The Global Minotaur: A theory of the Global Crisis
At the Edinburgh Festival, in conversation with Jeremy Corbyn on reviving socialism, with Maria Alyokhina (Pussy Riot) on despotism, and with Shami Chakrabarti on liberty
, 08/01/2019
In 2018, the good people behind the Edinburgh Festival kindly invited me to host a series of discussions under the title KILLING DEMOCRACY? My remit was: Further to explore the question of whether the current form of financialised capitalism is devouring democracy, reflecting on my work with the Democracy in Europe Movement (DiEM25). In a series […]
2008 and the International New Deal we need for the post-2018 world – OECD Keynote, 14 SEP 2018
, 18/09/2018
2008 marked globalised capitalism’s near death experience. A decade later we have no right to be looking at those events as part of our economic history. The reason? We are still entangled in the crisis that the events of 2008 sparked off. They remain very much at the centre of our present. The […]
Is the world safer than it was in 2008? Ten Guardian writers think not
, 17/09/2018
Yanis Varoufakis: Risk has not been diminished, just taken out of sight Ten years after its near-death experience, capitalism is back to its old ways. Bailouts for the few and austerity for the many have caused global debt to rise 40% since 2007. Yes, British and European banks have contracted (as US authorities required Barclays, Deutsche […]
Lessons from 2008 for beyond 2018: Keynote this Friday 14th September at the OECD, Paris
, 12/09/2018
Before 2008 we could all see that global trade imbalances were growing inexorably, creating a glut of savings in surplus countries that flowed into deficit countries, causing house price, stock exchange and debt bubbles whose bursting would never end well. What few could see, however, was that, behind the dominant narrative of unfettered competition and […]
Ten Years After Lehman’s Collapse: What caused the Crash of 2008 is now shaping our post-modern 1930s – der Freitag
, 10/09/2018
In the autumn of 2008 events unfolded in Wall Street that the crushing majority of people around the world had been led to believe could never occur. It was the financial equivalent of watching the sun spinning out of control soon after it rose above the horizon. Humanity watched on in collective disbelief. The […]
Im Reich der Gier – der Freitag
, 10/09/2018
Mythos Der Kapitalismus ist entzaubert und bringt uns das größte Faschismusproblem seit den Dreißigern Was im Herbst 2008 an der Wall Street geschah, hatten die allermeisten Menschen bis dahin für unmöglich gehalten, schließlich hatte man ihnen jahrelang weisgemacht, dass etwas Derartiges schlichtweg nicht passieren könnte. Es war, als ob man dabei zuguckt, wie die Sonne, kurz […]
CRASHED: Long version of my Observer review of Adam Tooze’s new book on the Crash of 2008
, 13/08/2018
Every so often humanity manages genuinely to surprise itself. Events to which we had previously assigned zero probability push us into what the ancient Greeks referred to as aporia: a state of intense bafflement urgently demanding a new model of the world we live in. The Crash of 2008 was such a moment. Suddenly, the […]
If Trump wants to blow up the world order, who will stop him? op-ed in The Guardian
, 19/07/2018
Even before Donald Trump drove to tears of dismay NATO’s leaders, Theresa May, the EU’s officialdom and Washington’s own ‘intelligence community’, the writing was on the wall: Trump is methodically dismantling a world order that he no longer believes to be in the interests of the United States’ ruling class. Mon 11 Jun 2018 16.23 BST Donald Trump’s early […]
Why Germany neither can nor should pay more to save the eurozone – IFO Munich Seminar, 11 June 2018
, 17/07/2018
“I wanted a Germany that was hegemonic and efficient, not authoritarian and caught up in a European Ponzi scheme. That was in 2013.” Excerpt from the Munich Seminar. This CESifo group Munich seminar took place on June 11, 2018 in Ludwig-Maximilian University, in Munich, in the Grosse Aula of the Ludwig-Maximilian University. The euro crisis has highlighted […]
The Globalising Wall: How Globalisation built walls and divisions. By Y. Varoufakis & D. Stratou, in the Architectural Review
, 20/06/2018
Our theme is a wall. A wall that is neither some ordinary physical structure at a specific site, nor a symbolic wall. It takes a material form in sites around the globe while transcending locations and leapfrogging whole continents as if in a strange quest to globalise itself, to infect our supposedly unifying world with […]
Internationalism vs Globalisation: Why progressives across Europe and beyond must forge a common internationalist movement – Talk at the Royal Festival Hall, accompanied by Andreas Gursky’s images and Danae Stratou’s ‘The Globalising Wall), 9 APR 2018
, 13/04/2018
Ladies and Gentlemen, my heartfelt thanks for your presence here tonight. Thanks also to the good people at South Bank who honoured me with the humbling idea and invitation to combine my own musings on globalisation with the remarkable images of Andreas Gursky – images which have, over the years, done so much to enlighten […]
INTERNATIONALISM vs GLOBALISATION, at the Royal Festival Hall, London, in association with the adjacent Andreas Gursky exhibition at the Hayward Gallery – this Monday 9th APR 2018, 19.30
, 07/04/2018
Join economist and Democracy in Europe Movement 2025 (DiEM25) co-founder Yanis Varoufakis for a keynote talk on the economic force that has shaped our world: globalisation. This South Bank talk is punctuated by images from acclaimed German photographer, Andreas Gursky, whose iconic photographs have documented global capital and its effects for three decades, and whose […]
Trump and trade tariffs: big lies founded on small truths – The Guardian, 18 MAR 2018
, 18/03/2018
Donald Trump is perhaps the US president best equipped to understand that some rise by sin, and some by virtue fall. His personal business plan always involved racking up enormous deficits and debts, before finding a way to unload them on to others – his employees and creditors mostly. Last week the US president imposed tariffs […]
Long review of ‘Adults in the Room’, by J.W. Mason, in the Boston Review
, 13/02/2018
Adults In The Room: My Battle With Europe’s Deep Establishment Yanis Varoufakis Farrar, Straus and Giroux, $28.00 (cloth) In the spring of 2015, a series of debt negotiations briefly claimed a share of the world’s attention that normally goes only to events where celebrities give each other prizes. Syriza, a scrappy left-wing party, had stormed into […]
Internationalism vs Globalisation – op-ed in The Globe & Mail, published as “Globalization is stuck in a trap. What will it be when it breaks free?” – 12 JAN 2018
, 14/01/2018
Back in 1991, a left-wing friend expressed his frustration that “really existing socialism” was crumbling, with exaltations of how it had propelled the Soviet Union from the plough to Sputnik in a decade. I remember replying, under his pained and disapproving gaze: “So, what? No unsustainable system can be, ultimately, sustained.” Now that globalization is also […]
How Trump rose to power (in 2’33”) – Business Insider video
, 09/11/2017
Yanis Varoufakis, former finance minister of Greece and author of “Adults in the Room: My Battle with the European and American Deep Establishment,” explains that the rise of Donald Trump and the alt-right is a symptom of the failure of the establishment and liberal capitalism. Following is a transcript of the video. Yanis Varoufakis: My name is Yanis […]
The Great Crash (2007/8) ten years on – talking on BBC Radio 4’s World At One special program
, 11/08/2017
In this BBC World at One program dedicated to the Crash of 2007-8, I try, in the space of two and a half minutes, to explain why those momentous events, ten years ago, changed the world in a manner that it no longer makes sense in terms common prior to 2007. Of why I claim […]
Trump, the Dragon, and the Minotaur – Project Syndicate op-ed
, 28/11/2016
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? […]
Trump, our post-modern 1930s and DiEM25’s moment
, 11/11/2016
[Originally published here] The election of Donald Trump symbolises the demise of a remarkable era. It was a time when we saw the curious spectacle of a superpower, the US, growing stronger because of – rather than despite – its burgeoning deficits. It was also remarkable because of the sudden influx of two billion workers […]
Why America still matters
, 10/11/2016
Why is America still important? Below I copy the answer I gave in 2011 in the last chapter of The Global Minotaur: America, Europe and the Future of the World Economy. (For those not familiar with the economic meaning of my Minotaur allegory, read this.) Today, as the Trump Presidency looms, I fear that that conclusion […]
Resisting Resentment Politics Down Under – guest post by Paul Tyson
, 10/11/2016
How owning our Resentment can save Australian Politics In this piece, Paul Tyson, honourary Research Fellow at the University of Queensland, outlines his take on the rise of rightwing populist resentment, as a powerful political force, from an Australian perspective.
Does it matter to Europe who is elected US President? Interviewed by Monocle
, 03/10/2016
[Click here or the image above]
Imagining a New Bretton Woods – Project Syndicate op-ed
, 08/05/2016
The financial meltdown of 2008 prompted calls for a global financial system that curtails trade imbalances, moderates speculative capital flows, and prevents systemic contagion. That, of course, was the goal of the original Bretton Woods system. But such a system today would be both untenable and undesirable. So, what might an alternative look like?