We look at how the Ukraine war is contributing to an energy crisis across Europe with Greek politician and economist Yanis Varoufakis. Last week Russia announced it would not resume sending natural gas to Europe via the Nord Stream 1 pipeline, blaming Western sanctions for supposed maintenance delays keeping the gas shut off. Prior to the war, Russia supplied Europe with 40% of its natural gas, but now European nations must find ways to cope with fuel shortages and soaring energy prices as winter approaches. Varoufakis says a history of market liberalization and reliance on cheap Russian gas has left the continent scrambling, in turn pushing up energy costs in the Global South as richer European countries buy up other sources of energy. “Yet again, Europe is exporting misery to the rest of the world,” says Varoufakis, a member of the Greek Parliament and former finance minister.
Fadel Kaboub diescusses a Job Guarantee from the perspective of Mondern Monetary Theory.
Patricia talks with Associate Professor of Humanities & Cultural Studies and co-host of Money On The Left podcast Scott Ferguson about Marxism and political identities in general in relation to MMT. Listen here
Keen believes that during a crisis — climate or pandemic — we need a centralized authority to take over and maintain civilization. We’ve been following the advice of neoclassical economists for about half a century. […]