Author Archives: Yves Smith

Wolf Richter: #Carmageddon Not Yet, But Hot Air Hisses out of Auto Bubble

Despite record incentives, auto sales decline speeds up, inventory bloat spreads to zombie malls.

Michael Hudson: Review of Steve Keen’s “Can We Avoid Another Financial Crisis?”

Steve Keen’s book is a compact, layperson friendly evisceration of mainstream economics and efforts to defend banks at the expense of citizens.

Links 5/2/17

British Press Hissy Fit Over Predictable EU Move to Relocate Euro-Clearing to the Continent

The UK press reacts with unwarranted indignation to an EU move that was sure to happen.

Canadian Bank Run Contagion Begins?

A Canadian subprime mortgage lender is on the ropes. Is the end of the real estate bubble nigh? If so, how much damage will banks take?

CalPERS Hides Bogus Persecution: Promised Public Hearing for Lone Effective Director Held in Secret

CalPERS doubles down on a bogus scheme to neuter its one effective board member reneging on its promise to have a public hearing of charges.

The Fall of the Latin American Left, Part III: Argentina and the Right Winning Elections

How the Kirchner program in Argentina ran into the buzz saw of currency markets.

Globalization and the End of the Labor Aristocracy, Part 3

On the current structure of globalization and its implications for the distribution of income within and between countries.

Reminder: Washington DC Area Meetup Tonight, April 28!

Our NC meetup near Washington DC is tonight! Be there or be square!

Wall Street Journal Reports on Appearance of Private Equity Self-Dealing at Blackstone and Other Firms Nearly Four Years After We Broke the Story

So why is the Wall Street Journal years late in reporting on private equity self-dealng, and underplays its seriousness to boot?

Why Anti-War Purity Tests Are Not Sound Political Strategy

Why head on opposition to war has failed and other approaches have better odds of long term success.

Mark Ames: Credit Suisse Decries Russian Inequality After Playing Leading Role in Creating It

Credit Suisse criticizes Russian inequality after having profited handsomely from playing a big role in creating it.

“Howard Marks Seems to Read Naked Capitalism” on Private Equity Fund-Level Borrowing That Juice Reported Returns While Increasing Risks

Storied investor Howard Marks penned a not-very-positive post on private equity subscription lines of credit, echoing our earlier warnings.