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Yanis Varoufakis Home Page

Varoufakis, The New Yorker

Does Europe Really Need Fiscal and Political Union?
Dani Rodrik, Project Syndicate 11 December 2017

Adults in the Room
Yanis Varoufakis, the colourful former Greek finance minister,
who bears the scars of his country’s bruising scrap with the EU over its debt crisis.
Telegraph, 3 October 2017

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.

“Brussels is a democracy-free zone,” he wrote. “It is the nature of the beast to treat the will of electorates as a nuisance that must be, somehow, negated.”

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Adults in the Room: My Battle with the European and American Deep Establishment

Om Varoufakis på min blog

Western capitalism has few sacred cows left.
It is time to question one of them: the independence of central banks from elected governments.
Yanis Varoufakis, Project Syndicate 29 August 2017

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.

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The Great Crash (2007/8) ten years on – talking on BBC Radio 4’s World At One special program
11 August 2017

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. CERULUS 12/24/15

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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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