Author Archives: Yves Smith

Our New York Magazine Article: “‘Alpha Wolves in the Henhouse’: California’s Multibillion-Dollar Private-Equity Boondoggle”

Putting CalPERS under the hot lights for its questionable private equity plans.

Why It’s So Hard for Most Countries to be Economically Independent from the West

Western countries insist both on “free trade” with poor countries and farm subsidies for themselves.

Links 12/13/18

Brexit: Endgame

As the Brexit clock is running down, so too are the available plays.

JJ Jelincic: CalPERS’ New Private Equity Model – What’s the Payoff?

CalPERS claims for its private equity “new business model” don’t add up. That suggests there are other motives.

Toxic Philanthropy? The Spirit of Giving While Taking

Why to be leery of philanthropy, particularly when practiced by squillionaires.

Do Climate Policies ‘Kill jobs’? An Economist on Why They Don’t Cause Massive Unemployment

Sadly, an upbeat take on what “green” policies might means for jobs greatly understates the depth of economic restructuring needed to reduce the pace of climate change.

Links 12/12/18

Yellow Fever in France

Almost everyone agrees on the analysis of what caused the yellow jacket movement: the growth of inequalities, the marginalization of certain regions and social categories, austerity and neoliberal politics. Then accounts diverge.

Wolf Richter: “Severe Collapse” of Home Prices Might Trigger a “Financial-Institution Crisis” in Australia: OECD Frets about the Banks

Australia looks to be on the verge of a nasty unwind of its housing bubble. A plunge would damage not only its banks but also retirement funds, since banks play an outsized role in the Australian stock market.

Brexit: Tories Launch No Confidence Vote Against May

May looks to be hoist on her Brexit petard.

Links 12/11/18

Brexit: All About May

Why May oddly matters even more than before.

France’s Macron Makes Concessions While ‘Yellow Vest’ Protests Continue

Some background on the demands the gilets jaunes are presenting to French president Macron.