The Econoclasts Trump’s war on the Fed & Bulgaria’s Euro disaster
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Jan 14, 2026 Tensions rise as the Trump administration threatens the independence of the Federal Reserve. Yanis Varoufakis and Wolfgang Munchau dive into Bulgaria's controversial eurozone entry and the chaotic aftermath. They highlight the shift from technocratic consensus to a volatile era they call 'techno-feudalism.' The hosts also express concerns over the risks of private currencies and the implications for financial stability. Through discussions on central bank politics and the failures of euro expansion, they advocate for a return to serious economic debate.
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Independence Is Political, Not Technical
- Central bank independence is a political construct, not a purely economic given.
- Yanis Varoufakis argues independence rests on a social consensus that has now broken down.
Lawfare Kills Political Debate
- Lawfare replaces political debate with courts and destroys genuine discourse.
- Yanis warns that weaponising courts against central bankers murders democratic discussion.
Privatising The Dollar Risks Chaos
- The dollar faces partial privatisation via stablecoins and private issuance.
- Yanis predicts a move toward a chaotic money market akin to the 1890s if private dollars expand.