Reminiscence of the FutureThey Are Getting The Message, 2.0.Andrei Martyanov, former USSR naval officer and expert on Russian military and naval issueshttp://smoothiex12.blogspot.com/2022/05/they-are-getting-message_18.htmlA Son of the New American RevolutionScott Ritter’s Unforced ErrorLarry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise combating terrorism and investigating money laundering, formerly Deputy Director in the U.S. State Department’s Office of Counter Terrorism (1989-1993, and CIA operations (1984-1989)https://sonar21.com/scott-ritters-unforced-error/Russian and Eurasian PoliticsThe Influence of Neofascist and Other Nationalist Groups in Maidan UkraineGordon Hahn | Expert Analyst at Corr Analytics,

A quick glance at U.S. TIPS (inflation-linked bonds) shows that if we abstract past the thorny question of where inflation will be in the next few years, the market has largely reversed the relatively low inflation expectations that developed in the mid-2010s. If one believes that the inflation overshoot seen in recent years will be reversed within a reasonable time span, valuations are near a “fair value” based on historical data. (Of course, past performance is not indicative of future results, yadda, yadda, yadda.) If one is convinced that the secular tide on inflation has turned, TIPS might still be cheap on a longer-term basis….Bond Economics TIPS Valuation CommentaryBrian Romanchukhttp://www.bondeconomics.com/2022/05/tips-valuation-commentary.html

Reminiscence of the FutureOn My Brief Response To Scott Ritter.Andrei Martyanov, former USSR naval officer and expert on Russian military and naval issuehttp://smoothiex12.blogspot.com/2022/05/on-my-brief-response-to-scott-ritter.htmlRT — Question More (Russian state-sponsored media)UN chief calls for climate Marshall Planhttps://www.rt.com/news/555718-guterres-fossil-fuels-report-renewables/US puts ‘disinformation board’ on holdhttps://www.rt.com/news/555705-dhs-disinfo-board-jankowicz/Zero HedgeBiden’s ‘Disinfo’ Board Paused As ‘Scary Poppins’ ResignsTyler Durdenhttps://www.zerohedge.com/political/bidens-disinfo-board-paused-after-scary-poppins-drafts-resignationOipriceInsurers Are Suffering Major Losses Due To Climate ChangeCity

Yves here. Michael Hudson has graciously allowed us to publish the forward to his new book The Destiny of Civilizations. Professor Wen Teijun, Executive Dean, Institute of Rural Reconstruction of China, explains how Hudson looks at America’s finance-led hegemony contains the seeds of its own destruction, and is separately suffering from conflict with China’s very different political-economic system, which draws on an industrial capitalism model and seeks to check rentier activities….Naked CapitalismWhither Hegemony? Prof. Wen Tiejun Foreword to Michael Hudson’s The Destiny of CivilizationProfessor Wen Teijun, Executive Dean, Institute of Rural Reconstruction of China, Southwest University, China. Translated by Alice

Dreizin ReportDetails of the Mariupol SurrenderJacob Dreizinhttps://thedreizinreport.com/2022/05/18/details-of-the-mariupol-surrender/The Vineyard of the SakerSitrep Operation Z: NATO surrenders in AzovstalThe Saker Staffhttp://thesaker.is/sitrep-operation-z-nato-surrenders-in-azovstal/A Son of the New American RevolutionMore Ukrainian Squirrels for the Desperate West to ChaseLarry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise combating terrorism and investigating money laundering, formerly Deputy Director in the U.S. State Department’s Office of Counter Terrorism (1989-1993, and CIA operations (1984-1989)https://sonar21.com/more-ukrainian-squirrels-for-the-desperate-west-to-chase/Reminiscence of the FutureLarry Johnson

[embedded content]The New AtlasRussian Ops in Ukraine: Advances in Donbas, Ukraine Surrenders at AzovstalBrian Berletichttps://youtu.be/rcIiiDEOlwo

Continued oil and gas exports as well as a propped-up ruble, have allowed Moscow to weather Western sanctions.JPM has backtracked on its earlier forecasts of a 35% contraction in Russian GDP in the second quarter.The lion’s share of Russian raw materials is traded via Switzerland and its nearly 1,000 commodity firms.Swiss commodity traders are enabling Russia’s sales of its resources. This is a huge contribution to Swill GDP so the Swiss are in no rush to give it up, knowing that nature abhors a vacuum so someone else will step in and take the business. OilpriceThe Swiss Connection: How Russia Is Weathering Tough SanctionsAlex Kimani

[embedded content]Operational Art 1Andrei Martyanov, former USSR naval officer and expert on Russian military and naval issues. Martyanov was born in Baku, USSR in 1963. He graduated from the Kirov Naval Red Banner Academy and served as an officer on the ships and staff position of Soviet Coast Guard through 1990. He took part in the events in the Caucasus which led to the collapse of the Soviet Union. In mid-1990s he moved to the United States where he currently works as Laboratory Director in a commercial aerospace group. He is a frequent blogger on the US Naval Institute Blog. He is author of Losing Military Supremacy, The (Real) Revolution in Military Affairs, and Disintegration: Indicators of the Coming American Collapse — Clarity Presshttps://youtu.be/SaZGb5vnzkg

Reminiscence of the FutureThey Tried Again…Andrei Martyanov, former USSR naval officer and expert on Russian military and naval issueshttps://smoothiex12.blogspot.com/2022/05/they-tried-again.htmlConsortium NewsThe New Iron CurtainPatrick Lawrencehttps://consortiumnews.com/2022/05/16/patrick-lawrence-the-new-iron-curtain/Vanessa Beeley SubstackBBC rewriting history in Syria for Global BritainVanessa Beeleyhttps://beeley.substack.com/p/bbc-rewriting-history-in-syria-forThe Maritime ExecutiveDespite Ukrainian Claims, Russian Navy Support Ship Appears Unharmedhttps://www.maritime-executive.com/article/despite-ukrainian-claims-russian-navy-support-ship-appears-unharmedSputnik International (Russian state-sponsored media)Ukraine Passes Israel to Become Biggest Recipient of US Military Aid in

The Riksbank (central bank of Sweden) only sets the interest rate. And interest rates have no impact on the energy prices that are driving inflation today. But higher interest rates lead to higher unemployment and lower output – and that can push inflation even higher. But there are other ways to curb inflation, write Dirk Ehnts, Sten Grahn, Peo Hansen, Jussi Ora and Patrik Witkowsky….The Gower Initiative for Modern Money StudiesRaising interest rates is like blowing up the garden to weed itDirk Ehnts, Sten Grahn, Peo Hansen, Jussi Ora and Patrik Witkowsky

This article is a short outline of what I see as the macroeconomic effects of a possible continuation of weakness in crypto financial markets. The direct effects would be small, although weakness in crypto is interleaved with the fortunes of the tech sector. It is certainly possible that all risk assets will be under pressure if the economic situation deteriorates, so crypto might be akin to the canary in the coal mine — a signal of other dangers.I end with a discussion of so-called “stable coins.”…Bond Economics Macro Effects Of A Hypothetical Crypto Crash?Brian Romanchuk

A Son of the New American RevolutionAzov Battalion Giving Up the Ghost in AvostalLarry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise combating terrorism and investigating money laundering, formerly Deputy Director in the U.S. State Department’s Office of Counter Terrorism (1989-1993, and CIA operations (1984-1989)https://sonar21.com/azov-battalion-giving-up-the-ghost-in-avostal/Moon of AlabamaUkraine – For Laughs (losing is "winning.")https://www.moonofalabama.org/2022/05/ukraine-for-laughs.htmlThe Vineyard of the SakerGonzalo Lira: The Pentagon Says: Russia No—But China Yes (video 15.29)http://thesaker.is/gonzalo-lira-the-pentagon-says-russia-no-but-china-yes/Gilbert Doctorow — International relations, Russian

[embedded content]Short and to the point. Transition from SMO to war coming soon as Russia rolls up Donbass while the US, UK and EU pour in weapons to arm a reconstituted Ukrainian military. When this happens, "you will understand what total war looks like.""Ukraine is gonna suffer horrific losses" – Scott RitterScott Ritter, former US Marine Corps intelligence officer, serving in the Soviet Union as an inspector implementing the INF Treaty, on General Schwarzkopf’s staff during the Gulf War, and from 1991-1998 as a UN weapons inspectorhttps://youtu.be/lI95DKyNnXgAlso some more short clips"Zelensky & his government will die" – Scott Ritterhttps://youtu.be/XicCR1LjJAM"There are some in NATO who’d view bringing Finland & Sweden in as a victory" – Scott

This paper argues that in reserve currency issuing economies at the effective lower bound, outright transfers from the central bank to households are both more equitable and more effective in achieving monetary policy objectives than asset purchases or negative interest rates. It shows that concerns pertaining to central banks’ policy solvency and equity position can be addressed through a careful assessment of a central bank’s loss absorbing capacity and, if need be, tiered reserve remuneration policies. It also spells out key differences to a debt or money financed fiscal stimulus, which are particularly pronounced in a currency union without a central fiscal capacity. The paper concludes by discussing broader institutional, political, and legal considerations.Free

Moon of AlabamaBritish Info-Warriors Kill Abroad And Sabotage Politics At Homehttps://www.moonofalabama.org/2022/05/british-info-warriors-kill-abroad-and-sabotage-politics-at-home.htmlThe GrayzoneOperation Surprise: leaked emails expose secret intelligence coup to install Boris JohnsonKt Klarenberghttps://thegrayzone.com/2022/05/15/operation-leaked-emails-intelligence-coup-boris-johnson/AntiwarNuclear War Over Ukraine? A Talk By Ray McGovern (video)Veterans for Peacehttps://www.antiwar.com/blog/2022/05/15/ray-mcgovern-the-real-possibility-of-nuclear-war-over-ukraine/The Vineyard of the SakerDeath by a thousand cuts: where is the west’s Ukraine strategy? (Really good. Should read.)Pepe Escobarhttp://thesaker.is/death-by-a-thousand-cuts-where-is-the-wests-ukraine-strategy/Sitrep Operation

Some philosophy of economics. While it is not directly related to MMT or understanding MMT, it provides background into the historical context in which this debate is being conducted.The Political Economy of DevelopmentWhat I am reading right now. And why.Nick Johnson

Australia is in the last week of a federal election campaign, which has been marked by a disturbing absence of any policy vision by either main party which might address the most important issues confronting society and our land. Hopefully, the conservatives will get their marching orders this coming weekend (I have scheduled a rare glass of champagne around 22:00 on Saturday, when the result should be known) and the worst government in my lifetime will be gone. The problem is the Labor opposition is also short of policy mission. They have been too scared to enunciate anything much worth thinking about on climate, housing, education, health care, urban planning etc because, as the main narrative goes, they feared being wedged by the conservative government who lacks any remotely

CaitlinJohnstone.comPentagon-Funded Think Tank Simulates War With China On NBCCaitlin Johnstonehttps://caitlinjohnstone.com/2022/05/16/pentagon-funded-think-tank-simulates-war-with-china-on-nbc/  International 360ºThe Cult of Russian VictoryDmitry Orlov, Russian-American engineer and writer who is the author of such books as “Reinventing Collapse: the Soviet Example and American Perspectives” (2008) “The Five Stages of Collapse” (2013), and "The Arctic Fox Cometh" (2021)https://libya360.wordpress.com/2022/05/13/the-cult-of-russian-victory/OilpriceChina Warns NATO Not To Interfere In AsiaRFE/RLhttps://oilprice.com/Geopolitics/International/China-Warns-NATO-Not-To-Interfere-In-Asia.htmlAmerica’s Electric Grid Has A $2 Trillion ProblemTsvetana

Introducing Michael Hudson’s new book.Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismThe Destiny of CivilizationMichael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University

[embedded content]Some Headlines For May 15Andrei Martyanov, former USSR naval officer and expert on Russian military and naval issues. Martyanov was born in Baku, USSR in 1963. He graduated from the Kirov Naval Red Banner Academy and served as an officer on the ships and staff position of Soviet Coast Guard through 1990. He took part in the events in the Caucasus which led to the collapse of the Soviet Union. In mid-1990s he moved to the United States where he currently works as Laboratory Director in a commercial aerospace group. He is a frequent blogger on the US Naval Institute Blog. He is author of Losing Military Supremacy, The (Real) Revolution in Military Affairs, and Disintegration: Indicators of the Coming American Collapse — Clarity Presshttps://youtu.be/Em2rt45Suo8

[embedded content]SATURDAY MORNING LIVE WITH SCOTT RITTER AND RAY MCGOVERNGarland Nixon interviews Scott Ritter and Ray McGovernhttps://youtu.be/m4SlSILtlpc

A Son of the New American RevolutionThe Art of Disinformation–Western Lies About the War in Ukraine (Add lies about Ukraine to all the other lies. The conventional narrative is now so constructed out of lies that it bears little resemblance to reality. The purpose is to shape reality to the narrative through gaslighting the rubes. and bullying allies to go along.)Larry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise combating terrorism and investigating money laundering, formerly Deputy Director in the U.S. State Department’s Office of Counter Terrorism (1989-1993, and CIA operations (1984-1989)https://sonar21.com/the-art-of-disinformation-western-lies-about-the-war-in-ukraineConsortium NewsSCOTT RITTER: Live-Action Role

[embedded content]Why Did Lloyd Austin Call Sergei Shoigu?Gonzalo Lirahttps://youtu.be/Bwjb7_sxVUU

CaitlinJohnstone.com“The Squad” Doesn’t Exist Outside Of Social MediaCaitlin Johnstone https://caitlinjohnstone.com/2022/05/13/the-squad-doesnt-exist-outside-of-social-media/India PunchlineIndo-Pacific strategy adrift in an illusionM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassadorhttps://www.indianpunchline.com/indo-pacific-strategy-adrift-in-an-illusion/The Vineyard of the SakerEmpire of Bioweapon LiesPepe Escobarhttp://thesaker.is/empire-of-bioweapon-lies/

WWIII WatchSputnik International (Russian state-sponsored media)Polish Intervention in Ukraine Might Unleash World War III, Retired US Colonel [Douglas Macgregor] Warns ("The entry of Polish forces into the conflict in Ukraine to try to save a “shattered” Ukrainian military and “save face” for the Biden administration threatens to unleash a direct military confrontation between NATO and Russia, retired US Army colonel Douglas Macgregor has warned.")Why Biden’s Ukraine Military Adventure Will Benefit China & Fail to Subdue Russia (analysis of Patrick Basham, founding director of the Democracy Institute)Ekaterina Blinovahttps://sputniknews.com/20220512/why-bidens-ukraine-military-adventure-will-benefit-china–fail-to-subdue-russia-1095468572.htmlUK Buys Soviet, Russian Weapons Across Globe

The Vineyard of the SakerTwo months of Operation ZLjubiša Malenica for the Saker Bloghttp://thesaker.is/two-months-of-operation-z/A Son of the New American RevolutionUkrainian Snake Eaters Get A Russian Snake Bite and Other War ReportsLarry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise combating terrorism and investigating money laundering, formerly Deputy Director in the U.S. State Department’s Office of Counter Terrorism (1989-1993, and CIA operations (1984-1989)https://sonar21.com/the-snake-eaters-get-bitten-on-snake-island-and-other-war-reports/AntiWarUS Counting on Putin To Signal Before Using Nukes (In my view, it is a very dangerous mistake to think that this is about Putin rather than chiefly about Russia. If

Yesterday (May 11, 2022), the US Bureau of Labor Statistics released the latest – Consumer Price Index Summary – April 2022 – which showed the monthly increase in the CPI to be 0.3 per cent, the lowest monthly increase since August 2021 and, as it happens, just about right on the average monthly growth rate from January 1947 and April 2022. The result suggests a tapering of price pressures. The Energy component fell by 2.7 per cent in April after spiking at 11 per cent in March. Further, the growth in food prices fell for the third consecutive month. All of this has nothing to do with the recent interest rises imposed on the economy by the US Federal Reserve. They were already in train and confirm the transitory nature of this period of price instability. The US Treasury Department also

Fed taking a lot of shit for not being more “hawkish!” on Art Degree economoron figure of speech “inflation!”…. Meanwhile Fed probably very limited on ability for rate increases due to short term IOR liabilities …  if I were Fed and I had to throw the Biden people a bone today I would just say I was going to move up the QT instead of accelerating rate increases…But maybe Fed can’t do that either because they have already planned for a definitive redemption schedule of their govt securities and they need the coupons due this month… 🤔$40B Treasury coupon payments due this Monday… Fed officials face pressure for more aggressive policy action after a hotter-than-expected inflation reading for April https://t.co/9rIZbTHmjw— Bloomberg Economics (@economics) May 12, 2022

Moon of AlabamaUkraine – Congress Passes The Bucks, Realism Sneaks In, Poland Plans For More War (Must-read!)https://www.moonofalabama.org/2022/05/ukraine-congress-passes-the-bucks-realism-sneaks-in-poland-plans-for-more-war.htmlThe Vineyard of the SakerSitrep Operation Z – Where are we? (extensive report)The Saker Staffhttp://thesaker.is/sitrep-operation-z-where-are-we/India PunchlineEU stumbles over Russian oil slickM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassadorhttps://www.indianpunchline.com/eu-stumbles-over-russian-oil-slick/A Son of the New American RevolutionUkraine Cuts Off Gas to Europe and the Inflation Double WhammyLarry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise

Unless I was interested in short-term breakevens, I viewed the consumer price index (CPI) as a lagging indicator and therefore not too exciting. As such, I am not as enthusiastic as other commentators with regards to reading the entrails of the CPI report. My interest was more in the underlying trends, and what we would expect to change. The problem with the U.S. CPI is that one of the most important “underlying” factors is housing — and the housing component has taken off like a rocket….Bond EconomicsUS Housing Component Of CPI Not Letting UpBrian Romanchukhttp://www.bondeconomics.com/2022/05/us-housing-component-of-cpi-not-letting.html