Yves Smith
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Articles by Yves Smith
Women Are More Emotionally Intelligent Than Men, and That’s a Problem – Landmark Study
Yves here. This article, perhaps unintentionally, focuses on the value of emotional intelligence in conflict management and behavior regulation, and does not mention other possible uses, such as in negotiating, selling, and (bluntly) manipulation. But irrespective of the potential applications, it shows that women on average have an advantage and that women’s higher skill level does not appear to have a genetic foundation.
The Black Sea Game Nato Is Playing for Bulgaria Against Russia
Yves here. There are so many hot conflicts underway that important escalatory developments within them may not be getting the attention they warrant. John Helmer highlights one, of increased NATO surveillance over the southern Black Sea in the wake of attacks on two commercial vessels off Bulgaria’s coast by sea and air drones.
Fear and Loathing of MMT
Yves here. Richard Murphy takes up the canard that a government that operated on MMT principles would be profligate and quickly run the nation into the ditch. The dirty secret is the US already runs on MMT precepts, and ones wonders if this also true of the UK. But in the UK, skeptics voice concerns about the effect of interest rates and currency levels, which are not signed as much concern in the US.
The Mortality Costs of Climate Change
Yves here. This study on the mortality costs of climate change may seem unduly simple in its construction but it still makes an important point. The lifespan cost of higher temperatures is greater than can be explained by the direct effects of heat, such as heatstroke, alone. More extreme weather patterns, increasingly out of line with historical planting and harvest cycles, endanger life, limb, and livelihoods.
Americans Who Go to Church and Trust Science Are Also More Likely to Believe in Ghosts and Curses, New Research Shows
Yves here. Apropos ghosts, as Hamlet put it, “There are more things in heaven and earth than are dreamt of in your philosophy.” I understand that Brits have enough seriously haunted houses that many are at least willing to entertain the idea that ghosts exist. More generally, there is evidence to suggest that paranormal phenomena have some validity.
How Non-State Alliances Are Reshaping the Global Order
Yves here. The prevalence and effectiveness of rebel groups and their external backers is not terrain I know well, so I very much encourage reader commentary on John Ruehl’s observation. I am old enough to remember Peru’s feared Sendero Luminoso in its heyday. My understanding is gangs have long exerted considerable control in Colombia. In Japan, the yakuza even have a quasi official role.
Links 10/15/2026
A New ‘Super Ice’ Is 10 Times Stronger, Bringing It Close to The Strength of Concrete Science Alert Man accused of hiding 10 live birds in his ‘bulge’ at the airport CNN Climate/Environment The 2026 state of the climate report: challenges and opportunities BioScience Are we on course to a hothouse Earth? Can we stop it?
West Asia War: Riyadh Ravaged, Battles in Yemen, Iranian Mines Sink Ship
Saudi Arabia and Ansar Allah continued to trade bombs and ballistic missiles. Saudis continue to downplay damage and claim interceptions. Aramco offices damaged more than Saudis initially admitted. Riyadh Airport hit again. Battles continue in Yemen. More ships hit in the Strait of Hormuz, and the IRGC Navy Chief is “impatient” to sink US warships.
Short Iran War + Ansar Allah v. Saudis Update
Iran and Ansar Allah have greatly intensified their attacks on their respective opponents, with Iran damaging two more vessels in the Strait of Hormuz environs, one via missile, the other by a mine.
Record Tanker Rates Leave Heavy Crude Stranded in the Americas
Yves here. An example of how Iran’s campaign in the Strait of Hormuz is having effects well out of theater. The world is particularly short of heavy crude, which among other things is an input in the production of diesel fuel. Insanely high tanker rates are producing balkanization of the oil market, with it not being economical all in to transport heavy crude of of the Americas.
Michael Hudson on the Swedish Central Bank’s Wannabe Nobel Prize 2026
Yves here. Michael was unable to restrain himself. Yours truly could easily add much more on ZIRP, which the Fed quietly recognized as a failure save at stimulating speculation in leveraged assets, such as private equity. Recall that the Bernanke tried backing out of it in 2014 but was deterred by the taper tantrum. By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College.
Financial Sanctions and the Global Payments Network
Yves here. This article argues that even though banks in sanctioned nations have made effort to move to use other currencies, the number of “hops” in doing so is an impediment. The result is that use of the renminbi has not increased as much as most observers expected. By Gregor Matvos, Howard Berolzheimer Chair in Finance, Kellogg School of Management Northwestern University and Brent Neiman, Edward Eagle Brown Professor of Economics, Booth School of Business University Of Chicago.
Why Fall Yard Care Could Start With Doing Less – But Not Nothing
Yves here. News you can use, ad least for those who have a yard to mind. And better yet, to eliminate counter-productive tasks, here leaf clearing. By Manjot Kaur Sidhu, Assistant Extension Professor of Horticulture and Ornamental Horticulture Specialist, University of Maine. Originally published at The Conversation Every autumn, homeowners and gardeners tend to engage in a familiar ritual.
Links 10/13/2026
Did Magic Mushrooms Make Us Religious?
UN and The Hague Confront Impunity for War Crimes
Yves here. The UN is incapable of dealing with what it considers to be the crime of all war crimes: genocide. And even then, merely making a fuss is too much for the relentlessly Israel-backing US. By Nicolas J. S. Davies.
Big Money, Party Politics, and Congressional Leadership in the 2026 Election: From the Rockies to the Himalayas
Yves here. The importance of small donors in both of Bernie Sanders’ presidential campaigns, as well as the intense campaign in the press and political parties against populists, and above all, the socialist sort, right lead one to think that ordinary voters were gaining some ground in the funding game. The reverse is the case. The 2026 races are shaping up to be a big money orgy.
Michael Hudson on the Oil Markets
Yves here. Michael Hudson, in a talk with Brandon Weichert, describes current condition in and the prospects for the oil market, and how some of the current tightness of supply is the rest of the US’ long running campaign against Russia and its long-standing program to wield power through influence over oil supplies. I have to take issue with Hudson putting emphasis on old being priced in dollars as if it was a nefarious scheme. So too are all major commodities, including gold, as well at crypto.
The UN at the Breaking Point and What Could Come Next
Yves here. Joseph Busby’s article below is of seminal importance and I hope readers will give it the attention it warrants. Busby contends that even though the UN has far too often fallen well short of its lofty aims, the Trump speech at the last General Assembly meeting was such a full-bore repudiation of any pretense of its authority that it will come to be regarded as a de facto end point. Busby catalogues some of the UN’s many failures over time.
The UN at the Breaking Point and What Could Come Next
Yves here. Joseph Busby’s article below is of seminal importance and I hope readers will give it the attention it warrants. Busby contends that even though the UN has far too often fallen well short of its lofty aims, the Trump speech at the last General Assembly meeting was such a full-bore repudiation of any pretense of its authority that it will come to be regarded as a de facto end point. Busby catalogues some of the UN’s many failures over time.
Worker-Managed Firms Curb Inequality and Promote Competitiveness
Yves here. It may seem odd to have an article so concerned about market effects of worker-managed firms, but it was written by an economist. More seriously, the Basque’s Mondragon has shown that not mere worker-managed but worker-owned businesses can be highly successful. A potential advantage of worker-managed entities is greater transmission of information about customer and supplier issue that can enable the business to operate more effectively.
Material Insecurity and the Foundations of Democratic Participation
Yves here. This post makes important observations about how poverty and economic stress undermine citizen involvement in the apparatus of politics and governance, from voting to showing up at city/town council meetings, to protesting and other forms of civic engagement. Yet the framing is disconcerting. The implicit position is that those in authority want or at least are not opposed to broader participation. It presupposes a public spiritedness that seems very much in retreat these days.
Michael Hudson: The AI Crash Is Coming, And You Will Pay For It
Yves here. Get a cup of coffee. This is a particularly fine, wide-ranging discussion between Michael Hudson and Radhika Desai on the economic and financial effects and risks of AI. Some distinctive topics are how US policy toward research and development changed in the neoliberal era, and how China is taking a very different approach to AI implementation than the US.
Global Imbalances and the China Challenge
Yves here. This article is deceptively simple in how it sets forth a short list of the Chinese policy measures that have made it an export powerhouse. The authors also use these choices to explain why China’s exports continue to grow and why its dominant position will be hard to reverse or even blunt. This analysis matters for several reasons. First, sustained large trade imbalances are politically and even financially destabilizing.
If Our Government Makes Dollars, What Is the ‘National Debt’?
Yves here. Tom Neuburger has been publishing a step-by-step primer on how money creation and Federal spending work for governments that are monetary sovereigns. This final entry in his series covers the unduly contentious topic of national debt. Keep in mind that the Modern Monetary Theory framework does not dispute the idea that governments can engage in excessive spending, and that that has consequences. But they are not involuntary default, aka bankruptcy, but too much inflation.
Countdown! | naked capitalism
Readers have responded generously to our urgent appeal, to meet our final fundraiser goal of $45,000 for more original reporting and to hit our new donor target of 1500 contributors. We’re now at 1405 donors! Eleven hours remain. Can you push us over the top? Since our last update, only a few hours ago, you’ve gotten us closer to our final financial target. We are now at $12,140, showing progress but still short of our goal of $45,000 for original reporting.
Down to the Wire for 2026 Fundraiser, Help Hit Our New Donor and $ Targets!
We made a urgent final fundraiser call at 6:00 AM EDT this morning. Members of the Naked Capitalism community rallied impressively! Over 80 donors have contributed more than $10,000 so far! Your generous donations say you want more in-depth reporting, penetrating analysis, trenchant commentary, wide-ranging links and adorable beasties.
Reuters Reports Gulf Oil Exports Reached 80% of Pre-War Level as Standard Chartered Shows Bigger Hit to Hormuz Transits, Shift to Other Routes
This is Naked Capitalism fundraising week. 1317 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: more original reporting.
SOS! Desperately Seeking Procrastinators! Last Call for Our 2026 Fundraiser!
Thanks to the backing loyal readers, we have been moving up to our last targets. We’re at 1309 donations, pushing towards our new hurdle of 1500. And at $895, we have started on our final fundraiser target of $45,000 for original reporting. But as you can see, we are considerably short of our money goals! In some years past, we have gotten a big upswing at the close of the fundraiser. We hope members of this community will rally to make sure we can keep our hamster wheels running in 2027.
Canary in the Coal Mine? Office CMBS Delinquency Rate Re-Spikes to 12.2%, Far Worse than Financial Crisis Peak
This is Naked Capitalism fundraising week. 1303 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: more original reporting. Yves here.
Iran War: Saudi-Backed Forces Launch Major Yemen Campaign; More on Oil Transits and Economic Conditions
This is Naked Capitalism fundraising week. 1284 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: more original reporting.
Yippie! Met Our Sixth Goal, On to Our Seventh: More Original Reporting
If you don’t need to be persuaded to give but just haven’t done so yet, please go right to our fundraiser page to chip in! Thanks to your backing, we’ve hit our first six targets: essential IT, supporting the comments section, funding the Coffee Break/Sunday links features, bonuses to our esteemed writers, continuing expanded Links, and preventing burnout. But we are not where we should be! We are still behind where we need to have enough cash in the till for the upcoming year.
Naked Capitalism: Your Priceless One-Stop Shopping for What Is Really Going on, and Why
By Jospeh Busby, Founder and Director, Reality-Based Analysis Group GmbH; Founder and Managing Director, Association for the Promotion of International Development and Security If you are anything like me, you have likely experienced the following scenario multiple times: In any small gathering of friends or extended family, it is almost inevitable that at some point news of the world or the current events of the day come up in conversation.
Why Might Putin Finally Decide to Bring Ukraine to Its Knees After Nearly Five Years?
This is Naked Capitalism fundraising week. 1280 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: Karōshi Prevention. Yves here.
Naked Capitalism Has Outlasted Larry Summers
Yves here. One accomplishment of sorts is being part of a community that has outlasted and even marked up some bad actors. This site has managed to force the departure of three government officials. We played a small role in a group of activists and journalists in the successful effort to keep Larry Summers from getting posts he keenly wanted to occupy after his time as Secretary of Treasury, shown by how hard he campaigned for them: Fed chairman and head of the World Bank.
Links 10/3/2026 Plus Short Iran War/Narrative Note
This is Naked Capitalism fundraising week. 1091 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: Karōshi Prevention.
Patient Dies by Suicide After ‘Insurance Issue’ Delayed Medicine for Lung Disease Flare-Ups
This is Naked Capitalism fundraising week. 1091 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: Karōshi Prevention. Yves here.
With the Trial of ‘Ulm5’ Activists, Germany Looks More and More Like a Police State
This is Naked Capitalism fundraising week. 1090 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: Karōshi Prevention. Yves here.
Hooray! Met Our Fifth Goal, On to Our Sixth: Karōshi Prevention
Thanks to the bigheartedness of over 1140 members of the Naked Capitalism community, we’ve satisfied our first five targets: our critical budget for IT infrastructure and defenses, supporting the comments section, continuing our popular Coffee Break/Sunday movie features, funding our expanded Links section and providing bonuses for our guest bloggers.
URGENT: Art_DogCT Returns for New “Double Your Donation” Challenge
Our generous sponsor Art_DogCT is back! You may recall he launched our first 2026 “Double Your Donation” challenge from an unexpected inheritance. He said he would give most of it away and Naked Capitalism was his top priority. Art_DogCT has returned, and while we are deeply indebted to his continuing generosity, the reasons are not entirely happy. Donations have stalled out when we are short of our targets. Art_DogCT noticed our progress was flagging.
At the Bottom of the Oil Barrel, There Is No Baseline for the Future
This is Naked Capitalism fundraising week. 1101 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: funding bonuses for our terrific writers. Yves here.
The Trouble with Flock Cameras Is the Surveillance System’s Architecture, Not Just Some of Its Users
This is Naked Capitalism fundraising week. 1007 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: funding bonuses for our terrific writers. Yves here.
Everyone’s Asking the Wrong Questions About AI and Education
This is Naked Capitalism fundraising week. 999 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: funding bonuses for our terrific writers. Yves here.
Iran War: The Narrative War Continues to Confuse and Confuddle
This is Naked Capitalism fundraising week. 989 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal, Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: funding bonuses for our terrific writers.
Big Tech’s Plans for AI Are Bringing Nuclear Power Back to New England
This is Naked Capitalism fundraising week. 998 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal. Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal: funding bonuses for our terrific writers. Yves here.
Harry Shearer Supersized “Double Your Donation” Challenge!
Many of you know and are fans of Harry Shearer: a performer, writer, producer, and radio host, plus a longstanding friend of Naked Capitalism. Harry is issuing a $10,000 challenge, to match the next 70 donations of $100 or $100 multiples up to that total, and 60 donations of $50.
European NATO Fears That the US Won’t Rush To Its Rescue If It Provokes a War With Russia
Yves here. Andrew Korybko provides a useful update on how European NATO members are moving forward with what amounts to fantasy self-protection schemes, based on the further wild idea that Russia would attack them just because. Admittedly, France does have nukes, but absent that, experts have repeatedly pointed out that Europe’s hollowed out industrial base means on paper it would be at least a decade before Europe could adequately arm up. But the weapons picture is even worse.
What Happens When Neoliberalism’s Only Got Fear Left to Sell?
This is Naked Capitalism fundraising week. 935 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal. Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year,, and our current goal, funding bonuses for our terrific writers. Yves here.
De-Dollarization Is a YouTube Urban Legend
This is Naked Capitalism fundraising week. 861 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal. Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year,, and our current goal, funding bonuses for our terrific writers.
Links 9/29/2026 + Short Iran Note
This is Naked Capitalism fundraising week. 852 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal. Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year,, and our current goal, funding bonuses for our terrific writers.
What Is the Federal Bond Market Really?
This is Naked Capitalism fundraising week. 849 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, PayPal. Clover, or Wise. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year,, and our current goal, funding bonuses for our terrific writers. Yves here.
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