And how right Nixon was. As the American – the US, I shouldn't say American – as the US deficit skyrocketed, the world was flooded with American doll… - Yanis Varoufakis

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And how right Nixon was. As the American – the US, I shouldn't say American – as the US deficit skyrocketed, the world was flooded with American dollars. And the banks, the central banks outside the United States, were forced to use these American dollars, since they could not be converted to gold anymore, as the reserves with which they backed their own currency.

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About Yanis Varoufakis

Yanis Varoufakis (Greek: Γιάνης Βαρουφάκης, pronounced [ˈʝanis varuˈfacis]; born 24 March 1961) is a Greek-Australian economist. He is the former finance minister of Greece. Varoufakis was a member of the Hellenic Parliament for Athens B from January to September 2015; he regained a parliamentary seat in July 2019.

Also Known As

Native Name: Ιωάννης Βαρουφάκης Γιάνης Βαρουφάκης
Alternative Names: Ioannis Varoufakis Ioannis Georgiou "Yanis" Varoufakis
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Additional quotes by Yanis Varoufakis

Without the dollar's and America's global dominance, Chinese, Japanese, Korean, or German capitalists would not have been able continually to extract colossal surplus value from their workers and then stash it away in America’s rentier economy.

[F]aced with a choice between an agreement that is to the advantage of the peoples of Europe and one that bolsters their own power within the EU institutions at the expense of Europe's social economies, the Brussels establishment, and the powerful politicians behind them, will choose the latter every time. ... negotiations will be an exercise in futility and frustration. Barnier's two-phase negotiation announcement amounts to a rejection of the principle of … negotiation. He is, effectively, saying to you: First you give me everything I am asking for unconditionally (Phase 1) and only then will I hear what you want (Phase 2).

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