Mike Norman Economics

Fed, debt ceiling, reserves.

This goes well with the Andre Vltchek article I just put out.Max Keiser says the US fell behind the rest of the world with 5G for three reasons.1. US CEO's sold off the technology to increase short-term profits.2. The US government set no standard for 5G which meant US companies were too scared to invest incase their version didn't win out in the market.3. The US military uses part of the 5G spectrum for spying and didn't want to give it up.Max says how China plans for the long term future...

Tourists go to China and can't believe what they are seeing, says Andre Vltchek, as they were expecting to see a third world and backward communist country, but they find it looks more modern than anything they have back home. China has superb museums, beautiful public parks, and very clean cities, and the countryside has been developed now too.Andre Vltchek says China is still at heart a communist country and its capitalist part is there to serve the community. Everything in China...

I’ve read the “working paper” (and the preceding paper) a couple of times, and am not clear what happens — the results are based on splicing two models (REMI and BCG data) and running out the results. Alarm bells went off in my head when I read this: You decide.Econbrowser“Across-the-Board Tariffs on China with Retaliation and Federal Spending Create Over 1 Million Jobs in Five Years”Menzie Chinn | Professor of Public Affairs and Economics, Robert M. La Follette School of Public Affairs,...

Is the trade war beginning to bite the global economy, to which most countries are coupled? A leading indicator suggests that this may be developing. ECRIPredicting the ISM and Markit PMIs

Global warming skeptics sometimes say rising temperatures are just another naturally occurring shift in Earth’s climate, like the Medieval Warm Period of the years 800 to 1200 or the Little Ice Age, a period of cooling that spanned from roughly 1300 to 1850. But a pair of studies published Wednesday provides stark evidence that the rise in global temperatures over the past 150 years has been far more rapid and widespread than any warming period in the past 2,000 years — a finding that...

“If you look at Amazon, although they’re certain benefits to it, they’ve destroyed the retail industry across the United States,” Mnuchin told CNBC. “I don’t have an opinion other than I think it’s absolutely right the attorney general is looking into these issues and I look forward to listening to his recommendations to the president.” Are we finally going to start talking about anti-trust, which. incidentally, was at the heart of US progressivism historically.ReutersTreasury's Mnuchin...

ChiComms have put another bank in trouble: Bank of Jinzhou said on Thur that it's in talks with multiple parties for possible strategic investment, and that it is operating normally. It's reported local regulators recently met financial institutions in Liaoning province to discuss the bank's liquidity problems. — YUAN TALKS (@YuanTalks) July 25, 2019 Developers having their credit lines pulled: An update here. Another 3 developers declared bankruptcy on Thursday, bringing the number to...

hahahahahahahahhaa!!!!!! “There was a time when Republicans insisted on a dollar of spending cuts for every dollar increase in the debt limit. It’s hard to believe they are now considering the opposite—attaching $2 trillion of spending increases to a similar-sized debt limit hike” https://t.co/VAiQM6dQDy— CRFB.org (@BudgetHawks) July 24, 2019

All over the globe now there are cries for a Green New Deal. What constitutes the GND is another matter. Like the concept of the Job Guarantee, there are now countless versions springing out of various groups, some that only seem to offer a short-term, short-week job or other arrangements that fall short of the way Modern Monetary Theory (MMT) constructs the concept. There is only one Job Guarantee in the modern parlance and that is the MMT concept. Other job creation programs are fine but...