After 1971, American capitalism generated successive crises: the oil crises of 1973 and 1979, the global debt crisis after Fed chairman Paul Volcker pushed US interest rates above 20 per cent in 1981, the 1991 crisis following the bursting of several bubbles in US financial networks, the 2001 dot.com debacle and, last but not least, the crash of 2008.[14] It was in the nature of the beast – the Minotaur, that is – which was diverting to America more than 70 per cent of European and Asian capitalists’ profits.
