Global Economy A Giant Debt Scam,What the Financial Elite Don’t Want You to Know

Capitalism collapsed in 2008, just as communism had collapsed in 1991 — the system we have now is something else

This is an argument Varoufakis has made many times, including in his 2011 book “The Global Minotaur.” As he expressed it to me, the financial crisis of 2008 led to “a wholesale collapse of what used to be called capitalism,” which has not recovered nearly as much as most people believe. What we have instead is an almost galactic-scale system of moving debt around to conceal the various flaws and shortfalls in the system. Varoufakis calls it “bankrupt-ocracy,” in which enormous but endangered or bankrupt financial institutions wield enormous power over the rest of society. “That’s not capitalism.” And on the subject of shell games …

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