Martin Wolf: Why Economists Failed as “Experts”—and How to Make Them Matter Again
Economists should stop pretending to be scientists and go back to the core of the discipline—as a field of inquiry and way of thinking
Read more...Author Archives: Yves Smith
Brexit: Chaos Visible
Things continue to go badly for Theresa May’s Brexit.
Read more...The EU Is Facing Gigantic Questions About Its Future That Are Hidden in Obscure Bank Policy Decisions
The ECB again rides in to try to paper over fundamental problems with the EU’s structure and to offset is austerity bias by restarting QE. But the EU needs more government spending. Will it take another crisis to get there?
Read more...What’s New About Fake News?
Musing on why the level of crude propagandizing known as fake news has gotten worse.
Read more...JJ Jelincic: CalPERS’ Plan to Create 2 New Private Equity Companies, Give Away Billions With No Control Makes No Sense….Except to Make Fund Managers Rich
CalPERS still can’t justify its new private equity business model, and has even retreated to calling it just a concept, yet it wants the board to sign a blank check at next week’s meeting.
Read more...Bill Black: MMT Takes Center Stage – and Orthodox Economists Freak
On the remarkable surge of interest in and attacks against MMT by mainstream economists and pundits.
Read more...Medicare for All (the Perplexed)
A French lesson on Medicare for All.
Read more...Is a War With Iran on the Horizon?
Why the US might be dumb enough to start a hot war with Iran.
Read more...Links 3/9/19
Economic Consequences of the U.S. Convict Labor System
US counties with convict labor often have lower wage and employment growth
Read more...Charter School Cap Efforts Gain Momentum
Evidence increasingly shows that charter schools damage public schools, fueling campaigns to stop charter school growth.
Read more...Links 3/8/19
CalPERS/Investor Alert: Award Winning Study Debunks “Warren Buffett” Fund Strategy; Buffett Does Better in Stocks Than Private Companies
Warren Bufett’s own experience calls “Warren Buffet funds” into question.
Read more...Can the US Treasury Run Out of Money When the US Government Can’t?
Debunking some arguments against MMT by explaining why the US Treasury can’t run out of money.
Read more...The Doomsday Economics of ‘Proof-of-Work’ in Cryptocurrencies
Why inherent problems with cryptocurrency liquidity are already leading to consideration of other methods for validating blockchain updates. They are likely to prove unsatisfactory and therefore call for verification by a trusted institution….defeating the rationale for cryptocurrencies.
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