Tag Archives: US/Global Economics

Paul Krugman on the Great Illusion of economic rationality and war — in 2008 Paul Krugman wrote an article this past week about how free trade can enable authoritarians, and how Russia’s invasion of Ukraine may be putting an end to globalization. I went looking for an excerpt that wasn’t behind a paywall, and look what I found instead: the below article from Krugman in 2008, helpfully copied in the old Economist’s View blog. In retrospect, it...

RJS Summary; Global oil surplus at 710,000 barrels per day in March despite OPEC’s 821,000 barrel per day production shortfall OPEC’s Report on Global Oil for March Tuesday of the past week saw the release of OPEC’s April Oil Market Report, which includes details on OPEC & global oil data for March, and hence it gives us a picture of the global oil supply & demand situation after OPEC and aligned oil producers agreed to increase their...

We May Be on The Precipe of a Dust Bowl La Niña is showing her brutality as places that need to plant soon are snowed in and the places that have planted are dry, dry, dry, with the exception of the Mississippi floodplain. Here in central Texas, we are hit and miss with the official precip totals a little less than average, but we are not even at seven inches of measurable precipitation so far this year on my farm, which is less than an hour west...

RJS, MarketWatch 666 Summary: Producer Prices Rose 1.4% in March, Annual Increase at 11.2%, with Goods Up 15.7%, Services Up 8.7%, All Record Highs The seasonally adjusted Producer Price Index (PPI) for final demand rose 1.4% in March, as average prices for finished wholesale goods rose by 2.3% and final demand for services rose 0.9% . . . that increase followed a revised 0.9% increase in February, when average prices for finished wholesale...

Coming from a different source of information . . . Employ America emphasizes a rapid recovery in 2020 as measured from a pre-recession peak till now. If you recall the 2008 recovery after Wall Street and banks were faltering was by far longer. In this case, we are looking at a Covid inspired period of layoff as compared to previous recessional layoffs. Due to Joe Biden programs and the support of Dems, the nation and labor’s 2020 recovery...

RJS, Focus on Fracking; Summary; Strategic Petroleum Reserve at a 20-year low; US distillates exports at a 45 month high leaves domestic supplies at an 8 year low The Latest US Oil Supply and Disposition Data from the EIA US oil data from the US Energy Information Administration for the week ending April 8th indicated that after a near record decrease in our oil exports, we were able to add surplus oil to our stored commercial crude...

March consumer inflation part 2: I told you so; the Fed *must* start paying attention to house price indexes This is the second part of my take on the March consumer inflation report. As you may have already read, total inflation clocked in at +1.2% for March alone! YoY consumer prices are up 8.6%, the highest 12-month rate since 1981. As anticipated, gas prices were a huge contributor; less energy, prices were up 0.4%; less both food and...

This comes by way of New Deal Democrat who was doing some research and ran across a not so recent Krugman article via the late Economist’s View blog. Krugman’s prescient words of things to come? Hat tip to New Deal democrat and a thank you for sending this to me. “The Great Illusion” Paul Krugman, Commentary, NY Times So far, the international economic consequences of the war in the Caucasus have been fairly minor, despite Georgia’s role...

March consumer inflation part 1: real wages decline sharply The March consumer inflation report was particularly important, and particularly bad. So much so that I am going to divide my comments into two separate posts. First, the news on real wages was terrible. While nominally nonsupervisory wages rose 0.4% in March, since inflation rose 1.2%, “real” wages declined -0.8% in March alone. On a YoY basis, real wages were down -1.8%:...

April 10 2022 Natural Gas PricesRJS, Focus on Fracking, Summary; US natural gas prices hit 13 year high on falling production, falling inventories Oil prices ended the week lower for the fourth time out of the last five weeks, as the IEA countries joined the US in an unprecedented release of emergency oil reserves . . . after falling 12.8% to $99.27 a barrel last week after China locked down their largest city and Biden announced an...