To Greek Academic the European Debt Crisis is an Apparition
This is a short reply to Professor Varoufakis’s lecture in London which was given under the sub-heading “There is no Debt Crisis”.
By Con George-Kotzabasis
In a short time, Professor Varoufakis’s “German hegemon” is found inadequate to solve the European crisis. Now it has to be replaced by the Global hegemon, configured in the super states of the USA, the EU, China and Japan, and activated in a political action that will revivify the Rooseveltian New Deal on a global scale. (Here, I’m anticipating.) This is rear guard action on the part of Professor Varoufakis, since the avant guard action of his Modest Proposal failed to persuade the economics cognoscenti and European leaders to adopt it as a remedy to the EU crisis.
The caption “There is no debt crisis” has the flair of a Maddison Avenue advertisement to attract the crowd to browse a flashy product, like Varoufakis’s lecture similarly in the Greek Community Centre in Australia few months ago, than any economic substance. But even as a unique proposal it has its pit falls. To claim that the faucet of international lending has all of a sudden being turned off for any other reason than the loss of credibility that debtors will no longer be able to pay their debts, is senescent economics in an advanced state. To chase vaingloriously, as Professor Varoufakis does in all his intellectual efforts, uniqueness, is a very precarious venture. But it seems that Varoufakis’s Narcissistic temperament will once again tempt him to look into the lake of uniqueness and drown.