The US government quietly bailed out Japan. The Treasury intervened in the foreign exchange market to try to stabilize the yen, the Japanese currency. Ben Norton explains how this reflects a larger, structural problem with the dollar system. Japan is the largest holder of US Treasury securities (US government debt), and Washington doesn't want other countries to sell its bonds, fearing that yields could rise and cause a debt crisis.
Glenn Diesen Yanis Varoufakis is an economist, the former Finance Minister of Greece, and the author of numerous bestselling books. Varoufakis discusses how the EU is a cartel designed by the U.S. that is no longer fit for purpose. The German economic locomotive has broken down; the EU no longer has an economic model, its foreign policy is consumed by war, and it has already become a technological colony. Varoufakis also argues that China can now pull the plug on the U.S. economy if it chooses to do so.
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