Mike Norman Economics

But what we are seeing right now looks like the beginning of the end of that 50-year system and the birth of a new gold and commodity backed multi-lateral monetary system. The freezing of Russia’s foreign exchange reserves has been the trigger. The giant commodity strong countries of the world such as China and the oil exporting nations may now feel that now is the time to move to a new more equitable monetary system. It’s not a surprise, they have been discussing it for years.…Zero Hedge"A...

In a world with inadequate resources relative to population, conflicts are likely to become increasingly common.World economic growth very much depends on growing energy consumption.There is little reason to believe that Russia will “give up” in response to sanctions imposed by the United States and other countries.Even without the war, the situation has been developing for some time. It has long been recognized that the planet's resources are insufficient for the entire world to live at the...

El-Erian is 100% correct here from the Monetarist perspective… even with all of the “inflation!” media hysteria end of last year and now anti “inflation!” statements “jawboning!” from the Fed people the Fed hasn’t really done anything…They increased the policy rate 0.25% a few weeks ago and don’t even have a meeting this month and will probably go up another 0.25% two months from now… stopped the asset purchases ok but haven’t yet even started the “QT”…Meanwhile they are reporting...

Rublegas is the commodity currency du jour and it isn’t nearly as complicated as NATO pretends. If Europe wants gas, all it needs to do is send its Euros to a Russian account inside Russia.…The effect is twofold (at least):This arrangement avoids sanctions.Payment is rubles supports the exchange rate of the RUB.The Cradle‘Rublegas:’ the world’s new resource-based reserve currencyPepe Escobarhttps://thecradle.co/Article/columns/8638See alsoTom Luongo parses this more deeply from his Austrian...

The Vineyard of the SakerSitrep: Operation ZNightvison for The Saker bloghttp://thesaker.is/sitrep-operation-z-3/What is Ukraine fighting with?Batko Milacic for the Saker Bloghttp://thesaker.is/what-is-ukraine-fighting-with/One WorldZelensky’s Senior Advisor Confirmed The Russian Defense Ministry’s Military AssessmentAndrew Korybkohttp://oneworld.press/?module=articles&action=view&id=2674

Engelbert Stockhammer joins Money on the Left to discuss the political and economic debates that shaped and ultimately devastated Weimar-era Germany. Professor Stockhammer is professor of political economy in the department of European and International Studies at King’s College London and has published widely on financial instability and Post-Keynesian economics. In this episode, we focus specifically on Stockhammer’s recent working paper, “Hilferding, Woytinsky, and the Fiscal Orthodoxy of...

Last week, I stumbled across an episode of a podcast that was advertised as the “Voice of Reason on MMT.” The show’s host turned to David Kelly—the Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management—for insight into Modern Monetary Theory. Apparently, the conversation was inspired by something Kelly had written on MMT. I searched around for something recent but was only able to find this short note from September 2020.In the note,...

Now that Putin is turning up the pressure, the European nations have a difficult choice ahead: either they can play ball and demonstrate to the world that their efforts to wean themselves off of their dependence on Russian energy have been mostly in vain. Or they can face a "catastrophic" economic crisis as energy prices soar, leading to rationing, blackouts and other measures that will make the 1970s oil crisis in the US look like child's play.Zero HedgeGazprom Halts Gas Shipments To Europe...

The Vineyard of the SakerDay 36 of the Russian SMO in the Ukraine – a look at Ukrainian militaryThe Sakerhttp://thesaker.is/day-36-of-the-russian-smo-in-the-ukraine-a-look-at-ukrainian-military/A Son of the New American RevolutionAttacking All Things Russian Rather Than Putin Is MoronicLarry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise combating terrorism and investigating money laundering, formerly Deputy Director in the...

More likely the ones who got fooled were the ones who sold.