

Another round: Yanis Varoufakis on the tariff war
8 snips Apr 12, 2025
Yanis Varoufakis, a prominent economist and former finance minister of Greece, dives into the implications of Trump's tariff war on the global economy. He analyzes the ramifications this has on the British economy and discusses the ties between U.S. nationalism and leftist politics in the UK. The conversation also touches on historical tactics used by fascists to manipulate economic sentiments and critiques the current focus on paper profits that jeopardizes British industry. Varoufakis warns of the broader implications for America’s standing in the international arena.
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Fascist Playbook
- Fascists often start by critiquing capitalism accurately, appealing to the working class.
- They then shift blame to a scapegoat (historically Jews, now Muslims or immigrants) and consolidate power.
Reagan vs. Trump
- Reagan used the Plaza Accord in 1985 to force Japan to revalue its currency, avoiding tariffs.
- Trump prefers one-on-one deals, using tariffs as leverage for various demands.
Trump and Nixon
- Trump's trade strategy aims to devalue the dollar while maintaining its reserve status.
- Nixon's 1971 'Nixon shock' achieved a similar goal, boosting US power despite deficits.