Author Archives: Yves Smith

The Mnuchin-Powell Affair Over the Fed’s “Special Purpose Vehicles” in Dollars & Effects

The Treasury and Fed set up junk-buying SPV programs The unwind is oddly controversial given that they never should have been created.

Links 11/21/2020

Reply from Authors of “To Save the Economy, Save People First” Regarding “Lockdowns Work”

More on lockdowns as a core response to community spread of Covid-19.

Don’t Depend on Wall Street for Renewable Energy Investment

Why Big Finance is part of the energy problem, not the solution.

The Impact of the New Asian Trade Mega-Deal on the European Union

Even though the econnomic impact ot the new Asian trade pact seems limited, Europeans see it as a geopolitical Big Deal.

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Nick Corbishley: Bankruptcy Looms As Cash-Starved UK Local Councils’ High-Risk Real Estate Bets Sour

UK councils were already in trouble due to austerity, inflated charges for services, and mismanagement. Covid is set to generate bankruptcies

A Letter from Nanea to Yves Smith About CalPERS’ Strange $1.5 Billion Deal with LongRange Capital

CalPERS defied its board by staking a startup fund with a cool $1.5 billion without approval. And on top of that, the deal looks lame.

Links 11/14/2020

How Biden Can Protect Workers on Day 1

By using the Occupational Safety and Health Administration, Biden could improve worker safety during the pandemic without Congress’s help.

2020 “Globie”: The Carry Trade

A recent book focuse on the role of the carry trade in increasing financialization and instabilty.