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.
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.
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.
AI has the same fundamentals as robotics. It is meant to automate mundane, dangerous or repetitive tasks. The only difference is that it's just software.
it's really interesting that people tend to tell software engineers to do plumbing specifically. there are many trades and I've read so many comments pointing to plumbing.
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.
For Amazon, what was once not only convenient but cheaper has become full price where the vendors make little or nothing and the facilitator makes 40% off the top. AND, the sellers now have to compete with the facilitator.
My favourite is that Amazon wiped the floor with the competition, and then tanked the quality of its own products. You might as well buy from wish these days.
Technofeudalism is such an apt term. The reduced circular flow of money resulting from the snowballing effects of the trickle down economy are becoming increasingly apparent. It’s really hurting the global economy to the extent that some commentators are referring coyly to a broken social contract. Unfortunately democracy is in thrall to such a concentration of wealth, so a fix seems unlikely. However I hadn’t appreciated the parallels with feudalism. We really are in dire threat of sliding into an economic dark age . Possibly that and climate change will finish off Western civilisation
I am grateful by Yanis appearance on the intellectual map. He is taking the guts to speak his mind out, consideration free of political self-censorship. My respect !
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
you can't develop "green tech" by throwing money at it, the reason why companies buy back their own stock is because that is the most profitable use of money at that time. Maybe they don't see green tech being profitable enough
The issue is that as inefficient as capitalism is, every other system is worse. It is difficult to appreciate just how frustrating problems that are NP hard or chaotic actually are. There really isn’t an easy way to do this, only hard, very hard and impossible ways of dealing with such issues. The idea that [insert ideology here] will solve all these issues isn’t backed up by the evidence.
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.
Eshe Nelson (the interviewer/journalist) is fantastic. I can barely follow what Yanis is talking about, yet she is always ready with a new question that advances the discussion. Wow!
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.
Good stuff from Yanis! Laissez-faire or under-controlled capitalism plus under-controlled technological "progress" brings us to technofeudalism (also describable as corporate socialism with economic growth based on continuing tech "progress"). This is the basic life drive operating in the human species without the wisdom of constraints to maintain balance-fairness, human-human, human-earth. Just as, without having basic design rules-constraints, you cannot make an airplane that flies well and efficiently with its passengers safe, happy, and comfortable, neither can you have an economy that flies without the right design rules-constraints. Can we redesign-rebuild the airplane we now have while it’s still flying, or will it need to be brought down? Next Q: What becomes of the nature of man or even our existence as a species under technofeudalism? Borgification or replacement by our own technology.
There are millions of you and most countries are still democracies … the problem is most people don’t want to give up what little they think they might have
Stop consuming your money in goods, which aren´t subversive. Spend it only in stuff, that will help you and others, to spend even less... Knowing how to get around without tons of money is key, so, knowledge and education is a good starting-point.
The real underlying issues behind the economy are basically three things: First of all, there is the exploitation of the economy by the financial elite through financial instruments that do not contribute to the natural economy by providing products or services. They siphon money away from the population, and from the businesses who are providing goods and services. This is one issue that needs to be addressed. The other issue is the money system itself, the creation of money through debt, which has reached a point where it just is not sustainable anymore. And this is partly a matter of creating a sound money system that is not based on debt. You could say this is the second issue, the creation of a money system that is not debt based. But the third issue then, is the debt in itself, where people, companies and governments, nations have incurred such huge debt, that it just is not sustainable. Even the interest payments are threatening the economies of many nations, businesses and people. There will come a point where a growing number of people-economists, politicians, journalists, and so forth-will become aware that the world faces a simple choice. Either the economy completely crashes, and the entire financial system crashes because of debt, speculation, and so on. Or the democratic governments fulfill their responsibility to create a truly democratic economy, a free economy with equal opportunity for all that cannot be exploited by the power elite. Even the power elite will begin to see that they can either choose to nullify some of the debt, or maintain the debt and demand payment of it, where they can cause the economy to crash so they will never get any more payments. There simply needs to come this awareness that the debt has reached such a level where the only way out is to nullify the debt, maybe not all debt, but certainly much of the debt. You can see in the United States where the national debt has reached truly astronomical levels. And there needs to be some awareness and a movement of people saying: “Where are we borrowing this money? Who is lending it to us? To whom do we owe the money?” And it needs to be this awareness that: “Yes, we owe it to some big national banks, even some multinational banks. But shouldn’t these companies, these corporations, be American corporations? Why have we created this debt-based money system where the government needs to borrow money from private institutions, and the taxpayers are paying interest to these private institutions? Why are we not doing what it says in the Constitution, that only Congress has the power to print money? Why are we not printing money directly, instead of borrowing it from private banks that make a profit? Why are we allowing this kind of money system? Why are we allowing the Federal Reserve to run the economy?” And other nations can of course, have different institutions, but nevertheless, debt-based money is a problem everywhere. The question is when this awareness will be there, whether it will happen in time to prevent a crash, or whether there will have to be another crash as severe as 2008 or 1929 in order for people to realize that you cannot have a democratic nation that has an anti-democratic financial system.
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.
I love the descriptor, "The Great and the Good." My experience has been, and increasingly so since 2008 (where I was financially harmed at a significant level) is that there aren't many 'great' players who are 'good.'
That was thought provoking to say the least! He makes a very good point, but I think things have gone too far. The amounts of money involved are to large to even be fully comprehensible.
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.
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.
I wonder what Yanis would think of the idea that the ownership of money would have an expiration date. With digital, programmable money, could we keep the wheel of economy running by forcing money to be spent, or it is gone?
Money is naturally tranferred from less efficient to more efficient sectors of the global economy. Governments are trying to counteract that one way or another, but their efforts are futile. There are only 2 solutions to this problem (both very drastic): One is to ban most corporate products, relying more heavily on domestic market supply. Other is to somehow convince people to stop spending like crazy and start investing in long lasting assets, like real estate, gold, ships etc.
"Money is naturally tranferred from less efficient to more efficient sectors of the global economy" and when reached the top, there´s nothing worthy left to invest towards, since humans aren´t of relevance for this system, never were, it was always just about the profit...
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.
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!
I think Yanis is saying that with capital fueling AI and Technology, it's the efficiency that displaced the old systems , therefore creating a permanent vacuum in one sector of the economy, and creating density with technology.
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.
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
I am replying to myself - the stupid part of me. In my comment, I wrote the opposite of what Varoufakis said (shame on me). I can't even offer you a reason for such a stupid mistake. All I can do, is suggest you listen to the man himself, not some momentarily stupid commenter (meaning me).
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.
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.
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. 😅
@@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.
I like Yanis because he is not afraid to speak out his opinions, but now for some criticism: 1. No sane Western central banker could realistically increase interest rates 3%+ in a single shot without crashing stock markets which would have far more severe consequences. 2. He misses the very basic concept that "cloud renting seeking" by the tech giants is actually a failure of identifying these tech corporates as monopolies, which is a critical aspect of having proper Capitalism. If necessary we need to re-define "monopoly" such that Amazon, Facebook, Google etc fall into these categories. Like if you control over 40% of the market, you are a monopolistic entity and need to be dealt with 3. He makes a contradictory statement in the end where he admits the tech giants have the smartest accountants... in reality it's not accountants, it's strategic tax lawyers - Accountants just shut up and calculate, tax lawyers are the ones that provide all encompassing tax strategiess on corporate tax minimization. But I digress, the contradiction is he agrees they have smart tax people, but then suggests the solution is to tax these entities in a different way. Ain't gonna work. 4. Part of the problem is that the OECD has gone after all the major tax offshores, except the biggest one: The USA. This smells of bias at minimum. 5. Governments / Central Banks having a plan to funnel all that money printing into the Green Energy sector is just another major error and based on questionable science. I am not convinced that most of the climate change is coming from humans yet; although I would definitely agree some of it is. ESG has turned out to be a pretty big corrupt scam of sorts. They pick winners based on idiology, not science. The last thing we need is for some central entity to pick winners (and losers) with $100's of billions. It just leads to massive amounts of corruption. Anyone remember when Obama pumped Solyndra and providing it with $500M of guaranteed loans in 2009... 2 years later Solyndra went bankrupt and $500M went POOF! The last thing we need is govs or central bankers determining winners in business. It's vastly wasteful and totally distorts markets.
Great comment, I have listened to Yanis before and although he makes some valid points he has a flawed premise. We don't have anything resembling capitalism anyhow, Central Banks and large Governments distort the market and enable cronyism, cantillionaires and special interests (ESG, DEI, etc) to dominate the agenda. The Fiat industrial complex is largely responsible and busting up big tech is not addressing the root cause of high time preference, Fiat money printing, flawed incentives based market
I get the investment part but i dont get the rising interest part if the "inflation" is in fact an external price shock. Could someone enlighten me?^^ Why should i take the risky option of an investment if i can just instead park my money safe somewhere with high interests?
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?
@@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.
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.
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.
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?
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.
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.
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 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
I'm questioning the validity of the claim that Facebook spends just 1% on salaries. I'm not doubting that Facebook retains a bigger percentage of revenue for itself, but at the same time, they hired like crazy and pay one of the highest salaries in the market. Unfortunately i can't find a breakdown of how they spend their money exactly.
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 🙂
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.
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.
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 world used to be hunter-gatherers until farming came along and when farming came along people had time to do other things like, think and create and imagine and invest their time into the future. Once these robots are doing everything for us, we will have so much time and we will be so bored that the next hundred years is going to pale in comparison to the last hundred years in the technological advancements that the next hundred years will see
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.
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
What you are proposing as the cure is similar to how China and some other Asian countries have somewhat avoided the problems you are talking about by building so much infrastructure since 2008 and also subsidizing specific "useful" production and scientific research ?? ( I don't know anything about economics so a lot of what you say goes over my head but I think these countries have avoided the problems you are talking about and wondered if this was the reason why. )
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.
Okay, he's a very charismatic speaker, but I don't hear anything hear about the problems of ageism which today, in certain fields means you're of no value at 30 years of age because technological solutions have made and continue to make more and more white collar jobs irrelevant. Manual labour jobs, expecially in fields such as construction, roofer, plumber etc. which are difficult to automate are somewhat shielded from these effects, but such jobs are also limited, and like most things in economics, things often come down to supply and demand. As Yanis says, technology has greatly increased our ability to supply products and services even more than they already were and this hyper-ability for us to produce / supply is getting mindnumbing beyond our need to consume. So while Yanis talks a good talk about technofeudalism, and the spotlight will be directed to his books, and speaking engagements, his message has been preceeded by many in the past such as Aldus Huxley, Richard Stallman, etc. Unfortuneately, while talking a good talk, Yanis doesn't seem to come up with cogent solutions, aligned for the global masses. The result is that we're going to slip into more and more of a chaotic situation. Let's keep an eye on The Doomsday Clock.
I can't pull apart your comment to reply properly. Er, he's talking on a narrow topic as every YT vid does? I don't agree with everything he just said but it's an evolving conversation so that's okay? I hate activism because it's not direct economic action, but also I like activism as nobody knows sh*t about finding solutions without being alerted to the issues. Just the same there's no point harping on or doomscrolling if you don't use that as fuel to DO SOMETHING practical.
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
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.
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?
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.
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.
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
well they can just learn another career like become a plumber or something, there's no way AI will fix your plumbing
AI has the same fundamentals as robotics. It is meant to automate mundane, dangerous or repetitive tasks. The only difference is that it's just software.
it's really interesting that people tend to tell software engineers to do plumbing specifically. there are many trades and I've read so many comments pointing to plumbing.
@@sten260 Good luck getting paid if no one has the job and the money to afford your services
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.
For Amazon, what was once not only convenient but cheaper has become full price where the vendors make little or nothing and the facilitator makes 40% off the top. AND, the sellers now have to compete with the facilitator.
My favourite is that Amazon wiped the floor with the competition, and then tanked the quality of its own products. You might as well buy from wish these days.
Technofeudalism is such an apt term. The reduced circular flow of money resulting from the snowballing effects of the trickle down economy are becoming increasingly apparent. It’s really hurting the global economy to the extent that some commentators are referring coyly to a broken social contract. Unfortunately democracy is in thrall to such a concentration of wealth, so a fix seems unlikely. However I hadn’t appreciated the parallels with feudalism. We really are in dire threat of sliding into an economic dark age . Possibly that and climate change will finish off Western civilisation
I am grateful by Yanis appearance on the intellectual map. He is taking the guts to speak his mind out, consideration free of political self-censorship. My respect !
Local economy becomes once again relevant and needed bc a local economy has absolutely no need to participate in paying cloud rent
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
😆😆😆😆
you can't develop "green tech" by throwing money at it, the reason why companies buy back their own stock is because that is the most profitable use of money at that time. Maybe they don't see green tech being profitable enough
The issue is that as inefficient as capitalism is, every other system is worse. It is difficult to appreciate just how frustrating problems that are NP hard or chaotic actually are. There really isn’t an easy way to do this, only hard, very hard and impossible ways of dealing with such issues.
The idea that [insert ideology here] will solve all these issues isn’t backed up by the evidence.
You know you are living in”interesting times”, when The New York Times, provides a platform for Yanis Varoufakis.
i know right? they need to invite another imperialist who blames everything on China to counterbalance.
He's a Greek. He will talk, always charismatically, even after the end of the world, let alone the end of capitalism.
Sounds to me more like a discussion... And it´s the result of "Democracy", which is also greek...
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..
Eshe Nelson (the interviewer/journalist) is fantastic. I can barely follow what Yanis is talking about, yet she is always ready with a new question that advances the discussion. Wow!
We could all just throw our phones out the window. Ultimate act of defiance.
😂
Someone who actually knows what he’s talking about - good stuff
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.
Yup and that last line is why buddy.
Good stuff from Yanis! Laissez-faire or under-controlled capitalism plus under-controlled technological "progress" brings us to technofeudalism (also describable as corporate socialism with economic growth based on continuing tech "progress"). This is the basic life drive operating in the human species without the wisdom of constraints to maintain balance-fairness, human-human, human-earth. Just as, without having basic design rules-constraints, you cannot make an airplane that flies well and efficiently with its passengers safe, happy, and comfortable, neither can you have an economy that flies without the right design rules-constraints. Can we redesign-rebuild the airplane we now have while it’s still flying, or will it need to be brought down?
Next Q: What becomes of the nature of man or even our existence as a species under technofeudalism? Borgification or replacement by our own technology.
Show this to future digital archeologists
Really appreciate how clearly Yanis explained his points.
Great interviewer and guest. Well done!!
What can we do ? we earn very little and have difficulty surviving? How can we help ? There are millions of us
We the people always have the ultimate power if we are willing to apply it. Oligarchs and bankers are nothing without us.
There are millions of you and most countries are still democracies … the problem is most people don’t want to give up what little they think they might have
Stop consuming your money in goods, which aren´t subversive. Spend it only in stuff, that will help you and others, to spend even less... Knowing how to get around without tons of money is key, so, knowledge and education is a good starting-point.
Communism
Yanis is as as always... Cheers to the lady 🎉
Amazing, wish this interview was longer so he could explain his points more extensively
You can read his book, which is obviously more informative, or you can search for more of his interviews.
The real underlying issues behind the economy are basically three things:
First of all, there is the exploitation of the economy by the financial elite through financial instruments that do not contribute to the natural economy by providing products or services. They siphon money away from the population, and from the businesses who are providing goods and services. This is one issue that needs to be addressed.
The other issue is the money system itself, the creation of money through debt, which has reached a point where it just is not sustainable anymore. And this is partly a matter of creating a sound money system that is not based on debt. You could say this is the second issue, the creation of a money system that is not debt based.
But the third issue then, is the debt in itself, where people, companies and governments, nations have incurred such huge debt, that it just is not sustainable. Even the interest payments are threatening the economies of many nations, businesses and people. There will come a point where a growing number of people-economists, politicians, journalists, and so forth-will become aware that the world faces a simple choice. Either the economy completely crashes, and the entire financial system crashes because of debt, speculation, and so on. Or the democratic governments fulfill their responsibility to create a truly democratic economy, a free economy with equal opportunity for all that cannot be exploited by the power elite.
Even the power elite will begin to see that they can either choose to nullify some of the debt, or maintain the debt and demand payment of it, where they can cause the economy to crash so they will never get any more payments. There simply needs to come this awareness that the debt has reached such a level where the only way out is to nullify the debt, maybe not all debt, but certainly much of the debt.
You can see in the United States where the national debt has reached truly astronomical levels. And there needs to be some awareness and a movement of people saying: “Where are we borrowing this money? Who is lending it to us? To whom do we owe the money?” And it needs to be this awareness that: “Yes, we owe it to some big national banks, even some multinational banks. But shouldn’t these companies, these corporations, be American corporations? Why have we created this debt-based money system where the government needs to borrow money from private institutions, and the taxpayers are paying interest to these private institutions? Why are we not doing what it says in the Constitution, that only Congress has the power to print money? Why are we not printing money directly, instead of borrowing it from private banks that make a profit? Why are we allowing this kind of money system? Why are we allowing the Federal Reserve to run the economy?”
And other nations can of course, have different institutions, but nevertheless, debt-based money is a problem everywhere. The question is when this awareness will be there, whether it will happen in time to prevent a crash, or whether there will have to be another crash as severe as 2008 or 1929 in order for people to realize that you cannot have a democratic nation that has an anti-democratic financial system.
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] 🙌💖
greed was never a problem, we have problem with governments. All the regulations, taxes, public services and especially welfare are making us poor
I love the descriptor, "The Great and the Good." My experience has been, and increasingly so since 2008 (where I was financially harmed at a significant level) is that there aren't many 'great' players who are 'good.'
That was thought provoking to say the least! He makes a very good point, but I think things have gone too far. The amounts of money involved are to large to even be fully comprehensible.
Like a wise wizard from a good videogame, voice, gestures and excellent explanations.
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.
I wonder what Yanis would think of the idea that the ownership of money would have an expiration date. With digital, programmable money, could we keep the wheel of economy running by forcing money to be spent, or it is gone?
Money is naturally tranferred from less efficient to more efficient sectors of the global economy. Governments are trying to counteract that one way or another, but their efforts are futile. There are only 2 solutions to this problem (both very drastic): One is to ban most corporate products, relying more heavily on domestic market supply. Other is to somehow convince people to stop spending like crazy and start investing in long lasting assets, like real estate, gold, ships etc.
"Money is naturally tranferred from less efficient to more efficient sectors of the global economy" and when reached the top, there´s nothing worthy left to invest towards, since humans aren´t of relevance for this system, never were, it was always just about the profit...
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!
I think Yanis is saying that with capital fueling AI and Technology, it's the efficiency that displaced the old systems , therefore creating a permanent vacuum in one sector of the economy, and creating density with technology.
Agreed - should have printed to fund the accelerated Green transition AND sector specific entrepreneurial innovations (lower cost housing development, agriculture and more)…great interview 💥
"Its not a moral point, its LOGIC", thats pure marxism, amazing!!!!!
This is why I still keep all my music, documents and programs on my hard drive
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.
Nothing that this fella predicts ever materializes. He's just good at running a talking shop.
This man absolutely knows what he’s talking about- all should listen and open your eyes.
😮
Many would disagree.
Simplicity is the key if we want to live lives that are joyful and free! 😎🤖
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
It is a lot more nuanced. I suggest reading his book “Another now, dispatches from an alternative present.”
I am replying to myself - the stupid part of me. In my comment, I wrote the opposite of what Varoufakis said (shame on me). I can't even offer you a reason for such a stupid mistake. All I can do, is suggest you listen to the man himself, not some momentarily stupid commenter (meaning me).
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.
What a wonderfully descriptive word! 🤓
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.
I'll read all your books, wonderful exposition.
PROF YANIS ONE OF THE BEST!
@@carinarilk89 Yanis is the best ever
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.
We cannot be unwilling to make a moral judgment, that’s how we got here. Apathy.
surplus value cannot be 15%. i bought a pickup for $4k in 73 and made $5/hr. in 2014 i was making $16/hr and the truck was $50k. 25x price 4x wages.
I like Yanis because he is not afraid to speak out his opinions, but now for some criticism:
1. No sane Western central banker could realistically increase interest rates 3%+ in a single shot without crashing stock markets which would have far more severe consequences.
2. He misses the very basic concept that "cloud renting seeking" by the tech giants is actually a failure of identifying these tech corporates as monopolies, which is a critical aspect of having proper Capitalism. If necessary we need to re-define "monopoly" such that Amazon, Facebook, Google etc fall into these categories. Like if you control over 40% of the market, you are a monopolistic entity and need to be dealt with
3. He makes a contradictory statement in the end where he admits the tech giants have the smartest accountants... in reality it's not accountants, it's strategic tax lawyers - Accountants just shut up and calculate, tax lawyers are the ones that provide all encompassing tax strategiess on corporate tax minimization. But I digress, the contradiction is he agrees they have smart tax people, but then suggests the solution is to tax these entities in a different way. Ain't gonna work.
4. Part of the problem is that the OECD has gone after all the major tax offshores, except the biggest one: The USA. This smells of bias at minimum.
5. Governments / Central Banks having a plan to funnel all that money printing into the Green Energy sector is just another major error and based on questionable science. I am not convinced that most of the climate change is coming from humans yet; although I would definitely agree some of it is. ESG has turned out to be a pretty big corrupt scam of sorts. They pick winners based on idiology, not science. The last thing we need is for some central entity to pick winners (and losers) with $100's of billions. It just leads to massive amounts of corruption. Anyone remember when Obama pumped Solyndra and providing it with $500M of guaranteed loans in 2009... 2 years later Solyndra went bankrupt and $500M went POOF! The last thing we need is govs or central bankers determining winners in business. It's vastly wasteful and totally distorts markets.
thoughtful criticism appreciated. on 2, the tools used to control monopolies are double edged and can serve equally well to enforce those monopolies.
Great comment, I have listened to Yanis before and although he makes some valid points he has a flawed premise.
We don't have anything resembling capitalism anyhow, Central Banks and large Governments distort the market and enable cronyism, cantillionaires and special interests (ESG, DEI, etc) to dominate the agenda. The Fiat industrial complex is largely responsible and busting up big tech is not addressing the root cause of high time preference, Fiat money printing, flawed incentives based market
why is lord voldemort giving economics lessons
I get the investment part but i dont get the rising interest part if the "inflation" is in fact an external price shock. Could someone enlighten me?^^ Why should i take the risky option of an investment if i can just instead park my money safe somewhere with high interests?
Sane analysis. Insane grocery stores
Yanis doesn't like capitalism, but has adapted to it very well 🤣🤣🤣🤣
Terrific show and guest. Stimulating
Very interesting. Thanks for sharing 😊
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.
Many items in Amazon are competitive in price for the same items outside. Do others pay their workers low as Amazon does?
“Technofuedalism” IS capitalism
Its not some different thing. Its not crony, its not corporatist. Its just late stage capitalism
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.
Wise as allways Varoufakis
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
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.
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.
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 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
Interesting thoughts. Thanks! 👍
Great guest...
I'm questioning the validity of the claim that Facebook spends just 1% on salaries. I'm not doubting that Facebook retains a bigger percentage of revenue for itself, but at the same time, they hired like crazy and pay one of the highest salaries in the market. Unfortunately i can't find a breakdown of how they spend their money exactly.
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.
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] 🙌💖
The world used to be hunter-gatherers until farming came along and when farming came along people had time to do other things like, think and create and imagine and invest their time into the future. Once these robots are doing everything for us, we will have so much time and we will be so bored that the next hundred years is going to pale in comparison to the last hundred years in the technological advancements that the next hundred years will see
This guy wants you to buy his book. It is a good book
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.
Great mind here titan in his flied especially economy
5:15 literally bought his book on Amazon right as he said that 😂
Podrían traducir . Gracias!!
I'm not addicted to bullshit on the machine but informative videos like this one.
12:33 pernicious "subtlety negatively impacting"
Its important to pause and reflect here, especially for younger people, really stop and think.
If Voldemort himself is warning against it , we better take that seriously
My opinion is we switch back to gold standard..... Down size to intrinsic value.... QE imbalances markets.
Very interesting perception
WELL, CORRUPTION CAN KILL ANY SYSTEM
There are only theories...capitalism and socialism so if there is one and not the other then it is pretty obvious which one we are engaged in
Fiat money is a marvellous invention. People can crash the system but if it is driven responsibly, look at what has been achieved.
Centralization = Corruption .... There is only one way to run a successful economy , the decentralized one!
I find it difficult to ignore the contradiction that Varoufakis owns properties worth millions of Euros in Greece and collects rent.
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
Print money, run up debt, invest in green.
That’s brilliant.
What you are proposing as the cure is similar to how China and some other Asian countries have somewhat avoided the problems you are talking about by building so much infrastructure since 2008 and also subsidizing specific "useful" production and scientific research ?? ( I don't know anything about economics so a lot of what you say goes over my head but I think these countries have avoided the problems you are talking about and wondered if this was the reason why. )
When Voldemort talked about Capitalism, you better listen.
what should capitalism be replaced with?
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.
Okay, he's a very charismatic speaker, but I don't hear anything hear about the problems of ageism which today, in certain fields means you're of no value at 30 years of age because technological solutions have made and continue to make more and more white collar jobs irrelevant. Manual labour jobs, expecially in fields such as construction, roofer, plumber etc. which are difficult to automate are somewhat shielded from these effects, but such jobs are also limited, and like most things in economics, things often come down to supply and demand. As Yanis says, technology has greatly increased our ability to supply products and services even more than they already were and this hyper-ability for us to produce / supply is getting mindnumbing beyond our need to consume. So while Yanis talks a good talk about technofeudalism, and the spotlight will be directed to his books, and speaking engagements, his message has been preceeded by many in the past such as Aldus Huxley, Richard Stallman, etc. Unfortuneately, while talking a good talk, Yanis doesn't seem to come up with cogent solutions, aligned for the global masses. The result is that we're going to slip into more and more of a chaotic situation. Let's keep an eye on The Doomsday Clock.
I can't pull apart your comment to reply properly. Er, he's talking on a narrow topic as every YT vid does? I don't agree with everything he just said but it's an evolving conversation so that's okay? I hate activism because it's not direct economic action, but also I like activism as nobody knows sh*t about finding solutions without being alerted to the issues. Just the same there's no point harping on or doomscrolling if you don't use that as fuel to DO SOMETHING practical.
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
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.
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.
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.
Same prediction as Nick Land, this is an omen.
Whenever Mr. Voldemort warns us, we do listen.
Very Interesting ... 🤔🤔🤔