Mike Norman Economics

Dennis Kelleher, the co-founder, President and CEO of the nonpartisan Wall Street watchdog, Better Markets, has issued a scathing rebuke of the Federal Reserve’s so-called “stress tests” of the mega banks on Wall Street, calling them “toothless.”Kelleher’s criticisms revolve around two key points. The Fed is preordaining the outcome of the tests by (1) pumping up the banks’ capital with financial handouts prior to the tests and (2) by removing key aspects of the stress tests that would...

It is the first time that Sinotrans has simultaneously launched several cross-border trains from different cities....Chinese trade with Europe picking up in spite of political belligerency.ECNSFour China-Europe freight trains set off from China simultaneouslyChina-Mongolia border port has handled over 1,200 China-Europe freight trains

Short summary of The Deficit Myth. Positive.Scottish Legal NewsPatrick Christie: Hardly a deficiency

This was just put out in April… so now you think just 3 months later Manchin will just blithely roll over and trash the filibuster to raise the debt ceiling before extraordinary measures are exhausted?  Hard to see that imo… and of course bipartisan…Capito, Manchin Reintroduce Bipartisan Bill to Rein in National Debt https://t.co/rbIXDalQ4n— Donald Pedersen (@DonaldP28785881) April 18, 2021

Ok FINALLY here we go in the media… I guess they waited for 30 day count down…The U.S. Treasury is facing growing pressure to slash its bill supply to meet a debt ceiling target poised to be reinstated at the end of the month https://t.co/GRK7jY3yNv— Bloomberg Markets (@markets) July 1, 2021

President Biden’s proposals for investing in social and physical infrastructure signal a return to a budget-neutral policymaking framework that has largely been set aside since the outbreak of the COVID-19 crisis. According Yeva Nersisyan and L. Randall Wray, this focus on ensuring revenues keep pace with spending increases can undermine the goals internal to both the public investment and tax components of the administration’s plans: the “pay-for” approach limits our spending on progressive...

Over the past 3 weeks the Fed has drained over $400 bln from reserve balances, triggering a dollar short squeeze. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

 I thought Jimmy Dore is spot on here. Washington - Murder.inc[embedded content]

 This is what I've been telling everybody, and I've mentioned it here too. Do high house prices make us rich? They make us work hard and lower our standard of living, and when they worth a lot, you can't realise the money easily unless you sell and go and live where no one else wants to. And when most people get old, they don't want to move from an area they have lived for many years. Equity release is a horrible deal: where you work hard all your lives making bankers rich, and then they get...

 Tax cuts for the wealthy have long drawn support from conservative lawmakers and economists who argue that such measures will "trickle down" and eventually boost jobs and incomes for everyone else. But a new study from the London School of Economics says 50 years of such tax cuts have only helped one group — the rich.CBS50 years of tax cuts for the rich failed to trickle down, economics study says, BY AIMEE PICCHI