Mike Norman Economics

I have been looking for signs that the concerted efforts by most central banks (bar the eminently more sensible Bank of Japan) to kill growth and force unemployment up have actually been effective. My prior, of course, is that the interest rates will not significantly reduce growth in the short run, but may if they go high enough start to impact on spending patterns of low income households. The next data that will help us associate the interest rate effects on spending by income quintile in...

Why don’t these same unqualified Art degree climate nutter morons think we can run out of their “carbon credits!” like they all think we can run out of their “money!”?…. Make a decision already you hypocrite dumb-f#cks…. 🤔African nations are demanding their share of profits from the growing carbon credits industry with revenue splits and regulation planned https://t.co/G6iAyvTcVq— Bloomberg Markets (@markets) July 10, 2023

At least L.A. However, I’m probably not saying anything people already don’t know.

Some China price indexes MoM and YoY negative…Chinese CPI (Y/Y) Jun: 0.0% (est 0.2%; prev 0.2%)- CPI (M/M): -0.2% (est 0.0%; prev -0.2%)- PPI (Y/Y): -5.4% (est -5.0%; prev -4.6%)— LiveSquawk (@LiveSquawk) July 10, 2023 They keep cutting their rates…People's Bank of China cuts key short-term policy rate by 10 basis points, from 2% to 1.9% pic.twitter.com/FQuMpXTatx— TRT World Now (@TRTWorldNow) June 13, 2023

Here’s my update on the market and what’s happening while I’m in Los Angeles. 

It should be seen that the root cause of the current weak domestic demand lies in the low spending power of families caused by the high unemployment rate and high housing prices. Although China has arguably the largest middle-income group in the world, most of its wealth exists in the form of the real estate bubble that may burst under the pressure it is under.Under the current policy of "dual circulation," domestic demand must increase in order to reduce dependence on exports to avoid the...

[embedded content]One minute. They get it right. Banks create new "money" simply by entries in accounts. No details of the process now, but at least they have the key point correct.The EconomistHow do banks actually create money? We explain

I was bored, so I wanted somebody to talk to, so I’m making his video.

Discussions at the recent SCO Summit in New Delhi now point to the inevitable: The merging of new multipolar organizations and their collective reorganization of global finance.The CradleFinance, power, integration: The SCO welcomes a new 'Global Globe'Pepe EscobarSee also "For making the new currency as good as gold, a truly sound currency, it must be convertible into gold on demand. I am not sure whether this is what Brazil, Russia, India, China and South Africa have in mind," he said....

Down week for the markets. Trend is still up. Oil is bullish.