Yanis Varoufakis: Capitalism has become ‘techno-feudalism’ | UpFront

Yanis Varoufakis: Capitalism has become ‘techno-feudalism’ | UpFront

A recent Oxfam study found that since the start of the coronavirus pandemic, the world’s richest 10 billionaires have seen a wealth increase of half a trillion dollars – enough to pay for every person on the planet to get a vaccine.

In this UpFront special, Marc Lamont Hill discusses with economist and former Greek Finance Minister Yanis Varoufakis what is driving the staggering wealth inequalities and how governments are offering socialism for the rich, and austerity for the rest.

100 thoughts on “Yanis Varoufakis: Capitalism has become ‘techno-feudalism’ | UpFront

  1. Varoufakis as usual makes great and significant points. What is new is the excellent questions and interview from the journalist side for the first time.

    1. @elrynx2 I didn’t actually look, don’t spit on community college btw that doesn’t explain aj’s brain damage

    2. @Gus Crawford Marc Lamont Hill is the real deal. That’s the point. If you want to talk about right wingers, go do that elsewhere.

    3. He had me up until he threw UBI, Universal Basic Income in there. It is a very false good idea ..and he knows this so why does he push it ?

      UBI is an EXTREMELY DANGEROUS concept as well he knows. Being dependent on the state….and if you do not comply with every whim of the state, you can be cut OFF from the UBI as well…and then what?

    1. @Liban Warsame it’s the main thing zionism does; devalues human life (u.s ‘exceptionalism’ another), the irony is this ilk wouldn’t have been on either continent without injustices committed earlier, but then also wouldn’t have been peddling such ideologies today.

    2. The host is fine but he isnt great and here’s why:

      He goes completely off the rails after he starts talking about sexism?? Like the topic itsself shook him and then he couldnt get out of it before taking a sharp left turn talking about racism instead(which is an important topic granted) but still that segway was more like an escape than a change of topic. Its like just ask good questions and dont get so flustered… no wonder it was so easy for patrice(a comedian) to run circles around this guy on tv back in the day… Here the guest has to reel it in everytime the questions isnt well enough prepared or concise enough to even answer if im being harsh. Thank god Yanis politely and almost unnoticeably rephrased the questions by “reflecting on it” and “thinking about it” himself to then answer his own version of the question like you do when the questions asked isnt concise enough discussing a complicated topic.

    3. @colly beans lol. He’s the one that brought in the point about sexism within the current system. He was just trying to pick an economist’s brain about the idea of ‘economising’ domestic work and Yanis offered a more pragmatic and better alternative. I guess ur making the assumption that the host’s framing of the question reflects inherent sexism but infact its a global reality. And I think he allowed the point to be resolved of its own volition before moving on to the racism issue (which honestly is not very different; as Yanis said, the weak are harmed disproportionately).

    1. The FAN — their plan to financially annihilate the nothings.
      Money printer go Brrrrrrrrr . . . but so does the FAN.
      Then it goes Brshtshtshtshtsht

    2. @Craig like you couldn’t respond to my truth questions. You still haven’t explained what Neoliberalism is, even though you ‘lol at my original question. And your childish attitude towards monopolistic capitalism is something laughable. You think free markets would remain free if only there was no govt interference.. thats a LOL…

    3. Skimming through this thread I noticed some still don’t understand what capitalism is. For the best guide look at the economic freedom index by Heritage Foundation. You will see the US isn’t particularly high which actually makes sense. The US model of limited socialism and government borrowing until it eventually blows up is to support corporations with direct subsidies and protectionism, never let business fail. Trump even talked of bringing back dead end factory jobs through protectionism and subsidies. Compare to my country Australia , virtually no agricultural subsidies and very limited protectionism for manufacturing. Now compare US versus Australia regarding healthcare and other welfare, the US spends more as a proportion of GDP on publically funded non universal healthcare than Australia does on universal healthcare, life expectancy the obvious key measure is almost 5 years greater in Australia than the US. A part of this is governments in the US paying “free market” rates when a free market can’t exist, in other words to support the corporations running hospitals, if you have a heart attack and want urgent care it’s the closest one there is not a choice , so the hospital can just rip off the government. Overall direct welfare payments for the needy in the US seem to be smaller than Australia but it has nothing to do with the size of the government budget, money is going elsewhere in the case of the US. Anyway my main point is don’t blame capitalism when you actually mean socialism for corporations and lack of social welfare spending on humans. When you look at China it’s similar to the US in this respect actually, they are however improving slowly overall.

    1. @mnati25 Mar lamont is super annoying to me. Too much over acting to fillabuster and doesnt add anything smart to the conversation. Too many ums and uhhs too. Stuttering and rushed speaking too. Not a sign of intelligence

    1. @Hitme 2moretimes well… I would call it keynesianism (modern day socialism).
      But beyond labels, still the issue stems from the goverment. the best example for this is the 2008 crisis. overegulations in wall street, collusions between corps and govt and then the goverment selectively choosing who to bail out when they should go broke.
      I know there is still corruption in corps but with no govt (which is impossible to happen atm) you can never socialize losses. yet if gov gets bigger more of this happens

    1. Al Jazeera utterly humiliates the quality American media. Among the worst we have are Fox News, MSNBC, CNN. Next worst are NPR, Infowars and the New York Times. These are all pure, proud political advocacy organizations. Actual journalism still exists at local levels in the USA but not really at national level.

    1. I would like to know how they figured that out considering that these people’s finances are not exactly public knowledge and even my government does not know how much wealth I, an average earner, own.

    2. @stelios mandalos How would they? If I buy something worth a certain amount and leave it at my house for 20 years and it increases in value due to it being rare then how would the government know?

      How would they know the value of my house for that matter? They know what I originally paid for it, not how much home improvement I did over the years.

    1. @Bicamel Ist I agree, I want a leadership that cares about our culture and heritage more than profit. They need to genuinely care about their people and it can work.

  2. The theme of the argument is that, ‘techno-feudalism’ has built the biggest economic bubble in human history. Welcome to Global Warming!

    1. The NEON GAUD will be unveiled at the Jubilee in Jerusalem to forgive ALL THAT DEBT on 09/23/26 — maybe sooner. He’s got the plan to perfect humanity: Biblical Husbandry. If a branch is rotten, cut it off. A bad tree will never bear good fruit — hew it down. Be Fruitful . . . then multiply.
      Then, 10/12/26, “You have destroyed yourselves with your war of Gods. Now bow down and worship YOUR BEAST.” That’s what Xi says. He’s the X-Christ (Daniel 7: 7) whose time has now come.
      God said, “enough Trump Worship.” But less than 7% have ever “heard” God. That’s normal. That’s why it is such a serious SIN to mislead the sheep.

    2. @Y Wenn Easter 2017 at the White House egg-a-thon, Trump said,
      “There goes your $700 billion to the military.” and he waved ‘bye-bye’ to the children waiting for the event to begin. “Your children, will be paying for your parents’ wars, when their children are hunting for eggs.”

    3. ​@Someone, just someone They are but ~43% of american’s can’t afford a sudden 400 dollar expense, courtesy of living paycheck to paychek because wages haven’t scaled with inflation, at all.

  3. When there is a lack of food and clean water. They will find out you can’t eat your stock portfolio. Then it will be too late for all of us.

    1. If they bought stock that means that there are now publicly traded companies out there using that money to invest in farming, education and research among other things. I do not see the issue with that. Rich people also own real estate they rent out which seems to me is a good thing considerring that everybody keeps complaining about a lack of housing nowadays.

      People always act like the rich just sit in their ivory tower and do not interact with the rest of us. If they spent their money on luxury goods then people who made them benefit from that just like the public benefits from the tax revenue generated by their spending.

    2. @Meik Vincenco Pretty speech. My argument is that when the top 1% gain an increase of 60% in the middle of a pandemic, with the economy collapsing. There something completely wrong with that. Trickle down economics are a fraud. Deregulation and the raping of our environment, equally so.

    3. @john smith There is no such thing as trickle down economics. I do not know who came up with the term but no such theory exists.
      The economy is not collapsing. People are just uncertain of what might happen in the future, so very little money is being spend.
      What I said was that the increase affects everybody since it is created by inflation. The rich are getting richer because of government policy not because of cosmic injustice.

    4. @Meik Vincenco The economy is not collapsing, the stock market is doing great and millionares are getting richer by the hour. But still millions of people are losing jobs and facing economic struggles that haven’t been seen since 08, and millions are dying due a global pandemic that caught us with the pans down without any kind of preparation. We need to stop pretending that the market is correlated to humanity’s well being in any way.

    1. Exactly . When you stand up for the truth and take a BIG stand against the materialistically insane systems you will need to watch your back. Remember poor David Kelly the UK weapons inspector during the Iraq weapons of mass destructive BS ?.

    1. ​@Vicky Zabaras Historically right-wing people killed way fewer people than lefties, the worse thing is that lefties killed their own people in hundred of millions, not wanting to share resources has nothing to do with want you dead, you are not entitled to it, It’s not my obligation to keep you alive.

    2. Me, me, me, me meme. God said, “Enough Trump Worship.” but less than 7% have ever “heard” God. That’s normal. That’s why it is such a serious SIN to mislead the sheep. Televangelist False Prophets told tens of millions to vote for Trump — God’s CHOSEN ONE. Election Fraud is one more DEEP FAKE EWE.

    1. @Hitme 2moretimes sorry mate but the biggest issues capitalism almost every time (If not always) stem from the govt. then keynesianism never sorted out anything you can see it now, in the 20s and with the marshal plan.
      Also at least capitalism works in real life, not like socialism.

    1. In particular where they determined yanis to be a member of the “defective gender”. I was particularly impressed that this got by the hate speech detectors

  4. 1st class interview Marc…well done.The world cannot go on like this…we need to put an end to the system of corruption that feeds these parasites.

    1. …certainly, he hasnt been at ground zero of the cabal for his life. He’s outside looking in to America, but that is good . sky news Australia has good perspectives too, thx….

    2. @Ronald Mitchell your statement could make sense if any American on here commenting was ever under the bombing in Irak or any of the hundreds of US targeted countries. You think you are superior or immune?

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