[ExI] Why the 2008 crisis ended capitalism and democracy

BillK pharos at gmail.com
Sun Jun 10 12:41:09 UTC 2018

Is the global economy just a giant debt scam? What the financial elite
doesn’t want you to know
Yanis Varoufakis saw power up close. He says capitalism is dead,
democracy is crumbling and we’re ruled by debt

Andrew O'Hehir   June 9, 2018



What was the cumulative global result of all these processes? Do you
really need to ask?

Is this where we get back to Trump and Brexit and the rise of
authoritarianism and right-wing nationalism around the world? It is.
Varoufakis sees all those things as clearly connected and part of an
unmistakable backlash. After mainstream politicians had cynically
transferred those billions of dollars in banking losses onto ordinary
people both in America and Europe -- magically combining the high
taxation of social democracy with the austerity state of free-market
capitalism -- they then pretended to be baffled by what happened next.

The political movements that benefited from this climate, as
Varoufakis puts it, were those fueled by racism and xenophobia, "the
right-wing monsters that breed in the environment of deflation."
Establishment parties then "wondered why it was that the discarded
people from our neighborhoods and villages and towns turned against
them and decided to vote for somebody that peeved them, annoyed them,
just in order to get back at the establishment that had discarded
them. Great wonder, isn’t it?”

This is a long article, but well worth reading, as it explains a lot
of the world weirdness.


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