Author Archives: Yves Smith

Let’s Face It: Monetary Policy Is Failing

Why one of the core precepts of monetary economics is all wet, yet central bankers rely on it even when it keeps failing in practice.

Links 8/4/17

Austerity in One Country: The Case of Britain

A devastating review of the recent history of austerity in the UK.

Bannon and Blackwater Want to Outsource Afghanistan War

Details on how the US is doubling down on its failed war in Afghanistan.

Wolf Richter: How Banks Hurt the Real Economy – FDIC’s Hoenig to Senate

The FDIC’s Tom Hoenig takes up the thankless task of shellacking the latest self-serving whinge from Jamie Dimon.

Fake Unicorns: Study Finds Average 49% Valuation Overstatement; Over Half Lose “Unicorn” Status When Corrected

Investors beware! A large scale study found that every unicorn it looked at was overvalued, on average to a significant degree.

Why Tax Cuts for the Rich Solve Nothing

An update on Republican tax cut plans, and why they are economic chicanery.

What the US “Health Care Reform” Debate Did Not Address

A sobering compendium of the factors responsible for the rot in the US health care system.

Links 8/2/17

Study: Only Wealthiest and Best Educated Benefit from Mediterranean Diet

A large-scale, well designed study on the Mediterranean diet showed unexpectedly that social status matters, big time.

Original Shareholder Value Article – Milton Friedman to GM: Build Clunky Cars

Yet another reason to doubt the supposed wisdom of the “shareholder value” theory of corporate governance.

Renegotiating NAFTA: The Role of Global Supply Chains

Unfortunately, redoing NAFTA in a way that benefits US workers is not a trivial task.