107 million Americans have auto loan debt much of it 'sub prime'. In consequence, credit has been tightened. Varoufakis does not seem to understand that this is a good thing. Being lent money to buy a car or a house you can't afford is not a good thing. The car or the house will be repossessed and you will be worse off than ever.



Greece was lent a lot of money it couldn't afford to repay. Syriza may have got elected the old fashioned way- viz. by lying to the people- and it may still have a couple of genuine Marxist professors who believe in 'Class war' but that does not change the fact that Syriza and Greece have sobered up and are now resigned to a much lower standard of living.



Varoufakis says 40 percent of the UK depends on 'foodbanks or credit' for necessities. This is not true. 1 per cent may have recourse to food-banks. However, it is true that the vast majority of UK citizens face a lower standard of living than needed to be the case thanks to the stupidity and incompetence of the fractious Tory party. In the short run, predatory lending may flourish but longer term large classes of people will simply give up on credit because they themselves will realise that they will be relatively poorer not richer as time goes by.



Nobody gets 'credit' unless they can repay that money plus interest. There is no lender in the U.K upon which you can rely for limitless credit so as to finance food purchases. Varoufakis, as is well known, believes that if you can prove you are starving and unable to work then someone is obliged to not just lend you money but also to write off your previous debt. This was his negotiating position when he was a member of the Eurozone. His colleagues got fed up with listening to this crazy theory of his. They decided to meet without him much to his chagrin.



Varoufakis does not seem to understand that Brexit was about immigration not class. American politics has never been about class as much as race and everyone knows where Trump stands on that issue.



Varoufakis is correct to denounce the stupidity of the 'commentariat'. But it has no influence. The internet has leveled the playing field. Varoufakis should know. He who once boasted of being the peer of a Schauble is now downgraded to being 'the bald Yiannopoulos'. Is this the fault of the 'liberal establishment?' Sure. Why not?