Mike Norman Economics

You thought YOU had a bad week...Here US Senators telling Saudi they have to abandon it: My colleagues and I have asked Secretary Pompeo to urge Saudi Arabia to leave the antique OPEC cartel immediately and join the U.S. as a free market energy powerhouse. https://t.co/hu10JxlOkp — Sen. Lisa Murkowski (@lisamurkowski) March 26, 2020 Getting ready to roll up their member with the largest reserves in the western hemisphere pretty soon... there is going to be one less BIG place setting at...

hahahahhaahhahaha!!!!!!!Well, there’s that. “It’s our money. It’s our currency.” We can do whatever it takes. pic.twitter.com/FPPIJsxXMa— Stephanie Kelton (@StephanieKelton) March 27, 2020

To build upon the previous post ie "its our currency"...Here just take this USD balance highlighted here that the Chicomms have accrued and just ...  ZERO it the f_ck out... Then we call it "even!"... Trump has no balls if he doesn't hit this account on them for what they are putting us through...

Without stronger and more direct action, the fallout for the most vulnerable will be even worse and the gaps between rich and poor, whites and non-whites in the US will grow even larger. Rather than subsidies for corporations with no oversight why not help state governments fill their budget shortfalls? During the Great Recession, too little was done to help states and they responded by cutting the things that could make a difference: education and healthcare. Cutting back on these things...

We have just seen the beginning of post-COVID economic data, and the numbers are literally off the charts. My feeling is that aggregate numbers will be meaningless, and we will need to look at industry-level data. I just wanted to look a bit ahead, to the post-lockdown future. My main concerns revolve around the small business sector, which I fear will be taking a bigger hit than larger businesses. The issue is that small businesses are a major driver of employment -- and we are likely to...

Throughout the Democratic presidential primary, Vermont Sen. Bernie Sanders and Massachusetts Sen. Elizabeth Warren offered a slew of robust proposals to reshape the American economy. Yet the Democratic presidential primary hardly engaged with questions of whether that restructuring was wise, who would benefit, and who would lose. Instead, the debate was dominated in no small part by a single question: “How will you pay for it?”On Friday, the House of Representatives, led by Speaker Nancy...

Fed to reduce bond purchases to $60 bln/day from $75 bln/ day. Zombies sold. (Wrong.) Bank data surges higher. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/

The worm turns.Zero HedgePentagon Fears Foreigners Will Buy Control Of US Defense Firms Amid Coronavirus VolatilityTyler Durden

15:51 "It is clear that we have entered recession," said IMF head Kristalina Georgieva. Due to the pandemic, the global economy experienced a "sudden stop" and the fund is now looking for a practical approach to prevent indebted countries from "falling off the cliff." 15:23 The ongoing pandemic will have a deep economic impact and recovery could be only expected in 2021, said IMF chief Georgieva. This target can only be reached if the virus is contained and liquidity problems are not...

This* is what #MMT has been arguing all along. It shouldn't just be for crises, and it's weird that anyone in favor of "central bank independence" doesn't think a central bank should have more tools.https://t.co/c6qSo4omNY — Scott Fullwiler (@stf18) March 27, 2020 *FT Opinion (Registration required)Why the Fed should put the Treasuries market on a war footing  Colby Smiththers