Mike Norman Economics

India Punchline (situation still on hair trigger)Biden White House spoofs the KremlinM. K. Bhadrakumar | retired diplomat with the Indian Foreign Servicehttps://www.indianpunchline.com/biden-white-house-spoofs-the-kremlin/Gilbert DoctorowBiden-Putin Summit: who won the match of wills?Gilbert Doctorowhttps://gilbertdoctorow.com/2021/12/08/biden-putin-summit-who-won-the-match-of-wills/The Vineyard of the SakerWhat Putin really told BidenPepe...

I just saw a reference to a recent article by Dean Parker and Moritz Schularick: “The Term Spread as a Predictor of Financial Instability.” The article use the Macrohistory Database by Jordà, Schularick, and Taylor to look at the behaviour of the term spread (slope) between the 3-month rate and the 10-year bond yield in a number of countries over a long history around recession/financial crisis events. As expected, the slope inverts ahead of the event. They then looked at adding other...

It’s Wednesday so not much today. I offer some comments on the latest data release from Germany (not good) and the probability that the new German finance minister will be anything other than a dangerous dud. An announcement about the edX MMTed course (coming back). And then Blind Willie Johnson serving up Great Depression angst.Bill Mitchell – billy blogNew German finance minister thinks (27 per cent slump in GDP) Greece is Germany’s new role model for reformBill Mitchell | Professor in...

Preliminary analysis.The Vineyard of the SakerDid a major shift finally happen between the USA and Russia?The Sakerhttp://thesaker.is/did-a-major-shift-finally-happen-between-the-usa-and-russia/Sputnik InternationalPentagon Confirms Presence of US Forces in Ukraine, Declines to Disclose Numberhttps://sputniknews.com/20211207/pentagon-confirms-presence-of-us-forces-in-ukraine-declines-to-disclose-number-1091333875.html

One World Neoliberalism Resulted In A Handful Of People Owning The Entire WorldGoran Sumkoskihttp://oneworld.press/?module=articles&action=view&id=2345Our DataHow much energy do countries consume when we take offshoring into account?Hannah Ritchiehttps://ourworldindata.org/energy-offshoring Gilbert DoctorowBiden has set the mousetrap: what mouse will he catch?Gilbert Doctorow | European Coordinator of The American Committee for East West Accord...

This is quite funny. The obvious effect will be to increase de-dollarization. For one thing, Russia won't be able to accept the USD in exchange for energy even if it cared to, so it will increase use of the euro, yuan, rupee, etc. in those markets. This reduces dollar hegemony, which is a key piece in US geopolitical hegemony. And the energy that would have gone to Europe will go to Asia instead. China will be happy to take as Russia obligations to Europe are extinguished. And it won't be...

 Win-win (multipolarity) vs zero-sum (unipolarity). No brainer — for those with functioning brains.Global InequalityThe Summit of Democracies is a wrong idea (for the world)Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie...

LOL I wonder what the tektons thought of the philosophers… ?Through a detailed reading of the ancient Greek testimonies of the tectonic tradition, the paper demonstrates that in the Homeric tradition the tektones were hailed as versatile, first-rate craftsmen who created wonders out of matter, but in classical times they fell from their high status of old. In Plato’s writings tectonics ends up at the lower end of the epistemological and ontological scale.Interesting paper on how the academe...

I read an August 2020 Bank of England Staff Working Paper (No.883) – Does quantitative easing boost bank lending to the real economy or cause other bank asset reallocation? The case of the UK – recently, which investigates whether the large bond-buying program of the Bank stimulates bank lending. They find that there was no stimulus to lending. Which would only be a surprise if one thought that mainstream monetary economics had anything useful to say. Modern Monetary Theory (MMT) economists...

"Supply chain uncertainty."Zero HedgeRecord Backlog And Inability To Produce, Pushes Class 8 [Truck] Orders To Lowest November In 26 YearsAlan Adler, FreightWaves