Varoufakis: The 2008 Financial Crisis & the Future of the World Economy

Yanis Varoufakis, the Greek economist, academic, and politician, has provided extensive analysis and commentary on the 2008 financial crisis. Varoufakis is known for his outspoken criticism of austerity measures imposed on Greece during the financial crisis and for his role in the negotiations with the European Union and the International Monetary Fund (IMF) as Greece's Minister of Finance. His insights are rooted in his broader critique of global capitalism and the structure of the Eurozone.

Varoufakis argues that the financial sector's explosive growth and the deregulation of financial markets created a fragile and unstable global economy. This financialization led to the proliferation of complex financial instruments, such as mortgage-backed securities and derivatives, which obscured real risks and inflated asset bubbles.

For the discussion, please read in advance Chapter 6 ("Crash") from Yanis Varoufakis's The Global Minotaur: America, Europe and the Future of the Global Economy (2011). The PDF is here.

Related upcoming meetups:

• The Unabomber Manifesto: Why The Industrial Revolution was a Disaster for the Human Race — Thursday July 25

• The Price of Redemption: Why Catholicism Viewed Profit as A Sin — Wednesday July 31

• Movie Discussion: Ordet (1955) by Carl Theodor Dreyer — Friday July 19 [hosted by Darren]