Design Defects and Policy Failures

This seminar offers a diagnosis of the current European debt crisis that traces its origins to inherent flaws in the legal and institutional design of the Eurozone. Questions to be addressed include:

• Is the European Monetary Union responsible for the current Eurozone crisis?
• What role have core nations such as Germany and France played in the crisis, compared to peripheral nations such as Spain and Greece?
• What are the political and economic implications of austerity?
• What policies should Europe adopt to resolve this crisis?

• ROHAN GREY: Seminar Introduction 0:00:00
• GEORGES UGEUX: Opening Moderator Remarks 0:48
• YANIS VAROUFAKIS: Introduction 3:54
• YANIS VAROUFAKIS: Background – The 1920s 7:56
  • YANIS VAROUFAKIS: Introduction to Surplus Recycling 9:35
  • YANIS VAROUFAKIS: Post WWII & Bretton Woods 13:19
  • YANIS VAROUFAKIS: Why did the Gold Standard Die? 16:14
  • YANIS VAROUFAKIS: Post 1970s – US deficits and the birth of the Eurozone 16:40
    • YANIS VAROUFAKIS: Germany and the threat of Competitive Devaluation 18:50
    • YANIS VAROUFAKIS: Why did the European elites want to create the Eurozone? 21:30
  • YANIS VAROUFAKIS: The Maastricht Treaty and the Barriers to Entry for countries like Greece and Italy 24:42
    • YANIS VAROUFAKIS: 2000-2008 – Low German growth, periphery running on borrowed money 27:42
  • YANIS VAROUFAKIS: 2008 – Capital flows out of Europe, Domino effect 30:34
  • YANIS VAROUFAKIS: The Eurozone is Doomed 31:48
• YOUTUBE: Misery Youtube clip 35:35
• MARSHALL AUERBACK: The Eurozone has failed 37:55
  • MARSHALL AUERBACK: Greece as a whipping boy 40:37
  • MARSHALL AUERBACK: The Grexit 42:23
    • MARSHALL AUERBACK: Mario vs Mariano – The Problem in Spain 44:09