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Varoufakis Traditional political parties are fading into irrelevance, supplanted by the emergence of two new political blocs

The result of extreme financialization was enormous inequality and profound vulnerability. But at least the West’s working class had access to cheap loans and inflated house prices to offset the impact of stagnant wages and declining fiscal transfers.

Then came the crash of 2008, which in the US and Europe produced a massive excess supply of both money and people. 

While many lost jobs, homes, and hopes, trillions of dollars in savings have been sloshing around the world’s financial centers ever since, on top of more trillions pumped out by desperate central banks eager to replace the financiers’ toxic money.

Yanis Varoufakis, Project Syndicate 31 July 2016

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