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Varoufakis calls this problem the "twin peaks paradox" in his TED talk: https://www.youtube.com/watch?v=GB4s5b9NL3I https://www.youtube.com/watch?v=GB4s5b9NL3I

• neolefty 10y ago
  From the video: > One peak is the mountain of debt ... that is casting its shadow over the whole world ... We all recognize the mountain of debt. > But few people recognize its twin: A mountain of idle cash, belonging to rich savers and corporations, too terrified to invest it into the productive activities that can generate the incomes from which you can extinguish the mountain of debt, and which can produce all those things that humanity desperately needs, like green energy ... > Now, let me give you two numbers ...
  • pdkl95 10y ago
    >> Now, let me give you two numbers ... Mark Blyth recently mentioned[1] two numbers that are particularly effective at explaining where money is being "saved". > In 2015, Wall St. bonuses - not regular compensation, bonuses - seven years after they were bailed out with the public purse totaled $28.4 billion. Total compensation paid to every single person in this country who earns minimum wage: $14 billion. [1] https://www.youtube.com/watch?v=VWMmBG3Z4DI#t=1104 https://www.youtube.com/watch?v=VWMmBG3Z4DI#t=1104
• rileymat2 10y ago
  It is intriguing, but with nearly every statement he makes, I feel like I need a citation to believe it, because they feel like overstatements or misleading.
  • mdekkers 10y ago
    Varoufakis is a very smart man. His talk on this subject is interesting, and the figures easily verified. Unfortunately most of the critisim if his ideas come in the form of some type of ad-hominem: "Well he is a Marxist, so everything he says is false"