Mike Norman Economics

 Boom! How many people get that cryto involves a sovereignty issue and that this is its reason for being.Zero HedgeChina Declares All Virtual Currency Transactions "Illegal", Sending Crypto Prices TumblingTyler DurdenSee alsoECNSChina to tighten regulation on virtual-currency trading, speculationXinhua (Chinese state media)

Here we go again. Someone should inform TIPS market participants about it. And, of course, perma-bear Peter Schiff is quoted.Zero Hedge"Hyperinflation" Tops List Of Fears For UBS ClientsTyler Durden

Like I said yesterday, constitutional crisis brewing. Read to the end. It is not just a constitutional crisis, but allegedly an ongoing attempted coup.As detailed in this edition, there were four distinct players or Trump staff who laid much of the groundwork leading up to January 6th. The House Committee has subpoenaed each person to testify. One has to wonder if they will resist and whether the House has a backbone and whether the courts will back the issued subpoenas issued.…Note that the...

The headline says it all. John Walsh gives the numbers. But, hey, USA. USA. USA. Daft.CounterpunchNY Times Advises China on Covid-19: Abandon Success, Try FailureJohn V. Walsh

According to the former envoy, Beijing's current policy has given China the “moral high ground” but the policy “'is not suitable […] unless China-US negotiations agree that neither side would use [nuclear weapons] first.”Mostly moot in that Russia, which is allied with China all but formally, has no such policy and it fact has the opposite policy, and Russia alone can actually destroy continental US with a single nuclear barrage of hypersonic missiles from it nuclear trident, against which...

I don't know much about Evergrande, but given the origin of this blog did want to share some speculation. First, their debt is denominated in dollars, so unlike Russia in 98, default may not be optional (Russia could have printed rubles if it wanted). CCP may have enough US$ to make good on Evergrande obligations, but whether they do so, and what they ask in return, is unclear. When put in the context of China's forex dollar holdings, Evergrande's obligations seem small.…Short and worth a...

The periodic debt ceiling silliness has again erupted in the United States. Since I was feeling mildly unwell this week, I was largely out of the loop. If the reader wants a brief explanation of what the trillion dollar coin idea is about, I highly recommend my brief discussion in my latest book Modern Monetary Theory and the Recovery.If we go beyond the shameless self-serving plugs, it is quite easy to summarise my views....When the electorate gets tired of this nonsense, it will go away....

What idiot didn’t think this would happen….  420 to 9… House approves $1 billion for the Iron Dome as Democrats feud over Israel. https://t.co/SawsGJWN3m— Jesus is coming! Repent and be saved! (@allie_zpm) September 23, 2021

Boy, must be time to go all in bullish as there won’t be as much “crowding out!” come October 1st….  :pWhite House budget office tells agencies to prepare for government shutdownhttps://t.co/J4hc9wliy8— FOX Business (@FoxBusiness) September 24, 2021

Just when you thought you'd seen everything. Capitalizing cultural artifacts.Global Macro MonitorCulture As An Assetmacromon