Iran’s protesters will neither submit to the fascism hidden behind the regime’s pseudo-anti-imperialism nor surrender their country to the hegemony of the United States or their economy to financialized capital. The Western left should learn from them. ATHENS – Dealing with random, unprovoked abuse is never easy. But dealing with random, unprovoked praise can be […]
The demise of Trussonomics was a welcome victory for decency and common sense in a minor battle within a broader class war. Sadly, the class that Liz Truss tried to bolster with copious tax and regulatory gifts will win this war by deploying an even nastier, blunter, dirtier weapon: austerity. Britain’s wealthy owe a debt […]
ATHENS – Capitalism conquered the world by commodifying almost everything that had a value but not a price, thus driving a sharp wedge between values and prices. It did the same to money. The exchange value of money always reflected people’s readiness to hand over valuable things for given sums of cash. But, under capitalism, […]
Last Thursday, the International Monetary Fund spooked the markets and surprised the commentariat by chiding the U.K. Conservative government for fiscal irresponsibility. The shock was palpable. For the IMF to criticize the government of a major Western economy was a little like the janitor scolding the landlord for putting the building’s assessed value at risk. That sense […]
This is no sterling crisis. It is a crisis of British capitalism caused by 40 years of underinvestment and deindustrialisation, exacerbated by chronic reliance on speculative bubbles and triggered by Liz Truss’s extravagant kindness to Britain’s wealthy. While all eyes are on the fall of the pound, the real drama revolves around the Bank of England’s […]
The European Union’s power sector is a good example of what market fundamentalism has done to electricity networks the world over. With the end of cheap natural gas, retail consumers and businesses are paying the price for their governments’ embrace of a shoddy theory. ATHENS – The blades of the wind turbines on the mountain […]
The blame game over surging prices is on. Was it too much central-bank money being pumped out for too long that caused inflation to take off? Was it China, where most physical production had moved before the pandemic locked down the country and disrupted global supply chains? Was it Russia, whose invasion of Ukraine took […]
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The post The roots of inflation in the Crash of 2008 – interviewed by Mick Jeserich for KPFA Radio Pacifica appeared first on Yanis Varoufakis.
Rare is the person who could expertly comment – in a single interview! – on the rise of NFTs and their origins in the virtual worlds of gaming, the logic of the emerging regime of techno-feudalism, and the folly of El Salvador’s Bitcoin-heavy negotiating tactics with the IMF. Luckily, we have found this person in […]
This January marked the 20th anniversary of euro notes and coins circulating. In an op-ed published by Project Syndicate I argue that the euro was an unmitigated failure even by the criteria of its architects. This is an updated analysis of a keynote I delivered a few years ago at the Oxford Union – see […]
