Author Archives: Yves Smith
The Crackpot Realism of Clintonian Politics
Why “liberal” defenses of Clinton policies are a textbook case of crackpot realism.
Read more...The Financial Times’ Revisionist History on Hedge Funds’ Failure to Deliver Manager Outperformance, or Alpha
Repeat after me: hedge funds produce little to no alpha, and contrary to what the Financial Times would have you believe, investors have known that for quite a while.
Read more...Michael Hudson Discusses the Federal Reserve and the Global Fracture
Explaining how the Federal Reserve and central bank policies like QE, saved the banks at the expense of wrecking the real economy.
Read more...Hard Times for Italian Banks
The overview: “They argue that rather than spending time revising rules that have already been agreed, alternatives should be considered to make the guarantee schemes as effective as possible.” Translation: “Time to go back to the drawing board.”
Read more...Links 2/18/16
Wolf Richter: Sudden Death? Junk-Rated Companies Headed for Biggest “Refinancing Cliff” Ever – Moody’s
A refinancing bulge is coming awfully soon.
Read more...A Modest Proposal for an Efficient Rental Market
How to make the housing market conform to mainstream economists’ ideals.
Read more...Randy Wray: American Colonial Currency (Debt Free Money, Part 4)
The American Colonial experience with note issue is consistent with what MMT has been saying for the past quarter century.
Read more...Links 2/17/16
Ex-Goldmanite , Now Minneapolis Fed President Neel Kashkari Calls for “Transformative” Changes to Banks, Ending TBTF, Even Regulating Them as Utilities
Astonishingly, Neel Kashkari really might mean a fair bit of his bold financial services industry reform talk.
Read more...Cyber Security and the Financial System – Why Technology Snake Oil Sells
How banks finesse cyber security risks despite hand waiving by governments and exhortations for the industry to “do something”.
Read more...Michael Hudson Discusses the New Global Financial Cold War
Michael Hudson discusses his paper, The IMF Changes Its Rules To Isolate China and Russia, and how jockeying among the big power players is becoming more visible and higher stakes.
Read more...Randy Wray: The Value of Redemption (Debt Free Money, Part 3)
Repeat after me: creation comes before redemption. Always!
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