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Is the world safer than it was in 2008? Ten Guardian writers think not

Yanis Varoufakis: Risk has not been diminished, just taken out of sight Ten years after its near-death experience, capitalism is back to its old ways. Bailouts for the few and austerity for the many have caused global debt to rise 40% since 2007. Yes, British and European banks have contracted (as US authorities required Barclays, Deutsche Bank etc to shrink their dollar business) and tougher national rules constrain balance sheets. However, this has causedfinancial intermediation to shift from banks to capital markets. By making some banks safer, the risk has been moved to the shadow banking system, which has grown from tn in 2010 to tn in 2018, and from the west to emerging markets, which have

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Yanis Varoufakis
An accidental economist Let me begin with a confession: I am a Professor of Economics who has never really trained as an economist. But let’s take things one at a time.

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