Why the gold crash masked a more dangerous long-term trend - Varoufakis & Munchau | The Econoclasts

UnHerd • February 4, 2026
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UnHerd

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As you may have guessed from our strange spelling, UnHerd aims to do two things: to push back against the herd mentality with new and bold thinking, and to provide a platform for otherwise unheard ideas, people and places. We think this approach is more needed than ever. Societies across the West are divided and stuck, and the established media is struggling to make sense of what’s happening. The governing ideologies of the past generation are too often either unquestioningly defended or rejected wholesale. It’s easy and safe to be in one or other of these two camps – defensive liberal or angry reactionary - but UnHerd is trying to do something different, and harder. We want to be bold enough to identify those things that have been lost, as well as gained, by the liberal world order of the past thirty years; but we strive to be always thoughtful rather than divisive. Welcome to UnHerd. We hope you find something that makes you think again. https://linktr.ee/unherdtv

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đź”—Buy the AI-powered UPDF Editor with an exclusive discount: https://updf.com/updf-sales-promotion/?utm_source=Youtube-unherd-2601-liki+&utm_medium=en&utm_campaign=liki202601&packageKey=overseapromotion One license can be used on all platforms to edit and sync PDFs! đź“° Subscribe to UnHerd today at: https://bit.ly/3Qdkd5y Following a historic price crash for gold and silver after President Trump picked Kevin Warsh to lead the Federal Reserve, Yanis Varoufakis and Wolfgang Munchau dismantle the orthodoxies surrounding the slump and connect the dots between Warsh’s Mar-a-Lago family ties, the toxic legacy of Quantitative Easing, and the inevitable shift toward fiscal dominance, exposing why the crash is a symptom of a dying central banking era and a warning of the dollar debasement yet to come. Watch it on the UnHerd website: https://unherd.com/watch-listen/trumps-fed-chair-pick-wont-save-the-dollar/ Listen to the podcast: plinkhq.com/i/1685475850 Advertise on UnHerd @ [email protected] Follow UnHerd on social media: Twitter: https://x.com/Econoclasts Facebook: https://www.facebook.com/unherd/ Instagram: https://www.instagram.com/unherd/ TikTok: https://www.tiktok.com/@unherdtv //TIMECODES// 00:00 - 01:00 – Intro 01:00 - 02:10 – Today’s topics 02:10 - 03:11 – Sponsor: UPDF 03:11 - 07:35 – Why Trump really chose Warsh 07:35 - 09:04 – Gold crash, dollar, and fiscal dominance 09:04 - 11:05 – Warsh’s 2008 record and market logic 11:05 - 14:16 – Debt, stablecoins, and Fed limits 14:16 - 19:36 – Draghi, the euro, and Greece 2015 19:36 - 22:11 – Decline of “hero” central bankers 22:11 - 24:40 – What QE is and why it failed 24:40 - 29:05 – QE’s side effects and alternatives 29:05 - 32:58 – QE as “system-destroying” 32:58 - 35:42 – QE, austerity, and rise of private money #UnHerd #FederalReserve #EuropeanUnion

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