Author Archives: Yves Smith

Down the Memory Hole: Living in Trump’s United States of Amnesia

Trump’s ever-changing explanations, “alternative facts,” and program of destroying Federal data is straight out of Orwell’s “memory hole”.

Dumb Things Politicians Say About Health Care Policy

Unintended self parody on health care…if only this were a joke.

Don Quijones: Catalonia Threatens Spain with “Financial Bloodbath”

Yet another European debt/austerity-induced game of chicken, this one of Catalonia v. Spain.

Trump’s Budget Delivers Big Oil’s Wish: Reducing Strategic Petroleum Reserve

Trump seeks to deliver on another Koch Brothers pet idea: selling off part of the strategic petroleum reserve.

Yet Another Video Shows U.S.-Funded White Helmets Assisting Public Executions in Rebel-Held Syria

Why reporting by and about the State Department funded White Helmets needs to be taken with a fistful of salt.

Debt Relief or a Fourth Financial Assistance Program for Greece?

Greece continues to be broken on the rack of austerity. How far might the IMF’s insistence on reducing the pain level actually get?

CalPERS Keeps Board in the Dark About How Private Equity “Subscription Line Financing” Gooses Staff and General Partner Pay and Systemic Risk

CalPERS is asleep at the switch yet again.

Saudi Finance Minister: “I Wouldn’t Care If The Oil Price Is Zero”

The Saudi government has developed plans for root and branch economic change. But how can they cope if (when) it falls short?

Government Austerity Demands That We Die Within Our Means

Theresa May’s plans to intensify austerity are costing her votes. About time.

Reminder: NYC Meetup With Lambert Next Wed, May 31

More details about our NYC meetup next week.

Wall Street Journal Trolls CalPERS After Getting It to Correct Expense Misrepresentation

The Wall Street Journal forced CalPERS to retreat on its misleading private equity expense reporting.

4 Lies in 25 Seconds: CalPERS’ Wylie Tollette, PR Staff, Keep Cooking Cost Numbers Despite Being Called Out

Another example of institutionalized lying is deeply rooted at CalPERS, even though they aren’t very good at it.

Gaius Publius: The Dying Fossil Fuel Industry

The oil industry is on a downward trend, and the trajectory could be faster than most anticipate.

Board Member JJ Jelincic Calls Out CalPERS’ “Roy Cohn,” General Counsel Matt Jacobs

CalPERS board member JJ Jelincic shows the lengths to which the board and staff will go to silence dissident board members.

Healthcare Inefficiency: “Low-Quality Drugs Diffuse More Quickly in the US”

Another way in which the US health care system is exceptional: minimally effective drugs find a market faster here than abroad.