Mike Norman Economics

The next step in decoupling as the Global North/West and Global South/East further divide.Zero Hedge"No Possibility Of Reconciliation" Any Longer: US And China Are Now "Officially In An Economic War"Tyler Durden

It’s Wednesday and overnight there has been a Twitter storm, which like most of these Tweet Crazes, is about nothing at all and only serves to embarrass the Tweeters, not that they are aware of the humiliation. I refer to the statements made overnight by the Bank of England boss who reiterated press releases the day before in saying the Bank would not continue to prop up pension funds who had mismanaged their assets. The Twitterati seemingly didn’t really get the point. And while we are on...

Not just the energy markets but also the weapons market. If the US "weaponizes" weapons supply the gap can be filled by Russia, either directly or through joint production arrangements as is already the case with India. And Russian weapons come with no strings attached.Key sentence in the post: Sheikh Mohammed and his Saudi kinsperson, Crown Prince and Prime Minister Mohammed bin Salman Al Saud had just handed down a strategic defeat to a superpower in the geopolitics of oil, as the world...

Short summary with some links.The LensThink About Minsky for a MomentStephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

Oil.India PunchlineA perfect storm in US foreign policyMK. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassador.

Germany +200B imminent:Germany plans to push a $93 billion spending plan to ease consumer gas prices.$93 billion. This will be paid for by the 200 billion euro spending package, which represents 5% of GDP. A recession and a pile of debt. What can possibly go wrong?— Gold Telegraph ⚡ (@GoldTelegraph_) October 10, 2022 France +100B imminent:JUST IN: 🇫🇷 France says it will spend €100 billion to protect citizens from inflation.— Watcher.Guru (@WatcherGuru) October 10, 2022 🤑🤑🤑🤑🤑🤑...

You can't get more mileage out of your model than the assumptions contain. It's called "scope."Overconfidence or sleight of hand? The presumption is that professionals know better. But if they admit the scope, their influence would be limited.  This could also be accounted for by professionals acting unprofessionally owing to perceived advantages of doing so. So either way, perverse incentives seem to be in play.Lars P. Syll’s BlogMethodological overconfidenceLars P. Syll | Professor, Malmo...

The currency of international trade has been on a lot of peoples’ minds in the last few years. The hierarchy of currencies literature, the related questions of reforming the international monetary and financial system (IMFS), the effects of US monetary policy on the rest of the world (ROW). Add to that the war in Ukraine and Chinese trade-related discussion on the role of the ruble, dollar, yuan, oil and natural gas, wheat etc. These issues can easily lead to rethinking about the bancor or...

The question is: what do we do now? We can adjust, and build a fair and secure middle-class society, free of poverty and of oligarchy alike, with tools that are broadly familiar.…The Guardian (UK)The broken US economy breeds inequality and insecurity. Here’s how to fix itJames K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin

 Some humor in the info war from Alexander Lukashenko, President of Belarus.21st Century Wire@21stCenturyWire• Belarus president #Lukashenko's epic troll of Europe, getting fire wood ready for the winter.https://twitter.com/21stCenturyWire/status/1570354229872566273