Author Archives: Yves Smith

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.

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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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