The following is an abridged transcript from System Update’s most recent episode. You can watch the full episode on Rumble or listen to it in podcast form on Apple, Spotify, or any other major podcast provider.
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Yanis Varoufakis is on the show to discuss a wide range of issues, including what lessons he took away from that bruising 2015 battle with the IMF and the EU; his thoughts on Trump's current tariffs policy, which is a reaction that was far more nuanced than one might expect, given his association in the public mind with the left; the trends in the EU regarding their claim determination to want to massively increase military spending and turn themselves into an independent military power; the Israeli destruction of Gaza and EU support for that, and much more.
Yanis Varoufakis is a prominent Greek Australian economist, politician, and activist. As Greece's Finance Minister in 2015, he gained global recognition during the negotiations surrounding the Greek debt crisis. He led the charge against attempts by the neoliberal globalist institutions – such as the IMF, the European Central Bank and the EU – to force Greece to take out more high-interest loans to pretend to pay back its national debt. He most vociferously fought against attempts to impose massive suffering on the Greek people, the already quite beleaguered Greek people, through mandatory austerity measures, which Brussels was attempting to impose on Greece.
As is true of most people who try to challenge or defy these sorts of neoliberal power centers, Varoufakis ultimately failed in the sense that he resigned from his government and his position when they began to make concessions that he regarded as "surrender." He did, however, succeed in convincing the Greek population to reject a referendum that would have ratified the EU's demands. Of course, the government ended up ignoring the will of the people as it often does. In the process, he also drew international attention to the way these financial institutions crush the lives of ordinary citizens (a dynamic that continues to drive right-wing populist movements in the EU, the U.S. and throughout the world) and he ended up, whether he wanted to or not, with a massive platform, widely regarded as one of the most informed and most independent analysts of economic and geopolitical debates.
We certainly regard him as that, and thus we are very glad that he has that platform and has agreed to come on our show tonight.
Varoufakis is currently a professor at the University of Athens, where his academic work centers on global economic systems, game theory and critiques of neoliberalism. He leads the MeRA25, the European Realistic Disobedience Front, co-founded the DiEM25 movement for democratic reform, and is a bestselling author. His latest book is “Technofeudalism: What Killed Capitalism” (2023), which examines how technology has transformed global economies.