By Yanis Varoufakis
A massive conflict is being waged for Europe’s integrity and soul, with the forces of cause and humanism wasting out to turning out to be irrationality, authoritarianism, and malice, selling inequality and austerity. the full global has a stake in a victory for rationality, liberty, democracy, and humanism.
In January 2015, Yanis Varoufakis, an economics professor instructing in Austin, Texas, used to be elected to the Greek parliament with extra votes than the other member of parliament. He used to be appointed finance minister and, within the whirlwind 5 months that undefined, every little thing he had warned about—the perils of the euro’s defective layout, the eu Union’s shortsighted austerity rules, financialized crony capitalism, American complicity and emerging authoritarianism—was proven because the “troika” (the ecu valuable financial institution, foreign financial Fund, and ecu fee) stonewalled his efforts to solve Greece’s fiscal crisis.
Here, Varoufakis grants a clean examine the heritage of Europe’s difficulty and America’s significant position in it. He offers the final word case opposed to austerity, providing concrete guidelines for Europe which are essential to handle its concern and ward off contagion to the United States, China, and the remainder of the realm. With passionate, informative, and every now and then funny prose, he warns that the implosion of an admittedly crisis–ridden and deeply irrational eu financial union may still, and will, be shunned in any respect price.
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Extra resources for And the Weak Suffer What They Must?: Europe's Crisis and America's Economic Future
Eu rop e’s r e s p on s e , a s we shall see over the coming chapters, was to create its own substitute, a kind of European Bretton Woods, culminating, after countless trials and tribulations, in a common currency: the euro. Disastrously, those who built up the European version of Bretton Woods were no Harry Dexter White or John Maynard Keynes. Innocent of the macroeconomic problems monetary unions throw out, they created a system that removed all shock absorbers but, at the same time, unwittingly ensured that when the shock came, as it did in 2008, it would be gigantic, causing Europe to turn in on itself.
8 A N D T H E W E A K S U F F E R W H AT T H E Y M U S T ? V I C T O R S B E H AV I N G B A D LY, FA I L I N G T O B E G O O D AT B E I N G S E L F I S H , A N D C A U S I N G T H E W E A K TO SUFFER MORE THAN THE Y MUST Forty years later, in 1988, while looking through Keynes’s papers and books at King’s College, Cambridge, I noticed a copy of Thucydides’s Peloponnesian War in the original ancient Greek. I took it out and quickly browsed through its pages. ”16 These words were ringing in my head during the spring of 2015 as I faced Greece’s lenders and their unwavering commitment to crush our government.
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And the Weak Suffer What They Must?: Europe's Crisis and America's Economic Future by Yanis Varoufakis