Author Archives: Yves Smith

Theresa May Outs Herself as Wall Street’s Poodle in Brexit Talks

It would be better if the latest Brexit news were a farce….

Ilargi: China Relies On Property Bubbles To Prop Up GDP

More concerned tea-leaf reading in the wake of a BIS report that sounded alarms about China’s debt growth.

Michael Hudson: Celebrating the One Percent – Is Inequality Really Good for the Economy?

The backlash has begun. Prominent economists are upping their game in trying to depict the gains of the One Percent as virtuous and beneficial.

Wells Fargo’s Management by Magical Thinking Comes Up Short in the Cover-Up Category

The more the press digs into the the sordid details of the Wells Fargo fake account scandal, the more rancid the stench.

New York Times Owes CalPERS a Retraction for Hatchet Job on Pension Fund Termination

The Grey Lady runs an error-filled piece on employer termination of plans with CalPERS, apparently carrying the water of pension privatizers.

Links 9/17/16

Trade Globalisation in the Last Two Centuries

Trade globalization started earlier than most economists realize, undermining conventional stories about how it came about.

The New Extreme Reality of Floods

Floods are an under-recognized economic and political risk….

Links 9/16/16

Deutsche Defies DoJ, Says It Won’t Pay Anything Near $14 Billion in Mortgage Settlement

Deutsche has launched a media war against the DoJ.

Wolf Richter: That 5.2% Jump in Household Income? Nope, People Aren’t Suddenly Getting Big-Fat Paychecks

The much-ballyhood 5.2% gain in household income doesn’t square with other data….and the details aren’t as pretty as the headline either.

DoJ Asks Deutsche Bank to Pay $14 Billion in Mortgage Settlement

The Obama Administration is trying to wrap up long-overdue mortgage-related cases, with Deutsche and possibly then other foreign banks.

Report: Why We Need to Tax Corporations Now, More Than Ever

Why the idea that corporations should get favored tax treatment is dubious.