Mike Norman Economics

I said down. Basically flat. But we’ll see going forward.

Market rallied after last week’s selloff. Cyclical peak approaching.

I can’t help you if you don’t want to help yourself.

Only if the BOC reacts by making the same reification error as the Fed did and adds bazillions of reserve balances “to lend out!”….China’s Lehman moment is today with Evergrande down 90%.If that follows the 2008 contagion path, markets collapse within 3-4 weeks.— Endless Capital w/ no pullbacks (@endless_frank) August 28, 2023

Investor (bad) behavior was SO on display!

Curiously to me, Stephanie does not mention the role of raising the interest rates as potentially contributing to inflation when Mike, Warren, and Bill have been doing so for some time.The LensReactions to Fed Chair Powell's SpeechStephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

More fiscal support coming next week but a rocky road ahead after that.

BRICS was a brilliant bit of sell side marketing, but it has taken a life of its own. One needs to stop projecting fantasies onto the global financial system, and accept that its form follows function.The extreme dominance of the share of global GDP after World War II by the United States was a historical accident, and so the relative rise of other economic powers was inevitable. Meanwhile, the eagerness of the United States to use sanctions as a foreign policy tool is going to create...

Bill on feudalism and capitalism. Capitalism and feudalism are essentially different in that land is the dominant factor in feudalism and land rent is the chief means of expropriation. Under capitalism, capital and expropriation of surplus value through industrial (technological) production along with financial rents are the dominant factors, although land and land rent are also still key in generating passive income resulting from ownership (title). That is to say, capitalism and feudalism...

Here’s what I said about Nvidia a year ago.