Capitalism will eat democracy — unless we speak up | Yanis Varoufakis
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Capitalism will eat democracy — unless we speak up | Yanis Varoufakis

October 15, 2019


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

Only registered users can comment.

  1. You non Greeks who support Varoufucker are out of your mind! He is INSANE and doesn't know what he is talking about.

  2. IT HAS ALREADY DESTROYED DEMOCRACY. ALL U.S. POLITICIANS HAVE BEEN BOUGHT OFF. BECAUSE NONE OF THEM WILL RIDICULE THE OTHER THAT IS BOUGHT OFF.

  3. Capitalism is the only moral system that is in harmony with man's nature! And allows his intelligence to flourish and the ONLY system that says, MAN IS FREE! It allows for man's survival qua man, and protects man from physical force and other forms of force! There is no other system EVER that man can survive under as rational beings, and live free, than under capitalism!

  4. He is very confusing. I didn't walk away with much from that. I do believe we need a true democracy though. We should be able to vote on everything, including budgets.

  5. If you are a diehard anti-capitalism type of person, then you belong to an atheistic church and have little distinction from religious zealots. Take off the fucking goggles and see try for an original thought. These capitalism vs communism debates are so simplistic and boring (and unhelpful).

  6. Probably the level of the audience required explanation of some socialism ideas by giving examples of Matrix and Star treck. That's funny. Capitalism and democracy… what an absurd.

  7. Worker-owned co-ops and a global fund that nations around the world pay into (according to their ability) that is used to help in-need nations develop green economies. Sounds like a great plan for the future. 👍

  8. What’s the requirement to host a Ted-Talk. . . Well, this is an incite full man with good taste in TV shows.

  9. This fool and his games added a 100 billion more to the already astronomical debt levels of Greece. Greek people are wondering how on earth he is so much promoted by the anglosaxon establishment, but the answer is obvious : they love him, he is one of their best clowns servicing their interests. People think that the Angloamerican establishment is all about promotnig capitalism when in reality it is the opposite : the Angloamerican establishment promotes socialism, in the past mostly to those countries they wanted to keep down, now even inside the temple of capitalism, America. The very rich prefer socialist systems, not free-markets since in free-markets their entrenched positions are under attack at all times by wanna be socio-economical climbers hence the need for socialist measures that put a glass-ceiling and stop them.

    Varoufakis is a very poisonous man. He s a good orator but like so many of them he is a liar. He represents all what is most dirty. He comes from an extremely dirty family, fanatical communists who were the right-hands of ultra-capitalists, you get the point, literal lickers of powerful people, representing their oligarchical interests. He grew up in the inner circle of the Papandreou family, the very family that wrecked the economy and society of Greece. It is sickening to hear him talk about "the average man" out there when they see themselves as an elite that is destined-by-god to rule over the plebeians.

  10. Well said!
    It's now 2019 and the Matrix dystopia is becoming all the more established!
    Clash of the Titans, to commence very soon!

  11. the big corporations they will and destroy democracy not capitalism capitalism should be under control extreme capitalism destroys democracy supply and demand is the worst way of doing business period capitalism but under control pay your share in society and the CEO making 20 and 50 million of dollars that's what destroys democracy period socialism and communism should be out dictionary those are for dreamers only is not reality people have to be practical and capitalism works olny if people controlled not the corporations period

  12. Dr. Richard Wolfe talks about the important role of credit unions in productive economies, they tend to invest in small businesses and dont speculate!! Germany has a large number of credit unions, which partly explains the large number of small industries!!

  13. δώσε τους μαθήματα δημοκρατίας Γιάναρε, απολαυστικότατος

  14. Yanis Varoufakus, I’m thinking perhaps you are full of Yanis Varufakis. It’s probably not a good thing.

  15. Simply ask him "what if China offering your country much more capital than eurozone does?"

  16. Sorry, folks, ah, you? never considered granting a bigger backyard.

    Describing injustice until peace, as the union of American-Middle Eastern politics.

    Maybe some generous organization would allow innocent discussions. Democracy does.

    Better for a flat moral compass to spin than its negative aspect to win.

    The serious questioning of something more prudent isn't a beautiful contest to feed.

    Unfathomable emphasis on any! irritability, as the gavel to waste.

  17. WHYYYY? Why can’t these propagandists (or ignorants) not comprehend that capitalism did not cause ANY of this!!! Corporations are simply tools of the bankers and secret societies that JFK spoke of publicly before he was Axed. They use govt to favor cronies while suffocating their competition through the highest tax rate in the world which doesn’t effect the cronies because they have they profits in banksters off shore tax havens, and regulations and hostile policies on business. While at the same time our govt run education system and crony corporate college scam will not teach anyone how to live in a real capitalist system, no entrepreneurship education, no learning how to grow food, or monetary education or any real history. There’s so much more but we are under immense propaganda esp from msm. Karl Marx was propped up by the bankers and the result was Govt murdering well over 100 million of its own people in the last 100 yrs. that’s why this guy even says he’s confused. Nobody explained that capitalism can’t exist with the manipulation of the markets, currency, interest rates, inflation, stock market, and society in general.

  18. Ωμμμ…in order to eat democracy ,they have to widespread eating with hands, or change diet to desert sand food products…!!! Huuummm

  19. Well he may sound very flamboyant and smart to you, but to us Greeks he proved to be one of the most incompetent and arrogant ministers we have had in years. In theory, we are all experts but in politics only results matter

  20. I'm glad that I found your channel. After listening to you speak as a proponent of Marxism, you should realize that you are unwittingly and inadvertently, working precisely for the same goals of the world bankers and corporatist's New World Order agenda.

    Those of whom you speak against, were the ones who brought about Communism in the first place, following the Bolshevik Revolution. Of course, that version of Communism was a corruption of Marx's viewpoints of the ideology that he had in mind. This made him quite angry at Lenin.

    Of course Lenin was only a puppet for the Rothschild's growing worldwide central banking cartel of the period, those who planned, orchestrated and profited from the Bolshevik Revolution, by which many millions of people perished by bullet and mass starvation. I'm certain that you know of that history.

    The Rothschild's were the true, iron fisted power over the Soviet Union and satellite countries they eventually absorbed. It should be noted, the Rothschild's are not Jewish by any means of the definition. No offense meant to you personally, but this always is a point of contention for the uneducated around the world.
    Of course the Rothschild's and their ancestors, have propagandized the world's inhabitants for centuries, making them believe otherwise.

    Of course, you might likely deny that Socialism and Communism i.e. Marxism are entirely unrelated. Such is not the case.
    The end result, is any variable type of authoritarian bureaucratic dictatorship, each and every time. The state controls every aspect of the national infrastructures, as well as the lives of people.

    Some blindly view Marxism as a goal towards Utopianism. Utopian society is nothing more than wishful thinking, an unattainable pipe dream if you will. Dystopian society is always the final result. One supreme ruler, along with the Politburo, ruling over the subjugated proletariat workers class. The collective.

    Here, equality has become a reality, only by the notion that the working class collective, are equally kept in the throws of poverty by the ruling class.

    The only time that Communism, or rather Communalism has actually found beneficial success, were in the microcosmic religious monastic orders across Europe and Asia.

    As a side note, you should realize that Marx was an avid follower and adherent to Satan. You can find the proof of this by searching online, his writings, poetry and verses to Satan.
    I'm looking forward to your reply. Be well

  21. I don't understand how constant growth and giving dividends out every month is good. It causes wars and the destruction of countries to steal their natural resources. Really? To satisfy stock holders? An evil system. Remember the crash of 1929? The wealthy killed themselves. Our governments cannot bail out wall street like they did in the 1980's. In Chicago the Stock Exchange people hung a huge banner outside the window that said "We are the 1%" Robots are going to replace the poor working class because they are making hugh amounts of money by killing people by food, phamacutulicals, cancers etc? To some extent. But what are the owners going to do when their robots turn on them?

  22. Emerging world? They have always been out of the trade of prefered nations. That is why the "third" world remains poor, By design of the powers that BE.

  23. Socialism ate "democracy" too. And also we must remember that capitalism and socialism are economic systems. While democracy is a system of government. But what is democracy really?

    We have democracy when the ordinary citizen
    1. Becomes a governor, after random selection, for a very short time (along with many others)
    2. He is legislator, for all of his life (along with everyone else)
    3. Becomes a judge, after random selection, just for a single case (along with many others)

    Everything else is NOT democracy. It's oligarchy. Lighter or heavier.

  24. Much of AI technology will be too dangerous to be allowed in civilization due to reality it will destroy it. Existing examples: dynamite, RPGs, stinger missles etc. Citizens have a right to demand that technology not destroy their lives and their civilization.

  25. Εσύ ρε ΕΞΥΠΝΑΚΙΑ γιατι δεν μοιράζεις τις δικές σου καταθέσεις στους φτωχούς να δώσεις το καλό παράδειγμα….

  26. Basic premise is flawed IMO. While Capitalism has its issues and does tilt towards imbalance, other forms of economy are much worse. A brief glance at history clearly demonstrates this. Capitalist countries have far lower poverty and a much higher standard of living in every single case. Capitalism is self evidently not perfect, but its far better then the alternative. Just ask the folks in Venezuela.

  27. Democracy is a terrible form of government but I can also see the failures of capitalism so this is a tough one

  28. Point in Case: The commercial that accompanied this podcast (I live in the US now) was from UpNest (and these are their own words):
    Compare Realtor® commissions and
    services. Save $8,000 in commissions or $5,000 in buyer rebates when top
    5% real estate agents compete for you!

    So, you say: They customize commercials now, you must be a realtor! Not even by a long shot, first of all, I rent, and, secondly, because I couldn't find any work, I am campaigning currently for BERNIE SANDERS, ssank u verry musch – LOL!

  29. It's not capitalism that destroys democracy it is corruption and not following the tenants of the Magna Cata. e.g. Epstein, Saville.

  30. Socialism and Government is not a good mix. A socialist system of
    governing, becomes fat as a sow. Socialist governments are heavily
    bureaucratic in the want of more tax dollars to run the government state
    socialist enterprise through inefficiency, and incompetency- an
    expensive waste.

    If people want to be part of an altruistic community, they should come
    together and create a social enterprise through a non profit business.
    They could together raise capital to fund the non profit business, and
    invest the proceeds into real estate for community housing in the goal
    of supporting the socialist community, through the investment
    infrastructure of everyone's talent and skill.

    The social businesses should be democratic, with a leadership elected
    among the best in talent and skill, and most of all, altruistic as above
    ones self interest.

    The social businesses philosophy- "Whats good for the goose is good
    for the gander", would make everyone equal partners, benefiting equally.

    Capitalist businesses could benefit through the social enterprise, I
    describe. All businesses require trained, skilled labor. Its often an
    expense for a businesses to train people, along with other business
    costs, such as, an entire gamut of regulatory tax that has become a
    costly means of doing business for employing workers.
    Businesses use capital to leverage other businesses as a form of
    price control. McDonald's for example, can buy an entire field of
    potatoes, for nickles on the pound. A social business could use the
    leverage of its workers, to leverage living costs. Ten workers who put
    their wages together, could pay for a house in cash, without the need of
    a bank loan, an interest savings that would allow them to buy up more
    homes with cash. Within 30 years, about the time it takes to pay off a
    loan, the 10 workers would have more than 10 homes- that's leverage.
    Instead of a social businesses buying a house for every working
    individual in the community, they could purchase land and build a unit
    that would be similar to a resort community of vacationers- with all the
    amenities; a pool, a gym, a club house, a theater, a restaurant, and
    whatever else is agreed upon with the community.
    The efficiency in the use of combining everyone's salary and wage,
    would allow for working individuals to not have to work a grueling 8
    hour shift, 261 days a year, with the most minimal time to spend with
    their family. There are too many people who can't take a vacation
    because they can't afford it. Speaking of vacation, a social business
    could leverage a vacation resort, cruise ships, with labor. The workers
    would want to do their best, so when they are on vacation, they are
    treated the best.

    When private businesses have well-rested, happy workers, ready to
    jump into work, and not jump on the clock, they would have productive
    workers.

    I'm concluding this for questions. I have been thinking about this
    idea for many years, all the ends and outs, for the most part. There are
    others with good ideas, and It would be nice to hear them. Perhaps
    there are people who are talented and skilled, who could help make the
    social business a reality. Oh, one important thing- how to fund the
    start of this endeavor. Got it figured out too. I came up with a fund
    raising name- Two Mocha's. There has to be a million people, at least,
    that wouldn't mind paying the price of two mocha's, $10 dollars. There
    has to be a million people interested, its a matter of getting their
    attention. One million people donating, would be 10 million dollars a
    month, 120 million dollars a year. I was thinking also, a few people out
    of the million subscribers could have their names drawn, for a paid
    vacation, or paid education, or some of the first individuals in the
    community which will depend on talent, skill and drive, to ensure the
    social business develops quick enough.

  31. Socialism and Government is not a good mix. A socialist system of
    governing, becomes fat as a sow. Socialist governments are heavily
    bureaucratic in the want of more tax dollars to run the government state
    socialist enterprise through inefficiency, and incompetency- an
    expensive waste.

    If people want to be part of an altruistic community, they should come
    together and create a social enterprise through a non profit business.
    They could together raise capital to fund the non profit business, and
    invest the proceeds into real estate for community housing in the goal
    of supporting the socialist community, through the investment
    infrastructure of everyone's talent and skill.

    The social businesses should be democratic, with a leadership elected
    among the best in talent and skill, and most of all, altruistic as above
    ones self interest.

    The social businesses philosophy- "Whats good for the goose is good
    for the gander", would make everyone equal partners, benefiting equally.

    Capitalist businesses could benefit through the social enterprise, I
    describe. All businesses require trained, skilled labor. Its often an
    expense for a businesses to train people, along with other business
    costs, such as, an entire gamut of regulatory tax that has become a
    costly means of doing business for employing workers.
    Businesses use capital to leverage other businesses as a form of
    price control. McDonald's for example, can buy an entire field of
    potatoes, for nickles on the pound. A social business could use the
    leverage of its workers, to leverage living costs. Ten workers who put
    their wages together, could pay for a house in cash, without the need of
    a bank loan, an interest savings that would allow them to buy up more
    homes with cash. Within 30 years, about the time it takes to pay off a
    loan, the 10 workers would have more than 10 homes- that's leverage.
    Instead of a social businesses buying a house for every working
    individual in the community, they could purchase land and build a unit
    that would be similar to a resort community of vacationers- with all the
    amenities; a pool, a gym, a club house, a theater, a restaurant, and
    whatever else is agreed upon with the community.
    The efficiency in the use of combining everyone's salary and wage,
    would allow for working individuals to not have to work a grueling 8
    hour shift, 261 days a year, with the most minimal time to spend with
    their family. There are too many people who can't take a vacation
    because they can't afford it. Speaking of vacation, a social business
    could leverage a vacation resort, cruise ships, with labor. The workers
    would want to do their best, so when they are on vacation, they are
    treated the best.

    When private businesses have well-rested, happy workers, ready to
    jump into work, and not jump on the clock, they would have productive
    workers.

    I'm concluding this for questions. I have been thinking about this
    idea for many years, all the ends and outs, for the most part. There are
    others with good ideas, and It would be nice to hear them. Perhaps
    there are people who are talented and skilled, who could help make the
    social business a reality. Oh, one important thing- how to fund the
    start of this endeavor. Got it figured out too. I came up with a fund
    raising name- Two Mocha's. There has to be a million people, at least,
    that wouldn't mind paying the price of two mocha's, $10 dollars. There
    has to be a million people interested, its a matter of getting their
    attention. One million people donating, would be 10 million dollars a
    month, 120 million dollars a year. I was thinking also, a few people out
    of the million subscribers could have their names drawn, for a paid
    vacation, or paid education, or some of the first individuals in the
    community which will depend on talent, skill and drive, to ensure the
    social business develops quick enough.

  32. An important seminal thinker that challenges the institutionalized narrative. Wade Goodwin, The FAIR Digest, Cape Town, South Africa

  33. Capitalism is Democracy. It is the people choice where to spend money that they earn. Socialists only believes Democracy is been able to spend other people money without paying it back. Socialists removes those freedoms of choice, by TAXING the people incomes and removes people social choices. They destroy the poor choices, by giving them a false reality of free money through welfare and other social programs making them a dependent and let them lose into abject poverty, after they have no more money to give. The Money well have run dry. The Bar man said you have enough Drink and you are too drunk to give you more drink. Greece problems is like a drunk and it is self inflicted, that cause their economic crash, is their various Greek socialist government were building up huge debts (from EU Banks), that they cannot afford and they crashed in 2008. It was the people choice to vote for politicians whom had giveaway policies to secure their short term power for decades before that that created the crises. Greece had high TAXES and TAX evasion was greatest among socialists. There was a time to pay back those debts and your government voted for the Bail out which came with conditions. Now you are crying foul, because you are been forced to pay off your debts that you accumulate for decades under socialist governments!! They still have not paid it off and they are in their third bail out because of the huge disaster they created for themselves.

  34. Wealth is power is wealth is power is wealth.. Capitalism requires concentrations of capital (wealth). Genuine Democracy requires an equal distribution of power ,which could only exist where there is an equality of wealth, and the natural result of any equality of power is the equality of wealth.

  35. What fluffy nonsense…………..capitalism no longer exists anywhere………..We have cronyism and corporatism but not capitalism and it is this that is attaching democracy. The left liberal agenda intervenes and manipulates everywhere including in democracy. In the UK they now are subverting a democratic vote because "they" do not like the result. This idiot wants Corbyn to win power in the UK. What an utterly misguided and wrong fool this Greek chappie is. The EU have consumed the Greeks whole and yet he still goes on with his left agenda. Idiot.

  36. Greek's financial crisis was caused (as usual) by the middle class removing their assets to build high rental holiday homes and exploit their own people by that affect of raising rents. Same old greedy middle class fascist behaviour!

  37. Why did they laugh when he said it would make the Matrix looks like a documentary? Were they so stupid they thought it was a joke?

  38. …will eat up democracy? I would say that it has already swallowed a large junk of it and is at work to continue to bite off piece after piece of what is left of the democracy.

  39. Speculative-not procuctive- capitalism HAS ALREADY destroyed democracy in any country it has been enforced in. The decisions concerning people's lives have moved from politics (governments) to PREDATORY INSTITUTIONS. So voting has become MEANINGLESS. A situation, which must be changed YESTERDAY, not now or tomorrow!

  40. This guy reminds me of the idiot economisst of the 1960's who predicted that the USSR economy would be the largest in the world by the year 2000 based on their huge government's control over their economy. He believes his own B.S.

  41. Capitalism is already starting to eat democracy..
    Look at US today!
    The vile orange creature and his cabinet is dismantling democracy, and yet nothing is being done, because the people he is serving,( the oligarchy and corporate world) have the power..
    That's why no matter what he does, impeachment is pretty much impossible….

  42. Marxism for new millenium have 5 pillars: English economics, Franch idealism, German philosophy, Athenian Democracy and Slavic dedication to an idea!

  43. Maximum wage. Problem solved.

    Let’s 20 x the lowest wage a company employs someone at. There, solved your stupid little problem.

    Also, unregulated democracy always fails. Republic! Voting only with qualifications.

  44. He is proposing communism that means socialize society, give to those who are destructive or don't contributing to good of economics of society. We have that experienced in Yugoslavia and it took us to the wars in between rich and pour nationalists and shovinsts.

  45. Democracy is just a theater for the masses. You vote for the people who either a) are powerless and who can't make any fundamental changes, or b) are supporting the current system of unequality and don't want to make any fundamental changes.

    So when we here in Europe let's say vote social-democrats in power, the only thing they can do is some cosmetic changes in the redistribution of wealth – a little bit higher basic wages, a little bit more money is going to health care and education, some incentives to green energy, a little bit higher tax on high incomes etc. Even worse, in the past 20 years social-democrates and conservatives in Western Europe have been competing in who is going to make more cuts in social welfare. Why? Simply because they are scared of China. Many European industries have either moved or been outsourced to China. Cost of European workers is too high compared to China and other countries who have stable political systems and cheap, educated labour. And, of course, capital moves there where there is a higher profit and plenty of labour. Western European governments are constantly being black-mailed by their capitalists "Do what we want, or we'll move to China, India, Eastern Europe etc."

    European Union is not created for idealistic purposes. Western European countries have nedeed cheap and well-educated labour from Eastern Europe. And a couple of years ago when Angela Merkel 'invited' a million refuges and migrants to Germany, she did it because the German industry needed cheap labour. You think German citizens would work 12 hours a day for minimum wages? Forget it. The trouble with all these migrations is a) European citizens are getting poorer and can't even get jobs with minimum wages, and b) many migrants from Muslim countries don't integrate well in the Western societies.

    That's why the rise of AfD in Germany has happened. The right-wing populist are accusing migrants for the troubles of the poor in the Western Europe, just like Nazis accused Jews, but the truth is that the Western European capitalists are refusing to share their wealth with the rest of the people in their countries.

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