Economist and former Greek finance minister Yanis Varoufakis has told the National Press Club in Canberra that a 'new cold war' is upending Australia and Europe's business models.

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'The new cold war has nothing to do with trade routes, Taiwan, or Chinese escalation in the Pacific,' he said. 'It is, rather, the manifestation of a dangerous clash between two techno-feudal systems – one denominated in dollars, the other in yuan.'

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