Adults in the Room by Greece’s former Finance Minister has been described as one of the greatest political memoirs ever. Everyone should read this riveting and important account of what actually went on in the corridors of power as Yanis Varoufakis attempted to re-negotiate his country’s debt.
The duplicity of the troika, the European Commission, the European Central Bank and the International Monetary Fund that Varoufakis encountered is truly shocking. Despite the mass support of the Greek people and the simple logic of his arguments, he succeeded only in provoking the fury of Europe’s political, financial and media elite. But the true story of what happened is almost entirely unknown – not least because so much of the EU’s real business takes place behind closed doors.
A new report, written by the New Economics Foundation and Copenhagen Business School, examines ‘seigniorage’ – the profits that are generated through the creation of money. We show that in the UK, commercial bank seigniorage profits amount to a hidden annual subsidy of £23 billion, representing 73% of banks’ profits after provisions and taxes see: