Mike Norman Economics

The Australian Bureau of Statistics (ABS) released of the latest labour force data today (August 18, 2022) – Labour Force, Australia – for July 2022. With Covid infection rates rising quickly, and already around 780,000 workers working few hours than usual because of sickness, I predicted last month that there would be a deterioration in the labour market in the coming months. That trend emerged in July 2022. The labour market deteriorated in July 2022 with employment and participation both...

India PunchlineUkraine war of attrition at inflection pointM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassadorTASS (Russian state media)COVID-related mortality worldwide increases by 35% over past four weeks — WHO https://tass.com/world/1494905Two Zaporozhye NPP employees detained for directing Ukraine’s artillery fire — policehttps://tass.com/society/1494863Crimea blames Kiev for sabotage at military depot near...

We could be in for a soft period ahead as rate fears and the upcoming tax drain remove support.

[embedded content] Submarines and CopiumAndrei Martyanov, former USSR naval officer and expert on Russian military and naval issues. Martyanov was born in Baku, USSR in 1963. He graduated from the Kirov Naval Red Banner Academy and served as an officer on the ships and staff position of Soviet Coast Guard through 1990. He took part in the events in the Caucasus which led to the collapse of the Soviet Union. In mid-1990s he moved to the United States where he currently works as Laboratory...

Important for how geopolitics is relevant to geo-economics, especially with reference to China and the US. The Chines position is similar to what Michael Hudson has recommended, except China is reluctant to give up investing in US Treasuries, unlike Russia, whose central bank has shifted to holding gold reserves instead.India PunchlineWorld order looks different from Moscow, BeijingM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former...

A more appropriate title would be “Economics should be the Social Science of Love.” Liberalism is based on individualism, and individualism is based on self-interest. Conventional economics assumes "microfoundations," that is, that economic behavior is the outcome of individuals' choices based on self-interest. This assumes that societies aren aggregates constituted by their members acting independently as autonomous agents.Love assumes relationship of individuals based on mutual...

The Vineyard of the SakerWill the Ukraine be partitioned next and, if so, how?The Saker (Andrei Raevsky)http://thesaker.is/will-the-ukraine-be-partitioned-next-and-if-so-how/The Guardian (UK)Ukraine Aiming To Create Chaos Within Russian Forces – Zelenskiy Adviser ("Mykhailo Podolyak says Russian supply lines will be targeted and predicts similar attacks to last week’s explosion at Crimean airbase." Targeting Russian logistics on the territory of Russia, Ukraine should keep in mind that...

All eyes have been waiting for today’s release (August 17, 2022) of the – Wage Price Index, Australia – by the Australian Bureau of Statistics for the June-quarter, given that the Reserve Bank of Australia has been claiming wage pressures are becoming threatening and using that as a cover for unnecessarily pushing up interest rates. Prior to pushing up interest rates over the last several months, the RBA had been signalling that they would not move on interest rates until there was a...

Interest payments into the economy are increasing. It shows that rate hikes are fiscal expansions.

Reminiscence of the FutureSVR Makes Statements.Andrei Martyanov, former USSR naval officer and expert on Russian military and naval issueshttp://smoothiex12.blogspot.com/2022/08/svr-makes-statements.htmlRT — Question More (Russian state-sponsored media)Ukraine failed to mount counteroffensive – ex-Pentagon adviser [Col. Douglas Macgregor]Colonel Douglas Macgregor thinks that Russian forces could soon go on to seize the port city of Odessa in Southern...