What’s Wrong with Inflation Targeting?
Macroeconomic policy focused on inflation targeting is likely to deliver neither macroeconomic stability nor economic development, aka sustainable growth.
Read more...Author Archives: Yves Smith
We Will Discuss Greece on Harry Shearer’s Le Show This Sunday
Le Show is broadcast in New Orleans WMNO on Sunday at 8:00 PM or you can stream it or download a podcast from his site here.
Read more...The Augean Stables – How Corruption Has Amended the Constitution
The institutionalized elements of corruption in America are so powerful that they’ve been able to gut the Constitution.
Read more...Links 7/16/15
ECB Expected to Continue to Strangle Banks, Not Provide More ELA Funding Today, Despite Greek Parliament Passing Austerity Legislation (Updated: ECB Does Not Provide All of Requested Funding, Attaches New Strings)
The ECB is in full sack-of-Carthage mode if it fails to increase the ELA today to give Greek banks some hope of survival and more important for the economy, of providing payment services to citizens, businesses (particularly importers) and tourists
Read more...John Helmer: What is the Price of Suppressing the Truth in the Info War Against Russia?
Most people don’t think too hard about the fact that there is a price for secrecy, and when the truth is dangerous, the price is high.
Read more...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...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.
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