Mike Norman Economics

It’s Wednesday, and I am flat out today on a range of things including two live events to finish of the edX MOOC we have been running over the last 4 weeks. These sessions go for around 90 minutes each and have given the participants from all over the world a chance to discuss things about Modern Monetary Theory (MMT) and clarify uncertainties etc. It also helps me find out what beguiles those who come into the material for the first time. So it works to benefit both ways. Today, I am sad...

Chinese Foreign Minister Wang Yi on Russia relations, Ukraine, Humanitarian Aid, Taiwan, China-EU relations, China-Central Asia relations, sanctions, differing views of democracy, and European security. China’s Foreign Minister Wang Yi has been busy with statements concerning the Ukraine conflict and China’s position in the extent of its support for Russia. These are important as they affect the geopolitical position in Eurasia, Beijing’s relations with Moscow as an ally, and the continuing...

No one really talking about this… if not for the whole “Russia!” scam this would be the biggest thing being talked about … and it would be interpreted as bearish…. Might help a bit going forward… banks ability to provide credit will be enhanced…Say goodbye to QE, tmw is the last treasury operation pic.twitter.com/drmGbeEDBy— The Vol Plateau (@VolatilityWiz) March 8, 2022

Is driving up the price of oil really a good way of hurting the Russian economy?The policy assumes that Russian oil cannot be sold. Is that really the case? It seems doubtful in that China had no issues evading sanctions on Iran oil, and the oil that the ROW doesn't take will go to China. This frees China from oil imported by sea that can be interdicted by the US Navy.Of course, the US can sanction China secondarily but that has costs for the US, too, since China has already said that it...

Prince Mohammed bin Salman has reaffirmed his country's commitment to the OPEC+ agreement with Russia.The Kingdom has not made a move to bring extra crude onto the market despite the current spike in crude prices.Since 2017, Russia and Saudi Arabia have signed a string of high-profile energy deals that have pulled the Kingdom away from the U.S. sphere of influence....Pow! Take that!OilpriceSaudi Arabia Reaffirms Commitment To Russia Despite War In UkraineSimon WatkinsAlsoRT (Russian...

The Vineyard of the SakerMap of the day + OPEN THREAD (Russia's territorial objectives close to complete?)The SakerCaitlinJohnstone.comThe US Chose This Conflict: Notes From The Edge Of The Narrative MatrixCaitlin Johnstonehttps://caitlinjohnstone.com/2022/03/09/the-us-chose-this-conflict-notes-from-the-edge-of-the-narrative-matrix/The HillSaudi, UAE leaders declined calls with Biden amid Ukraine conflict: report (who is isolated?)Lexi...

Naked CapitalismDiscerning Volodymyr Zelensky (Lambert does a brillian job of cutting to the chase about Ukrainian politics and billionaire corruption of it.)Lambert Strether of Correntehttps://www.nakedcapitalism.com/2022/03/discerning-volodymyr-zelensky.htmlZero HedgePutin Signs Countermeasure Decree Limiting Russian Exports After Biden's Russian Oil Import Ban (Russia's own...

Putin's decree banning Russian commodity and raw material exports until 2023 could boost oil to $250 to $300 and trigger a global depression.

 U.S. Under Secretary of State Victoria Nuland says Washington is working with Ukraine to prevent biological research facilities from falling into Russian hands. She just confirmed every conspiracy theory about the existence of those labs. Twitter https://t.co/ynkd7hW6iK[embedded content]

I have seen a fair amount of chatter about currency regime shifts. Although such an event may be happening, there is no particular reason to get too excited about it from the perspective of the developed countries....Bond EconomicsCurrency Regime Shift Effects Over-RatedBrian Romanchuk