As part of the 10th Delphi Economic Forum, which takes place in Delphi from April 9th ​​to April 12, Martin Wolf, Chief Economics Commentator of the Financial Times, talked to Alexis Papachelas, director of the Kathimerini newspaper, about the deep crisis of democratic capitalism, and the reasons for the newspaper. Trump.

Martin Wolf began with a phrase by Ernest Hemingway about the bankruptcy process: “first late, then very quickly”, stressing that the crisis of democratic capitalism unfolds. As he said, by 2007 everything was slowly rolling, without deep political turmoil, but the financial crisis led to a different world, where political and academic elites failed, and the people were hit hard. There was a deep recession, a collapse of confidence and the rise of a political current that found expression in President Trump.

Commenting on her rise of trampingHe stressed that “we are not talking about the occupation of the state, but about conquest through the elections”. Explained that the right managed to form a fragile but effective ally between plutocrats and small and medium -sized classwhich feels precarious and derogatory. “This alliance requires a charismatic leader who is liked in the middle class and at the same time accepted by the economic elite,” he noted.

In Trump’s face, Wolf sees a excellent demagogue“A man who enjoys giving orders, such as the queen in” Alice in Wonderland “.

He also expressed his surprise about the influence that the Masculine in the new Trump administration. Musk, according to him, destroys the system that – as he says – prevents Trump from doing whatever he wants, and has become most powerful advisor to the president.

Also reported to risk of derailment of American democratic experimentspeaking of a “revolutionary” action within the US that is trying to turn the presidency into almost dictatorial power. “If this happens, it will mean the dissolution of a system of centuries,” he said, paralleling the situation with the collapse of Roman democracy. “They are already destroying the world liberal class,” he warned.

Wolf noted that Europe is more vulnerable than the US, especially if a commercial or even war competition with China erupts. He said he did not provide for an invasion of Taiwan, but if it happens, this would result from steps in commercial policy. “Japan and South Korea should be sure that the US remains a reliable partner,” he observed.

In terms of Europe, he stressed that there is hope of rally, but the obstacles are great. He referred to the Draghi exhibition and stressed the need for deep structural changes, creating a proper single market and supporting large businesses – something extremely difficult in a union of 27 countries with conflicting interests. “I do not predict Putin’s invasion into an EU country,” he said, leaving open the possibility of building more rational relations with China, if confidence in the US – though he estimated that this is not possible.