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FILME | Dedo na ferida, 2017 — Transcript

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0:31In 2008, our generation had the
0:33experience that an earlier generation
0:36had in 1929. A bubble that had been
0:41created in the guts of Anglo-Saxon
0:43capitalism on Wall Street burst. With
0:48it, the financial system that was
0:51fueling this bubble collapsed. '29,
1:001929. Tuesday, the New York Stock
1:04Exchange is in a panic; investors have
1:06scrambled to unload their stocks at any
1:09price. Everyone wants to sell, no one
1:11wants to buy. Suddenly, even the most
1:14gilded securities are practically
1:16worthless; the crash has come and the
1:19Great Depression has begun. There's a
1:22funny phrase which is secretly said in
1:24banking and amongst the very rich that
1:27you should never let a good crisis go
1:29to waste. That is, this is an
1:33opportunity. And they have, you know,
1:36the top 1%has the wealth, power, and
1:38influence to use that opportunity to
1:40their own advantage, and they have done
1:42so. The primary religion is money. We
1:57have entered a quite particular period
2:01in the history of humanity, which is
2:06denying everything that has been said
2:08on the social level, on the human level
2:10, on how we must change society, and so
2:13on. It is being canceled. It is
2:15canceled by very powerful groups that
2:18direct the economy, and they direct the
2:21economy in the interest of a few
2:24shareholders—a small group of
2:26shareholders out of 6 billion, there
2:29must be only a few million to whom the
2:32vast majority of the assets and wealth
2:35of this world belong. If I buy beans,
2:38I’m short on rice. If I buy rice,
2:41I’m short on sugar. I'm just one more
2:46in this mess. When I have everything, I
2:52run out of gas, thank goodness the
2:53neighbors help out. ...of life. Where
3:00the poor get poorer, the rich get
3:03richer with every measure. Money for us
3:12is like that, it never visits. Bye.
3:21Where the poor get poorer, the rich get
3:24richer. A small conclusion. Money for
3:32us is like that, and it doesn't even
3:34visit. Today I woke up at 5 in the
3:41morning, as I usually always do. It’s
3:59my routine from Monday to Friday,
4:00taking the train and arriving at
4:02Central do Brasil, then taking the
4:04subway. Economics, I don't understand
4:13practically anything, right? I'm a
4:14layman on the subject. The Brazilian
4:17people themselves should delve deeper
4:19into these areas, into this subject,
4:22and become better politicized. But I
4:25don't look into it much because if you
4:28stop to think too much about the
4:30economy, you end up going kind of crazy
4:33, right? Because the way things are
4:35going,
4:46I prefer to just let life carry me. We
4:48keep working, we keep going, we keep
4:50moving on.
4:54These things about crises don't
4:56interest me much. It's complicated. I
4:59know it's a bad thing, right? But I
5:02don't give it much importance, I know I
5:05should, but
5:12the bank, really, I see it as a trap,
5:15you know? Because if you stop to think
5:19about banks, what they do, how they do
5:23it, it works like a trap, a setup,
5:26right? They're there, you're doing
5:29everything just right, a simple lapse,
5:31and the interest, it comes crushing
5:33down, a plan economic, a financial
5:50crisis, you get stuck with the idea of
5:52the financial crisis. Ah, the financial
5:55crisis, austerity, we have no rights
5:59because of the economic crisis, the
6:01financial crisis. with that they want
6:04to show that we are in a crisis
6:05situation, that we will recover. No,
6:08it's false, we won't recover, because
6:10this is an ideological plan, not
6:11economic austerity policies as if it
6:13were something technical. we don't have
6:16to enter into economic austerity
6:18policies because there are cuts. No,
6:21it's false. The ideology of economic
6:25austerity is an ideological one. Social
6:31cuts, the policy of austerity is a
6:34perfectly defined ideological approach
6:37that aims at social policies, aims to
6:39suppress controls, allows for
6:41deregulation. Within this economic
6:47debate, there are those who deep down
6:49defend the path, this first path, the
6:52path of austerity through spending and
6:55service cuts, because deep down they
6:57don't want a welfare state, they don't
7:00want a state that limits the capitalist
7:02system. Society wants public health,
7:06society wants public education, it's
7:08very clear, right? This didn't, at any
7:12point, did society give up on having
7:15these things. But deep down what you do
7:18is say: "Look, no, but it's not
7:20possible, you can't want that." Because
7:23look, there is this science of
7:25economics here saying that the only
7:27alternative for us to solve this
7:28economic crisis is to contain spending,
7:31reduce the size of the state. If you
7:34don't do it, we'll explode, public debt
7:37will collapse, etc. In a way, you
7:39convince the population that they have
7:42to sacrifice themselves in the name of
7:44this good behavior, uh, right, this
7:46idea of austerity as a if you behave
7:49well, you will see that everyone wins
7:51in the end. And this, uh, limits
7:55democracy itself and also creates these
7:58monsters we're seeing now, which arise
8:01from the desperation of a population
8:03that sees the system is no longer
8:06meeting its demands and interests and
8:08wants other solutions, no longer
8:11believes in this establishment, no
8:13longer believes in this type of
8:16discourse, and realizes it doesn't
8:18benefit everyone equally, right? And so
8:22they start betting on false solutions
8:24from the far-right too, right, that the
8:27fault lies with immigrants, or the
8:29fault lies with the poor, Black people,
8:32or minorities, right? This is a
8:35discourse that gains ground in this
8:39context where, uh, clearly governments
8:42are failing to deliver what the
8:45population demands. Politically, it
8:51means in practice for the working
8:54classes and also the middle classes—
8:57which weren't counted before but are
9:00now—because in Europe we are seeing a
9:03brutal erosion of the middle classes,
9:06causing social suffering, increased
9:09inequality, as I said, and the loss of
9:12rights. At the same time, an
9:18ideological regression, perhaps less
9:27aid less labor policy, fewer rights, so
9:32a conservative regression occurs, and
9:35that is where nationalism arises, the
9:38search for religions, or lost
9:43religiosities that we thought were
9:45already gone or distant. My opinion is
10:02that I’ve always said since
10:07university that a society needs a large
10:10middle class because it pacifies
10:15society. It is the best way to move
10:18toward a calm and serene society that
10:21works normally without major tensions.
10:24To have a very large middle class. Yet
10:26today, the system is completely
10:28destroying the middle class. We realize
10:30that, well, there is the poor class
10:32that we have always known. Nothing is
10:34done for them anymore, and we are also
10:35destroying the middle class more and
10:37more. Political power yields its power
10:40to the power of money, particularly to
10:42banks. That is already somewhat the
10:44beginning of the end of democracy. And
10:47with these results, the enormous
10:49unemployment we have in France and
10:51everywhere else in the world, and also,
10:53as I said, the destruction of the
10:55middle class, we see that there are
10:57more and more poor people and more and
10:59more rich people. It started at the end
11:03of the two blocs, because capitalism
11:05feared communism and communism feared
11:08capitalism. So there was a kind of
11:10balance, and then communism fell. From
11:13that moment on, capitalism became
11:15hyper-capitalism and had all the power
11:17to do whatever it wanted. Of course,
11:21capitalism is not particularly good at
11:23looking after itself, in the sense that
11:28when the vested interests, capitalist
11:30interests, are allowed to run amok, to
11:33do whatever they want as they are
11:35because they're not constrained by any
11:37political process, then, in the end,
11:39like a stupid virus, they end up
11:41killing the organism in which they live
11:43, and the organism in which they live,
11:46of course, is global society. So they
11:49are damaging global society so much
11:51that they are going to hurt themselves.
11:53But of course, in the process, they
11:56hurt hundreds of millions of innocent
11:58people. I very much fear that unless
12:02there is a democratic movement in Latin
12:04America, in Europe, in the United
12:06States, counters of post-19. Capitalism
12:22, which at one time was progressive,
12:25failed to solve the basic needs of the
12:29population and, therefore, from an
12:32economic standpoint, it did not
12:36democratize in the sense of
12:38guaranteeing that every member of
12:42society had equal rights to what is
12:45fundamental: work, school, housing, and
12:49land. And we have a very serious social
12:53crisis, because throughout the 20th
12:56century, people could rise socially and
12:59could solve their problems. And now
13:03what we are witnessing is an increasing
13:05number of new contingents of millions
13:08of people excluded even from the system
13:10of exploitation. In other words, the
13:13capitalists no longer even need to
13:15exploit the poor. You live in a society
13:19where the majority do not have the
13:21opportunity to fulfill themselves as
13:24full citizens from the point of view of
13:27the economy, society, culture, and
13:30education. Evidently, there will not be
13:35, or there is not, a democratic society
13:37, even if people vote.
13:40Everyone's tendency is to imagine that
13:42the owners of power are those who hold
13:44political power. Therefore, the
13:47president, the governors, the
13:48legislators, senators, representatives;
13:51the power that is easily understandable
13:53is economic power, right? If you hold
13:57economic power, all other forms of
14:00power are subordinate to it. So, if you
14:04look at the Brazilian federal budget,
14:06you will see that the main
14:07beneficiaries are interest and the
14:09amortization of our internal debt. Who
14:13does this money go to? Well, this money
14:17goes, first and foremost, to national
14:19banks, for the most part, but some
14:21foreign banks too, to insurance
14:23companies, to investment funds, and to
14:25the elite—the business elite and the
14:27personal elite. I think it would be
14:31reasonable to call this group, in the
14:33case of Brazil, the masters of power.
14:37The banking sector was the most
14:39profitable among publicly traded
14:41companies in Brazil in 2016. B a place
14:52for thieves, no it is a the people can
15:01become ever richer, no banks simply
15:09serve to appropriate natural resources
15:18to eliminate a place to manufacture and
15:32introduce to the people a criminal
15:37chain of consumerism and misery Of the
15:4420 most profitable companies in Brazil
15:48in 2016, six are banks. Itaú Unibanco
15:52and Bradesco occupy the top two
15:54positions. Among the biggest losses of
15:572016, there is not a single bank. I
16:07have a bank account, but it's a savings
16:10account, not a checking account,
16:12because I don't earn much, my salary
16:15isn't that high, but what happens? We
16:18have to have some kind of guarantee,
16:20since we don't have public services. I
16:31don't have checks, I have a credit card
16:33. I've never thought about investing,
16:36no. I try, I try more to leave this
16:39money as a guarantee, right? Because we
16:43, those of us who have small children,
16:46we need to have a reserve saved up. So
16:51I prefer to leave it like that,
16:52especially because I don't understand
16:54this investment business. The Vanguard
17:08Group, the largest investment fund in
17:10the United States, controls some of the
17:12most powerful companies in the world.
17:15Some of them, competitors, it is the
17:17largest shareholder of five major
17:19financial institutions, of the largest
17:25technology and communication companies,
17:28and other multinationals. It is one of
17:33the largest shareholders of other
17:34market giants. The concept of a
17:40corporation is a broad concept that
17:43includes corporations like Bill Gates '
17:47, pharmaceutical companies like
17:50Novartis, and these corporations have
17:53budgets that are larger than the State
17:57budget, and the pressure that these
18:00corporations...is a shadow government.
18:09You just have to see how many
18:11multinational lobbies there are in
18:15Brussels, just to give an example, it's
18:18an army of people who live only to
18:22guarantee the following of...so that
18:28the government ultimately directly or
18:31indirectly responds before all else to
18:37the masters of power. They are
18:39represented by this internal debt of 3
18:42trillion. Because to me it seems
18:45reasonable to imagine that whoever
18:47keeps practically half of everything
18:50collected in taxes has a very relevant
18:52and very important slice of power. In
18:56the United States, there is no one with
18:5850%or anything close to that. Yeah, but
19:02there is one group that gets the
19:04biggest slice of the budget, and above
19:06all, if you think about the free part
19:09of the budget, which is what they call
19:11discretionary, that’s the part you
19:13can allocate here, there, or anywhere,
19:16because the other parts are all tied up
19:18by law. So, the group that takes more
19:22than half of these discretionary funds
19:24in the United States is the military
19:26industry. This interest is not the
19:28interest of the American population. In
19:32the same way that the interest of the
19:33Brazilian population is not to see
19:35these large economic and financial
19:36groups receiving half of everything we
19:38pay in taxes.
19:40You wouldn't ask business owners if
19:42they are against something that harms
19:44national sovereignty. You have to ask
19:47the politicians elected by the people;
19:49these concerns about speculative
19:51capital go way back, from the crises in
19:53the late 80s and 90s. But this has
19:56become much more pronounced in the
19:58recent period. What triggered the
20:01Lehman Brothers crisis was exactly this
20:04, the shift of so many resources to the
20:07financial sector with investments that
20:10had less and less to do with reality,
20:13creating a huge bubble, first in the
20:15real estate sector, then broader, which
20:18eventually burst. And I think this also
20:24correlates with a sharp worsening in
20:26income distribution globally, but
20:29particularly in major capitalist
20:31countries, including the United States.
20:35So, in reality, what you have is a
20:39growing domination of financial power
20:43over governments, derived from the
20:47liberalization of capital flows. Until
20:51the 70s, when we had the Bretton Woods
20:54agreement, capital flows were very
20:56limited, meeting the demands of the
20:58immediate post-war period. In the
21:02immediate post-war era, there was a
21:04clear understanding that the crisis of
21:06the 30s had been caused by excessive
21:08liberalization of financial speculation
21:11, and therefore, it had to be regulated
21:13. They regulated it and had the
21:17so-called "thirty glorious years" of
21:19capitalism, with high growth, income
21:21distribution, industrialization, and
21:23the creation of middle-class societies,
21:25as was the case in the United States.
21:28It was, it isn't anymore. A happy ghost
21:52spending world. Starting in the 70s,
22:07with the loss of momentum of that
22:09arrangement—and there are several
22:11reasons for that loss—you move toward
22:13financial liberalization. Then you
22:17start to see recurring financial crises
22:20, lower growth with more capital
22:22accumulation and less productive
22:25accumulation, growing concentration of
22:28income and wealth, and loss of
22:30government autonomy. Why? Because the
22:36government now is struggling against
22:38huge masses of capital that circulate
22:40freely around the globe. If I buy beans
22:49, I run out of rice. If I buy rice, I
22:52run out of sugar. I'm just another one
22:57in this cloud. When I have everything,
23:03I run out of gas, thank goodness the
23:05neighbors help. Crazy, where the poor
23:13get poorer, the rich richer. The poor
23:16avoid trouble. Money for us is like
23:23this. Visit now. Today the poor get
23:33poorer, the rich more beautiful. Poor
23:36avoids trouble. Money for us is like
23:43this.
23:46Obviously, Europe is a privileged
23:48scenario for you to think about the
23:50power of the financial sector over the
23:52decisions of national governments. It
23:55provides an emblematic case of this.
23:58When Syriza wins in Greece, there is a
24:01meeting between Varoufakis, who was
24:04then the Greek finance minister, and
24:07the German finance minister. And
24:11Varoufakis comes to say: "Look, I want
24:14to renegotiate the terms of the debt
24:16because we really can't, uh, deal with
24:18these current terms." And we want to
24:22renegotiate this. And the German
24:24minister says: "There is no possibility
24:26.""The previous government already
24:27signed it, okay?""It’s decided, it
24:29will be this way." Then Varoufakis says
24:31: "But we were just elected with
24:33another project and the Greek people
24:36spoke:""Look, for me, there wouldn't
24:38even be an election," says the German.
24:40"But since you want to have an election
24:42, go ahead, change the government.""But
24:43the terms remain the same." In truth,
24:46you take from the populations, right?
24:52the right to define the routes and
24:54paths of their country, because the
24:57paths of your country are necessarily
24:59defined a priori by economic power
25:02relations, which are, let's say,
25:04centrally of interest to the financial
25:07sphere. When I was in the Eurogroup,
25:10the first Eurogroup I went to, I was
25:11told you know in certain terms that
25:12democracy cannot be allowed to change
25:14economic policy. So what's democracy
25:16then? For decades now, there's been a
25:20political process in progress in the
25:23heart of Europe. It is the process of
25:25depoliticizing political decisions.
25:28What happens when you depoliticize
25:30political decisions? Decision about
25:33Greece: now, what the budget surplus
25:35should be, the country, what the tax
25:37rate should be. Now, this is a purely
25:40political decision; it's an economic
25:42decision, but it's also a political
25:44decision. If you decide, for instance,
25:47to tax the rich more than the poor,
25:49that's a political decision, not
25:50something that you can decide by means
25:52of a mathematical model. But if you try
25:56, if you end up depoliticizing it and
25:58making technocrats make these decisions
26:00, ends up being antidemocratic. And
26:13have antidemocratic political process
26:15making political decisions, you end up
26:17with bad decisions and bad economics.
26:20So you end up with toxic politics,
26:22antidemocratic politics and
26:24antidemocratic irrational economics.
26:27Come on, everyone, enjoy while you're
26:33happy and if you're feeling sick, just
26:41find a reason. That's how people have
26:48fun. Sunday, the party's on, there's
26:57plenty of food to go around. And
27:01tomorrow I have to work. Work. I’m a
27:06mess. This is my fun. I spend all I
27:10have, then complain about my daily
27:13bread. I talk about those who do wrong,
27:16but don't try to improve. I have no way
27:20out. I always complain about the mayor,
27:24but who says I want to help? The term
27:29financialization is a term that
27:32captures a very important dimension of
27:34what has been happening in the world
27:37economy, on the planet in recent
27:39decades, which is the growing hegemony
27:42or the increasing relative weight of
27:44finance in advanced and less advanced
27:47economies, right? So, the share of the
27:51financial sector in GDP, in profits,
27:53right? The influence of financial
27:57institutions, of large financial
27:59corporations on economic and political
28:01processes, has grown so much that some
28:04economists began to use this term
28:06financialization as a way to summarize
28:08this broad and complex phenomenon. And
28:13there is no doubt that it is a central
28:16element of the development of
28:18capitalism in the last 30 years, since
28:20the 80s, at least. What we have is a
28:24structural change in economic processes
28:27, right? They are increasingly less
28:30physical and more virtual. And
28:34so-called financialization is part of
28:36that.
28:38You are dealing with many foolish
28:40people in the market. It's like a big
28:43casino and everyone else is drunk.
28:47Warren Buffett, mega investor, third
28:49richest man in the world, 1974
28:57capitalism going from a productive
28:59system, productive capitalism, to being
29:02speculative capitalism. this is what
29:06has been called casino capitalism, the
29:08casino of betting, of speculation, of
29:11making easy money, starting only from
29:14money, having nothing to do with
29:16production. structure. Between 2010 and
29:262015, the wealth of the poorest half of
29:28the world decreased by 38%. The fortune
29:35of the 62 richest people increased by
29:3745%. A productive company has its own
30:16logic. You had—and heterodox
30:19microeconomics authors show this—the
30:22Fordist logic, the previous logic,
30:24let's say, of the mid-20th century. The
30:29manager's logic, let's say, was the
30:31logic of expanding production, gaining
30:33market share, right? Eh, growing the
30:37company, eh, and with that, eh, let's
30:40say, producing more profits and
30:43generating more wages. So, it was the
30:46logic of flows, a flow of profits and a
30:48flow of wages. When a bank comes in and
30:52buys this company, or buys a part of it
30:54, the shareholders, etc., the logic
30:57changes. The logic, instead of
31:01expanding activities, becomes what we
31:04call in economics shareholder value
31:07maximization. And shareholder value
31:10maximization means producing more
31:12results, not for the company to grow,
31:15but to increase the company's stock
31:17value. And to increase stock value, the
31:21less investment it has, so to speak,
31:23the more dividends you can distribute.
31:27The more short-term profits it has, the
31:31better, because the company's goal is
31:34no longer its own activity, but rather
31:37the appreciation of its financial
31:40capital stock. The hegemony of finance
31:44changes the logic of the productive
31:46enterprise, but obviously it cannot
31:48abolish the productive enterprise, it
31:51cannot do without it, because the
31:53productive enterprise is what produces
31:55goods. And equipment necessary for the
31:59reproduction of material life. But the
32:02productive enterprise's operational
32:04logic changes. It changes in such a way
32:09that the idea of expanding capitalism
32:12with more jobs and more income loses
32:14ground to the idea of expanding
32:17capitalism without jobs and without
32:19income. Only 28%. of banking activity
33:24is used for the real economy. 51%of the
33:29profits of publicly traded U.S.
33:31companies are used to buy back the
33:33company's own shares to increase their
33:36value. 35%of profits are distributed to
33:40shareholders as dividends. Only 14%are
33:45invested. The financial system, in turn
33:53, what does it do with this money? If
33:56it invested, you know, what is really
33:58considered investment, returning money
34:00to production, that would be fine. It
34:04not only doesn't invest, it makes
34:06financial reinvestments; investment is
34:09different from a financial play, right?
34:11A financial play, you move papers,
34:13right? You can move huge amounts of
34:15paper and it won't produce an extra
34:17plate in the country, right? There is
34:19no production. Not only do they not
34:22reinvest, but they put money abroad
34:26that yields returns in the
34:28international speculative system, or it
34:32might even come back to be invested
34:35here, but not in terms of activity,
34:38right? It doesn't even pay taxes
34:42because it's in tax havens. It is a
34:45process of irresponsibility. People
34:50move enormous funds from one country to
34:52another, from one sector to another,
34:54without transparency, without clarity
34:56as to whether there is any social
34:58utility, because theoretically the
35:02financial system should serve the
35:03meritorious purpose of bringing
35:05resources from surplus sectors to
35:07deficit sectors that want to invest,
35:09right? But that, that is the textbook
35:12version. The reality is that these
35:15intermediaries, the middleman dominates
35:17, you know? Instead of being an
35:19intermediary, they become the goal in
35:21themselves. The means becomes an end.
35:24The financial sphere has its own logic,
35:26which is the logic of short-term
35:28appreciation, of capital fungibility.
35:30Meaning, the possibility of changing
35:33your position very quickly. I'm long on
35:36the real, suddenly I'm short on the
35:38real. The next day, I changed my
35:39position the next day, a productive
35:41decision isn't like that. If I decided
35:44to produce, I bet there will be demand,
35:46for example, I bet this country will
35:48grow. I can't just give up the next day
35:51because I have already immobilized my
35:53capital. In financial capital, capital
35:57is not immobilized, it is always
35:59volatile, always fluid. It, you can
36:02change your position very quickly.
36:04Exactly because of the fluidity of
36:07capital. When a big investor or a big
36:10bank changes their mind, it can
36:12generate a wave of changes in opinion
36:14that leads to a collapse of the
36:17financial system. From then on,
36:19economic theory begins to bring into
36:22its debate the idea of self-fulfilling
36:25prophecies, which is when the prophets
36:28of the financial market predict
36:31something and they themselves have the
36:34capacity to fulfill this prophecy. It's
36:38not that they predict because it will
36:39happen, they predict because they want
36:41it to happen and it happens because
36:43they want it to happen. Financial
36:45capital has a suicidal, or homicidal
36:48logic if you will. The young man
36:51sitting in front of the computer, who
36:53is a nice person, who even gives to
36:56church works, takes his children to the
36:58best care, is even supportive,
37:00contributes to the soccer club, to
37:02charity groups. When he sits at the
37:05computer he is a killer, he can lead a
37:07country to bankruptcy from one day to
37:09the next. That's what happened with
37:11Greece. If he sees there is really a
37:15possibility of non-compliance with the
37:18obligations of the so-called sovereign
37:21state, of sovereign debt, he plays and
37:23bets in the sense that the bankruptcy,
37:26the failure of the country will occur
37:29and his own act produces the failure.
37:32It's what we call self-fulfilling
37:34prophecies. That is, self-realized
37:36prophecies. Therefore, he is a killer.
37:39Therefore, this is the financial
37:40capital we have in our hands. The
37:42the potential for destruction that
37:44exists in international and national
37:45financial movements is very great. A
37:49big bank in crisis can destabilize a
37:52country's budget.
37:55Banking institutions are more dangerous
37:57to our liberties than standing armies.
38:02Thomas Jefferson, 1816. I I spend
38:09around 65%of my income. Since I'm
38:16self-employed, I have to pay for my own
38:19transport, my meals, things like that.
38:23It adds up, I have to pay my own taxes,
38:26so it’s a bit heavy, you know? And I
38:30pay for mine and my wife’s too, so
38:33she can be tax-exempt. I think it’s
38:37kind of funny, you know? Especially
38:40because I pay for things I don't get a
38:43return on. Like sanitation, healthcare,
38:47stuff like that. We pay our taxes and
38:51we don’t get the return. Back in
38:55Japeri, there isn't a movie theater. If
38:58you want to go to the movies, you have
39:00to go to Nova Iguaçu. There’s a
39:04group there that does theater.
39:10Art is the fabric of resistance,
39:12respected in Brazil and recognized at
39:14major theater festivals like the one in
39:16Curitiba, but the Código group is
39:19little known in the city where it has
39:21performed for over 10 years. We meet on
39:56weekends and holidays, which are the
39:59days we're free to perform in the field
40:03we love, in the place we love, and try
40:07through this exchange—of theater,
40:10themes, and social issues—to see how
40:14we can bring that to the stage to
40:18provoke and foster discourse, opinions,
40:23and see possibilities for change; we
40:25get together through this, you know? A
40:29lot of work outside, and when we aren't
40:30working, we're working here. We often
40:34pay out of our own pockets as members
40:37of the company, as members of the
40:39Código group, to settle the group’s
40:42own debts. We can't invest, we aren't
40:45even able to pay the rent for the space
40:47. We owe a year and two months, heading
40:50into a year and two months now. Japeri,
40:54many people say it's really just a
40:56dormitory town. And there’s the
40:59problem that people work from Monday to
41:02Friday or Saturday, they get home tired
41:04, and on Sunday, they don't have time
41:07to meet, for example, with the
41:09neighborhood association. They don't;
41:12they just want to rest because the next
41:15day they go back to the grind, back to
41:17work.
41:17We are living in a true war of places.
41:21What is this war of places? It is
41:25basically the conflict, the tension
41:29between, on one hand, the use of space
41:33and the form of appropriation of space
41:36dominated, hegemonized by the potential
41:41for financial profitability of that
41:44space versus all other forms of
41:48occupying the space, all other forms of
41:53ties. between individuals and the
41:56territory. Include there the favelas,
41:59include there the peripheries, include
42:02the cultural occupations, the
42:09provisional and semi-permanent
42:11occupations, they establish with the
42:16territory a logic that is not exactly
42:19the logic of individual private
42:21property. The commodification of
42:25housing. It is one of the areas where
42:28the business sector for producing goods
42:30can then grow and supply. And, more
42:35recently, housing as an essential
42:38element in a financial circuit that
42:41uses global surplus financial capital
42:45accumulated by corporations and
42:48individuals, which is permanently
42:51looking for where it can be invested to
42:54earn interest, to be remunerated, to
42:58grow more, to look for where it can
43:01enter, to be remunerated, to grow more,
43:06and thus grow ever larger, with no link
43:09, absolutely zero, to the needs of
43:12people, of communities. Our cities have
44:22become true machines for producing the
44:24homeless, right? Because you invest,
44:27you facilitate credit for civil
44:29construction, right? It is, ultimately,
44:32naturally linked to a whole system of
44:34electoral campaign financing and such,
44:36a historical articulation of
44:38construction, of the construction
44:39sector, of the real estate sector with
44:41the state, isn't it? In this
44:44articulation you produce urban
44:46development, you bring private
44:48facilities, you build hotel centers,
44:50you build stadiums, as was the case
44:52with the World Cup and the Olympics.
44:55These construction companies have their
44:57operations in heavy construction,
44:58others in civil construction. They
45:02coordinate with financiers, with the
45:04banks that finance either home
45:06ownership or construction, and then
45:09electoral campaign financing has weight
45:11in this once again, right? They buy
45:16land, so they control the land and with
45:19that, they control the market value,
45:22right? They make investments in
45:24developments at their own discretion
45:26and obviously will not build affordable
45:27housing because that is not profitable.
45:30They will do what is profitable, not
45:32what is necessary for the right to the
45:33city, right? And they create an urban
45:37environment and reproduce an urban
45:39environment of segregation. You
45:41increase the value of regions of the
45:43city and end up expelling people.
45:45Appreciation is a process of expulsion.
45:48Of the four largest Brazilian banks,
45:50two are private and two are state-owned
45:52. The state-owned ones suffer from the
45:56permanent harassment of greedy
45:58politicians who try to privatize them
46:00at any cost. These are capable of
46:04privatizing profitable public companies
46:06to skim off a piece of their profits.
46:10It is increasingly glaring that there
46:12is one sector, isn't it? Bank profits
46:15are at a record high every year, while
46:17the Brazilian economy is in the
46:18greatest recession in history. I mean,
46:21this disconnection is becoming clearer
46:25and clearer. People are beginning to
46:28understand, but some still fall for the
46:31media discourse of conventional
46:34economic analysts who keep trying to
46:37associate these two things, trying to
46:40push the idea to people that a
46:43financial sector doing well ultimately
46:46means that investments in the
46:49productive sector will also resume and
46:52do well. I think the 2008 crisis shows
46:56very clearly that this is not the case,
46:58that a financial crisis can really
47:01damage the real economy a lot, and
47:03still does, but the financial sector
47:05recovered very quickly from that crisis
47:08, while the real economy is still
47:11struggling to this day. It is
47:32impressive, you see, to verify that
47:34there was a deep crisis in 2008, 2009,
47:362010 at the center of the International
47:39Financial System, the United States and
47:41Europe. This crisis revealed in its
47:46full extent the fragility of this
47:48deregulated, private, powerful, and
47:51bloated system. The crisis caused
47:56damage, it was the biggest crisis since
47:59the 30s, and yet, it left few marks on
48:01the organizational structure of the
48:03financial system, and on its relations
48:06with public power. By protecting the
48:10large corporations responsible for the
48:12crisis, they did not manage to correct
48:14the crisis, they did not correct the
48:16origins of the crisis, the structural
48:19weaknesses of the system, they did not
48:21address the root of the problem, do you
48:23understand? So this shows the
48:27resilience of financial power or
48:29financialization, because it goes
48:31through dramatic crises and survives
48:33and comes back. What price did those
48:36responsible for this process pay? Very
48:40few were arrested or held accountable
48:42for the damage they caused, perhaps
48:44because they were within the law. The
48:48problem was in the law, the deeper
48:50problem, do you understand? The
48:53Brazilian public debt increased by
48:5611.42%in 2016, reaching 3.11 trillion.
49:04Ten years ago, it was less than half of
49:07that. In 2016, 367.67 billion were
49:15related to interest expenses, the
49:17highest value in the historical series.
49:2123.1%of debt holders are financial
49:26institutions. In the first world, 4 to
49:355%of what is collected is spent on
49:37interest. In countries more similar to
49:41ours, like Mexico and so on, it goes to
49:438 or 9, but nobody, nobody pays more
49:46than 15%of what they collect, except
49:48occasionally in one year because of a
49:50civil war or something like that. So if
49:54the whole world, the average is 78, we
49:57cannot pay 47%of what we collect. Why?
50:01Because we are taking it to hand over
50:03to the owners of this power in exchange
50:05for what? For nothing. Everything we
50:08collect, half goes to pay interest,
50:11taking away social benefits and
50:13essential things from the Brazilian
50:16population. And what does this deprive
50:19them of? It deprives Brazilians of
50:22having decent public schools, having
50:24reliable and acceptable public
50:26healthcare, and having roads that match
50:29the country's economic capacity. The
50:32deficit isn't from within the
50:34government, the deficit is from the
50:36financial system. The mass of resources
50:40withdrawn through the public debt
50:42system is what generated the crisis, it
50:47is what generated the financial deficit
50:49. It’s not because too much was
50:51invested in education or Bolsa Família
50:54or in salary increases, things of that
50:56nature. It is because of the fact that
50:59money is withdrawn from the economy,
51:01from the real, productive economy, and
51:03transferred to financial intermediaries
51:05, who in turn throw it abroad or put it
51:08into other speculative products.
51:11Basically, it's like this: I put my
51:14savings in the bank, the bank pays me
51:16peanuts, the bank takes these savings
51:19of mine, puts them into government
51:22bonds, total liquidity, zero risk, and
51:25the government pays them 14%. Where
51:31does the government get this money to
51:34pay the banks on my tax money? Who pays
51:37the taxes, Professor Ladislau? It is a
51:40way of taking money from the population
51:43through taxes and passing it on to the
51:45banks. Not much different from what was
51:48done with Spain, with Portugal, with
51:49Greece, and so many others.
51:53Spaniards and Portuguese who lost their
51:55homes to banks during the crisis took
51:57to the streets against the Troika.
52:01800,000 apartments were built per year
52:03in Spain, at the height of the bubble.
52:06Unable to pay their mortgages, families
52:09became indebted. Portugal also
52:12collapsed. Next, it was the Greeks'
52:15turn.
52:21The Prime Minister has the floor. Thank
52:27you very much, Madam President. Deputy
52:31Nuno Magalhães highlighted the results
52:33of the conclusions of the last European
52:36Council regarding the multiannual
52:39financial framework. We
52:45people cannot demonstrate, especially
52:48under these conditions.
52:53I ask the Prime Minister to wait a
52:57moment before proceeding.
52:59Thank you, Madam President. the
53:00intervention,
53:03the conclusions of the European Council
53:05.
53:10We will suspend for 2 minutes here.
53:21I ask people to leave or remain silent.
53:34From a certain point on, with such high
53:37interest rates, the government can no
53:39longer repay the debt, or even pay the
53:42entirety of the interest. So, the
53:46interest isn't paid, it accumulates in
53:48the debt stock, right? And you have
53:50this explosion of debt. an immense, a
53:53mechanism, let's say, was generated,
53:56this imprisonment of politics through
54:00debt is studied today internationally
54:03as the capture of power. The result of
54:37this fragmentation is always that the
54:39weaker members of society, the ones who
54:41did not create the bubbles did not
54:43benefit from the period of fake growth
54:46are the ones who are being called upon
54:48to pay the price for the misdeeds of a
54:51whole capitalist financial system. That
54:55was irrational, and particular,
54:57particularly the social class, the top
54:59ruling class, the 0.1%, as we say,
55:01which was benefiting enormously and
55:03this is what happened in Greece. It
55:07creates bubbles, they get much richer,
55:09the poor struggle because prices go up
55:10and then at some point it goes down.
55:13Something happens and the bubble bursts
55:16; the rich manage to get their money
55:18out of the country, to Switzerland, to
55:21London, to New York, to Frankfurt, and
55:24the poor end up paying the price. Latin
55:27America understands this very well. You
55:28know, Greece is part of Latin America.
55:34Are we Greeks or is Greece Brazil? The
55:38student movement is over. Student. The
56:13clash of powers between overwhelming
56:15banks and weakened political powers now
56:18seems inevitable. A positive result in
56:22this struggle, which is unequal a
56:25priori, can only occur through the
56:27mobilization of citizens who are fully
56:29aware of what is at stake. François
56:33Morin, author of "Le Monde de la Dette"
56:35(World Debt). with public debt,
56:42speculating on a country until it sinks
56:44, until it sinks. Greece does not
56:46belong to the Greeks, Greece belongs to
56:48the banks. The statutes of the European
56:52Central Bank state exactly: The
56:55European Central Bank cannot lend to
57:00Greece, not Spain, it cannot, the
57:03statutes forbid it. The foundation of
57:06the European Central Bank is as follows
57:09: lending money to banks at low
57:11interest and the banks lend to states
57:14at high interest on public debt. It has
57:17happened in the euro zone European
57:23financial, European banks, it's the
57:30banks, always directing the money and
57:33directing the world, that is the very
57:36nature of banking. and little by little
57:41democracy has lost power, lost the
57:43power of the economy, loses the power
57:45of the economy, one loses the power to
57:47lead a country. While Goldman Sachs had
57:50the secret of the Greek economy to
57:53cheat with Europe, at the same time it
57:55was speculating on Greece and they made
57:58a lot of money speculating on Greece.
58:02There, that is that is that is that is
58:04the reality of the banks where there
58:06are no more rules, they do what they
58:09want. the European Union. Well, what
58:13are they going to do? Eles vão
58:15resgatar os gregos ou vão resgatar os
58:16bancos? E a regra é que, se houver
58:19conflito entre o bem-estar dos bancos e
58:21o bem-estar das pessoas, você escolhe
58:23apoiar os bancos. Os europeus deveriam
58:25estar emprestando dinheiro para a
58:26Grécia, mas quase nada disso vai para
58:28a Grécia. A maior parte vai
58:29diretamente para os bancos. No caso dos
58:32EUA, a suposição era de que, se você
58:35resgatasse os bancos e os enchesse de
58:37dinheiro, eles emprestariam. Mas, na
58:41verdade, os bancos estão muito
58:43ocupados tentando se recapitalizar.
58:45Portanto, nenhum dinheiro é realmente
58:47emprestado, e o dinheiro circula entre
58:49os bancos para que um possa sustentar o
58:51outro. E se o banco central começar a
58:54emitir mais dinheiro? Ele se envolve no
58:57que gostam de chamar de relaxamento
58:59quantitativo, que é basicamente criar
59:01dinheiro novo do nada. Então, o
59:03dinheiro novo é criado do nada, você
59:05dá aos bancos e diz: "Bem, vocês
59:07precisam fazer algo com isso." Então,
59:09o que os bancos realmente fazem? Eles
59:10emprestam para as pessoas comprarem na
59:13bolsa de valores e, assim, os preços
59:15das ações se recuperam. Ok. Mas as
59:17pessoas recebem nossa tarefa mais
59:24urgente ao assumir o cargo foi
59:26reforçar os mesmos bancos que ajudaram
59:29a causar esta crise. Não foi fácil
59:33fazer isso. E se há uma coisa que uniu
59:37Democratas, Republicanos e todos os
59:40outros, foi o resgate. Eu odiei. Eu
59:52odiei. Eu odiei. Você odiou. Foi tão
59:59popular quanto um tratamento de canal.
1:00:04Mas quando concorri à presidência,
1:00:06prometi que não faria apenas o que era
1:00:08popular. Eu faria o que era necessário
1:00:11. E se tivéssemos permitido o colapso
1:00:15do sistema financeiro, o desemprego
1:00:17poderia ser o dobro do que é hoje.
1:00:20Mais empresas teriam certamente fechado
1:00:22. Mais lares teriam certamente sido
1:00:26perdidos. E o resultado disso nos
1:00:29Estados Unidos é que o 1%mais rico
1:00:31lucrou com a crise, e como isso pode
1:00:34acontecer, você criar? Todo um
1:00:36conjunto de instituições políticas e
1:00:39afins, que na verdade daria dinheiro
1:00:42efetivamente para o 1%mais rico e nada
1:00:46para as pessoas. Como isso poderia
1:00:48realmente acontecer? E então, é claro
1:00:50, a resposta é: quem controla a
1:00:51imprensa? Quem controla a política?
1:00:54Quem controla o sistema bancário? E
1:00:56aí está. O 1%mais rico diz: aqui
1:00:59está uma crise. Esta é uma ótima
1:01:02oportunidade para nós adquirirmos
1:01:04ainda mais this minority segment of the
1:01:11population is powerful; it’s in the
1:01:14state apparatus, in the press, in large
1:01:16companies, and it starts demanding
1:01:19measures from the government that
1:01:21guarantee the financial appreciation of
1:01:24capital. There are theories that
1:01:27believe concentrating income and wealth
1:01:29enhances capital appreciation. Few
1:01:32people still believe this, eh, few
1:01:35honest people, right? Because there are
1:01:38people with vested interests, obviously
1:01:39. That’s a different story, but few
1:01:42analysts who are looking at the case
1:01:44from a more theoretical point of view,
1:01:46from the perspective of data, believe
1:01:48that income concentration will generate
1:01:50economic dynamics and that this will
1:01:53generate more jobs and more income to
1:01:55be distributed throughout society.
1:01:59Societies and governments need to be
1:02:01able to allow and encourage the few to
1:02:03retain the largest profit margin. We
1:02:08believe that the rich will likely
1:02:09become wealthier in the coming years.
1:02:13Implication: we like companies that
1:02:16sell to or serve the wealthy, luxury
1:02:20goods, private banks, etc. The world is
1:02:23being sustained by the toned arms of
1:02:26its plutocratic entrepreneurs, like it
1:02:30or not. Plutonomy, Citigroup memo to
1:02:35major investors, 2005. People who are
1:02:54born more, who are needy, who are born
1:02:57poor, it's possible, but for you to
1:02:59reach what you want, you have to have
1:03:02support from someone. Like, in my case,
1:03:06I had to start working very early, not
1:03:08just me, but most people have to start
1:03:10working very early. If I had a step, if
1:03:14my mother earned a, had a slightly
1:03:16higher salary, for example, I wouldn't
1:03:18have needed to start working at 17
1:03:21years old. how was I supposed to go to
1:03:24college living so far away. There's
1:03:27that detail too, but with support, with
1:03:30help, if my parents were in a position
1:03:33to provide, I could certainly have done
1:03:36something, have studied. My family, my
1:03:48wife doesn't work there. My mother, we
1:03:52live in the same yard. Ah, my mother is
1:03:55retired, the same works as a
1:03:57hairdresser. My wife is a housewife,
1:04:00she stays at home, takes care of the
1:04:02children, because since the
1:04:03municipality doesn't have
1:04:05infrastructure, doesn't have a daycare,
1:04:07doesn't have anything, she's the one
1:04:09who has to stay to take care of the
1:04:13children, you know? 65 families have
1:04:22about the same wealth as half of the
1:04:24world's population and that isn't you
1:04:27know is far worse than it was say 20 or
1:04:3030 years ago. you why would you it’s
1:04:43not the end of capitalism, but it is
1:04:45the end of democratic capitalism. When
1:04:48you had millions of small businesses
1:04:51competing with each other, well,
1:04:53international trade, well, there was a
1:04:55certain balance of dispersed power. Not
1:05:00today; 737 groups control 80%of the
1:05:03world system. Man, you don't need any
1:05:10conspiracy theory. And these are people
1:05:12who meet on the golf course, right?
1:05:14They go to the Australian Open together
1:05:16, you know, right? In this, you have a
1:05:19core of 147 groups that control 40%.
1:05:25And 75%of them are banks. Next are the
1:05:2828 SIFIs, systemically important
1:05:31financial institutions. These are the
1:05:3528 that together hold capital of about
1:05:3850 trillion dollars, equivalent to the
1:05:40entirety of all public debt of
1:05:43governments on the planet. What
1:05:46surprises me is the degree of farce
1:05:48that you manage to broadcast on
1:05:50television and in the media, right?
1:05:57From a macroeconomic point of view,
1:05:59what happened, uh, during this whole
1:06:01period was similar to what happened in
1:06:03the first wave of financialization in
1:06:06the 19th century, which is this: you
1:06:08create ideology starting from the
1:06:10central banks of central countries—
1:06:12before it was the Bank of England, now
1:06:14it’s the Federal Reserve—and the
1:06:16major American banks, from the economic
1:06:18departments of these major American
1:06:20banks, replicated in the economic
1:06:22departments, uh, of their Brazilian
1:06:25branches or Brazilian banks, and from
1:06:27there, moving to the media. So, this
1:06:31monopoly of financial opinion in the
1:06:34media was central both in the United
1:06:36States and here in Brazil to implement
1:06:39this ideology of financialization, and
1:06:42it's funny because you end up fleeing
1:06:45from any scientific principle. In
1:06:48economics, you can have 500 theoretical
1:06:51variations, but you have those
1:06:52fundamentals of the economy. Supply and
1:06:56demand, uh, industrialization, the role
1:06:59of industrialization in job creation,
1:07:01that entire level. And here, you
1:07:04abolished that. So, you created
1:07:07theories that promised the pot of gold
1:07:10at the end of the rainbow. These
1:07:14theories fundamentally consisted of
1:07:16sacrifices—not for the market, but
1:07:19sacrifices for the most vulnerable
1:07:21sectors of society—so that more would
1:07:24be left in the budget for the market.
1:07:28So, the dispute over the public budget
1:07:30through interest on debt, that's
1:07:31something that goes back to the 19th
1:07:33century. This attempt to package the
1:07:37game of interests with supposedly
1:07:39scientific concepts is part of the
1:07:41whole setup, let's say, of
1:07:42financialization, when financialization
1:07:45appropriates the concepts of the new
1:07:47theory that was emerging then, which
1:07:49was economic theory. The way this
1:07:53pseudoscience was prolonged, it's at
1:07:55the root of the Brazilian crisis, and
1:07:56that's where the press comes in
1:07:58directly, right? It's as if it were
1:08:00science; no, look at the reforms now,
1:08:02no. If you don't change social security
1:08:05, if you don't end labor laws, Brazil
1:08:07is lost. It was a set of rhetorical
1:08:13slogans that have been used all these
1:08:16years. There comes a time when you say:
1:08:19"Man, it's so many years of bluffing
1:08:20that you'll change the refrain." It is
1:08:22a refrain. If you don't do this, Brazil
1:08:25will end. Eh, then you do it, you have
1:08:28to make sacrifices. Then you make
1:08:29sacrifices, cut funds for education,
1:08:31health, and by the end of the year,
1:08:32it's the same old crap. Why is it the
1:08:34same old crap? No, because the
1:08:35sacrifice was insufficient. So, let's
1:08:37say, this pattern of persuasion is the
1:08:40same pattern as a social column. Such
1:08:42an idea is such an idea. What we are
1:08:45witnessing today is a systematic
1:08:47production of fear against hope so that
1:08:49people resign themselves, so that they
1:08:51think the well-being they still have
1:08:53they don't deserve, because obviously
1:08:55what is needed is to guarantee total
1:08:57profitability for financial capital.
1:09:01The way to resolve these crises has
1:09:02been extremely painful for the world,
1:09:04which are the great depressions. We had
1:09:07one that started in 2008 with Lehman
1:09:09Brothers and what happened was that the
1:09:12State still had some strength from the
1:09:15previous period and had taxpayer funds
1:09:18to save the banks, and by saving the
1:09:20banks, it gave them all the power to
1:09:23continue regulating the crisis.
1:09:25Therefore, those who caused the crisis
1:09:27are the ones trying to solve it. As
1:09:30long as it's like this, you're not
1:09:30going anywhere. Therefore, financial
1:09:34capital is exactly the great enemy of
1:09:36any alternative of justice, whatever it
1:09:39may be in our time. And as long as
1:09:42there is no regulation of financial
1:09:44capital, we won't go. far. Between the
1:09:48time of fundamental rights of
1:09:50constitutional states as a reference
1:09:53criterion, meaning people were at the
1:09:56center of the problems, whose objective
1:09:59was to solve people's problems. What
1:10:05happened was to separate people from
1:10:07market goods, to declare only those of
1:10:10the market have rights. transform
1:10:16starting from the transformation into
1:10:19finance into something that is totally
1:10:22out of control and out of reality, in a
1:10:26way that there is no type of control.
1:10:34now constitutional, [me]. In the end it
1:10:38seems. challenge. to none. the
1:10:47concentration of power in the hands of
1:10:50very few, problems. categories.
1:11:14established internally at the end of
1:11:18the 90s, ratified in 2000, has excluded
1:11:22economic crimes from its competencies.
1:11:27It gives an idea of the distance
1:11:30between the economy that is the
1:11:33protagonist, so that it doesn't. so the
1:11:38economy I. I just want to finish by
1:11:40saying that we are absolutely
1:11:42destroying these horrible regulations
1:11:45that have been placed on your heads
1:11:48over not years, over the last 20 and 25
1:11:51years. You have regulations that are
1:11:53horrendous; Dodd-Frank is an example of
1:11:56what we are working on and we're
1:11:58working on it right now. We're going to
1:12:00be coming out with some very strong, um
1:12:03, not far beyond recommendations.
1:12:13Control mechanism, a control mechanism,
1:12:19linked to the law of the strongest,
1:12:21reinforcing the law of the strongest,
1:12:24we know it: the strongest wins, there
1:12:27is nothing else, and right now the
1:12:29trend is deregulation. The financial
1:12:40elite, the fat cats, tend to be
1:12:43international, with few local roots,
1:12:47you know? The big banks, the major
1:12:52financial firms around the world, they
1:12:54operate in a sphere that is
1:12:55transnational, rootless, right?
1:12:59Countries are the ones that will have
1:13:01to manage this financial elite, because
1:13:04the financial elite has never
1:13:06positively led the way. They are not
1:13:08who you can expect an inclusive
1:13:10national project from that benefits the
1:13:12vast majority of the people. I was born
1:13:37and raised there, you know, Japeri, and
1:13:40I like it there, despite the problems
1:13:43now with security, the situation, the
1:13:46security issues, but I like it there.
1:13:50It used to be peaceful, right? The
1:13:53municipality was very quiet and now the
1:13:55growth of violence is enormous with
1:13:57wars between criminal factions. And
1:14:01there are robberies happening during
1:14:05the day in the streets. We hardly ever
1:14:08see a police car patrolling the
1:14:10municipality, especially in the
1:14:12neighborhood where I live. It is
1:14:16considered the poorest municipality in
1:14:18the state and it is a place where we
1:14:21have no resources. It is a very
1:14:24precarious municipality, very
1:14:25precarious. If you need a bank, many
1:14:28times it's only in Engenheiro Pedreira,
1:14:30which is the district that belongs to
1:14:31Japeri. Uh, if you need anything, you
1:14:35have to leave the municipality. If you
1:14:39need a doctor, you have to go to the
1:14:40neighboring municipality. There are few
1:14:43paved streets, basic sanitation, some
1:14:46streets have it, but what happens? The
1:14:50sewage is not treated, it is dumped
1:14:51directly into the Guandu river, right?
1:14:54It would be cool if the state covered
1:14:57all these areas, right, of health,
1:14:59security, uh, and provided support to
1:15:01the worker. Growing up there. The
1:15:12school, the school was never of good
1:15:15quality, they were never of good, of
1:15:18good quality. So, childhood, childhood
1:15:20was very difficult. I had a childhood
1:15:25friend there that we played soccer and
1:15:27flew kites together. He would get to
1:15:30school, the teacher would ask one by
1:15:31one: "What is your dream?" What is your
1:15:33dream? And this friend of mine, his
1:15:35lifelong dream was to be a criminal. He
1:15:39used to say his dream in life was to be
1:15:40a criminal. I had many friends there,
1:15:56on the street there were almost 100
1:15:59boys. To save even 10 of them was a lot
1:16:02. Many of those who aren't in prison or
1:16:05dead today are drug addicts. Few
1:16:08managed to escape because there’s no
1:16:10life expectancy, right? There is no
1:16:13there is no improvement there. What are
1:16:15you going to have? In that place, there
1:16:17isn't much to do, nowhere to run.
1:16:44Liberalism talks a lot about the
1:16:45consumer and the benefits that
1:16:47liberalization brings to the consumer.
1:16:50But for the consumer to consume, they
1:16:52must be an employed worker before being
1:16:55a consumer. And that is an obvious fact
1:16:58that is often forgotten when defending
1:17:00pure and simple liberalization. Modern
1:17:13societies, that is to say the way we
1:17:16relate to society—when I refer to the
1:17:19people who don't have the strong,
1:17:22powerful oligarchy—is through work.
1:17:27Work and the rights associated with
1:17:30work, all labor rights, but also rights
1:17:33to social emancipation, education,
1:17:35public pensions, dependency; these are
1:17:38rights that allow the working classes
1:17:40to integrate into society. When I was a
1:17:45young worker, at 14, with a boss at the
1:17:49factory, with a contract, 30 years at
1:17:53the factory. The boss, the factory, the
1:17:58boss in Europe, and you don't know the
1:18:01boss, it wasn't a boss with a first and
1:18:04last name. A set of names very
1:18:09difficult to pronounce and you don't
1:18:13know if they truly believe a way of
1:18:20governing or establishing a cruel model
1:18:24of an economy where the consequences
1:18:28for a population don't matter, and you
1:18:31can simply see the results on a screen
1:18:35like a series of consequences for the
1:18:45people, vile forms of labor fraud,
1:18:48these forms of subcontracting workers
1:18:51in companies, these forms of extending
1:18:54working hours, a world of work without
1:18:58labor rights, without social protection
1:19:01, health insurance, without benefits
1:19:05for a future retirement, and
1:19:08accompanied by incorporating media
1:19:16outlets where, when the family comes
1:19:19home at night, what they see is
1:19:22absolutely lies and garbage. We must
1:19:30invent in a creative but effective way
1:19:35at the same time, putting up barriers
1:19:37against these invisible, diffuse, and
1:19:40complex forms that affect people
1:19:45gravely, yet they can be touched, a
1:19:51grave danger to democracy. Democracy is
1:19:55not just the staging, elections every
1:20:03so often; democracy is society,
1:20:06inclusion, as Castoriadis said, it is
1:20:09even it is then the debate during the
1:20:18Cold War was communism versus
1:20:26neoliberalism versus democracy. I
1:20:51arrived here at 9:20 a.m. I worry about
1:21:30my children, you know? And I get sad
1:21:33because the way things are going, their
1:21:35life expectancy, unfortunately, will be
1:21:37precarious, because they have nothing,
1:21:38right? to walk,
1:21:42no, to walk as well
1:21:45there is an enormous social energy of
1:21:49discontent and debate regarding the
1:21:53fate of countries and the world. Uh,
1:21:59this energy can be captured by the most
1:22:01different political movements, by the
1:22:04most different ideologies. Whoever
1:22:09captures it is whoever is able to
1:22:12communicate and engage with the
1:22:15concerns of this population in a way
1:22:18that responds to their anxieties. It is
1:22:23true that the movement of capital is
1:22:26overwhelming, but there are examples in
1:22:28history of very successful resistance,
1:22:31right, and political arrangements that
1:22:34last for some time, which allow for
1:22:36greater inclusion and a greater
1:22:38distribution of income. So, the game is
1:22:41not over for either side. Uh, the
1:22:44future is still to be built, it is not
1:22:46written in the stars, and who will
1:22:49build it is the dynamic of political
1:22:51struggle. The fact that there is a
1:23:54complete breakdown of this system, at
1:23:57the same time that it can generate
1:24:00chaotic outcomes, it can also open
1:24:03space for more humane, more solidary
1:24:06outcomes. Take Germany, right? 60%of
1:24:11all Germans 'savings are not in banks,
1:24:13they are in municipal savings banks,
1:24:15where you have a community meeting that
1:24:17says: "Look, let's start a small
1:24:19business, let's plant trees in the park
1:24:21, let's do this, let's do that." Are
1:24:25you talking about Germany, right?
1:24:27Poland, which according to the
1:24:29Economist handled the economic crisis
1:24:31best, right? Poland has 470 cooperative
1:24:35banks. In other words, the money is not
1:24:38used for speculation, it is used for
1:24:40development decisions. In Brazil, we
1:24:43already have 114 community development
1:24:46banks. Money at the base of society
1:24:48managed by the community yields
1:24:51tremendously. France has a system of
1:24:54financial intermediary NGOs. They work
1:24:58so well because the community knows
1:24:59what it needs and that responds to what
1:25:01they need. They are not banks, they are
1:25:04civil society organizations. Some of
1:25:06them have 800 million euros invested.
1:25:10It's no joke. The Bank of France found
1:25:13that they are so much more productive
1:25:14in the use of resources that the bank
1:25:18covers any loss that may occur. So, for
1:25:23example, I might have doubts about
1:25:25trusting my money to an NGO to carry
1:25:27out social policies, right? But in
1:25:30France's case, if that NGO goes broke,
1:25:33I won't lose my my uh my savings. The
1:25:35the the bank replaces it. Why? Because
1:25:38it's so productive that it pays off.
1:25:41It's about reclaiming control of our
1:25:43own money, folks, of our own savings.
1:25:46Because we think, no, we have to fight
1:25:48for how public money is being used,
1:25:50right? But whose money is it that's in
1:25:53the banks? A swelling of the political
1:25:56power of the private financial system.
1:26:00And the State must guard against this
1:26:02so as not to be manipulated. If the
1:26:06country thinks we have to appeal to the
1:26:08human feelings of financial capital, we
1:26:10won't get far, right? We must have
1:26:13reality, a realistic notion that
1:26:16financial capital must exist, it is
1:26:19part of any modern economy, but it must
1:26:22be subordinated to a social project, to
1:26:25clear rules, and be controlled and
1:26:28regulated. And the unrestricted
1:26:30openings to financialization, to the
1:26:32international movement of capital, so
1:26:34common here in Latin America, have
1:26:36produced disasters. So, we have a big
1:26:39job ahead of us to recover the national
1:26:42project, and in my view, unrestricted
1:26:44financialization will not be part of
1:26:46this national project, it should not be
1:26:48part of it in my view. Democracy as a
1:26:53concept of bringing everyone in Europe,
1:26:55um, together on the basis of the
1:26:58concept, the ancient Athenian concept
1:27:01of Isegoria, which means to have the
1:27:03right not just to speak, but to be, to
1:27:06be heard, to, to have the right to have
1:27:09your opinion count in the context of
1:27:12the deliberations, independently of
1:27:14whether you are rich or poor, black or
1:27:17white, man or woman, socially
1:27:21successful. CR democracy, democratic
1:27:39resistance, to build a democratic
1:27:42hegemony against the capitalist
1:27:44hegemony. Democratic hegemony is only
1:27:47built collectively by integrating
1:27:49everyone. But I cannot help but think
1:28:00of so many people, especially the
1:28:02poorest, who often find themselves
1:28:04completely abandoned and are usually
1:28:07the ones who pay the most bitter and
1:28:09excruciating price for some easy and
1:28:12superficial solutions to crises that go
1:28:15far beyond the merely financial sphere.
1:28:19Pope Francis, April 2017: "It will last
1:28:30a long time, because democracy is
1:28:32inside every man, in all, in the vast
1:28:34majority of men. And then, it is a
1:28:36society, it is a necessity for society;
1:28:38one cannot live in a society without
1:28:40democracy. Resistance depends on each
1:28:42one, inside us; there will be
1:28:44resistance and it will change, surely.
1:28:47I believe a lot that what is important
1:28:50is resistance: resisting the small
1:28:52daily things, injustices that we see
1:28:55and that shock us, and then also big
1:28:58things, dictatorships for example. We
1:29:01must resist, each with their own means;
1:29:03if we do not resist, we become slaves."
1:29:09If men do not cultivate the ideal of a
1:29:11better world, they lose something. If
1:29:16the only ideal of men is the pursuit of
1:29:18personal happiness through the
1:29:20accumulation of material goods,
1:29:22humanity is a diminished species. Eric
1:29:27Hobsbawm. Historian 1999. If I buy
1:29:43beans, I lack rice. If I buy rice, I
1:29:46lack sugar. I’m just one more in this
1:29:51mess. When I have everything, I lack
1:29:56gas. Good thing the neighbors help.
1:30:01What a crazy life. Where the poor get
1:30:05poorer, the rich richer. People avoid
1:30:08trouble. Money for us is just like
1:30:15guests. Bye.
1:30:22Where the poor get poorer, the rich
1:30:24richer. People avoid trouble.
1:30:31Money for us is like this. just like a
1:30:35guest. Bye. Oh, baby. Oh, how I miss
1:30:40him.

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