IN FULL Yanis Varoufakis welcomes us to the age of Technofeudalism | Full interview
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- เผยแพร่เมื่อ 14 พ.ค. 2024
- Yanis Varoufakis outlines the features of the new economic phase we have entered.
What do you think - does Technofeudalism accurately describe our predicamente?
Watch more of Yanis dissecting the new ruling class of Technofeudalism at iai.tv/video/the-new-ruling-c...
Join this exclusive interview in which Yanis Varoufakis is interviewed by the NYT's Eshe Nelson on how our current inflation crisis ties in with 2008, quantitative easing, and the end of capitalism.
To understand the rise of big tech you need to understand the actions of central banks since the financial crisis. By saving the economy, central banks have unleashed a force not seen since the medieval period and have ushered in the end of capitalism itself. Extraordinary claims require extraordinary evidence, and the NYT’s Eshe Nelson is perfectly situated to interrogate Yanis’ broad vision.
#capitalism #yanisvaroufakis #economics
Yanis Varoufakis is a bestselling author, economist, professor, and former Finance Minister of Greece. His latest book Technofeudalism charts the end of capitalism and the rise of new cloud feudal lords.
Eshe Nelson is a reporter for the New York Times based in London. Her work focuses on central bank policy and the British macroeconomy.
The Institute of Art and Ideas features videos and articles from cutting edge thinkers discussing the ideas that are shaping the world, from metaphysics to string theory, technology to democracy, aesthetics to genetics. Subscribe today! iai.tv/subscribe?Y...
00:00 Introduction
01:15 What is Technofeudalism?
07:38 Profit turns into rent
11:32 Addicting devices
15:10 Central banks' role
19:18 Inflation
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23:53 this is a subtle point how big tech avoids taxes
Example use-case:
1. A Company based in the USA develops a new software technology. It establishes a subsidiary in Ireland, where corporate tax rates are lower. The MNC (multi national corp) transfers the software's IP rights to the Irish subsidiary.
2. The Company's operations in the USA, Germany, and Japan use this software, paying royalties to the Irish subsidiary. These payments are tax-deductible expenses in the USA, Germany, and Japan, thereby reducing the taxable profits in these countries.
3. The Irish subsidiary, which now collects royalties, sees its income increase. Since Ireland has a lower corporate tax rate, the overall tax paid on these profits is significantly lower than it would have been had the profits been taxed in the USA, Germany, or Japan.
This method, while legal, is often scrutinized as a form of tax avoidance, leading to calls for international tax reform. The aim of such reform is to ensure that corporations pay taxes in the countries where they conduct significant business and generate value, rather than shifting profits to lower their tax liabilities.
That’s a great assessment, stop trying to usurp our economic wealth for corporate greed! Average folk need to eat, and lately I’ve heard Wal Mart is now sheltering their workers.
, this makes a lot of sense this is why you see such things as company Ireland and Company USA and Company Canada all under the same Banner
an actual interesting comment, thanks
You have no idea how taxes work. Learn about transfer prices before misleading the readers. That being said, what you tell about that company should be totally accepted without the governments trying to steal money from their owners.
Because governments are such good stewards of tax collection money. Every dollar stolen from the private sector is wasted on welfare bums or unproductive government workers.
This is one of the most thoughtful, informative, and unbiased interviews I have ever seen. Evolving economic meta-structures need to be addressed in a timely, intelligent manner. Thanks to both of you for making the world a little smarter.
lol. no. Giant ideas without once considering the raft of unintended consequences from his demands. He wants to hammer big tech through taxes. Peoples pension funds biggest holdings are big tech. Most people would agree their pension fund balances are inadequate, but everybody will get hammered down further under this egg heads fantasies. We have rapidly aging global population, de globalization, and stalled global net energy growth. These are the real issues.
Right now anyone in the tech sector, engineers (etc), knows the meaning of tech feudalism. Machine learning/AI/LLM, call it what you will but it is having a deleterious effect on their means of earning a living. This trend will spread to other sectors where knowledge, expertise or decision making are your assets. Capitalism, whichever flavour you choose, has never given one jot for those on the sharp end of the consequences.
Communism is history
Man this guy hits it spot on, identifying the cyclicality of the markets and how we’re entering a new age of “cloud capital” where central banks should have invested more into green tech instead of just buying up debt for companies to buy back their stock with - modern capitalism is so grossly inefficient and I can’t believe people fall in love with the markets
😆😆😆😆
Great interviewer and guest. Well done!!
He's a Greek. He will talk, always charismatically, even after the end of the world, let alone the end of capitalism.
Yanis is as as always... Cheers to the lady 🎉
We never leaved feudalism. The "king" has changed but, the premises are the same. Technology and money to guarantee power. The people are not dictating how the premises are fulfilled are condemned to sustaint the people who are dictating it.
Your typos are horrendous but I think I get your point. Please write better so that your points will be taken seriously in the future. Communication skills are important.
Please read Capital by Marx, thank you. Yes what you say is true, but the group or groups that dominate technology and money can change over time due to material and social factors, things like the French Revolution, for one. Another being things like rich burghers partaking in stock ownership concerns.
The reason Varoufakis says we left feudalism is because we created a labour market, making labour mobile rather than constrained to their particular feudal lord.
Without addressing the root cause nothing will improve and people will keep complaining blindly 👉The Connections (2021) [short documentary] 🙌💖
@@VeganSemihCyprus33 Nice shameless hijacking of a thread for self promotion..
Very interesting. Thanks for sharing 😊
Really appreciate how clearly Yanis explained his points.
There will always need to be some means to reference the value of some activities benefits and cost. That is not to say that there can be a better analysis of the values that actually were created. I personally lean to having competing institutions helping people use the resources they are and manage to the best benefit to reach the goals they value in a way they respect.
Interesting thoughts. Thanks! 👍
Amazing, wish this interview was longer so he could explain his points more extensively
This man absolutely knows what he’s talking about- all should listen and open your eyes.
😮
Many would disagree.
"Its not a moral point, its LOGIC", thats pure marxism, amazing!!!!!
Agreed - should have printed to fund the accelerated Green transition AND sector specific entrepreneurial innovations (lower cost housing development, agriculture and more)…great interview 💥
I think the low interest rates are more of a function of the us having the world reserve currency and eventually having international trade carch up as a supply glut which reduced the need for domestic "productive" investment. The us runs a trade defict with China so what was needed in the us was more consumers in 2008 , but ideologically we could not support the workers . Which lead to the need to drive interest rates down to increase borrowimg of the surplus capital seeking users. The result being high asset prices like housing and stocks . Recycling the credit back into the financial system and still not creating much new demand.
Interesting viewpoint of true observations. I wonder if the problems so well stated might not stem more from governments failure to curbs monopoly, unwillingness to let bad loans fail and the capital divergence from globalization. Representative government and capitalism are messie but historically better than the next best option. Capitalism as I know it is the only financial tool able to initiate and finance business on a universal scale, creating wealth out of thin air. Government money cannot replicate the American venture capital and small corporation phenomena, far larger than the multinationals taken together. Nice talk, I enjoyed your passion.
Someone who actually knows what he’s talking about - good stuff
Wow...amazing
Great guest...
I understand the last point of the cloud tax the question really is where the tax money is gonna go?. I don't want it to subsidize industries that can't stand on their own
Please get Gary Stevenson @GarysEconomics on your show next.
Ex trader for CitiBank.
We need more discourse on this economic system that is destroying potential in favour of greed.
Without addressing the root cause nothing will improve and people will keep complaining blindly 👉The Connections (2021) [short documentary] 🙌💖
Terrific show and guest. Stimulating
Very Interesting ... 🤔🤔🤔
Simplicity is the key if we want to live lives that are joyful and free! 😎🤖
It's all about where you spend the money. And, though money might be amoral, there's certainly a moral argument about who dictates how it's accumulated and taxed.
🥂
Without addressing the root cause nothing will improve and people will keep complaining blindly 👉The Connections (2021) [short documentary] 🙌💖
In this case the Corporations do two things with such liquidity:
stock buybacks as he said, and buying Congress to pass laws even further enriching themselves.
taxes are nothing more than a tool to keep the poor very poor.
You want to say, that the reaction to inflation everytime is of USE to the richer part of the society as well as institutional investors, as wel as companies who invest in money. And in most of the cases this money is dealt within in rentier economy exclusively. But what is the consequence of that. Okay, more printing... and then? What is the consequence in the long term? Can you apply the development to the whole globe? To Japan, to China, to every economy region of the world?
I agree 100% with him
Sane analysis. Insane grocery stores
8:29
I think Yanis made a slip of tongue mistake saying that traditional industrial firms pay 85% of their revenue in wages. The correct number is 8-10%. And that value for Meta is about 5%. So yes, smaller, but not like 85 vs 1.
Thanks for the correction, i also thought it sounded a bit exaggerated, however his point remains
I think it's not in wages, but 85% flows back to the economy. Wages, services, taxes, goods, raw materials, etc.
The cloud economy does stay in the cloud, there's almost nothing that comes back in the public hands!
This guy wants you to buy his book. It is a good book
The current technological age is like the iron age and the industrial revolution in as much in that it gives to humanity all of heaven and all of hell.
What can we do ? we earn very little and have difficulty surviving? How can we help ? There are millions of us
Please go easy on the addition of a sound bed in your videos. I'm sure you think it is an addition, but sometimes it is a subtraction .
Various different forms of delivery of these videos uto the final viewer do vary. Sometimes the audio sound bed is distractingly loud and not always what YOU hear in the studio for YOUR Final edits.
And even if it's fairly soft, there are times when, with some of us, the slightest bit of intrusion can be very distracting from the message.
Always remember that the rest of the world does not perceive things in the same way.
Thanks for what you are doing
Nothing that this fella predicts ever materializes. He's just good at running a talking shop.
Before there's subject must all joint venture group with general scientific documentation required complete and others subject
Do these cloud platforms replace the markets or augment the markets? Are they extracting economic value aka rent from a market they have no contribution in growing? Or are they simply taking away a piece of the value they help create directly?
The former.
@@thomaswikstrand8397
Yes, quite parasitical.
Countries can legislate according to their country.
The problem is international, and the lack of laws to govern it.
If we are to think global and act local then there needs to be a governing body for both... An unbiased one that serves the people who are essentially the mechanism that feeds the whole thing.
Power to the people.
So does this mean I’m gonna be all decked out in technoknight armor doing crusades throughout the galaxy like in war hammer 40k?
Because I can live with that.
Long time coming and engneered
So high-tech facilities and capability are now the middle man between producers and consumers. Bummer 😞
Can someone clarify to me if Yaris wants a centralized government that can manage the system from above or is he proposing something different besides saying that “capitalism is finished”? Genuine question
Dear Yanis, I kindly ask you to not participate in further polarizing.
Is there something new coming❤❤🎉🎉
Woah
The algorithm usually gets my recommendations wrong 🙃.
Show this to future digital archeologists
Many items in Amazon are competitive in price for the same items outside. Do others pay their workers low as Amazon does?
Without addressing the root cause nothing will improve and people will keep complaining blindly 👉The Connections (2021) [short documentary] 🙌💖
Fiat money is a marvellous invention. People can crash the system but if it is driven responsibly, look at what has been achieved.
After our government has spent trillions of dollars more over the past few years on projects, and now have no idea where the money actually has gone I do not understand how people can still argue that raising taxes will fix anything for one the taxes will just be lost in for two prices will just be raised to cover the price of the tax if you don’t believe that will happen have you stopped buying anything in the last few years or do you just complain about higher prices?
The government hasn't spent money on projects. They funded stock buybacks for those who don't pay taxes.
You mean the government managed by capitalists who want you to think it doesn’t work, doesn’t work?
Wonder why.
He isn’t arguing higher taxes. He is arguing an end to capitalism because it doesn’t work. Wages don’t go up, Taxes don’t go down, rents and prices explode.
This is now, under capitalism, which promises us the opposite.
He is a genius. We should listen and demand his policies...except the " green "investment strategy is not economically viable either. EVs and windpower is a disaster and a environmental downward spiral. Wish we would focus on farming; transition toward foodforests with animals, permaculture principles instead. Energy should be natural gas based, until we find completely clean solutions.
Print money, run up debt, invest in green.
That’s brilliant.
No, it isn't finished with us because we're not finished with it, but we could be.
" You got the Curves baby, and I've got the angles "💵
~WOLF MAN JACK
You might have the ANGLES 💵 Jack, but I've got the GRINDER ⌚️
Consuming and creating content is now becoming a top job - who’s going to be the audience and who will be the viewer consumer? Who will be the people that DO stuff? It’s just a series of collaborations it’s social hierarchies and perceived grass is greener - when all it really is, is a perspective shift, which is why I enjoy all people on a personal basis. Is, is is now izzay- make up some words like snoop 😂
Have you ever noticed how having a microphone and a controlled stutter can be an effective tool to have in one's bag of tricks when people are influencers? Listen to many reporters and journalists and their frequent use of three or five word repetitions are great gap fillers, unfortunately it'd never work in a job interview but as a talking head it is a great skill. Don't get me wrong though, the world needs more people such as Yanis who will push the needle and speak out for the underdogs such as myself.
The people that do stuff is printed on everything you buy. China, mainly. Gauging by the labels on my stuff, at least.
Without addressing the root cause nothing will improve and people will keep complaining blindly 👉The Connections (2021) [short documentary] 🙌💖
Thanks for the great convo. Let's roll out the cloud tax on revenue. I had no idea the feudal tech overlords were taking so much money poured into so few hands.
Tech companies are not breaking rules. Monetary systems need to be run better. It seems people are looking for scapegoats. The tech companies did not print the money that caused this issue. They did not remove us from the gold standard. These were poor decisions made by government bodies. Tech is not the ones to blame. This type of thinking is what caused WW2. We need to stop making poor decisions and have a better money system that has less government involvement.
Great mind here titan in his flied especially economy
Τώρα που δεν υπάρχει καπιταλισμος έφτιαξε μια δική του έμπνευση...
We cannot be unwilling to make a moral judgment, that’s how we got here. Apathy.
Capitalism means profitalism, which is a competitive zero-sum game that was relevant in this ending karmic cycle. As humanity transitioned into a new dharma cycle, oneness will quickly become the new sheriff in town. 12:56
That's funny, because I thought it had succeeded beyond its expectations and there was not a single action taken, thought thought, life lived outside of the exchange mechanisms of capitalism.
You oook Elise Thais theme r
Without general scientific not rights there's general scientific choice related including joint venture group
Really? Rickets are back in the UK, according to a recent BBC report, that's right, ox-bow legs.
We are like the Romans still discussing their ‘republic’ some 50 years after the principate and Augustus.
We’re wage-slaves to our corporate overlords and landlord. It’s very easy to see. Look at where the largest shares of your income go every month.
It’s not hard. Unfortunately most people are thick beyond belief.
Whilst I disagree that "capitalism is finished," I find I agree with some of the points Varoufakis makes.
First and foremost, debt can be a trap. I'm a fiscal and monetary policy small "c" conservative. When it comes to debt and the immiserising effects of over-indebtedness, I'm comfortable with what Varoufakis says. I can also see the feudalism potential that he refers to. It's a pattern that repeats in our economic history.
I may misunderstand him on one issue, though : I firmly believe that a properly regulated market economy works best. The problem is that we've never figured out how to properly regulate a market economy. 😅
And you BELIEVE. You assume. You have faith.
Faith is a terrible guide.
@@thomaswikstrand8397 I'm using the word "believe" in a different context. Certainly not in a religious sense. Please note that I didn't write "I know," which is an absolute term. I intentionally used "believe" to hedge my comment.
To clarify, I mean "believe" more in the sense of balance of probablities, as used in civil cases in common law jurisdictions and not as a matter of faith, that is, equal to someone's sense of religious faith. As such, I compare markets to a cadre of corrupt men who decide for us who gets how much of this or that thing and what we pay for it. As such markets tend to work in a manner superior to the alternatives humans have tried in the last 120 years. A matter of opinion.
As a matter of opinion I agree with Varoufakis on the issue of the potentially enslaving nature of debt. I also believe that Varoufakis and the Syriza government did an excellent job of stabilising the Greek economy whilst respecting the democratic will of the Greek people to keep the Euro and also spending 2% of GDP on defence and, just as importantly, treating refugees arriving in Greece from Syria, Iraq and Afghanistan with a decent measure of dignity and basic human empathy. To finish, I believe that the radical right "Golden Dawn" would have thoroughly fucked up the same challenges, because they didn't have competent economists among their leadership, though my belief will always remain untested. You're entitled to disagree on any or all points, mon ami.
No, you admit there's no "properly" regulated market that actually achieves whatever you want markets to achieve. You have no REASON to think once that magical regulation button is invented things will improve, but you choose to take that on faith rather than exploring what options we might have.
Properly regulated as in properly taxed? I don't understand where you disagree.
@@thomaswikstrand8397 Well said. People need to wake tf up.
Yes, I've noticed this. I call it Pokémon points because that's what the money becomes. The holders of black hole accounts should have to take it out of the system. Like a trillion dollar prestigious point locked to a country.
What about our roads and bridges
You won't be going anywhere in the future. You can eat ze bugs and live in the coom-pod
I could explain it to you Yanis. But I can't seem to get your attention.
The word “capitalism” has really sullied this debate. What most people are referring to is corporate welfare supported by the state. This is a problem started by post modernism and finished by greedy sociopaths. Everyone is complicit, both progressives and right wingers alike
Correct
8:45 Imagine if we ran on gold and Bezos hoarded it all and there would be no currency left to trade with. This is why we have fiat so we can print more when Bezos hoards it all lol
Money is not put in scrooge mcducks money bin. It is used to create something, to employ people and then people return their wages to the economy.
What does credit buy for those who have complete control over its system? Ethics? Morals? Nah…
A world under totalitarian rule is one characterized by absolute control and authority exercised by a single governing entity or regime. In such a world, individual freedoms and liberties are severely restricted, and dissent is often met with harsh punishment.
Totalitarian regimes typically seek to maintain power through propaganda, censorship, surveillance, and the suppression of opposition. Citizens are often subjected to constant surveillance, with their every move monitored and scrutinized by the state. Any deviation from the prescribed ideology or behavior is swiftly punished, sometimes through imprisonment, torture, or even execution.
In a totalitarian world, the government controls all aspects of public and private life, including the economy, education, media, and religion. Cultural expression is tightly regulated, and dissenting voices are silenced. The ruling elite wield unchecked power, while the general population lives in fear and obedience.
Totalitarianism can lead to a society characterized by uniformity, conformity, and a lack of individual autonomy. Innovation and creativity are stifled, as the regime seeks to maintain strict control over every aspect of society. Ultimately, life under totalitarian rule is marked by oppression, fear, and the constant struggle for survival in a world where freedom and individuality are suppressed.
I see the emotional commenting has already started. That's fine. If you feel the need to shout into the void, go ahead, but having watched the video, and having no real dog in the fight, I found the interview and the technofeudalism concept well reasoned. It's almost an evolution of capitalism into the current environment. Those digital rents, subscription models and the like are a key aspect of recurring revenues that many investors like to see, myself included, and I can never blame any corporation for taking the steps they saw best fitted for growth when the environment played to that. The idea of QE continuing in a more focussed social investment manner would be nice, but difficult with debt levels where they already are. May have missed the boat on that one, but, all in all, an interesting 25 mins, and a conversation topic for work tomorrow 🙂
You live on this earth and in a western dominated society. You do have a real dog in the fight.
Debts can be written down or forgiven. Also, you can create an economic environment where rent seeking behavior is curtailed, and actual productive value adding economic activity can occur. That’s what the transition from feudalism to capitalism was all about. The freeing of the economy from parasitic rent extraction by feudal lords.
Wait til the 'investments' you make crash and the big boys still have the dough from the stocks they have propped up and sold over and over again. Not only will you have a dog in the fight, you'll be wearing Milk Bone underwear.
Without addressing the root cause nothing will improve and people will keep complaining blindly 👉The Connections (2021) [short documentary] 🙌💖
You might be emotional too if your full time wage is not keeping up with basic cost of living. I'm having to ration my food just to pay essential bills such as fuel, shelter and housing. I sometimes go to work hungry so no doubt this reduces my productivity and perhaps will effect my health negatively. I can't get a better paying job as I'm not good at STEM subjects.
Techno-Feudalism = *SaaS, DLT, A.I, ISO-Crypto, X-List assets, Data etc = The new Gold*
why is lord voldemort giving economics lessons
I find it difficult to ignore the contradiction that Varoufakis owns properties worth millions of Euros in Greece and collects rent.
he says the same thing since 2008
tells more about the situation of the system and it’s issues than about him particulary
well, nothings changed. utterly corrupt economy this time, they blew up everything. central banking, weapons of mass financial destruction.
Not exactly. And he's still largely correct.
THE RICH GET RICHER AND THE POOR GET POORER. WELCOME TO YOUR ENSLAVEMENT.
Central Bank + Technology= Technofeudalism
Why is it we can’t charge the Bezos of the world a « rent » for using the financial system that we created?
So it's the current system you mean so called finance capitalism ?
The computational plow has already plowed over the public sector library.
But If it's american pragmatism bottom up rule quadruple logistics and owners operators of local ( Amazon like ) infrastructure.
More of a classical American capitalism would be fabulous eventually.
Unions merge into online coops realizing its ultimate goal of sub contracting out our skills and labor.
More spread out medium density multi skillset training private sector individual patronage of humanities ,art ,private scientist.
A somewhat toned-down Varoufakis here. But still spot on.
It's rent because these services are "addictive"? Not convinced.
It's rent because it's an essential part of modern life that you pay on a subscription basis with almost 0 alternatives. Are you addicted to your house? Homeless people can survive just fine.
By his own omission these services are not essential to live modern life, they are extremely useful. He says this around the midway mark of this lecture. @@BillyViBritannia
@@BillyViBritanniahomeless people do NOT survive just fine. They are many times more likely to be physical attacked, robbed and SA, targeted by police, and without a home address, you can’t apply for most jobs, only en a bank account or establish rental history. What are you talking about?
@@down-to-earth-mystery-school you are right but you missed the point completely but I feel like it's going to take a wall of text to explain.
WELL, CORRUPTION CAN KILL ANY SYSTEM
So much sophisrty, so littlr actual analyisis. I appreciate the unique ideas though.
That's what his book is for..
Yani can move to North Corea
Pls don't raise interest rates anymore. MANY PEOPLE both working and on Centrelink, both renting and with mortgages will lose the roof over their heads.
Up to fifty percent of the population have our lot or are in worse states. Employers no longer pay living wages in Australia.
❤️
No, my friends. Feudalism never ended.
indeed, and Roma invicta!
The elite found a way to make us continue to labor, pay for our food and shelter and shame those who can't or won't do the same.
No, it definitely did. I’m not saying there aren’t exploitative capitalist hierarchies but it’s a different type of exploitation than what occurred under feudalism.
Without addressing the root cause nothing will improve and people will keep complaining blindly 👉The Connections (2021) [short documentary] 🙌💖
The 1% or so just modified the modes of wealth capture/ transfer in pace with technological development
Capitalism has just begun (2008), the new capitalism, bigger than the one before.
The statue of liberty is kaputt
Αχ Γιανη με την προφορά σου
If Voldemort himself is warning against it , we better take that seriously
YT deletes most comments
all the money keeps getting sucked upwards. the momentum of capital is such that it doesn't really exist at a micro level. most of of us have been priced out of capitalism. And it's getting worse.
A method to tax International Companies like Amason, because their services are distributed, among many taxation regimes. So, this creates two problems. One how to tax in one tax regime, two taxation by all regimes of the world and distribution of the collected tax among all the countries. Solution burning crypto currencies like bitcoin! Burning is done by making a payment to a public key (may be a specific public key like "This is a global tax xxxx xxxx xxxx" which have incorporated other additional fields) that don't have a private key. This transfer is traceable by anyone, so the person who make the payment of the tax has proof. This will make the crypto currency unusable! Say one company what to make the tax, it will use fiat currency to buy crypto currency and burn it! This will shrink the global money supply! So, each country can print money without creating inflation! I am not sure how to distribute the spoils of the burning, but this will be a solution for global taxation!
buy as much bitcoin as possible as quick as possible to avoid whats coming
Certainly wont make anyone wealthy or wealthier in tecnofeudalism. Plan to be the wealthiest forever.