Elon Musk’s $1.25 Trillion Mirage Yanis Varoufakis — Feb 13, 2026 More often than not, share prices are rigged, which is why they are a dreadful predictor of profitability even on average, and why they have become the primary instrument for transferring wealth upwards. The SpaceX-xAI merger tells much of this sorry tale. ATHENS – […]
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Telling the Truth About China’s Success With the Persian Gulf in flames, de-escalation of the cold war between the United States and China must become the world’s top priority. To that end, it is essential to explode a powerful myth: the idea that China has cheated its way to prosperity. ATHENS – As missiles, bombs, […]
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ATHENS – Margaret Thatcher famously quipped that the problem with socialists is that, eventually, they run out of other people’s money. But what happens when bankers run out of other people’s money, as seems likely to happen soon? Either we end up with another calamitous financial meltdown or we innovate to serve the public interest […]
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The IMF-World Bank Spring meetings are usually placid affairs that participating central bankers wish to forget soon after they are over. Not this Spring. This April the feeling several central bankers brought back home with them was not the usual relief but something far more visceral: dread, terror even. The reason? The spectre of the […]
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Neoliberalism was neither new nor particularly liberal when it prevailed 50 years ago. Its great advantage was its sharp deviation from classical liberalism. Even though it paid tribute to liberal thinkers, neoliberalism shared neither their method nor their concept of the market. Today, we are on the cusp of another, equally profound, ideological innovation. Unlike […]
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If we truly want to strengthen Europe, the first step is not to rearm. It is to forge the democratic union without which stagnation will continue to erode Europe’s capacities, rendering it unable to rebuild what is left of Ukraine once Vladimir Putin is finished with it. ATHENS – Inducting Ukraine into NATO after forcing […]
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War is in the air more than peace these days. This reflects not only the salience of well-known strategic traps, but also the rapid emergence of cloud capital, which is in steering the world into these traps in four distinct ways. ATHENS – The West is on a war footing. The German government is working […]
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ATHENS – With Donald Trump back in the White House, the high tariffs he has pledged to slap on Chinese imports are not China’s greatest concern. China’s leaders understand that tariffs are more significant for Trump as political and symbolic moves than as economic weapons that will seriously impede China’s growth and development. The real […]
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Western power is as strong as ever. What has changed is that the combination of socialism for financiers, collapsing prospects for the bottom 50%, and the surrender of our minds to Big Tech has given rise to overweening Western elites with little use for the last century’s value system. ATHENS – A motley crew of […]
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If the US president-elect’s efforts to eliminate America’s trade deficit succeed, real-estate prices in Miami and Manhattan will crash, the cost of servicing government debt will skyrocket and the Dow Jones will plummet. Perhaps he should be reminded that the most vengeful of deities is one that grants him his sincerest wish. ATHENS – Donald […]
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