The Angry Bear

Vladimir who daren’t dismount III. Estragon is french for sunflower. How in the hell, Samuel? These days, fossils are paying good money for carbon capture stories. More for the hacks. Lord knows we’ve them aplenty. The €13 billion-plus overruns Nord Stream in a time of global warming was silly. The commitment to fossils, sillier. Being dependent on Russia, was stupid. Nord Stream II was doubling down on silly and stupid. Enough Carpe Diem. Too...

“March 5, 2022,” Letters from an American, Professor Heather Cox – Richardson Whenever something good is going down, there are nut jobs popping up making demeaning statements about what is occurring. Here is one of Trump’s acolytes taking a shot at Ukraine’s Zelensky’s courage. “Yesterday, Representative Liz Cheney (R-WY) referred to the “Putin wing” of the Republican Party when she shared a video clip of Douglas Macgregor. Macgregor was...

February jobs report: a Big Win!, NDd There were two main trends I was looking for in this jobs report:  1. Is the pace of job growth beginning to decelerate?  2. Is wage growth holding up? Is it accelerating? The answers were: 1. The 6-month average of monthly gains, which was running at 548,000 in the 2nd half of 2021, increased in February to 582,000. 2. Wage growth, which averaged 5.9% in the 2nd half of 2021, is now up 6.7%...

The cleric Th. Chalmers, in the otherwise in many respects ridiculous and repulsive work… has correctly struck upon this point, ‘Profit,’ says the same Chalmers, ‘has the effect of attaching the services of the disposable population to other masters, besides the mere landed proprietors, . . . while their expenditure reaches higher than the necessaries of life.’ The above quote is not the point Marx considered correct in Chalmers’s “otherwise…...

Continuing claims continue near 50 year lows as the Omicron tsunami continues to recede, NDd [Programming note: Hopefully I’ll put up a coronavirus update later today.]Initial claims (blue) declined 18,000 to 215,000 (vs. the pandemic low of 188,000 on December 4). The 4 week average (red) declined 6,000 to 230,500 (vs. the pandemic low of 199,750 on December 25). Continuing claims (gold, right scale) increased 2,000 to 1,476,000, (vs....

Monetary Sovereignty, Sanctions and Russian Economic Policy The central role of economic sanctions in the US/EU strategy against Russia has returned international political economy to the center stage if it had ever left it.  Here are some thoughts occasioned by Adam Tooze’s interesting analysis of Modern Monetary Theory (MMT) as perceived by the Russian economic policy apparatus, connected to the role of monetary reform in the anti-colonial...

There is the forbidden, there is the given, the meek, and the powerful, sustenance all the same. Biblically, the laws of kashrut were rather explicit, has scales, no kids in mothers’ milk, cloven hooves, well, there is a debate. How does it eat? The kosher laws were crafted initially as a code of conduct not for morality as we see it now, but about purity, cleanliness, safety. Keeping us alive. Little was known almost 6,000 years ago about...

RJS, Everything Got Worse . . . US oil supplies at a 13-year low; SPR at a 19 1/2-year low, total oil + products supply at a 94-month low after across the board draws; distillate supplies at a twenty-seven-month low The Latest US Oil Supply and Disposition Data from the EIA US oil data from the US Energy Information Administration for the week ending February 25th indicated that after a big jump in our oil exports and a drop in our oil...

February car sales decline, but truck sales continue rebound; plus a comment about the urgency of dealing with supply chain issues I used to follow vehicle sales more closely – until the vehicle manufacturers, one by one, stopped reporting monthly, and only updated quarterly for the previous quarter. That makes the data much less timely, so much less useful. Fortunately the BEA does keep track of sales, although for some reason FRED is only...