Author Archives: Yves Smith

How Monetary Policy Affects Bank Lending and Financial Stability: A ‘Credit Creation Theory of Banking’ Explanation

Another nail in “loanable funds”, which justfies austerity but does not explain how central banks produce credit and monetary growht.

How the Current Refusal to Deal Harshly with Failing Banks and Their Executives Will Create an Even Bigger Crisis

Why the expected official response to this bank panic wil make matters much worse, just not right away.

Medicare Advantage Uses Algorithms to Block Care for Seniors

How AI is institutionalizing Medicare Adantage fraud, to the degree that appeals of denials often outrun the patient’s life.

Links 3/21/2023

Lack of Grownups in the Room Exacerbates Bank Freakout

The bank firefighting squad seems to be out on a bender.

Why is America So Anti-City? It Holds Back the Entire Country

oth parties are exacerbating the city/country split. How different are their interests?

California’s Covid Misinformation Law Is Entangled in Lawsuits, Conflicting Rulings

California’s Covid censorship law has not yet been killed by the judiciary, sadly.

Fed, Central Banks Created the Current Crisis and Are on Course to Making Matters Worse

The Fed has a lot of ‘splaining to do, yet seems determined to keep doing the wrong thing.

Links 3/18/2023

The Iraq War 20 Years On: End of the US’s Post-9/11 Neoconservative Dream

The 2003 Iraq war led to huge numbers of civilian deaths, and continuing insurgencies in the Middle East and Africa

The U.S. and UK’s Submarine Deal Crosses Nuclear Red Lines with Australia

Why has Australia signed up for a pricey and security-diminishing nuclear sub deal?

Medicare Plan Commissions May Steer Beneficiaries to Wrong Coverage

More Medicare “buyer beware” alerts.

Were the Bank Bailouts the Result of Rising Wealth Concentration?

Are many of the explanations of the recent bank tsuris barkign up the wrong tree?