Download video: Yanis Varoufakis: The Global Minotaur 1/4

In part 1 of this four-part INET "From the Director's Chair" interview, INET Executive Director Robert Johnson talks with Greek economist Yanis Varoufakis about Varoufakis's new book The Global Minotaur: America, The True Origins of the Financial Crisis and the Future of the World Economy. "The Global Minotaur" is Varoufakis's metaphor that tells the story about "what went wrong in 2008 and why the world economy is finding it so hard to rediscover its poise after the debacle in 2008." After refusing a multilateral, more democratic exchange regime post-WW II, the US eventually became the world's buyer of last resort. But how to finance America's growing trade deficits? Feed the beast, says Varoufakis, drawing parallels to the story from Greek mythology about the Minotaur who had to be fed human sacrifices as tribute. This economic approach led to the "Walmart and Wall Street model of economic growth," he says, and to the rampant financialization that has rightly born much of the blame for the 2008 crisis. With great insight and a sharp wit, Varoufakis gets right to some of the root causes of our current crises. Can we find a way out of the Minotaur's labyrinth? Or should we revive the beast?

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INET new economic thinking minotaur global minotaur yanis varoufakis greece europe crisis eurozone deficit financial crisis economics Robert Johnson