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15

Global Capitalism As Class Warfare


revolving doors, its happening today as we speak.
People from Goldman Sachs took over the
Treasury, and then the people who were in the
Treasury retired and went to Goldman Sachs and
JP Morgan.
So, now wethe deep establishment comprises
primarily the banking community, their
connections through the revolving doors with the
administration in Washington, D.C., in this country,
in Brussels and various centers of government,
particularly Germany and Paris, in Europeand
the way that they have coopted the systemic
media and journalists, who acquire inside
information only to the extent that they become
functional to the interests of this deep
establishment.
In 2010, the Greek state went bankrupt. Lets not
get into the reasons as to why it happened. Its a
fact, just like Puerto Rico. And the great and the
good decided to conceal, fraudulently, that
bankruptcy. And the only reasonthe only way
you can conceal a bankruptcy is by giving a very
In the 1980s under Ronald Reagan, [we saw] this country is twofold. One is the Fed, that kept large loan. So we got the largest loan in human
mass redistribution of income from the have-nots printing money, and theyre floating the banking historynot for the Greek people, of course. All of
to the haves. We saw it under George W. Were sector, Wall Street, down the road from here. And that money was given to us so that we can bail
seeing it again. But there is a dierence now. The the other is China. The Chinese boosted their own out, we can give it back to the German and the
dierence is that American capitalism has credit production, their own bubble, credit bubble, French banks. And this was done fraudulently,
exhausted its capacity to reproduce itself through in China, intentionally, from something like 140 because the German and the French leadership,
a process of tax cutsthe trickle-up eect of percent of their total income, GDP, to 280 percent. and the Greek leadership, went to the Parliament
wealth rising from the bottom to the top 0.1 They did this on purpose, because they were and eectively said that this was an act of
percent. In the 1980s, when Ronald Reagan first facing the prospect of an additional 40 million solidarity with the people of Greece, when it was
applied this kind of tax cut-based policy, the unemployed people. And by doing this, they an act of solidarity with the bankers. But, of
United States was still in control of what I call the stabilized American capitalism, to a very large course, they never told the parliamentarians that
recycling of global profits and surpluses. The extent. Now, we have an administration in this was an act of solidarity with the bankers. And
United States economy was, if you want, the Washington, D.C., which simultaneously is they promised the peoplein the German
engine of growth internationally. The tax cuts in ganging up with Prime Minister Abe in Japan parliament, for instance, Angela Merkel promised
this country were fueling demand for the net against China while increasingly needing China to the German parliament that this was a loan that
exports of Japan, back then, Germany, Holland, keep rebalancing the global and the American was given to Greece for solidaristic purposes, and
later China. And this was keeping capitalism economy. This is precisely what the global the Germans would get all their money back, with
globally in that state of irrational exuberance. economy and the American economy do not interest. That was never going to be the case,
need. because when you give a huge amount of money
After 2008, those pyramids collapsed. The to a bankrupt entity, on conditions of austerity that
American economy does not have that capacity Its an out-and-out class war waged shrink that entitys income, theres no way youre
anymore. The increase of the federal budget against the poorest, the weakest, the going to get your money back, not because the
deficit, that supposedly the Republicans are all disenfranchised debtor doesnt want to give it, but it is absolutely
againstnevertheless, they are going to boost it
the very same people that Donald Trump impossible to pay it back, like Puerto Rico today.
magnificently noware at the very same time as
they are antagonizing China, that owns a large appealed to in order to get elected. And then, of course, once you commit that crime
chunk of American public debt, which now theyre [...] against logic and you lie to your parliament, like
going to keep increasing in order to line the Angela Merkel did in the Bundestag, the federal
The Deep State used to be, in the United
pockets of their mates. You couldnt design a parliament in Berlin, then youre like Macbeth: You
States- The military-industrial complex, the
more catastrophic economic policy than that commit one crime, you have to commit a second
medical-industrial complex. In Europe, it was
boosting the budget deficit by lining up the crime to cover up the first crime, and then a third
the cartel of big business, heavy industry.
pockets of the rich, continuing to stagnate the crime. Or, to put it in financial terms, if you try to
Recall the first name of the European Union. It
incomes of the middle class and the working repay a mortgage by means of a credit card, then
was called the European Community for Coal
class, and antagonizing your main creditors. you need a second credit card to repay the first
and Steel. So it was like OPEC, the
credit card, then a third to the second. And I was
Its a very dangerous game that the United States Organization of Petroleum Exporting Countries.
just trying to get Greece out of that spiral to
administrations of the last 10, 15 years have been It was a cartel for big business.
desertification.
playing, by antagonizing China through an alliance But then, with the collapse of the Bretton Woods
with Mr. Abe in Japan and his predecessors. Its a period, after the Nixon shock in 1971, you have Yanis Varoufakis
very dangerous game, actually, very irrational the rise of the financial sector. Banks start Former Finance Minister of Greece Author of:
game, because the United States completely and becoming absolutely significant, far more ADULTS IN THE ROOM: My Battle with the
utterly depends on China. Lets face it. The only significant than industries like car-making, like European and American Deep Establishment.
reason why the 2008 collapse of the financial steelmaking, like coal. So, financialization created From an interview with Amy Goodman
sector did not lead to a Great Depression in this a new deep establishment that included the

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