Mike Norman Economics

In Tuesday’s fiscal statement, the Australian government made a lot of noise about dealing with the climate emergency that the nation faces but in terms of hard fiscal outlays or initiatives it did very little, deferring action again, while ‘the place burns’. The Climate Council assessment was that the government “still seems to be on a warm-up lap when it comes to investing in climate action” (Source) and recommended the nation moves from a “slow job” to a “sprint”. I have previously...

👍U.S. Interest payment is now equal to Defense spendingAnd 30% of the debt has to be refinanced in the next 12 months at todays higher rates!!Hang on! 🚀 pic.twitter.com/stDRMEkpSm— Mark Moss (@1MarkMoss) May 11, 2023 And Fed’s IOR policy (now at over 5% annual) providing $14B/mo. of additional Capital to Depository system leading to a recent all time high in Depository system Residual:Hard to imagine how the Art degree brain could see any of this as debilitating…. 🤔

Video, podcast, and transcriptGeopolitical Economy ReportNY Times is wrong on dedollarization: Economist Michael Hudson debunks Paul Krugman’s dollar defenseBen Norton interviews Michael Hudson

Trump has the ball in the red zone… lower interest rates and a shit-canning of monetarism seemingly on the way in 18 months…Brandon needs to pivot on rates soon or he’s going to get Jimmy Cartered…Left-wing polls show President Trump trouncing Joe Biden, while DeSantis loses Wall Street, which is bad for him since he relies on the donors because he doesn’t have the People!pic.twitter.com/nIpD3qRDVQ— Liz Harrington (@realLizUSA) May 8, 2023

Polling not on Brandon's side... I assume most people blame Brandon stimmie and Brandon Russia sanctions for "inflation!"... so they probably think he should be the one to take the hit... people supporting  GOP on budget because they are weary of prices going up …. Brandon trying to blame “inflation!” on Monetarism is not working…  people aren’t buying it…Meanwhile Brandon no mention of rate policy moderation at all… might be ready to double down…Who should compromise most to reach a debt...

Last Friday (May 5, 2023), the US Bureau of Labor Statistics (BLS) released their latest labour market data – Employment Situation Summary – April 2023 – which revealed continuing employment growth and and modest declines in unemployment. While the US Federal Reserve is deliberately trying to undermine the labour market, even though the inflation rate is falling relatively quickly, the April data suggests that the interest rate increases are not achieving the aim. There is no surprise there....

Video and transcript. Ben Norton interviews Michael Hudson for the Geopolitical Economy ReportMichael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismThe Hard Iron Financial FistMichael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University

Short update.Bond Economics Will The Fed Keep Reacting With A Lag To Lagging Data?Brian Romanchuk

Never underestimate the potential for stupidity or self destruction. 

May 15 and the debt ceiling.