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Yanis Varoufakis: The Road to Bankruptocracy: How events since 2009 have led to a new mode of reproduction
If anything, the Darwinian process has been turned on its head: The more unsuccessful a private organisation is, and the more catastrophic its losses, the greater its ensuing power courtesy of taxpayer financing. In short, socialism died during the Global Minotaur`s golden age and capitalism was quietly bumped off the moment the beast ceased to rule over the world economy. In its place, we have a new social system: Bankruptocracy - rule by bankrupted banks (if I were allowed to practise my Greek, I would call it ptocho-trapezocracy)


Ptochos is Greek for pauper but also for bankrupt. Trapeza is Greek for bank (originally it means table and is associated with banking because in ancient Greek city states borrowing and lending transactions were carried out in the Agora, with the parties to the transaction being seated around long tables).

Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Wed Sep 21st, 2011 at 07:18:50 AM EST
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