[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:10.55,0:00:14.06,Default,,0000,0000,0000,,State and banks, hidden aspects of a historical hold up
Dialogue: 0,0:00:14.06,0:00:16.84,Default,,0000,0000,0000,,Conference by Myret Zaki and Etienne Chouard
Dialogue: 0,0:00:16.84,0:00:20.67,Default,,0000,0000,0000,,Moderation: fabio Lo Verso (La cité)
Dialogue: 0,0:00:20.67,0:00:22.86,Default,,0000,0000,0000,,First conference
Dialogue: 0,0:00:22.86,0:00:25.86,Default,,0000,0000,0000,,"The State, Hostage of the financial sector"
Dialogue: 0,0:00:25.86,0:00:28.94,Default,,0000,0000,0000,,By Myret Zaki
Dialogue: 0,0:00:28.94,0:00:33.07,Default,,0000,0000,0000,,I'll stay here taking notes because there will be an article about this topic in the next issue of
Dialogue: 0,0:00:33.07,0:00:34.76,Default,,0000,0000,0000,,newspaper "La Cité" coming out next week
Dialogue: 0,0:00:34.76,0:00:40.20,Default,,0000,0000,0000,,we'll come back on tonight's discussion
Dialogue: 0,0:00:40.20,0:00:45.44,Default,,0000,0000,0000,,Thank you very much Fabio, and good evening to all of you
Dialogue: 0,0:00:45.44,0:00:48.29,Default,,0000,0000,0000,,I am delighted to be here with professor Chouard
Dialogue: 0,0:00:48.29,0:00:52.29,Default,,0000,0000,0000,,and to discover "l'usine Kugler"
Dialogue: 0,0:00:52.29,0:00:56.89,Default,,0000,0000,0000,,and to work in collaboration with "la cité" newspaper
Dialogue: 0,0:00:56.89,0:01:00.13,Default,,0000,0000,0000,,I personally work for an economics magazine called "Bilan"
Dialogue: 0,0:01:00.13,0:01:03.29,Default,,0000,0000,0000,,I've written a few books denouncing the
Dialogue: 0,0:01:03.29,0:01:06.02,Default,,0000,0000,0000,,drift of the financial sector
Dialogue: 0,0:01:06.02,0:01:07.44,Default,,0000,0000,0000,,these last years
Dialogue: 0,0:01:07.44,0:01:11.30,Default,,0000,0000,0000,,I've been following the evolution of finance the last 15 years
Dialogue: 0,0:01:11.30,0:01:21.35,Default,,0000,0000,0000,,and I've seen how they played a central role in what we now call "the crisis"
Dialogue: 0,0:01:21.35,0:01:25.97,Default,,0000,0000,0000,,so we are in the middle of a crisis as you probably noticed
Dialogue: 0,0:01:25.97,0:01:28.76,Default,,0000,0000,0000,,But we don't really know why now
Dialogue: 0,0:01:28.76,0:01:31.77,Default,,0000,0000,0000,,we suddenly said that Greece was in crisis
Dialogue: 0,0:01:31.77,0:01:37.24,Default,,0000,0000,0000,,Can anyone tell me why, according to them,
Dialogue: 0,0:01:37.24,0:01:44.63,Default,,0000,0000,0000,,what triggered the "Greek crisis"
Dialogue: 0,0:01:44.63,0:01:47.18,Default,,0000,0000,0000,,that is a enormous crisis since end of 2009
Dialogue: 0,0:01:47.18,0:01:49.47,Default,,0000,0000,0000,,What started all of that in the first place
Dialogue: 0,0:01:49.47,0:01:52.77,Default,,0000,0000,0000,,if you tell me it is because of its debt
Dialogue: 0,0:01:52.77,0:01:55.84,Default,,0000,0000,0000,,I will tell you that Greece has the same debt level since several years
Dialogue: 0,0:01:55.84,0:02:00.70,Default,,0000,0000,0000,,who decided there is a crisis? does anyone know?
Dialogue: 0,0:02:00.70,0:02:03.75,Default,,0000,0000,0000,,Nicolas Brillet who knows all the answers :-)
Dialogue: 0,0:02:03.75,0:02:08.56,Default,,0000,0000,0000,,The bad advices of Goldman Sachs and the way they've hidden
Dialogue: 0,0:02:08.56,0:02:10.46,Default,,0000,0000,0000,,a part of their debt has contributed greatly
Dialogue: 0,0:02:10.46,0:02:15.23,Default,,0000,0000,0000,,ok good thread. The advices of Goldman sachs
Dialogue: 0,0:02:15.23,0:02:17.32,Default,,0000,0000,0000,,contributed to the crisis. I agree
Dialogue: 0,0:02:17.32,0:02:20.78,Default,,0000,0000,0000,,everything started when at the end of 2009 the notation agencies
Dialogue: 0,0:02:20.78,0:02:25.33,Default,,0000,0000,0000,,have said that Greece was having little financial difficulties
Dialogue: 0,0:02:25.33,0:02:27.33,Default,,0000,0000,0000,,as several countries of western Europe
Dialogue: 0,0:02:27.33,0:02:30.40,Default,,0000,0000,0000,,Their debt rate had slightly declined lately
Dialogue: 0,0:02:30.40,0:02:33.18,Default,,0000,0000,0000,,and that they needed to improve the way they manage their finance
Dialogue: 0,0:02:33.18,0:02:34.83,Default,,0000,0000,0000,,that's all
Dialogue: 0,0:02:34.83,0:02:37.84,Default,,0000,0000,0000,,rating agencies never said that Greece was in bankrupt
Dialogue: 0,0:02:37.84,0:02:41.04,Default,,0000,0000,0000,,All they said ...(sorry I am speaking too loud in this mic)
Dialogue: 0,0:02:41.04,0:02:47.53,Default,,0000,0000,0000,,In the coming years Greece should
Dialogue: 0,0:02:47.53,0:02:49.78,Default,,0000,0000,0000,,try to have a better management of its finances
Dialogue: 0,0:02:49.78,0:02:52.10,Default,,0000,0000,0000,,and that was in 2009
Dialogue: 0,0:02:52.10,0:02:54.90,Default,,0000,0000,0000,,what did really trigger the crisis is that
Dialogue: 0,0:02:54.90,0:02:59.24,Default,,0000,0000,0000,,there was a meeting between 5 hedge funds
Dialogue: 0,0:02:59.24,0:03:04.47,Default,,0000,0000,0000,,american hedge funds in a restaurant in new York
Dialogue: 0,0:03:04.47,0:03:08.15,Default,,0000,0000,0000,,an american newspaper told that story
Dialogue: 0,0:03:08.15,0:03:09.73,Default,,0000,0000,0000,,this is not a fiction
Dialogue: 0,0:03:09.73,0:03:14.79,Default,,0000,0000,0000,,one of the speculator present that day was Georges Soros
Dialogue: 0,0:03:14.79,0:03:17.72,Default,,0000,0000,0000,,the man who hit the bank of england several years ago
Dialogue: 0,0:03:17.72,0:03:20.09,Default,,0000,0000,0000,,and earned 2 billion dollars on an operation to devaluate
Dialogue: 0,0:03:20.09,0:03:22.06,Default,,0000,0000,0000,,the british pound.
Dialogue: 0,0:03:22.06,0:03:23.56,Default,,0000,0000,0000,,in the seventies
Dialogue: 0,0:03:23.56,0:03:27.03,Default,,0000,0000,0000,,So george Soros and a few other american speculators have decided
Dialogue: 0,0:03:27.03,0:03:31.66,Default,,0000,0000,0000,,now the subprime crisis is over
Dialogue: 0,0:03:31.66,0:03:36.41,Default,,0000,0000,0000,,they needed to find a new prey to make a lot of money
Dialogue: 0,0:03:36.41,0:03:41.38,Default,,0000,0000,0000,,It was in february 2010 precisely in a New Yorker restaurant
Dialogue: 0,0:03:41.38,0:03:44.42,Default,,0000,0000,0000,,And those people have decided together
Dialogue: 0,0:03:44.42,0:03:52.38,Default,,0000,0000,0000,,to attack the euro first through
Dialogue: 0,0:03:52.38,0:03:56.41,Default,,0000,0000,0000,,Grece and then through small outlying countries
Dialogue: 0,0:03:56.41,0:04:02.04,Default,,0000,0000,0000,,the idea is that if you sink a small countrie such as Grece,
Dialogue: 0,0:04:02.04,0:04:10.65,Default,,0000,0000,0000,,there will be a phenomen of panic on the markets which will involve that the other neighbours countries will be contaminated too
Dialogue: 0,0:04:10.65,0:04:14.96,Default,,0000,0000,0000,,because the investors will sell their titles too on those countries
Dialogue: 0,0:04:14.96,0:04:20.23,Default,,0000,0000,0000,,and that those speculators we were talking about, will be able to grow rich in the infinity
Dialogue: 0,0:04:20.23,0:04:23.31,Default,,0000,0000,0000,,on, in reality, the bankruptcy of Europe's periphery and even of the whole Europe
Dialogue: 0,0:04:23.31,0:04:27.60,Default,,0000,0000,0000,,somewhere, G.Sorros was trying to creat the same blow
Dialogue: 0,0:04:27.60,0:04:31.22,Default,,0000,0000,0000,,he had done and that made him billionaire in the seventies.
Dialogue: 0,0:04:31.22,0:04:36.48,Default,,0000,0000,0000,,It hasn't been told a lot, it doesn't interest a lot of people
Dialogue: 0,0:04:36.48,0:04:40.67,Default,,0000,0000,0000,,when you speak about it to personns working in the financial and banking sector
Dialogue: 0,0:04:40.67,0:04:45.13,Default,,0000,0000,0000,,they say no, all this is very marginal and isn't for something
Dialogue: 0,0:04:45.13,0:04:47.74,Default,,0000,0000,0000,,But we know very well that
Dialogue: 0,0:04:47.74,0:04:51.08,Default,,0000,0000,0000,,those hedge funds have then massively
Dialogue: 0,0:04:51.08,0:04:53.06,Default,,0000,0000,0000,,selled the debt
Dialogue: 0,0:04:53.06,0:04:54.97,Default,,0000,0000,0000,,speculator earn money on the drop
Dialogue: 0,0:04:54.97,0:04:57.56,Default,,0000,0000,0000,,of the debt or the actions of a country
Dialogue: 0,0:04:57.56,0:05:01.25,Default,,0000,0000,0000,,you can really make money on the drop if
Dialogue: 0,0:05:01.25,0:05:05.82,Default,,0000,0000,0000,,you bet with derivatives on the collapse of
Dialogue: 0,0:05:05.82,0:05:09.18,Default,,0000,0000,0000,,of a market and this is how
Dialogue: 0,0:05:09.18,0:05:12.48,Default,,0000,0000,0000,,loads of millionaires and billionaires have form themselves
Dialogue: 0,0:05:12.48,0:05:15.10,Default,,0000,0000,0000,,during the last years with the european crisis.
Dialogue: 0,0:05:15.10,0:05:17.20,Default,,0000,0000,0000,,It is the facts and the figures
Dialogue: 0,0:05:17.20,0:05:20.59,Default,,0000,0000,0000,,We know which hedge funds are involve, which managers
Dialogue: 0,0:05:20.59,0:05:22.85,Default,,0000,0000,0000,,We know them, there are mostly British and Americans
Dialogue: 0,0:05:22.85,0:05:26.70,Default,,0000,0000,0000,,and they know perfectly the art of spectulation
Dialogue: 0,0:05:26.70,0:05:38.22,Default,,0000,0000,0000,,They have accumulated sell positions, during end 2009 and on the begining 2010 against Grece
Dialogue: 0,0:05:38.22,0:05:41.94,Default,,0000,0000,0000,,The Greek economic minister was touched about it
Dialogue: 0,0:05:41.94,0:05:49.57,Default,,0000,0000,0000,,Indeed Greek gorverment can see the moves made on their debt: they asked themselves what is going on
Dialogue: 0,0:05:49.57,0:05:53.45,Default,,0000,0000,0000,,our debt is suddenly the subject of a fierce downward bet
Dialogue: 0,0:05:53.45,0:05:57.67,Default,,0000,0000,0000,,effectively what are these attacks going to induce
Dialogue: 0,0:05:57.67,0:06:02.19,Default,,0000,0000,0000,,How can these attacks really sink a country
Dialogue: 0,0:06:02.19,0:06:05.65,Default,,0000,0000,0000,,Because when you sell massively the debt of a small country like that
Dialogue: 0,0:06:05.65,0:06:10.15,Default,,0000,0000,0000,,the interest rates that this small country must pay on his debt are explosing
Dialogue: 0,0:06:10.15,0:06:18.15,Default,,0000,0000,0000,,Because if the country's obligations drop dramatically of its value
Dialogue: 0,0:06:18.15,0:06:22.31,Default,,0000,0000,0000,,the interest rate increase itself automatically
Dialogue: 0,0:06:22.31,0:06:26.73,Default,,0000,0000,0000,,this is then how suddenly Grece have to pay 7% and up to 20% recently
Dialogue: 0,0:06:26.73,0:06:31.25,Default,,0000,0000,0000,,This is how Grece have been expulsed of european capital market
Dialogue: 0,0:06:31.25,0:06:35.76,Default,,0000,0000,0000,,She couldn't finance herself anymore on the international debt market
Dialogue: 0,0:06:35.76,0:06:41.34,Default,,0000,0000,0000,,It comes from markets. Grece has been in crisis through
Dialogue: 0,0:06:41.34,0:06:45.97,Default,,0000,0000,0000,,the anglo saxon speculatives attacks.
Dialogue: 0,0:06:45.97,0:06:49.56,Default,,0000,0000,0000,,As have Nicolas, here by present, noticed:
Dialogue: 0,0:06:49.56,0:06:55.60,Default,,0000,0000,0000,,So, Goldman Sachs had advice Grece to adopt very complex financial tools
Dialogue: 0,0:06:55.60,0:06:57.94,Default,,0000,0000,0000,,that Goldman Sachs had set up
Dialogue: 0,0:06:57.94,0:07:01.17,Default,,0000,0000,0000,,to mask their real indebtedeness situation to the rest of the E.U
Dialogue: 0,0:07:01.17,0:07:05.49,Default,,0000,0000,0000,,Goldman Sachs had in a first time from the years 2000
Dialogue: 0,0:07:05.49,0:07:10.75,Default,,0000,0000,0000,,help Grece reduce their real debts only in appearances
Dialogue: 0,0:07:10.82,0:07:12.55,Default,,0000,0000,0000,,What has Goldman Sachs done meanwhile?
Dialogue: 0,0:07:12.65,0:07:16.34,Default,,0000,0000,0000,,Godlman Sachs went to see some hedge funds which were their clients
Dialogue: 0,0:07:16.34,0:07:18.64,Default,,0000,0000,0000,,(these speculatives funds for whom they work)
Dialogue: 0,0:07:18.67,0:07:22.98,Default,,0000,0000,0000,,and said: Hey you know what I have a very good information to share with you
Dialogue: 0,0:07:22.98,0:07:27.86,Default,,0000,0000,0000,,Grece is much more indebt that she is in reality
Dialogue: 0,0:07:27.86,0:07:31.61,Default,,0000,0000,0000,,'Insider trading' this is how it is called
Dialogue: 0,0:07:31.61,0:07:35.07,Default,,0000,0000,0000,,Goldman Sachs has shared this information with her clients
Dialogue: 0,0:07:35.10,0:07:38.20,Default,,0000,0000,0000,,which allowed speculative funds
Dialogue: 0,0:07:38.20,0:07:41.15,Default,,0000,0000,0000,,to attack this debt by advance
Dialogue: 0,0:07:41.15,0:07:46.54,Default,,0000,0000,0000,,knowing that the real balance figures of Grece were going to be revealed beginning 2010
Dialogue: 0,0:07:46.54,0:07:51.89,Default,,0000,0000,0000,,So you motivate Greece to adopte misleading instruments
Dialogue: 0,0:07:51.89,0:07:57.62,Default,,0000,0000,0000,,which will bring her to have more debts than she had
Dialogue: 0,0:07:57.62,0:08:01.99,Default,,0000,0000,0000,,then you benefit of the problems
Dialogue: 0,0:08:01.99,0:08:06.42,Default,,0000,0000,0000,,that are caused and you share the information with other hedge funds
Dialogue: 0,0:08:06.47,0:08:11.88,Default,,0000,0000,0000,,And then took place a kind of butchering of the greek debt
Dialogue: 0,0:08:11.88,0:08:15.31,Default,,0000,0000,0000,,the hedge funds went straight on it
Dialogue: 0,0:08:15.31,0:08:19.44,Default,,0000,0000,0000,,and the other investors, like the sheeps that they are
Dialogue: 0,0:08:19.44,0:08:21.71,Default,,0000,0000,0000,,because finnally the investement world is very herd
Dialogue: 0,0:08:21.77,0:08:26.47,Default,,0000,0000,0000,,when they saw that there was a kind of "alert" on the Greek debt market
Dialogue: 0,0:08:26.47,0:08:28.68,Default,,0000,0000,0000,,they all started to sell.
Dialogue: 0,0:08:28.68,0:08:32.90,Default,,0000,0000,0000,,If you want, speculative funds act like an elite cavalry
Dialogue: 0,0:08:32.90,0:08:37.56,Default,,0000,0000,0000,,which comes first and destabilize a country
Dialogue: 0,0:08:37.56,0:08:40.90,Default,,0000,0000,0000,,Then come pensions funds and investissors from all over the world
Dialogue: 0,0:08:40.90,0:08:46.62,Default,,0000,0000,0000,,who, though they do not understand anything about this story, start selling as well when they saw the risk rising up,
Dialogue: 0,0:08:46.62,0:08:47.92,Default,,0000,0000,0000,,That is how you ruin a country.
Dialogue: 0,0:08:47.95,0:08:51.64,Default,,0000,0000,0000,,Because a country seeing is debt collapsing like that, and which have to pay some 20% interests
Dialogue: 0,0:08:51.72,0:08:56.94,Default,,0000,0000,0000,,can only enter in quasi-default and get out of the capital market
Dialogue: 0,0:08:56.96,0:09:03.60,Default,,0000,0000,0000,,So, seeing that they made a so nice strike, the edge fodns didn't want to stop on a so good way,
Dialogue: 0,0:09:03.60,0:09:13.16,Default,,0000,0000,0000,,they carried on. Then, the same happened to Portugal, then Irland, then Spain. Then it came to Belgium, then Italy.
Dialogue: 0,0:09:13.16,0:09:21.89,Default,,0000,0000,0000,,And the last new ones have been: France, and even GERMANY. Germany which is the more solvent country in the world, the stronger country in the word
Dialogue: 0,0:09:21.89,0:09:26.23,Default,,0000,0000,0000,,has been more or less attacked on the international debt market.
Dialogue: 0,0:09:26.23,0:09:36.45,Default,,0000,0000,0000,,What are we talking about now? We are talking about a phenomenon which is: If you are a country which have his debt quoted on a market,
Dialogue: 0,0:09:36.45,0:09:41.51,Default,,0000,0000,0000,,you are completely vulnarable to some attaks, some RAIDS I would even say
Dialogue: 0,0:09:41.51,0:09:45.45,Default,,0000,0000,0000,,some real raids from some scrupleness financiers,
Dialogue: 0,0:09:45.50,0:09:49.71,Default,,0000,0000,0000,,and, especially the most important is that these people are not regulated at all.