Y. Varoufakis posts on The Global Minotaur
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That the Empire has struck back there is no doubt. Goldman Sachs’ Lloyd C. Blankfein just rewarded himself with $19 million bonus for 2010 : the year during which he appeared in front of a Senate Committee, a court , an SEC investigation revealing in full technicolor the great variety in which GS broke the law, manipulated markets and even defrauded its clients. And in a bid to make this bonus seem positively reasonable, Transocean , the offshore drilling firm responsible for running the Deepwater Horizon rig in the Gulf of Mexico, has awarded large bonuses to its top executives . Guess what for: For its “best year” for safety. Granted that the Minotaur’s Handmaidens (see here , here and here ) are back with a vengeance, what can we say about a world in which the Global Minotaur has perished while its Handmaidens are wreaking havoc?
7 The Empire is Striking Back, gross failure continues to be handsomely rewarded
In today’s post I conlcude the region-by-region assessment of the impact of the Global Minotaur’s demise post-2008. Previsously, we delved into the triangular relationship between Japan , East Asia and the USA , recalled Germany’s peculiar engagement with the rest of Europe (see here ) and, lastly, re-visited the eurozone crisis . The Dragon soars, then plunges into angst On 4th December 2010, Wikileaks posted an official cable relating a conversation ( circa 28th March 2009) between US Secretary of State Hillary Clinton and Australian Prime Minister Kevin Rudd. In it we read: The Secretary also noted the challenges posed by China’s economic rise, asking, “How do you deal toughly with your banker?”
6 Minotaur Legacy, Part E – The rise of China « Yanis Varoufakis
The region by region assessment of the impact of the Global Minotaur’s demise post-2008 today proceeds to an analysis of the eurozone crisis. Having just looked at the story of Germany’s European engagement (see here ), and after having scrutinised the triangular relationship between Japan , East Asia and the USA ), we are (I hope) ready for a re-consideration of the current European conundrum. First as history then as farce: Europe’s bank bail outs
5 Minotaur Legacy, Part D – A brief history of a very European debacle « Yanis Varoufakis
4 Minotaur Legacy, Part C – Germany’s Europe « Yanis Varoufakis
The region by region assessment of the impact of the Global Minotaur’s demise post-2008 continues in today’s post with a close look at Germany and its attempt to remould Europe in its image. (The last posts looked at developments in the triangular relationship between Japan , E ast Asia and the USA ). It is now appropriate to turn to the Global Plan ‘s second pillar: Germany and its mixed fortunes during the Age of the Minotaur, and beyond. The difference with Japan was this: In trying to shield its own export-led growth from the post-1971 dollar devaluation, Germany had something that Japan lacked: access to its own vital space ; a space that the United States had previously laboured so hard to create on Germany’s behalf: the European Common Market , i.e. today’s European Union (EU).
3 Minotaur Legacy Part B – Wounded tigers: Japan, America and the South East Asian crisis « Yanis Varoufakis
Today I continue with a region by region assessment of the impact of the Global Minotaur’s demise post-2008. The last post looked at Japan. This one focuses on the nexus between Japan, SE Asia and the USA Ever since the Korean and, more significantly, the Vietnam wars caused advanced capitalism to take root in South East Asia, Japan began to play the hegemonic role in the region (recall this post ). Japan lent to the South East Asian tigers both the necessary technology and its initial growth spurt. However, it would be false to argue that Japan was to South East Asia what the United States were to Germany and Japan under either the Global Plan or the Global Minotaur .
2 Minotaur Legacy, Part A: The Dimming Sun « Yanis Varoufakis
On 25th March, European leaders have promised us a comprehensive solution to the eurozone risis. I am not holding my breath but, at the same time, I am redrafting the Modest Proposal for resolving the crisis. It will appear in this blog next week. In the meantime, I return to my Global Minotaur theme.
Regular visitors will know that these days I am deeply immersed in the writing of a book about the Crash of 2008 and its after math. One that will bear the title THE GLOBAL MINOTAUR: America, the True Origins of the Financial Crisis and the Future of the World Economy . Well, I just finished a couple of chapters, which is small beer given than the whole damned thing must be finished by the end of the month… Anyhow, here is an extract from the introductory chapter:
1 So, why did the Crash of 2008 happen? A first glimpse of the Global Minotaur « Yanis Varoufakis
0 The Global Minotaur is finished… « Yanis Varoufakis
Regulars of this blog will know that 31st January 2011 was my deadline for finishing my new book, THE GLOBAL MINOTAUR: America, the True Oirigns of the Financial Crisis, and the Future of the World Economy . Well, I missed my deadline. By two hours and thirty six minutes! As deadline misses come, it was not a bad one. While still in a state of euphoria, for having defeated my beast, I thought it appopriate to post some extracts. Those of you who know nothing about my Minotaur , might as well begin at the beginning.
Little compendium of posts by @yanisvaroufakis on his book The Global Minotaur (on the origin of the GFC + what's next for the World Economy) http://pear.ly/8Wzn by lelaissezfaire Dec 23