Mike Norman Economics

Last week (April 11, 2023), the IMF released their half-yearly update – World Economic Outlook: A Rocky Recovery, April 2023 – which excited the headlines in the media with predictions of gloom and calls for fiscal austerity and more interest rate hikes. The only good thing about these reports every six months is the accompanying datasets, which allows for fairly quick comparative analysis across nations. Other than that, the textual narratives are pure mainstream economics Groupthink and...

Cision PRThe Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC)  ["at the International Monetary Fund (IMF) Spring Meetings 2023, the Digital Currency Monetary Authority (DCMA) announced their official launch of an international central bank digital currency (CBDC) that strengthens the monetary sovereignty of participating central banks and complies with the recent crypto assets policy recommendations proposed by the IMF"]News release...

​RADHIKA DESAI: Hi everyone, welcome to the seventh Geopolitical Economy Hour, a program about the political and geopolitical economy of the fast-changing world of today.Video and transcriptGeopolitical EconomyRussia leaves neoliberal West to join World Majority – Economists Radhika Desai and Michael Hudson explainRadhika Desai, Professor at the Department of Political Studies, and Director, Geopolitical Economy Research Group, University of Manitoba, Winnipeg, Canada, and Michael Hudson |...

#duh⚠️BREAKING:*JPMORGAN CHASE SHARES EXTEND GAINS PREMARKET AFTER Q1 RESULTS, LAST UP 6.5%*WELLS FARGO STOCK UP 2.5% AFTER Q1 EARNINGS BEAThttps://t.co/PVjilxCOOw$JPM $WFC pic.twitter.com/ZRkfTTkSNF— Investing.com (@Investingcom) April 14, 2023 Ok let’s look at this from system perspective … total S&P 500 market cap is reported $34T and trailing earnings yield is reported 4.17%.     $34T x 0.0417= $1.4T S&P500 total earnings…Let’s just look now at what the Fed is paying banks in...

The Enlightened EconomistRawls, reloaded [Review of Daniel Chandler's Free and Equal: What Would A Fair Society Look Like]Diane Coyle | Professor of Public Policy at the University of CambridgeProject SyndicateThe Pitfalls of Dollar Hegemony [Review of Perry Mehling's Money and Empire: Charles P. Kindleberger and the Dollar System (2022)]Jonathan Ira Levy, professor in the Department of History and the Committee on Social Thought at the University of Chicago, and author of Ages of American...

Revised up this week…. Art degree monetarist morons no gonna likee…. Will want to accelerate rate increases…US @AtlantaFed GDPNow Q1: 2.5% (prev 2.2%)https://t.co/GIJHH2ZMsR pic.twitter.com/FRwbrEmK82— LiveSquawk (@LiveSquawk) April 14, 2023

Prices are not going to be reduced any time soon…. Biden Fed people will keep increasing the rates too which will make monthly payments even higher….  Keep maintaining and repairing your current car bro…Used car inventories are still falling.We’re now at only ~2M available units on dealer lots across the *nation*.The LOWEST on record.— CarDealershipGuy (@GuyDealership) April 14, 2023

This is a brief and targeted commentary by EPI’s Josh Bivens to which I have added input. The Fed has been flailing away at the economy in the belief Labor is the issue. Josh contends, product or profit markups have been a major issue. He does provide a foundation for his posit.I look to the supply chain issue(s) as the basis for the higher profits. I experienced similar in getting componentry in 2008-2010. With less supply and a lengthen (and silly lead times) lead time, companies increased...

This article is a grab bag of comments on the paper: “Deficits Do Matter: A Review of Modern Monetary Theory” by Farah Omran and Mark Zelmer. I have mentioned this article before, for the good reason that Mark Zelmer will be on the other side of a panel on Modern Monetary Theory (MMT) that I will be on in late May....Bond Economics Comments On The Omran/Zelmer MMT CritiqueBrian Romanchuk

NIH — PubMedMental Health Challenges Related to Neoliberal Capitalism in the United StatesAnna ZeiraCNBCWith inflation stubbornly high, 58% of Americans are living paycheck to paycheck: CNBC surveyJessica DicklerRT — Question More (Russian state-sponsored media)White House says racism cost US $16 trillion since 2000 [Susan Rice citing Citi report]Global InequalityThe chronicle of the revolutions foretold? [Important. Should-read. Summarizes the work of Peter Turchin.]Branko Milanovic |...