What Happens as Trump’s Losses Mount?
What will Trump do as his policy backfires become too large and frequent to deny?
Read more...Author Archives: Yves Smith
U.S. Utilities Put in a No-Win Position by Phantom Data Centers
AI players are gaming utilities, and creating high odd of bad outcomes for other customers, by making duplicate orders for power.
Read more...James Galbraith: Crash in Top Economist Hiring Contradicts Elite-Favoring “Skill Biased Technical Change” Theory
Contrary to some economists’models, salaries aren’t constantly reset based on skills or technology. They follow the economy and politics.
Read more...Links 9/2/2025
Trump’s Appellate Court Tariff Loss: It Isn’t Over Until the Fat Lady Sings
Trump is likely to win his retaliatory tariff battle at the Supreme Court and even if not, he’s too fond of this bludgeon to give it up.
Read more...The Destruction of the Socialist Federal Republic of Yugoslavia
A detalied history of the two incarnations of Yugoslavia and how the state unraveled.
Read more...Fed Governor Lisa Cook v. Trump: “That Mortgage Document Doesn’t Say What You Think It Says”
More on the holes in the Trump allegations that Fed governor Lisa Cook committed mortgage fraud.
Read more...Links 8/30/2025
Michael Hudson: How Lenders Sought and Got Power in the Roman Era and Helped Legitimate Later Rentierism
Michael Hudson recaps the long history of limits on lenders’ rights for the benefit of society and how the Roman era was an inflection point
Read more...Dead States, Living Borders: Three Historical Cases of ‘State Revival’: Armenia, Vietnam, and Poland
Case studies of Armenia, Vietnam and Poland as countries that re-emerged after conquest. What set them apart?
Read more...“Forcing Zelensky to Hand Putin Ukraine’s ‘Fortress Belt’ in Donetsk Will Lose It the War”
While some Western pundits are starting to acknowledge Ukraine’s dire condition, large amounts of porcine maquillage are also being applied.
Read more...Trump’s Impact on the Financial Sector and Global Dollar System
A wide-ranging review of how unccordinated Trump policies undermine the dollar and the international banking system, and even each other.
Read more...Satyajit Das: Weakening Bank Regulations Will Make the Next Financial Crisis Worse
Pressured by banks, US and European officials are loosening regulations to prevent another 2008 which will have predictable consequences
Read more...Trump’s Intel Move Looks Like Performance, Not Policy
Yves here. It is remarkable how Trump seems to need to have his name in the hot lights, um, the headlines, all the time and is able to do so. Admittedly, liking bold gestures for their own sake, as opposed to whether they make any sense, helps by giving way more degrees of freedom. As […]
Read more...Trumpian Tariffs Rerun the Failed Strategy of Import Substitution Industrialization
Trump’s use of broad-based tariffs to promote industrialization have repeatedly failed. There’s no reason to expect different results now.
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