Earlier this month, little known Silicon Valley Bank – the bank for tech startups and Midwestern identitarians alike – collapsed in spectacular fashion after a good ol’ fashion run on deposits. Within 72 hours, the Fed, Treasury, and FDIC announced that they would make whole all SVB depositors, whether or not their accounts exceeded the $250,000 insurance limit. Beyond revealing that many tech wizards were less financially sophisticated than NBA star Giannis Antetokounmpo, the collapse and...

‘Severe tests’ of causal claims For many questions in the social sciences, a research design guaranteeing the validity of causal inferences is difficult to obtain. When this is the case, researchers can attempt to defend hypothesized causal relationships by seeking data that subjects their theory to repeated falsification. Karl Popper famously argued that the degree to which we have confidence in a hypothesis is not necessarily a function of the number of...

Michael Hudson's latest book. Michael Hudson turned 84 this month and he still keeps churning them out.Yves here. In a departure from our usual programming, below is the promotional material for Michael Hudson’s newest book, The Collapse of AntiquityNaked CapitalismThe Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning PointYves Smith

Capitalism is dependent on credit, so financial crises serious enough to threaten the capitalist system must be resolved by socializing losses. The alternative is financial collapse leading to economic collapse and social chaos. Central banking and credit regulation were instituted at the heart of economic liberalism to correct the risk inherent in this type of system.The New Indian ExpressIs a full-blown global banking meltdown in the offing?Satyajit Das is a former banker and author of...

Documento 26/3/2023 Τραπεζικές χρεωκοπίες και ο κίνδυνος νέας κρίσης Σταύρος Μαυρουδέας Καθηγητής Πολιτικής Οικονομίας Πάντειο Πανεπιστήμιο Τμήμα Κοινωνικής Πολιτικής Η παγκόσμια οικονομία συγκλονίζεται από τις πρόσφατες τραπεζικές χρεωκοπίες. Ξεκινώντας από τις ΗΠΑ – και παρά τις εθελοτυφλικές διακηρύξεις της ΕΕ και άλλων χωρών – τα προβλήματα σύντομα εξαπλώθηκαν τουλάχιστον στις υπόλοιπες Δυτικές οικονομίες. Μετά την αμερικανική SVB ακολούθησε η βεβιασμένη...

A short and insightful explanation of developing an economics with Chinese characteristics. Chinese economists recognize that there are universal elements underlying economics as a science, and they also recognize that there are temporal, historical, cultural, and civilizational factors affecting the study of economics. Conventional Western economics emphasizes the former and downplays the latter, so while there are things that Chinese economists can learn from Western economics, Western...

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Katie Porter on Social Security. Can you spare a bit more than three minutes? [embedded content] Three of the many Republicans who are absolutely not for the People. Social Security & the Debt Limit, Angry Bear, Bruce Webb. Tags: debt, Katie Porter ...