Mike Norman Economics

Correction highly likely but big picture remains bullish.

 Follow on to Korybko's previous article about BRICS+ and alternative currency/payments system. Again, cutting through the hype of both an impasse owing to Chinese and Indian opposition and also the over-optimism of the cheerleaders for an alternative currency. Korybko argues that the countries involved are proceeding carefully in finding common ground in spite of competing national interests — that is, acting maturely.Naked CapitalismExplaining China’s & India’s Reported Differences...

What we will discuss today is that central bankers are effectively intent on increasing poverty in their societies. And, whichever way one looks at it, relying on such a pernicious policy tool – one that deliberately seeks to increase poverty – is not a sound basis for achieving social stability. And, and as inflation has been falling anyway, despite the hikes, the negative distributional impacts should militate against using such a nasty and inefficient instrument....William Mitchell —...

This is a follow-up piece that includes Africa. It also has more on BRICS+ as well as ongoing work on developing an alternative payments system. The title is misleading in that it is representative of the actual subject of the post. The US and West don't figure in much in what he has to say other than being oppositional to these projects.Strategic Culture Foundation (sanctioned by the US Treasury Department)First We Go for Moscow, Then We Take BeijingPepe Escobar

Initial number for US 3Q +3.5% not too shabby…On July 28th, the initial #GDPNow model nowcast of real GDP growth in Q32023 is 3.5%. https://t.co/T7FoDdgYos #ATLFedResearch Download our EconomyNow app or go to our website for the latest GDPNow nowcast. https://t.co/NOSwMl7Jms pic.twitter.com/gxJRawmmMq— Atlanta Fed (@AtlantaFed) July 28, 2023

This is a longish and fairly detailed summary of recent developments in the geopolitical and geoeconomic spheres and their self-augmenting interaction and integration on the way to actualizing the vision of multipolarity based on international law rather than a US-led (imposed) "rules-based-order), that is to say, unipolarity.This is also a more balanced account than some of Pepe Escobar's posts that suffer from confirmation bias. This is more critical than "creative," that is, hyped. It...

Bank lending data paints a grim picture for the Eurozone economyUnherdThe coming European recession may be worse than 2008Philip Pilkington

Here from some sad eternally ineffectual UK MMT people with the “musical chairs!” and “takes chairs away!” figurative language:Monetary policy forces the lowest income people to play a game of musical chairs with jobs. The central bank deliberately takes chairs away and the DWP blame the jobless. A Job Guarantee fixes this. https://t.co/XKZGiwLDjAhttps://t.co/P8wWzF4DXQhttps://t.co/2pgn5sTcZJ— MMT Podcast (Christian Reilly) (@MMTpodcast) July 29, 2023 And here from some monetarist people...

Heading into that. We’re fiscal flows peak. Is this a stock market peak as well?

Connecting dots?CaitlinJohnstone.com.auFunny How The UFO Narrative Coincides With The Race To Weaponize SpaceCaitlin Johnstone