(The ) resembles a fine riverboat that was launched on a still ocean in 2000. And then the first storm that hit it, in 2008, started creating serious… - Yanis Varoufakis

America was now a fully fledged deficit country, with a big trade deficit. But it was nothing like any other deficit country in the world. You see, Argentina, France, India, Greece needed to borrow dollars. America didn't need to borrow dollars to back up its currency. It didn't need to raise interests rates in order to prevent an exodus of dollars. The exodus of dollars was the foundation of American hegemony.

Millions of Europeans looked with hope to this country, and it was Alexis Tsipras’s Syriza government (elected that January) that had the responsibility for keeping that window open, and for opening it up further for others. What these millions wanted a break from was not even true neoliberalism, but what I would call bankruptocracy — a new regime in which the greatest power was wielded by the most bankrupt bankers. Tsipras’s surrender in July 2015 closed that window of opportunity... Ever since he surrendered to the troika, Tsipras... dilemma put to progressives: “Who do you want to torture you — an enthusiastic torturer, or someone like me who doesn’t want to torture you but will do it to keep his job?”

They [the Chinese] are immensely self-serving, as they would. But a the same time they have a quality that we need in Southern Europe. Actually, I think everyone needs to have foreign direct investment by patient inverstors. They are patient investors. They don't come in to grab an asset for speculative purposes. They come in order to create a base on which to build and build and build. And their horizon is 20-30 years. What Europe has not done with Greece is to do what the Chinese were prepared to do to come there with their workers, with their engineers, and actully do some serious work.