Mike Norman Economics

Summited today on my second attempt under terrible conditions. Blinding snowstorm whiteout and freezing temps.

Axios [mansplaining syndrome?]Sotomayor: SCOTUS oral arguments changed in part because female justices were interruptedErin DohertyVineyard of the Saker [stupidity, or overweening hubris that goes before a fall? See "Nemesis"]Russians are in total awe at the suicidal stupidity of the WestThe SakerDefend DemocracyCrazy: US sends the organizer of the Kiev coup [Victoria Nuland] to speak with Russians!Sputnik InternationalUS Asks Russia to Remove Missiles ‘Violating’ Treaty Which Washington...

The lumber real PPI is essentially back at the levels at the 2018M06 peak.The worst over?EconobrowserReal Lumber PricesMenzie Chinn | Professor of Public Affairs and Economics, Robert M. La Follette School of Public Affairs, University of Wisconsin–Madison, co-editor of the Journal of International Money and Finance, and a Research Associate of the National Bureau of Economic Research International Finance and Macroeconomics

Well, as we previously pointed out, the bottom 50% own just 2% of all net worth, or a paltry $2.8 trillion. What is even more sad is that the wealth of the bottom 50% is virtually unchanged since 2006, while the net worth of the Top 1% has risen by 132% from $17.9 trillion to $41.5 trillion...True to form, ZH blames it on the Fed.Zero HedgePandemic Wiped Out Entire Savings Of 20% Of US HouseholdsTyler Durden

Putin says China always delivers on its promises, even if its intention of reducing its carbon footprint is an enormous endeavour. Speaking to CNBC's Hadley Gamble at the Russian Energy Week conference in Moscow Wednesday, Russian President Vladimir Putin pointed to Xi's comments suggesting the possibility of a peaceful unification, and China's "philosophy of statehood," to suggest that there is no threat of military confrontation.[embedded content]President Putin on Taiwan: 'China does not...

 Inequality resulting in lack of effective demand without supplementing income with debt, which leads to systemic instability. Pretty much like MMT says, following Minsky.Eurasia ReviewThe Real Reason The Economy Might Collapse – OpEdRobert Reich | Chancellor's Professor of Public Policy at the Goldman School of Public Policy at UC Berkeley, Secretary of Labor in the Clinton Adminstration, and formerly a professor at Harvard University's John F. Kennedy School of Governmen and professor of...

Mikes comments on QE from 10 years ago when they were doing 600b per month … In light of possible “QT” starting next month:The Fed is buying "scale down" and in effect, causing the selloff. They're doing this because they're fixated on quantity ($600 bln) as opposed to price (interest rate). I remember when I was a floor trader. I had clients in the oil business--big firms--who would sometimes want to protect a certain price. They'd give me an order that would be, "Buy 100 (crude), 'worst.'"...

No one should be allowed to get bigger than the government, including Elon Musk, who I've gone off a bit recently. Of course governments can be bad, and many are, but the good of society should come before the desires of individuals. I was brought up with the British welfare state, where seeing its benefits first hand, it has made me a Big Government kind of guy. It's probably why I like MMT too. And trains! The Tories ripped up loads of train lines in Britain during the 1960's, which was...

 Just got this.Some people say that this is authoritarian, as if authoritarian is always automatically wrong. But the local councils where I live won't let you drive faster than 20mph in the backstreets where I live as the roads are very narrow and too many children were getting injured or killed. And the government is authitarian on seat belts and crash Helmets for bike riders. The Australian government knows that people will die in their homes in agony unless something is done to halt the...

The Australian Bureau of Statistics released the latest labour force data today (October 14, 2021) – Labour Force, Australia – for September 2021. The background is that the entire East Coast is in or has been in lockdown over the last few months and for the two largest labour markets (NSW and Victoria) that lockdown has been very tight. Both states are in the process of easing restrictions as vaccination rates rise. The September 2021 data reveals that the longer NSW lockdown is now...