Sunday, June 10, 2018

Is the global economy just a giant debt scam?

Muslim scholars like Shaykh Imran Hossain has been stating for more than a decade that the modern monetary system is a flawed one and can collapse anytime. For the first time, a western economist, who was in charge of the finance ministry in Greece, seems to agree with him in his new book:  “Adults in the Room: My Battle With the European and American Deep Establishment.” The author is Yanis Varoufakis, a leftist academic who briefly served as the Greek finance minister at the apex of that nation’s debt crisis in 2015.
Varoufakis argues that the entire Western economy has become a massive con game, on a scale thousands or millions of times larger than anything Bernie Madoff could have imagined. Furthermore, in his telling, it’s a con game run by intelligent and not necessarily malevolent people who understand perfectly well that the whole enterprise is a fraud that’s bound to come crashing down eventually. He says he knows that to be true because those people told him so, in the kinds of closed-door meetings where the uppermost level of the managerial caste discuss such things. That’s where the “Greek tragedy” enters the Greek tragedy: Those who supposedly control the system have instead become its prisoners. Or to put it another way, pay no attention to the man behind the curtain.
Varoufakis argues that what happened in Greece is happening to us all, on a different scale, and that it was never about one irresponsible little country whose government spent too much money and whose citizens wanted too much free stuff. It’s a long and complicated story about how the world really works, and about the false narratives that get spun in public to conceal that.
To read a discussion around the book, click here.

No comments:

Post a Comment