And the Weak Suffer What They Must?: Europe's Crisis and by Yanis Varoufakis

By Yanis Varoufakis

A sizeable conflict is being waged for Europe’s integrity and soul, with the forces of cause and humanism wasting out to growing to be irrationality, authoritarianism, and malice, selling inequality and austerity. the total 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, was once 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 thing he had warned about—the perils of the euro’s defective layout, the eu Union’s shortsighted austerity regulations, financialized crony capitalism, American complicity and emerging authoritarianism—was proven because the “troika” (the ecu critical financial institution, foreign financial Fund, and eu fee) stonewalled his efforts to unravel Greece’s monetary crisis.

Here, Varoufakis grants a clean examine the background of Europe’s main issue and America’s primary function in it. He provides the final word case opposed to austerity, providing concrete rules for Europe which are essential to deal with its obstacle and circumvent contagion to the US, China, and the remainder of the area. With passionate, informative, and now and then funny prose, he warns that the implosion of an admittedly crisis–ridden and deeply irrational ecu financial union may still, and will, be shunned in any respect rate.

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Extra resources for And the Weak Suffer What They Must?: Europe's Crisis and America's Economic Future

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Tapping into a long tradition of tying paper money to precious metals that no alchemist could fake, the answer was that $PHULFDZRXOGJXDUDQWHHDÁ[HGH[FKDQJHUDWHDQGIXOOFRQYHUWLELOity, between the dollar and the gold that it held in a bunker under the New York Federal Reserve building, as well as in Fort Knox. It was a simple idea for a simpler world. The holder of a given number of dollars ($35ZDVWKHÁJXUHÁQDOO\FKRVHQ ZDVWREHRIIHUHG DQXQTXDOLÁHGFODLPWRDQRXQFHRIJROGRZQHGE\WKH8QLWHG6WDWHV regardless of the holder’s nationality or location on the planet.

And as they did this, the price of gold strained at its Bretton Woods leash with the ferocity of a crazed pit bull. The speculators’ plan was to amass a stock of gold, using borrowed dollars, wait until its dollar value rose above some threshold, then cash in by selling the gold for many more dollars than they had borrowed (courtesy of the rise in the dollar value of gold), repay their lenders the dollars that they had borrowed to place the bets, and keep the difference. Crucially, this “difference” would be great if their “cashing in” followed the formal collapse of Bretton Woods,34 which is what the Nixon Shock represented.

All international trade would thus be denominated in the IMF’s bancors, the global currency, with the national currencies continuing to oil the cogs of the national economies. &UXFLDOWRWKLVV\VWHPZDVDÁ[HGH[FKDQJHUDWHEHWZHHQWKHQDtional currencies and the bancor, and thus between all participating national currencies. The board of the IMF, on which all nations would be represented, would decide these rates centrally and by negotiation. 7KH\ZRXOGWKHQEHDGMXVWHGZKHQHYHUQHFHVVDU\VRWKDWFRXQWULHV with stubborn surpluses would see their currency buying increasingly 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 15 more bancors (to make their exports more expensive and their imports FKHDSHU DQGYLFHYHUVDIRUQDWLRQVLQSHUVLVWHQWGHÁFLW Even more radically, Keynes’s IMF, recognizing that one nation’s GHÁFLWLVDQRWKHU‰VVXUSOXVZRXOGOHY\DWD[RQDQDWLRQ‰VEDQFRUDFcount if its imports and exports diverged too much.

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