In an interview with acTVism Munich, economist and former Greek Minister of Finance Yanis Varoufakis explains how the 2008 financial crisis gave rise to a system in which bankrupt banks rule the global economy.

“Before 2008, the argument in favor of capitalism was that it was like a jungle … where the fittest survive, and the more efficient you are, the greater your chances of doing well,” Varoufakis says.

“After 2008, the more bankrupt you were, the greater capacity you had to extract value from the rest of society.”

— Posted by Natasha Hakimi Zapata

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#banking industry#big banks#capitalism#economy#politics#yanis varoufakis