The crisis of 2020 has created the greatest wealth gap in history. The middle class, capitalism and democracy are all under threat. What went wrong and what can be done?
Tidbits - Nov. 22, 2018 - Reader Comments: 2018 elections; Impeachment; California Burns; Rabbis Defend Migrants; Attack on Linda Sarsour; Amazon; Puerto Rico; Rojava; Greece; more...
Greece's former finance minister under the radical Syriza government offers a revealing tell-all about modern capitalism through his battles over Greece’s debt with the “Troika”: the International Monetary Fund, the European Commission and the European Central Bank (ECB), and eventually with his own prime minister.
The New Statesman
The left has been in disarray since 1991 - it never fully recovered from the collapse of the Soviet Union, despite widespread opposition to Stalinism and -authoritarianism. In the past two decades, we have witnessed a major spasm of global capitalism that has triggered a long deflationary period across the United States and Europe. Just as the Great Depression did in the 1930s, this has created a breeding ground for xenophobia, racism and scapegoating.
Subscribe to Yanis Varoufakis
What we are experiencing today is the natural repercussion of the implosion of centrist politics, owing to a crisis of global capitalism in which a financial crash led to a Great Recession and then to today’s Great Deflation. The right is simply repeating its old trick of drawing upon the righteous anger and frustrated aspirations of the victims to advance its own repugnant agenda.