Brexit, Trump, the rise of ‘illiberal democracies’ in Eastern Europe, Le Pen in France, Golden Dawn in Greece, the AfD in Germany etc, are all different manifestations of the globalised establishment’s inept handling of the inevitable financial sector collapse.
Since then, on both sides of the Atlantic, we witnessed colossal political failure at coordinating economic policy, with the establishment putting all its energies into cynically transferring the financiers’ losses onto the shoulders of the weakest citizens. As a result, a Great Deflation is now gripping Europe and the United States, reviving political forces that had lain dormant since the end of World War II.
In recent years we have seen far more of the workings behind the curtain of neoliberalism than we ever have before. This is in part, I believe, due to the work of Yanis Varoufakis. A Greek economist educated in Britain, Varoufakis first made headlines for his integral role as Finance Minister for the Syriza government of Greece between January and September 2015.
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