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  • our final keynote speaker needs no introduction to this audience professor

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  • dr. Jana summer a focus was the Greek Minister of Finance in 2015 he's a

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  • leading participants and current debates on the global and European financial

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  • crisis he is an author and professor he's authored the global minutes are

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  • several academic articles on game theory and economics he's a professor of

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  • economic theory at the University of Athens and holds visiting professorships

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  • at the Universities of Texas and Stockholm please please give 'em very

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  • warm welcome to our final keynote speaker of the day mister minister

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  • Yiannis faraha

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  • well thank you so much for one welcome it's one of the beer because basically

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  • is a necessity I'm going to actually argue that this is not a question of

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  • whether we like it or not it will be a major part of any attempt to civilize

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  • capitalism as capitalism is going through a spasm caused by its own

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  • generation of technologies that undermine itself to put it simply in the

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  • 20 century we had the stabilisation and simulation of capitalism through the

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  • rise of social democracy new deeply new deal in the United States democratic

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  • social market developments in Europe unfortunately this social democratic New

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  • Deal paradigm is finished and you can not be devised actual make some comments

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  • on this but first let me let us remind ourselves of what the social-democratic

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  • New Deal tradition tradition is all about

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  • about two things firstly redistribution of income with the wage labor a kind of

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  • insurance for the working class working class ensuring the wedding plus take for

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  • instance the National Insurance Contributions scheme in Britain after

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  • the second world war unemployment insurance in the United States working

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  • wage laborers have faced effectively providing insurance payments to those

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  • out of a job

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  • seeing with health provision pensions those wedding today providing for the

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  • pensions of those who have stopped working so insurance and redistribution

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  • within the working class to put it bluntly the second dimension of course

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  • is redistribution between capital and labor between the rents and labor this

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  • takes the form of minimum wages that are negotiated by the state it's also

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  • process of collective bargaining user usually triangular involving trade

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  • unions employers and the state and of course taxation transfers through the

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  • taxation now this social democratic tradition I made a very big statement a

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  • moment ago today is dead in the water and it is dead in the water or dying in

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  • the water for two reasons for reasons that have to do with two earthquakes

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  • that if he'd our societies on both sides of the Atlantic one is the process of

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  • Finance financialization which created a huge wedge between capital and labor it

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  • created a new form of capital financial ice capital that essentially depleted

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  • the energy of both labor and in depth and he's inexorable financialization Dr

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  • headed comeuppance in 2008 @ ever since you remember after 1991 socialism died

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  • with the collapse of the Soviet Union and then after 2008 capitals date we

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  • have a new regime now I gotta go bankrupt accuracy its rule by the bank

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  • the banks the more bankrupt the bank the greatest capacity to mobilize and you

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  • see economic grants comic value from the rest of society and that's the problem

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  • with Bank of democracy the fact that for six years now we have a cynical massive

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  • transfer of wealth of income of value from production towards the financial

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  • eyes financial sector that the remains insolvent in reality despite this

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  • synagogue the problem with it is that it is created two things firstly

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  • deflationary forces ask anyone working in a sentimental switzerland today or in

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  • the Buddhist monk

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  • on the European Central Bank the Bank of Japan the Bank of England or the Fed

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  • becomes sleep at night because of the the fact that about half of the global

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  • economy now is languishing in negative interest rate that this is a reflection

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  • of the collapse of the Social Democratic New Deal bargain contract if you want

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  • of the twentieth century and that collapse happened in 2008 the world

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  • after 2008 cannot be understood anymore in terms of made sense before 2008 just

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  • like the world after 1929 would not be made sense off in terms that make sense

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  • in the Gold Exchange standard era but I had a 1929 the second reason with the

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  • deflationary process we have now the first blank of the social democratic

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  • tradition is that in the water because the working class can no longer insuring

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  • it

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  • stagnant wages the fact that youngsters are caught up in a dual labor market and

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  • they find it very difficult about Switzerland of course now but I'm

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  • talking about the rest of the developed world so easily successful only because

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  • it's only one of them and nobody else can be like but that's another

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  • discussion the fact remains that the first black the usual as amongst wage

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  • laborers is simply not possible because wage wages have stagnated such an extent

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  • that it is impossible for the wedding last in shorts and a second plant blank

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  • the redistribution between capital and labor is becoming increasingly

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  • impossible for two reasons first the politics that has become quite toxic

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  • just look at what's happening the negotiations between Greece and the

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  • troika within the European Union at the moment in the United States where you've

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  • got a congress be doing at the white house in a white house redoing the

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  • congress this distribution between capital and labor that was part and

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  • parcel of the new deal in social democracy

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  • required political governance Europe and the United States around governor as we

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  • speak at the leak completely on government and so that's the first that

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  • the second half way has to do this is nothing new I'm sure has been discussed

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  • their everyday a glimpse of this discussion

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  • let me put it very bluntly in science fiction terms their eyes of the machines

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  • artificial intelligence will consume very very soon is already doing it all

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  • the repetitive routine work or algorithmic work is going to be replaced

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  • especially the moment machines pass the Turing test and it is impossible for you

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  • and I do understand when we speak to some of the other phone where they were

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  • speaking to him sooner or to human person once we have that women have a

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  • massive displacement effect which for the first time in human history is going

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  • to overwhelm the creation of more job destruction than job creation remember

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  • that the bankrupt agree that they have referred to came at the tail end of a

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  • thirty-year period of replacement or manufacturing jobs in the developing

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  • world with low-wage in a bit of work employment rate swings in Britain

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  • speaker comes from employment rates are quite high in Britain and the white

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  • house in the United States but the bulk of those jobs that were created to leads

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  • to replace the jobs that were lost after 2008 after 1975 and 1983 low-wage jobs

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  • that ones that would be called immediately the moment artificial

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  • intelligence overcomes the test and we are facing a major issue there

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  • to link it with what I was saying before this displacement is going to reinforce

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  • the deflation reprocess the keep our central bankers awake at night because

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  • it will eliminate a significant measure of aggregate demand it will create an

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  • even greater level of income inequality and primarily disparity between savings

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  • in the end is this battle between savings and investment will force the

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  • price of money the rate of interest even below the current low low levels so this

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  • is why I'm saying the basic income is going to be an essential part of a

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  • necessary part of any attempt to stabilize I D and to civilized I don't

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  • need to decide to do I define basic income let me just say that this travel

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  • we are going to have to carry hearts and minds will be an ethical and unethical

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  • under dozen simply putting out of opposition from the heads but also from

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  • opposition from the have nots from such a democrat from leftists from those who

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  • whose own sense of dignity response against naturally the idea of something

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  • this is why it's important to couch facing come as what it is it is the idea

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  • that and allow me to not aided in broadens we are going to overturn the

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  • current narrative on life under capital the current narrative the dominant

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  • paradigm is what that we have private production of wealth which is then

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  • appropriated by the state for social purposes in reality our production

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  • is correct it is often and it is only then privately appropriate unless we

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  • make the shift in an hour we're not going to be able to succeed to convince

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  • even those who will benefit from basic income that it is worthwhile struggling

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  • for it

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  • dagen iPhone and pick it up and it will do you find it

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  • you find a variety of technologies each one of them was created by some

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  • government grant none of them was produced by Apple nothing was refused by

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  • Google none of them were produced with was produced by Facebook they were all

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  • produced bike down some government grant this is what I'm saying about his way

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  • I'm adding to the collective production of wealth which is then privately

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  • appropriated if you start thinking of it that way then it's very easy to start

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  • thinking of basic income as it didn't a dividend of those to the collective that

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  • was responsible for collectively producing the wealth and the gadgets and

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  • a product and the markets because this forced separation using a separation

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  • between the market and the state needs to be dissolved there would have been no

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  • markets if there were no states that we have no capitalism if it was not a state

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  • that would be doable no Google if it was not state and similarly there will be no

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  • state if they were no private entrepreneurs it would be no state is