Author Archives: Yves Smith

Bullish Economists Are So Yesterday

The confidence fairy is having trouble getting liftoff.

Links 7/19/16

Did the European Court of Justice Just Rescue Italy’s Banks? (Updated)

The European Court of Justice just issued a ruling that may allow Italy to rescue its banks without imposing bail-ins.

COBOL and Legacy Code as a Systemic Risk

More on why legacy code at major banks is a ticking time bomb.

Is Brexit Moment a Lehman Moment? Fear Factor in Financial Crises

Comparing the market reaction to Brexit with key events during the crisis.

CalPERS Announces Preliminary Returns of 0.6% When Target is 7.5% (Updated)

CalPERS posts crappy results and its disclosure isn’t too hot either.

Links 7/18/16

How Finance Costs Too Much and Fails to Deliver

The costs of looting by the financial services industry are even more staggering than you probably imagined.

Michael Hudson: US-NATO Border Confrontation with Russia Risks Nuclear War and Loss of European Partners

On the rising nuclear war risk due to NATO-Russia confrontation.

Will Italian Banks Tear Down Europe?

Will Italian banks be the detonator of a political and economic crisis?

Links 7/16/16

Louis Proyect: Misusing German History to Scare Up Votes for Hillary Clinton

Distorting German history so as not just to equate Trump to Hitler but also to equate the left with Weimar socialists.