Spotlight

The researcher Diego Viana is a social currency enthusiast. By mixing philosophy and economics, his main fields of study, the Brazilian academic believes that we, as a society, need to rethink the current strategy to develop a more equal and fair system focused on people and its needs. In this interview for the Horyou blog, Viana comments Bitcoin, the role of social currencies within capitalism and the challenges surrounding them. He also gives his impressions on Horyou’s Spotlight, the first social global currency for economic inclusion, which was created to distribute wealth and promote a fair redistribution system. After participating in the IVth International Conference of Social and Complementary Currencies, in Barcelona, Viana gave this interview to the Horyou blog.

Diego Viana
Diego Viana

– What does your research consist of?

The basic question I’m concerned with is how our notions of what money is and what it does, associated to the architecture surrounding it, affect the ways we live, the habits we assume, the tasks we undertake. This research takes place within a philosophical framework in which the reasoning is focused more on how things come about than on how they can be defined. In other words, it’s a question of operations, not so much of essences.

From a practical point of view, the difference is that I try to understand money according to the movements in which it appears, rather than an understanding of its nature. This means that different kinds of movements (or operations) imply different notions of money. This in turn implies that money is necessarily much more than a tool to make exchange easier or smoother, it is the core operator of a whole system that defines how exchange actually takes place, and what roles we play when we engage in it.

It is very hard for us to understand this difference if we remain stuck in the contemporary idea of money, in which our savings, our shopping and our wages are all denominated in the same currency, which is also the currency of taxes, public investment, high finance, speculation… This has not always been the case and won’t necessarily be the case in the future: different elements can be used for different forms of interaction that today are performed by money. By the way, sociologists such as Viviana Zelizer have demonstrated that even our general purpose money is earmarked in its actual uses, according to gender, age, profession etc. This is an issue in which social currencies play a decisive part; more generally, I like to use the term “monetary invention”, because these currencies aren’t necessarily designated for a social use, there can be innumerable reasons to create other forms of currency. The important question regarding monetary invention is: what kind of operations and systems are we forging when me introduce and develop new monetary forms? if we don’t deal directly with this question, we’ll be turning in circles.

social currency

– Do you believe that social currencies are important tools for tackling inequalities and promoting economic inclusion?

Absolutely. This is exactly what I believe. But we must pay attention to the architecture that comes with the currencies, that is, the architecture that makes a certain currency act the way it does, otherwise the currency in question might serve very different purposes.

First of all, let us remember that the hegemonic money in our days is designed in such a way that it will almost necessarily generate more inequality: just think about Piketty’s research, or how the Troika acted regarding Southern Europe, or how the IMF acts regarding developing countries. In the post-war period, consider how complex the economic and social had to become in order to reverse, or at least mitigate, this tendency towards inequality. And consider how quickly the very same system turned back to economic and political concentration once the Welfare State began to be imploded.

Now let’s bring up Bitcoin, for example. One of the founding ideas of this digital currency is that there will be a limited amount of it, to make sure there won’t be a tendency towards runaway emission, since it is a system that works supposedly without human intervention. The result is that those who already own Bitcoins will have less and less incentives to spend it, and those who mined them early on will always have an advantage over those who adopted Bitcoin at later stages, or who obtain them by actually buying Bitcoins on the online markets. This design doesn’t favor inclusion or equality at all, quite the reverse.

So when the chips are down, the point is that currencies aimed at economic inclusion must be thought in such a manner that they will upend certain mechanisms associated to the hegemonic forms of money: a preference for accumulation and speculation, for example, or the need to work ever harder, even though the increased productivity has ceased to bring greater welfare. This has been tried and tested in many ways, but as long as they are simply correctives to general purpose money, these efforts fall short.

So in my view the great challenge is to articulate the community of social and complementary currencies in such a way that it will be preferable, for all those who don’t directly benefit from the speculation and accumulation promoted by contemporary money, to adopt other monetary forms. And also, as it goes, to generate forms of money that can’t be taken over by the banking system, a.k.a. “Big Money” (such a lovely nickname).

– Can social currencies thrive under capitalism?

There is much that can be done with social currencies under capitalism, from easing the connection between small businesses to the enforcement of local economies. But of course, these are all limited in scope, as I said in the examples above, since capitalism itself will only interact with them as long as they can be seen as assets available for monetization from the hegemonic banking system.

If by thriving we mean surviving and having a certain role in the wider world, sure, social currencies can complement capitalism quite well. But if we have greater ambitions for social currencies, for example, opening doors for a more sustainable, fair and humane world, then we must think of social currencies as inventing new forms of organizing the economies of collective living, beyond the mere exploitation and competition of capitalism. In this sense, to thrive means to overcome capitalism and cannot be done under it, except in the sense of underground, sapping its foundations.

– What are the main challenges you see for the global spreading of social currencies?

Aside from the challenges I mentioned above, I’d also bring up, firstly, the continued tendency to view social currencies, or complementary currencies, as merely a local feature, a strategy to improve the living conditions of this or that group or region. I’d also mention the difficulties concerning communication and, more important still, technologies: not every group of people involved in monetary invention has the ability to use technologies that articulate social currencies globally. But once more, there would have to be the desire to do just that: spread social currencies globally, in the sense of being articulated, perhaps convertible among themselves. After all, there already are social currencies all over the globe. The only question is whether this is part of a wider project or not. I would like it to be, for certain.

Spotlight, the first global social currency for economic inclusion, created by Horyou
Spotlight, the first global social currency for economic inclusion, created by Horyou

– Spotlight is a global social currency that aims to use internet interactions to promote wealth redistribution. Do you believe the Internet and social networks have a critical role for the success of social currencies?

This is easy to ascertain: since the digital technologies of blockchains and others came about, the attendance to social currency conferences has grown at an accelerated pace. To this I could add that even the smallest and most limited social currency initiatives seem to have projects for becoming digital these days. Also, barter clubs or time banks, which used to be associated to neighborhoods and other small territories, can now function in much wider contexts. Cellphones can be used for microcredit and social networks dedicated to lending and donating have been created.

Once again, it is a question of who holds the knowledge, thus the power, and above all how many participants actually share the conception of what can be done with a social currency and what it is being generated for. This is why, for example, the fact I mentioned above, about so many small social currencies going digital, is neither good nor bad in itself. But it does express a certain awe and amazement with technologies that is certainly not desirable. Technologies should be envisaged as the opening of possibilities to act, not as panaceas.

In the digital realm, the destiny of social currencies is inseparable from the destiny of the commons. For now, the commons are losing the war, as the plutocracy takes up more and more power. Let’s see if we can rethink the strategies and turn this over.

Diego Viana is a researcher at Diversitas (FFLCH-USP) and Iconomia (ECA-USP) Laboratories. PhD candidate at FFLCH-USP, Master in Philosophy (Nanterre) and economist (FEA-USP). Also a regular contributor for the press, most notably Valor Econômico and Página 22, in Brazil.

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It might seem exaggerated, but fintech is going through challenging times. Since 2014, it has been pointed as an alternative for the increasingly regulated traditional financial markets and presented successful funding cases – at least, up to now. According to the research firm CB Insights, the investments on venture capital-backed fintech cooled off in the last quarter of 2015, despite reaching the best year in its history.

Besides, fintech might not be as “disruptive” as it wants to be. In a recent article published by The Financial Times, the venture capital executive Mark Tluszcz wrote about how “there has been very little innovation and nothing truly transformational” in fintech. According to him, most of their “hype” is not justified – they are just regular businesses.

What does innovation and transformation stand for, after all? Is it about processes, business models, solutions? For sure. But it is also about mission, values, culture, purposes. We can’t change the first ones without changing the latters, and this is why most fintech are being challenged right now. They are indeed presenting new market solutions and, at least technically, differentiating themselves, but with the same old thinking – profit for few and capital concentration.

The problem is “the same old thinking” – it doesn’t make sense for many actors in our globalized, sharing, collaborative society. It doesn’t sound interesting for the new generations, future clients and investors of this industry. We all like innovation, but we don’t want to use it for feeding the same vicious circle that created such global problems as poverty and inequality.

It is shameful that we, as an ever growing technological society, have 2,8 billion people living with less than 2 dollars a day. What is fintech doing to change this scenario?

A win-win situation

Last February, Horyou, the social network for social good, created the first global social currency, Spotlight. It is a fintech project, although Horyou is not a fintech company. Spotlight is a micro-funding tool that allows any member of the network to support social initiatives and non-profit organizations through a real digital currency. It also allows any member of the platform to get funds for their own projects and initiatives. And it opens a world of opportunities for investors thanks to its conscious capitalism background.

The innovation with Spotlight is it provides an alternative source of funding for hundreds of millions of entrepreneurs, youth, artists or organizations. It spreads innovation globally and it gives power and initiative to all its actors. “Spotlights is a revolution of internet which affects not only the Corporate Social Responsibility sector but the whole society on a global level”, says Yonathan Parienti, founder and CEO of Horyou.

There is hope. And that’s why I wish a long, long life for fintech, as it discovers the path that combines innovation, transformation and purpose for a better world.

Horyou builds a new bridge to connect the Eastern and Western Worlds – English version after the Mandarin version!

Ni Hao! Horyou is now in Chinese
Ni Hao! Horyou is now in Chinese

随着现代科学技术的飞速发展,世界正在演变成一个向每一人开放的巨型舞台。互联网的普及使我们有机会共同生活在一个无国界、无时差的地球村。以往需要数月才可传达的信息如今只需几秒钟便可完成,以往难以跨越国境的科学发现如今也可轻易的造福其他国家的公民,以往受到地域局限的艺术作品如今可供全球各个角落的爱好者欣赏。

Horyou旨在利用科技的便利造福全球公民!Horyou平台汇集来自世界各地的艺术家、公众人物、公益组织和社会公益的支持者,为他们提供充满正能量的网络平台来互相支持、共同发展。

Horyou非常重视中国和中国公民在国际舞台上的角色。Horyou相信这一占有全球人口数量20%的大国公民的创造力和正能量将为全球公益事业的发展做出举足轻重的贡献。因此,在英文、法文、西班牙文、葡萄牙文、阿拉伯文的基础上,Horyou非常荣幸的推出全球第一大语言—汉语平台。

世界的多样性因为彼此分享而美丽!现在Horyou已经做好准备迎接来自中国的创造力、慈善事业和艺术作品!如果您是艺术家,Horyou将为您提供展示您作品的舞台;如果您代表着某一公益组织,Horyou将为您的事业集结更多支持者;如果您是在某一领域有杰出贡献的公众人物,Horyou将为您带来全球范围内更高的知名度;如果您是一个心怀善念的支持者,Horyou将带您进入一个零仇恨、充满了正能量的网络世界!

与此同时,来自中国的成员将有机会获得第一枚支持经济包容度的全球社会货币 “Spotlight”的资助。成员可利用“Spotlight”完成创新项目和社会公益事业。此外,中国成员还将有机会参加由Horyou举办的旨在发展社会公益的全球性活动,如在戛纳电影节期间的“Horyou村 (https://www.horyouvillage.com) ”和一年一度的“社会创新与全球准则论坛(SIGEF)”。Horyou将于2016年11月份在摩洛哥马拉喀什举办第22届联合国气候变化大会官方场外活动:第三届社会创新与全球准则论坛。如果您有与Horyou价值观一致的项目,您可以通过登录活动官方网站(www.sigef2016.com)注册报名参加。

Horyou已经为您将道路铺好,现在是您来装饰它的时候了!我们期待着您向世界展示中国独特的文化、哲学、科技创新、慈善精神等社会事业,同时,您也可以通过Horyou来更进一步的观察、接触世界。

Horyou相信通过积极正面的互动,从每一个人出发,从日常小事出发,我们将为未来世界这幅画卷涂抹上属于我们自己的靓丽色彩!

English:

Horyou builds a new bridge to connect Eastern and Western Worlds

Thanks to the fast development of modern science and technology, the world is becoming a great stage which allows everyone to perform. Our global village, a border-free and time zone free space, give us access to real time information, scientific innovations and beautiful artwork once geographically restricted. 

Horyou aims to benefit global citizens using technology as an ally. Horyou summons artists, personalities, organizations and supporters of social good from all over the world in a network filled with positivity to support each other and develop together as a true global community.

Horyou highly values China and Chinese citizens’ role on the international stage. China, whose population constitutes about 20% of world’s overall population, will offer great contribution to social good with its creativity and positive spirit. Therefore, on the basis of English, French, Spanish, Portuguese and Arabic, Horyou is proud to launch its platform in Chinese, the world’s most spoken language!

The beauty of diversity can only be shown through sharing. Now, Horyou welcomes China’s innovation, philanthropic endeavors, artwork and cultural values. If you are an artist, Horyou will give you a stage to showcase your creativity; if you represent an organization, Horyou will gather together people worldwide to support your cause ; if you are a personality who has greatly contributed to your field, Horyou will bring you higher global visibility; if you have a warm heart for humanity, Horyou will take you to a zero-hatred, full positivity network!

Chinese Horyou members have now the opportunity to be funded for their innovative projects and social causes through Spotlight, the first global social currency for economic inclusion, and to be at the global stage in events like Horyou Village in Cannes Festival and SIGEF, the Social Innovation and Global Ethics Forum. Organizations and members from China can also register their projects for the next SIGEF, which will happen during the COP22, next November, in Marrakesh, Morocco.

Horyou has paved the path, now it’s your turn to walk through it! We look forward to seeing you introduce the unique Chinese culture, philosophy, innovation and philanthropy acts through our platform, and at the same time we are honored to have the opportunity to take you deeper and closer to the world’s beautiful sides.

Horyou believes that, through positive interaction and daily acts, everyone of us can make the future more colorful with our very own brushes!

Written by Yue Wang

Eric Lonergan first grabbed my attention when I came across an interview with him in an Irish Sunday newspaper. As somebody who also read philosophy and political economy at University, I’m always intrigued as to how I often look at economic issues through a completely different lens than some of my contemporaries who have studied pure finance or mathematics. Horyou, although not solely profit seeking, is an enterprise like any other with respect to having financial costs, so it is keenly aware that money, whether used for social or personal interest, is a tool of mobilization. In the interview I read, I learned that Eric Lonergan has just written a book on the philosophy of money and society’s relationship with it it. And I found myself nodding along with much of Eric’s hypotheses, so I was delighted when he agreed to sit down for a chat.

Eric Lonergan
Eric Lonergan

1) You did your undergraduate degree in philosophy, politics and economics at Oxford and your masters in economics and philosophy at the London School of Economics. Subsequently, working as a hedge fund manager, do you find yourself reading certain situations or analyzing things differently to your colleagues who might have studied pure finance?

One of the challenges with education in areas like economics and finance is that you have to learn the conventional wisdom before you can identify what’s wrong with it. So I spent a lot of my time studying mainstream economics and finance – much of which has some insight. Even advocates of ‘efficient markets’ like Eugene Fama, have useful observations. That said, the most useful studying I have done, ironically, was philosophy. I learned that virtually all theories are flawed, as is a lot of ‘expert opinion’.  Financial markets are similarly unforgiving. Pure finance typically ignores the most important aspect of markets – human behavior and psychology.  

2) In your recent, highly acclaimed book ‘Money’, you make the point that money as a function should be looked at as a tool to live rather than an ability to accumulate. Was this view formed from your academic study or from seeing money at work in the real world?

Part of the reason I wrote ‘Money’ was to broaden our understanding of money and finance. One of the intellectually fascinating aspects of money is that it underpins human progress, but it is also a source of many problems. I tried to explore this theme more broadly. Finance connects us all at a real human level – pensions are inter-generational transfers, mortgage lending connects depositors and young households etc. And at the other extreme, millions of people are inter-connected through global financial markets. I have seen both sides at work in the real world. At a positive level, global investors can try and set high standards for global governance, encourage long-term thinking in policy-making, and finance international trade and the exchange of technology and ideas. These are all positive forces. The other side of this interdependence is that you can have destructive financial panics – which I witnessed first-hand in the late 1990s, during the Asian crisis, and again in 2008. The challenge for policy-makers is to harness the benefits of trade and finance and mitigate these risks – which primarily means developing policies to prevent or shorten recessions.  

3) There are hundreds of stories of people leaving finance post crises, when the greed of the system was exposed, including Horyou’s own CEO who held director positions at JP Morgan and Bank of China. As someone who still works in the industry, have you seen a definite culture shift/change in priorities? How does conversation within the industry compare to pre-financial crisis?

I do think there has been a cultural shift, encouraged also by a major shift in the regulatory environment, which should be welcomed by the industry. But it would be naive to think that an industry mainly focused on making money will foster a culture of generous, socially-minded, individuals! The main challenge for the regulators, who have a difficult task, is to ensure that the incentives of participants in the industry are aligned with doing the right thing, and ultimately the interests of broader society. 

Money: The Art of Living
Money: The Art of Living

4) Horyou have just launched their global social currency “Spotlight”, which matches investors to social enterprises they want to support. We see that there is a huge appetite for impact investing, green finance etc. What are your views on these areas? Will environmental/social returns ever override profits for investors or as consumers become more discerning and regulations tighten, do you think they even have a choice to ignore more sustainable investment patterns?

My thinking on this has been heavily influenced by knowing and working with Nigel Kershaw from the Big Issue, and one of the UK’s leading social entrepreneurs and thinkers. I think social enterprises will grow in importance. In contrast to many charities, which have to devote considerable resources to fund-raising, social enterprises can be self-sufficient. And they can have an economic advantage – there is little doubt, I think, that consumers will continue to be more discerning in considering the broader effects of their actions and those of the enterprises they interact with.

5) What are the main areas you are seeing investment opportunity in, in the short term?

I try always to think in terms of the ‘long term’ – there is a lot of distracting noise in the short-term. I think one of the most interesting aspects of public markets currently – a huge fad – is what I call ‘volatility aversion’. Investor obsession with recent historic volatility as a measure of risk is causing huge anomalies in pricing. The most straightforward manifestation of this is the equity risk premium – the difference in implied returns from equities compared with government bonds. Global equities are currently priced to deliver far superior returns to government bonds over the next five to 10 years.

6) Finally, Horyou support people making impact on society for good. What impact or contribution do you want to be remembered for/still want to achieve? 

I’m too much of a philosopher to want to be remembered for anything – I’m not sure that’s a helpful ambition! I would be very happy if I could contribute to the development of policies that shorten the duration of recessions.

Eric Longeran has an interesting way of looking at the world. I could be accused of bias, considering we share many of the same views on the concept of money within society, but the more we watch economies evolve each day, the more we realise how we view money and our propensity to spend or save, is actually very much driven by human sentiment and social pressures, be it from our neighbour or the data we see in the markets. There is nothing to say that these views are right or wrong, but it is becoming more apparent that the discipline of economics is moving away from linear models and learning to adapt to the uncertain world we live in today.

Written by Dearbhla Gavin

Horyou shares the social network for social good experience during the Global Donors Forum, in Istanbul

Global Donors Forum, a side event of the World Humanitarian Forum in Istambul
Global Donors Forum, a side event of the World Humanitarian Forum in Istanbul

Impact and social investors, experts and leaders from all over the world will be working together in Istanbul on May 24th and 25th towards the same goals: to innovate and to create solutions for philanthropy. The biennial Global Donors Forum is an event which enhances new ideas and partnerships, besides being a platform to discuss global and regional challenges. As a side event of the World Humanitarian Summit, it is focused on human rights and social development.

Important names of the corporate, political and philanthropic worlds will be present during the 2-day conference, which will cover such subjects as Sustainable Development Goals, Islamic Business and Finance, Countering Extremism and Women Leadership. The opening ceremony will be led by Dr Sheikha Aisha bint Faleh Al-Thani, Chair of World Congress of Muslim Philanthropists, Shaarik H. Zafar, Special Representative to Muslim Communities, Mohammad AbdulAziz Al Naimi, CEO of Silatech, and the former prime minister of Romania Victor-Viorel Ponta.

Yonathan Parienti, the CEO and founder of Horyou, will participate as a speaker on the Perspective of Philanthropy panel where he will be presenting for the first time to the Turkish audience Spotlight, the first global social currency for economic inclusion. Speaking on how to leverage social media for social change, Parienti will be surrounded by other experts of the humanitarian field as Amy Singer, from Tel Aviv University, Farhan Latif, president of El-Hibri Foundation and Iqbal Noor Alim from the Aga Khan Development Network.

Launching of Spotlight in Dakar, Senegal
Launching of Spotlight in Dakar, Senegal

“Horyou is in a global campaign to introduce Spotlight, an impactful currency which aims to enhance a fairer capital circulation to all publics from different cultures and regions”, says Yonathan. “The world is increasingly connected and, by bringing economic inclusion, Spotlight will make the best use of the power of social networking”.

In the last few weeks, Spotlight was presented to media, organizations, experts and public from Morocco, Brazil, Senegal, China and now Turkey. By creating a global network of Spotlight users and supporters, Horyou will benefit and redistribute capital to more than 300 million people by 2018.

Click here to see the agenda of the Global Donors Forum.

Have you thought of a world where nobody would have to be concerned about paying for their basic needs? The unconditional basic income (UBI) project, which will be submitted to a vote in Switzerland next month, addresses this controversial issue that has been the “talk of the country” for quite some time. And last week, hundreds of academics, executives, trade union representatives and the general public gathered in Zurich to discuss the UBI in connection to new technologies, disruptive work and a shrinking middle class, both in the developed and developing worlds. While attending for Horyou blog, I was very interested to see how the basic income discussion would fit with the concept of Spotlight, the global social currency created by Horyou. And I discovered that there are many people studying and working hard for more income equality all over the world.

Yanis Varoufakis - Photo by Jonas Rohloff/Neopolis Network
Yanis Varoufakis – Photo by Jonas Rohloff/Neopolis Network

Named “The Future of Work”, the conference discussed alternatives for the current crisis of capitalism, marked by income stagnation, deflationary process and decreasing interest rates on a global scale. Renowned specialists such as Yanis Varoufakis, former Greek Minister of Finance, and Robert Reich, former US Labour Secretary under Bill Clinton, were among the speakers.

First to speak was Robert Johnson, executive director of the Institute of New Economic Thinking, for whom the root cause of our society’s challenges is a mix of political pessimism, technological disruption and a political system whereby economic growth is powered and consumed by the wealthy few. “We are living under fear of social unrest caused by the increasingly precarious conditions for workers”, he said.

Robert Johnson - Photo by Jonas Rohloff/Neopolis Network
Robert Johnson – Photo by Jonas Rohloff/Neopolis Network

One of the signs of this precarity is the rise of sharing economy platforms like Uber and their impact on working conditions. A panel called Disruptive Work presented cases of companies like Uber and Zipcar, whereby members are proposed flexible conditions while not enjoying the same rights and income they would be in a “traditional” industry. “My father had one job in his life, I had six in mine, and my daughter will have six simultaneously”, said Robin Chase, co-founder of the car sharing platform Zipcar. She is optimistic about the new working model – according to her, 85% of people are not happy with their current jobs and the so-called “peer inc” companies can tap exponential learning and lead people to interesting jobs instead of automated ones.

A system where a basic income would guarantee people’s survival would give everyone freedom to chose a meaningful job without having to work hard to make ends meet. For the critics of the project, it would lead to a situation where many people would be discouraged to work at all. Some experiments made in Africa, India and Germany, however, show the opposite. Michael Faye, co-founder of the non profit GiveDirectly, shared his experience with cash transfers in extreme poor villages in Africa. “The only social group who stopped working were children”, he said. “There is no evidence that they become lazy and spend the money on drugs and alcohol. In fact, people go back to school and start working for the community”. The same phenomenon happened with the Mein Grundeinkommen experiment in Germany – from the 36 people who benefitted from a cash transfer which guaranteed their survival, only one spent it on luxuries. “Most people changed jobs and started spending more time with their children”, says the executive Amira Yahia.

Robert Reich, who worked as a US Labour Secretary and now is a professor at UCLA, is one of the biggest supporters of the project. “Even the Silicon Valley is starting to be interested in the basic income project. Companies are concerned about people not being able to afford the products that they manufacture, as the middle class is shrinking”, he said. In his opinion, a basic income would create an aggregated demand that would address such issues as inequality and social insecurity. “The central question is not economic but ethical. Who is the government working for, and who has the influence and power? How do we use the abundance and distribute the gains produced by society?”, he asked. Reich is not convinced about the effectiveness of a basic income, but believes it is “inevitable” to create a system which promotes the circulation of income.

Robert Reich - Photo by Jonas Rohloff/Neopolis Network
Robert Reich – Photo by Jonas Rohloff/Neopolis Network

The closing speech was Yanis Varoufakis’. Famous for his controversial statements about capitalism and the financial system, he stated that the social democracy tradition is dead and that capitalism has been agonizing since 2008. “The new system transfers the value of production towards the financial sector that remains insolvent. This created a deflationary process and today, half the global economy is on negative interest rates”. Varoufakis went on to explain that the working class can no longer ensure itself through social insurance, as youngsters find it very difficult to find full time jobs, and wages are stagnating. “This is aggravated by the fact that low wage routine jobs would be rapidly replaced by artificial intelligence”.

The basic income, according to him, is a necessary tool to stabilize society. “The struggle is ethical as we need to overturn the dominant paradigm of capitalism. The basic income is a dividend for the collective production market, it is about giving money to the underserving, to the rich, the surfers, people who are collectively producing wealth”, he advocated. At the same time, a redistribution of wealth would benefit central banks as well by working as a counter deflationary tool, and promote the creation of value at work, as people would have the right to turn down a job they don’t feel connected to. “We need to create a system which aggregates capital and creates a stream for everyone. It’s a trust fund for all our children”, he concluded.

Written by Vivian Soares

Special thanks to Gottlieb Duttweiler Institute and Neopolis Network for all the support and pictures.

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