74 Quotes by Yanis Varoufakis

The ancient Greek word for money, for currency, is 'nomisma.' It comes from the verb 'to imagine.'""So money has value to the extent that we imagine that it has value, according to the ancient Greeks. They knew that more than 2,000 years ago, and we kind of forget that simple, important notion at times.

Greece's bailout, then Ireland's, then Portgual's, then Spain's were primarily rescue packages for French and German banks.

Regular crises perpetuate the past by reinvigorating cycles which started long ago. In contrast, (capital-C) Crises are the past's death knell. They function like laboratories in which the future is incubated. They have given us agriculture and the industrial revolution, technology and the labour contract, killer germs and antibiotics. Once they strike, the past ceases to be a reliable predictor of the future and a brave new world is born.

... toxic derivatives were underpinned by toxic economics, which, in turn, were no more than motivated delusions in search of theoretical justification; fundamentalist tracts that acknowledged facts only when they could be accommodated to the demands of the lucrative faith. Despite their highly impressive labels and technical appearance, economic models were merely mathematized versions of the touching superstition that markets know best, both at times of tranquility and in periods of tumult.

The motives of the troika and Greece's domestic oligarchy are obvious. Debt is creditor power, and unsustainable debt gives creditors exorbitant power.

...a cynical person is someone who knows the price of everything but the value of nothing. Our societies tend to make us all cynics. And no one is more cynical than the economist who sees exchange value as the only value, trivializing experiential value as unnecessary in a society where everything is judged according to the criteria of the market.

What does it mean to be a proletarian, really? [...] It means you are a cog in a process of production that relies on what you do and think, while excluding you from being anything but its product. It means the end of sovereignty, the conversion of all experiential value to exchange value, the final defeat of autonomy.

The East India Company was no apparition though; it was the template for many subsequent corporations […] Liberals betray themselves […] the moment they turn a blind eye to this kind of hyper-concentrated power. […] This is why trading in apples does not come even close to trading in shares. Large quantities may produce, at worse, lots of bad cider, but large amounts of money invested in liquid shares can release demonic forces that no market or state can control.

Liberalism’s fatal hypocrisy […] was to rejoice in the virtuous Jills and Jacks, the neighborhood butchers, bakers and brewers, so as to defend the vile East India Companies, the Facebooks, the Amazons, which know no neighbors, have no partners, respect no moral sentiments [the other book by Adam Smith] and stop at nothing to destroy their competitors.