Author Archives: Yves Smith

Don Quijones: Wrath of Draghi Hits Germans Who Refuse to Blow Their Savings

Draghi plans to beat savers until morale improves.

American Police State: Secret Service Controlling Journalist Access to Conventions by Arbitrary, Secretive, No Appeal Screening Process

Welcome to a press gag Secret Service style.

Nomi Prins: Gimme Shelter (From the Tax Man), Disappearing Money and Opportunistic Candidate

It should come as no surprise that none of the mainstream Presidential candidates stack up well on the issues of tax avoidance and evasion.

Lessons from Iceland, Where Offshore Created an Onshore Bubble Free of Rules and Regulations

In Iceland, the rapid growth of offshore, meaning tax evasion, along with harmful, even criminal, practices produced a massive boom and bust.

Links 5/5/16

Consumer Financial Protection Bureau to Put End to Mandatory Arbitration for Consumer Loans, Credit Cards

Ding, dong, the witch of mandatory arbitration is (on its way to being) dead.

Spontaneous Protests in Baghdad Green Zone Show Cracks in the Security Apparatus

The occupation of Parliament in Iraq’s Green Zone is a secular, cross-ethnic group effort.

Is Gasoline Demand the Biggest Red Herring In Oil Markets?

Gasoline demand distracts from the more important subject that there is no fundamental reason for the current oil-price rally.

Nuland Tells Cyprus To Cut Russian Ties – Pressures Anastasiades To Accept Nato Plan For Turkish Troops In Cyprus

Victoria Nuland is leading a US effort to pressure Cyprus to accept a secret NATO plan to keep Turkish forces on the island.

Links 5/4/16

Tough Private Equity Transparency Bill in Illinois Focuses on Indefensible Contract Terms, Beats California Bill on Fee Disclosure Requirements

A new private equity transparency bill sponsored by Illinois Senator Daniel Biss is more extensive and effective than similar legislation pending in California.

“Free Trade” in Trouble in the United States

“Free trade” policies, in a world of substantially liberalized trade, no longer elicit knee-jerk support. About time.

Bill Black: Free Markets Mean Zero Economic Profit – or a 99% Profit Markup

How “free market” ideology produces companies like Valeant, which Warren Buffett’s partner Charlie Munger called a “sewer,” “corrupt,” and “criminal.”

Inequality Kills: Top 1% Lives 15 Years Longer Than the Poorest

Inequality kills, as the death gap between the richest and poorest rises to 15 years in the US.

Links 5/3/16