{"id":53973,"date":"2020-07-01T06:50:41","date_gmt":"2020-07-01T11:50:41","guid":{"rendered":"https:\/\/olduvai.ca\/?p=53973"},"modified":"2020-07-01T06:50:47","modified_gmt":"2020-07-01T11:50:47","slug":"the-covid-class-war","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=53973","title":{"rendered":"The COVID Class War"},"content":{"rendered":"\n
\"varoufakis67_Sean<\/figure>\n\n\n\n

The COVID Class War<\/a><\/h3>\n\n\n\n

The European Union’s proposed recovery fund to counter the pandemic’s economic fallout seems destined to leave the majority in every member state worse off. Finance will again be protected, if badly, while workers are left to foot the bill through new rounds of austerity.<\/p>\n\n\n\n

ATHENS \u2013 The euro crisis that erupted a decade ago has long been portrayed as a clash between Europe\u2019s frugal North and profligate South. In fact, at its heart was a fierce class war that left Europe, including its capitalists, much weakened relative to the United States and China. Worse still, the European Union\u2019s response to the pandemic, including the EU recovery fund currently under deliberation, is bound to intensify this class war, and deal another blow to Europe\u2019s socioeconomic model.<\/p>\n\n\n\n

If we have learned anything in recent decades, it is the pointlessness of focusing on any country\u2019s economy in isolation. Once upon a time, when money moved between countries mostly to finance trade, and most consumption spending benefited domestic producers, the strengths and weaknesses of a national economy could be separately assessed. Not anymore. Today, the weaknesses of, say, China and Germany are intertwined with those of countries like the US and Greece.<\/p>\n\n\n\n

The unshackling of finance in the early 1980s, following the elimination of capital controls left over from the Bretton Woods system, enabled enormous trade imbalances to be funded by rivers of money created privately via financial engineering. As the US shifted from a trade surplus to a massive deficit, its hegemony grew. Its imports maintain global demand and are financed by the inflows of foreigners\u2019 profits that pour into Wall Street.<\/p>\n\n\n\n

This strange recycling process is managed by the world\u2019s de facto<\/em> central bank, the US Federal Reserve. And maintaining such an impressive creation \u2013 a permanently imbalanced global system \u2013 necessitates the constant intensification of class war in deficit and surplus countries alike.<\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

The COVID Class War The European Union’s proposed recovery fund to counter the pandemic’s economic fallout seems destined to leave the majority in every member state worse off. Finance will again be protected, if badly, while workers are left to foot the bill through new rounds of austerity. ATHENS \u2013 The euro crisis that erupted […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[124,12455,8402,2921],"class_list":["post-53973","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-central-banks","tag-euro-crisis","tag-project-syndicate","tag-yanis-varoufakis"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53973"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53973\/revisions"}],"predecessor-version":[{"id":53975,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53973\/revisions\/53975"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}