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...
Read More »Why Deglobalization Makes US Inflation Worse — Dambisa Moyo
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
Read More »The U.S. Is Preparing Its Response to the “Short-Sighted” Strategy of OPEC+ — Yves Smith
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
Read More »What $31 Trillion Looks Like Through the MMT Lens — Stephanie Kelton
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...
Read More »Lars P. Syll —On the validity of econometric inferences
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:...
Read More »Building a wooden boat. (Model.)
Been working on this project for a while. The Yankee tender.
Read More »Michael Hudson: A roadmap to escape the west’s stranglehold — Pepe Escobar
The geoeconomic pathway away from the neoliberal order is fraught with peril, but the rewards in establishing an alternative system are as promising as they are urgent,...The CradleMichael Hudson: A roadmap to escape the west’s strangleholdPepe Escobar interviews Michael 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...
Read More »OPEC+’s oil cuts signal a new world order — Philip Pilkington
The reality is that the decision to cut production is completely rational from the point-of-view of OPEC+. With interest rates rising quickly and growth slowing, Europe, which makes up around 19% of total oil consumption, is almost certainly facing down a serious recession next year. There is also a risk that the United States and Canada will fall into recession at the same time — these countries make up a further 27% of total consumption.OPEC+ does not want to see history repeat itself. In...
Read More »Here’s why the gov’t must run deficits.
A young girl on Tik Tok apparently gets it. More intelligent than Powell, Yellen and probably everyone in Congress. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/ Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/ Understanding the Daily Treasury Statement video course....
Read More »We Really Need to Talk Fertilizer — Michael Smith
Availability of real resources and inflation. Fertilizer shortage results in higher food prices. Angry BearWe Really Need to Talk FertilizerMichael SmithSee alsoInflation results in increases in managed economies in areas where the market economy is insufficient, notably energy. Food is another candidate in that it is a vital resource. This is characteristic historically of wartime economies.Project SyndicateThe State Is Taking Back EnergyNick ButlerAlso at PSGermany’s Emerging War...
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