Yves Smith

The Brexit Ushers in a New Era of Rebellion Against Neoliberal Economics

British voters delivered a stunning repudiation to their political and economic elites by voting to leave the European Union by a margin of 52 to 48. The fallout has already started. The pound is down by over 11%, and some experts anticipate that it could ultimately fall to as low as 1.05 to the dollar, its low in the early 1980s sterling crisis. British bank stock prices have fallen by roughly 25%. Safe haven investments have spiked: gold is up 6% and the yen has traded through 100 to the dollar. The Nikkei fell by 8% and US stock futures suggest that the Dow could open down by 600 points.

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Greece's PM Accepts Most Creditor Terms as Merkel Insists on Referendum

Post-bailout expiration dynamics are likely to produce even worse outcomes for Greece than it had on offer from the creditors last month. It isn’t just that the bailout funds of €7.2 billion are gone; it’s that Greece has gone over an event horizon with stringent capital controls on and the ECB ready and able to push the Greek banking system over the brink.

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Obama Endorses the Bankers' Plan to Crush Greece

This story first appeared in Naked Capitalism.

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How Karl Polanyi's 'The Great Transformation' Changed My Views on the Economy

The first Christmas-New Years period for my website Naked Capitalism, in 2007, we featured a series “Something That Changed My Perspective,” which presented some things that affected how I viewed the world. The offerings included John Kay on obliquity and Michael Prowse on how income inequality was bad for the health even of the wealthy.

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The Student DebtCropper System: Even the Destitute Hounded by Debt Collectors

This article originally appeared on Naked Capitalism, and is reprinted here with their permission.

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Has Anyone Noticed That Most New Jobs Suck?

 I’m going to reverse my normal convention when I have a cross post but have something to add. Here I first offer you a MacroBusiness post (which in the layered ways of the Web relies heavily on an article by David Graeber) and natter afterwards.

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Eliot Spitzer Could Take on Private Equity Firms That Scam New York City

Eliot Spitzer, now the top contender to be the next New York City Comptroller, has said he wants to use the office to pursue financial reform. He has a ready, obvious, and comparatively easy target: the private equity industry.

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Why Larry Summers Shouldn't Be Permitted to Run a Dog Pound, Much Less the Federal Reserve

I’ve been gobsmacked to see that not only is Larry Summers on various short lists of candidates to become the next Fed chairman, but that Summers is also supposedly closing in on the favorite, Janet Yellen.

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The Sneaky Game Banking Giants Are Playing to Suck More Money From the Foreclosure Crisis

It’s conventional to deem local journalism to be dead, but Josh Salman at the Sarasota Herald-Tribune has written well-researched investigative story on bank bidding at foreclosures in his neck of the woods, Big lenders bidding to keep homes, that has national implications.

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