Mike Norman Economics

Fed “stress tests” have compliant US big banks planning for up to 55% equity price reduction:NEW: Wells Fargo hits session high after saying it had a prime broker relationship with Archegos, but "did not experience losses related to closing out our exposure."" https://t.co/2FzfWush4B pic.twitter.com/HLz2IK2rL6— CNBC Now (@CNBCnow) March 30, 2021 While looks like this foreign bank allegedly taking large losses in the Archegos liquidation has been in the Fed’s doghouse for a while:Credit...

Cool video from the good old YouTube days when it was hip to be Russian (16M views):[embedded content]What happened?!?!

Everyone's been warning about this for months. Should we be worried? 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

The US State Department last year unveiled a multi-decade plan for a struggle against China at home and abroad similar to the US approach to the Soviet Union at the start of the Cold War. Other declassified documents have shown that while they publicly deny it, in private, US officials see it as another struggle between capitalism and socialism.In great power competition with Russia and China, the US Army is going to be asked to pull a larger weight than in past conflicts. According to a new...

Stephanie Kelton getting more press as the game-changer.At its core, MMT is about replacing the (flawed) concept of a government budget constraint with a natural resource (inflation) constraint. It’s not that there aren’t any limits. There are! But they’re not on the financing side (as we have been trained to believe). Our government cannot run “out of money,” as President Obama once falsely claimed. We cannot end up like Greece, and, contra these economists, we were never facing a fiscal...

 Important backgrounder by a Chinese-speaking American executive in China. The enemy is not China. Thinking that China is the enemy benefits only the Western elite and not the people of either West or East. It's long past time to see through the false narrative. Eamon McKinney explains why. It's short and to the point.Strategic Culture FoundationAmericans… ‘Know Your Enemy’Dr. Eamon McKinney, an eminent Sinologist with more than 40 years’ involvement in China foreign business. He is C.E.O....

Part Three: Classical Political EconomyMarx and Engels had a little private joke that they would use in their lengthy correspondence to one another. They would say: we got our philosophy from the Germans, our politics from the French, and our economics from the English. Marx began his revolutionary investigation of the nature of capitalism by studying everything he could lay his hands on in the new field of Political Economy. Before we can open to page one of Capital, therefore, we must...

 BRI and decolonization are in full swing lead by the dragon as it spreads its wings and lifts off. The colonizers are furious as they arm up to preserve position, especially the eagle and the bulldog (although Brits prefer the lion as their national symbol). But the reality is that only the dragon and eagle are contenders in this game, albeit the eagle has a poodle corps while the dragon is accompanied by the bear. Now the dragon has added the griffin (huma).India PunchlineThe China-Iran...

Extreme individuals results is sociopathy. Margaret Thatcher's ""There is no such thing as society" epitomizes it.Real-World Economics Review BlogThe sociopathic crisisKen ZimmermanSee alsoCaitlinJohnstone.comThe Problem Isn’t Human Nature, The Problem Is A Few Manipulative SociopathsCaitlin Johnstone

Apparently Wall Street bonuses have risen 1,217% since 1985. Quite what the significance of 1985 is I cannot tell, but the number itself seems to have the right feel. Having seen a few of those years first hand I can attest to the pace of increase from an anecdotal perspective.More importantly, if we applied the same rate of increase to the minimum wage over a similar period it would stand at $44 per hour and not the current rather pathetic $7.25.…For conventional economists, the only actual...