It’s a little odd thinking a Greek finance minister has a handle on the future of Capitalism given Greece is a failed Socialist state but he is certain. He claims Capitalism is destroying itself, according to the Independent.
Former Greek finance minister Yanis Varoufakis, who negotiated a deal with the EU to keep Greece in the union, says Capitalism is coming to an end because it is making itself obsolete.
The former economics professor told an audience at University College London that the rise of giant technology corporations and artificial intelligence will cause the current economic system to undermine itself.
Karl Marx “will have his revenge”, he said, because the new technology “is going to destroy a lot more jobs than it creates”.
One policy he suggests is for 10% of all future issue of shares to be put into a “common welfare fund” owned by the people. A “universal basic dividend” would be issued and given to every citizen.
He cites Google and Facebook as examples of companies that have you enslaved to them while they make profits. [They are also determining what the consumer will say.]
Google and Facebook, for the first time ever, are having their capital bought and produced by consumers.
“Firstly the technologies were funded by some government grant; secondly every time you search for something on Google, you contribute to Google’s capital,” he said. “And who gets the returns from capital? Google, not you.
“Capitalism is going to undermine capitalism, because they are producing all these technologies that will make corporations and the private means of production obsolete.
“And then what happens? I have no idea,” he said.
The globalist 56-year old says the current system is “unsustainable” and he fears “toxic nationalism”.
He has a solution — REDISTRIBUTION OF WEALTH! One policy he suggests is for 10% of ALL FUTURE ISSUE OF SHARES to be put into a “common welfare fund” owned by the people. A “universal basic dividend” would be issued and given to every citizen. Spoken like a Socialist or Communist.
What could possibly go wrong? Communism has only killed 100 million people so far.
This is the latest scheme put forth by people like Mark Zuckerberg, Tom Steyer, Joseph Stieglitz, Paul Krugman, George Soros and other radical globalists.