The global minotaur
by Yanis Varoufakis · first published 2011
12mentions
5recommended by
12HN commenters
2015–2024first – last mentioned
42% recommend50% neutral8% critical
Why HN recommends it
Explains how US policy, global capital flows and the dollar's role shaped the financial crisis and sovereign debt. It offers economic context for readers seeking to understand debt more clearly.
Summarised by Claude from recommending comments
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For a good context on this, I would highly recommend "The Global Minotaur" by Yanis Varoufakis. It really changed my understanding of the use and flow of debt, specifically sovereign and institutional debt.
on “How China accumulated $28T in debt” ↗…special reports are awesome (most times). Definitely read the economist if you care about current affairs. I would propose Varoufakis books, especially “talking to my daughter about the economy”, “the global Minotaur” and “adults in the room”. The latest “another now” is a bit more advanced and the next one that’s coming out about the new status quo is also interesting. Another way to learn a lot is to read columns…
on “Ask HN: I have no idea about world economics. How I can fix that?” ↗You should read "the global minotaur" by yanis varoufakis. It explains exactly why this is the case. This is true only for the US and it is because other countries buy dollars in bulk to keep the dollar high because: 1) not keeping the dollar…
on “A Strong U.S. Dollar Weighs on the World” ↗…do it, since it means downsizing its global bullying power. ----------------------------------- If you want to learn more about how america has screwed over humanity. 1) http://www.amazon.co.uk/The-Global-Minotaur-Economic-Controv... 2) http://www.amazon.co.uk/The-Oil-Kings-Changed-Balance/dp/143... 3)https://en.wikipedia.org/wiki/Confessions_of_an_Economic_Hit... ------------------------------------ I have…
on “Tech industry's persistent claim of worker shortage may be phony” ↗…https://www.amazon.com/gp/aw/d/B013HZ8U0G/ Debt: The First 5000 Years: https://www.amazon.com/gp/aw/d/B00Q1HZMCW/ Boomerang: Travels in the New Third World: https://www.amazon.com/gp/aw/d/B005CRQ2OE/ The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy: https://www.amazon.com/gp/aw/d/B010VKP0CQ/ I'm mobile at the moment, but will noodle on further books that I'd…
on “Foxconn to Build $10B Factory in U.S” ↗There is a fairly interesting book written by the current finance minister of Greece Yanis Varoufakis on the subject called "The Global Minotaur", he argues that after Bretton Woods the trade surplus of Germany especially vis a vis the United States was by design, as the profits of German corporations ultimately ended up in the hands of Wall Street.…
on “Germany's trade surplus is a problem” ↗This is an interesting book. It gives a different angle on the ideia in Yanis Varoufakis' book The Global Minotaur which is that money has to circulate in order for the economy to function with stability. You just can't let it pile up too much in one place.
on “What happens when a culture is driven by the need for money to make more money” ↗> The core problem we face is overproduction. Vastly more can be produced than can be consumed. Varoufakis agrees overproduction is a problem and alludes to it in many places. The Global Minotaur - "Profit can only be envisaged if the level of overall future demand is strong. Unfortunately, the future is unknowable. The only thing business folk know for sure is demand is never strong for long..."
on “Are We Transitioning from Capitalism to Silicon Serfdom?” ↗…countries especially now in the 2020s never intended to open their markets, they're perpetuating the massive trade imbalance with their neomercantalism. Which Varoufakis himself btw points out in The Global Minotaur as unsustainable. Can you really say the USA is the oppressor in this instance or the victim in maintaining that massive trade deficit? If America decides to go protectionist (which is happening with…
on “Why America's economy is soaring ahead of its rivals” ↗…Objectively, giving him all the credit (heh...), wouldn't such a book be primarily a political statement of a man under immense pressure? A tool to put some narrative to support his politics? Big words like "The Global Minotaur" would make it seem like it is. Basically, the article discusses the global effects of "global imbalances". The author does not say Germany is to blame for Greece's problems.
on “Germany's trade surplus is a problem” ↗This [1] is one of his books that gives a bleak view on global economic politics. It's a comprehensive view, and it does not include a happy ending. [1] http://www.amazon.com/The-Global-Minotaur-Economic-Controver...
on “Valve Economist Yanis Varoufakis Appointed Finance Minister of Greece” ↗…exports. ...which Varoufakis talks about extensively in his book. You would know that if you actually read it. Essentially he splits the world economy post-WW2 into two phases: The Global Plan and The Global Minotaur. The second started (roughly) in the 70s, when US was starting to become a deficit country. This is when the US strategy vis-a-vis Germany and Japan changed. Of course it's more complicated than that,…
on “Germany's trade surplus is a problem” ↗