The irony of watching this on youtube because it was recommended by the algorithm

You know you're spittin' facts when Slavoj Zizek not only shuts up and listens for 6 minutes but asks you to explain and listens 6 minutes more.

"Can you elaborate on this?" Never heard Slavoj conceding the word with actual interest and letting someone else talk for five minutes (love him btw)

I’ve done gig work for over 5 years, and what he says about being a techno-feudal slave. He is SO damn right. He nailed it! “The complete collapse of the private space.”

Everybody is a "brand" nowadays. What a sad thing we have become.

holy shit the lack of interruption from slavoj in this interaction is dumbfounding... uncanny even

Liberty nowadays has been more about liberty from responsibility rather than about personal sovereignty.

Never heard more credible financial talk by two guys with Bond villain accents before!

Strange that Slavoj didn't interrupt, seems he really likes the guy

The world needs a revival of the public square, where people dine out, and listen to people speaking openly amongst eachother,- discussing things they have no educational basis in just for the fun and social interaction of it.

What Yanis is outlining here is something that I have seen coming for some time: we have reached the point where the link between accumulating fabulous wealth and needing to rely on actual working human beings to provide it has been well and truly broken. Money is literally conjured out of the air using stock market super-computers and compliant governments. This situation can't last indefinitely, surely - but it will last long enough for several generations of the "1% of the 1%" to live according to the medievalist philiosophy of "the divine right of kings", while literally the entire rest of the human population starves to death - being surplus to requirements.

This is probably the most enlightening talk I've watched for a long time.

Varoufakis is absolutely right. Everyone who has been following unfilitered/non-maintsream news sources for the last cople of years has a sense of that. Central banks had trapped themselvs and you can't expect them to act any differently than they do right now. Inflation is the "withdrawal symptom" of globalized economies.

It's amazing how insightful some people can be when their Soul is Not captured by an overwhelmingly powerful organization.

To summarize: - The stock market is no longer about profits; it's been dependent on central bank stimulus since the 2008 crash (even in the 1929 crash the government didn't subsidize businesses). - Our economy is dominated by Platforms (e.g. Facebook, Google) that are entirely controlled by private individuals, equivalent to futuristic dictatorships where an individual owns every building and can control what you buy, sell and even see. - Any user of these platforms is growing the platform's capital just by using it (i.e. by generating data that can be sold to advertisers). Compare to before when only the proletariat created capital during work hours; the traditional proletariat is shrinking and there is growing financial pressure to monetize our private life. - In conclusion, Capitalism is transforming into a different system that is interdependent with the government, and focused on expanding into all areas of life instead of profits.

"We were keeping our eye on 1984. When the year came and the prophecy didn't, thoughtful Americans sang softly in praise of themselves. The roots of liberal democracy had held. Wherever else the terror had happened, we, at least, had not been visited by Orwellian nightmares. "But we had forgotten that alongside Orwell's dark vision, there was another - slightly older, slightly less well known, equally chilling: Aldous Huxley's Brave New World. Contrary to common belief even among the educated, Huxley and Orwell did not prophesy the same thing. Orwell warns that we will be overcome by an externally imposed oppression. But in Huxley's vision, no Big Brother is required to deprive people of their autonomy, maturity and history. As he saw it, people will come to love their oppression, to adore the technologies that undo their capacities to think. "What Orwell feared were those who would ban books. What Huxley feared was that there would be no reason to ban a book, for there would be no one who wanted to read one. Orwell feared those who would deprive us of information. Huxley feared those who would give us so much that we would be reduced to passivity and egoism. Orwell feared that the truth would be concealed from us. Huxley feared the truth would be drowned in a sea of irrelevance. Orwell feared we would become a captive culture. Huxley feared we would become a trivial culture, preoccupied with some equivalent of the feelies, the orgy porgy, and the centrifugal bumblepuppy. As Huxley remarked in Brave New World Revisited, the civil libertarians and rationalists who are ever on the alert to oppose tyranny "failed to take into account man's almost infinite appetite for distractions." In 1984, Orwell added, people are controlled by inflicting pain. In Brave New World, they are controlled by inflicting pleasure. In short, Orwell feared that what we fear will ruin us. Huxley feared that what we desire will ruin us." From "Amusing Ourselves to Death"

Back in the 80s I was an electronics tech (BTW don't go into this field, it's really underpaid) and I went to work, worked, and went home. I could afford an apartment, a motorcycle, and to pay down my student loans. Now, it's work-work-work all the time, live in the building I work out of, and have a bicycle. It's just down, down, down even in tech.

I don't blame the youth for making these "choices". I blame the system that punishes them form making choices they would prefer and rewards the for making rubbish choices. Individual agency is being rooted out of humanity.

We can hear Zizek physically agreeing at 04:07

We have similar discussions about platforms here in China, with several scholars suggesting that private firms should not operate platforms; you cannot be both the platform and a competitor within the platform. wanted to add that recently the government forced various platforms to share accounts and data with each other to break down their monopolies.

Man that whole part about monetary policy replacing profits as the "fuel" felt like an audible click in my head. This is such an insightful analysis.

Evgeny Morozov and Astra Taylor were writing excellent books on techofeudalism and big tech's use of its users since 2013, so incredible how accurate their work is even today

Mr. Varoufakis is simply the best teacher of global economics I have found anywhere. An amazing mind. His ability to encapsulate human economic history in so short a time, less than ten minutes, and make it comprehensible to just about everyone willing to listen, is freaking phenomenal.

A million claps to Zizek!!! He made it! He was able to listen someone else talking, without interrupting. First time ever. Nice, Zizek, we love you even more for that.

From personal experience, his comment about leftists having the hardest time accepting this theory is so true - the idea that capitalism as Marx understood it might be over but the prediction of how and what would come next fell flat… well they definitely don’t like that. Ultimately we can quibble until the cows come home over what exactly is “capitalism” but it seems less and less helpful to use the same word to describe the economics of when Marx wrote and the world we live in today. Glad someone bright is trying to navigate this distinction in good faith.

I think a better way to end this would be to say that capitalism has already determined it's winners and they've made a new set of rules for the game.

the simplest but most wild absurdity of the markets is that the price of housing going up is overwhelmingly viewed as one of the key signs of a strong economy. why? would we celebrate if food prices went up?

I'm glad Yanis specifically mentioned "the platform". There's a good, short read that I'm recommending to everyone here, since I presume we're (mostly) on the same page about this... "Platform Capitalism" by Nick Srnicek. Gives a nice overview, a nice summary of how capitalism is morphing into something else. Shoshanna Zuboff calls it "rogue capitalism". I like this label of "technofeudalism". We are just now becoming aware of what the hell is going on in the digital sphere, and the complete commodification (and control, and surveillance...) of the Internet.

Great observations, learned so much. Baudrillard (in his own way) pointed to this decades ago in his description of the hallucinatory hypermarket and hypercommodities - "the role of the hypermarket goes far beyond 'consumption', and the objects no longer have a specific reality there: what is primary is their serial, circular, spectacular arrangement - the future model of social relations' (1981). It feels very much like what we're experiencing is the inevitable implosion of previous (industrial, consumer) modes of capitalism, but due especially to unprecedented technological advancements coinciding with outmoded recession fiscal policies, it now appears (practically speaking) impossible to develop a system capable of supporting further genuine growth within the time we have left. It feels like a few people have bought the last remaining lifeboats, and the rest of us have little left to do but place bets on who will drown first.

Really mind opening and mindblowing. We are indeed in transitional times and Mr Varoufakis gave us a perceptive that makes total sense. Great point of view!

“It may be said of Socialism, therefore, that its friends recommended it as increasing equality, while its foes resisted it as decreasing liberty….The compromise eventually made was one of the most interesting and even curious cases in history. It was decided to do everything that had ever been denounced in Socialism, and nothing that had ever been desired in it…we proceeded to prove that it was possible to sacrifice liberty without gaining equality….In short, people decided that it was impossible to achieve any of the good of Socialism, but they comforted themselves by achieving all the bad.” ― G.K. Chesterton, Eugenics and Other Evils: An Argument Against the Scientifically Organized State

It's still capitalism, but a further development of capitalism. Marx predicted that rates of profit would continue to fall and that monopolies would consolidate as the direct consequence of capitalism - the huge social media companies we have now are just a particularly sinister form of capitalist monopoly. Your points about the finance industry no longer relying on profit are very interesting, but this also fits pretty well with Marx's predictions. As capitalist power develops, capital takes over the state and sucks out all the state's resources to feed itself. I think to say we've surpassed capitalism is wrong, but the capitalism of today is certainly very different from any that's existed before.

Brilliant! I am sending this to everyone I know, particularly my parents who still think things are basically the same as when they were young.

this technofeudalist concept is a huge element of sci-fi which is in turn a massive influence on the nerds who now own and to a alarming degree control the world

Absolutely brilliant analysis of very difficult and still emergent dynamics and structures. Mr Varoufakis is an outstanding communicator and teacher. As a teacher myself who has to work at conveying complex scenarios clearly to students, I really appreciate the clarity and the focus of his talk. I have subscribed to his Channel. Well.done, sir!

To add to the last words, and I think that´s something the left and the greens even less like, if they realize it at all: The capital has learned to play on both groups and does it extremely well!

Maybe capitalism discovered socialism (too big to fail, injections from central banks, etc), but decided that socialism is only for the wealthy or the finance gurus, privatizing the gains and socializing the losses.

I had this though, a couple of months ago, that capitalism had slowly morphed into a more detached form, based purely on speculation and the hope of growth rather than actual growth. I thought of it as speculatisim, as the "value" becomes more and more detached from any real world measure. This makes so much sense and I agree with so much that is said in this vid.

This is the first time I've heard the situation in which we find ourselves articulated in such a cohesive manner. These observations have immediately effected my word view.

I've been talking about this for the last 2 years I'm so excited to see it spoken on in this forum. I call it corporate fedualism!!!! haha

Thank you Yanis; I love hearing you speak theories of truth! Right on the money, literally usually! My biggest issue is my hearing & if whenever possible if you could arrange for the captions options, I'd probably hear 20 - 30% more of the important messages you're patiently telling us! I wish for more sessions like The Gathering ( Bernie & Jane Sanders ).

The eloquence and beauty of the diagnosis almost justifies the disease and suffering - as if a doctor were to describe your disease in tear-drawing prose! - your arms still getting amputated, but Lord, such finesse!

Very true, but this technofeudalism is the most reasonable if not the only expected outcome of capitalism, not some avoidable mistake. Political power comes from economic power, as always, and who's in the position of power will do everything to secure his position and get rid of the competition. Kind of, we just shifted from an agricultural society where the basis of wealth, hence power, came from controlling land, to an industrial society where the basis of power is to control capital. But the two systems are indeed very similar and 'technofeudalism' is a good term to describe this. We had a honeymoon transitional phase, where we had the fleeting illusion that fair competition exists and everything is possible, but actually the whole concept of capitalism is faulty. At least if we expect freedom, chance and fair competition from it.

This is why we need widely available free and open source information infrastructure that is independent from the influence of corporate entities

Monopolies, and corporatism. Competition is what keeps people in check in a functional capitalist world, competition needs the right boundaries to work. The central governments have failed in their only necessary jobs, and overreached in areas they have no business

This needs captions in as many languages as possible! Please, somebody make them!

Well, this is hilarious, I am agreeing with a marxist. This talk is of extreme value and should be spread far and wide.

He's really close, but I don't think that notion is entirely cohesive yet. But I think the general jist of what he's getting at could very well be true, and it's terrifying to think about.

I want Yanis to talk with Byung-Chul Han, Han's books have detailed this emerging phenomenon for years, in his books like Pyschopolitics and the Burnout society.

This is great. As Prof. Yanis iterated, it's an issue stemming from a US decoupling of sorts. Or in many ways. All from within. But the crux of the issue is the decoupling within policy formation. The decline emphasises Monetary policy. What's being left to the self denying left (minus Prof. Yanis) here is Fiscal policy. The World is infected. But something far worse than Covid19. The US sneeze is indeed powerful. A socialism functioning purely off its predecessor (Or partner) Capitalism is indeed a blinding Feudalism.

Platforms are the malls of the information age. Retailers didn't pay outsized lease rates for mall space because there weren't location alternatives, they did so because the malls attracted the customers, so that the retailers could focus on serving the customers' needs, rather than getting them to their stores. Aggregators facilitate small business, they don't replace it. Online businesses are very low barrier-to-entry, specifically because such marketplace platforms exist. Amazon hosts over two million small- and medium-sized businesses, which they do not own, and from which they only derive profits in exchange for services provided.

I really appreciate how eloquent he is and how he puts his point across....even though I do not agree with his points in a major way (but there aren't enough characters to go into it on here). Zizek just watching him admiringly is also very cute! Longest I've seen Zizek quiet!

That would be assuming we left feudalism at some point back in time. Which we never really did. Social structure has been exactly the same for 10.000 years or so since the appearance of the very first lords. People just get lured by the stories that are built around particular expressions of it, which is the only part that has been changing so far.

I've been saying this sort of thing for years but I'm afraid I'm not as generous as Yanis; I call it Corporate Fascism, lol. I feel so sorry for youngsters today who've been brought up with this invasive technology and can't go anywhere without their 'adult dummies'. At least I know that I can't be traced as I've never used a mobile, let alone smart phones. I'm not paranoid. I just want to be left alone when I'm out for a walk or doing errands and I don't want to give those companies more power and money than they've already got! And I can't be forced to use apps as I don't have anything to put them on. It's incredibly freeing. :)

Janis Varoufakis. Total Respect for his intelligence and analysis of the way the global systems function.

Yannis your work is greatly appreciated. Your integrity as FM for Greece was absolutely stunning. For me one of the single most important economic acts by a minister throughout that crisis. Look forward to the book.

I call this Corporatism, age where big companies like facebook and amazon controll everything

I think he is missing a big point. If interest rates are cut to near zero, where do people put their money? They buy stocks, or invest in housing. What we are witnessing is very low rates and huge levels of debt. There is no way to raise rates because debt is too high. So the cycle continues until the debt becomes unsustainable.

Yes feudalism is the goal. We need a Digital Magna Carta.

Hooray! I feel a glorious revival of the middle ages coming on. Let’s hope they won’t be too dark.

That depressing moment when someone extremely qualified and eloquent explains something you already knew.

I completely agree with the broad thesis; I've been saying the same sort of thing for over a decade, about competition being replaced with monopolies like the digital platforms and Big everything. I used to call it rentierism, which it also is. The productive and merchant bourgeois being eaten by the rentiers. We were talking about "Rip-off Britain" under the influence of monopolies and oligopolies even before the 2007/8 crash. My question is how does this thesis differ from the traditional post-WW2 Marxist Monopoly Capitalism analysis, and what does it do to relatively simplistic accounts of capitalist history producing working class organisation and consciousness leading to socialist parties and revolutionary potential such as the narrative Prof Wolff used to repeat endlessly? Where is techno-feudalism likely to lead in terms of working class mobilisation and socialist politics, and does it require a fundamental re-think about the trajectory of capitalist development and the kind of crises it produces? Secondarily, to what extent, if at all, is this a process limited to the Anglo-sphere and Europe, and does China offer an antithesis, or is it already tending toward a techno-feudalism with Chinese characteristics evolving from the present technocracy and managed capitalism?

A bombshell moment realising the truth in this. I placed an Amazon order before watching and then responded to work WhatsApp group outside of work time - fearful of not keeping up with other responders - and their perception of me. Employers must love it.

so he’s basically predicting Meta.

Housing market in USA right now is example of this trend, with handfull of companies buying real estates left and right, inflating prices which common individual can not afford in the process, with end goal of owning of virtually all houses and residential buildings and rent it to individuals who could not be able to own them.

how amazing it is to have someone like Zizek interview someone like Yanis? Yanis is obviously literally a genius and so is Zizek, but his mind works a bit differently, which some could see as a flaw. I see it as an advantage, he is so brutally honest, that he’s asking the right questions, with the right amount of passion, to the one guy that is on his side and really wants to break the system (see his multiple references to movies like the Matrix), and he also has the social skills to do it, besides the will and knowledge. This means that we get the real deal here: Zizek is “pushing” Yanis into a corner right from the start, and Yanis realizes: ok, now I really have to make you understand what we’re all up against, and he explains it so well and in such an elegant way, that people genuinely get educated about how the world really works..from a financial point of view, which most people would otherwise never understand and which just happens to be the most important in today’s world. I genuinely don’t think any other interviewer could have facilitated this so well. everyone else would seem way too shallow in comparison... think of his interview right after his TedTalk

I've been tuning in to Varis's talks and comments just until recently, and he's truly interesting and profound commentator. I dont miss to hear any of his talks and opinions anymore.

Very gripping notion. He must be on to something. It seems likely that there is a connection between all these platforms growing and growing apparently despite having no viable sources of income and the increased reliance on state subsidy for different businesses.

The Bank of International Settlements publication,"Implications for central banks of the development of electronic money". includes the assurance this is needed to ensure banking proftability, not linked to any nation's currency. This is about developing an elecronic funds transfer (like bitcoin) system only banks can use. "Who run Bartertown?"

Everyone rolls their eyes at me when I tell them how much of a stranglehold the corporations have over this country and then they call me an anarchist. But the more they increase my rent and the less I get paid, the more I sympathize with the anarchists.

Isn't techno feudalism a reflection of the contradiction of capitalism, its tendency towards monopoly capitalism and its own ultimate demise?

F me, if this is not the most important video you’ll see this year, and the next…

Janis , many thanks for perfectly summarizing what I only felt in the back of my head Far worse things lie ahead than free market exploitation and waste of natural resources.•°

The branding these days has gotten pretty bad. I'm guilty of it: I was about to buy a They Live COVID mask to express my dissatisfaction with wearing a mask before I realized the entire movie was a critique of consumerism.

I first sent this video to Russell, it will be a great dialogue between the two of you, looking forward!

The scary part is when the finally realeses ai that easily and fast can monitor us, emotionally, practically and control us by what we are allowed to see online or on your phone. The fact is your phone is already monitoring you, so much more than you actually dare to know. And it only takes a small effort to make it all go away, by force.

As a bulgarian socialist, I come here after discovering who Yanis is, thanks to Costa Cavras, and I feel he has such a good way of explaining economics

Honestly now with metaverse the concept of technofeudalism is even more relevant. It’s really scary !

I just heard Mr Varoufakis was hospitalized by a mob of some twenty people. I was very sad to hear this. I hope he recovers completely, and they find the organizers both of this attack, and the previous one. It sounds like he's getting under someone's skin. Getting close to the pulse can be dangerous. I think this means we should be paying close attention.

Yanis is refreshingly insightful....

Salve Yanis, sono italiano e capisco poco l'inglese. Cortesemente è possibile in qualche modo ricevere la trascrizione nella mia lingua di questo video che sarei molto interessato a poter comprendere? Grazie. Basterebbero anche solo i sottotitoli in italiano che forse renderebbe, anche in altre diverse lingue, maggiormente fruibile il contenuto.

Thank you for offering me the vocabulary to articulate the exact thoughts I was having. I used to hate economics. I was saying that I wasn't understanding them. The truth was they were teaching me falsehoods and I was simply couldn't accept the lies. You and educators like you have given me the motivation to look into economics and actually try to make sense of it.

Wow, I was just wondering if you had your own channel. Excited. Thank you for all your work.

My two favourite Balkans on the same stage - pleasure overload!

Been saying it for sometime: This is like the appendix cutting off the blood flow to all organs except itself. And we all know what happens next.

i truly agree that it is a new time. i wonder though, what distinguishes this from a new phase? he has mentioned wonderful points as to why this is the case, but what new phase would we measure this against, to compare? if this isn't a new phase, what would it have displaced, if it displaced a new phase of capitalism?

I only stumbled upon Yanis and the debates on capitalism and democracy by some KZfaq algorithm and I am glad for this! I’m no economist nor a political scientist but know that the world is changing so fast and systemic changes are required but had no clue on how and what. So such discussions are very enlightening.

Sir, I am reading your book techo feudalism and it's truly eye opening.

Great words by Yanis, I would add to this that it is even worse for everyday people because of things such as works of World Economic Forum, who are trying to establish Chinese-type social credit score system and are pushing climate change burdens and pandemic restrictions on working class, while all of them are exempt. It is really a neo-feudal system in the making.

Fascism should more accurately be called Corporatism because it is the union of state and corporate power.

Why did it cut off at the end like that? Would like to have heard more.

"Techno-feudalism is a term that has been used to describe the emerging socio-economic structure in which technology and data are controlled by a few powerful entities, leading to a feudal-like society. Here are 50 pieces of information about techno-feudalism: WE ARE IN CORPO-TECHNO-FEUDALISM 1. **Origin**: The term "techno-feudalism" is a combination of the words "technology" and "feudalism," referring to the historical social and economic system prevalent in medieval Europe. 2. **Concept**: It is a theoretical framework that explores the intersection of technology, society, and power dynamics. 3. **Emergence**: Techno-feudalism has emerged as a result of the rapid development and widespread adoption of digital technologies and communication platforms. 4. **Economic Inequality**: This system is characterized by significant economic inequality, with a few powerful entities controlling the majority of resources. 5. **Data as a Resource**: In techno-feudalism, data is considered a valuable resource, similar to land in feudal societies. 6. **Data Ownership**: The ownership and control of data are concentrated among a few tech giants, such as Google, Facebook, Amazon, Apple, and Microsoft. 7. **Surveillance Capitalism**: This system is closely related to the concept of surveillance capitalism, which refers to the commodification of personal data for profit. 8. **Platform Economy**: The platform economy, driven by companies like Uber and Airbnb, has further entrenched techno-feudalism. 9. **Power Imbalance**: Techno-feudalism involves a significant power imbalance between the few entities that control technology and data and the vast majority of users. 10. **Network Effects**: Network effects contribute to the rise of techno-feudalism, as users gravitate towards the most popular platforms, further consolidating power in the hands of a few. 11. **Algorithmic Governance**: Algorithmic governance, or the use of algorithms and data to make decisions, is a key characteristic of techno-feudalism. 12. **Automation**: The rise of automation and artificial intelligence has accelerated the shift towards techno-feudalism, as it increases the dependence on technology and data. 13. **Digital Divide**: The digital divide, or the gap between those who have access to technology and those who do not, exacerbates the inequalities inherent in techno-feudalism. 14. **Surveillance**: In techno-feudalism, surveillance is pervasive, with tech companies and governments collecting large amounts of personal data. 15. **Loss of Privacy**: The widespread collection and analysis of personal data in techno-feudalism leads to a significant loss of privacy for individuals. 16. **Data Monetization**: The monetization of personal data is a key aspect of techno-feudalism, as companies profit from collecting and analyzing user information. 17. **Data Brokers**: Data brokers, who collect and sell personal data, are an integral part of the techno-feudalism economy. 18. **Targeted Advertising**: Targeted advertising, which relies on user data for customization, is a major revenue source for tech giants in this system. 19. **Behavioral Manipulation**: Techno-feudalism can lead to behavioral manipulation, as companies use personal data to influence user behavior for their own benefit. 20. **Echo Chambers**: The algorithmic curation of content on social media platforms can create echo chambers that reinforce existing beliefs and contribute to social polarization. 21. **Platform Dependency**: Users become increasingly dependent on platforms and services provided by tech giants, reinforcing the techno-feudal power dynamics. 22. **Monopolies**: The concentration of power in a few tech companies can lead to monopolistic practices, limiting competition and stifling innovation. 23. **Regulation**: The techno-feudal system has prompted calls for stronger regulation of tech companies, including antitrust measures and data privacy laws. 24. **Data Portability**: Data portability, allowing users to transfer their data between platforms, is seen as a potential solution to break the power of tech giants. 25. **Decentralization**: Decentralized technologies, such as blockchain, offer an alternative to the centralized control of data in techno-feudalism. 26. **Digital Sovereignty**: The concept of digital sovereignty, or nations controlling their own digital infrastructure, has gained traction as a response to techno-feudalism. 27. **Data Localization**: Some countries have implemented data localization laws, requiring companies to store user data within national borders, as a way to assert control over their digital economy. 28. **Digital Rights**: The recognition and protection of digital rights, such as privacy and freedom of expression, are essential in countering techno-feudalism. 29. **Worker Rights**: The gig economy, which is closely linked to the platform economy, raises concerns about worker rights and protections in a techno-feudal society. 30. **Digital Literacy**: Promoting digital literacy can empower individuals to better navigate and understand the implications of techno-feudalism. 31. **Public Interest Technology**: The development of public interest technology, or technology designed to serve the public good, can offer an alternative to corporate-controlled technologies. 32. **Open Source**: Open-source software and platforms can provide alternatives to proprietary systems and help counter the concentration of power in techno-feudalism. 33. **Cooperativism**: Platform cooperativism, where platforms are owned and governed by their users, offers a potential alternative to the techno-feudal model. 34. **Data Trusts**: Data trusts, or legal structures that hold and manage data for the benefit of users, can be a means to redistribute control over data. 35. **Ethical AI**: Ensuring the development of ethical AI is crucial in preventing further entrenchment of techno-feudalism and its associated inequalities. 36. **Smart Cities**: The rise of smart cities, which rely heavily on data and technology, can exacerbate techno-feudalism if not managed responsibly. 37. **Internet Governance**: The governance of the internet, including domain names and IP addresses, can play a role in shaping the techno-feudal landscape. 38. **Net Neutrality**: The principle of net neutrality, which ensures equal access to the internet, is essential in preserving a level playing field in the digital economy. 39. **Digital Activism**: Digital activism plays a crucial role in raising awareness about techno-feudalism and advocating for change. 40. **Techno-Solutionism**: Techno-solutionism, or the belief that technology can solve all social problems, can contribute to the rise of techno-feudalism. 41. **Technological Determinism**: Technological determinism, or the belief that technology shapes society, can reinforce techno-feudal power dynamics. 42. **Techlash**: The growing public backlash against tech giants, or "techlash," reflects increasing awareness of the problems associated with techno-feudalism. 43. **Global Impact**: Techno-feudalism is a global phenomenon, affecting societies around the world. 44. **Digital Colonialism**: Techno-feudalism has been compared to digital colonialism, as powerful entities extract resources (data) from less powerful regions. 45. **National Security**: The concentration of data and technology in the hands of a few entities raises national security concerns, as it can make countries vulnerable to cyberattacks and espionage. 46. **Democracy**: Techno-feudalism can threaten democratic processes, as the concentration of power and manipulation of information can undermine free and fair elections. 47. **Social Cohesion**: The inequalities and polarization associated with techno-feudalism can erode social cohesion and contribute to societal unrest. 48. **Environmental Impact**: The environmental impact of digital technologies, suchas e-waste and energy consumption, is an often-overlooked aspect of techno-feudalism. 49. **Future Developments**: The evolution of techno-feudalism will likely be shaped by advances in technology, such as quantum computing and biotechnology, as well as political and social responses to the issue. 50. **Ongoing Debate**: The concept of techno-feudalism remains a subject of ongoing debate among scholars, policymakers, and activists, with various perspectives on its implications and potential solutions." By CHATGPT

I hope you post the rest. I'm in the soon to be snowy wastes of Canada and would love some cozy winter lectures.

Isn't quantitative easing from central banks just an asset swap? They buy assets that those institutions had already bought in the primary markets using cash they already had. I don't see how that's 'printing new money' rather than effectively taking banks' cash out of the equivalent of an interest-bearing savings account (central bank securities) and putting it into a non-interest bearing form (reserves).

I am willing to latch on to this idea to save my life. The problem is that others might not agree with me

What an amazingly articulated message and so accurate to the point that it even makes the most jaded and aware person say WOW.

I'm a conservative but I have learned to respect Marxists when it comes to spotting exploitation, i.e whenever an individual, group, or institution is gaining at the expense of another. Put another way, Marxist are really good at recognizing when win-lose is going on, but not so good at seeing when win-win is happening. My view is that both happen. So, yes, feudalism expropriates the bulk of the production of the peasantry, but classic European feudalism arose after the fall of the Roman empire by providing a bulwark against chaos and unrestrained banditry. A win-win given the potential for the complete breakdown of social order. But saying that those in power today are regressing to the negative win-lose side of feudalism is exactly right and flat out the most penetrating economic analysis i've encountered of what is occurring today. Abandoning the Western working class to Chinese labour is one obvious betrayal. But Yanis is exactly right, something new is happening which is neither capitalism or socialism and which doesn't even have a proper name. 'Neo-feudalism' is a past facing term like 'horseless carriage" that can't yet separate emergent phenomena from the past. I would add that some aspects of human nature are quite constant and that the peasants know when their overlords are abusing them by not holding up their side of the social contract. The Historian Toynbee said that civilizations fall when the 'internal proletariat stop defending the dominant elite.'

Fantastic communicator! For me at least, Varoufakis is almost the opposite of Zizek which is hard to follow

Perhaps the only time I have ever seen Slavoj Zizek so quiet!

Bull's-eye! This gentleman has nailed modern capitalism. He is brilliant. To his great credit, Zizek didn't even lift a buttock to break wind, and let him speak. Very good form on both accounts.