor the extension of a loan agreement
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in the end of February.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I was imagining
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that there was a genuine interest\Non the side of the creditors
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to find common ground.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And there wasn't.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,They were simply interested\Nin crushing our government,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,just because they did not want\Nto have to deal
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,with the architectural fault lines\Nthat were running through the Eurozone,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and because they didn't want to admit
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that for five years they were implementing\Na catastrophic problem in Greece.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We lost one-third of our Nominal GDP.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,This is worse than the Great Depression.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And no one has come clean
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,from the tribe of lenders\Nthat have been imposing this policy
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to say, "this was a colossal mistake."
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: Despite all this,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and despite the aggressiveness\Nof the discussion though,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,you seem to remaining\Nquite pro-European.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: Absolutely.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Look, my criticism of the European\NUnion and the Eurozone
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,comes from a person\Nwho lives and breathes Europe.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,My greatest fear is that\Nthe Eurozone will not survive.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Because if it doesn't,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the centrifugal forces\Nthat would be unleashed
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,would be [demonic],
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and they would destroy the European Union.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And that would be catastrophic\Nnot just for Europe
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but for the whole global economy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We are probably the largest\Neconomy in the world.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And if we allow ourselves
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to fall into a [route?]\Nof the post-modern 1930's,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which seems to me what we are doing,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,then that will be detrimental
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to the future of Europeans\Nand non-Europeans alike.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,BG: We definitely hope\Nyou are wrong on that point.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Yanis, thank you for coming to TED.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,YV: Thank you
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Applause)