Mike Norman Economics

The government doesn't borrow. It physically CANNOT borrow dollars unless it spends the dollars into the economy first. There is no debt. It's just untaxed dollars in the hands of the world. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/ Understanding the Daily Treasury Statement video course. https://www.pitbulleconomics.com/understanding-daily-treasury-statement-video-course/?s2-ssl=yes Follow me on Twitter...

There’s a lot of concern that the Federal Reserve is going to keep raising interest rates until it forces something to “break.” I share that concern....The Lens(When) Will the Rate Hikes Break Something?Stephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

President Joe Biden is now vowing to “consult with Congress” on ways to “reduce OPEC’s control over energy prices,”.A change in U.S. anti-trust law could revoke immunity that has protected OPEC members against lawsuits.The EU idea of forming a buyers cartel to counter high oil prices is getting more support.Forgetting to remember Smoot-Hawley?Oil PriceThe Radical Plans To Counter High Oil PricesAlex Kimani

Whatever the modus operandi of Pipeline Terror, incompetence was part of the package. No explosive charges were placed or detonated on Line B of NS2....PressTV (Iranian state-owned news network)Nord Stream 2 offers Germany a date with destinyPepe EscobarSee alsoОднако к благоразумию наших врагов на Западе взывать бесполезно. И не нужно. Врагов надо заставить просить о пощаде в проигранном экономическом сражении. И завершать его их полной и безоговорочной капитуляцией. Translation: It is...

Musk “reckons that conflict over Taiwan is inevitable,” FT editor Roula Khalaf wrote after the magnate took her to lunch in Texas. The question about China occasioned “the longest silence” of the interview, she noted. While such a conflict will impact Tesla – the Shanghai factory accounts for 30-50% of its total electric car production – other companies like Apple will be “in very deep trouble,” according to Musk. The global economy will take at least a 30% hit, he estimates.“My...

This article doesn't consider the US and China decoupling, which would greatly amplify the effects discussed in the article. Project Syndicate (free registration may be required)Why Deglobalization Makes US Inflation WorseDambisa Moyo

The US is having a hissy over the OPEC+ production cut. Not a good look.Some congress-critters are actually suggesting that the US seize Saudi assets in the US.Naked CapitalismThe U.S. Is Preparing Its Response to the “Short-Sighted” Strategy of OPEC+Yves Smith

Wealth (savings) in the form of US Treasury securities in the private sector that are default risk free in that they are liabilities of the US government, a currency sovereign capable of meeting its obligations in the currency it issues as monopoly supplier. But why issue these liabilities in the for place if they are not necessary operationally in the current floating rate monetary system? While there is a a rationale for a government issuing some securities based on the role they play in...

Quotes.This is essentially a recap of Keynes's criticism of Tinbergen's approach to econometrics. The basis of the issue is the assumption that the social sciences are sufficiently like the natural sciences to enable use of similar methodology. Keynes argued that this assumption is wrong. The subject matter of economics is historical and institutional, that is, variable, and in social systems, the data lacks the homogeneity of the natural sciences. See the blog post by Lars, Econometrics:...

Been working on this project for a while. The Yankee tender.