The Econoclasts

Yanis Varoufakis and Wolfgang Munchau dive into Europe's identity crisis, questioning whether its proclaimed values are mere slogans. They discuss the muted response to sanctions against a French judge and how Europe's foreign policy prioritizes U.S. ties over its own ideals. The hosts scrutinize the ambitious 3.5% GDP defense spending target, arguing it could deepen dependence on American arms rather than foster autonomy. They highlight Europe's inefficiencies and the implications for military innovation, suggesting a need for a focused defense procurement union.

Yanis Varoufakis and Wolfgang Munchau dive into Europe's questionable strategy in the Ukraine war, suggesting leaders may prefer prolonging the conflict to justify rearmament. They dissect the ethical chaos and critique Europe's lack of coherent options. Transitioning to cryptocurrency, they argue major players have co-opted the market, leading to a troubling alliance threatening financial freedom. With stablecoins reinforcing dollar dominance and risking systemic collapse, there’s a urgent call for Europe to act on its digital currency future.

Yanis Varoufakis and Wolfgang Munchau delve into the tumultuous state of British politics, questioning the viability of Keir Starmer's leadership and the implications of Rachel Reeves' budget. They argue against the overreliance on economic experts and debate the pitfalls of midterm leadership changes in the Labour Party. Munchau critiques past political coups, while Varoufakis suggests bold alternatives like a national investment bank. The hosts emphasize the need for political accountability amid a backdrop of economic challenges.

Unraveling the euro's potential downfall, the discussion reveals critical structural flaws that could lead to a crisis, particularly if political shifts arise in France. The conversation also questions the myth that capitalism equals free markets, exposing how state and corporate interests conspire to maintain monopoly power. They explore whether AI will challenge this status quo or reinforce existing tech giants' control. The hosts delve into the implications of data and technology in shaping power dynamics, emphasizing the need for genuine competition.

This week, the hosts challenge the conventional belief that China is actively seeking to replace the US dollar, highlighting Beijing's desire for sanctions independence instead. They explore how China’s approach to a reserve currency could demand substantial liberalization of its capital markets. Additionally, they critique the 'cordon sanitaire' strategy in Europe that excludes far-Right parties from coalitions, arguing it leads to stagnation and empowerment of these parties instead of resolution. The conversation intertwines global economics with evolving political dynamics.

In this first episode of The Econoclasts, Yanis Varoufakis and Wolfgang Munchau debunk two failed economic orthodoxies shaping our world. First, they dismantle the narrative that Europe is helping Ukraine - and striking a powerful blow against Russia - by raiding Russia’s frozen assets. More than this being legally questionable, is it also economically and geopolitically self-defeating? Next, they expose the "battle" between central banks and anti-establishment crypto rebels as a false choice, revealing it as a dangerous illusion that serves the powerful. Far from being revolutionary, are stablecoins turbo-charging financial instability for the next global crash? Hosted on Acast. See acast.com/privacy for more information.

The Econoclasts is a new podcast from UnHerd hosted by economist Yanis Varoufakis and journalist Wolfgang Munchau. While they don't always agree politically, they are united in one conviction: the consensus is rotten. Mainstream economics has consistently failed to predict the events that shape our world, yet this broken orthodoxy still dominates policy and media. Each week, they choose two pillars of the established orthodoxy — the "settled facts" — and shatter them, cutting through the spin to connect the dots between money, geopolitics, and the real forces shaping our future.Don't forget to rate, like and subscribe wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

Tom and Helen analyze Donald Trump's approach to the complexities of a multipolar world, focusing on his relationships with Russia and China. They discuss transformative shifts in U.S. foreign policy towards Ukraine and the Arctic's role in global competition. The complexities of European interests are explored, particularly how NATO and the EU adapt to geopolitical changes. The speakers also examine Trump's strategies regarding Iran and the broader implications for global power dynamics, raising questions about future security in Europe.

The podcast dives into the emergence of a multipolar world order, highlighting the shift from U.S. dominance to a more diversified global landscape. It examines the rise of China and Russia, and the implications for American geopolitical strategy. Key discussions focus on the challenges of resource dependencies, U.S.-China dynamics, and the complexities of international relations. The evolving military ties between the U.S. and Russia in the Middle East are also explored, shedding light on significant geopolitical events and their ramifications.

Tom and Helen dive into the alarming American debt crisis and how Trump's economic policies respond to it. They explore the intricate balance between corporate tax cuts and individual benefits, while also reflecting on the U.S.’s role in international relations. Historical parallels with Nixon and Reagan reveal the radical implications of current economic strategies. The discussion extends to the relationship between military power and economic stability in U.S. foreign policy, highlighting past legacies and the evolving global economic landscape.