The global minotaur pdf

Continue Global Minotaur Written byYannis VaroufakisCountryEnglandLanguageEnglishSubjectEconomicGenren FictionPublished2011 zed BooksMedia typePrint, E-book ISBN978-1-78360-610-8 Global Minotaur: America, Europe and the Future of the World Economy is a book by economist and former Greek Finance Minister , first published in 2011 by ze ed books. The third edition was released in July 2015 with an updated subtitle of America, the true causes of the financial crisis and the future of the global economy. The book seeks to explain the origins of the financial crash of 2008 by analogy with the history of the Minotaur from Greek mythology. In particular, he argues that since the 1970s the has been a global minotaur, consuming surplus capital from the rest of the world economy and maintaining global economic stability in the process. He argues that the 2008 collapse can be understood as the result of the potentially fatal injury inflicted on the Ministry of Justice as a result of the collapse of the banking system. Yanis Varoufakis's February 2015 summary of the , World War 2 and Varoufakis's Global Plan begin with the Great Catastrophe of 1929 and the Great Depression that followed. He argues that Franklin Roosevelt's was not enough to lift America out of recession, and that it was only after World War II and a massive public spending program that it led to this that the United States finally recovered. As soon as the war began to recede, American planners began to worry that the recession would take hold again, and to solve the problem in 1944 they organized the Bretton Woods Conference, a gathering of world leaders that was to define the design of the postwar global economy. While , negotiating on behalf of the UK, proposed an International Monetary Union with incentives to balance world trade, it was rejected by the US in favor of what Varoufakis calls the Global Plan. The U.S. emerged from World War II as the world's major power with a double trade surplus and budget, and therefore rejected Keynes's proposal in favor of an alternative plan that would preserve its hegemony. The Global Plan envisages the creation of a system of fixed exchange rates with the US dollar pegged to gold at a fixed exchange rate of $35 per ounce. The plan also involved the reconstruction of the German and Japanese economies ravaged by war. Early examples were the Marshall Plan in Europe and then the Korean War for Japan. It is important to note that the plan also had a Global Surplus Recycling Mechanism that recycles U.S. surpluses into the rest of the world economy, thereby maintaining global stability while avoiding volatile trade imbalances. The global plan disintegrated around 1971 as a result of spending on the Vietnam War and domestic social programs, the U.S. from nation's deficit nation. The increase in the number of U.S. dollars on the world market led to inflationary pressures and political turbulence, which eventually led to President Nixon announcing in 1971 that the dollar would no longer convert to gold, bringing to an end the Bretton Woods era. As the global plan fell apart, America took on the role of Global Minotaur. America is now a deficit nation with a significant trade and budget deficit, which it was able to maintain through capital inflows from countries with a world surplus on . To explain why capital was invested in America in this way, Varoufakis lays out the four charisma minotaurs that forced the world economy to accept America's new role in the global economy. First, the status of the dollar as a world reserve currency, and as a currency in which energy was denominated. Second, the rise in global energy prices due to rising prices led by OPEC has harmed the competitiveness of America's economic competitors. Third, the cheaper U.S. workforce in the 1970s, when corporate profits rose and made U.S. companies attractive to investors. Finally, America's geopolitical power, often in support of American corporations, once again encourages investment. These factors have combined to ensure sufficient capital outflows to America to enable it to maintain its new position as a deficit country, a mission that itself acts as a global mechanism for recycling surpluses. The collapse of 2008 and the future of the global economy, Varoufakis argues that the era of the Global Minotaur ended with the financial crash of 2008. For Varoufakis, the collapse was triggered by Wall Street taking advantage of his position in the global Minotaur era to create colossal sums of private money on the back of his profits in the process of financialization, which then collapsed as it became unsustainable. It is important to note that the collapse injured the Global Minotaur, as America's banking sector could no longer attract enough capital to balance the U.S. double trade and budget deficit. In the wake of the new-found lack of a global surplus recycling mechanism, Varoufakis looks at possible future alternatives in a postscript published in the second edition of the book in 2015. He is considering creating a mechanism similar to that proposed by Keynes at Bretton Woods, but concludes that such a replacement for the Global Minotaur would require the support of America as the most likely global leader. This, however, relies on American politicians to understand the meaning and irreversibility of the demise of the Minotaur. Receiving a review in the Financial Times, Giles Wilkes said his belief that while Varoufakis is guilty of bad history and cherry his basic diagnosis is that the lack of external demand or the mechanism for dispersing costs is responsible for the crisis may be right. Speaking of Varoufakis's valiant but ultimately unsuccessful efforts to fight for global reform as Greece's finance minister, the Evening Standard described the book as an insightful analysis that can still inspire others. Notes : Varoufakis 2015, p.55. Varoufakis 2015, 66-67. Varoufakis 2015, p.60. Varoufakis 2015, p.73. Varoufakis 2015, p.92. Varoufakis 2015, p.99. Varoufakis 2015, p.101-109. Varoufakis 2015, p.222-223. Varoufakis 2015, p.254-256. Wilkes, Giles. Global Minotaur, Yanis Varoufakis. Financial Times. Received on April 3, 2016. Niter, Andrew. Global Minotaur: America, Europe and the Future of the World Economy Yanis Varoufakis - review. Evening standard. Received on April 3, 2016. Links to Varoufakis, Yanis (2015). Global Minotaur: America, Europe and the Future of the Global Economy (Second Edition), Ze ed Books, extracted from Blog with a good object of searching for a fantastic resource - able to evoke a vaguely remembered link. A few days ago, I realized that I had forgotten the full significance of Nixon's decision in 1971 to sever the link with gold, which was agreed in 1944 at the Bretton Woods Conference. I remembered that Yanis Varoufakis had written a powerful book about it in 2011 - Global Minotaur America, the true origins of the financial crisis and the future of the Western economy - but it was unavailable in my mountain home. I googled.... to that the whole book is now available for download (just click on the title). Varoufakis is a Greek economist who offers two reasons to expect a poorly written book. ... Economists seem almost genetically incapable of expressing themselves clearly; and English is not its natural language. But the book is a joy to read - not least when it uses Greek mythology to illustrate a point. He clearly had good evidence-readers.... I generally try to keep notes about key books - which are better written in hand than cut and paste (our memory more easily preserves what we take on the work to write out in a long hand). But too often I succumb to the temptation to cut and paste - as now from a very useful summary of the book The subject of the book is very well laid out in the introductory chapter. The author considers six explanations that were proposed in the event of a crisis, but considers them useful but insufficient: (i) the inability to understand the risk; Regulatory capture; (iii) Unstoppable greed; (iv) cultural origin (Anglo-Celtic beliefs in flexible labour markets, etc.); Toxic theory (hypothesis of efficient markets, rational expectations, etc.); (vi) The systemic failure of capitalism, the role of the U.S. country financing its debts and deficits at the expense of the surplus of Germany and Japan. 2, The Laboratory of the Future, provides a brief historical account of the development of capitalism a la Marx, the role of crises, the Goodwin predator prey model, and the role of finance in modern capitalism with the possibility of creating bubbles, and the end of the Gold Standard after the 1929 Great Crash. Chapter 3, the Global Plan, presents a historic report on the Marshall Plan to Save Global Capitalism, the collapse of the Bretton Woods Agreement, the end of the U.S. dollar's convertibility to gold in 1971, and the surplus processing mechanism: the absorption of surpluses created in Japan and Germany by the United States. Varoufakis argues that the European Union was a clever U.S. plan to involve Europe in the axis of U.S. economic influence. He ignores the view that the EU was conceived as a third force: to oppose the United States (an opinion strongly supported by Charles de Gaulle) and as a bulwark against communism. Chapter 4 of the Global Minotaur discusses the role of the United States in the global economy. The author argues that the main drawback of the Bretton Woods Agreement (similar to a major flaw in the European Union) was the lack of an automatic global surplus recycling mechanism. In the first postwar years, the U.S. government surplused dollars to Japan and Germany (especially) under the Marshall Plan. However, after the end of the convertibility of the dollar into gold, the U.S. deficit funding the wars in Vietnam and Southeast Asia. Varoufakis argues that U.S. OPEC will raise oil prices (as they are denominated in U.S. dollars), which will increase demand for U.S. dollars. The rest of the world continued to finance the U.S. deficit, as the US dollar was still considered a reserve currency (although later Europeans would like to make the euro a reserve currency). The U.S. economy expanded, with stagnant real wages and higher profitability, leading to inflows of foreign capital. Cheap loans that the U.S. made to Soviet satellites in the 1960s became a burden when interest rates soared under the Volcker regime of high interest rates. This, according to Varoufakis, led to discontent in Soviet satellites, which eventually led to the collapse of the Soviet Union. This is an interesting twist in the usual interpretation of history. In Chapter 5, The Handmaid's Speech, Varoufakis argues that Europeans, Irish, British and Japanese were delighted with The American great moderation and happily followed U.S. economic policy on supply. Wall Street, for Varoufakis, is the ringleader of the maid engaged in a rollercoaster of mergers and acquisitions. The development of various smart derivatives (CDOs and CDS), which were supposed to remove (reduce?) risk from financial markets, has expanded at an almost exponential rate. This expansion has helped support the asset price bubble a toxic theory that suggests that markets are efficient and bubbles don't exist. Free markets reigned with the rise of the Thatcherite and Reaganite governments. Huge capital flows from Germany, Japan and China fueled the wall street financial boom and supported the double deficit. In 2005, Paul Volker foresaw the impossibility of an endless increase in foreign-funded debts: The difficulty is that this seemingly comfortable model cannot go on forever (p. 145). Curiously, the author does not discuss the Asian crisis of 1997, which was to the fore in the GFC. Chapter 6, 'The Crash', provides a blow blow to the account of the early stages of the crisis in 2007, the collapse of Bear Stearns, the problems faced by BNP Paribas, and the Swiss UBS. In December 2007, President Bush (a free marketer by the most part) intervened to save homeowners from foreclosure and the Federal Reserve (Fed) steps in securing (almost) unlimited credit to the financial system. By September 2008, Lehman Brothers was collapsing as the U.S. government refused to save him. This is often considered the beginning of GFC. Several European banks and financial houses that have kept toxic assets in trouble, and the entire Western world is in a tailspin, with central banks suddenly making an about-turn on monetary policy (usually on interest rate management) and no longer targeting inflation. During the crisis, several banks (and car manufacturers) were nationalized, but as things got better the banks were denationalized and back in the driver's seat! In short, socialism died during the Golden Age of the Global Minotaur, and capitalism was quietly confronted by the moment the beast ceased to rule the world economy. In its place we have a new social system: bankruptcy - the board of bankrupt banks ... ' (p. 167). The financial crisis has spread throughout the Western world with declining GDP and rising unemployment, and even in developing countries its growth rate has slowed. Tiny little Iceland survived a dramatic accident! European Union countries, especially Portugal, Ireland, Italy, Greece and Spain (PIIGS), are experiencing an ongoing recession when their banks and financial homes are in danger of bankruptcy and the existence of the euro is under constant threat. Britain got rid of its Labour government and replaced it with a coalition of conservatives and social democrats, which introduced austerity measures that led to a double recession. These economic crises have led to political crises, and they continue to this day. Chapter 7, The Handmaid's Strike, turns to the methods used by the US and the European Central Bank to try to save countries, this crisis and the banking system. Varoufakis claims Geithner-Summers plan the year to create a simulated market for CDOs was a method of helping banks convert toxic assets into clean assets assisted by the Fed and treasury. Chapter 8, The Global Legacy of the Minotaur discusses the symbiotic relationship between Japan and the United States. The post-war growth of the Japanese economy was sponsored by the United States, Japanese exports were purchased by the United States, and in return the Japanese reworked the surplus by investing in the United States. The Japanese boom ended with the collapse of house price bubbles and assets in the early 1990s, and it faced a liquidity trap. (Interestingly, the Japanese experience of loosening monetary policy for several years has not helped the economy out of recession. The European Union has provided Germany with an expanding market for its exports, leading to current account deficits in other European countries. This was continued with the introduction of a fixed exchange rate within the European Union by introducing the euro (except for the few countries that refused to join, especially the UK). The financial crisis in the United States spread throughout Europe, but the policy introduced by the European Central Bank failed to prevent disaster for Greece and now for other countries. This, in his opinion, is due to the fact that the European Union did not have a surplus recycling mechanism with fixed exchange rates in the euro countries: large surpluses of Germany were not processed by the rest of the EU. Its solution to the EU crisis is based on three elements: first, the ECB will help banks to write off the debts of deficit countries; secondly, the ECB will assume significant amounts of debt financed by Eurobonds (rather than individual bonds of the country); third, the European Investment Bank will invest in deficit countries. The author does not discuss the need for a single fiscal body that acts as an equalization agent to assist the poorer States of the Union. The chapter ends with a brief discussion on whether China can save the world by providing an expanding market. Chapter 9, The Future Without the Minotaur? argues that the most important problem in the global economy is the lack of a global surplus processing mechanism (GRSM). For some time, the U.S. managed to have a surplus, which it processed in Japan and Germany (after World War II), then when it created a large deficit with the wars in Southeast Asia, it left the gold standard and maintained surpluses of Japan and Germany. But as a result of the crisis, the U.S. economy was comforted, which affected the economies of Germany, Japan and China. Can the Chinese economy take on the role of the Global Minotaur (US)? Ihs Loud, NO! He advocated for Keynes's 1940s International Clearing House policy with his own currency, Bancor. More reviews the global minotaur pdf. the global minotaur review. the global minotaur audiobook. the global minotaur yanis varoufakis pdf. the global minotaur epub. the global minotaur goodreads. the global minotaur monthly review 55

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