Varoufakis argues that the age of the Global Minotaur ended with the 2008 financial crash. For Varoufakis the crash was caused by Wall Street taking advantage of its position in the age of the Global Minotaur to build up colossal amounts of private money on the back of its profits in a process of 'financialisation', which then collapsed as it became unsustainable. Crucially, the crash caused the Global Minotaur to be wounded as America's banking sector was no longer able to attract sufficient capital to balance the USA's twin trade and budget deficits.Varoufakis 2015, p.222-223.
