Economic Update: Varoufakis Critique of Capitalism Today
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[EU S13 E18] Varoufakis Critique of Capitalism Today
Yanis Varoufakis, elected member of the Greek parliament, joins the program and offers his original, critical perspectives on (1) the banking crisis, (2) the decline of the US empire and US capitalism, (3) the mass uprisings of the French and Greek working classes in Europe, (4) the collapse of Europe's efforts to shape an independent (from the US and China) economic position, and (5) class struggle inside China.
Economic Update with Richard D. Wolff is a @democracyatwrk production. We make it a point to provide the show free of ads. Please consider supporting our work. Join our Patreon community: / democracyatwork and help us spread Prof. Wolff's message to a larger audience. Every donation counts!
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Check out the 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff is now available at: www.lulu.com/
“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly www.democracya...
![Understanding Marxism: Q&A with Richard D. Wolff [June 2019]](/img/n.gif)
Dr Yanis Varoufakis is a world-class economist with grounded economic doctrines seasoned with practice through pragmatism in political office. Your influence in real-life economics is larger than some Nobel laureates for economics. May God bless your sphere according to your good work.
Yanis is one of the most important voices on the planet. His detailed insights demand widespread understanding. Absolutely brilliant.
🇪🇺🇬🇷🇬🇷🇬🇷🇬🇷AThens🇬🇷🇬🇷🇬🇷🇬🇷✝️✝️1982✝️🙏👋
Capitalism
Or
Gulag
We defeated communists in 1949
As spanish in their civil war
Amen.
✝️✝️🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏
Uff.... you surely know a lot of people and languages hey?
he speaks well, but when it comes to doing, he's a failure.
Agree!
@Cosmo J. it's true that the whole government that he was part of failed, but Yanis is an academic theoretician, not a practical pragmatist that can get stuff done.
I absolutely adore you and Yanis, what a great unexpected return from the hiatus. 🙌
I’m a secretary at a corporate law firm and if it wasn’t for you 2 gentlemen (and the solidarity of a couple of secretaries at my work) I think I would go mad. I mean that literally. My job is taking a serious toll on my mental health because when our bosses treat us like crap the only option we have is to go to another corporation most of which are far worse. Power to the people! 🙏🏽❤️
Are there signs anywhere in or around your office that indicate a video/audio recording device maybe in operation? Like CCTV security camera's , etc... If so, you can set your audio recoding app on your cell to record interaction at work. I ask about the signs because if there are signs, then anyone around gives their implicit / explicit permission to be recorded. That recording can be used as evidence in court. Use the law your advantage, to put those fuckers in their place! Obviously review the law(s) in your state / local city, but use the law for you.
All money is a lie. Try not to slave. American Yellow Vests. Backwards: eb tod VYA
👍
@@TheRantingRooster That is a brilliant strategy! But unfortunately and fortunately they don’t record us as far as I know. Although they do make it abundantly clear that we have no right to privacy in any communications at work, including email. I can’t say what firm it is (out of fear of retaliation) but they are experts at union busting and we’re all too afraid to unionize. The HR and management frequently tell us that we can speak to them “in confidence” and nobody in their right mind believes them. The other day we had a staff meeting where they told us they were decreasing the one day/week of remote work for secretaries (while they don’t enforce this at all for management who rarely show up to work) so I commented that nobody wants to come to work because everyone is treated like crap. So management asked me to name names! “Who treated you like poorly?” they asked. So I responded, no! I’m not naming names nor is any other secretary because nobody is stupid enough to put that bullseye on their back (all the secretaries smiled and nodded), but I told them, we all know who the culprits are because they treat all their subordinates like crap, including you! Everyone in the room, including management, knew I was right. Then management asked me (fearfully) if I was afraid of retaliation. I avoided answering that question and just reiterated that if they really wanted to make the office a better place, they didn’t need me to rat on anyone. Of course they won’t hold the culprits responsible because those culprits bring millions of dollars into the firm. They’d sooner fire any secretary that complained of abuse, and they have! And when they do, they say the secretary was in subordinate. Of course they were! Abolition was insubordination!
[Edited: management can’t bring millions of dollars into the firm without us secretaries, and their money and power is stolen from us. And if we secretaries had enough money to leave, management wouldnt make any money which is why they are so afraid of us.]
Glad you had Yanis on your show & I agree 100% with his words:: "Let the banking system burn."
I appreciate Yanis for being able to apply a Marxist influenced analysis of capital without being dogmatically obsessed with old school Marxist takes. Refreshing to see someone willing to update and shift their thinking in this space. A payment system run by central banks is definitely going to rankle some of our more libertarian comrades though 🧐
...problem is tho the central banks MUST be nationalized first or we've just given control to the biggest private bank ever. Central banks are still PRIVATE banks. How Marxist is that?
A central bank digital currency would be useful if we could trust the banks to not be controlled by the politicians and cut people off from money when they do things with that money that it's the politicians don't like. The fundamental danger is that your ability to feed yourself will always be subject to the banks not cutting off access, like what they did to people who donated to the Canadian truckers.
@@charlenek11 as a rebuttable presumption, I don’t believe any institution of that size and power can ever be trusted not to abuse its power. They may still be necessary on some level, but if our proposed reforms require banks and bankers who are above reproach we may need to go back to the drawing board on that one 😅
@@charlenek11 at least politicians - in the western world - can mostly be overthrown peacefully, we have now multiple generations and a couple of centuries of evidence of this. On the other hand, there is no peaceful overthrow of private bankers. So with that in mind, I'd much prefer even a corrupt central bank that can be replaced and influenced by common people in time, than private bankers who answer to no one except their own wallets
@@podzycie3567 that absolutely makes the case for a decentralized system and against Central Bank digital currencies.
Please, more and longer conversations between these two brilliant thinkers. They are geniuses. Please, we want more Richard and Yanis!
30 mins of these men talking is so damn unfair =(
Yes
So you want more B.S.????
@@jgalt308 Is this the legendary John Galt? I discovered who you were while reading all the way through Atlas Shrugged years ago. I was less than impressed :)
@@andyjblosser And I am less than impressed also... the J is just a J...
it is not short for anything.
Have you read 1984? Were you impressed?
How about Brave New World?
Walden Two?
You do know what fiction is? Or science fiction?
Still...I am willing to entertain whatever objections you have to "Altas Shrugged"
as "science fiction"...or any of the "other" titles mentioned above.
Yanis and Richard?! Two of the best at analyzing and critiquing the capitalist world order🥳
Shame it's not capitalism...but since you weren't paying attention
you didn't hear the word "rentier" or who used it.
@@jgalt308 "Capitalism and competition are opposites. Capitalism is premised on the accumulation of capital, but under perfect competition, all profits get competed away. The lesson for entrepreneurs is clear. Competition is for losers".
This quote comes from tech oligarch Peter Thiel.
It should also make it easy to understand why neoliberalism has been such a failure. And why this will not be fixed from above. Because those are the very same people with all the power who have the complete opposite incentives to yours.
And why right wing movements cannot fix it either (what could possibly do that. Libertarianism that is even more neoliberal and oligarchic? Or conservatism which follows the same premise?).
@@gallectee6032 Well since it's not capitalism, quoting Peter Thiel
doesn't make it so.
What is capital?
Money is a commodity...people seeking to acquire money are capitalists as money is capital.
Das Kapital v1 p27, p63, p 104-107
But you no longer have money, so now what is capital? And capital
has always been more than just money...which as a commodity, simply
acts as a convertible asset, to facilitate production, as a medium of exchange
that holds value, until it is converted to production, which is another form
of commodity asset.
If competition is for losers, why is he competing...and what is the nature
of the competition, he is engaged in? Life is competition...and always has been,
so making such a statement is a denial of reality...and is certainly not
one that can be considered the product of intelligent reasoning. One might
wish it were not so, one might also wish to minimize it or eliminate it...but
if the effort required to achieve that goal exceeds that required to compete,
then the energy expended is wasted, and nothing is gained by the result.
Such claims also run counter to the evidence...even when their supposed
examples seem to suggest otherwise...as in the case of the robber barons,
a period that resulted in the U.S. surpassing Great Britain as the worlds most
productive economy by 1880, and prices fell dramatically for the
products made available by these "robbers".
The reality here directly contradicts the "myth" regarding this period, as
well as the claim that "employers raise prices because they can"...
because if that were true, and those that dominated the various industries
they had control of certainly could, why didn't they?
Of course, if one is ignorant of the factual history...then maintaining the "myth"
is useful for those selling it...and there are all manner of "myths" that persist
at present, all serving those that create them...while doing nothing for
those who believe them.
Also in the above interview, Yanus acknowledged the "rentier" economy...
which now dominates the present...but this preceded "capitalism" and
is NOT capitalism...for that involves "production"...and regardless of who
owns or controls it...PRODUCTION is key.
Rent seekers do not produce, and governments do not produce...both rely
on those who can and do...and there is nothing new involved, this is
history. So, capitalism is not the problem...with the private ownership of
the means of production providing the most incentive. It's not
a difficult concept to grasp, and one is free to argue against private
ownership...but those arguments fail rather quickly.
Given that...one has little choice but to alter the understanding
of what capitalism is...which is all that is being done here...in
a country that is no longer capitalistic.
@@jgalt308 I have many things to say but cannot be bothered. Your definition of capitalism is never going to happen because the actual incentives oppose. I assume you are anti government, so how are you ever going to change these incentives to create this idealistic version of capitalism?
@@gallectee6032 No doubt you have many things to say...most people do.
Without evidence to support what you say, they are as meaningless as
if you hadn't bothered unless someone is foolish enough to believe you.
Then you have a myth you can sell...like Wolff, but he isn't very good at it
...but good enough to "have the time of his life". Michael Hudson on
the other hand doesn't seem to be having any problems at all.
You do know what a "rentier" economy is? and that it preceded capitalism?
And why did the prices of what the robber barons produce fall?
As for the kind of "government" needed...that was achieved by the constitution
in 1789 and 1791. Unfortunately, that was undermined and corrupted over time...
and completely discarded in 1939, while money had been dumped 6 years
earlier. So now you have an unconstitutional, criminal government...engaged
in promising things it continually fails to deliver, robbing the future to
maintain power in the present...and re-writing the past to maintain its
criminal enterprise and divide its victims into factions competing for
its favor, rather than seeking the freedom to pursue their own desires on
their own merit.
So I guess you will now have even more things to say but can't be bothered...
employing words that have no definitive meaning, and continuing to make claims
that have no evidence to support them if you did bother.
Great discussion, very refreshing compared to the usual tidal wave of propaganda we consume.
Please have Yanis on again very soon!!!
I guess anything that keeps him away from the country his laws ravaged is a good thing for us Greeks.
@@nmavrantzas google IMF
@@nmavrantzasσου αξίζει ο κουλης σου
@@Jkjoannaki Ρούφα Μπαρουφάκη μ'ένα Ν αλλά έξω από τη Βουλή.
yanis' point at the end about China's capitalists not wanting the dollar hegemony to collapse is a huge topic. Fantastic video, Prof. Wolff!
Yes I am surprised of Yanis knowledge of China and Asia as it seems Yanis might not have visited China very often.
Thank you Dr.Wolff for this interview. I've been gobbling videos with Yanis since. I intend to read his books as well. A very lucid thinker!
Great discussion and viva La France, they are showing us all the way forward ❤
I think you both are exceptional human beings because listening and reading you both have taught me that ignorance is not bliss but extremely dangerous and consequently has disabused me of mine.
Holy Molly, 2 of my favorites economists toguether 🤩
Yanis made me fall in love with economics, amazing mind.
First SVB, then signature bank and now first republic bank, these are all the signs of yet another 2008 market crash 2.0 , so my question is do I still save in the United States dollar or is this a good time to buy gold?
It’s always a good option to keep some gold. Well with the current market situation and everything at stake with the present economy, I’d say you’re better off staying away from stocks fr awhile or better still reach out to an adviser for guidance.
true, a lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
@@lowcostfresh2266 I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
@@TomD226 Having a counselor is essential for portfolio diversification. My advisor is Laurel Dell Sroufe who is easily searchable and has extensive knowledge of the financial markets.
Found the bot thread☝
Professor Wolff and Yanis Varoufakis, you are two economists who make sense of what is going on in the world of economics and I am grateful that you are trying to find the key, pull the level, turn the dial that makes capitalism work for everyone and not only for the upper crust. I am an artist and not an economist, but I have quoted both of you in my book ‘The Treatise of Teknomix’ in which both of you helped inspire me to come up with an admittedly utopic if not unrealistic alternative economic model to replace capitalism on a global scale. In my book my idea for a better way to distribute wealth was for money not to equal power and it would only work with a world government. Obviously, it has got me invited to a single talk show yet and from the look of things, it probably won't as it has sold poorly. Aside from that, I am happy at least to have tried to come up with something to get the world on another trajectory for a global economic system. Moreover, I am hoping experts like you could find a seed of an idea to use as a possible foundation block to build a better, more inclusive economic model. As a lay person, I have a basic understanding of economics. Capitalism, which I called feudalism on steroids---someone said that somewhere and I used it in the book----is for me a complex and unfair system that cannot solve one of mankind’s most stubborn perennial problems: poverty. This to me is a red flag. During the pandemic, the ten top richest people in the world saw their fortunes double and again for me, this is yet another red flag. Economics has been called a lot of things, like dismal science, but perhaps it should be referred to as The Equality Science? To wrap things up, both of you are world renown economists who do your best to shine a light in the dark corners of a world where money has ruled like a king. It is my belief we cannot continue to have only part of the human community having a piece of the pie. To recap: from listening to you Rick and Yanis and from tuning in too many of your colleagues, I believe that capitalism and money and the finance industry and everything connected to it has to scale down to become something different than what capitalism has made the world of today into. It makes no sense to me to have an economic system that does not serve everyone's basic needs equally.
No. one show OF FUTURE OF WORLD IN DETAIL AND FACTS
CONGRATULATIONS TO BOTH OF YOU HONEST PROFESSIONALS!
Thank you Richard Wolff for this presentation. Let me express some views on the matter discussed. Capitalism is a system which in principle leads to the concentration of economic power. This power, reforms into monopolies, which lead to the amendment of the free market principle. Thus, the big, allow marginal enterprises, and keep the lion's share. When needed, this transforms to political, geopolitical, military, imperialistic, fascist states. The world order after WWII was created by the merged elites of GB, and USA. Yet, as time and technology evolves, this established system becomes the more catastrophic. To nature, to the working class, to the humanity as a whole. It is time to change the system. We do not need more and more analyses as to who, how, and when these changes to capitalism happen. What is necessary is to create unity in peoples movements. A unity that has to forge two priorities: the need for change and the understanding of reality. The climate crisis and AI will very soon impose fascism just because the people are deluded and out of touch with reality. We have already entered the dark ages (by 9/11/2001). I paraphrase the old saying to people of all nations unite!
Thanks Two gentlemen I admire
If only world leaders would listen to them
Im happy you have yanis on, he is a great economist and a very rare breed of politicians. The Greek political establishment is focused on spreading endless propaganda against him. It's not a coincidence that Greeks have no idea how respected yanis is abroad. Soon I will have the opportunity to vote for yanis himself in the Greek election
Two awesome people. Thank you!
No R & D from '50's to make new industry but dollar payment system. Yanis my hero since before 2000.
Much appreciated ‼️‼️📢
да!❤Two of my favourites, in Chinese , we call this: my two favourite chefs cooking together~!
Thanks for sharing this interesting program. It was very informative!
5 min into it and i already know it's going to be a magnificent episode!
Bright minds helping general public to understand the reality of capitalism and current state of affairs.. kudos to you both!
My only critique of this interview is that it’s not long enough. Please have Yanis on again!
Yannis. I just love you because what you stand for. march forward comrade.
Great as always.
Democracy realistic Disobedience......love it.
Great mind, the idea, the action with superb intellectual activities...Interesting🤗♥️🇬🇷!
Great show as always- to remind ur viewers - we need to share this everywhere & w our families & friends who r in despair & don’t know there is another way
❤ Yanis needs to elaborate on that last point more. A lot more.
Yanis's answer to the last question is super interesting. Fascinating as always
Yanis is on a whole nother level. For my money the only guy on the planet who knows whats going on.
And can also explain it all, Prof W notwithstanding.
Notice the lack of a detailed blueprint for the replacement of Capitalism....
@@YouLoveMrFriendly - yes, a detailed map should be presented in excruciating detail in a 28 minute video. Like Hollywood movie and shit.
@@tZydeco I'm with Mr. Friendly; I never see anything presented to replace Capitalism, ever. It's always critiques meant to get people angr-y
@@jeffc9870 read his books
Excellent discussion. More please and thank you both
What an insightful visionary!
Are hallucinations visionary?
Spot on guys!
Thanks Prof WOlff and Yanis!
This is soooooo awesome!
Thank you for your efforts your work and your interviews
Wonderful conversation! Thank you
i was wondering when we'd get a new Economic Update, Thank you!
Nobody can suddenly become prosperous financially. Although they did the background work, we mostly see the ultimate product. Fear is a harmful factor that prevents us from making the courageous decisions we need to make in order to achieve our goals. You have to deal with things like inflation, the recession, Fed policies, and more. In just a few months, I was able to add $289k to my portfolio. You must look for assistance in the appropriate locations.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
@RobertCooper03 But you had money to begin with, which is usually the missing factor in investing anyway. Idc how good your advisors are, if you don't have the initial resources, you're not going to be prosperous.
These are two exceptionally gifted economists, no doubt about it!
Having Yanis on ALMOST makes up for Harpy Barbie.
Fantastic, informational educational presentation. Thank you both the host and the guest for providing such a wonderful easy to comprehend insights into these interesting issues.
Thanks!
I never knew Voldemort was such a good one on socio/economic themes.
this is getting really old...
Love Varoufakis. Please, more of him!
LOVE YANIS, good video. Thanks.
Fabulous! More Yanis.
Great Talk
Brilliant conversation.
Excellent discussion marred by technical problems - freezing audio and video.
Class struggle within the CPC!
How fascinating!
Yanis point is such class struggle failed to even take off in Europe and USA, let alone to have a clash of two force within CCP.
Yanis's comments about internal ructions within the Chinese system (and CCP) are absolutely on point. The exponential influence of high profile Chinese USD billionnaires has much in common with their Silicon Valley and Wall St fellow travellers.
And what is it that they have v in common?
.
.
.
.
.
.
.
.
........greed.
great interview. Live long and prosper.
This made me so happy!! Two very insightful voices!
Great stuff 🔥👌🏾
Thank you Dr Wolff.
If the banks 'burn', doesn't that mean that the depositors will all lose their money?
Thank God for truth-tellers like Yanis !!!!!
My heart has always known was 100%correct totally logical.
So glad that you had this prestigious economist and socialist on your program. He has the ability to make even the most complex issues comprehensible to us. Great work.
Thanks
Thank you for this!
Varoufakis is a very interesting guest who is one of my favorite speakers.
Great guest!!
It doesn't get much better than this.
The Collapse of these banks has torn into global markets, with investors ripping up their forecasts for further rises in interest rates and dumping bank stocks around the world. I'm at a crossroads deciding if to liquidate my dipping $480k stock portfolio, what’s the best way to take advantage of this bear market?
I have learned to not trust corporations. I was badly hit by the '08 financial crisis. Since 2019, I've just been focused on investing through a financial advisor, and it has been paying off, and I'm never going back to banks full time.
My Financial adviser is *‘’JAMES GIFF GIFFOR ’’* he’s highly qualified and experienced in the financial market. he has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching him credentials further. he has many years of experience and is a valuable resource for anyone looking to navigate the financial market
This man is an international treasure
Very interesting, two very importent voices.
It is a blessing seeing these people discuss.
What I find fascinating is Professor Wolff's non response to Yannis' extraordinary revelations. Not sure what to make of that.
wonderful Yanis i cant believe how you have been betrayed for your tremendous integrity , your brilliant mind and great heart , we need you , you are greatly loved and appreciated.❤
Very important discussion, thanks to you both!
Yanis! & Dick............ My two favorite economists.
Ahhhhhh I remember bringing up his (Yanis)coined term "techno feudalism', at a Thanksgiving family game..... I think the question was:
"what do you think the future of technology will be like"
" Awesome economist Yanis Varoufakis(every one sighs in preparation for a PSA), made the case for something called Techno-Feudalism.
Basically....The kings and queens are the Zuckerbergs, Elon Musk's, and Jeff Bezos' of society....basically"
❤
You can tell how much they like each other
That was wonderful. Thank you both!
Yay for Yanis!
Thanks for promoting the DeFi revolution !
Wow that was a great interview!
Nowadays the phrase "moral hazard" has to do with who is actually deserving in this system. Making it possible for all Americans to live well is a no no. The US has more people in poverty than nearly every advanced nation/economy.
Very constructive conversation between prof Richard and Giannis
You could have Yanis on for hours!
At 6:06, I'm raising roof with airplane arms and shouting Hubbidah!
...and now, voted out of the parliament :(
Conservatism is on the up rise everywhere. Things are not looking up.
Yanis and Wolff on the same show!? Count me in
I am glad to see you both together. I'd like to say that if there were subtitles I would have understood much more. I am in Greece and here there never are subtitles on videos. I think you are loosing some parts of the audience.
You were too quick. Subtitles are there now.
great bloke great show
Yanis speaks, I tend to listen
This made so much sense to me - and I am definitely not knowledgable about economics. Especially interesting is the comment about the class war within the Chinese Communist Party. This seems to fit with the history of the bravery and perseverance of the Chinese working class (formerly peasants) I hope they can win against their capitalist class.
Yanis is brilliant 👏 and handsome too...lots of charisma.😊
thx
Remember Lenin and imperialism as the highest stage of capitalism? That's neoliberal globalization.
If we push for Democracy and get more of it would we still need political parties? Would politicians still be leaders or just representative tools in a democracy? Support primaries against all incumbents and vote against all Incumbents until or unless you feel democratically represented.
Me too He is incredible!!!
Excellent interview.