Mike Norman Economics

I was debating with some Bitcoiners, who said that central banks cause inflation. I then found these two interesting articles. Similar analysis on the eurozone reflects the same trend: Central bank money printing is largely irrelevant to money supply and inflation.Given their typical mandate to create moderate inflation, the all-powerful central banks seem quite powerless. Or they are simply fighting forces they cannot overcome: namely, the negative demographics and negative productivity...

Even Schumer throwing in the towel for July…. 99%  “debt ceiling!” going to be imposed end of month… then a matter of for how long it remains in effect…Schumer says Senate may work into August to pass infrastructure plan, reconciliation bill https://t.co/6dyULATut3— FOX Business (@FoxBusiness) July 9, 2021

Loans accelerated by the most in 4 months in response to a big fall in reserves.

China is not a threat to anyone, says Jeff Sachs. A very good interview. Jeff Sachs talks with Rob Johnson about the tragedy of modern geopolitics, and how our current race to the bottom could be reversed.[embedded content]

More “banks lend out the reserves!” belief… i.e. cognitive reification of Accounting abstractions… this is ofc not unique to USD zombie China…China’s central bank cut the amount of cash most banks must hold in reserve in order to boost lending in the economy as growth starts to wane https://t.co/624rGOniv6— Bloomberg Markets (@markets) July 9, 2021

Looks like the Biden admin has FINALLY thrown in the towel for July… “debt ceiling!” (yo we might as well call it “USD savings ceiling”) here we come…Bubba Janet in summer session in Venice could care less…and there it is folks!weekly 3m bill auctions trimmed by $3B (from $57B to $54B), weekly 6m bill auctions also by $3B (from $54B to $41B), and weekly 42-day bill auctions by $5B (from $40B to $35B)overall this means $11B per week less in bill issuance (so far announced) ?...

Reserves have bottomed for now, Fed operations notwithstanding. May factor into a dollar top and further gold price increase.

The US Bureau of Labor Statistics published the latest JOLTs data yesterday (July 7, 2021) – Job Openings and Labor Turnover Summary – May 2021 – which provides some interesting insights into labour market dynamics that run against the mainstream narrative. It allows me to calculate broader measures of labour demand and supply to achieve a more accurate indication of how tight or otherwise the US labour market is. Currently there is still considerable slack in the US labour market, some of...

No way in hell keep dreaming… well maybe if stocks are down 35-40%… and the politics are so sour who knows they may actually default on the “debt ceiling!” this time…As stimulus check petition hits 2.5 million signatures, Americans ask: ‘Will there be a fourth payment?’ https://t.co/fT0nbvcuu2 #StockMarket pic.twitter.com/2WF79eMR1M— Stocks News Feed (@feed_stocks) July 7, 2021

Last week the New Mexico Attorney General’s office filed a breathtaking, 128-page anti-trust lawsuit in federal court in New Mexico on behalf of the state’s $31 billion investment fund, the New Mexico State Investment Council. The Council manages a permanent endowment along with money for 23 state agencies.The lawsuit alleges, backed by striking evidence, that the following banks have engaged in a 16-year conspiracy of “bid rigging and price fixing” in the Credit Default Swap (CDS) market:...