Mike Norman Economics

By announcing forthcoming interest-rate hikes at a time when total US employment is still below its 2019 level, the Federal Reserve war on "inflation" is really a war on American workers.InsightThe Fed's Target Is WorkersJames K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin

The current situation is the initial stage of the kind of "military-technical" response Russia promised in case of an unsatisfactory response to Russia's demand for security guarantees. Expect Russia to ratchet up the heat until the US performs comes to an agreement on security guarantees. France and Germany already realize this and are ready to address Russian concerns. But Russia has stipulated that it will only negotiate such measures with the US, since US allies are vassals of the US....

Important backgrounder.Scott Ritter mentions in passing that it was the offense posture of NATO in Yugoslavia and in particular the bombing of Serbia that put Russia on guard. Russians have emphasized that until then, Russia had been pro-American following the collapse of the USSR. But the "rape" of Russia economically by US-led shock therapy and then the attack on Serbia, a Slavic nation, led Yeltsin to promote Putin as his successor. The rest is history.America had Russia wrapped around it...

Good analysis of the state of play.India PunchlineUS war hysteria over Ukraine won’t gelM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service

The news is horrible. Inflation, rate hikes, Fed, war, but is it a moment to jettison the fear?

Yves EnglerCanadian interference in Ukrainian affairs reaches epic proportions - Yves Englerhttps://yvesengler.com/2022/02/09/canadian-interference-in-ukrainian-affairs-reaches-epic-proportions/TASS (Ukraine needs to explain why it has 150,000 troops at the line of contact in Donbass)Ukraine asks Russia to give explanations within 48 hours on ‘military activity’ on borderhttps://tass.com/world/1401955Ukraine sending S-300 battalion to Donbass to gear up for offensive, says DPR...

Live, started 16 minutes ago. Free[embedded content]https://youtu.be/uNyymDT_M3Q

[embedded content]Putin's warning!

On balance positive, but Clive Crook is apparently unaware of the deeper MMT analysis of inflation control. Hint: it is not just raising taxes, as many presume from MMT 101. But the confusion indicates more work needed on educating both professionals and the public on MMT's stance on inflation and how it applies to the current situation. Stephanie Kelton has the megaphone so it is probably chiefly up to her.Anyway, worth reading. being an op-ed, it's pretty short.Bloomberg OpinionWhat Would...

Global Times (China accuses US of "instigating" war)Furthest from Ukraine frontline, Washington is most eager for war: Global Times editorialhttps://www.globaltimes.cn/page/202202/1251577.shtmlTechnology Review (longish and detailed - science versus politics and propaganda)Meet the scientist at the center of the covid lab leak controversyJane Qiuhttps://www.technologyreview.com/2022/02/09/1044985/shi-zhengli-covid-lab-leak-wuhan/Oilprice (Germany shutters its nuclear power stations, France...