Europe after the Minotaur Quotes

“The obscene sight of those who had played a major role in setting the scene for the Crash (men like Larry Summers, Tim Geithner, Ben Bernanke) effectively returning to the scene of the crime as ‘saviours’, wielding trillions of”
― Yanis Varoufakis, Europe after the Minotaur: Greece and the Future of the Global Economy

“Ironically, the rise of the Tea Party increased the interventions of the Fed that the movement denounced.”
― Yanis Varoufakis, Europe after the Minotaur: Greece and the Future of the Global Economy

“This book originally aimed at pressing a useful metaphor into the service of elucidating a troubled world; a world”
― Yanis Varoufakis, Europe after the Minotaur: Greece and the Future of the Global Economy

“Very quickly, the Obama administration lost political momentum. The obscene sight of those who had played a major role in setting the scene for the Crash (men like Larry Summers, Tim Geithner, Ben Bernanke) effectively returning to the scene of the crime as ‘saviours’, wielding trillions of freshly minted or borrowed dollars to lavish upon their banker ‘mates’, was enough to turn off even the hardiest of Mr Obama’s supporters. The result was predictable: as often happens during a deflationary period (think of the 1930s, for example), those who gainpolitically do not come from the revolutionary Left; they come from the loony Right. In the United States it was the Tea Party that grew on the back of a disdain for bankers, 6 a denunciation of the Fed, a clarion call for ‘honest’, metal-backed money, 7 and a revulsion towards all government. Ironically, the rise of the Tea Party increased the interventions of the Fed that the movement denounced. The reason was simple: once the Obama administration had lost its way, and could not pass any meaningful bills through Congress that might have stimulated the economy, onlyone lever was left with which anyone could steer America’s macroeconomy – the Fed’s monetary policy. And since interest rates were dwelling in the nether world of the first liquidity trap to hit the United States since the 1930s8 (recall Chapter 2 here), the Fed decided that quantitative easing or QE – the strategy that Chapter 8 describes in the context of the 1990s’ ‘lost Japanese decade’ – was all that was left separating America from a repugnant depression.”
― Yanis Varoufakis, Europe after the Minotaur: Greece and the Future of the Global Economy