Yanis Varoufakis: Capitalism has become ‘techno-feudalism’ | UpFront

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A recent Oxfam study found that since the start of the coronavirus pandemic, the world’s richest 10 billionaires have seen a wealth increase of half a trillion dollars – enough to pay for every person on the planet to get a vaccine.

In this UpFront special, Marc Lamont Hill discusses with economist and former Greek Finance Minister Yanis Varoufakis what is driving the staggering wealth inequalities and how governments are offering socialism for the rich, and austerity for the rest.

155 thoughts on “Yanis Varoufakis: Capitalism has become ‘techno-feudalism’ | UpFront

  1. melon shop Reply

    STOP HOLDING. CONTROLLING & HACKING. I WANT TO EARN HERE. PEACE 🕊🕊🕊🕊🕊

  2. Alex Goslar Reply

    Well explained, Yanis Varoufakis, thank you.

  3. melon shop Reply

    ( づ ◔ ◡ ◔ )づ THANK YOU YANIS VAROUFAKIS.!!! 💖💖💖

  4. Covid Delusion B117 Reply

    The pandemic is Structure to make the millionaires become billionaire
    Billionaire become trillionaire
    An trillionaires becomes zillionaire

    The poor will be dead’s by the end of the pandemic

  5. Mister Wonderful Reply

    Forced failed pump and dump invites saving pride by way of expression not real. Not a popular tourist place any longer. Deep State offer a to save face. Covid huh?

  6. Jason Ray Reply

    2020: china virus!
    2021: china virus mutants!
    2022: Nuke china to end pandemic!

  7. greeko25 Reply

    Why on earth you give that vain clown the microphone?

    • Tobi Isiba Reply

      Because they share the same idiology

    • Alex Batsis Reply

      Because they are not Greeks, so they are not victims of the insane greek propaganda against him.

    • greeko25 Reply

      @Alex Batsis Indeed, because they are not greeks his actions would not have an effect on their lives and savings so it’s easy for them to ignore how disastrous he was in governance five years ago. Our savings almost got evaporated and the country was on the verge of being kicked out of the EU μα εσενα Αλεξη προφανως δεν σε χαλασε ολο αυτό, σωστα;

  8. john adams Reply

    Google wants to rule the world by creating an interconnected digital economy where google can spy and keep track of everyone. It is up to the worlds governments to prevent that from happening.

  9. dasXperiment Reply

    Varoufakis: looks great; always long gestures, short substance. Your proposals need more “flesh” for them to come to life.

    • Tripvan Reply

      Read Another Now

  10. Angel Robinson Reply

    *No 1: Don’t Only Hope On Government’s Responds On security Matter’s And Economy growth,*

    *No 2: As An Individual You Should Be Safeguarded And Also Look For Different Self Business And Trade Not Only Waiting on Betterment of Stock market activities,*

    *No 3: Most Important Always Save The Little You Can And Think Of What To Do With It When It Become Good For Capital,*

    *Because Government Have Failed Us In Aspect Of Security, Economics Activities And Other Trading Systems.*

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  11. Michele Cevoli Reply

    this idea of being a white privileged applies to white rich people, not to all white people

    • Lonely Wanderer Reply

      the haves and have nots. They will not allow another GME situation. Also, I am pessimistic about the independence of BTC. We are screwed either way, but u pick your individual poison.

  12. Lear King of Albion Reply

    Marc Lamont Hill needs to stand at Columbus Circle across from CNN on a cloudy day and prove to us all that media is actually competitive. I have video from almost 4 years ago. Several times. Almost all of the official residents kept forgetting to turn on the lights, TVs and HVAC. This is what CNN reporters look at every cloudy day on their way to their drama and scolding classes, which have as much trouble selling news as “how did the pretend rich pretend to get richer?” met with the fake history answers and lack of recognition of street level reality. If Columbus Circle is not enough, walk over to Lincoln Center and never look above the first floor if y’all wish to keep a worthless narrative going. Look above it and do the math, if you think the narrative makes no sense.

    • Lonely Wanderer Reply

      he is a former Clinton News Nework professional fake news purveyor. I am disappointed in AJ. At least Rick Sanchez criticizes CNN propaganda on RT.

  13. Eusunt Dac Reply

    Yanis is great! Always a pleasure to listen to him. Thank You Al Jazeera.

  14. Nikolaï Chap Reply

    Yanis calling a cat, a cat.

  15. Lorraine West Reply

    i would support this man before any of the greedy, greedy 1% overpaid and undertaxed corporations and private individuals stripping society of earnings and getting gains for themselves only. False economy. Government better implement changes or there is going to be intolerance from the many masses. Me included.

  16. Alvin Toda Reply

    Karl Marx couldn’t have said it better.

    • Steephan Roy Reply

      The guy actually said that this is going to get much worse.. i sincerly hope that he was wrong. I dont thing this thing cant get much worse than this.

  17. Frantz Fuller Reply

    I have a great deal of respect for the guest . But wasn’t this host peddling celebrity gossip on some other network some years back?? Now he’s mr woke black host ?? No credibility

    • Abdi Osman Reply

      That “woke black host” is a distinguished professor at Temple University

    • Frantz Fuller Reply

      @Abdi Osman lol “distinguished what’s your point ?? you can put credentials in front and in the back o your name all you want but I’ve followed Mr Hill’s moves comments and politics over the years so his tenure at Temple means nothing. I’ve studied and graduated college and many of my professors were considered distinguished” and credentialed, and they stood corrected many a time after wrangling with me so again your point?

  18. Jalil Barkhas Reply

    Democracic/friendly/cooperative people affairs managment (so called Political System) to be sustainably functional, needs to be built on Democratic/friendly/family model/cooperative people economic affairs managment.
    Just as the palm tree does not grow in the Arctic/Alien earth, natural genuine public democracy, as an interactive alive mechnism, also needs its own fertile economic ground! Not any economy ground, and especially not suh competitive, aggressive, individualistic multimonopolistic (economc, political and socially) irresponsible chaotic capitalism!

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  20. Cattle Corner Reply

    Wow …Marc Lamont……..Glad to see you…..I am sure you will be successful here too ….. Looking forward to all of your show……

  21. Cattle Corner Reply

    “From the river to the sea”..My another Bro of Humanity….

  22. Stbs Abs Reply

    Varoufakis as usual makes great and significant points. What is new is the excellent questions and interview from the journalist side for the first time.

    • vinm300 Reply

      Yes, the interviewer is on the ball.

    • Steve Matthews Reply

      Indeed

  23. Jay Reply

    Varoufakis sees everything through the prism of the 2008 financial crisis. The pandemic itself is the catalyst for the world’s super-rich becoming even richer due partly to the slowdown of national economies and the collapse of global equity markets.

    • Stephen Jacks Reply

      The “1929 Depression” actually began in 1921, farm strikes 1922, tax cuts 1926, tariffs, Hoover moves from Sec Commerce to President 1928, Hoover coins “too big to fail” as millions of small businesses collapse. FDR understood that interest rates in Depressions are negative (something impossible numerically in modern business structure) hence Government deficit spending gets paid back with cheaper dollars in the future.

    • Stephen Jacks Reply

      As with the 1929 Depression it took until 1939 even after FDRs strong fiscal policies was just breaking even. The Stock Market today doesn’t show the “adjustments” in market value during previous Depressions.

    • melon shop Reply

      IT WAS ENGINEERED BY THE DESIGN. SO KEEP THE QUITE PLEASE.!!! 🤫🤫🤫

  24. Frozen Cuttlefish Reply

    Cos its a plandemic

  25. Daragh Doyle Reply

    🧡💛

  26. The Begotten. Reply

    ” Disruptive Technologies”……

  27. Thahir Ahmed Reply

    Here come the murican bootlickers.

  28. Donald Suiters Reply

    Dear Al Jazeera English,
    Honorable Mr. Yanis
    Varoufakis,
    Kind Host Mr. Marc Lamont
    Hall,

    I have a feeling that we are missing quite possibly the truest ultimatum that is going to be exacted on a global population meaning unbeknownst to most of us the writings of late author Mr. Jim Marrs. Please read all his books and don’t miss a one. Find the Masters and Serfs segment about how many of us won’t be around much longer as their plan is unfolding even as I write. There’s much more to this little global overthrow soiree…
    Thank you.
    Sincerely,
    Don Suiters
    New Port Richey Florida

  29. Toni Ventura Reply

    I am Count Dracula of Transylvania . muhauhauhaahuahuahuahauhauhauhauhau

  30. Riley Frost Reply

    just convert the pieces of paper your employer gives you into silver and goal and get out of the stupid fiat scam

  31. Michael McFeely Reply

    The U.S. national debt clock adds $1 million every 22 seconds. The debt will reach $28 _trillion_ on or near March 9.

    • Adam Adams Reply

      Meanwhile, China will become a $30-trillion economy by 2030.

  32. Ahmed Reply

    Sad to see Mehdi go but Marc will no doubt be a great journalist.

  33. Pro Metheus Reply

    This is so true

  34. Boris Negrarosa Reply

    When they went on about gender inequality that’s when I stopped listening.

    • sadiemakesmesmile Reply

      but wasted your time writing this comment

    • N Hinton Reply

      Gender inequality? Women are obvious second class citizens meant to please us. Liberals…

    • Boris Negrarosa Reply

      @N Hinton I’d say feminism is the most liberal thing. And what divides people. Wake up.

    • Lonely Wanderer Reply

      what do you expect? This guy doing the interview is from the Clinton News Network (CNN)

      I can’t believe AJ is now hiring mainstream purveyors of fake news. No wonder he mentioned cultural Marxism “gender politics”. At least Rick Sanchez shits on CNN at RT.

  35. Bobbie Dick Reply

    Maybe they caused the pandemic to make money. Do they care?

  36. D J Reply

    “I don’t understand how capitalism works. Let me ask a Marxist how it works.”

    • Nicolas M Reply

      Only marxists understand how capitalism works, deal with it

    • JP Brind'Amour Reply

      Lol. Funny.

    • zolta - Reply

      obviously you would ask the opposition because the capitalist will lie… it’s like Brexit delusion, you won’t find a brexiteer with facts and videos showing how great it is and how many factories opened now. You always need the counter part.

  37. vinm300 Reply

    2:30 ““They had learned nothing and forgotten nothing.” Talleyrand
    on the Bourbon monarchy.
    Louis XVI was executed after the French Revolution (1789)
    His son Louis XVIII was restored after Napoleon
    Louis XVIII died in 1824 and his brother Charles X became king.
    Charles tried to rule as an autocrat, disregarding the constitution.
    There was a minor protest in 1830 ; inexplicably Charles’ nerve went, and he fled to England.
    Talleyrand wasn’t referring to this episode but it nicely fits his apophthegm.

    • A MurderA Reply

      When you distort the truth society goes into chaos

  38. Dave Trotter Reply

    Whats is the difference between the force behind the Nazis when creating their New World Order , and today’s technocratic governments?

    There is no difference when you get down to it ……….only your perceptions of what is evil and what isn’t.

    BRAINWASHED – if you look at the policies of those in power at that time i.e bankers , corporations , and politicians , you can only conclude thats its all happening again right now.

    Weapons of mass destruction , and now a killer virus that supposed to be a pandemic even though the figures dont add up – it all ends up with giving away your privacy rights and removing your individual freedom.

  39. mealr ayyash Reply

    Countries like the US are hardly capitalist anymore. They’re a phony capitalism with Socialist elements which give out government bailouts to the very rich in Wall Street. No business is too big to fail, true capitalism means the government can’t give out bailouts to people and it means won’t be able to lobby. Socialism isn’t the answer to our problems, Socialist elements are what’s allowing these people to get richer, you don’t destroy a wealth gap by taking out 55 cents out of a dollar of a random million/billionaire, people like Obama, even Trump and most likely Biden have the put the US in so much debt.

  40. Dan B Cooper Reply

    Yanis Varoufakis. The game-theory genius that thought Greece could skip paying its debt and at the same time borrow even more money from the same creditors! Pure genius. Or not… Let’s put it this way; he failed! Poor Marxists always think of other people’s money as their own.

    • Dan B Cooper Reply

      @Alex Batsis Really? These are facts. Please prove me wrong.

    • Douglas Santet Reply

      Greece messed itself up

    • Dan B Cooper Reply

      @Douglas Santet That’s right. They messed it up all on their own. No one else to blame.

    • Nathan Croucher Reply

      So he wanted a bailout? like the banks and all the others at the top. But because it was him its marxism, but when its business its stimulus. Personally i think he’s a politician first and an economist third or fourth. Second would be slamming hot chicks in his Greek condo.

    • Dimitris Daimoglou Reply

      @Dan B Cooper. Please be more careful and learn the facts first. Varoufakis underlined that the Greek Debt was unsustainable (as it was admitted also by IMF) and that Greece would need a haircut in order to pay the rest of the debt. He even suggested debt payments linked to Greece’s annual growth in order to create a win win situation. These are basic economics. Fundamentals of the function of capitalism in a monetary union. The problem was the politics in Europe, not the financial part.

  41. Stephen Jacks Reply

    No, Corporate Socialism.

    • Steephan Roy Reply

      Capitalism breeds capitalists .. ultra capitalism breeds ultra capitalists. Socialism wont work in America . As the elites wont allow nothing that asjs for their fair share.

  42. Abdul Karim Reply

    Floating banks with organ trafficking and Genocide

  43. Henry Downes Reply

    Astute gentleman.

    • wendy Chee Reply

      He is such an intelligent man! The interviewer seemed to have done his homework too.

  44. Ali Shahid Reply

    The host is brilliant

    • It's all sausage to me Reply

      very principled as well, when I started the video I said isn’t that the guy who was fired from CNN over a pro Palestine speech, so googled his name and found out I was right, was worried his career would be ruined for life, so super delighted to see that Aljazeera didn’t jump on the bandwagon with other networks in boycotting him or setting him as an example. The Zionist influence in America is insane.

    • Ali Shahid Reply

      @It’s all sausage to me wow, that’s huge..

    • ganale herab Reply

      @It’s all sausage to me you are absolutely right he’s an American of African descent and a scholar

  45. Marcus F Reply

    Their both 🎯🎯and we ( average people) sit back and allow it . Also , consume and use these products. Which help these techno companies get their trillions .

  46. Boyd Gilbreath Reply

    We are all in prison. This started about fifty years ago.

    • Nathan Croucher Reply

      Thatcher, Reagan?

    • Paul Jacobson Reply

      Evil Geniuses by Kurt Andersen

    • Mogulis Valar Reply

      every man alive resides in a biological prison. it starts with life.

  47. quietenergy Reply

    awsum questions

  48. Ibraahiym Kadessh Reply

    The question was ‘who is to blame for this great inequality’. I lay the blame on bicameral legislatures. We should have abandoned upper houses and senates long ago in lieu of worker cooperatives or very limited government. The other alternative, which is my preference because it is an easy pivot since FDR’s New Deal, is a flat tax structure set at 60:40 in favor of the people. Government should support medical care and education only, while the land is held perpetually in common by the people although managed by a limited government. A meritocracy can succeed.

  49. Farhi Rosley Reply

    Sorry I thought I saw voldemort.

  50. Darius Lankarian Reply

    Capitalism for the poor socialism for the rich.

    • Julian Chung Reply

      Or vice versa like in USA

  51. Christopher Barber Reply

    Yuuuuuuppers. And these modern lords will bail on us as soon as musk can terraform Mars. They have already decided the planet cannot survive the human race at current rates of resource consumption. This is just a long slow countdown to the plot of the book dune

    • Elham Rahmaty Reply

      And who give snake musk to terrafarm mars or any other place?

  52. Clinton Jonga Reply

    *Marc Lamont Hill* – a prominent BLM activist, a progressive democratic socialist who got fired by CNN for promoting the ‘Boycott, Divestment, Sanctions’ (BDS) of Israel and also referred to the country as being ‘white supremacist imperialism’. Now hired by the Qataris to host a news interview titled ‘Capitalism has become techno-feudalism???

  53. Steven Yourke Reply

    Why? Because it’s a planned pandemic. Part of then globalist agenda to concentrate wealth and power in the hands of the global oligarchy.

  54. Raine Riny 7 Reply

    Even if the EU as a whole didn’t have the mechanisms which USA had in place, so that people didn’t have to rely on politicians. Dont individual EU countries have those mechanisms?

    And the feudal system is in operation not only for tech businesses. Bill Gates currently is the largest land owner in the US.We are literally moving into feudal system.
    Even for the food that people used to cultivate in their lands, now would be dependent on the aristocrats, the modern billionaires.
    This system has to collapse. Capitalism is not working anymore.

  55. Lonely Wanderer Reply

    Marc Lamont – you have no credibility, since you used to work for CNN – Clinton news network. No credibility. Let Yanis speak with an empty chair.

  56. Yusuf Abdallah Reply

    this is a plandemic and big tech is fully invoved as they own all media…..the global village is under attack because of its borderless design easily exploited by big tech…where even the president of america can be rigged out and denied any voice by big tech who hold social media also in its vast grip

    all countries must return their sovereignty and give its citizens fully rights so all are free especially free speech…..prcedence in court cases must stop ”’law is law every case must have its merits….the use of 1905 court case to weaponise vaccine is wrong and illegal

  57. Carla Broderick Reply

    Beware of any ideology preaching revolution, only massive death has resulted. Education, honesty, research of candidates, voting religiously, environmental activism. Yanoukis comes from Greece, which lied about its finances to enter the EU, then spent its own and EU money into bankruptcy. Corruption is the cause of world poverty, only education and activism control corruption.

  58. Jeffrey Cheng Reply

    The Church of Covidtology. The followers of this cult belong in re-education camps. These cult followers believe EVERYTHING that the media, Gates, Fauci, and Slaoui say and worship them as Gods. Disturbing. No wonder it seems like End Times. Wow people. Wow. The head of Moderna says that this scam of the century will be endemic which means we will never go back to normal even after we get the jab. The walrus will continue to evolve and become jab resistant. The followers of Covidtology are in for a rude awakening. They’re in for a grand rude awakening. This is The Great Reset agenda being pushed by Klaus Schwab. This is Dark Winter. In other words, we don’t need a jab, we don’t need it. But people will continue to line up and beg for it…

  59. Jeffrey Cheng Reply

    “Capitalism is state sponsored usury.”- E.Michael Jones.

  60. Jeffrey Cheng Reply

    Eugenics. Depopulation. Satanists.

  61. tean tan Reply

    good interview, if you leave Prof. Varoufakis to talk it will take twice as long and cover less subject material.

  62. Srijan Uzir Reply

    Really like the journalist. here.

  63. Nessie Andrew Reply

    Yanis Yang Gang 2024

  64. CondorOne Reply

    The UK is about to SHATTER into pieces.

    • Jan Andhisfiets Reply

      Be happy your out of the EU just before this crisis will hit

  65. Yiasemide Reply

    Marc Lamont Hill and Yanis Varoufakis: a brilliant pairing here.

  66. steve zuniga Reply

    Everything will be OK just listen to bts and smile

  67. Rubber Duck Reply

    BUY BITCOIN FFS!!!!

  68. obiee Reply

    Marc Lamont 👍

  69. Amo Aubrey Reply

    Truth bomb

  70. Alex Bravo Reply

    Disgusting !, ” The Owners ” have no shame , stunning Hypocrites that have corrupted ALL to satisfy their Pervert Ego ..

  71. the legendary kevin in sales Reply

    When did Marc Lamont move to aljazeera?

  72. Margaret Greenwood Reply

    What happened to monopoly commissions?

    • Jan Andhisfiets Reply

      This became the EU comission..

  73. Transcendian Reply

    Industrial Service Banking versus a Financial System full of tricks and traps for the regular guy.

  74. Germanica Bosniaca Reply

    Did i saw this reporter in some movie?

  75. One Royal Priest Reply

    Marc, nice to see you again my friend!! CNN’s loss

  76. S J Boyer Reply

    Thank you for catering to us that are as knowledgeable regarding the responsibility of the democracy of the U.S

  77. S J Boyer Reply

    Is she able to grow her own beans, or is that a complicated circumstance as well?
    As in when Africa’s position in forgetting how to sustainable survivable prior to colonization?

  78. kusheran Reply

    ISMs, like capitalism, or racism, are belief systems incentivized by economic systems. Modify beliefs and then spend accordingly.

  79. Nathan Croucher Reply

    One word, Boomers. They have the majority of votes in western countries. They vote for what fills there pockets. When they start to die off things will improve, so 5-15 years time. This guy never mentioned them once, why?

  80. SoundSelector Reply

    Amazon is Omnicorp.

  81. Interest Part Reply

    Loving this thank you! however in regard to his statistic re Structural Racism ‘People of Afro descent are 40% more likely to die of Covid’ Thats simply an epidemological thing. To do with genetic factors.

  82. VibeX MaTxeMa Reply

    Greater the sin higher the reward

  83. Cris Reply

    Don’t disagree with the guy but how come his country went into complete bankruptcy under his watch?
    If Greece didn’t get help from the EU, they’d be poorer than Somalia

  84. Beastworld Reply

    Techno-feudalism… Corprocracy… Plutocracy… Neo- liberalism… Proto-fascism… all these ideas represent oppression. yet the idea that we have hope is ridiculous. There is no real global society. I wish there was. There is still the internet though. which should be our saviour.

    • anEssentialBusiness Reply

      but they’re trying to turn the internet into this trans-human virtual reality thing man idk

    • Beastworld Reply

      @anEssentialBusiness ‘They’?

    • anEssentialBusiness Reply

      @Beastworld meaning the smart people on the internet like ben geortzel, elon musk, and those people who have influence and are building companies using the internet. a lot of the other people are just using internet to troll lmao. like all these bitcoin bots. but thats just me i mean whats your perspective

    • Beastworld Reply

      @anEssentialBusiness ah I see.. you never know when someone refers to ‘they’… and as far as elon musk goes… don’t trust a guy who names their kid after a plane. if he was as smart as people tell me is he’d have unified gravity by now.

    • anEssentialBusiness Reply

      @Beastworld haha i feel that..i think he is smart, but he used a lot of his intelligence for business. i think he doesn’t like the concept of money, he probably thought it was stupid judging from the stuff he did in his younger days like spending it all on companies. even if he’s not einstein or nikola tesla smart, he’s bold af

  85. hits*academic Reply

    Remember those bandanas that show you’re gay? Notes are more rectangular.

  86. wendy Chee Reply

    Thank you for this discussion. Many, many more people need to see this.

  87. IcySaracen Reply

    When you are accused of being a socialist because you want to reign in Oligarchism and return to old capitalism.

  88. Johann Miller Reply

    Great interview. Wish it was longer.

  89. Valentin Hajdaraj Reply

    For usa you shuld start with 1913

  90. Main page Reply

    Congrats Marc 👏🏾

  91. chard athi Reply

    Glad to see him on Al jazeera.

  92. Maurice Rose Reply

    …who smelt it dealt it…?

  93. Liberal Elitist Reply

    Well I’m mean I made 240k on my stocks in 2020 and my home value went up to 2.3 million and I’m only a mere millionaire…

  94. Chura Bhok Reply

    So Al Jazeera cannot blame Trump anymore? Ha! Ha! 🙂

  95. Serge Gainsbourg Reply

    Capitalize profits (among the elites), socialize losses (among the commoners).

  96. Noplay Reply

    The quality of Al Jaz reporting is getting better and better.

  97. Liberal Elitist Reply

    UBI will just cause inflation…. Forget this idiotic idea

  98. cesar brown Reply

    Because suffering is profitable and that should scare us all.

  99. Brian Goldby Reply

    Excellent interview. Real.

  100. John McEntegart Reply

    Corporate Feudalism and Gangsterism are my Words

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