The Global Minotaur by Yanis Varoufakis

Author:Yanis Varoufakis [Varoufakis, Yanis]
Language: eng
Format: epub, azw3, pdf
Publisher: Zed Books
Published: 2013-04-05T21:00:00+00:00

As a nation we don’t consciously borrow or beg. We aren’t even offering attractive interest rates, nor do we have to offer our creditors protection against the risk of a declining dollar… We fill our shops and our garages with goods from abroad, and the competition has been a powerful restraint on our internal prices. It’s surely helped keep interest rates exceptionally low despite our vanishing savings and rapid growth.

And it’s comfortable for our trading partners and for those supplying the capital. Some, such as China, depend heavily on our expanding domestic markets. And for the most part, the central banks of the emerging world have been willing to hold more and more dollars, which are, after all, the closest thing the world has to a truly international currency.

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