Wednesday , June 19 2024
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Mike Norman Economics

Corporate buybacks

No not so fast there buddy. ..  According to MMT the US government is “borrowing money!” from the tax exempt foreign divisions of these multinationals…It’s not just transferring retained earnings into foreign UST accounts at the Fed as part of a scheme to reduce overall corporate tax liabilities… that’s not what is happening..I wonder how many people know these “buybacks” are mostly unpaid taxes distributed to investors in US 🤔In the case of $AAPL profits are kept offshore in 0% tax...

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Month end settlements

Have to see if this large month end settlement pattern continues…. It may be that first of the month fiscal transfers are getting so large these days that they are destabilizing reserve assets at Depositories… so Treasury might be scheduling most of the settlements the day before to reduce reserve balances within the same regulatory period as the first of the month…Treasury issuance is not “borrowing!” despite what MMT asserts…Treasury issuance is skewed this month. There are net paydowns...

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Trump to set interest rates himself under secret presidential plan

Trump getting ready to go to war with the Democrat Monetarist morons who currently run the Fed... He probably wants rates back at zero like Obama had for 8 years… This would be a catastrophe if it ever happened. It’s being reported by the WSJ so it’s legit. If Trump lowered rates into an inflationary crisis it would create a lot of pain. Especially for the middle class.— QE Infinity (@StealthQE4) April 27, 2024

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Shots fired:Japan has always been a favorite talking point for the #MMT crowd, who claim Japan's huge debt load is totally fine. It isn't. Japan is in a currency crisis because its debt forces the BoJ to keep interest rates pinned. A huge warning sign for debt aficionados in the Euro zone...— Robin Brooks (@robin_j_brooks) April 28, 2024

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