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December 27, 2012  

Greek economist Yanis Varoufakis, author of The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy, turns prevailing economic theory about debt and the global economy on its head. There is no debt crisis -- either in the United States or in individuals countries of the West currently experiencing sharp economic downturns -- he says. To the contrary, he says, the economic crisis is the result of "too much savings with no place to go."

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