Why America still matters

The omens are not good. Never before have so many powerful people understood so little about what the world economy needs in order to recover. Never before have history’s actors been so painfully absent. Our only hope is that history often forges new possibilities at a time when none seem present…
Of course, the pre-requisite for this is that America’s policy makers grasp the meaning and irreversibility of ‘their’ Global Minotaur‘s demise, and are energised by the dystopian prospect of a permanently stagnation-prone world economy. Then and only then is there is a chance of a collective future that will prove rational, stable and pregnant with an iota of some hope that our latest Crisis will be allowed to unleash its creative potential.
While emerging countries like China, Brazil, India, South Africa etc. must contribute important building blocks in the construction of this brighter future, America must nevertheless lead. If it does, perhaps centuries later, its own Minotaur‘s death will inspire the poets and the myth-makers to mark its demise as the beginning of a new, authentic humanism. If it does not, then our generation’s postmodern 1930s will last a lot longer than a decade.

Yanis Varoufakis

Screen Shot 2016-11-10 at 14.08.38.pngWhy 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 is even more pertinent… 

[Excerpt from Chapter 9]

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