Mike Norman Economics

 When I was a world traveler in my twenties back in the 60s, I was struck by the prevalence of Japanese cars and pickup trucks with US cars owned almost exclusively by the elite and no US pickups visible. The rest is history. China may be in a similar position now.Zero HedgeChina Is Quickly Becoming One Of The Largest Automobile Exporters In The WorldTyler Durden

Tit for tat. Not quite, yet.The [Kremlin] spokesman [Dmitry Peskov] added that the move “mirrors the attitude of Western states towards foreign assets belonging to Russian companies.”“The main goal of the step is to create a compensation fund for potential use in tit-for-tat measures in response to the expropriation of Russian assets abroad,” Peskov said. He added that a number of states systematically carry out a rapid transition from temporary administration to actual confiscation..The...

Video and transcript.Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismBalancing Individualism with EgalitarianismMichael 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

About Russian agriculture, specifically seed production. Longish and detained but the basic idea is important. Russian seed production was literally wiped out by the liberal government under Yeltsin, making Russian agriculture fully dependent on the West. Russia is now trying to develop self-sufficiency in seed production after having become otherwise self-sufficient in food production.  Seed production is a weak link right at the beginning of the chain. Russian agriculture is already a...

Argentina peso in collapse wrt USD:In #Argentina, the peso has tumbled to a 12-year low of 462 ARS/USD in the parallel market. The pathetic peso has lost 52% of its value against the USD since Jan 2022. Arg. needs to mothball the Central Bank of Argentina and the peso and place them in a museum. pic.twitter.com/uPXm9kIYAI— Steve Hanke (@steve_hanke) April 25, 2023 Interest rates at 81% … better keep increasing rates and stick with it …. maybe it will work this time… come up with some new...

Lots of long faces… ie back to the drawing board…BREAKING: Japan's ispace says Moon landing may have failed, no contact with spacecraft pic.twitter.com/afscUiPSJ9— BNO News Live (@BNODesk) April 25, 2023 If they had Art Degrees instead they would simply do the same thing without making any adjustments and see if it worked the next time or the time after that.. or the time after that… dogmatically advocating for this original configuration…. would be a lot easier …

That [refers to data in the article] represents a geopolitical point of no return of sorts, the moment when China’s economic dependence on the United States in particular and developed markets in general slipped behind its economic standing in the developing world.Global economic growth is now coming from the Global South/East as these countries develop. China is in a position to capitalize (pun intended) on this trend, which appears to be long term owing to lower costs than prevail in the...

I have now arrived at the part of the preparation for my panel that I have dreaded: the Great Canadian Fiscal Crisis of 1994-1995. This is an event that Canadian Establishment figures will talk your ear off about if you bring up Modern Monetary Theory (MMT). My problem with this crisis is that I spent my working life staring at charts of yields, economic data, and exchange rates, and never even noticed anything unusual during that period in Canada. It was only much later that I heard about...

Summary. You know all this if you have been following this, but it's a useful summary for those not following it closely.UnherdWill America win from de-dollarisation?Thomas Fazi, co-author with Bill Mitchell of Reclaiming the State

Economic warfare has its consequences, including blowback. Did anyone think this through?Asia TimesWestern tech firms just can’t resist China’s chip marketScott FosterRelatedTASS (Russian state media) IMF finally turned into tool to achieve US military goals — Lavrov [headline too narrow, there's much more]