Economist and former Finance Minister of Greece, Yanis Varoufakis, delivered a thought-provoking address at the National Press Club in Canberra.
During the address, Varoufakis shed light on what he perceives as a “common existential threat” that both Australia and Europe are facing. That is – a creeping irrelevance.
He argued that this threat arises from inadequate investment, as well as an “ill-considered slide from a strategic dependence on the United States to a non-strategic, self-defeating servility to Washington’s policy agenda.”
Today: Yanis Varoufakis, Academic Economist, Parliamentarian, Political Leader and Greece’s former Finance Minister, Addressed the National Press Club of Australia. Catch up on ABC iView.@hil_clix_pix pic.twitter.com/3HGVYuOt6l
— National Press Club (@PressClubAust) March 13, 2024
Varoufakis also highlighted the disruptive impact of what he called the “New Cold War” on the business models of Australia and Europe.
He said the root of the “New Cold War” lies not in geopolitical flashpoints, but in a deeper clash between two competing socio-economic systems—one based on the dollar and the other on the yuan.
Varoufakis then cautioned against reducing the complexities of the New Cold War to mere territorial disputes or security concerns. Instead, he urged policymakers and observers to recognise it as a clash between contrasting economic models—one characterised by techno-feudalism and dominance in global finance.
Source: The Guardian.
