Yanis Varoufakis: How I became an erratic Marxist (Greece)

Guardian UK ^ | 18 February 2015 | Yanis Varoufakis

[Lorianne]

Before he entered politics, Yanis Varoufakis, the iconoclastic Greek finance minister at the centre of the latest eurozone standoff, wrote this searing account of European capitalism and and how the left can learn from Marx’s mistakes ___ In 2008, capitalism had its second global spasm. The financial crisis set off a chain reaction that pushed Europe into a downward spiral that continues to this day. Europe’s present situation is not merely a threat for workers, for the dispossessed, for the bankers, for social classes or, indeed, nations. No, Europe’s current posture poses a threat to civilisation as we know it.

If my prognosis is correct, and we are not facing just another cyclical slump soon to be overcome, the question that arises for radicals is this: should we welcome this crisis of European capitalism as an opportunity to replace it with a better system? Or should we be so worried about it as to embark upon a campaign for stabilising European capitalism?

To me, the answer is clear. Europe’s crisis is far less likely to give birth to a better alternative to capitalism than it is to unleash dangerously regressive forces that have the capacity to cause a humanitarian bloodbath, while extinguishing the hope for any progressive moves for generations to come.

For this view I have been accused, by well-meaning radical voices, of being “defeatist” and of trying to save an indefensible European socioeconomic system. This criticism, I confess, hurts. And it hurts because it contains more than a kernel of truth.

[RginTN]

have you noticed Conservatives aren’t given such adjectives like “iconoclastic” in the media???!!!!

[ConjunctionJunction]

“European capitalism”?

Huh??? ROFL!

[goldstategop]

A rather innovative thinker: he fears fascism more than he fears capitalism. Yannis Varoufakis’ is much a critic of communist and social democratic parties as he is of the Right.

His argument is the Left got Marx wrong and Marx allowed him to be boxed into linear economic thinking that obscured the fact what is wrong with capitalism is not in that it innovates and reproduces wealth but in commodifying humanity, it deprives people of their human freedom.

The Left has entirely missed the boat on human freedom and has been sucked into defending the economic relations of production as the sole basis of social existence. In other words, the organization of the state and how it manages an economy is more important than how people within the state actually live. Communism and socialism for that reason - remain and are failed gods.

Nevertheless, Vanoufakis is right I think, in concluding that the era of neoliberal hegemony is over. It has no answer but austerity and enforcing misery and hopelessness on millions of people. Its losing its legitimacy. Nevertheless replacing it won’t be easy and for Vanoufakis stabilizing a European order he immensely dislikes is necessary because the alternative will not be a resurgent Left but revivified fascism. In the short term, neoliberal hegemony that is the EU is the only operative construct.

As an erratic Marxist, Vanoufakis understands very well the route to change in Europe and around the world will be a long and hard one.

[Old Teufel Hunden]

"They recognise the mountain of debts and banking losses but neglect the opposite side of the same coin: the mountain of idle savings that are “frozen” by fear and thus fail to convert into productive investments."

This makes no sense to me. Where exactly are idle savings? The only idle savings there are would be someone hiding money under a mattress like people did in the 30's. At least they were hiding money based on the gold standard and not fiat money. No one does this anymore. People have their money in banks, the market or bonds. In other words, their money is being put to productive use. This guy builds a straw man that does not exist.

He then goes on to criticize the Thatcher administration. I'm not an expert on the historical British economy, but my understanding of it is that the socialists completely wrecked it in the 70s. Then Thatcher got in office in 1979 and started to turn it around. Yes, it took her government years to turn it around, but by the mid 80s wasn't the British economy humming? So I'm guessing he criticizes her for the early 80's while she was digging out of the hole that her socialist predecessors created? Sheeessshhhh!

[Old Teufel Hunden]

"Nevertheless, Vanoufakis is right I think, in concluding that the era of neoliberal hegemony is over. It has no answer but austerity and enforcing misery and hopelessness on millions of people."

I think the era of the Eurozone is probably over. I don't believe you can create a common fiscal policy on multiple countries with different economic policies. If that is what you mean by the era of neoliberal hegemony, then I agree. I never thought it was a good idea except for people like myself. Tourist who want to visit multiple countries on the European continent.

[SunkenCiv]

In 2008, capitalism had its second global spasm. The financial crisis set off a chain reaction that pushed Europe into a downward spiral that continues to this day. Europe’s present situation is not merely a threat for workers, for the dispossessed, for the bankers, for social classes or, indeed, nations. No, Europe’s current posture poses a threat to civilisation as we know it...

Blah blah blah historical inevitability of Marxism blah blah blah support for any two-bit Marxist regime blah blah blah under capitalism man exploits man, under Marxism its the other way around...

[Fred Nerks]

https://www.youtube.com/watch?v=yA2lCBJu2Gg

it’s the truth about karl marx

[4rcane]

blaming capitalism when it doesn’t exist. its just crony socialist government