Mike Norman Economics

The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergei Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.Through its regulatory body, the Eurasian Economic Commission (EEC), the EAEU has just extended a very serious proposal to the BRICS nations (Brazil, Russia, India, China and South Africa) which, crucially, are already on the way to...

It’s Wednesday and I am reverting to my usual pattern of discussing a few items in less detailed form and including some music to lighten the load. Today we consider the apology that the RBA governor issued to mortgage holders that the central bank duped. We also consider the question of what is ‘normal’ in a pandemic. And more....Bill Mitchell – billy blogRBA governor apologises for duping Australians – but then says we didn’t read the literature closely enoughBill Mitchell | Professor in...

The market term structure recently flipped from backwardation to contango. This has important ramifications for the price outlook. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.mmteconomics.com/ Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/ Understanding the Daily Treasury Statement video course....

 Mostly about Henry George and land as a factor.BIG by Matt StollerWhy Is Booz Allen Renting Us Back Our Own National Parks?

Russia and China are working on a reciprocal opening of company accounts to avoid the use of SWIFT, Russian Deputy Prime Minister Alexander Novak said on Tuesday. He was speaking at the 4th Russian-Chinese Energy Business Forum.Novak recalled that payments under contracts for gas supplies from Russia to China are already switching to the national currencies of the two countries. Besides that, settlements for supplies of oil, petroleum products and coal are being actively transferred in...

Moon of Alabama wades in on FTS and SBF.Moon of AlabamaMore On The Crypto Scam - "There's A Sucker Born Every Minute."

What Strategies can Break This Dependency?The dollar system has proven resilient in the face of recent extreme and unexpected shocks, but it has also failed to foster sustainable growth and prosperity. Can it survive its contradictions? Evidence from the latest Trade and Development Report of UNCTAD suggests better South-South and commodity producers-consumers agreements are needed, on the way to a more inclusive international monetary system.INETDollar Dominance is Financial DominanceOrsola...

Another step toward de-dollarization. How, as Nick Corbishley, this is not the final goal, which is the establishment of a new monetary system that ushers the Global South/East into the club from which the current arrangements not only exclude them but also submit them for control. This will take time and the process is not yet clear enough to be foreseeable.Naked CapitalismBrazil and Argentina Just Agreed to Use Local Currencies for Bilateral Energy Trade, In Yet Another Snub for US...

 Longish and lots of numbers. Refers to Jan Haztius. Anti-monetarist, sort of.Asia TimesSupply-side inflation and its curesDavid P. Goldman

St Louis Fed president James Bullard can't do simple arithmetic. If he could, he'd understand that his rate target will add trillions to annual gov't spending, causing inflation to skyrocket. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.mmteconomics.com/ Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/ Understanding the Daily Treasury Statement video course....