Late Night Live - Separate stories podcast Yanis Varoufakis on Trump's shock plan for the global economy
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Apr 15, 2025 
Yanis Varoufakis, an influential economist and co-founder of DiEM25, shares his insights on Trump's surprising economic tactics. He argues that Trump’s strategy could shock the global economy by forcing countries to embrace cryptocurrency for trade, significantly impacting the U.S. dollar's dominance. Varoufakis provides a historical context, likening Trump's policies to those of Nixon, and warns of the risks involved. He discusses the interplay of global currencies, the role of tech entrepreneurs, and the complex loyalties in international trade relationships.
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Trump's Risky Economic Plan
- Trump's economic strategy involves risky tariff manipulations, echoing Nixon's 1971 shock.
- This aims to devalue the dollar, boosting US competitiveness and forcing other countries to buy cryptocurrency.
Making Others Pay for the Deficit
- Instead of raising taxes to address debt, Trump's approach involves increasing the deficit and making other countries pay for it.
- This has been happening since 1971, with foreign capitalists effectively financing the US deficit.
Devaluing the Dollar, Maintaining Hegemony
- Trump aims to devalue the dollar by about 30% while imposing 10% tariffs, increasing US competitiveness by 40%.
- This mirrors Nixon's strategy of devaluing the dollar while strengthening its dominance.
