The Global Minotaur

The Global Minotaur

America, the True Origins of the Financial Crisis and the Future of the World Economy

Book - 2011
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In this remarkable and provocative book, Yanis Varoufakis explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the root causes of the global economic crisis. Rather, they are symptoms of a much deeper malaise which can be traced all the way back to the Great Crash of 1929, then on through to the 1970s: the time when a 'Global Minotaur' was born. Just as the Athenians maintained a steady flow of tributes to the Cretan beast, so the 'rest of the world' began sending incredible amounts of capital to America and Wall Street. Thus, the Global Minotaur became the 'engine' that pulled the world economy from the early 1980s to 2008.

Today's crisis in Europe, the heated debates about austerity versus further fiscal stimuli in the US, the clash between China's authorities and the Obama administration on exchange rates are the inevitable symptoms of the weakening Minotaur; of a global 'system' which is now as unsustainable as it is imbalanced. Going beyond this, Varoufakis lays out the options available to us for reintroducing a modicum of reason into a highly irrational global economic order.

An essential account of the socio-economic events and hidden histories that have shaped the world as we now know it.
Publisher: London ; New York : Zed Books, 2011
ISBN: 9781780320144
1780320140
Branch Call Number: 338.9 VAR NVD
Characteristics: xi, 252 p. ; 22 cm

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StarGladiator
Jan 13, 2013

This guy really, really annoys me! Is he a mentally limited type, or a fraudster? Yes, he does state some incredibly obvious stuff, which has been intelligently stated over and over and over again, but his summation is idiotic and brings to mind the ancient comment: "Most economists are simply poor comic book writers, very poor." To mention the Bretton Woods agreements, without also mentioning that Keynes' input amounted to very little, and it was Harry Dexter White (hopefully I recall his name correctly) who was following the direction of a young David Rockefeller, also at Bretton Woods, of course. Varoufakis appears not to have either read, or understood, Thorstein Veblen and his brilliant, and brilliantly honest, explanation of "surplus capital" and what the hegemons and super-rich do with it! ! ! Varoufakis also excuses "financialization" as if it had no bearing (other than the financial fraud underlying the vast fortunes of so many multi-billionaires (and some trillionaires, it is rumored) and the major tool for control and manipulation of that global economy overlaid on top of recycling said surplus (didn't he ever understand the basis for "petrodollars" ? ? ?). To date, one would be wise to pay extreme attention the still-living, and most brilliant economist in the Western Hemisphere, Prof. Michael Hudson, and the deceased and most brilliant social economist in history, Thorstein Veblen (its gotta be lonely to be so brilliant among so many dull-witted comic book writers!).

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