Author Archives: Yves Smith

Frances Coppola: The Great Yield Divergence

Puzzling over the Great Divergence of real and nominal yields. Ever since the Great Depression, nominal yields have been persistently above real yields Yet in the previous 200 years, despite periods of fiat currency and high inflation, real and nominal yields didn’t diverge. Why do they now?

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Debacle, Inc.: How Henry Kissinger Helped Create Our ‘Proliferated’ World

If all Henry Kissinger contributed to the Middle East were a regional arms race, petrodollar addiction, Iranian radicalization, and the Tehran-Riyadh conflict, it would be bad enough. His legacy, however, is far worse than that: he has to answer for his role in the rise of political Islam.

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