Mike Norman Economics

“The Chinese luxury market – which is expected to account for half of global luxury sales by 2025 – consists of hundreds of millions of young, digitally-native consumers,” said Daniel Zhang, chief executive of Alibaba, in a statement about the deal.…""...half of global luxury sales by 2025…"? Gobsmacked. That really changes the consumer game. MarketWatchAlibaba brings notable names, including Taylor Swift, to China for Singles DayTonya GarciaSee alsoBusiness InsiderAlibaba slides 9% as...

During the Barrett confirmation hearing, we discussed the narrative of the Democrats and the media that the Affordable Care Act was dangling in the balance on the Supreme Court. With huge pictures of beneficiaries of the ACA displayed around the room, some Democratic senators actually said that Barrett was part of a conspiracy to rush her to the Court to kill the ACA. As I repeatedly said, the narrative was entirely disconnected from any legal reality since at least two conservative...

WTF? OK, no settlement yet but this looks really weird.Why is this paragraph so disturbing? First of all, the words “deficiencies” and “audit” are not two words that one wants to read in the same sentence pertaining to any Wall Street bank. But they are particularly frightening when it comes to the largest bank in the United States that has racked up an unprecedented five criminal felony counts – to which it admitted guilt – in the past six years. That’s five more felony counts than the bank...

The Chinese government is taking back control of the commanding heights, which is a sine qua non of state socialism.MericsTechnology control is changing hands: The undercurrents of China’s new digital moneyKai von Carnap

With bullish sentiment increasing the low hanging fruit is disappearing and correction risk rises. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman

Veering away from the Global War on Terror back toward great power competition. Oh, and then there is Iran. And, of course, Russia is also on the front burner. Biden was Obama's point man in Ukraine.Defend Democracy PressUS Commander: Troops Must Be Ready for Conflict With ChinaIsraeli minister warns of war if Biden returns to Iran Deal

The key pick is Treasury secretary. Both Bill Clinton and Barack Obama showed their hand with Robert Ruben and Larry Summers, respectively.Zero HedgeJanet Yellen Said To Be Biden's New Favorite For Treasury SecretaryTyler Durden

Corruption watch.Wall Street On ParadeBig Wall Street Donors to Biden Will Maneuver for Key PostsPam Martens and Russ Martens

"The U.S. has imposed their tariffs following the WTO ruling in (the) Airbus case. Now we have a WTO ruling also in Boeing, allowing us to impose our tariffs, and that's what we are doing," Dombrovskis told reporters. "Of course, we remain open for a negotiated solution. Our proposal remains on the table that both sides withdraw their tariffs," he said but noted that despite several appeals, "so far, the U.S. has not agreed to withdraw their tariffs."Trade war heats up.Zero HedgeEU To Slap...

One day doesn't make a trend, but those expecting inflation are seem this as evidence. Zero HedgeWith 10Y Yields Soaring, Traders Start Pricing In Rate HikesTyler Durden