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Naked capitalism

Naked capitalism
Yves here. This post summarizes a paper that argues that derivatives, specifically credit default swaps, exacerbated the severity of the European sovereign debt tsuris. This sort of analysis deserves a wider audience, precisely because the prejudice of both neoclassical and neoliberal economists is that markets are ever and always virtuous, and that prices are never wrong unless someone is interfering (with labor unions the preferred bad example).

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Mainstream economics and Modern Monetary Theory: A family tree Culture Connoisseur Badge Culture Connoisseurs consistently offer thought-provoking, timely comments on the arts, lifestyle and entertainment. More about badges | Request a badge Washingtologist Badge Washingtologists consistently post thought-provoking, timely comments on events, communities, and trends in the Washington area.

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