{"id":2375,"date":"2011-11-26T03:12:29","date_gmt":"2011-11-26T08:12:29","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=2375"},"modified":"2011-11-26T03:12:29","modified_gmt":"2011-11-26T08:12:29","slug":"the-scourge-of-government-debt-macrobusiness-com-au-macrobusiness-com-au","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/the-scourge-of-government-debt-macrobusiness-com-au-macrobusiness-com-au\/","title":{"rendered":"The scourge of government debt &#8211; macrobusiness.com.au"},"content":{"rendered":"<p>A report on a talk by Yanis Varoufakis, author of The Global Minotaur, gives some nice history of how we got here. The Minotaur is a marvelous metaphor for what governments have allowed to occur in the global financial system. Now they, and all of us, are being skewered by its horns:<\/p>\n<blockquote><p>\u201cIn the immediate post-war era, Varoufakis claims, \u201cthe Americans begin to take seriously the redemptive mission to save capitalism from itself.\u201d<\/p>\n<p>But in doing so, against its apocalyptic competition with the Soviet Union, America spread itself too thin. Or too thick. By the time it was funding LBJ\u2019s Great Society reform programme, alongside the dire weight of the Vietnam war effort, America stopped being a surplus nation. It went into deficit.<\/p>\n<p>What followed was a worldwide project to balance everyone else\u2019s books in line with the Americans own \u2013 what Paul Volcker, American economist and head of the Federal Reserve from 1979-1987, called the \u201ccontrolled disintegration of the world economy\u201d&#8230;..<\/p>\n<p>Towards the end of his speech, Varoufakis claimed: \u201cThe Left and Right miss the significance of this current juncture. It is not terminal for capitalism, but it has ended the conglomeration of illusions in how we viewed the world. It ended the illusion we had that we had something called free market capitalism.\u201d<\/p><\/blockquote>\n<p>via <a href=\"http:\/\/www.macrobusiness.com.au\/2011\/11\/the-scourge-of-government-debt\/?utm_source=Media+List&amp;utm_campaign=9e4ccbfdb4-RSS_DAILY_MAILCHIMP_CAMPAIGN&amp;utm_medium=email\">The scourge of government debt &#8211; macrobusiness.com.au | macrobusiness.com.au<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A report on a talk by Yanis Varoufakis, author of The Global Minotaur, gives some nice history of how we got here. The Minotaur is a marvelous metaphor for what governments have allowed to occur in the global financial system. Now they, and all of us, are being skewered by its horns: \u201cIn the immediate &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/the-scourge-of-government-debt-macrobusiness-com-au-macrobusiness-com-au\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The scourge of government debt &#8211; macrobusiness.com.au&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29],"tags":[1467,1562,2619,3188,3551],"class_list":["post-2375","post","type-post","status-publish","format-standard","hentry","category-the-big-picture","tag-free-market-capitalism","tag-global-debt-crisis","tag-paul-volcker","tag-sovereign-debt","tag-us"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The scourge of government debt - macrobusiness.com.au - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The scourge of government debt - macrobusiness.com.au - the patient investor\" \/>\n<meta property=\"og:description\" content=\"A report on a talk by Yanis Varoufakis, author of The Global Minotaur, gives some nice history of how we got here. The Minotaur is a marvelous metaphor for what governments have allowed to occur in the global financial system. 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Most economists \u2013\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3311,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/01\/17\/nouriel-roubinis-global-economonitor-the-straits-of-america\/","url_meta":{"origin":2375,"position":2},"title":"Nouriel Roubini&#8217;s Global EconoMonitor \u00bb The Straits of America","author":"ColinTwiggs","date":"January 17, 2012","format":false,"excerpt":"Given the bearish outlook for US economic growth, the Fed can be expected to engage in another round of quantitative easing. But the Fed also faces political constraints, and will do too little, and move too late, to help the economy significantly. Moreover, a vocal minority on the Fed\u2019s rate-setting\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1833,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/09\/america-and-china-must-crush-germany-into-submission-ambrose-evans-pritchard\/","url_meta":{"origin":2375,"position":3},"title":"America and China must &#8220;crush&#8221; Germany into submission \u2013 Ambrose Evans-Pritchard","author":"ColinTwiggs","date":"November 9, 2011","format":false,"excerpt":"Having followed the German political scene closely for the last five months, it is clear to me that almost the entire German political establishment is out of its depth, ideological, sometimes smug, apt to view the EMU debt-crisis as a Calvinist morality tale, and lacking in deep understanding of what\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22051,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/10\/17\/november-never-waste-a-good-crisis\/","url_meta":{"origin":2375,"position":4},"title":"November: Never waste a good crisis","author":"Colin Twiggs","date":"October 17, 2020","format":false,"excerpt":"In this short video clip, Michael Pettis \u2014 Finance Professor, Peking University, and Senior Fellow, Carnegie-Tsinghua Center \u2014 discusses China's over-reliance on debt and the likely outcome: There are two ways of addressing a debt bubble: An abrupt crisis which allows the economy to quickly adjust for past excesses, writing\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1680,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/31\/nothings-changed-steve-keens-debtwatch-2009\/","url_meta":{"origin":2375,"position":5},"title":"Nothing&#8217;s changed &#8211; Steve Keen&#8217;s Debtwatch (2009)","author":"ColinTwiggs","date":"October 31, 2011","format":false,"excerpt":"In fact \u201cnormal\u201d for the last half century has been an unsustainable growth in debt, which has finally reached an apogee from which it will fall. As it falls\u2013by an unwillingness to lend by bankers and to borrow by businesses and households, by deliberate debt reductions, by default and bankruptcy\u2013aggregate\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=2375"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2375\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=2375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=2375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=2375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}