The History of European Macroeconomics and Exchange Rate Policy
This is a very readable and important account of how Europe came to embrace some of the key elements of its current monetary policy and exchange rate straitjacket.
Read more...Author Archives: Yves Smith
Greek Parliament Passes Bailout Legislation
The margin of victory, if you can call it that, was 229 out of 300.
Read more...Links 7/15/15
Odds Favor a Greece Deal Failure and Defacto Grexit
The odds now favor the tentative deal struck over the weekend to “rescue” Greece, which many have correctly depicted as a brutal economic colonization of Greece by its lenders, coming unraveled.
Read more...Convert to the Drachma – Piece of Cake. Right…
Those who consider a Grexit, meaning reintroducing drachma, to be a sine qua non for Greece moving forward have no idea of what that entails.
Read more...IMF Throws a Spanner in Proposed Greece Deal, Says Debt Reduction May Not Be Enough
The IMF has dropped a big shoe before the Greek government has passed any of the legislation required as part of its pending bailout. But if this development leads to more wrangling, that means an even longer delay before Greek banks get any liquidity, which means continued strangulation of the Greek economy.
Read more...Links 7/14/15
Greeks Rebel Against Bailout, Risk Collapse
Greek unions and other groups are mobilizing against the punitive deal tentatively agreed with Greece’s creditors. But can they really stand in its way?
Read more...How Pension Funds, Universities and Endowments Pay for Private Equity Private Jets
One of the class markers of the private equity industry is that its members routinely fly on private jets. That’s because the larger and even some of the smaller firms charge their private jet travel to private equity portfolio companies.
Read more...The IMF’s Olivier Blanchard Writes a Greek Tragedy
The IMF’s research head, Olivier Blanchard, attempted to defend the IMF’s sorry record in Greece. What if any of his argument makes sense?
Read more...Tentative Deal Strips Greece of Sovereignty, Makes Debt Relief Dependent on Compliance
The tentative deal deal with Greece and its creditors is simply vicious.
Read more...California State Treasurer Takes Up CalPERS Private Equity Carry Fee Reporting Lapse After NC Readers Press Him
The top elected official on CalPERS’ board, State Treasurer John Chiang, says he wants CalPERS to get serious about providing carry fee data. That’s a good start, but board members like Chiang need to get serious about addressing how CalPERS’ staff shirks its fiduciary duties and evades board oversight.
Read more...“Greece Brought a Latte to a Gunfight”
How Greece, and in particular, Yanis Varoufakis, grossly misunderstood German interests and how that led Greece to destroy itself and further German rule.
Read more...Greece Has Made No Preparation for a Grexit
This is as bad as we’ve feared.
Read more...A Grexit Looks Almost Inescapable
Despite my generally dour outlook, I never thought we’d arrive at the insane juncture we are at now, that of a Grexit being all but baked in.
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