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Yanis Varoufakis: Italy’s collapse will change the Austerian way in Europe

Yanis Varoufakis: Italy's collapse will change the Austerian way in Europe

An interview with the Greek professor Yanis Varoufakis, co- author with with Stuart Holland of “A Modest Proposal for Resolving the Euro Crisis.” Author of “The Global Minotaur”. Currently at the University of Texas. (c) JNR, 2013

Ensaios sobre a crise III: Esta Recessão foi diferente

A comparação com a Grande Depressão dos anos 1930 é tentadora. Mas a história, agora, foi diferente. A separar 1929 de 2007 está uma “financeirização” insana da economia e da sociedade, dizem vários especialistas em história das crises. E a geração de um “ecossistema” financista novo.
AVISO AO LEITOR: Texto longo. Adaptação de artigo da Revista portuguesa EXAME, edição de Maio de 2010.

The chief-economist the central bankers do not listened to

William White warned of the coming big financial crisis. But the selected “club” of central bankers ignored him. Great moderation, procyclicality, a monetary miracle-policy, the substantial decline in volatility, a stable economy with continued growth, an economy closer to the efficient frontier where the business cycles were “managed” and the crashes shorter and shorter, all this “optimistic” mantra was the mainstream economic thought over the last twenty years inside the central bankers system. And coupled with this paradigm, grown and reign the greatest ever known rent-seeking financial paradise. Suddenly in mid of 2007, two years ago, the reality engulfed the club. William was right, but it was too late. A conversation with this contrarian economist.