The 2008 global financial crisis—the modern 1929 crash—set off a vicious chain reaction across Europe. By 2010 it had irreparably damaged the foundations of the eurozone, causing the establishment to bend its own rules and commit crimes against logic in order to bail out its banker friends. By 2013 the neoliberal ideology that had legitimized the EU’s oligarchic technocracy had plunged millions into misery,...
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On November 25, at a hip “event loft” in Berlin, Yanis Varoufakis announced that he’d be campaigning for office in two countries at once. In the spring, the former Greek finance minister had declared his intention to run for prime minister back home in Athens—and in ordinary times, that might have been enough. Today, though, “discontent, xenophobia, and precariousness are on a triumphant march” around the world,...
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[embedded content] Trump vs Europe: He’s threatening European banks and industries with sanctions. If they don’t cut off trade with Iran, they would be barred from American markets and transactions with American banks. We asked Yanis Varoufakis for his analysis—he’s the former finance minister of Greece who led the resistance to European Bankers demanding austerity—now he has co-founded...
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The idea of a unified Europe didn’t always elicit the current mixture of exasperation, boredom, and rage, in politicians and ordinary people alike. In fact, there was a time when the European Union seemed like a great initiative, especially on a continent ravaged first by two hot wars, then broken in half by a cold one. A permanent peace between neighboring nations founded on a common market and sealed with...
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Heterodox
