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Varoufakis


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Varoufakis, The New Yorker


From the mid-1970s to 2008, the US economy had kept global capitalism in
an unstable, though finely balanced, equilibrium.

It sucked into its territory the net exports of economies such as those of Germany, Japan and later China,
providing the world’s most efficient factories with the requisite demand.

How was this growing trade deficit paid for?
Yanis Varoufakis 11 November 2016

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.

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Why I am reading Stockman and Varoufakis

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
medan de stirrade med tomma ögon framför sig och sedan körde över honom och Grekland i ännu en extend-and-pretend-lösning.

Rolf Englund 2016-03-24

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En kaxig narcissist som förre finansministern Yanis Varoufakis har tvingats lämna scenen.
Ingen saknar honom.
Richard Swartz, kolumn DN 22 oktober 2016


Yanis Varoufakis talks again, insults everybody
The ex-Greek finance minister closes out a difficult year by torching his former Eurogroup colleagues.
www.politico.eu/LAURENS CERULUS 12/24/15

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http://yanisvaroufakis.eu/books/the-global-minotaur/


Before 1971, US global hegemony was predicated upon America’s current-account surplus with the rest of the capitalist world,
which the US helped to stabilize by recycling part of its surplus to Europe and Japan.
This underpinned economic stability and sharply declining inequality everywhere.
But, as America slipped into a deficit position, that global system could no longer function,
giving rise to what I have called the Global Minotaur phase.
Yanis Varoufakis, Project Syndicate 28 November 2016

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