- há 2 dias
Categoria
📚
AprendizadoTranscrição
00:00History is not an exact science. It is never set in stone.
00:17As time passes, knowledge of the past is refined and evolves.
00:21But by definition, existing ideas have thick skins and are difficult to shift.
00:34To understand the realities of the world, you sometimes have to shake them up and decipher the facts by looking at them another way.
00:58The subprime crisis sticks in the mind as an American disaster.
01:08And yet...
01:14The subprime crisis sticks in the mind as an American disaster.
01:20And yet...
01:26On the 1st of July 2006, America's golden age of property breathed its last.
01:44Millions of families who had taken out loans at variable interest rates saw their payments skyrocket.
01:54Unable to honor their commitments, many were evicted.
01:58Their homes were seized and put back on the market.
02:02The market soon became saturated and prices tumbled.
02:08Loan companies who had shown little regard for their customers' solvency were ruined.
02:17The subprime crisis had just begun.
02:22The thousands of families expropriated in 2007 were just the first victims of the crisis.
02:41The credit companies that had offered them terms had simultaneously been the sorcerer's apprentice of finance.
02:54Through cleverness of hand, they turned their clients' debts into a financial product of an unequaled profitability.
03:04Known as subprimes, these miracle investments attracted speculators from all over the world.
03:14Giving birth to a genuine El Dorado from which the big international banks made endless profits.
03:25With the collapse of the American housing market, these once desirable securities had become toxic.
03:31Their holders realized it was a huge con-trick and tried to get rid of them as discreetly as they could.
03:44On the 9th of August 2007, France committed a blunder.
03:52The BNP Paribas Bank closed three of its investment funds that were index-linked to the American housing market.
03:58Its customers only learned of it from the press.
04:04They would never get their money back.
04:07This triggered a chain reaction.
04:10In just a few hours, the news spread across the financial world.
04:15Any subprime holder was in danger of going bankrupt.
04:19Mistrust turned into fear.
04:22The banks stopped lending.
04:23Money stopped circulating.
04:24The global economy grounds to a halt.
04:25The Central European Bank reacted immediately.
04:26Its governor, Jean-Claude Trichet, opened the liquid assets' floodgates.
04:27Can you increase the markets?
04:28In a bid to reboot the system, 156 billion euros were provided to the union's cash-strapped banks.
04:30In a bid to reboot the system, 156 billion euros were provided to the union's cash-strapped banks.
04:34In less than 24 hours, a huge lifesaver was unconditionally injected into the bank.
04:35In a bid to reboot the system, 156 billion euros were provided to the union's cash-strapped banks.
04:44In less than 24 hours, a huge lifesaver was unconditionally injected into the banking sector.
05:05It was in vain.
05:07The stock markets plummeted.
05:12BNP's woes boomeranged back to the USA.
05:26The financial markets around the world have been roiled by difficulties in France.
05:34The finance minister, Christine Lagarde, cut short her holiday to give the people of France a lesson in macroeconomics.
05:41The first warning shot of the subprime crisis was not taken seriously.
06:02One month later, the British bank Northern Rock, having gambled too heavily on subprimes, was on the brink of bankruptcy.
06:20All over the United Kingdom, investors rushed to recover their savings.
06:27Among many of Northern Rock's 1.5 million savers, confidence is evaporating.
06:37An estimated 1 billion pounds has been withdrawn already.
06:44The British stiff upper lip remained firm, but the credibility of Europe's financial capital had been seriously damaged.
06:59With its back to the wall, the government had to bail out the strangled bank.
07:06This nationalization was very costly for taxpayers, but allowed investors to hold on to their savings.
07:12In the autumn of 2007, on either side of the Atlantic, money was being printed at an unprecedented rate.
07:23Almost 300 billion euros were injected into the international banking system.
07:29It was a first ever. Short of liquid assets during the summer, these same banks rewarded their shareholders.
07:44In late 2007, the dividends paid out were higher than the previous year.
07:51Order seemed to have been restored. And yet...
07:58The American banking giant Lehman Brothers looks set to bite the dust.
08:05Lehman Brothers has filed for the biggest bankruptcy in history.
08:09The collapse of America's fourth biggest business bank marked the peak of the crisis.
08:22That very evening, its employees left its Manhattan headquarters.
08:27What is your reaction to that? Anger? Sadness?
08:31You know, I never thought it would come to this. It's just a tragedy. 25,000 employees.
08:37It was Monday, the 15th of September, 2008, and a vicious circle was set in motion.
08:44The crash, which had been gestating for months, put the Treasury Secretary, Henry Pawson, on the rack.
08:50Good afternoon. Good afternoon, everyone. And I hope you all had an enjoyable weekend.
08:56A nervous laugh that did little to disguise the predicament the American authorities were in.
09:09The day after the biggest financial collapse in history, all the markets caved in, and losses were colossal.
09:17But the main concern for the American Federal Reserve was Europe.
09:24Its governor, Ben Bernanke, thought that the old continent would be unable to withstand the tsunami that was about to hit it.
09:35And he was to be proved right.
09:38Just like Wall Street, London, Paris and Frankfurt nosedived.
09:53The big powers of the European Union were still not on high alert.
10:00What we know in agreement with the Bank of Germany and with the Bank of Germany is,
10:05is that the challenges in Germany, unfortunately, are limited.
10:08That is not on the light of the shoulder to take.
10:10But we realize that our German universal bank system is more robust.
10:15The mechanisms are in place, the central banks are alerted, and there is no panic on the floor.
10:30The Europeans displayed a puzzling nonchalance, as if the subprime cyclone was going to spare them.
10:40At this point, France assumed the presidency of the Union.
10:44President Nicolas Sarkozy was his mouthpiece.
10:48In a fervent speech, he denounced the excesses of the financial world.
10:53Self-regulation.
10:55To solve all the problems, it's done.
10:59To let it do, it's done.
11:03The all-power market that has always right, it's done.
11:09Once keen to promote the introduction of subprimes in France, Sarkozy suddenly became the sworn enemy of capitalism.
11:18His indictment delighted his ministers and militants.
11:22But by not having a clear strategy, he allowed the crisis to escalate.
11:27Four days later, Ireland went under.
11:41Though the losses of its three biggest banks were the equivalent of eight times the national GDP,
11:46Finance Minister Brian Lenehan committed to guaranteeing them.
11:53It was an outlandish promise.
11:55The entire country was now at risk of bankruptcy.
11:58Lenehan would admit that this senseless decision was taken after a call from the president of the European Central Bank,
12:11who convinced him to save his banks at any cost.
12:14Jean-Claude Trichet, for his part, has always denied applying any kind of pressure.
12:25The crisis worsened with every passing day.
12:29Every bank was under threat.
12:32The only possible defense was an intervention at European level.
12:36But Germany was firmly opposed to this.
12:39Jean-Claude Trichet was emphatic.
12:43A common European solution is not appropriate, as the Eurozone is not a budgetary union.
12:51The president of the Eurogroup, Jean-Claude Juncker, went one better.
12:56This crisis comes from the USA.
12:59It is deeper.
13:00Europe will get by with national solutions.
13:06The myopia of the union's leaders prevented any European action.
13:13At the same time, the USA launched a $700 billion plan to stabilize its economy.
13:23The motion is adopted.
13:25That very evening, President George Bush ratified the plan.
13:31The heart of financial capitalism was partly nationalized, and all of the country's power was mobilized to extricate the nation from the Maya.
13:44The following day, Europe acted.
13:57France, Germany, Great Britain and Italy met in Paris in front of the world's cameras.
14:03It was time to come to an agreement.
14:12Nicolas Sarkozy, Angela Merkel, the British Prime Minister Gordon Brown and the Italian PM Silvio Berlusconi had to admit that this was an emergency.
14:22European ministers, the United States, the European Union began to see the EU.
14:25We have to understand that we need a coherent way of all countries.
14:35Three weeks after the crash, there was still no common plan of action.
14:38A commission on the one hand, and standardization bodies on the other,
14:48They must work urgently to ensure the issue is resolved before the end of the month.
14:56It would take ten years for this promised regulation to become mandatory.
15:01On the same day, BNP Paribas decided to buy Fortis Group.
15:10A struggling Belgian bank and insurance company was saved within a day.
15:15The moral of the story is that financiers are far more reactive than politicians.
15:20What has it become, what has it become?
15:50The economic trap could not fight the needle.
15:57Investors were losing patience with the Union's ability to find common ground.
16:01On October 6th, market hysteria reached a boiling point.
16:07On that day, R$2 billion was raised in smoke.
16:12On October 7th, Merkel persisted with her refusal to intervene.
16:17On October 8th, Britão was on the brink of disaster.
16:20The Royal Bank of Scotland, the world's largest bank, was once a disaster.
16:30The United Kingdom started from nationalization.
16:36Spain has adopted a plan to support the banking sector up to a limit of 30 billion euros.
16:42For out.
16:44The decision by the United States to withdraw did nothing to reduce market anxiety.
16:51Despite the colossal sums invested, Paris, London and Frankfurt fell by over 20%.
16:57It was the worst week for the stock markets in history.
17:01After further record falls on Wall Street, President Bush drummed up support.
17:14President Bush drummed up support.
17:14President Bush's citizens are rightly concerned.
17:16In an interconnected world, no nation will gain by driving down the fortunes of another.
17:23We're in this together.
17:24We will come through it together.
17:30The message got through.
17:33Faced with the decline of the German financial system,
17:36Angela Merkel gave the green light to a European rescue plan.
17:40The Union's leaders finally had a common front.
17:45The plan costs 1,700 billion euros, more than twice the amount the USA had pledged.
18:12The price of 4 weeks of prevarication.
18:19While some 30 American financial institutions were lost,
18:23all the European banks were bailed out with public funds.
18:27The markets were back in business.
18:35For one day only.
18:38Then the downward spiral continued.
18:41On Christmas Eve, Belgium was mired in the Fortis scandal.
18:51Suspected of having sold its financial soul to the French bank BNP Paribas,
18:56The government fell.
19:00In Iceland, everything was going wrong.
19:02Following a resounding collapse, ruined investors demanded the heads of the imprudent bankers.
19:14The snowballs thrown at Parliament were just the beginning of a long rebellion.
19:19In Latvia, the situation had suddenly deteriorated.
19:28In just a few weeks, public debt had doubled.
19:32Thousands of jobs were at risk.
19:34And the government was on the brink of being overthrown.
19:37Neighboring Lithuania was also severely affected.
19:56In Ireland, unemployment hit hard,
20:06and the country went into recession.
20:11But the governor of the ECB refused to panic.
20:16For the entire euro zone,
20:18the experts of the European Central Bank
20:22say that we have a slow-up growth.
20:26I will not pronounce any other words than that.
20:28Slow-up growth.
20:33Among these experts,
20:34Commissioner Joachim Armunia was far less equivocal.
20:40His report to the European Commission was very clear.
20:44The shocks that are shaking the European economy
20:47should both reduce the rate of potential growth
20:50and worsen unemployment.
20:51The economic slowdown will affect families, households,
20:56and the most vulnerable populations of our societies.
21:01The measures put in place to recapitalize the banks
21:04are already raising the level of debt.
21:07In late 2008,
21:12the consequences of the crisis had been recognized.
21:15It was time for action.
21:242009 began with a fresh hope.
21:26Newly elected American President Barack Obama
21:31approved a recovery plan
21:33of a magnitude not seen since World War II.
21:36I solemnly swear,
21:37preserve, protect, and defend
21:38the Constitution of the United States.
21:40So help you, God?
21:40So help me God.
21:41The equivalent of the US defense budget
21:43was spent on the unemployed,
21:45education,
21:46and tax cuts.
21:47In Europe,
21:51The opposite happened.
21:52The recovery sounded like a raft of generous promises.
21:57France only pledged 26 billion euros.
22:00Its partners announced amounts
22:02that were equally derisory
22:03in view of the hundreds of billions
22:05promised to save the financial sector.
22:09The European strategy was the world's least ambitious
22:12when it was the most severely afflicted continent.
22:17The banks that had only just been bailed out
22:21closed lines of credit.
22:26Hundreds of businesses
22:27had to abruptly postpone investments
22:29and job offers.
22:34While the number of redundancies
22:36in France had grown twofold,
22:38unemployment in Denmark
22:39had already doubled
22:40and tripled in the Baltic states.
22:47In Latvia,
22:48It touched 20%.
22:49Spain had 800,000 new unemployed people.
22:54One young person in three
22:56I was jobless.
22:57In autumn 2009,
23:10one year after the collapse
23:11of Lehman Brothers,
23:13the European Union
23:14was still in the doldrums.
23:19People in Spain,
23:21Ireland,
23:21and Portugal
23:22had lost their jobs
23:23and their savings.
23:25While America
23:26showed signs of recovery,
23:28Europe transformed
23:29a financial crisis
23:30into an economic crisis.
23:32On the 5th of November,
23:44a small country
23:45which had hitherto
23:46played no part
23:47in proceedings
23:47was thrust
23:48center stage,
23:50Greece.
23:55The new Prime Minister,
23:57Giorgios Papandreou,
23:59revealed that public accounts
24:00had been falsified
24:01for years.
24:03The country's deficit
24:04was twice
24:04what had been declared.
24:06It broke the ceiling
24:08authorized by the Union.
24:11Greece had Europe
24:12quaking in its boots.
24:16The German finance minister,
24:18Wolfgang Schreubler,
24:19was scathing.
24:20Germany would not help Greece.
24:49Neither would the ECB.
24:53Its governor
24:54Refused categorically.
24:58European treaties
24:58were binding.
25:00Officially,
25:01a central bank
25:01could only lend
25:02to other banks.
25:06What Jean-Claude Trichet
25:08deliberately omitted
25:09to mention
25:09was that the European
25:10central bank
25:11had been covertly
25:13repurchasing
25:13toxic subprimes
25:15so that they disappeared
25:16from the bank's
25:17Balance sheets.
25:18A practice
25:20also absent
25:21from any treaties.
25:27Month by month,
25:29the situation
25:29deteriorated.
25:33In late March 2010,
25:35Ireland was still sinking.
25:40Spain and Portugal
25:42were reeling.
25:43As their debts grew,
25:45their hopes of growth
25:46were vanishing.
25:50Greece,
25:50left to its own devices,
25:52I was broke.
25:54Europe was subsidizing.
25:56The stock markets
25:56were frantic.
25:57Indexes plummeted.
26:00Old Europe's instability
26:01was a threat
26:02to the world.
26:03after six long months
26:10of pussyfooting,
26:11the Europeans
26:12decided to act.
26:20110 billion euros
26:22were given
26:22to private banks.
26:23It would be up to them
26:24to decide
26:25on lending conditions.
26:27Delinquent Greece
26:28would no longer
26:29have the benefit
26:30of the preferential rates
26:31agreed to its partners.
26:33Interest on its debts
26:34went through the roof.
26:36Athens would pay
26:37a high price
26:38for its life jacket.
26:39It's a severe program.
26:43but it's a program
26:44which is absolutely necessary.
26:51Neither Greece
26:52nor the other stricken countries
26:53would get any grace
26:54from the banks.
26:56On the contrary,
26:58these indebted states
26:59would fill their coffers
27:00which had been emptied
27:01by their subprimes.
27:02The people of Greece
27:13were not prepared
27:13to accept this.
27:14The people of Greece
27:17were not prepared
27:17to accept this.
27:18they would do all of the people.
27:20The workers
27:21will be in the streets
27:22every day.
27:23The government
27:24should be able
27:24to establish
27:25this package of measures
27:27which leads
27:28to society
27:29to poverty
27:29and poverty.
27:33As its ministers
27:34endorsed
27:35the most severe
27:35austerity program
27:37ever inflicted
27:37on a modern democracy,
27:39the people of Athens
27:40marched on Parliament.
27:44The building
27:45was stored.
27:45An entire nation
27:54rose up
27:55against the measures
27:55demanded by the Union.
28:01These included
28:02salary reductions,
28:04raising the retirement age
28:06and higher prices.
28:11With one of the lowest
28:12quality of life in Europe,
28:14these sacrifices
28:14would drag the green
28:15to the Greeks
28:16even further down.
28:19I am a martyr.
28:19because they have
28:20been buried
28:20in my life,
28:21my dreams,
28:22my children,
28:23and their lives.
28:26At the peak
28:27of the violence,
28:28a petrol bomb
28:29destroyed a bank.
28:31Three employees
28:32died of asphyxiation.
28:38Athens was all fire
28:39and tears
28:40deep into the night.
28:45The Burning Street
28:50reduced to cinders,
28:52the last hope
28:53for any confidence
28:53in the stock markets.
29:01The next day,
29:02the market plummeted
29:04at a more breathtaking rate
29:05than ever.
29:08The 110 billion euros
29:10allocated to Greece
29:11were a mere drop
29:12in the ocean
29:13of the 1 billion euros
29:14of losses
29:15on that afternoon.
29:19The situation
29:20was even more critical
29:21than when Lehman Brothers
29:23collapsed.
29:27At the ECB's headquarters,
29:30The tension was at its peak.
29:31The institution's
29:38non-intervention
29:39in the Greek rescue operation
29:41disconcerted all those
29:42involved in the stock markets.
29:45Many were already
29:46betting on its implosion.
29:50Following international pressure,
29:53a European summit
29:53was urgently organized
29:55in an apocalyptic atmosphere.
29:56A shocked and pale
30:00Nicolas Sarkozy
30:01lambasted the ECB.
30:05Come on, come on,
30:07Stop hesitating!
30:10The weekend's priority
30:12was to give Europe
30:13restore some credibility
30:14before the Asian markets
30:16opened on the following Monday.
30:19The solution
30:20was to award Greece
30:21a financial stability fund.
30:24The cost of the operation
30:25It was 750 billion euros.
30:29That was the price.
30:30of procrastination.
30:32Finally, the ECB
30:34stuck its neck out
30:35by buying back
30:36a portion of the Greek debt.
30:39Europe was getting out of trouble,
30:41But at what cost?
30:46Despite his setback on Greece,
30:48Jean-Claude Trichet
30:49did not drop his guard.
30:50Ireland, which was barely managing
30:57to stay afloat,
30:58considered beginning its banks
30:59for help.
31:02A well-argued letter
31:03convinced them
31:04to do otherwise.
31:07As a last resort,
31:09the Celtic Tiger
31:10turned to the European Union.
31:12financial aid was awarded
31:17in return for four years
31:19of budgetary rigor.
31:22Hikes in income tax,
31:24new taxes and charges,
31:26cuts to social welfare
31:27and the public sector pay bill.
31:29These are just some of the measures
31:30to take 15 billion euros
31:32out of the economy.
31:34Austerity was visited
31:35upon the Irish people.
31:36Anger spilled onto the streets.
31:56Fight this government
31:58against the lowest payout.
32:02They are cutting
32:03only the pay-ard sheet.
32:06The worst finance minister
32:11throughout Europe.
32:19In the economic miasma
32:21of late 2010,
32:23the public deficits
32:24of the EU countries
32:25got deeper.
32:32Only one country's accounts
32:34were in the black.
32:35Estonia's.
32:40Its budgetary rigor
32:42had paid off.
32:43The small Baltic state
32:44proudly celebrated
32:45its accession
32:46to the Eurozone,
32:47barely seven years
32:49after it had joined
32:50The Union.
32:56Its garlands
32:57were well-deserved.
32:58This was an exceptional triumph.
33:08After two years
33:09of the crisis,
33:10Austerity remained the norm.
33:17The following summer,
33:18Spain and Italy
33:19had to fall into line.
33:21with the introduction
33:24of large-scale privatization,
33:26a revision of redundancy procedures,
33:29a reduction of public spending,
33:31a reduction in state pensions
33:33and civil servants' salaries.
33:36While denying that this was an ultimatum,
33:39Europe's biggest financial backer
33:41defended its letters
33:42and justified them.
33:44Notre doctrine
33:45it always
33:46de prendre les décisions
33:48qui nous permettent
33:49Donner
33:50la stabilié des prix
33:51à nos concitoyens,
33:52les Français
33:53and the 330 million
33:55de concitoyens européens.
33:57The millions
33:59of citizens
34:00concerned
34:00were far from
34:01in agreement
34:02with the ECB's doctrine.
34:18The beleaguered people
34:19of Spain,
34:20Italy,
34:21Portugal,
34:22Ireland
34:22and the UK
34:23began to stand up
34:25to the diktats
34:25of austerity.
34:27They're trying to take
34:34for my child benefit
34:35which keeps my children
34:37at school,
34:38feeds my children
34:38and my car
34:39will be off the road
34:40if they take
34:41for my child's benefit.
34:42I do feel
34:43that the government
34:43is grabbing the poor
34:46and the working people
34:47and bankers
34:49are still getting
34:49very big bonuses
34:50and I think
34:52It's a little disgusting.
34:53To say the least.
34:55They're just saying
34:55they're going to
34:56and they're going to
34:57cut us into our old age pension.
34:58We've only 230 coming out then.
35:01We will pay!
35:02No way!
35:03That's why we're angry.
35:12Europe's capitals
35:14were in turmoil.
35:15A feeling of injustice
35:23led to grievances.
35:35The sense of betrayal
35:37by the Union's leaders
35:38was the cornerstone
35:39of the opposition.
35:40The economic crisis
35:48was followed by a social crisis
35:50of unprecedented magnitude.
35:52The forces of law and order
36:03were frequently overwhelmed
36:05by an anger
36:06that wanted to take
36:07its revenge
36:07on the system.
36:10From Mayhem in Madrid
36:12to looting in London,
36:13the atmosphere
36:14It was electric.
36:15In Brussels,
36:21a demonstration
36:21by dockers
36:22degenerated into riots.
36:24If we want to avoid
36:31collectively
36:31this abhorrent,
36:33it must be
36:33that Europe
36:34Change the camels.
36:40But Europe
36:41held its course.
36:43Restrictions
36:43were imposed
36:44while those
36:45responsible
36:45for the financial
36:46fiasco
36:47He went unpunished.
36:49The banks
36:50regained
36:50their impetus.
36:55Leading the charge
36:57were BNP Paribas,
36:58Deutsche Bank
36:59and three
37:00British banks.
37:04European finance
37:05had managed
37:06to weather the storm.
37:15Then,
37:16the reluctant leaders
37:17They began their merry dance.
37:20Top of the list
37:20Greek Prime Minister
37:22Georgios Papandreou.
37:24He wanted to put
37:26Greece's
37:26continued membership
37:27of the Eurozone
37:28to a referendum.
37:30This is a question
37:31of whether we want
37:33to remain
37:34in the Eurozone.
37:36The uncertainty
37:38of a popular vote
37:39was seen
37:39far too great
37:40a threat
37:41to the stability
37:42of the EU.
37:44Forsaken
37:44by his European partners,
37:45Papandreou
37:46was forced
37:47to backtrack
37:48and resigned.
37:49his replacement
37:53was none other
37:54than the former
37:55vice-president
37:56of the ECB,
37:57Lucas Papademos,
37:59Jean-Claude Trichet's
37:59faithful right-hand man
38:01for eight years.
38:02Where do we go?
38:03Where do we go?
38:04Where do we go?
38:06Installed
38:06at the head
38:07of a transition government,
38:09he began
38:09to apply
38:10the austerity
38:10necessary for Greece
38:12to remain
38:12in the Eurozone.
38:13former co-governor
38:18of the Bank of Greece,
38:20It was on his watch.
38:21that the falsification
38:22of public accounts
38:23that had thrown
38:24his country
38:24and the rest of Europe
38:25into chaos
38:26had begun.
38:29The same week,
38:31it was Silvio Berlusconi's
38:32turn to be shown
38:33the door
38:34and be replaced
38:36by Mario Monti.
38:37A former financial expert
38:41with Goldman Sachs,
38:42He held dual roles.
38:44as Italian prime minister
38:45and finance minister.
38:48He instigated
38:50swinging budgetary measures,
38:51particularly in the health sector,
38:53and increased taxes.
38:58Bankers
38:59were seizing power
39:00in Europe.
39:01In late 2011,
39:07Jean-Claude Trichet's
39:08The reign came to an end.
39:11In one of life's
39:13little ironies,
39:14his successor,
39:15Mario Draghi,
39:16was the former
39:16vice president
39:17of Goldman Sachs,
39:19the bank
39:19that had created
39:20the financial products
39:21at the root
39:22of the subprime crisis.
39:24He very quickly
39:25implemented
39:26a new obduacy.
39:29The ECB
39:30is prepared
39:30to take
39:31all necessary measures
39:32to preserve the euro.
39:34Draghi was adamant.
39:36The ECB
39:37would intervene
39:38in the event
39:38of any problem.
39:39The markets
39:40were mollified,
39:41confidence
39:41It was restored.
39:46But four years
39:47of indecisiveness
39:48had polarized opinion.
39:51In the polling booths,
39:53I'm sick of it
39:54party
39:55often did well,
39:56either by record
39:57levels of abstention
39:58or by unseating
39:59those in power.
40:01In one election
40:02after another,
40:03the governments
40:04that had imposed
40:05Those who practiced austerity were punished.
40:09With the exception
40:10of Angela Merkel
40:11in Germany,
40:12all the heads
40:13of state incumbent
40:14at the time
40:15of the subprime crisis
40:16were swept aside
40:17by popular suffrage.
40:18only austerity
40:22withstood popular anger.
40:25But the sense
40:26that the financial world
40:27had gone too far
40:28was growing.
40:35As proved
40:36by the emergence
40:37of a number
40:38of anti-system parties,
40:39such as the Front de Gauche
40:41or leftist front
40:42in France.
40:46New figures
40:47appeared
40:48on the political stage,
40:50such as the postal worker
40:51Olivier Bezosenou,
40:52who founded
40:53the new
40:53anti-capitalist party.
41:00In Spain,
41:02the outrageous ones
41:03occupied the Puerta del Sol
41:05for several months.
41:05This movement
41:11was founded
41:12by young graduates
41:13who were bearing
41:14the full brown
41:14of unemployment,
41:16blamed the traditional
41:17parties for the crisis
41:18and called
41:19for direct democracy.
41:23The spontaneous surge
41:25soon gave rise
41:26to a genuine
41:27political force
41:28in Podemos,
41:29Led by Pablo Iglesias.
41:33We can be a scouring pad,
41:35para barrer la sociedad
41:37and a broom
41:38that will work
41:39en la medida
41:39in which this
41:40in the hands
41:41of the citizens.
41:45Not far behind,
41:47in Greece,
41:48Syriza,
41:48a brand new
41:49radical left-wing party
41:50led by Alexis Tsipras,
41:53acted as the arbiter
41:54in the country's chess game.
41:59No one can
42:00ever go to Europe
42:02in Italy,
42:07the five-star movement
42:09led by Beppe Grillo,
42:10a comedian-turned-political agitator,
42:13effected a remarkable breakthrough.
42:19The popularity
42:20of a party
42:21driven by an entertainer
42:22terrified
42:23the established order.
42:24from the beginning
42:31of the crisis,
42:32nationalist movements
42:33had been gaining
42:34in influence
42:34in Hungary,
42:38Croatia
42:38and Finland.
42:42Even Germany
42:43saw a resurgence
42:44of the extreme right
42:45in the shape
42:46of the AFD.
42:48Its leader,
42:50Bernd Lucke,
42:51advocated
42:52leaving the Euro.
42:52A fervent Euro-sceptic,
43:04he cried
43:05and taunted
43:05the powers that be.
43:10Despite being
43:11newly founded,
43:12the party got
43:13two million votes
43:14in the elections.
43:15The party
43:16got two million votes
43:18in the elections.
43:19The party
43:21got two million votes
43:22in the elections.
43:23The crisis discredited
43:24the entire
43:25European political class.
43:28Traditional parties
43:29found themselves
43:30more diminished
43:31than ever before
43:32by movements
43:33that shared
43:33a common visceral
43:34rejection
43:35of the EU's institutions.
43:37in the European elections.
43:44In the European elections
43:45of 2014,
43:46a number of Euro-sceptic parties
43:48became their nation's
43:49leading political force,
43:51like the National Front
43:52in France,
43:53or UKIP,
43:54the UK Independence Party,
43:56whose leader,
43:57Nigel Farage,
43:58was passionately
43:59Europhobic.
44:00I don't just want Britain
44:04to leave the European Union,
44:06I want Europe
44:07to leave the European Union.
44:08I don't believe
44:09that flag,
44:10that anthem,
44:11and that president
44:11whose name no one knows
44:12really represent
44:14what Europe should be.
44:15And then you win!
44:18For the first time
44:20in the EU's history,
44:21a group of extreme
44:22right-wing MPs
44:24could influence
44:25the European Parliament's decision.
44:26But Eurosceptics
44:44in Britain,
44:44France,
44:45Austria,
44:46and the Netherlands
44:46were far too disparate
44:48to form a united front.
44:51The traditional parties
44:52remained in control.
44:56In 2015,
45:00austerity remained
45:01the rule of thumb
45:02throughout the Union.
45:05Romania was staring
45:06into the abyss.
45:07Its postal services,
45:09public transport,
45:10its aeronautical
45:11and energy industries,
45:12the whole country
45:13was for sale
45:14to try and pay off
45:15its debts.
45:17Retirement
45:17and wages
45:18were in free fall.
45:26While Romania
45:39was selling off
45:39its public services,
45:41Greece was allowing
45:42its healthcare system
45:43to rot.
45:46Many Greeks
45:47I had no social safety net.
45:51They had to go
45:52cap-in-hand
45:53to NGOs
45:53to get treatment
45:55or rely on the charity
45:56of those hospitals
45:57that were still open,
45:59They too being short
46:00of equipment
46:00and drugs.
46:04Life expectancy
46:05in Greece in 2015
46:07It was in decline.
46:08In the nations
46:15of southern Europe,
46:16a growing number
46:17of medical staff
46:18opted to emigrate.
46:21Half of these
46:22were from Italy,
46:22which was afflicted
46:23by drastic restrictions.
46:25of the homes.
46:28We want to cut
46:29the homes
46:30which would be
46:30the death
46:32of our hospital.
46:33Because if we cut
46:33the homes
46:34and cut the
46:34homes,
46:35we can't manage
46:36the equipment
46:37that comes out.
46:42Lombardy
46:43was the worst
46:43affected region.
46:46The lack
46:46of healthcare
46:47workers
46:47It was critical.
46:52Saving money
46:52on public health
46:53was a strategy
46:54employed
46:55by many EU
46:56countries.
47:12Budget minister
47:13Eric Wörth
47:14had been planning
47:15this since the
47:15beginning of
47:16crisis.
47:17And France
47:17lost over 6,000
47:19hospital beds
47:20a year
47:20for 10 years.
47:26The undisputed
47:27champion
47:28of budget cuts
47:29was Ireland,
47:30which closed
47:30half of it
47:31hospital beds.
47:36To make matters
47:38worse,
47:38social services
47:39warned that
47:40one Irish child
47:41in five
47:42was in food
47:43poverty.
47:43It was the UK
47:54that was to
47:55experience the
47:56worst issues.
47:57The social cost
47:58of seven years
47:59of austerity
48:00It was horrific.
48:05Many libraries,
48:07nurseries and
48:08homeless shelters
48:09were closed,
48:10causing ever
48:10greater hardship
48:11for society's
48:12most vulnerable,
48:13whose numbers
48:14kept growing.
48:15Reliance on food
48:16banks doubled
48:17each year.
48:21In the eyes
48:22of Prime Minister
48:22David Cameron,
48:23the burden of
48:24responsibility lay
48:25with Europe.
48:30We will give
48:31the British
48:31people a
48:32referendum
48:32with a very
48:34simple in-or-out
48:36choice.
48:39This was a
48:40boom for the
48:40UK Independence
48:41Party, who had
48:42been clamoring
48:43to leave the
48:44EU for years.
48:49Its leader,
48:50Nigel Farage,
48:51led the campaign,
48:52supported by a
48:53number of
48:54conservatives,
48:54including the
48:55Mayor of London,
48:57none other than
48:57Boris Johnson.
48:59Thank you for
48:59Coming.
48:59Can you hear me?
49:02Euroscepticism
49:02turned to
49:03Europhobia.
49:08There we are.
49:09It is 10 o'clock.
49:10The polls are
49:11closed across
49:11the United Kingdom.
49:12We have made
49:13a decision,
49:14and there is
49:14No going back.
49:16On the 23rd
49:17of June 2016,
49:18the unthinkable
49:19It happened.
49:20The British
49:21people voted
49:22to leave the EU.
49:24Brexit,
49:25marked the end
49:26of an era.
49:29Never before
49:30had Europe
49:31been so brittle.
49:38Twelve years
49:40after the
49:40collapse of
49:41Lehman Brothers,
49:41the majority
49:42of large
49:43European countries
49:44had still not
49:44recovered.
49:47Only Germany
49:48was enjoying
49:49a resurgence.
49:51It's pre-crisis
49:52and its dynamism
49:53had returned.
49:55But Great Britain,
49:57France,
49:58Spain and Italy
49:58were still counting
49:59the cost of
50:01subprime crisis.
50:04It was these
50:05same countries
50:06that, with the
50:06advent of the
50:07COVID-19 pandemic,
50:09blithely opted
50:10against preventive
50:11measures.
50:12in March 2020,
50:17Lombardy,
50:17desperately short
50:18of doctors,
50:19became the
50:20hot spot
50:20of the
50:21health crisis.
50:28Short of hospital
50:29beds,
50:30France had to
50:31send its
50:31sick to
50:32Germany.
50:36Reluctance to
50:37open new areas
50:38of expenditure
50:38once again proved
50:40to be the
50:40wrong decision.
50:42This misjudgment
50:43plunged Europe
50:44into a new
50:45abyss of debt.
50:56Well after
50:57the initial crash,
50:58the myth
50:59hardened.
51:01The subprime
51:02crisis was an
51:02American creation
51:03and Europe
51:05It's innocent.
51:05victim.
51:07But the
51:07evidence was
51:08irrefutable.
51:10A lack of
51:11cohesion on
51:11the part of
51:12its leaders,
51:13delayed decisions
51:14the choice to
51:15rescue the
51:15banks to the
51:16detriment of
51:16recovery and
51:17the implementation
51:18of overly
51:19severe austerity
51:20did no more
51:21than deepen
51:22the crisis and
51:23prolong its
51:23debts.
51:24A story
51:25without an
51:26end.
51:26of
51:27the
51:27death.
51:28It's
51:29the
51:30death.
51:31It's
51:31the
51:31death.
51:32It's
51:33the
51:33death.
51:34It's
51:34the
51:35death.
51:35Bye, bye.
52:05Goodbye.
Seja a primeira pessoa a comentar