Michael Pettis: Do Markets Determine the Value of the RMB?
A thorough discussion of the background and implications of the so-far modest devaluation of the RMB.
Read more...Author Archives: Yves Smith
William J. Astore: Seventy Years of Military Mediocrity
How the US has developed military muscle at the expense of brainpower.
Read more...The Teach For America Bait and Switch: From ‘You’ll Be Making a Difference’ to ‘You’re Making Excuses’
A report from an insider on organization dedicated to scabbing known as Teach for America.
Read more...Kanbur/Stiglitz: Rent Seeking as a Major Driver of Wealth and Income Inequality
Yves here. This post is wonky but important. While Stiglitz has written regularly about inequality as problematic from an economic perspective, and has mentioned rent seeking as a contributor, to my knowledge, this is the first time he’s said that old theories need to be tossed and that rent seeking is one of the main factors now driving wealth and income inequality.
Read more...Links 8/18/15
Why Bernie Sanders Should Add a Job Guarantee to His Policy Agenda
Bernie has unapologetically rejected sclerotic visions of what is ‘politically possible’. And now he should add the Job Guarantee to his list of issues.
Read more...The GM Labeling Law to End All Labeling Laws
Campaigners for the Orwellianly-named “Safe and Accurate Food Labeling Act of 2015” falsely demonize those who want GM labeling as anti-science.
Read more...Robert Reich: Having a Life (Sort of) as a New Perk for “Talent”
If “talent” gets only itty bitty relief from extreme workplace demands, and that due to media pressure, imagine what it’s like for the help.
Read more...Links 8/17/15
Yet More Private Equity Grifting: The SEC Enables “Broken Deal Expense” Con
There’s so much chicanery afoot in private equity that I sometimes don’t write about important aspects on a timely basis. One of the big ones that most investors manage to kid themselves about is how the general partners’ fee structures really work. The widely-cherished fantasy is that the prototypical 2% annual management fee (the “2” […]
Read more...California First, As Both Climate Victim and Responder, the National Style-Setter Leads the Way
An old saying among trend-mavens is that as California goes, so goes the nation. That means its devastating drought is a real warning.
Read more...Does a Strong Dollar Hurt Emerging Markets?
Conventional wisdom has it that strengthening dollar hurts emerging markets via a sudden exodus of host money. A new study argues that real economy forces are a bigger driver, specifically lower commodity prices.
Read more...Climate Change: Have We Reached the Point of No Return?
This Real News Network segment provides a sobering assessment of the speed of climate change and species die-offs.
Read more...Links 8/15/15
A Pragmatic Approach to External Debt: The Write-Down of Germany’s Debts in 1953
Greece’s crisis has invited comparisons to the 1953 London Debt Agreement, which ended a long period of German default on external debt. Unfortunately for Greece, the motivations driving the 1953 agreement are nearly entirely absent today.
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