Yanis Varoufakis in TED talks: Capitalism will eat democracy – unless we speak up!

26 Jan

By Keffyalew Gebremedhin – The Ethiopia Observatory (TEO)

TED: Yanis Varoufakis thinks we need a radically new way of thinking about the economy, finance and capitalism.

“Have you wondered why politicians aren’t what they used to be, why governments seem unable to solve real problems? Economist Yanis Varoufakis, the former Minister of Finance for Greece, says that it’s because you can be in politics today but not be in power — because real power now belongs to those who control the economy.”

Does this smack of something on the face about Ethiopians and the ethnic minority regime, the TPLF relations? I apologize for bringing it here given that it is too diminutive in the scale of things – even by Sub-Saharan African standards – to even remotely attempt comparability of its essence with what is happening in our world today?

Yanis Varoufakis, quoting Larry Summers’ “secular stagnation“, has shown that this is pretty bad, in the light of what is happening now in China, oil price conditions, the 2007 financial and economic crises, and the possibility of the many more coming to undo the global order. Secular stagnation was originally coined by Alvin Hansen in 1938 to “describe what he feared was the fate of the American economy following the Great Depression of the early 1930s: a check to economic progress as investment opportunities were stunted by the closing of the frontier and the collapse of immigration.”

Today, this is happening due to the bifurcation of systemic governance nationally and internationally between politics and economics and that this killing democracy, instituting deepening inequality in a world where incomes no longer rise as a few individuals become billionaires and poverty spreads, despite the claim to the contrary, stable life and hope for a better future having become a mirage for the great majority!

The TPLF is the only power in Ethiopia to give and take, rape and rob, imprison and kill, appoint and deprive with no consequence in the eyes of the law. Since it cannot alter reality, it has been imitating the prophets to say growth and their is growth, democracy and there is democracy, as it supporters around the world echo “its truth”! This is because, the TPLF has all the powers in the Ethiopian world – political, military and security, it being the dictatorship of authoritarianism primarily supported by the United States. This is irrespective of whether there is/are anyone else or groups rich and powerful from the other ethnic groups, or in the highest office in the land – such as president, prime minister, or defense minister – they have no power whatsoever – even though they  have made it a habit, by order of the TPLF to masquerade as power-sharing partners, for instance, such as ANDM, OPDO, SEPDM or whatever.

Today in our world, the rich get whatever laws they need. They draft communiqués to the G-7 and have the big powers adopt them. Any nation they love and support or hate and isolate feels their arm.

Similarly, recall how Abay Tsehaye arrogantly blew his hot air and screams in a shrill voice in this past one year twice against the Ethiopian people, in particular the Oromos. See the deaths and the many heartbreaks he has caused. While the degree of the popular anger suddenly has shocked him and turned him into a mouse already twice and had to scurry to his stupid and shameful denials, even in the presence of digital evidences. What caused this is his fear that he has rocked the TPLF boat and irreversibility of the people’s anger has made him look he has seen a living and walking terror itself! Indeed Ethiopia has entered into its either or future!

Varoufakis believes that the mega-rich and corporations are cannibalizing the political sphere, causing financial crisis. In this TED talk, we are invited to hear his dream for a world in which capital and labor no longer struggle against each other, “one that is simultaneously libertarian, Marxist and Keynesian.”

Who is Yanis Varoufakis? – Full bio

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