Author Archives: Yves Smith

American Household Debt: A Reappraisal

An attempt to correct the “blame the poors” approach to the reality and systemic risk posed by debt among lower-income borrowers.

Rarely in the Field of Human Endeavour Has One Rather Small Profession Caused So Much Harm to Humankind as Neoclassical Economists Do Now

Not enough bad can be said about neoclassical economics. The focus today is inflation policy.

From the Great Divergence to South-South Divergence

A discussion of the need to replace the Great Divergence framework illustrates how economists often cling to outdated ideas.

Links 1/2/2024

Status of US Dollar as Global Reserve Currency and USD Exchange Rates: Long, Slow, Uneven Decline Continues

China’s renminbi keeps losing ground. But tiny “other” reserve currencies combined are taking share from the US dollar.

Prof. Michael Hudson, World Predictions for 2024 (USA, UN, Palestine, Russia And BRICS)

Michael Hudson pulls out his crystal ball to forecast what might be in store for 2024.

Announcing Micro-Mini Fundraiser for Moderation Top-Up

Announcing a micro-mini, just under the wire fundraiser to bring us into 2024 will a full moderation team! Help support the comments section!

Links 12/30/2023

Michael Hudson: Neoliberalism, Industrial Capitalism, and the Rise of Debt

Michael Hudson reprises favorite themes, particularly the role of rentiers and debt dynamics, with some new tidbits.

Links 12/29/2023

Because of Israel’s War Against Palestine, There Are No Innocent Ships at Sea

The Houthis raise the ante in their campaign against ships that could be bound for Israel.

India’s Russian Oil Imports Helped Prevent A Global Polycrisis

India makes a bold claim about spillover benefits from having ignored Western sanctions on Russian oil.

Huge Capital Investment Required for U.S. Electric Industry’s Decarbonization

Electric utilities face massive costs to end their use of fossil fuels in power generation. What does that mean for consumers and the public?

Links 12/27/2023