Nèdeem Elmahjoub's blog

The Greek crisis five years on: What Yanis Varoufakis did and didn't do and whether there was an alternative. Are there lessons to be learnt? Who is paying the cost of capitulation? Eric Toussaint's scathing critique of the former finance minister of Greece. Capitulating to Adults

The myth of a progressive EU

Greece A very short summary: Capital and a pro-capital oligarchic party presided over a crisis. A leftist party capitalised on that, but capitulated before the power of capital then implemented what it was imposed on Greece by the institutions of capital. Now the old pro-capital party is back in town. You cannot get a full and more beautiful citcle than that. "Greece is a small and weak capitalist economy; it cannot succeed without success in the rest of Europe; and that applies to a socialist Greece too.  But at least the Greek people would be in control of their own capital assets and labour allocation." What decides "success" within global capitalism is productivity. Greece can never be France or Germany unless its economic productivity matches the French or German one. And it is not about working long hours; it is about what technology and machines employed. Completing the vicious circle

Carney, Bowles and Varoufakis

Remember the Greek tragedy and the role of Yanis Varoufakis in it? Here is his reading of the Communist Manifesto

Varoufakis "speaks of how great it was to have the support of Larry Summers, Norman Lamont, and other figures on the Right, but it was support for whom, for what, and in whose class interests? Class analysis is far from the foreground of the picture sketched out here. Closed rooms and class war