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Mike Norman Economics

Car rental giant Hertz files for bankruptcy as its vehicles remain idled by pandemic — John Solomon

Car giant was already saddled with debt before COVID-19 struck. Anomaly, or indication of systemic risk owing to debt?Just the NewsCar rental giant Hertz files for bankruptcy as its vehicles remain idled by pandemic John SolomonSee alsoIt's not just a matter of reopening. Will the customers be there?BBCCoronavirus: Leading economist warns of 10 years of depression and debt Karishma Vaswani interview with Nouriel Roubini

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The Incoherence Of Yield Curve Control Brian Romanchuk

Yield curve control -- setting bond yields by the central bank -- has returned to discussion. Mainstream economics over-emphasises the role of interest rates in guiding the economy, and based on previous experience, it seems entirely likely that some form of new policy will be attempted to counter-act economic weakness. The main options appear to be negative interest rates and yield curve control, and it seems clear that Fed officials prefer yield curve control to negative rates, Yield...

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Asian century began in May 2020 — David P. Goldman

Economic historians may date the start of the Asian century to May 2020, when most Asian economies bounced back to full employment while the West languished in coronavirus lockdown. Asia has emerged as an economic zone as closely integrated as the European Union, increasingly insulated from economic shocks from the United States or Europe....  Asia TimesAsian century began in May 2020David P. Goldman

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RT — ‘We’ll spend you into oblivion’: US nuclear envoy reveals ‘negotiating’ tactic for New START, last arms control deal with Russia

Trump goes full Reagan.Apparently the US doesn't realize that the real cost is in terms of real resources rather than units of account for countries that issue their own currencies. Or maybe it does and wants to force China to drop its dollar peg like Russia.Whatever, it's nutty. Kind of like declaring that the US is staying in Syria to create a quagmire for Russia.Where are the grownups?Oh, and did I mention that the latest talking point is the Social Security is running out of funding...

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THE AUSTRALIAN CHEWING-GUM IS NOW ON THE RUSSIAN SHOE – AUSTRALIAN MINISTER ASKS LAVROV TO SAVE EXPORTS FROM CHINESE SANCTIONS; LAVROV ASKS FOR AUSTRALIAN SUPPORT TO STOP FAKE MH17 EVIDENCE IN DUTCH SHOW TRIAL — John Helmer

One day after Australia was defeated at the World Health Assembly in a joint effort with the Trump Administration to attack China, and after Beijing retaliated, calling the Australian Government a US puppet, a joke, and chewing-gum on China’s shoe, Australia has telephoned Moscow for help. In a call initiated by Foreign Minister Marise Payne (lead image, left), Foreign Minister Sergei Lavrov was asked to boost Russian imports from Australia and send more Russian tourists to the country....

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As debt soars, the cost of servicing it keeps falling

Good news for the British government’s finances An awful lot has changed since Rishi Sunak, the chancellor, unveiled his budget in March. Britain’s economy looks set to experience an unprecedentedly rapid and deep recession. What is more, the government, through actions such as the furlough scheme to support employment, is choosing to bear an unusually large share of the initial costs. The result will be much higher government debt than previously anticipated. And yet the actual cost of...

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