Reality Check with Élena

Welcome to the new wave of change: https://linktr.ee/t4action - subscribe- share - donateToday I am broadcasting this episode from Lima, Peru. In this episode I have the privilege to talk with “The Doer” Pablo Bustamante. The man who innovated finance and helped move Peru’s informal sector into the middle class. In this video podcast, recorded in the spirit of untold stories that drive change, Pablo shares how Peru emerged from a collapsed state and 25 years of economic turmoil to build one of the most dynamic middle classes in Latin America. He recounts how a generation of doers, working both inside and outside institutions, sparked a quiet revolution. From designing the return of consumer credit to helping unlock property rights for hundreds of thousands of informal families, Pablo helped reshape how finance worked for the people. We talk about informality not as a problem, but as a parallel economy with massive potential. He describes the passion, the vision, and persistence it took to innovate – in order to bring into the formal fold this enormous informal potential. This is the story of how the market didn't just take care of it: people became the market. Time Stamps:00:00 – Life in Fear and Constant Movement00:35 – Introduction to the Episode & Refugee Context00:59 – Seeking Asylum: Refugees Relocated to a Park02:31 – Experiences of Racism and Social Exclusion03:05 – A 22-Year-Old’s Story: From Ethiopia Through Libya & Morocco05:06 – Surviving the Day: Markets, Money, and Missing Documents06:39 – “No Future Here”: Hunger, Danger & Hopelessness08:30 – Cross-Continent Journeys: Sudan, Chad, Libya & the Sahara10:18 – Overwhelmed Systems: Why Host Countries Struggle11:24 – War, Poverty & The Roots of Forced Migration12:05 – Violence on the Road: Mafia, Arrest & Prison13:37 – Identity Lost: Stolen Documents and No Legal Status15:26 – Children Displaced Since 2015: Years Without Home or School17:03 – Lost Trust, Lost Dreams & Living Day-to-Day18:01 – Closing Message & Call to SupportProduced by Thought4Action.Edited by Sara Correa.

Today, I sit with globally influential economist Charles Calomiris at the foothills of the Acropolis in Athens, Greece. We discuss the foundations of economic development. In this video podcast, Calomiris draws on decades of research and policy advise on economic equilibria, and international finance to deliver a compelling reality check on why secure property rights are the bedrock of development! He explains how informality traps millions in poverty, why organizations often fail to deliver on paper promises, and how trust, leadership, and long-term vision can break entrenched cycles of corruption. We discuss how the Reality Check Analysis (RCA) framework, a practical tool for identifying the real levers of meaningful and lasting reform. Welcome to the new wave of change: https://linktr.ee/t4actionTime Stamps:1:10 Who is Charles Calomiris.1:35 Has capitalism failed?4:59 We used to have poverty now we have growing informality 70% and growing. Why? Why are economists confused? Why are Property Rights important? 6:47 The mission of the Development Organizations IMF and World Bank.8:25 They have become the slush fund of the G7 finance ministers.11:01 Brazil - The transformation13:13 How should leaders operate in order to achieve irreversible change. 15:00 Peru – The growth of its middle class. 16:50 Democracy today is often clientelist. What is a corrupt equilibrium and how Property Rights help change it.18:58 Greece – look around at what works and learn from it.21:53 Reality Check Analysis RCA – keeps decision makers sober to create Trust.

Today I’m in Berlin with Jörg Luyken, right beside a remaining part the infamous grim Berlin Wall — the barrier that for decades cut this city in two and became one of the most powerful symbols of the Cold War, that divided the West from the Soviet East. After liberal democracy won and the wall was teared down in 1990. We wondered whether the divide is still alive, yet invisible. We discuss how the crumbling Middle Class of Germany has affected the economy and everyday life in Germany. Jörg is a highly respected Berlin based journalist known for his spot on analysis of German economy and society. He writes at thegermanreview.de Our new podcast "Reality Check with Élena" explores the realities that lead to informality: a notion represented by reduction of the middle class, and spread of insecurity, through a series of dynamic on-the-ground interviews in Europe, the US, and the Global south. You will hear what informality is really like, from people who have lived in it all their lives; from those who have escaped it and risen to middle class; and others who have fallen into it. We invite global intellectuals, along with journalists, policy makers, and investors to share their views on what is informality and why we must tackle it now. Learn more about Elena Panaritis and Thought4Action: https://linktr.ee/t4action Donate to end informality 2:58 why is middle class shrinking; why Germans vote increasingly for AFD 4:47 people give roughly ½ of their salary in taxes6:00 rise of precariousness, of informality, yet it’s the no1 destination for refugees8:00 housing crisis why?13:43 rise of homelessness an invisible growing problem20:37 Gov’t moves 100BE every yr from the State budget to the pension system – yet poverty among pensionaries is very high22:33 bureaucracy is at its highest level – said Gov’t auditor 26:45 what has caused the rise of the AFD; what establishment parties have done for Germans to consider voting for AFDFollow us on social media:📺 YouTube: @PANARITISElena📷 Instagram: @epanaritis🐦 X: @Elena_Panaritis2:58 why is middle class shrinking; why Germans vote increasingly for AFD 4:47 people give roughly ½ of their salary in taxes6:00 rise of precariousness, of informality, yet it’s the no1 destination for refugees8:00 housing crisis why?13:43 rise of homelessness an invisible growing problem20:37 Gov’t moves 100BE every yr from the State budget to the pension system – yet poverty among pensionaries is very high22:33 bureaucracy is at its highest level – said Gov’t auditor 26:45 what has caused the rise of the AFD; what establishment parties have done for Germans to consider voting for AFDFollow us on social media:📺 YouTube: @PANARITISElena📷 Instagram: @epanaritis🐦 X: @Elena_Panaritis2:58 why is middle class shrinking; why Germans vote increasingly for AFD 4:47 people give roughly ½ of their salary in taxes6:00 rise of precariousness, of informality, yet it’s the no1 destination for refugees8:00 housing crisis why?13:43 rise of homelessness an invisible growing problem20:37 Gov’t moves 100BE every yr from the State budget to the pension system – yet poverty among pensionaries is very high22:33 bureaucracy is at its highest level – said Gov’t auditor 26:45 what has caused the rise of the AFD; what establishment parties have done for Germans to consider voting for AFD