"This is not Capitalism Anymore!" Yanis Varoufakis on Technofeudalism, Big and Big Tech. (Part 1)

[@nlewin5072]

One sign of a good interview is the quality of the comments below. Varoufakis and Sarker have generated some great observations and comments here.

[@oiaeyu]

You should look at the comments on the other videos 💀 they dont seem to like banter

[@SantaBJ]

Shoshana Zuboff, in her 'Surveillance Capitalism', makes a similar point to Yanis in terms of how we're 'not the commodity'. She says we are not the product, we are the raw material from which product is produced. Yanis essentially expands on this, saying we're more than just the raw material, we are also - to some extent - part of the machinery that the owners of cloud capital can configure produce the product they want produced.

[@AI-Hallucination]

It's a good book

[@RichardEnglander]

Right, and it all produces nothing of real-world value

[@AI-Hallucination]

@@RichardEnglander ideas mate that's the currency of it…

[@MADmaxazillion]

​@@AI-HallucinationSo nothing of real world value, just the stuff of faith. You can't eat, live in or wear ideas, just believe in them but like all belief systems it's all BS.

[@AI-Hallucination]

@@MADmaxazillion it's the idea that produces the commodity of oppression could be ideology could be the Nike's could be Peter Thiel, who would fund the idea into what we have now like vicarious pavilion digital semblance. Data is used to foresee it can move ideas into other forms blah blah

[@dkktse]

I have a simple understanding the stages of wealth accumulation: 1) You work for your money 2) Other people work and you make money 3) Your money makes you money 4) You make money with other people's money

[@eviglivnuindivid1339]

More easy big liars eat little liars life!

[@Jackarius86]

​@@eviglivnuindivid1339 u wot m8

[@tonedowne]

That’s actually on the nose

[@MunUtku]

I see only one in what you say. You turn your skills, knowledge and position to accumulate wealth. Are you aware that accumulation of wealth is the proof that you are trying to feel or be superior? That you want to profit. Are you aware that if your purchasing power increases it means that someone's decreases relatively if the population is fixed?(Even worse when population is increasing) Why would anyone want to accumulate wealth beyond what can give them an average life? What kind of inferiority complex is that?

[@NaymitMayne]

@@MunUtkunot true

[@kippgoeden]

Lenin wrote a book about this a hundred years ago called “Imperialism: The Highest Stage of Capitalism” that pretty much explains what is going on minus the tech. The book very well explains that the industrial capitalism of Marx’s era was evolving into monopoly finance capital.

[@thakatspajamaz]

literally this. My favorite brand of Libertarian technocrat capital c Cope is calling inevitable late stage capitalism "totally not real capitalism bro, I swear!"

[@kippgoeden]

@@thakatspajamaz “It’s techno-feudalism I swear” 🤡

[@barrowbarre6411]

​@@vhdlxMarx was wrong. Communism will not replace capitalism. That is why every communist failed and embraced state controlled capitalism. But Marxists can never admit Marx was wrong

[@lolbova3885]

@@vhdlxWhat is Marx wrong about? His critique of political economy on commodity, generalized commodity production, value theory, etc. is still pertinent when analyzing the mechanisms of capitalism. Marx wasn’t necessarily concerned about the ‘form’ of which communism takes in the real world-he recognized that there are internal contradictions within capitalism that cannot be resolved unless abstractions like commodity and value were abolished. When Lenin, and many others, ‘revert’ back to accepting capitalist modes of production (through things like NEP and Dengism) into their respective societies it’s not because of any failure of Marxism. The context of class struggle and the material conditions during those times were simply not ready for communism to arise.

[@kerryf9399]

Absolutely true and genuine leftists have been expanding on Lenin's work rather than undermining it . Here we have a fake leftist grifter steering people away from understanding the situation and making money for his books. Of course he gets platformed by all the right channels :)

[@jameslovering9158]

Power has shifted to the financial class ! Previously the financial class had to partner now they control all by debt creation and bondage including nation states.

[@CraftyF0X]

Gotta agree with that, overfinacialisation is a big part of the problem, even somewhat for the capitalist owener class. The sector runs a huge casino, everyone play wheter they want or not, and the house always win, and even when they wouldn't they are too big to fail too much of the economy depends on them so they can count on being bailed out by the states. Not surprisingly this incentivise them to be recless, take the wins in good times then socialise the losses in the bad ones.

[@Victoria-Enzula]

@@jameslovering9158 You got it. Free trade agreements eff a country with huge fines if they don't let Crapitalist Overlords eff their lands and people.

[@nowthenzen]

capitalism is not about wealthy accumulation, capitalism is about the creation of monopolies. If Capitalism was primarily concerned we would see a system of steady growth. What we do see is a system of boom and bust where overall wealth drops periodically but the relative wealth of the capital class continually increases until inevitable monopoly.

[@VelhaGuardaTricolor]

Capitalism is just the current (this last century) "BUZZ WORD" of the owners of the World. They've had Feudalism, Mercantilism, Monarchy, etc... The name and the form don't matter to them. What matters is the guarantee they will have freedom to do anything they want. Monopolies is just another byproduct of their end goal. POWER CORRUPTS and SUPREME POWER corrupts SUPREMELY. That is why we as humans need to SPREAD the truth, which is... we either have TOTAL SOCIAL EQUALITY in the WORLD or we will always be fighting this "monsters". Called GREED and CORRUPTION by somebody who has a little more power and automatically will fight to get more, and more, n' more... (evil laughter) All evils of society will disappear with the criminalization of social inequality. Just imagine the cooperation, the end of intellectual property, the end of patents, all technology can be used by everyone and every single new discovery shared automatically with everyone, there will be no need to stick with a destructive technology just bc the monopoly has too much political power to allow for its discarding. ( Fossil Fuel Industry springs to mind ) No more need for PLANNED OBSOLESCENCE No more need for Universities or Schools to charge anybody... Anyone in the World who wants to learn anything can do so... for free. Who benefits from people studying and fulfilling their potential? Everyone. There would be no wars since everything is shared equally. This is not a pipe dream, this is just the solution. But we need to accept it, first. It was the same when the Wheel was invented. They had to use it in order to test it and then understand how much better it was. But the scientific evidence that points to it being the real solution is overwhelming.

[@Wilson84KS]

There is no infinite growth on a finite planet, boom and bust is the only way how this absurd anti-economy can work, there is a natural end to it called general Market Saturation, the entire ideology is collapsing in a chain reaction of deficiency of purchasing power and then needs to be resettled by war and destroying finished work for the next boom when everything must be redone and consumption booms because people need to get back what they lost. Capitalism is absolutely about accumulation, the only sense and purpose of money since it doesn't spoil like everything else and so allows hoarding into infinity and beyond, it is a tool of greed and mass control, monopolies are a logical outcome of accumulation and consolidation. Watch reality this is exactly what is happening right now, again.

[@juhanleemet]

I think I am slowly starting to understand how these things work... economists ignore money and banks, BUT money is actually created by banks when they grant credit! they buy your loan agreement and credit your account. As Richard Werner points our, when banks loan money for the creation or expansion of business (to make things), then there is no inflation and they are good loans. However, if loans are made for speculation or consumption, then that created money drives either asset price inflation or consumer goods inflation. Then because business seems to be going great (everyone that matters is making money) there is a tendency to exaggerate, to expand too much = boom, and to encourage too much to be made, until there is a price correction or collapse = the bust. Because of delays between cause and effect, it makes the boom and bust worse. Steve Keen also pointed out that central planning economies (e.g. communism) tend to be conservative, and try to be most efficient in the use of resources: to spend the least amount to make "just enough" (barely? or not quite?). There is no competition to try to make anything better, i.e. there is no progress or innovation. If a black phone is sufficient, there would be no Princess phones (different shape, different colour) and no cellular phones (? unless driven by external factors?)? In capitalism, there is competition, which is inefficient, and makes too many variations of products, not all of which will succeed. Some will go bankrupt. Unfortunately, the result is that employees lose their jobs. Capitalism also needs to drive down the cost of labour, so that there is more "surplus value" available to "waste" trying out all these variations of product designs and implementations. That is my current, but evolving, understanding of the dynamics. The main points are: 1. banks create money (expand the money supply) when they create loans (credit) 2. purpose of loans is very important, i.e. directed loans (policy) 3. delay in dynamic systems (esp. with high "gain") can cause instabilities

[@Wilson84KS]

@@juhanleemet Being conservative with resources is the whole point of economizing, the non-ideological definition is making the most use of limited resources while avoiding waste, wasting. The part with "innovation" is classic capitalist mythology, in planned economy technical efficiency drives true innovation, less resources and energy for production, less energy use due to faster CPU etc., less time for processing, reliability, longevity, etc., development is happening in open-source. On the other hand, "intellectual property", privatized resources and means of research, development and production, wheel must be reinvented all the time so to speak, competition requires cost efficiency, which requires cheaper parts, saving on development, leads to intrinsic and planned obsolescence, etc., which is great in capitalism because more can be sold, that's one example of the self-perpetuating feedback loop that keeps capitalism alive, external costs create jobs that create more external costs, but a the expense of finite resources, pollution, health issues, etc., increasing problems which again means jobs, that's the growth of capitalism, clearly shows that it is a cancer ideology. It is always the same primitive trash or slowed down hardware to have something new to sell all the time, reshaped, repacked and resold as innovation and countless designed to fail trash gadgets. In fact there is no real progress or innovation in capitalism, progress is the death of capitalism because it means increasing technical efficiency, reliability, longevity, automation, etc., the entire ideology is collapsing in a chain reaction of deficiency of purchasing power. Expanding businesses means higher expenditures which need to be covered which requires increasing sales, exponentially growing consumption, doesn't work forever and in the market saturation phase companies consolidate, expand and down to the decline phase companies, called zombie firms in this stage, must be kept alive with subsidies which are taxes that are paid by the employees, people not only pay for the product of their own work but in the end their employers to be able to work for them. And economy that is not planned can't be an economy, it is an reductio ad absurdum.

[@planet4allofus]

Nope , mergers and acquisitions in the time of 0% interest were deliberate. It created large corporations that will in time merge into 1 global corporation controlling everything. At least , that's the predicted and desired outcome by the globalists.

[@Cybercult]

Yanis is a seldom good men. He has the courage to call a spade a spade, I like such kind of people very much.

[@Riggsnic_co]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[@Jamessmith-12]

the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.

[@JacquelinePerrira]

I wholeheartedly concur; I'm 60 years old, just retired, and have about $1.25m in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.

[@kevinmarten]

Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.

[@JacquelinePerrira]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@kevinmarten]

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

[@l3eatalphal3eatalpha]

Yanis says you are not the commodity. But the clients, who pay for the service, are connected directly with the commodity which is you, your consumer choices and - equally bad - the model of your psychology from not only your choices, but indeed behaviours that can be gleaned from app use statistics. In many other respects I agree with him. Abstract organisations with one non-moral purpose having rights that humans do not have is inherently problematic.

[@juhanleemet]

Yanis clarifies that you are the "raw material", from which products (statistics, forecasts, etc.) are made; I think that is more accurate; those "reports" are sold to marketers; they don't actually sell you (into slavery)

[@l3eatalphal3eatalpha]

@@juhanleemet I understand what you are saying and I appreciate it is more than pedantic, it is a new form of identity that has little data protection. It is clearer to see with supermarket loyalty cards - you provide them with specific information about how you spend, amounts, brand preferences, what times, what offers they can change your behaviour with by experiment. And you earn a 1% discount all while promising you will return to the same store so you can use your 50p voucher.

[@radhakrishna1845]

Human beings need Inner exploration.... May you all be blessed with.. Wisdom and Sanity.. ❤

[@Darkmatter321]

Brilliant interview

[@schrenk-d]

I agree with Yanis on many points. I can't quite agree on this. This is indeed, still capitalism. This is capitalism, warts and all. Bretton Woods was capitalism scared sh*tless of the possibility of a communist revolution sweeping the world. Notice how it all this started getting worse from the 80's onwards. When was the writing on the wall for the Soviet Union? Capitalism will ALWAYS come to what we experience today. This is still capitalism. Just one that is unfettered, and with a totalitarianism so powerful that people are almost completely unaware of it...

[@afromarxistbodyguard]

Precisely. Varoufakis, to my mind, does not have a strong history of or basis in communist/socialist practice even in Greece - he is, at best, a bourgeois/European "socialist", which is to say, a social democrat who thinks capitalism can be reformed or regulated and traffics in liberal concepts that undermine a proper analysis that can better organize the exploited classes within capitalism, most of whom are the global majority and are not white Europeans. Fears of mind control etc. are liberal conceptualizations of material realities, and so no matter how far one personally conceives of a next stage of totalitarianism or super-exploitation, a cavalcade of horrors within the mind with no limits to its barbarism, actual material human reaction to material exploitation will inevitably undermine and overthrow these phantasms of liberal apocalyptic thinking and the modes of their production. This has been the case since the very first master-slave relationship in human history, and I highly recommend people look up the Encyclopedia of Slave Revolts if you ever get depressed or consumed with fears of dystopia. Technologies of oppression still require base material resources and infrastructure for their continuation, and since capitalism destroys the productive material base we call our home, planet Earth, technologies of oppression are inherently unsustainable and (thankfully) destined to fail. Elon Musk once foolishly said entropy isn't humanity's friend, for example, the same Musk who is inventing Neuralink tech that has no small number of people concerned about "mind control" etc at the hands of big tech via chip implants - well, without entropy in the universe, none of us would exist, including star systems, planets, elements etc... so if Musk can be that ignorant and stupid on something so fundamental within a field he prides himself on as some of kind of "expert", then capitalists like him spearheading technologies of oppression are likely to accelerate their own downfall sooner than bring about the mass oppression of everyday people and collective humanity which, judging from the downfall of Tesla since his Twitter takeover, is precisely what's happening. A credit card and bank account is and has been more successful at enforcing mass enslavement than a chip implant ever will be, and pseduo-socialists are enjoying being turned into digital commodities on and for the same tech monopolies they ostensibly oppose, rather than doing the actual organizing work that, again, neither Ash Sarkar nor Varoufakis are known for within their own respective working class communities... A long reply on my part, but you show more of a true socialist analysis of material relations of power and production in one comment than Varoufakis does on a routine basis. It doesn't need, nor is it useful, pseudo-intellectual theories of "technofeudalism" etc etc that will mean nothing to a worker on strike or straving/overworked because that worker already has all the experience of capitalist exploitation required to dismantle it.

[@dmwalker24]

Of course it's easy to see how even if Marx didn't anticipate the exact manifestations we're currently witnessing, this is still very much in line with the idea of capitalism destroying itself through its need to endlessly commodify everything. These business models that have features that look more like feudalism are something new. In a way this 'techno-feudalism' is like the most virulent part of capitalism has become a tumor on the larger capitalist system, attempting to devour it. So, I would say this is definitely still capitalism, but it's also a new formulation of capitalism attempting to adapt.

[@brianadlich4406]

i so agree with you schrenk. He is not the only one saying this either. I believe this homage to fedualism they all mention is the tyranny of capital becoming more evident. I prefer sheldon wolen's inverted totalitarianism explanation.

[@skyfoxrinoasfr4778]

Because after the 1980s, the Soviet Union was declining. When there's a monopoly, quality often suffers. So capitalism's rise was partly to prevent communism's expansion. That's why America start in Greece's civil war and manipulate Italian elections, along with numerous other actions supposedly for the greater good.

[@schrenk-d]

@@skyfoxrinoasfr4778 "Because after the 1980s, the Soviet Union was declining." --- 30 years of the US spending billions in propaganda, wars, sanctions and clandestine operations will do that to a country. -------------------------- "When there's a monopoly, quality often suffers." --- Yes, but doesn't have much to do with communism. Bad leadership can also lead to quality issues. Capitalism, despite competition, has endless quality issues, let alone the rampant exploitation and environmental issues as a direct result of capitalistic market systems. -------------------------- "So capitalism's rise was partly to prevent communism's expansion." --- Only to keep the workers subjugated. And open new resources and markets for the capitalist machine to exploit. -------------------------- "That's why America start in Greece's civil war and manipulate Italian elections, along with numerous other actions supposedly for the greater good." --- Definately not for the greater good. Would you consider what is happening around the world: War Famine Environmental destruction Meaningless death Massive inequality Homelessness Etc. Is that really the "greater good" you are after?

[@mariettestabel275]

Nice Quote on your T-shirt Yanis.. 🐅

[@daniellivingstone7759]

Its from Bartleby the Scrivener

[@maybepriyansh9193]

I gotta read up more on this!

[@patriziacasagrande3833]

what is interesting about the new world is that how subject matter is always second to selfcentered need of attention based on purchased corporate products .

[@sk8erbyern]

Man, I simply love Ash she is so good. Yanis on fire as usual

[@MrMark595]

She's an obseqious pain in the arse.

[@nlewin5072]

She's very good. Knows exactly which questions to ask, and when to intervine and when to shut up and let the guest talk. A rare skill.

[@Levandetag]

Thank you, for your straight forwardness ! I too Would prefer not to! But we all have to!!!... see feel and remember what is what.

[@Hikaeme-od3zq]

I love you all guys, but you're getting wrong the fact that while Yanis does address the fact that it's not capitalism anymore, he always preface this by saying that it's a WAY WORSE system than capitalism, yeah, it still retains some forms of capitalism, I don't Yanis would say otherwise, but he spent the first minutes of this video explaining this. It's pretty clear to me, but I guess someone should make him address this as to clarify it for future interviews.

[@jgmediting7770]

It doesn’t retain ‘some’ forms of capitalism. It is capitalism. The natural progression. And classifying it as something else just allows the elite to present ‘real’ capitalism as the solution.

[@kp6215]

I knew this concept as Yanis got computer education in '81-85 felt the shift of Capitalism in 2003.

[@mariadoloresgonzalezalvare2694]

Thank You .

[@nthperson]

A deeper truth is that the world has never experienced capitalism, if by capitalism one means the economic circumstance where the overwhelming majority of individuals earn a significant portion of their income by the ownership of capital goods. It is important to remember that even the ownership of shares of stock in a corporation is, at best, a claim on the diverse assets of a corporate entity, and that the exchange value of such shares are determined by a speculation-driven market structure. A basic question is whether landlordism ever disappeared or (as Yanis Varoufakis, suggested, "mutated") as the ownership of nature generated rents then invested in business activity, increasingly in the production of capital goods. None of this brought on the disappearance of agrarian landlordism. Wealthy individuals and successful business firms acquired land, which they either leased to others (collected rents) or diversified into agribusiness, resource extraction, forestry, etc. etc. So, what we end up with is a system best described as agrarian, commercial, industrial and financial landlordism. Economists who have looked at the source of revenue that comprises gross domestic product estimate that as much as one-third to one-half of GDP of developed nations comes from rents, and rents are unearned to individuals and private entities. This amounts to a redistribution of income and wealth from producers to non-producing rentier interests. Recommended reading: the writings of Mason Gaffney, a long-time professor of economics at the University of California

[@respobabs]

"if by capitalism one means the economic circumstance where the overwhelming majority of individuals earn a significant portion of their income by the ownership of capital goods" That has never been what capitalism means

[@nthperson]

@@respobabs You are correct. Among the general population and among many political and business leaders their view has been that the rules of the game of capitalism do not and cannot meet the test I suggested. However, there have been thoughtful people who are that what we think of as capitalism is really a system of monopoly privilege based on the redistribution of wealth from producers to nonproducing "rentier" interests.

[@respobabs]

@@nthperson "Among the general population and among many political and business leaders their view has been that the rules of the game of capitalism do not and cannot meet the test I suggested" Yes, the reason for that is, capital grows by exploiting labor. If the majority of the population were capitalists, they wouldn't have a laboring population to exploit.

[@jgmediting7770]

The overwhelming majority of individuals earning income through ownership of capital would be socialism, not capitalism.

[@GregoryAllan00]

It's not so much techno-feudalism but rather Post-Industrial-Corporate-Feudalism.

[@戴眼镜的小老头]

This man is correct

[@Dominic-mm6yf]

Brilliant book which explains much.

[@noahm2259]

What are the books mentioned in this conversation?

[@clive-live]

"Patterns of behaviour" "Who owns that?" "They aren't tech companies they are market places." 'Cultural means as such Clive' Angus Hanton ✔️ interview with Aaron Bastani Novara Media

[@isiahsteele7418]

Hey Fellas, what's up with Compton "J"? By the way, I LOVE ROME'S ENERGY!!!! Keep up the GREAT WORK!!!!

[@totonow6955]

Grocery stores ( Kroger, US).is installing electronic shelf pricing to raise our prices for "surge" times.

[@Macwylee]

Based!

[@brianjacob8728]

When you have to use a debt based currency, it was never capitalism. It's debtism.

[@nlewin5072]

VERY good point.

[@alphaomega1089]

There is no way you can equate big business to a feudal lord. Doesn't matter how much money or assets they got. Is your interaction voluntary? Signing contracts is voluntary. Buying goods is voluntary. The question is profit. How much is too much? And, should the consumer know? In both cases: buyer beware. Seller can ask for your life if they want. You don't have to make that exchange.

[@Victoria-Enzula]

Love you Yani. Please never stop.

[@mvbeard8000]

How about making one part ???

[@clive-live]

Cloud Capital A great introduction to your hypothesis Feuerbach and Marx ~ Feudalistic Capitalism "Patterns of behaviour" "Who owns that?" " They aren't tech companies they are market places." 'Cultural means as such Clive' Angus Hanton ✔️ interview with Aaron Bastani Novara Media

[@marcionphilologos5367]

Right, essential to bourgeois capitalism is that supply and demand of products and services interact on the base of material values and profits. ADVANCED AUTOMATION BRINGS SUPPLY AND DEMAND TOGETHER IN A NEW WAY, MAKING DIFFERENT BANKS AND INTERNET PLATTFORMS SUPERFLUOUS AND MAKING A MODERN PLANNED AND STATE MANAGED ECONOMY POSSIBLE.

[@Victoria-Enzula]

Yanis for World President!

[@frixux]

What her name ?

[@joeldwest]

So much respect and admration Comrade.

[@martonkapuvari4326]

It basically means that varius algorithems and AI-s are the real ruler of wealth, artifucial entities have outgrown humans and now are controlling the wealth accumulation process.

[@internationalgolfconstruction]

An honest, fair and diligent Application of SAT may help.

[@yurigadaisukida4457]

Its still capitalism. Its just late stage capitalism Lenin and Marx literally wrote about and predicted this

[@merseybeat1963]

Dear How to Academy..your links are not taking me to the correct video ???

[@dmwalker24]

As a proud member of the Marxist left, I don't find this annoying in the slightest. It is at least partially a rhetorical device to suggest that capitalism is gone. At best, capitalism is mutating in an effort to avoid its inevitable collapse. Yanis is well aware that capitalism is still operative throughout vast portions of the global economy. But he has a very real, and serious point that eventually these techno-feudalist entities will have sufficient resources available to consume most of the rest of the economy.

[@jgmediting7770]

Agreed. It’s marketing, but it’s dangerous marketing because it just allows capital and is media/political systems to present ‘real’ capitalism as the solution to techno feudalism.

[@marleneprokopetz1857]

As a proud Marxist, please explain Cuba's success as a Marxists country.

[@clive-live]

A great introduction to your hypothesis Feuerbach and Marx ~ Feudalistic Capitalism

[@brewstergallery]

When is part 2?

[@FoxSt3v3]

Yanis is so hecking good, holy shit

[@gordonely3591]

Hecky Wecky Giacomo Antonio Domenico Michele Secondo Maria Puccini the Tuscan Town of Lucca

[@FoxSt3v3]

@gordonely3591 yeah, pretty much I once used the F word against Mr. Beast and YT banned me, so rather this

[@perryperryprince3242]

What happened to boycotting Addidas?

[@patriciamesthos2522]

I love the tee shirt❤

[@ErnestOfGaia]

the goal of the capital is to modify behavior vs just creating more capital (profit). very different form of capital, so interesting from a climate adaption point of view. I really have to take more responsibility for my behavior in order to not be "oppressed" or "under the boot" of the new ruling class and their tools (which may become stranded assets when rapid sea level occurs).

[@BantuEconomicServices]

where is my part 2???????????????? one doesnt invite the oracle of economics and only put one part (of course ive heard him give this explanation dozens of times)

[@aimless1700]

Read the protocols is all you need to know. Lays out exactly what's going on today.

[@internationalgolfconstruction]

“Aggregation of Capital is a greater threat than aggregation of Labor”. Adam Smith??

[@tyn6211]

Varoufakis's argument is that the ability to control the data is the new capital (which has some credence is a world where money is completely untethered to production), and references Amazon's control of AWS and its retail platform to support his claim. But as someone with numerous friends who sell on Amazon, the aggregation of Chinese manufacturers are wrestling Amazon for control of the consumer. They've commoditized so many products, using so many different brands, that for many goods, it doesn't matter which platform is being used. Could be Amazon, eBay, Temu, AliExpress. Same product, same Amazon quality, but without the Amazon rent.

[@carllelendt5452]

And how often do we hear (literally, in terms of talks, discussions) about the history of "capitalism.".. Capitalism only appears in a simplistic and divisiveness context, right, wrong, rather "moralistic" manner.

[@JasonKlarl]

Where did Yanis get that shirt?! I want one.

[@freethinker138]

What bothers me about Yanis’s argument is that while I think it is accurate…….some people will say, well, we need to get back to capitalism then…….no, that’s how we got here, you will end up stuffing the jack back in the box and it will pop out again as soon as you start cranking again.

[@johnlaudenslager706]

The premier way of gaining power now is information manipulation (software algorithms, data processing, propaganda, advertising)?

[@larsh2923]

The fourth resource needed for life to exist is information. Like DNA in the cell is needed to control the energy production (the mitochondria I believe it's called) of the cell.

[@clive-live]

State Monopoly-Capitalism with a feudalistic ideology For example, Great Britain fuses the Territorial State with the Constitutional State

[@CalebAyrania]

Yanis is correct but he is suffering from trying to explain a development that is happening so fast we hardly have good terminology for it. Language is playing catchup with the feudal lords shennanigans.

[@arcuscerebellumus8797]

Saying that the current system can no longer be called capitalism is like saying that a human placed behind a wheel of a car is no longer human.

[@jgmediting7770]

The need to sell books and market yourself = giving new names to the natural progression of capitalism. It’s dangerous, because it allows capital to sell the solution as ‘real’ capitalism.

[@arcuscerebellumus8797]

@@williamfrost9910 that hinges upon a static definition. If you keep redefining it and adding extraneous qualifiers all over the place, you'll never find out when "it" ends.

[@jgmediting7770]

@@williamfrost9910 The most basic characteristic of capitalism is a two class economic system of owners and workers.

[@arcuscerebellumus8797]

​@@williamfrost9910 Before arguing about something changing or not changing, you have to provide a static definition as a starting point and a system of coordinates that constitute change. Otherwise, everyone might as well be equally wrong (or right - in this case, it doesn't really matter). If you don't have a concrete framework - you might as well consider the addition of a new law a birth of a new system... or every election, for example. Thus, this whole discussion looses whatever scraps of meaning it had... if it ever had any.

[@markwrede8878]

Yet private ownership obtains, although the economic deployment of capital has always been a form of extortion as Adam Smith observed. The cattle tribute system of capital has been the dominant social structure for those outside the Great Wall since the last fifteen thousand years.

[@daniellivingstone7759]

Why is he wearing a T shirt that quotes Bartleby the Scrivener?

[@michaelpilos]

EFFICIENCY 🔐

[@戴眼镜的小老头]

Smart man

[@LucilleBrooks-p4c]

You are absolutely right sir. It became grifterism a long time ago. Shameful.

[@johntease6782]

Yanis bottled it when it mattered.

[@A3Kr0n]

Can't wait for TEOTWAWKI

[@firozitwork2692]

the Host is INDIAN or AFRICAN ??

[@Grossmanite]

Yes it is capitalism. Capitalism is privately owned mass production of commodities, which have a dual nature: they have a use value and an exchange value, the latter of which is essentially congealed labour time; surplus labour time that goes to capitalists instead of workers. This essenatial character in the mode of production hasn't changed. what is happening is that automation is abolishing the labour time contained in commodities and so the relatively dwindling capitalist class is increasingly dependent on redistributing value 'upwards' from below, whether through monopolisation, taxes, rents, subscriptions, or whatever else.

[@PMMagro]

When money was no longer precios metals it was way easier ti make more money. When it si not linkd to gold or physical money at all it is ...limitless and not contanied by distances etc. Now services and steps of the goods sales to is being detached from the "product" and sometimes our time or AI-produce is the product even? Always nice with a subject and presnetation does makes one start to think :)

[@respobabs]

YES, IT IS CAPITALISM. Privately owned industry operated for profit.

[@respobabs]

@@williamfrost9910 Imperialism, the highest stage of capitalism, is monopoly capitalism.

[@thakatspajamaz]

"This is not Capitalism anymore!" *describes late stage, neoliberal Capitalism*

[@respobabs]

Exactly

[@ASKLLB-l9o]

So, Feudalism (Land) gave way to the power of people with machines (Capitalism). Now, we have a new form of capitalism called 'cloud' capitalism, which refers to the storage of data, technology, and algorithms. The author argues that these are all different 'forms' of capitalism because capitalists charge for these services. However, he also claims that these 'mutations' of capitalism are somehow killing capitalism. I'm not convinced by this argument, as these are all just different forms or channels of capitalism, regardless of how they are labeled. Capitalism is still alive and well. In regards to Marx and Engels, it seems that Varoufakis disagrees with the interviewer's suggestion that we, as individuals, are commodities that capitalists exploit. While there is some truth to this idea, I don't agree with Varoufakis' argument. He then goes on to suggest that this is a mutation of capitalism, or hyper-capitalism, which is confusing.

[@ThiagoBaraldi]

I wish I could disagree that Brazil has always been feudal 😭😭😭

[@jacknicolssen7492]

Varoufakis before he was famous was a consultant in Papandreou's cabinet back in the day (a US controlled politician who got greece in the IMF). Having this position early on is a huge red flag in the eyes of greek citizens especially after all these years (decade later when he was about to become MP in the parliament the fake news were promoting it as although he might have been in that position he argued a lot with him, which is just an expected lie since you wanna get elected and u know this previous position affects negatively your image). His father according to wiki is being referenced as a previous member in the board of directors of LARKO (Bodossaki's Mining company). For those of you who dont know bodossakis was a greek oligarch basically, and didnt like to follow the rules others did. The guy is so fake, everything in greece was and still is controlled from the main political parties, yes you heard it right back in 2000s the PASOK party and ND aswell were placing useless corrupt managers in main telecommunications company OTE in order to bankrupt it and sell it to the germans. They did this with other things aswell. So you can understand by these few variables and the nepotism of greece's corrupt political economy that varoufakis is not a people's leader but a fake sociopathic lier whose life earnings are based on being in the parliament sucking in big fat checks and doing nothing while talking big promising words. He often has the duper's delight smirk, a specific laugh in psychology where you get pleasure for saying a lie and escaping the outrage.

[@jeffery-r1l]

Yanis opens our eyes and mind about American Hegemoney or bullying tasks. Why are you annoyed so much about his true opinions.

[@jacknicolssen7492]

@@jeffery-r1l Because he likes being rich knowing what braindead people like you wanna hear so he gets voted in and then follow orders. It's tough to comprehend i know. Psychology calls this Cognitive dissonance. Whoever read my comment (Knowing greece's political parties' mechanics, nepotism and corruption, and key figures) understands how fake he is. Anyways most of what he says isn't that unique, and other people have previously said so and in much more depth. Another fact you didn't know about Yannis is that when SVB bank collapsed 2 years ago, varoufakis was out in the greek news media saying it's a good thing that we are going to have fewer banks (big bank monopolies), you know with all the CBDC stuff going on. People's leader for sure lmaoo

[@YoungBillyKatastrophe]

Wait!?!? What gave Capitalism its seed money to grow into what it is now 🤔

[@abody499]

yanis annoys me on this (well on a few things) - of course it's capitalism. it makes no difference what kind of nuanced points you want to make about who's doing what. when the means of production are privately owned, and used to extract privately owned wealth, we have capitalism.

[@GinaCoroneos]

Was feudalism capitalism? He’s talking about an economic system that is dependent on the control over people through control of their behaviour through their desires. It’s full mind control.

[@abody499]

@@GinaCoroneos that's very interesting...it's also known as *capitalism* Feudalism was nothing to do with controlling people's behaviour, mind, or desires. Nothing, zero, zilch.

[@GinaCoroneos]

@@abody499 also extracting rent not profit.

[@juhanleemet]

Yanis's point was that capitalism is based on profits, but techno-feudalism is extracting rents! Amazon does not make any of the products that consumers buy, but they charge vendors a fee (a "rent") for selling their goods on the platform. I believe the term techno-feudalism is chosen because the extraction of rents is more like feudalism, than it is like capitalism. Don't get hung up on who is opressing whom. That's a different game. p.s. AWS on the other hand actually IS a product+service that was created by Amazon, initially "in-house" to support their sales and delivery, but then commoditized and sold to customers.

[@abody499]

@@juhanleemet I see, so the money that is extracted through this system - the profits - arent actually profits, but rents, and therefore we no longer have capitalism. Well that's very interesting, except inventing fancy new terms like techno-feudalism to sell books doesn't change that what we are talking about is a provision of a service for money. It's just the same old capitalism with new tools. Unless we want to "rebrand" firms like commercial vehicle leasers as "auto-feudalists".

[@robertjohnthorpe]

Big Yan on the Peroni's

[@WalterBurton]

Nah. The NYSE is a market, the NASDAQ is a market, Amazon is a market.

[@subutaynoyan5372]

A martket, by definition, is a zone you can browse freely as you choose, not some lunapark ride you are being guided by some supervisors to see what's what

[@LeonLoukeris]

Should i buy your book from Amazon or not? lol

[@jgmediting7770]

Stop giving the natural progression of capitalism different names and pretending it’s no longer capitalism.

[@jgmediting7770]

@@williamfrost9910 The driving motivation and natural progression of capitalism is to eliminate competition within a market. The natural progression of capitalism is also ever more concentrated economic ownership, decision making and wealth over time. It’s just objective fact. Capitalist ownership is literally the cause of your complaint. So many people have been brainwashed by wealth to the point they don’t even know what capitalism or socialism is. Nor do they know the fundamental issue within society today despite it being a consensus amongst the majority of economists. It’s the equivalent of slave owners persuading slaves that slavery is good for them.

[@jgmediting7770]

@@williamfrost9910 I’m curious, if you started a game of monopoly with 6 people, and the game has reached the point ownership and wealth has inevitably become more and more concentrated within the hands of just a couple of players, meaning competition within the property market is becoming more reduced over time, is that no longer monopoly and the reduced competition has just magically appeared from thin air with no causal link to the inbuilt system? Or is that outcome literally built into the driving motivation within the market?

[@jgmediting7770]

@@williamfrost9910 do you even know what you’re saying?

[@jgmediting7770]

@@williamfrost9910 Do you even know what you’re saying?

[@mikegrecamusic5917]

Have you built your identity around attacking capitalism?

[@Bledi838]

Truth speaker 100%. But what will do ? Who will join me in Revolution? Revolution..... Revolution....

[@maluberrutti7100]

Traduzcan al español( americana del sur)

[@WhiteChristian-s1u]

All of the londoners nowadays are like her, so sad

[@brunocostaesilva]

This is a regulation problem. Capitalism is the best way to allocate resources, but it isn't a political organization model, a society ethical model or a meaning to anything. So hayekian view of market as an end, not as a way/tool, is the problem here. If we understand that capitalism is an efficient way to allocate resources - including workforce - we should, as a society, regulate it to work well, which means avoid monopolies and David Ricardo's "landlord" problem, that is the cost of parasitic people exploring capitalists and workers. Yanis problem is a new dynamic of Ricardo's problem, because e-commerce become so strong and so concentrated that you only have proper demand if you submit your profit to them. With all that power and money, they influence politics to keep hayekian neolib agenda, that is liberal only in name, because they fight against proper democracy by trying to take economic policies out of the deliberative table, as something already solved, which resembles (not by a coincidence) communist "reason". In both cases, a classical economic theory created before televison would solve all humanity problems forever.. and this is sadly the political debate of the last 50 years..

[@戴眼镜的小老头]

yes

[@MiddleEast-o4f]

Great showman...😂😂😂

[@ptolemyauletesxii8642]

Yannis needs to add clout capital to cloud capital.

[@Macwylee]

Why would he do that?

[@ptolemyauletesxii8642]

@@Macwylee Clout capital is under appreciated. It's one of the biggest modern industries. People follow other people blindly and their opinions are given outsized importance in a manner we've never seen before. KZbin content creators, idiots like Elon Musk and Jeff Bezos, Tik Tok 'celebrities'.

[@Macwylee]

@@ptolemyauletesxii8642 Jeff bezos isn't a moron though

[@ptolemyauletesxii8642]

@@Macwylee Yes, he is. People place guys like Jeff Bezos on a pedestal and almost worship them as gods because of the success they've had. But they don't seem to understand how much of a role both luck and already existing systems play in such things. Someone was going to exploit the various technologies newly available to create a business like Amazon. Such business are inevitable when new tech paradigms appear. The fact that Amazon exists is just a manifestation of this. If it wasn't Amazon it would be some other company, and we'd be calling that guy a genius. Outside of his particular sphere it's clear that Bezos is a bit of an idiot. Not as much as Musk, but an idiot nonetheless.

[@chungopichungo]

Nonsense. It is more advanced capitalism than ever. Where are the new social classes?

[@戴眼镜的小老头]

True

[@BUDITMN]

❤❤❤

[@shannon-uc1tm]

🕊

[@1rudedudette1]

I never buy what robots recommend me. Yanis is too primitive a consumer, but perhaps most people are like him anyway. People are easily brainwashed because they are unable to think for themselves

[@Stoddardian]

Yanis is all about democracy and more citizen participation, except when it comes to immigration, then he becomes another authoritarian technocrat.

[@mariofatibene7084]

😊

[@tomasgray6441]

👏👏👏✊✊

[@nodictature]

I got new name for the system we do live. It's call capimonapolism

[@jgmediting7770]

Capitalism has that covered already.

[@eviglivnuindivid1339]

Big liars feed themselfs with little liars life!

[@marksmit8112]

Not a new form of capitalism at all just another variant of it such as user pays, globalisation (neoliberalism), controlling media and state, central finance (authoritarian capitalism), austerity, smaller state and rise of individual rights (libertarianism) and the like. Techno Feudalism - certainly has a ring to it - it accounts for around 20-25% of total retail sales globally. Yanis do not conflate Techno Feudalism with the tech cold war between USA and China, its much bigger issue than cloud capitalists

[@ZippyLeroux]

Break the video into parts to double the traffic and therefore the ad revenue lol! I keep doing that too, I go on facebook to bitch about brainwashing and capitalism and then my metacognition just makes me laugh and cry at the same time....