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Trump, the Dragon, and the Minotaur – Project Syndicate op-ed

  ATHENS – If Donald Trump understands anything, it is the value of bankruptcy and financial recycling. He knows all about success via strategic defaults, followed by massive debt write-offs and the creation of assets from liabilities. But does he grasp the profound difference between a developer’s debt and the debt of a large economy? […]

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New Statesman interview: The Left’s duty after Trump’s awful victory

I had no doubt Donald Trump would win, just like I had no doubt Brexit would happen, so maybe I’m not as shell-shocked as you,” says Yanis Varoufakis. The former Greek finance minister is speaking to me several days after the Republican candidate’s historic victory. He doesn’t sound smug about being so prescient, more resigned, deflated, […]

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POLITICO: Interview

VAROUFAKIS TOLD YOU SO By DAVID PATRIKARAKOS  ATHENS — Yanis Varoufakis lives in understated elegance. His apartment is spacious and pleasing to the eye. Shelves bulge with books on politics and economics, unsurprising for a university professor who was, until July, Greece’s finance minister. TO READ THE INTERVIEW ON POLITICO’s SITE, CLICK HERE. Or…

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Democratizing the Eurozone – a Project-Syndicate op-ed

ATHENS – Like Macbeth, policymakers tend to commit new sins to cover up their old misdemeanors. And political systems prove their worth by how quickly they put an end to their officials’ serial, mutually reinforcing, policy mistakes. Judged by this standard, the eurozone, comprising 19 established democracies, lags behind the largest non-democratic economy in the […]

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Death by Debt: My Response to The German Finance Ministry, by Jeffrey Sachs

Dr. Ludger Schuknecht, senior economist at the Germany Finance Ministry, explains his ministry’s viewpoint regarding Greece. This viewpoint essentially holds that Eurozone countries should live within their means; adjust to their debt burdens; and take their reform medicine as needed. If they do so, they will be successful, as illustrated by Ireland, Spain, and Portugal. Greece […]

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How the US rolls (post-Global Minotaur) – by SLAVOJ ŽIŽEK

In this article, aptly subtitled It’s lonely being the global policeman, Slavoj evokes a parallelism between the age of extremes that began as the British Empire was losing its grip with the present moment in history. Now that the Global Minotaur (quoting my book) is mortally wounded, “…the American century is over and we are witnessing […]

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The Australian Dollar, China's Bubble, QE Exit and the Eurozone: Guest Post

I just received an interesting letter from a colleague who authorised me to share its essence with you, but without revealing his identity. The views expressed are his own and, though I do not agree with his conclusion, I believe this short letter should be essential reading for all those of us who follow the […]

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Ten highs and ten lows, circa 2012: my intensely biased list

THE HIGHS The definitive discovery of the Higgs boson particle that confirms our capacity to grasp the ways of the universe first through logic and theory and later empirically; a triumph of human reason Mitt Romney’s implosion at the ballot box At last, a decent James Bond flick A piece of graffiti in downtown Athens […]