Mike Norman Economics

The economic crisis in Britian, the war in Ukraine, and the disorder in the Eurozone are all intimately connected. Chris Bambery spoke to Wolfgang Streeck, an economic sociologist at the University of Cologne and a leading commentator on European capitalism, about the crisis in the EU and the implications for Scotland....ConterEurope is Being Subjugated to US PowerWolfgang Streeck, emeritus director at the Max Planck Institute for the Study of Societies in Cologne

Yves here. We’ve repeatedly challenged various brave green future schemes as rearranging deck chairs on the Titanic. Advanced and major emerging economies need to engage in radical conservation to have any hope of preventing the worst climate change and mass species dieoff outcomes. Instead we have a host of cleverly branded proposals that are at best hopium and at worst conventional energy producer devices to forestall change and most importantly, cutbacks.This interview does the important...

Is the US government about to nix Elon Musk's Twitter purchase on national security grounds. That this is even being discussed is representative of the level of control the government, in this case, the executive branch acing unilaterally, can exert over the economy at a foundational level for political reasons. It also brings up legal questions about freedom of expression since the US is not technically at war with anyone, although in a sense it is at war economically with just about...

Turkish gas hub supplied by Russia to replace Nord Stream. The energy scene is hotting up.India PunchlineRussia’s homage to Nord Stream pipelinesM.K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassador. See alsoEU foreign-policy chief Josep Borrell confessed the West’s neoliberal economic model was “based on cheap energy coming from Russia,” “access to the big China market,” and low-paid Chinese workers. Europe has now lost that, and is thus in...

International trade is the foundation of the global economy. The global economy is the life-support system of the world system.Asia TimesChina supply chain cut would cost Japan 10% of GDP Scott Foster

Meanwhile, FOMC members talking out both sides of their mouths. 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. https://www.pitbulleconomics.com/understanding-daily-treasury-statement-video-course/?s2-ssl=yes

Modern Monetary Theory (MMT) is an alternative economic framework that challenges the conservative neo-liberal narrative of ‘free trade’ and ‘competition’ which has held sway for many decades as the way to global prosperity. In simple terms, MMT makes us see that money is completely a creation of the State, and hence, a sovereign government does not need our money (either through taxes or borrowing) in the first place to strategically spend it, that is, without causing inflation. And that...

Recent discussions about bank runs in economics has led me to the conclusion that economists want to lump practically all behaviour around default as a “run,” which is not helpful. In order to have a better grasp of the situation, we need to distinguish various possibilities — runs, cascades, squeezes, and good old fashioned financial crises.…Some useful definitions.Bond Economics Runs, Cascades, Squeezes, and CrisesBrian Romanchuk

This another way to look at it… Fed is transferring more USD balances to non-govt than Treasury would if the Fed owned zero assets… ~10B in accumulated operating losses. Will find out the last weeks amount of losses in about an hour. Lost $4B last week. pic.twitter.com/CdElJiNfqh— Nothing (@whip_n_spur) October 20, 2022 Somewhat of a non Congress approved fiscal transfer…where are these transfers going?  To IOR and RRP… IOR going to Depositories as additional accrued Capital and RRP interest...

European industries are struggling to stay competitive amid soaring energy costs.Surging natural gas and electricity costs have resulted in a jump in operational costs for all industries, from steelmaking and car manufacturing to textiles and clothing.Europe’s industry associations cautiously welcome the various EU proposals, but urge Brussels to take further actionGerman industry is not competitive without inexpensive energy piped in from Russia based on longterm contracts rather than spot...