[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.57,0:00:03.20,Default,,0000,0000,0000,,Democracy.
Dialogue: 0,0:00:03.20,0:00:04.67,Default,,0000,0000,0000,,In the West,
Dialogue: 0,0:00:04.67,0:00:08.43,Default,,0000,0000,0000,,we make a colossal mistake\Ntaking it for granted.
Dialogue: 0,0:00:08.43,0:00:09.85,Default,,0000,0000,0000,,We see democracy
Dialogue: 0,0:00:09.85,0:00:14.26,Default,,0000,0000,0000,,not as the most fragile\Nof flowers that it really is,
Dialogue: 0,0:00:14.26,0:00:17.76,Default,,0000,0000,0000,,but we see it as part\Nof our society's furniture.
Dialogue: 0,0:00:18.25,0:00:22.43,Default,,0000,0000,0000,,We tend to think of it\Nas any transient given.
Dialogue: 0,0:00:22.99,0:00:28.28,Default,,0000,0000,0000,,We mistakenly believe that capitalism\Nbegets inevitably, democracy.
Dialogue: 0,0:00:28.28,0:00:29.51,Default,,0000,0000,0000,,It doesn't.
Dialogue: 0,0:00:29.51,0:00:33.89,Default,,0000,0000,0000,,Singapore's Lee Kuan Yew\Nand his great imitators in Beijing
Dialogue: 0,0:00:33.89,0:00:36.88,Default,,0000,0000,0000,,have demonstrated\Nbeyond reasonable doubt
Dialogue: 0,0:00:36.88,0:00:40.78,Default,,0000,0000,0000,,that it is perfectly possible\Nto have flourishing capitalism,
Dialogue: 0,0:00:40.78,0:00:43.20,Default,,0000,0000,0000,,spectacular growth,
Dialogue: 0,0:00:43.20,0:00:46.41,Default,,0000,0000,0000,,while politics remain democracy free.
Dialogue: 0,0:00:46.41,0:00:50.69,Default,,0000,0000,0000,,Indeed, democracy is receding\Nin our neck of the woods.
Dialogue: 0,0:00:50.69,0:00:52.22,Default,,0000,0000,0000,,Here in Europe.
Dialogue: 0,0:00:52.22,0:00:55.61,Default,,0000,0000,0000,,Earlier this year while I was\Nrepresenting Greece --
Dialogue: 0,0:00:55.61,0:00:58.39,Default,,0000,0000,0000,,the newly elected Greek government --\N
Dialogue: 0,0:00:58.39,0:01:01.24,Default,,0000,0000,0000,,in the Eurogroup as its Finance Minister,
Dialogue: 0,0:01:01.24,0:01:06.17,Default,,0000,0000,0000,,I was told in certain terms\Nthat our nation's democratic process --
Dialogue: 0,0:01:06.17,0:01:07.73,Default,,0000,0000,0000,,our elections --
Dialogue: 0,0:01:07.73,0:01:09.54,Default,,0000,0000,0000,,could not be allowed to interfere
Dialogue: 0,0:01:09.54,0:01:13.20,Default,,0000,0000,0000,,with economic policies that were being\Nimplemented in Greece.
Dialogue: 0,0:01:13.20,0:01:14.32,Default,,0000,0000,0000,,At that moment,
Dialogue: 0,0:01:14.32,0:01:18.89,Default,,0000,0000,0000,,I felt that there could be no greater\Nvindication of Lee Kuan Yew,
Dialogue: 0,0:01:18.89,0:01:20.62,Default,,0000,0000,0000,,of the Chinese Communist Party,
Dialogue: 0,0:01:20.62,0:01:24.26,Default,,0000,0000,0000,,indeed of some recalcitrant\Nfriends of mine who kept telling me
Dialogue: 0,0:01:24.26,0:01:28.92,Default,,0000,0000,0000,,that democracy would be banned\Nif it ever threatened to change anything.
Dialogue: 0,0:01:29.97,0:01:33.04,Default,,0000,0000,0000,,Tonight, here, I want to present to you
Dialogue: 0,0:01:33.04,0:01:36.39,Default,,0000,0000,0000,,an economic case\Nfor an authentic democracy.
Dialogue: 0,0:01:36.78,0:01:41.65,Default,,0000,0000,0000,,I want to ask you to join me\Nin believing again
Dialogue: 0,0:01:41.65,0:01:44.80,Default,,0000,0000,0000,,that Lee Kuan Yew ...
Dialogue: 0,0:01:44.80,0:01:46.18,Default,,0000,0000,0000,,the Chinese Communist Party,
Dialogue: 0,0:01:46.18,0:01:47.59,Default,,0000,0000,0000,,and indeed the Eurogroup,
Dialogue: 0,0:01:47.59,0:01:51.12,Default,,0000,0000,0000,,are wrong in believing that we\Ncan dispense with democracy.
Dialogue: 0,0:01:51.89,0:01:55.44,Default,,0000,0000,0000,,That we need an authentic,\Nboisterous democracy,
Dialogue: 0,0:01:55.44,0:01:58.61,Default,,0000,0000,0000,,and without democracy,
Dialogue: 0,0:01:58.61,0:02:01.49,Default,,0000,0000,0000,,our societies will be nastier,
Dialogue: 0,0:02:01.49,0:02:03.62,Default,,0000,0000,0000,,our future bleak,
Dialogue: 0,0:02:03.62,0:02:06.47,Default,,0000,0000,0000,,and our great, new technologies wasted.
Dialogue: 0,0:02:06.47,0:02:07.54,Default,,0000,0000,0000,,Speaking of waste,
Dialogue: 0,0:02:07.54,0:02:10.45,Default,,0000,0000,0000,,allow me to point out\Nan interesting paradox
Dialogue: 0,0:02:10.45,0:02:13.28,Default,,0000,0000,0000,,that is threatening our\Neconomies as we speak.
Dialogue: 0,0:02:13.28,0:02:15.64,Default,,0000,0000,0000,,I call it the twin peaks paradox.
Dialogue: 0,0:02:15.64,0:02:17.05,Default,,0000,0000,0000,,One peak you understand --
Dialogue: 0,0:02:17.05,0:02:18.58,Default,,0000,0000,0000,,you know it, you recognize it --
Dialogue: 0,0:02:18.58,0:02:20.01,Default,,0000,0000,0000,,is the mountain of debts
Dialogue: 0,0:02:20.01,0:02:24.91,Default,,0000,0000,0000,,that has been casting a long shadow\Nover the United States,
Dialogue: 0,0:02:24.91,0:02:25.91,Default,,0000,0000,0000,,Europe,
Dialogue: 0,0:02:25.91,0:02:26.91,Default,,0000,0000,0000,,the whole world.
Dialogue: 0,0:02:26.91,0:02:29.23,Default,,0000,0000,0000,,We all recognize the mountain of debts.
Dialogue: 0,0:02:29.23,0:02:33.25,Default,,0000,0000,0000,,But few people discern its twin.
Dialogue: 0,0:02:33.88,0:02:37.15,Default,,0000,0000,0000,,A mountain of idle cash
Dialogue: 0,0:02:37.15,0:02:41.23,Default,,0000,0000,0000,,belonging to rich savers\Nand to corporations,
Dialogue: 0,0:02:41.23,0:02:43.99,Default,,0000,0000,0000,,too terrified to invest it
Dialogue: 0,0:02:43.99,0:02:47.28,Default,,0000,0000,0000,,into the productive activities\Nthat can generate the incomes
Dialogue: 0,0:02:47.28,0:02:50.36,Default,,0000,0000,0000,,from which you can extinguish\Nthe mountain of debts
Dialogue: 0,0:02:50.36,0:02:54.25,Default,,0000,0000,0000,,and which can produce all those things\Nthat humanity desperately needs,
Dialogue: 0,0:02:54.25,0:02:56.02,Default,,0000,0000,0000,,like green energy.
Dialogue: 0,0:02:56.02,0:02:58.17,Default,,0000,0000,0000,,Now let me give you two numbers.
Dialogue: 0,0:02:58.17,0:02:59.64,Default,,0000,0000,0000,,Over the last three months,
Dialogue: 0,0:02:59.64,0:03:02.45,Default,,0000,0000,0000,,in the United States, in Britain\Nand in the Eurozone,
Dialogue: 0,0:03:02.45,0:03:06.96,Default,,0000,0000,0000,,we have invested, collectively\N3.4 trillion dollars
Dialogue: 0,0:03:06.96,0:03:09.62,Default,,0000,0000,0000,,on all the wealth-producing goods.
Dialogue: 0,0:03:09.62,0:03:12.74,Default,,0000,0000,0000,,Things like industrial plants, machinery,
Dialogue: 0,0:03:12.74,0:03:15.03,Default,,0000,0000,0000,,office blocks, schools,
Dialogue: 0,0:03:15.03,0:03:17.89,Default,,0000,0000,0000,,roads, railways, machinery,\Nand so on and so forth ...
Dialogue: 0,0:03:17.89,0:03:20.96,Default,,0000,0000,0000,,3.4 trillion sounds like a lot of money
Dialogue: 0,0:03:20.96,0:03:24.82,Default,,0000,0000,0000,,until you compare it to the 5.1 trillion
Dialogue: 0,0:03:24.82,0:03:27.50,Default,,0000,0000,0000,,that has been slushing around\Nin the same countries,
Dialogue: 0,0:03:27.50,0:03:29.45,Default,,0000,0000,0000,,in our financial institutions,
Dialogue: 0,0:03:29.45,0:03:33.73,Default,,0000,0000,0000,,doing absolutely nothing\Nduring the same period ...
Dialogue: 0,0:03:33.73,0:03:38.25,Default,,0000,0000,0000,,except inflating stock exchanges\Nand driving up house prices.
Dialogue: 0,0:03:38.61,0:03:43.80,Default,,0000,0000,0000,,So a mountain of debt\Nand a mountain of idle cash
Dialogue: 0,0:03:43.80,0:03:47.68,Default,,0000,0000,0000,,form twin peaks failing\Nto cancel each other out
Dialogue: 0,0:03:47.68,0:03:50.33,Default,,0000,0000,0000,,through the normal\Noperation of the markets.
Dialogue: 0,0:03:50.33,0:03:53.54,Default,,0000,0000,0000,,The result is stagnant wages,
Dialogue: 0,0:03:53.54,0:03:59.23,Default,,0000,0000,0000,,more than a quarter of 25 to 54-year-olds\Nin America, in Japan and in Europe
Dialogue: 0,0:03:59.23,0:04:00.85,Default,,0000,0000,0000,,out of work.
Dialogue: 0,0:04:00.85,0:04:03.22,Default,,0000,0000,0000,,And consequently, low aggregate demand,
Dialogue: 0,0:04:03.22,0:04:05.45,Default,,0000,0000,0000,,which in a never-ending cycle,
Dialogue: 0,0:04:05.45,0:04:09.09,Default,,0000,0000,0000,,reinforces the pessimism of the investors,
Dialogue: 0,0:04:09.09,0:04:12.94,Default,,0000,0000,0000,,who fearing low demand,\Nreproduce it by not investing.
Dialogue: 0,0:04:12.94,0:04:15.63,Default,,0000,0000,0000,,Exactly like Oedipus' father,
Dialogue: 0,0:04:15.63,0:04:18.27,Default,,0000,0000,0000,,who terrified by\Nthe prophecy of the oracle
Dialogue: 0,0:04:18.27,0:04:21.03,Default,,0000,0000,0000,,that his son would grow up to kill him,
Dialogue: 0,0:04:21.03,0:04:22.94,Default,,0000,0000,0000,,unwittingly engineered the conditions
Dialogue: 0,0:04:22.94,0:04:26.82,Default,,0000,0000,0000,,that insured that Oedipus,\Nhis son, would kill him.
Dialogue: 0,0:04:26.82,0:04:29.48,Default,,0000,0000,0000,,This is my quarrel with capitalism.
Dialogue: 0,0:04:29.48,0:04:31.70,Default,,0000,0000,0000,,Its gross wastefulness,
Dialogue: 0,0:04:31.70,0:04:33.11,Default,,0000,0000,0000,,all this idle cash,
Dialogue: 0,0:04:33.11,0:04:37.33,Default,,0000,0000,0000,,should be energized to improve lives,
Dialogue: 0,0:04:37.33,0:04:38.71,Default,,0000,0000,0000,,to develop human talents,
Dialogue: 0,0:04:38.71,0:04:41.56,Default,,0000,0000,0000,,and indeed to finance\Nall these technologies --
Dialogue: 0,0:04:41.56,0:04:42.61,Default,,0000,0000,0000,,green technologies --
Dialogue: 0,0:04:42.61,0:04:45.83,Default,,0000,0000,0000,,which are absolutely essential\Nfor saving planet Earth.
Dialogue: 0,0:04:46.61,0:04:49.70,Default,,0000,0000,0000,,Am I right in believing\Nthat democracy might be the answer?
Dialogue: 0,0:04:49.70,0:04:50.70,Default,,0000,0000,0000,,I believe so,
Dialogue: 0,0:04:50.70,0:04:52.57,Default,,0000,0000,0000,,but before we move on,
Dialogue: 0,0:04:52.57,0:04:54.85,Default,,0000,0000,0000,,what do we mean by democracy?
Dialogue: 0,0:04:54.85,0:04:57.18,Default,,0000,0000,0000,,Aristotle defined democracy\N
Dialogue: 0,0:04:57.18,0:05:02.18,Default,,0000,0000,0000,,as the constitution in which\Nthe free and the poor,
Dialogue: 0,0:05:02.18,0:05:03.59,Default,,0000,0000,0000,,being in the majority,
Dialogue: 0,0:05:03.59,0:05:05.36,Default,,0000,0000,0000,,control government.
Dialogue: 0,0:05:05.36,0:05:08.69,Default,,0000,0000,0000,,Now of course Athenian democracy\Nexcluded too many.
Dialogue: 0,0:05:08.69,0:05:12.25,Default,,0000,0000,0000,,Women, migrants and of course, the slaves.
Dialogue: 0,0:05:12.25,0:05:13.46,Default,,0000,0000,0000,,But it would be a mistake
Dialogue: 0,0:05:13.46,0:05:17.15,Default,,0000,0000,0000,,to dismiss the significance\Nof ancient Athenian democracy
Dialogue: 0,0:05:17.15,0:05:19.36,Default,,0000,0000,0000,,on the basis of whom it excluded.
Dialogue: 0,0:05:19.88,0:05:21.38,Default,,0000,0000,0000,,What was more pertinent,
Dialogue: 0,0:05:21.38,0:05:25.03,Default,,0000,0000,0000,,and continues to be so\Nabout ancient Athenian democracy,
Dialogue: 0,0:05:25.03,0:05:28.61,Default,,0000,0000,0000,,was the inclusion of the working poor,
Dialogue: 0,0:05:28.61,0:05:33.24,Default,,0000,0000,0000,,who not only acquired\Nthe right to free speech,
Dialogue: 0,0:05:33.24,0:05:34.69,Default,,0000,0000,0000,,but more importantly --
Dialogue: 0,0:05:34.69,0:05:35.71,Default,,0000,0000,0000,,crucially --
Dialogue: 0,0:05:35.71,0:05:38.27,Default,,0000,0000,0000,,they acquired the rights\Nto political judgements
Dialogue: 0,0:05:38.27,0:05:40.63,Default,,0000,0000,0000,,that were afforded equal weight
Dialogue: 0,0:05:40.63,0:05:44.34,Default,,0000,0000,0000,,in the decision-making\Nconcerning matters of state.
Dialogue: 0,0:05:44.34,0:05:47.42,Default,,0000,0000,0000,,Now of course, Athenian\Ndemocracy didn't last long.
Dialogue: 0,0:05:47.42,0:05:51.70,Default,,0000,0000,0000,,Like a candle that burns brightly,\Nit burned out quickly.
Dialogue: 0,0:05:51.70,0:05:52.74,Default,,0000,0000,0000,,And indeed,
Dialogue: 0,0:05:52.74,0:05:57.37,Default,,0000,0000,0000,,our liberal democracies today\Ndo not have their roots in ancient Athens.
Dialogue: 0,0:05:57.37,0:05:59.65,Default,,0000,0000,0000,,They have their roots in the Magna Carta,
Dialogue: 0,0:05:59.65,0:06:02.97,Default,,0000,0000,0000,,in the 1688 Glorious Revolution,
Dialogue: 0,0:06:02.97,0:06:05.34,Default,,0000,0000,0000,,indeed in the American constitution.
Dialogue: 0,0:06:05.34,0:06:10.16,Default,,0000,0000,0000,,Whereas Athenian democracy\Nwas focusing on the masterless citizen
Dialogue: 0,0:06:10.16,0:06:13.62,Default,,0000,0000,0000,,and empowering the working poor,
Dialogue: 0,0:06:13.62,0:06:17.67,Default,,0000,0000,0000,,our liberal democracies are founded\Non the Magna Carta tradition,
Dialogue: 0,0:06:17.67,0:06:20.88,Default,,0000,0000,0000,,which was, after all\Na charter for masters.
Dialogue: 0,0:06:20.88,0:06:25.04,Default,,0000,0000,0000,,And indeed, liberal democracy\Nonly surfaced when it was possible
Dialogue: 0,0:06:25.04,0:06:29.12,Default,,0000,0000,0000,,to separate fully the political sphere\Nfrom the economic sphere,
Dialogue: 0,0:06:29.12,0:06:34.14,Default,,0000,0000,0000,,so as to confine the democratic process\Nfully in the political sphere,
Dialogue: 0,0:06:34.14,0:06:36.01,Default,,0000,0000,0000,,leaving the economic sphere --
Dialogue: 0,0:06:36.01,0:06:37.99,Default,,0000,0000,0000,,the corporate world, if you want --
Dialogue: 0,0:06:37.99,0:06:40.90,Default,,0000,0000,0000,,as a democracy-free zone.
Dialogue: 0,0:06:41.98,0:06:45.05,Default,,0000,0000,0000,,Now in our democracies today,
Dialogue: 0,0:06:45.05,0:06:48.49,Default,,0000,0000,0000,,this separation of the economic\Nfrom the political sphere,
Dialogue: 0,0:06:48.49,0:06:50.76,Default,,0000,0000,0000,,the moment it started happening,
Dialogue: 0,0:06:50.76,0:06:55.12,Default,,0000,0000,0000,,it gave rise to an inexorable,\Nepic struggle between the two,
Dialogue: 0,0:06:55.12,0:06:58.27,Default,,0000,0000,0000,,with the economic sphere\Ncolonizing the political sphere,
Dialogue: 0,0:06:58.27,0:07:00.20,Default,,0000,0000,0000,,eating into its power.
Dialogue: 0,0:07:00.72,0:07:04.87,Default,,0000,0000,0000,,Have you wondered why politicians\Nare not what they used to be?
Dialogue: 0,0:07:04.87,0:07:07.72,Default,,0000,0000,0000,,It's not because their DNA\Nhas degenerated --
Dialogue: 0,0:07:07.72,0:07:08.96,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:07:08.96,0:07:13.47,Default,,0000,0000,0000,,It is rather because one can be\Nin government today and not in power.
Dialogue: 0,0:07:13.47,0:07:16.84,Default,,0000,0000,0000,,Because power has migrated\Nfrom the political to the economic sphere,
Dialogue: 0,0:07:16.84,0:07:18.56,Default,,0000,0000,0000,,which is separate.
Dialogue: 0,0:07:19.54,0:07:21.09,Default,,0000,0000,0000,,Indeed --
Dialogue: 0,0:07:21.09,0:07:23.40,Default,,0000,0000,0000,,I spoke about my\Nquarrel with capitalism --
Dialogue: 0,0:07:23.40,0:07:25.10,Default,,0000,0000,0000,,If you think about it,
Dialogue: 0,0:07:25.10,0:07:29.43,Default,,0000,0000,0000,,it is a little bit like\Na population of predators,
Dialogue: 0,0:07:29.43,0:07:34.90,Default,,0000,0000,0000,,that are so successful in decimating\Nthe prey that they must feed on,
Dialogue: 0,0:07:34.90,0:07:37.05,Default,,0000,0000,0000,,that in the end they starve.
Dialogue: 0,0:07:37.05,0:07:38.05,Default,,0000,0000,0000,,Similarly,
Dialogue: 0,0:07:38.05,0:07:41.84,Default,,0000,0000,0000,,the economic sphere has been colonizing\Nand cannibalizing the political sphere
Dialogue: 0,0:07:41.84,0:07:45.26,Default,,0000,0000,0000,,to such an extent that it is\Nundermining itself,
Dialogue: 0,0:07:45.26,0:07:47.05,Default,,0000,0000,0000,,causing economic crisis.
Dialogue: 0,0:07:47.05,0:07:49.24,Default,,0000,0000,0000,,Corporate power is increasing,
Dialogue: 0,0:07:49.24,0:07:51.43,Default,,0000,0000,0000,,political goods are devaluing,
Dialogue: 0,0:07:51.43,0:07:53.23,Default,,0000,0000,0000,,inequality is rising,
Dialogue: 0,0:07:53.23,0:07:54.93,Default,,0000,0000,0000,,aggregate amount is falling,
Dialogue: 0,0:07:54.93,0:08:01.08,Default,,0000,0000,0000,,and CEO's of corporations are too scared\Nto invest the cash of their corporations.
Dialogue: 0,0:08:01.76,0:08:08.42,Default,,0000,0000,0000,,So the more capitalism succeeds in taking\Nthe demos out of democracy,
Dialogue: 0,0:08:08.42,0:08:10.12,Default,,0000,0000,0000,,the taller the twin peaks
Dialogue: 0,0:08:10.12,0:08:13.29,Default,,0000,0000,0000,,and the greater the waste\Nof human resources,
Dialogue: 0,0:08:13.29,0:08:15.43,Default,,0000,0000,0000,,and humanity's wealth.
Dialogue: 0,0:08:16.01,0:08:18.77,Default,,0000,0000,0000,,Clearly, if this is right,
Dialogue: 0,0:08:18.77,0:08:21.95,Default,,0000,0000,0000,,we must reunite the political\Nand economic spheres
Dialogue: 0,0:08:21.95,0:08:25.39,Default,,0000,0000,0000,,and better do it with a demos\Nbeing in control,
Dialogue: 0,0:08:25.39,0:08:28.21,Default,,0000,0000,0000,,like in ancient Athens\Nexcept without the slaves
Dialogue: 0,0:08:28.21,0:08:31.36,Default,,0000,0000,0000,,or the exclusion\Nof women and migrants.
Dialogue: 0,0:08:32.42,0:08:34.21,Default,,0000,0000,0000,,Now this is not an original idea.
Dialogue: 0,0:08:34.21,0:08:36.99,Default,,0000,0000,0000,,The Marxist left had\Nthat idea 100 years ago
Dialogue: 0,0:08:36.99,0:08:39.15,Default,,0000,0000,0000,,and it didn't go very well, did it?
Dialogue: 0,0:08:39.15,0:08:42.52,Default,,0000,0000,0000,,The lesson that we learned\Nfrom the Soviet debacle
Dialogue: 0,0:08:42.52,0:08:48.78,Default,,0000,0000,0000,,is that only by a miracle\Nwill the working poor be re-empowered,
Dialogue: 0,0:08:48.78,0:08:50.95,Default,,0000,0000,0000,,as they were in ancient Athens,
Dialogue: 0,0:08:50.95,0:08:54.74,Default,,0000,0000,0000,,without creating new forms\Nof brutality and waste.
Dialogue: 0,0:08:55.13,0:08:57.15,Default,,0000,0000,0000,,But there is a solution.
Dialogue: 0,0:08:57.15,0:08:59.29,Default,,0000,0000,0000,,Eliminate the working poor.
Dialogue: 0,0:08:59.70,0:09:01.26,Default,,0000,0000,0000,,Capitalism's doing it
Dialogue: 0,0:09:01.26,0:09:06.22,Default,,0000,0000,0000,,by replacing low-wage workers\Nwith automata, androids, robots.
Dialogue: 0,0:09:07.06,0:09:08.06,Default,,0000,0000,0000,,The problem is
Dialogue: 0,0:09:08.06,0:09:11.55,Default,,0000,0000,0000,,that as long as the economic and\Nthe political spheres are separate,
Dialogue: 0,0:09:11.55,0:09:16.88,Default,,0000,0000,0000,,automation makes the twin peaks taller,
Dialogue: 0,0:09:16.88,0:09:18.55,Default,,0000,0000,0000,,the waste loftier,
Dialogue: 0,0:09:18.55,0:09:20.78,Default,,0000,0000,0000,,and the social conflicts deeper,
Dialogue: 0,0:09:20.78,0:09:22.56,Default,,0000,0000,0000,,including --
Dialogue: 0,0:09:22.56,0:09:24.17,Default,,0000,0000,0000,,soon, I believe --
Dialogue: 0,0:09:24.17,0:09:26.26,Default,,0000,0000,0000,,in places like China.
Dialogue: 0,0:09:26.98,0:09:29.44,Default,,0000,0000,0000,,So we need to reconfigure,
Dialogue: 0,0:09:29.44,0:09:33.05,Default,,0000,0000,0000,,we need to reunite the economic\Nand the political spheres,
Dialogue: 0,0:09:33.05,0:09:38.25,Default,,0000,0000,0000,,but we'd better do it\Nby democratizing the reunified sphere,
Dialogue: 0,0:09:38.25,0:09:44.24,Default,,0000,0000,0000,,lest you end up with\Na surveillance-mad, hyper-autocracy
Dialogue: 0,0:09:44.24,0:09:48.30,Default,,0000,0000,0000,,that makes The Matrix, the movie,\Nlook like a documentary.
Dialogue: 0,0:09:48.65,0:09:49.84,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:09:49.84,0:09:53.10,Default,,0000,0000,0000,,So the question is not whether\Ncapitalism will survive
Dialogue: 0,0:09:53.10,0:09:55.64,Default,,0000,0000,0000,,the technological innovations\Nof this moment.
Dialogue: 0,0:09:56.08,0:09:57.89,Default,,0000,0000,0000,,The more interesting question
Dialogue: 0,0:09:57.89,0:10:03.68,Default,,0000,0000,0000,,is whether capitalism will be succeeded\Nby something resembling a Matrix dystopia
Dialogue: 0,0:10:03.68,0:10:08.07,Default,,0000,0000,0000,,or something much closer\Nto a Star Trek-like society,
Dialogue: 0,0:10:08.07,0:10:10.52,Default,,0000,0000,0000,,where machines serve the humans
Dialogue: 0,0:10:10.52,0:10:14.84,Default,,0000,0000,0000,,and the humans expend their energies\Nexploring the universe
Dialogue: 0,0:10:14.84,0:10:19.19,Default,,0000,0000,0000,,and indulging in long debates\Nabout the meaning of life
Dialogue: 0,0:10:19.19,0:10:22.97,Default,,0000,0000,0000,,in some ancient, Athenian-like,\Nhigh tech Agora.
Dialogue: 0,0:10:24.63,0:10:28.04,Default,,0000,0000,0000,,I think we can afford to be optimistic.
Dialogue: 0,0:10:29.69,0:10:31.25,Default,,0000,0000,0000,,But what would it take --
Dialogue: 0,0:10:31.25,0:10:33.04,Default,,0000,0000,0000,,what would it look like --
Dialogue: 0,0:10:33.04,0:10:37.91,Default,,0000,0000,0000,,to have this Star Trek-like utopia,\Ninstead of the Matrix-like dystopia?
Dialogue: 0,0:10:38.54,0:10:39.80,Default,,0000,0000,0000,,In practical terms,
Dialogue: 0,0:10:39.80,0:10:41.58,Default,,0000,0000,0000,,allow me to share just briefly,
Dialogue: 0,0:10:41.58,0:10:43.22,Default,,0000,0000,0000,,a couple of examples.
Dialogue: 0,0:10:43.22,0:10:45.22,Default,,0000,0000,0000,,At the level of the enterprise,
Dialogue: 0,0:10:45.22,0:10:47.44,Default,,0000,0000,0000,,imagine a capital market,
Dialogue: 0,0:10:47.44,0:10:51.14,Default,,0000,0000,0000,,where you earn capital as you work,
Dialogue: 0,0:10:51.14,0:10:56.48,Default,,0000,0000,0000,,and where your capital follows you\Nfrom one job to another,
Dialogue: 0,0:10:56.48,0:10:58.20,Default,,0000,0000,0000,,from one company to another,
Dialogue: 0,0:10:58.20,0:10:59.30,Default,,0000,0000,0000,,and the company --
Dialogue: 0,0:10:59.30,0:11:02.68,Default,,0000,0000,0000,,whichever one you happen\Nto work at at that time --
Dialogue: 0,0:11:02.68,0:11:06.98,Default,,0000,0000,0000,,is solely owned by those who happen\Nto work in it at that moment.
Dialogue: 0,0:11:07.76,0:11:12.36,Default,,0000,0000,0000,,Then all income stems\Nfrom capital, from profits,
Dialogue: 0,0:11:12.36,0:11:16.26,Default,,0000,0000,0000,,and the very concept\Nof wage labor becomes obsolete.
Dialogue: 0,0:11:16.91,0:11:23.41,Default,,0000,0000,0000,,No more separation between those\Nwho own but do not work in the company,
Dialogue: 0,0:11:23.41,0:11:26.71,Default,,0000,0000,0000,,and those who work\Nbut do not own the company.
Dialogue: 0,0:11:26.71,0:11:29.87,Default,,0000,0000,0000,,No more tug-of-war\Nbetween capital and labor.
Dialogue: 0,0:11:30.75,0:11:34.80,Default,,0000,0000,0000,,No great gap between\Ninvestment and saving.
Dialogue: 0,0:11:34.80,0:11:38.40,Default,,0000,0000,0000,,Indeed, no towering twin peaks.
Dialogue: 0,0:11:39.01,0:11:41.28,Default,,0000,0000,0000,,At the level of a global\Npolitical economy,
Dialogue: 0,0:11:41.28,0:11:43.12,Default,,0000,0000,0000,,imagine for a moment
Dialogue: 0,0:11:43.12,0:11:48.17,Default,,0000,0000,0000,,that our national currencies\Nhave a free-floating exchange rate,
Dialogue: 0,0:11:48.17,0:11:51.99,Default,,0000,0000,0000,,with a universal, global,\Ndigital currency.
Dialogue: 0,0:11:51.99,0:11:55.92,Default,,0000,0000,0000,,One that is issued by\Nthe International Monetary Fund,
Dialogue: 0,0:11:55.92,0:11:57.24,Default,,0000,0000,0000,,the G-20,
Dialogue: 0,0:11:57.24,0:11:59.84,Default,,0000,0000,0000,,on behalf of all humanity.
Dialogue: 0,0:11:59.84,0:12:01.09,Default,,0000,0000,0000,,And imagine further,
Dialogue: 0,0:12:01.09,0:12:05.49,Default,,0000,0000,0000,,that all international trade\Nis denominated in this currency --
Dialogue: 0,0:12:05.49,0:12:07.16,Default,,0000,0000,0000,,let's call it "the cosmos" --
Dialogue: 0,0:12:07.16,0:12:08.86,Default,,0000,0000,0000,,in units of cosmos,
Dialogue: 0,0:12:10.04,0:12:14.32,Default,,0000,0000,0000,,with every government agreeing\Nto be paying into a common fund
Dialogue: 0,0:12:14.32,0:12:19.89,Default,,0000,0000,0000,,a sum of cosmos units proportional\Nto the country's trade deficit,
Dialogue: 0,0:12:19.89,0:12:23.86,Default,,0000,0000,0000,,or indeed to a country's trade surplus.
Dialogue: 0,0:12:24.19,0:12:29.09,Default,,0000,0000,0000,,And imagine that that fund is utilized\Nto invest in green technologies,
Dialogue: 0,0:12:29.09,0:12:34.30,Default,,0000,0000,0000,,especially in parts of the world\Nwhere investment funding is scarce.
Dialogue: 0,0:12:35.14,0:12:36.65,Default,,0000,0000,0000,,This is not a new idea.
Dialogue: 0,0:12:36.65,0:12:40.01,Default,,0000,0000,0000,,It's what, effectively,\NJohn Maynard Keyes proposed
Dialogue: 0,0:12:40.01,0:12:43.71,Default,,0000,0000,0000,,in 1944 at the Bretton Woods Conference.
Dialogue: 0,0:12:44.36,0:12:45.51,Default,,0000,0000,0000,,The problem is
Dialogue: 0,0:12:45.51,0:12:48.94,Default,,0000,0000,0000,,that back then, they didn't have\Nthe technology to implement it.
Dialogue: 0,0:12:48.94,0:12:49.95,Default,,0000,0000,0000,,Now we do.
Dialogue: 0,0:12:49.95,0:12:56.23,Default,,0000,0000,0000,,Especially in the context of a reunified\Npolitical economic sphere.
Dialogue: 0,0:12:56.99,0:12:59.34,Default,,0000,0000,0000,,The world that I am describing to you
Dialogue: 0,0:12:59.34,0:13:01.84,Default,,0000,0000,0000,,is simultaneously libertarian,
Dialogue: 0,0:13:01.84,0:13:06.27,Default,,0000,0000,0000,,in that it prioritizes\Nempowered individuals,
Dialogue: 0,0:13:06.27,0:13:07.49,Default,,0000,0000,0000,,Marxist,
Dialogue: 0,0:13:07.49,0:13:10.64,Default,,0000,0000,0000,,since it will have [confined?]\Nthrough the [dusting?] of history
Dialogue: 0,0:13:10.64,0:13:13.50,Default,,0000,0000,0000,,the division between capital and labor,
Dialogue: 0,0:13:13.50,0:13:15.76,Default,,0000,0000,0000,,and Keynesian ...
Dialogue: 0,0:13:15.76,0:13:17.76,Default,,0000,0000,0000,,global Keynesian.
Dialogue: 0,0:13:18.65,0:13:20.23,Default,,0000,0000,0000,,But above all else,
Dialogue: 0,0:13:20.23,0:13:22.02,Default,,0000,0000,0000,,it is a world in which
Dialogue: 0,0:13:22.02,0:13:25.66,Default,,0000,0000,0000,,we will be able to imagine\Nan authentic democracy.
Dialogue: 0,0:13:26.13,0:13:28.61,Default,,0000,0000,0000,,Will such a world dawn?
Dialogue: 0,0:13:28.61,0:13:32.72,Default,,0000,0000,0000,,Or shall we descend\Ninto a Matrix-like dystopia?
Dialogue: 0,0:13:33.21,0:13:37.37,Default,,0000,0000,0000,,The answer lies in the political choice\Nthat we shall be making collectively.
Dialogue: 0,0:13:38.04,0:13:39.51,Default,,0000,0000,0000,,It is our choice,
Dialogue: 0,0:13:39.51,0:13:41.95,Default,,0000,0000,0000,,and we'd better make it democratically.
Dialogue: 0,0:13:42.52,0:13:43.52,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:13:43.75,0:13:45.26,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:13:49.77,0:13:51.12,Default,,0000,0000,0000,,Bruno Giussani: Yanis ...
Dialogue: 0,0:13:52.37,0:13:56.20,Default,,0000,0000,0000,,It was you who described yourself\Nin your bios as a libertarian Marxist ...
Dialogue: 0,0:13:58.71,0:14:01.90,Default,,0000,0000,0000,,what is the relevance\Nof Marx's analysis today?
Dialogue: 0,0:14:02.38,0:14:06.06,Default,,0000,0000,0000,,YV: Well if there was any relevance\Nin what I just said then Marx is relevant.
Dialogue: 0,0:14:06.06,0:14:10.30,Default,,0000,0000,0000,,Because the whole point of reunifying\Nthe political and economic is --
Dialogue: 0,0:14:10.30,0:14:11.53,Default,,0000,0000,0000,,if we don't do it,
Dialogue: 0,0:14:11.53,0:14:13.81,Default,,0000,0000,0000,,then technological innovation\Nis going to create
Dialogue: 0,0:14:13.81,0:14:16.19,Default,,0000,0000,0000,,such a massive fall in aggregate.
Dialogue: 0,0:14:16.19,0:14:20.42,Default,,0000,0000,0000,,What Larry Summers\Nrefers to as secular stagnation.
Dialogue: 0,0:14:21.16,0:14:23.78,Default,,0000,0000,0000,,With this crisis migrating\Nfrom one part of the world,
Dialogue: 0,0:14:23.78,0:14:25.58,Default,,0000,0000,0000,,as it is now,
Dialogue: 0,0:14:25.58,0:14:28.33,Default,,0000,0000,0000,,that it will destabilize\Nnot only our democracies,
Dialogue: 0,0:14:28.33,0:14:32.00,Default,,0000,0000,0000,,but even the [emerging?] world that is not\Nthat keen on liberal democracy.
Dialogue: 0,0:14:32.50,0:14:36.35,Default,,0000,0000,0000,,So if this analysis holds water,\Nthen Marx is absolutely relevant.
Dialogue: 0,0:14:36.35,0:14:38.03,Default,,0000,0000,0000,,But so is [Hagen?] --
Dialogue: 0,0:14:38.03,0:14:39.85,Default,,0000,0000,0000,,that's why I'm a libertarian Marxist,
Dialogue: 0,0:14:39.85,0:14:41.09,Default,,0000,0000,0000,,and so is Keynes,
Dialogue: 0,0:14:41.09,0:14:43.42,Default,,0000,0000,0000,,so that's why I'm totally confused.
Dialogue: 0,0:14:43.42,0:14:44.48,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:14:44.48,0:14:46.80,Default,,0000,0000,0000,,BG: Indeed, and possibly we are too, now.
Dialogue: 0,0:14:46.80,0:14:47.80,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:14:47.80,0:14:48.80,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:14:49.61,0:14:52.36,Default,,0000,0000,0000,,YV: If you are not confused,\Nyou are not thinking, okay?
Dialogue: 0,0:14:52.36,0:14:55.41,Default,,0000,0000,0000,,BG: That's a very, very Greek\Nphilosopher kind of thing to say --
Dialogue: 0,0:14:55.41,0:14:57.18,Default,,0000,0000,0000,,YV: That's more Einstein, actually --
Dialogue: 0,0:14:57.18,0:14:59.75,Default,,0000,0000,0000,,BG: During your talk you mentioned\NSingapore and China,
Dialogue: 0,0:14:59.75,0:15:01.77,Default,,0000,0000,0000,,and yesterday night at the speaker dinner,
Dialogue: 0,0:15:01.77,0:15:06.26,Default,,0000,0000,0000,,you expressed a pretty strong opinion\Nabout how the West looks at China.
Dialogue: 0,0:15:07.23,0:15:08.76,Default,,0000,0000,0000,,Would you like to share that?
Dialogue: 0,0:15:08.76,0:15:11.29,Default,,0000,0000,0000,,YV: Well there's a great\Ndegree of hypocrisy.
Dialogue: 0,0:15:11.97,0:15:15.94,Default,,0000,0000,0000,,In our liberal democracies we have\Na semblance of democracy.
Dialogue: 0,0:15:15.94,0:15:17.39,Default,,0000,0000,0000,,It's because we have confined,
Dialogue: 0,0:15:17.39,0:15:18.69,Default,,0000,0000,0000,,as I was saying in my talk,
Dialogue: 0,0:15:18.69,0:15:20.34,Default,,0000,0000,0000,,democracy to the political sphere,
Dialogue: 0,0:15:20.34,0:15:23.98,Default,,0000,0000,0000,,while leaving the one sphere\Nwhere all the action is --
Dialogue: 0,0:15:23.98,0:15:25.36,Default,,0000,0000,0000,,the economic sphere --
Dialogue: 0,0:15:25.36,0:15:27.61,Default,,0000,0000,0000,,a completely democracy-free zone.
Dialogue: 0,0:15:27.61,0:15:28.93,Default,,0000,0000,0000,,In a sense,
Dialogue: 0,0:15:28.93,0:15:32.17,Default,,0000,0000,0000,,if I am allowed to be provocative ...
Dialogue: 0,0:15:32.17,0:15:36.49,Default,,0000,0000,0000,,China today is closer to Britain\Nin the 19th century,
Dialogue: 0,0:15:36.49,0:15:37.90,Default,,0000,0000,0000,,because remember,
Dialogue: 0,0:15:37.90,0:15:40.21,Default,,0000,0000,0000,,we tend to associate\Nliberalism with democracy --
Dialogue: 0,0:15:40.21,0:15:41.70,Default,,0000,0000,0000,,that's a mistake, historically.
Dialogue: 0,0:15:41.70,0:15:42.89,Default,,0000,0000,0000,,Liberalism -- liberal --
Dialogue: 0,0:15:42.89,0:15:44.31,Default,,0000,0000,0000,,it's like John Stuart Mill.
Dialogue: 0,0:15:44.31,0:15:48.88,Default,,0000,0000,0000,,John Stuart Mill was particularly\Nskeptical about the democratic process.
Dialogue: 0,0:15:48.88,0:15:54.52,Default,,0000,0000,0000,,So what you are seeing now in China\Nis a very similar process
Dialogue: 0,0:15:54.52,0:15:57.68,Default,,0000,0000,0000,,to the one that we had in Britain\Nduring the Industrial Revolution,
Dialogue: 0,0:15:57.68,0:16:00.42,Default,,0000,0000,0000,,especially the transition\Nfrom the first to the second.
Dialogue: 0,0:16:00.73,0:16:03.88,Default,,0000,0000,0000,,And to be castigating China
Dialogue: 0,0:16:03.88,0:16:07.01,Default,,0000,0000,0000,,for doing that which the West did\Nin the 19th century,
Dialogue: 0,0:16:07.01,0:16:09.07,Default,,0000,0000,0000,,smacks of hypocrisy.
Dialogue: 0,0:16:09.75,0:16:11.45,Default,,0000,0000,0000,,BG: I am sure that many people here
Dialogue: 0,0:16:11.45,0:16:13.87,Default,,0000,0000,0000,,are wondering about your experience
Dialogue: 0,0:16:13.87,0:16:16.41,Default,,0000,0000,0000,,as the Finance Minister of Greece\Nearlier this year --
Dialogue: 0,0:16:16.41,0:16:17.81,Default,,0000,0000,0000,,YV: I knew this was coming --
Dialogue: 0,0:16:17.81,0:16:18.81,Default,,0000,0000,0000,,BG: Yes --
Dialogue: 0,0:16:18.81,0:16:19.81,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:16:19.81,0:16:21.03,Default,,0000,0000,0000,,BG: Six months after,
Dialogue: 0,0:16:21.03,0:16:23.44,Default,,0000,0000,0000,,how do you look back\Nat the first half of the year?
Dialogue: 0,0:16:24.33,0:16:26.76,Default,,0000,0000,0000,,YV: Extremely exciting\Nfrom a personal point of view
Dialogue: 0,0:16:26.76,0:16:28.19,Default,,0000,0000,0000,,and very disappointing,
Dialogue: 0,0:16:28.19,0:16:31.97,Default,,0000,0000,0000,,because we had an opportunity\Nto reboot the Eurozone.
Dialogue: 0,0:16:31.97,0:16:34.11,Default,,0000,0000,0000,,Not just Greece, the Eurozone.
Dialogue: 0,0:16:34.11,0:16:37.01,Default,,0000,0000,0000,,To move away from the complacency\N
Dialogue: 0,0:16:37.01,0:16:39.44,Default,,0000,0000,0000,,and the constant denial\Nthat there was a massive --
Dialogue: 0,0:16:39.44,0:16:40.66,Default,,0000,0000,0000,,and there is a massive --
Dialogue: 0,0:16:40.66,0:16:44.68,Default,,0000,0000,0000,,architectural fault line\Ngoing through the Eurozone,
Dialogue: 0,0:16:44.68,0:16:46.52,Default,,0000,0000,0000,,which is threatening, massively,
Dialogue: 0,0:16:46.52,0:16:48.96,Default,,0000,0000,0000,,the whole of the European Union process.
Dialogue: 0,0:16:49.26,0:16:52.31,Default,,0000,0000,0000,,We had the opportunity\Non the basis of the Greek program --
Dialogue: 0,0:16:52.31,0:16:53.72,Default,,0000,0000,0000,,which by the way,
Dialogue: 0,0:16:53.72,0:16:58.06,Default,,0000,0000,0000,,was the first program\Nto manifest that denial --
Dialogue: 0,0:16:58.06,0:16:59.30,Default,,0000,0000,0000,,to put it right.
Dialogue: 0,0:16:59.30,0:17:00.44,Default,,0000,0000,0000,,And unfortunately,
Dialogue: 0,0:17:00.44,0:17:02.49,Default,,0000,0000,0000,,the powers that be in the Eurozone,
Dialogue: 0,0:17:02.49,0:17:04.22,Default,,0000,0000,0000,,in the Eurogroup,
Dialogue: 0,0:17:04.22,0:17:06.41,Default,,0000,0000,0000,,chose to maintain denial.
Dialogue: 0,0:17:06.41,0:17:07.67,Default,,0000,0000,0000,,But you know what happens.
Dialogue: 0,0:17:07.67,0:17:09.68,Default,,0000,0000,0000,,This is the experience\Nof the Soviet Union.
Dialogue: 0,0:17:09.68,0:17:12.02,Default,,0000,0000,0000,,When you try to keep alive
Dialogue: 0,0:17:12.02,0:17:16.86,Default,,0000,0000,0000,,an economic system\Nthat architecturally cannot survive,
Dialogue: 0,0:17:16.86,0:17:19.50,Default,,0000,0000,0000,,through political will\Nand through authoritarianism,
Dialogue: 0,0:17:19.50,0:17:21.09,Default,,0000,0000,0000,,you may succeed in prolonging it,
Dialogue: 0,0:17:21.09,0:17:22.48,Default,,0000,0000,0000,,but when change happens
Dialogue: 0,0:17:22.48,0:17:25.13,Default,,0000,0000,0000,,it happens very abruptly\Nand catastrophically.
Dialogue: 0,0:17:25.13,0:17:27.14,Default,,0000,0000,0000,,BG: What kind of change\Nare you foreseeing?
Dialogue: 0,0:17:27.14,0:17:28.35,Default,,0000,0000,0000,,YV: Well there's no doubt
Dialogue: 0,0:17:28.35,0:17:31.04,Default,,0000,0000,0000,,that if we don't change\Nthe architecture of the Eurozone,
Dialogue: 0,0:17:31.04,0:17:33.10,Default,,0000,0000,0000,,the Eurozone has no future.
Dialogue: 0,0:17:33.10,0:17:35.95,Default,,0000,0000,0000,,BG: Did you make any mistakes\Nwhen you were Finance Minister?
Dialogue: 0,0:17:35.95,0:17:36.94,Default,,0000,0000,0000,,YV: Every day.
Dialogue: 0,0:17:36.94,0:17:37.94,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:17:37.94,0:17:40.05,Default,,0000,0000,0000,,Anybody who looks back --
Dialogue: 0,0:17:40.05,0:17:41.47,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:17:44.44,0:17:45.76,Default,,0000,0000,0000,,No but seriously.
Dialogue: 0,0:17:45.76,0:17:47.86,Default,,0000,0000,0000,,If there's any Minister of Finance,
Dialogue: 0,0:17:47.86,0:17:49.59,Default,,0000,0000,0000,,or of anything else for that matter,
Dialogue: 0,0:17:49.59,0:17:51.52,Default,,0000,0000,0000,,who tells you after six months in a job,
Dialogue: 0,0:17:51.52,0:17:55.17,Default,,0000,0000,0000,,especially in such a stressful situation,
Dialogue: 0,0:17:55.17,0:17:56.63,Default,,0000,0000,0000,,that they made no mistake,
Dialogue: 0,0:17:56.63,0:17:57.94,Default,,0000,0000,0000,,[they're dangerous people],
Dialogue: 0,0:17:57.94,0:17:59.22,Default,,0000,0000,0000,,of course I made mistakes.
Dialogue: 0,0:17:59.22,0:18:00.18,Default,,0000,0000,0000,,The greatest mistake
Dialogue: 0,0:18:00.18,0:18:04.36,Default,,0000,0000,0000,,was to sign the application\Nfor the extension of a loan agreement
Dialogue: 0,0:18:04.36,0:18:05.85,Default,,0000,0000,0000,,in the end of February.
Dialogue: 0,0:18:05.85,0:18:06.92,Default,,0000,0000,0000,,I was imagining
Dialogue: 0,0:18:06.92,0:18:10.17,Default,,0000,0000,0000,,that there was a genuine interest\Non the side of the creditors
Dialogue: 0,0:18:10.17,0:18:11.45,Default,,0000,0000,0000,,to find common ground.
Dialogue: 0,0:18:11.45,0:18:12.41,Default,,0000,0000,0000,,And there wasn't.
Dialogue: 0,0:18:12.41,0:18:14.99,Default,,0000,0000,0000,,They were simply interested\Nin crushing our government,
Dialogue: 0,0:18:14.99,0:18:16.42,Default,,0000,0000,0000,,just because they did not want
Dialogue: 0,0:18:16.42,0:18:19.96,Default,,0000,0000,0000,,to have to deal with\Nthe architectural fault lines
Dialogue: 0,0:18:19.96,0:18:21.91,Default,,0000,0000,0000,,that were running through the Eurozone.
Dialogue: 0,0:18:21.91,0:18:23.70,Default,,0000,0000,0000,,And because they didn't want to admit
Dialogue: 0,0:18:23.70,0:18:27.30,Default,,0000,0000,0000,,that for five years they were implementing\Na catastrophic problem in Greece.
Dialogue: 0,0:18:27.30,0:18:30.34,Default,,0000,0000,0000,,We lost one-third of our Nominal GDP.
Dialogue: 0,0:18:30.34,0:18:32.32,Default,,0000,0000,0000,,This is worse than the Great Depression.
Dialogue: 0,0:18:32.32,0:18:33.58,Default,,0000,0000,0000,,And no one has come clean
Dialogue: 0,0:18:33.58,0:18:36.51,Default,,0000,0000,0000,,from the tribe of lenders\Nthat has been imposing this policy
Dialogue: 0,0:18:36.51,0:18:39.55,Default,,0000,0000,0000,,to say, "this was a colossal mistake."
Dialogue: 0,0:18:39.55,0:18:40.57,Default,,0000,0000,0000,,BG: Despite all this,
Dialogue: 0,0:18:40.57,0:18:42.88,Default,,0000,0000,0000,,and despite the aggressiveness\Nof the discussion,
Dialogue: 0,0:18:42.88,0:18:45.44,Default,,0000,0000,0000,,you seem to remaining\Nquite pro-European.
Dialogue: 0,0:18:45.44,0:18:46.58,Default,,0000,0000,0000,,YV: Absolutely.
Dialogue: 0,0:18:46.58,0:18:51.10,Default,,0000,0000,0000,,Look, my criticism of the European\NUnion and the Eurozone
Dialogue: 0,0:18:51.10,0:18:55.21,Default,,0000,0000,0000,,comes from a person\Nwho lives and breathes Europe.
Dialogue: 0,0:18:56.01,0:18:59.52,Default,,0000,0000,0000,,My greatest fear is that\Nthe Eurozone will not survive.
Dialogue: 0,0:18:59.52,0:19:01.05,Default,,0000,0000,0000,,Because if it doesn't,
Dialogue: 0,0:19:01.05,0:19:03.86,Default,,0000,0000,0000,,the centrifugal forces\Nthat would be unleashed
Dialogue: 0,0:19:03.86,0:19:05.74,Default,,0000,0000,0000,,would be [demonic],
Dialogue: 0,0:19:05.74,0:19:07.80,Default,,0000,0000,0000,,and they would destroy the European Union.
Dialogue: 0,0:19:07.80,0:19:10.13,Default,,0000,0000,0000,,And that would be catastrophic\Nnot just for Europe
Dialogue: 0,0:19:10.13,0:19:11.75,Default,,0000,0000,0000,,but for the whole global economy.
Dialogue: 0,0:19:11.75,0:19:15.47,Default,,0000,0000,0000,,We are probably the largest\Neconomy in the world.
Dialogue: 0,0:19:15.74,0:19:17.57,Default,,0000,0000,0000,,And if we allow ourselves
Dialogue: 0,0:19:17.57,0:19:20.29,Default,,0000,0000,0000,,to fall into a [route?]\Nof the post-modern 1930's,
Dialogue: 0,0:19:20.29,0:19:23.08,Default,,0000,0000,0000,,which seems to me to be what we are doing,
Dialogue: 0,0:19:23.08,0:19:24.91,Default,,0000,0000,0000,,then that will be detrimental
Dialogue: 0,0:19:24.91,0:19:28.22,Default,,0000,0000,0000,,to the future of Europeans\Nand non-Europeans alike.
Dialogue: 0,0:19:28.22,0:19:30.60,Default,,0000,0000,0000,,BG: We definitely hope\Nyou are wrong on that point.
Dialogue: 0,0:19:30.60,0:19:32.27,Default,,0000,0000,0000,,Yanis, thank you for coming to TED.
Dialogue: 0,0:19:32.27,0:19:33.27,Default,,0000,0000,0000,,YV: Thank you
Dialogue: 0,0:19:33.27,0:19:35.92,Default,,0000,0000,0000,,(Applause)