And the Weak Suffer What They Must?

They say that men with huge egos need constant praise. It is not going to happen with Yanis Varoufakis and his book ‘And the Weak Suffer What They Must?’, I am afraid.

Sadly, there are no revelations about his disastrous five months as Greece’s finance minister, just a few anecdotes here and there. It is rather a history of the international monetary system that starts with the Nixon Shock of 1971 and the end of the gold standard system of monetary policy for international exchange of gold deposits. It was this event that forced Europe, Germany and France in particular, to create a stable monetary system of its own, “yet without the necessary shock absorbers”, meaning the mechanisms and the institutions that could help implement some sort of economic adjustment, namely, one fiscal policy, with at least some redistribution to address imbalances across the Eurozone.

Yanis Varoufakis is a clever man and a good story teller. He delivered an interesting book. But not a stimulating or thought – provoking book that one would expect from ‘the most interesting man in the world’ according to the quote at the back cover.