The Great Recession
Rolf Englund IntCom
Adults in the Room
David Davis is currently reading his account of those talks, Adults in the Room, a searing indictment of the anti-democratic, underhand and downright mendacious tactics used by what Varoufakis calls the EU’s “deep establishment” to make the Greeks grovel.
Western capitalism has few sacred cows left.
With the rise of financialization, commercial banks have become increasingly reliant on one another for short-term loans, mostly backed by government bonds, to finance their daily operations.
With the rise of inter-bank money, backed mostly by government debt, fiscal policy has become an essential factor in determining the quantity of actual money lubricating modern capitalism.
The Great Crash (2007/8) ten years on – talking on BBC Radio 4’s World At One special program
From the mid-1970s to 2008, the US economy had kept global capitalism in
By the return of around 70% of the profits made by foreign corporates to Wall Street, to be invested in America’s financial markets.
To keep this recycling mechanism going, Wall Street had to be unshackled from all constraints; leftovers from President Roosevelt’s New Deal and the post-war Bretton Woods agreement which sought to regulate financial markets. This is why Washington officials were so keen to deregulate finance: Wall Street provided the conduit through which increasing capital inflows from the rest of the world equilibrated the US deficits which were, in turn, providing the rest of the world with the aggregate demand stabilising the globalisation process. And so on.
The Global Minotaur: America, Europe and the Future of the Global Economy
Om jag hittar det igen i min dator eller via Google återkommer jag med hans berättelse om hur han förklarade saker för sina finansministerkollegor inom Eurozonen
En kaxig narcissist som förre finansministern Yanis Varoufakis har tvingats lämna scenen.
Yanis Varoufakis talks again, insults everybody
Before 1971, US global hegemony was predicated upon America’s current-account surplus with the rest of the capitalist world,