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Is the Global Economy Just a Giant Debt Scam?

By Feux Follets following x   2018 Jun 11, 2:51am 121 views   4 comments   watch   sfw   quote     share    


Why is the world the way it is, and how did it get that way? One book I read in the past year explained more about that question than any other, and it wasn’t about Donald Trump or the rise of the far right or the endangered state of democracy — or at least not directly. Beneath the surface, it was clearly about all those things and many more.

It was also a startling and dramatic read on its own terms and one of the best-written nonfiction works I’ve encountered in recent years. It's a witty, erudite and deeply humane chronicle by a man who almost accidentally found himself in the corridors of power, with backstage access to the Western world’s financial elite. It sometimes reads like a “wrong man, wrong place” comedy and at other times, as its author says, “is the stuff of tragedy, Shakespearean tragedy, ancient Greek tragedy.”

Why haven’t you heard about this book, which is called “Adults in the Room: My Battle With the European and American Deep Establishment,” and was written by Yanis Varoufakis, a leftist academic who briefly served as the Greek finance minister at the apex of that nation’s debt crisis in 2015? (It was published last year, but is just out in paperback.) He doesn’t fit easily into the news cycle, and his ideas don’t fit neatly into the dominant political paradigm.

In any case individuals are not the problem: Not in the Greek crisis of 2010-15 in which Varoufakis briefly played a starring role, not in the tide of right-wing nationalism that threatens to tear Europe apart, and not in the Trumpified political climate of the United States. The problem is systematic, not a question of the wrong people being in charge.

Varoufakis argues that the entire Western economy has become a massive con game, on a scale thousands or millions of times larger than anything Bernie Madoff could have imagined. Furthermore, in his telling, it’s a con game run by intelligent and not necessarily malevolent people who understand perfectly well that the whole enterprise is a fraud that’s bound to come crashing down eventually. He says he knows that to be true because those people told him so, in the kinds of closed-door meetings where the uppermost level of the managerial caste discuss such things. That’s where the “Greek tragedy” enters the Greek tragedy: Those who supposedly control the system have instead become its prisoners. Or to put it another way, pay no attention to the man behind the curtain.

What I experienced was people who were neither good nor bad trying to do their best under circumstances not of their own choosing,” he said, “and then using neoliberal narratives in order to justify themselves, ex post facto. The question is, if they were not in control, if they were powerful and at the same time powerless, what on Earth is going on? Who is running the shop?”

Varoufakis argues that what happened in Greece is happening to us all, on a different scale, and that it was never about one irresponsible little country whose government spent too much money and whose citizens wanted too much free stuff. It’s a long and complicated story about how the world really works, and about the false narratives that get spun in public to conceal that. I encourage you to watch our entire conversation, embedded below — and even more so, to read “Adults in the Room.” Rather than publishing the entire transcript here, I thought it might be more helpful to summarize the main points.

More: https://www.alternet.org/global-economy-just-giant-debt-scam-heres-what-financial-elite-doesnt-want-you-know

#Debt #Economics #GlobalEconomy #Scams


1   APOCALYPSEFUCKisShostikovitch   ignore (30)   2018 Jun 11, 3:12am   ↑ like (0)   ↓ dislike (0)   quote        

So, is this a real question or a plain statement of fact?
3   HEYYOU   ignore (13)   2018 Jun 11, 8:44am   ↑ like (0)   ↓ dislike (0)   quote        

This will fire up the egos.

It's not that one has a job,it's how much they bring home after Republicans tax their pay.
Republicans believe in free markets. Corporations should pay no employees more then minimum wage.
So you're so important that you wouldn't work for minimum wage.
Stay home & starve.There are other hungry people to fill your job.

Americans motto:
"I'm irreplaceable & I don't work for nothing."
We shall see in the future.
4   HEYYOU   ignore (13)   2018 Jun 11, 8:47am   ↑ like (0)   ↓ dislike (0)   quote        

Patrick:
"You're being set up to spend your life paying off a debt you don't need to take on,"

Applies to everything.
I need it everyone else has one. Put it on the card!




The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available


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