Yanis Varoufakis on the hidden power of the US dollar: how America's debt shapes the global economy
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- เผยแพร่เมื่อ 24 ก.ย. 2023
- In this video, Yanis Varoufakis explains the real reasons why the US dollar remains powerful and how America's debt shapes the global economy. He also tell us why the BRICS face enormous obstacles in trying to challenge the hegemony of the dollar, and much more.
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Yanis Varofakis is really amazing person... He explains complicated topics in the most simple way so normal people could understand what is going on... Thank you Yanis Varofakis for being such a brave and intelligent person !
He is simplyfying complicated things for stupid people according to his ideologically coined mindset. Nothing new.
This Man needs to be Protected ❤
Needs to be protected from himself. Did nothing for the Greek economy.
Ask Putin and Xi to send him some bodyguards.
@@frankyboy1131 Have you been paying attention to the video? What Yanis says in this video is the exact opposite of what Russian and Chinese proganda say..
I am African and I approve of this message. There’ll definitely be a rebalancing so that the dollar is not as weaponised. I thoroughly enjoy your work.
The problem is the alternative is something controlled by a dictatorship. You won't get a more fair outcome.
i believe that is nonsense.. i suspect central banking elite plan dictatorship and depop
Printing for power.. yup.. a true definition of drugs and its addiction .. making nothing out of thin air.. hmmmm.. I love jesus 🙌..
Weaponized is an interesting word. I prefer to think of the dollar as an international tool. It is the definition of a reserve currency.
The Chinese are your friends.
There is an old saying: when you owe your bank £10K you have a problem. When you owe your bank £1M, your bank has the problem.
pretty well the reverse of what yanis argued ... the chinese credit is vulnerable to US deviancy
@@huwpatt3817 no, you misunderstand. The old story shows it's the big lender who has the problem not the big borrower.
@@huwpatt3817 well since china owns all this american debt it kinda puts them in the "bank" position of the idiom
Cliche.
More like £100M
It is not a matter of wanting dollars or not. The point is how can countries manage to set plan B in case America decides to destroy their financial system?
Worse than that, America doesn't care about money AT ALL, fully expects to wind itself down to the "sh#t or bust" times, when all it has left, is nukes
Why need a plan b. Make plan a work, which is don’t use us dollars
@ Karim before 2012 there was no alternative to swift, thats why they could weaponize it, by threatening to cut a country from it. Most countries had to listen. Now there are 2 alternatives, that I know of. You can probably also count bitcoin and alike as alternatives as well.
@@talkfacts100Bitcoin is a joke. Real threat to US dollar were Libra by Facebook and Ton by Telegram. They all were shutdown by US government.
@@talkfacts100Bitcoin can't be used for international trade
It's always great to hear Yanis' solid analysis.
The trade deficit of the US is almost 1 T dollars
A well organized violence machine ensures that it will keep this way .
#freeassange
#FreeAssange #FreePalestine #BDS
If you owe someone a thousand dollars, that's your problem. If you owe someone a trillion dollars, you own their mama. That's how it works, isn't it? Fiendishly clever! It may be the ultimate form of tyranny. "To be an American ally is fatal."
PS Seriously though, it would not be possible unless an accepted legal framework supported it. The WTO, etc.
The Americans ran a trade deficit in support of globalization Now the Americans are shifting away from it bit by bit. You think it was bad before just wait till the Americans only want trade surplus.
@@Doug-tc2px
What bs is that ? The US supported globalisation to create the artifical demand for USD and consolidate its power on world trade and finance. The momentum for dedollarization has gained traction and will only speed up. 🤣🤣🤣
I think your ignoring the fact that all of the countries you mentioned have real value added businesses such as resources or manufacturing. The US is making super profits simply by acting as a middle man in terms of goods and currency. This will fizzle out.
It will, but it will take a long time. The US will squeeze every last ounce of exploitation it can, and it will probably continue for another 50-100 years. Also keep in mind that although the US has lost a lot of industrial capacity and infrastructure, it still sells a lot of value added and highly profitable goods/services. It will take a long time for this beast to die.
@@Max0r847 I give US 5-25 years, depending how long US is able to extract EU, which depends how long EU has anything worth stealing. EU might dissolve next year or in 10 years, hard to predict, but it accelerated the self destruction big way by adventurism against Russia, which turned very sour very quickly.
Yanis is not yet ready to accept that his EU dream is a lost cause, because it was always all about EU without adressing neocolonialism and global socialism e.g. by libertarian block chain socialism.
@@Max0r847: buddy what are you sniffing? Ten years at the most.
Varoufakis forget to mention that the exchange for goods and services are made only in US Dollar means that a country can't simply swap his own currency to dollar but they need to create an internal demand for US Dollar, once this is done they can do the business. I believe this is how the eurodollar works
You forget to mention that all goods and services are denominated in dollars terms... If you remove the "dollar figure" in this equation go figure out the value 😂😂😂😂😂
Given how important the Soviet Union was as a counterbalance to the exploitative tendencies and extreme ambitions of the Western capitalist, I wonder how prof Varoufakis would have tried to correct the ship of the failing 80s USSR economy.
During the period of the Soviet Union, Western capitalists treated workers far more fairly than they do today - probably because they didnt want the Western worker to be drawn to the alternative ideology of the reds. When that alternative was no more, the capitalist was able to do with the western worker pretty much whatever they pleased - there was no more alternative.
is it a coincidence that the worsening position of the western worker and increasingly troubling forms of predatory capitalism expanded after the collapse of the USSR?
i think in a weird way, the two competing ideologies needed each other around to justify continued self-reflection and self improvement.
I'm reminded of a quote of an old Soviet diplomat to a western counterpart during the implosion of the Soviet Union: "We are going to do a terrible thing to you.. we are going to deprive you of an enemy."
Just for the record, the Soviet Union didn't collapse, it was sabotaged. Although the people absolutely wanted change, the faith which awaited them was nothing short of a dystopian nightmare
@@JG-es5dj Sabotaged by who? Brezhnev and ideology? The country was selling oil and gas to Western Europe since the 70s which became critical to purchase the food stuffs. The country was constantly on the brink of starvation around 89-91 and would've expereinced famine and potentially civil war if it wasn't foreign aid. I lived there most of my life and saw it with my own eyes.
@@ribbyramone th-cam.com/video/w72mLI_FaR0/w-d-xo.htmlsi=I21mXG24UKMb1Arq
@@ribbyramone I lived through the troubles in Northern Ireland and saw it with my own eyes. That doesn't mean I can give an expert analysis of everything that went on
@@ribbyramone Sabotaged by many things, but, I reckon, by trying a centrally planned economy with an insufficient ability to track and calculate what it needed and what it had. This is not a problem today; everything we buy and want is intimately tracked, computed and used to sell us shit. That time is gone. All I can do is speculate about what might happen should we try again.
It would be great to see Yanis in discussion with Radhika Desai and Michael Hudson about this! 🤩😍
Smart analysis from prof Yanis by simple explanation to understand. Bravo prof Yanis
Yanis keep yourself safe, live long and prosper. We need you.
Who does not love Varoufakis' style? He is an extraordinary orator and economic aficionado extraordinaire with such lucidity and logical approach to distilling what his peers would absolutely not be able to explain, that one can but just ogle in admiration and awe. Brilliant.
That was excellent explanation. Thanks. Varoufakis has good insight and great communication skills. There's never enough leftists like that. I kind of became alienated by the online leftist communities that are just awful, toxic, arrogant and selfish. Majority of people who post online are more interested in their own ego project than the socialist project.
Like he says, it's at its core a humanist movement. So, in which case why it is that those who embrace humanistic doctrine would even remotely regard fascist police states as having anything to do with humanism is beyond me. The soviets were never the left and neither was China. It was simply fascism. Marx would've been aghast with either system had he been alive to see it.
I do think most serious ones are great. Maybe the teenage ones are more like what you describe. At least based on my personal experiences.
Now its just hypocrit
When they did it to Rusia, some country open their eyes & realize it's time to act & unite before they become the next target. Choice is always there become the easy prey or unite with another prey & strike back all out
Fadhel Kaboub, MMT economist, from Tunisia, is trying to figure out how monetary sovereignty is not binary, but on a sliding scale from completely dependent, to US Dollar type dominance. And he is working on how countries can build up their monetary sovereignty. Makes sense to me. The Euro is still ideologically captured, and unable to see this path. China is busy, though. And others can learn from this.
"the world capitalists do not want the dolar system to collapse" , this is true, but needs a correction, they don't want it to collapse too fast, meaning, before they have enough time to get rid of the dollars. Otherwise, why should they care? Money is money, the currency is irrelevant as long as you get your value.
China could crash the US economy tommorow if they decided to flood the market with US bonds, but offcourse, they don't want to lose shitload of money which will hurt them too, so they will not do that.
There are even stories that russia suggested this to Beijing back in 2014 but china refused, but nevermind that this is just a gossip.
Nevertheless, they are slowly getting rid of US bonds since then, and the process accelerated since the war in Ukraine started.
Also, they are making big infrastructure investments in other countries for years allready and are closing long term deals on energy and raw material and this is all probably done with dollars.
In other words, once the US defaults on its debts, and it will, cause this can not last forever, china will still be left with real assets and developed long term trade relations.
The fact that the US started to canibalize european economy is indicative enough of where is this all going. Nobody would tear of parquet in the living room to heat the room if they have another source of firewood.
Probably the biggest reason that the world capitalist are not getting rid of dollars and are still investing in wall street is because there is very few viable places and currencies to invest because of saturation, especially now, since russia (which still has an almost unlimited development potential) is, conviniently, shut off.
Probably the biggest issue with this Varufakis narrative is that it paints the dollar and the US as something irreplacable.
Well, simple question then, if the US and the dollar are irreplacibe, then why is washington spending that much money, effort and weapons to maintain their geopolitical position?
If China flooded the market with U.S. bonds, what would they get in return? Dollars!
Agreed completely. Yanis started with a wrong premise and made a video about it.
@@dee-vee There's another problem that each financial transaction is generally made to optimize some financial need of two parties without regard for the bigger world-wide picture. People transacting in dollars may or may not want the dollar to be replaced, but that has little to no impact on the business of their daily transactions.
It will collapse and is now in good track..
China don't want bonds simply because they are an depreciated asset so they dumped somewhere else gas and energy contracts, gold, ports, railway etc
At the end of WWII American Intelligence extensively interrogated Dr. Hjalmar Schacht, the President of the Reichsbank and Minister of Economics for Hitler. Schact taught America to fix the currency of occupied countries relative to their own, thus organizing a permanent flow of financing, purchases and labour to the conqueror. The architecture of the system changes but the basic organizing principle remains.
Fascinating. Could you share some sources about this information, pls?
I am also interested in the sources of this information.Thanks!
great analysis from mr secretary!.
O Neal did not come up with BRICS, he came up with BRIC, South Africa was added much later
Powerful words Yanis.
Iv been a bloody orphan since the 70s . Left curled up and died when it flipped to pro eu a neo liberal enterprise .
Thank you for this explanation.
That is how it started but now it gets another level. It's not economic only any more.
Economic is never just economic you know?
Awesome Yanis, I understood that finance mumbo. Much appreciated.
Thank you for this very good explanation and what's most important: for the great advice in the end.
Consise and articulate. Thank you. From the Bronx..
Suuuuuper interesting! Merci 🍀
What you are describing is the EXORBITANT PRIVILEGE of the US Dollar due to the global demand for it for in international trade.
But that doesn't mean Chinese and Russians with money want the US Dollar to continue to enjoy EXORBITANT PRIVILEGE. It is just that there isn't any better alternative in the meantime, but they are working towards it.
I normally agree with him but on this he is wrong
From South Africa 🇿🇦 very interesting talk of current issues
❤️🙏🇿🇦🌍✌️🕊️🙏❤️
Really one of my favorite people on earth
Helpful, thanks
Interesting perspective, indeed.
Has Varoufakis ever talked with the people on the Geopolitical Economy Report?
Very interesting perspective, always great to listen to Yiani.
Que tal análisis!
Realmente, en cuanto a la comprensión de la economía y el movimiento de los capitales en el mundo, estamos en pañales!
Gracias!
Very interesting analysis, thanks for sharing👍🏾
If I have understood, in the end China is the guarantee for the debtors to the BRICS bank... using the BRICS member Yuan to pay, for example to the WB or IMF. Cheers
It's been a rough year with losses from failed banks and government, real estate crashes, a struggling economy, and downturns in stocks and dividends. It feels like everything has been going wrong.
What a terrible year it is…
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Professor Varoufakis always makes a compelling story. Unfortunately, he is compelling because he omits so many facts. People invest in USD because they view the currency and the country as a safe jurisdiction and currency. The SA, China and Argentina have transparent functioning economies then capital will flow their way. Finally, from the perspective of South Africa. China is a far greater trading partner to SA and Africa than the United States.
I think the regular folks do buy USD and have USD. But it’s changing towards other currencies. But more importantly, the biggest lending done on the global government levels are now also starting to use the EUR, CNY, and even commodity. So we will probably see the de-dollarization continue to move forward.
Safe😂. They can freeze your bank account whenever they want. Companies or peoples. Like we see now with Russians.
And not just because war.
he went to the point. US is sound economy and its sheer scale adds up. Its like snowball running from hill. Europe is not unsefe from economical point of view but from geopolitical it is insafe. America is not. It has its military power, its independant in food production(so is europe)...and putting it all together makes dollar appealing. But the point is important and it is what Varufakis said, it is dollar which makes america great, america is biggest safe heaven.
Vert beautifully explained.
Very interesting. Thanks
Fabulous!! GRACIAS!!
Great talks👍salute💙
That's why it's best to convert dollars into actual assets (house, land, jewelry, gold, etc.) as soon as you get them
Subscribed !!! This man talks sense.
Thankyou.❤
thanks Yanis. Very clear.
Russia & China are smarter than what he gives credit for.
This guy 👏🏾
Great explanation for an economic dunce like myself.thanks
Yanis graat show THANKS
Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank as subscriber 😊
It's time.
To update this video
Thanks 🙏🙏🙏
As always very interesting and informative post thank you YV and please keep up the good work. 👍
Its good to know there are those who see things as they are and not what is posted as being so. There are many threats daily and guess who are excellent at making them.
Love with I could attend lecture about your book again.
Good luck to all the bricks countries also to the new members of bricks
Dollar dependence and Dollar independence are the two optional extreme end points. Dollar has lost its way, domestic issues (tax evasion utopia), government debt pile up has eroded big expectations.
Earlier decades US had good policies to encourage Dollar dependence, once you have developed some minor ill will for friends or if you are staring at numbers for too long, the equations at ground could become far lesser priority. Not everything is a number.
Does BRICS represent de-dollarisation? Not yet.
You have to have somewhere else to go if you want to de-dollarize. There aren't many credible alternatives. If you are a capitalist elite with lots of money, you REALLY want it to be in America, behind a corporate wall controlled by a trust held somewhere in Panama or the Cayman Islands; you don't want it to be accessible to your domestic governmental elites who will probably just appropriate it one day "for the benefit of the State". The US judicial system is even better than Swiss banks of centuries ago; when you want to cash out you have the most liquid financial markets in the world ready to accommodate.
@user-j7bf7stb5 Serious answer: the solution to end US dollar dominance would be to make it so that the legal systems of other countries protect foreign investors from the depredations of the State equally as well as the American legal system does that.
Nobody else has corporate law anywhere near as good as the Delaware chancery court.
If you are a rich person, you really want to keep all your wealth in America, for a lot of reasons, good corporate law being among the first and foremost.
Nobody else has a legal system like America does. Nobody else will ever be able to dethrone the dollar as long as every rich/smart person on Earth is hoping to secure their wealth by parking it in the USA.
Good luck, kiddo. Don't hold your breath.
@user-j7bf7stb5 You're welcome, child. Let me know when you figure out how to make all the world's market forces conform to your political views. 😉
@user-j7bf7stb5 I don't have to dream though; the US dollar has no credible alternative. You, on the other hand, do have to keep dreaming. Again, good luck holding your breath waiting for all the market to do what you want it to do.
@@lashlarue7924 obviously, the credible alternative, are the economics of scale, destructive of capitalism, lower economies, need money, since it is being so hardly hoarded by amazon's, google's, etc., while all the inflation up rises, so, if they use Chinese money, which is less inflated than the dollar, first of, it gets more valuable, devalues the dollar and the wealthy dollar holders wealth, which will make them want to buy more yuan, circulating all these yuans, basing everybody on yuans currency and BOOM, dollars crashed into ashes and America's economy gets ruined to shambles. just think of how important it is to have a counterbalance like the USSR, which was way bigger than america and europe's economies at that time...its simple economics. thats why americans hate the ussr so much, cuz it was the biggest threat to their existence, not just because of power, but because of economics, being that the USSR was much stronger economically than america.
Yanis, We in the usa have lost our schools, roads, bridges and social progams. We are just relying on the building prowess of our ancestors. Everyday more and more of those buildings and legacy infrastructure fails and doesnt get rebuilt or fixed because all of our money goes to the m.i.c
Ruling class don't want america to prosper or be strong, they need to level america to the banana republic with 90% of its citizens being poor.
I highly doubt you’re American
As apple pie, i just pay attention to my surroundings.
@@hhheee3939 Then you're eyes are malfunctioning. The problems facing the US aren't insurmountable.
Youre kidding me right? Have you ever seen a high speed railway here? The public transport in this country is ancient and crumbling from neglect. A school that isnt falling apart or looks like a decrepit prison? A road, bridge , or street that isnt paved like swiss cheese? This country is a disgrace and when any one of these projects needs to be built, fixed or upgraded theres never any money for it because its contractors bids are overinflated as a get rich quick scheme instead of the pennies that the chinese spend on trains that take u into the future compared to our urine soaked subways and buses that take u to and thru hell. U can watch all kinds of videos where westerners take u on a tour thru anytown china and its a marvel. We are still in the dark ages just so a few billionaires can steal all our tax dollars to screw off and us with.
He's got a point.
They're implementing this system in Nigeria,the economy is totally taking over by Dollars.
That's very smart guy !!
A lot of sense.
If that is truth, it tells how little capitalists have power in China or Russia over state power. As EU citizen, I envy them. They have future, we do not. Their state powers are not under capitalists rulership, they can make policy against profit of rich people. Like (capitalist) Eric X. Li said in some point as reasoning why China is not capitalist country: "Wall Street" cannot give orders to the politburo. And in Russia, there is kind of interesting "vassal system", where capitalists are autonomous vassals under state: if state gives order, they have to obey - they are not the ones who give orders to state, like in EU or USA.
Dedollarization is trend, and will keep to be such. Russia and China are two most influential supporters of such policy, but changing everything over one night, even if it would be possible, it would be irresponsible, since it would cause lot unpredictable effects and therefore lot of harm and destruction.
(I actually lived some years in Russia - seen what life is in Russia (for lower income groups, waitresses etc.). And China's program against poverty and to build and developing their society is quite impressive. In Finland we had similar in cold war era, but now it all is decayed and lost. All progress was lost in moment when USSR vanished from map, and regressivity replaced all that progression. Social democrats became neoliberals, and communists became social democrats. No one demanding any more structural changes in society, but instead demand only slower decay of what was once already build).
Agreed bro,Varoufakis talking shit on this one
@@dudesupreme191wheres the full vid
It is very logic what Yanis said. Nice video.
Very interesting.
I thought this also, actually.
For sure Bro no escape
so many folks in the US from the M-L left need to watch this
Any true aspiring criminal knows it isn't about how much money you have... it's about how much money everyone else owes you.
That is his opinion.
No fancy jargon to be found here, just the good stuff.
Smart man.
Impressive
He got a point, but that's an easy fix. It's called conversion and tokenization and digitization. Convert the dollars value into another form of value which shouldn't be hard considering the dollar has little value if any to begin with. There are no hidden powers other than the very open control of the payment networks, markets and supply chains and means of production and distribution and in the dollar's case use of the military which they can no longer use. BRICS has all of this. All that have to do which is the hardest part is to agree on the conversion rate and into what other form of backed assest. Getting the different cultures to agree is the hard part, not b/c people are holding paper of digital fiat.
Thanks for listening❤
Your assumption at 5:40 that they have to purchase in $$ is not necessarily the case at all. If they buy from Bharat, they can pay in rupees of whatever currency is the state currency from wherever the purchase is made. There is a big distinction here as the BRICS trading regime is in respective currencies. BRICS members can look for import substitution to the US supply. The wont always succeed but tell me what is it that the USA manufactures these days that is unobtainable from a second source?
True sir
So, it's not because the RotW is sufficiently widely and regularly itself indebted *in USD*, thus needing to procure USD via selling goods and services or their IOUs for USD, and parking their net USD proceeds in default-risk-free, liquid, interest-bearing, US Govt-issued (and/or guaranteed) securities, that accounts for the USD's top-ranked, apex, (reserve) currency position?
Congress threatens to default every year or so. Plus look what we did to Russia, and even to wretched Afghanistan. Maybe it's all just to manipulate the market, but we're losing trust.
Right, and we must always remember: The US does not need to sell bonds to finance itself. It literally creates the currency every time it spends. The bond creation is just a procedural rule which is completely unnecessary and just obfuscates the basic fact that sovereign free floating soft fiat is created at the will of the currency issuer. The bonds can only be purchased with currency already created, thus their only net function is
A) An interest bearing savings account for USD instead of a non-interest bearing checking account or cash position
B) A promise by the US to create a certain % of new money in interest payments, which means that above zero interest rates are inflationary (but government austerity can more than deflate things if they just stop spending)!
But the clever thing about bonds is that they're both a cudgel to smash other currencies through interest competition and to smash other countries that are in debt via USD via higher borrowing costs. Additionally, bonds are a trap! If a country stores its USD holdings in US bonds, that means the US can just take the money any time and refuse to give it back. Obviously if it does this enough, it will accelerate dedollarization, but if they just do it around the edges, that probably won't happen any time soon. Additionally, at any given time they can sabotage a country they go to war with by confiscating its bond holdings.
@@Max0r847 In other words, it's even more evil, reckless, and crooked than we ever could have imagined!
How does the fact that brics and those aspiring to join have most of the petroleum reserves left on the planet play into this
The USD was so loved by us. All of us, i mean US. It became too cheap one day and all our assets became of low value. And fearing over excessive losses we made real estate prices ridiculous.
The thing is, China and Russia can hardly be called capitalist countries. Capitalists hold about as much power in these 2 countries as the working class in the US does.
In the US wall st and military corporations run the politicians. I think in china we are no longer able to it’s the case.
both of them are capitalist countries. What are you talking about?
I know Bro. Nobody has any idea. Now i listen.
The petro yuan with brics are not a threat to the dollar, at the presant time but is an alternative. A seed that may grow to what extent has to be seen. Its an indication of the unease much of the world feels towards the US and its fanned by the heavy handed foreign policy of the US towards friends and foe.When and if a challenge to the dollar is made in the future long held resentments may see a deluge occur as nations who have to meet balanced budgets decide what exact use ls the US dollar when they contribute nothing to the pot.
Now we have to fix that problem which is sitting on edge. Anyone dare to try to get it out of that fix !
Argentina repayment in Yuan is not local currency, Argentina uses the pesos or us dollars
❤❤❤ my orphaned Brother.
Varoufakis you forget also to mention that the real estate property (100 million dollars and up) it is also used to borrow money and invest in the stock market. So that is the reason why all this penthouse are empty!
Please make a video with your solution for the world economy
YANIS, what is the LONG TERM implication of IMF "action" (can you relate to the case of SRI LANKA) as to give an example. Some countries "recover" from IMF action, others don´t. Why? As well, could you explain the socalled "shutdown" of US economy. This buzz word is new to me. It sounds a bit like lock down..... Is it true, or is it a trick. ... In what way will Ukraine pay back the cost of the weapons they are being given? What are the terms? I guess, Ukraine must be somehow bankrupt (if this still exists.... bankrupcy). Thanks
What happens to my 's & p 500' Etf if the dollar is replaced?
It is great to hear the other side of the story .well accepted analysis and opinion of someone who is well informed of the undercurrent .Thank you .I appreciate your views
I always enjoy how Rene Dubord's book "Society of the Spectacle" remains prominent on Yanis' bookshelf. That book is a foundational piece about the real consequences of capitalism. The typists today could be robots. Every interview I've seen with Yanis has that book prominently displayed the cover of which shows a huge room full of female typists working away on manual typewriters. It shows the emphasis on production as the end product of any endeavor that is an endless assembly line.
Which Non-US Non-EU capitalists are interested in assets that can be seized anytime. Not only China but also Japan are selling their US-bonds.
The US can't pay their debts soon and need a reset ...
Interesting
I hear you, Yanis. Brics is not the new International. It is part of capitalism. But what about the idea that the global bourgeoisie has a progressive face and a reactionary face. The progressive face is represented in the manufacturing countries and those with developmentalist ideologies. The reactionary face manifests by and large in the financialist, rentier, neoliberal countries and harks back to pre-capitalism and pre-modernity (I.e. post modernity is really anther form of pre modernity). Surely the position of the proletariat must be to align to an extent with the bourgeoise’s most progressive section connected to the Brics. Maybe Chinese capitalists today are the most progressive ones. Could that be argued, I wonder.
Why does the west see itself as more progressive despite falling into a kind of rentier neo feudalism. It’s because the west, when it cannot have genuine material revolutionising, engages in symbolic, ideological revolutionising, fake revolution. I remember the way that the cultural movements of the early 20th century, Italian futurism or English vorticism for example, worshipped everything modern, funky and freedom loving but in reality were falling into proto fascism. That is what I think is happening in the west today. Culturally speaking, what is a fascist except bourgeiois liberal who is having difficulty self actualising?
Yanis speaks a lot of good sense on many (most) matters, and there's no denying there's some USD inertia, but let's be real here: nobody in their right might, much less the wealthy folk of any ilk, are holding major % of their wealth in actual dollars, exposing themselves to inflation. Furthermore, all of them are fairly sophisticated with currency exchange, and their loyalty to any one currency is zero. They may prefer for the USD to stay where it is, sure, but they'll sacrifice 0.00% of their own money to keep it there.
Their wealth is in assets, not dollars. The only thing keeping the dollar afloat was the Nato military. Ukraine conflict has changed that permanently.
Where's the full video?
Are you a Harvard University Grad. from the most prestigious and oldest universities in the United States and you want to learn a few things ? go do business in Greece ! Thank you Yannis , you make us proud!