The year 2008 signaled to many the weak foundations of modern capitalism in the hands of the greedy, untethered financial sector—the “vampire squid” investment banks as journalist Matt Taibbi called them. Rising from the ashes of the crash, these banks used government money—”socialism for the bankers”—to enrich themselves and Big Business. This money never got to the masses. Instead shares were bought back in traditional capitalist industries and an emerging powerful bloc—the Jeff Bezos’s, the Microsoft’s, the Google’s of the world—invested in what guest Yanis Varoufakis calls, “cloud capital.”

Former member of the Greek parliament and Minister of Finance Yanis Varoufakis joins host Chris Hedges on this episode of The Chris Hedges Report to explain how capitalism is dead and a new form of capital, the title of his new book, “Technofeudalism,” has arisen and holds power akin to the feudal lords of medieval times.

Varoufakis argues that the two pillars of capitalism, markets and profits, have now been replaced and a familiar system of fiefdoms and serfs has emerged. “Markets have been replaced by these digital platforms that look like markets but are not markets. They're more like digital or cloud fiefdoms like Amazon.com or Alibaba, where you have a digital fence keeping within it producers, consumers, artisans, intellectuals, and we are all essentially producing value for the owner of that digital fiefdom, Jeff Bezos in this particular case, in the case of Amazon, who charges ground rent, but of course it's cloud rent,” Varoufakis tells Hedges.

The huge amount of investment in phones, laptops, cell towers, server farms and thousands of miles of optical fiber cables has brought about a system that now dominates all parts of life, including even behavior modification in individual people. The most common platforms used today—Instagram, Google, Amazon, etc.—use their automated systems to produce “tailor-made advertisements which are in a dialectical relationship with us,” Varoufakis says. “We train them to train us, to train them to train us, to convince us that we want something.”

Varoufakis discusses this and more, including how private equity companies like BlackRock, State Street and Vanguard also tap into this system of rentier capitalism and do away with competition, parasitically exploiting working people and traditional capitalists alike.

Mary Shelley, in the preface to the 1831 edition of Frankenstein, writes, “Invention, it must be humbly admitted, does not consist in creating out of void, but out of chaos.” In the chaos of war and inequity, cartoonist Joe Sacco pioneered the first graphic illustration journalism. Sacco has covered some of the most devastating warzones such as in Bosnia, which gave birth to his book, “Safe Area Gorazde,” and Gaza, which inspired “Footnotes in Gaza,” a book host Chris Hedges calls, “A masterpiece… one of the finest books done on the Palestine-Israel conflict, hands down.”

Sacco joins Hedges on this episode of The Chris Hedges Report to talk about his continued journey through chaos and how Israel’s genocide in Gaza influenced the newest iteration of his invention, his book “War on Gaza.”

Hedges quotes a question Sacco asks in the book, “Is it genocide or is it self-defense? Let's make everyone happy and say it is both. In that case, we'll need new terminology. I propose genocidal self-defense that should give both sides something to work with.”

Through visual renderings, dark humor and objective reporting, Sacco is able evoke responses to events playing out in ways traditional media can never achieve.

“You will find humor in places like Gaza, places like Bosnia, and it's always of the darkest sort. It's their way of sort of managing their own thoughts, being funny, but understanding the underlying darkness of their humor. And I think I picked that up and I'm reflecting it back,” Sacco tells Hedges.

The two reference several parts of Sacco’s new book, touching on the different ways the genocide has altered life in the West, including academic censorship, the question of democracy and biblical interpretation.

In the end, Sacco says it all comes back to his own personal life and the connection it has with such an atrocity. “I've always had this idea that whatever I'm paying in taxes really just adds up to one small piece of shrapnel. I mean, as a nightmare, I just imagine that all my money is funneled into a small part of a bomb that causes someone to lose their life in Gaza.”

“You can't just sit there and build drones and not talk about who it's serving and who does it help,” says Richard Solomon, PhD student at the Massachusetts Institute of Technology and member of the Coalition for Palestine at MIT. On this episode of The Chris Hedges Report, Solomon and fellow MIT PhD student Prahlad Iyengar detail their battle against the historic institution’s active participation in the genocide in Gaza. Their story exemplifies the repression students face across the country who dare question how their work and labor are used to advance the illegal and morally reprehensible goals of the Israeli military.

“What this ultimately means is that MIT's research can enable a genocide and in fact is enabling the ongoing genocide against Palestinians,” Iyengar states plainly. The two students have found themselves in hot water recently following Iynegar’s tepid encounter at an MIT career fair as well as an op-ed authored by the student coalition.

Iyengar’s engagement with Lockheed Martin recruiters—where, after politely waiting in line at a career fair, he expressed his discomfort for their involvement in the genocide and climate crisis—resulted in him being charged with harassment and intimidation of the recruiters. The op-ed called out Daniela Rus, director of the MIT Computer Science and Artificial Intelligence Laboratory, for the laboratory’s direct collaboration with the Israeli military. Rus successfully pressured MIT’s paper, The Tech, to retract the article despite presenting publicly available information and real ties to the Israeli military apparatus.

“By introducing these technologies and by enabling these technologies,” Iyengar tells Hedges, “what is really being enabled by MIT's research for the Israeli military is the ability for drones to engage in tracking, in facial recognition, in targeting of Palestinians.”

Solomon makes clear that the politicization of academic work is not novel and recently, MIT itself has distanced itself from projects that are tied to genocides or wars. “If MIT did it for the genocide in Darfur in 2008, if they could divest from the Draper labs, if they could, at one point, I think in 2022, they ended their relationships with a Russian university that they'd helped establish—I mean, if they can do those things over political crimes and acts and recognize them as political moves, they can also do the same for the Palestinians,” he says.