Tag Archives: US/Global Economics

American capitalism has an everpresent desire for increased profits. Over the course of history, corporations had increased profits largely due to increased population growth. As we have seen from new data coming from the 2020 Census, population growth is beginning to stabilize and flatten, yet corporations are still expected to perform regardless of market conditions, and if population growth is no longer the cosmic funnel of operating revenues,...

Housing ends 2021 with a bang Housing ended 2021 with a bang, as housing starts (blue in the graph below, left scale) increased to 1.702 million annualized, and permits (gold) to 1.873 million annualized, in both cases the highest level since 2006 with the sole exception of last March / January, respectively. Single family permits (red, right scale), which are the least noisy, increased to 1.128 million annualized, the highest reading since May,...

RJS, Focus on Fracking, Strategic Petroleum Reserve at a new 19 year low; commercial crude inventories fall to 45 month low, total US oil supplies lowest since January 20th 2012; implied gasoline demand at 11 month low; largest jump in drilling rigs since April 1st as the Haynesville and the Marcellus are targeted for oil This Week’s Rig Count The number of drilling rigs running in the US increased for the 58th time over the past 69 weeks...

This is my second comment on Noah Smith’s substack. Today he wrote about something I should know about — macroeconomics. As always, I am amazed by Noah’s knowledge (it is his former former field of academic research). I don’t know for sure if his article is available only for subscribers, so I will try to summarize a little. His thoughts:”the U.S. is confronting another unexpected macroeconomic shock. Although the economy is doing great in terms...

Commenter and Blogger RJS, Focus on Fracking, Strategic Petroleum Reserve at a new 19 year low; commercial crude inventories fall to 45 month low, total oil supplies lowest since January 20th 2012; implied gasoline demand at 11 month 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 January 7th indicated that despite a big drop in our oil exports, a...

One of those Matadors of the Culture Industry When Theodor Adorno referred to “one of those matadors of the culture industry,” in his “Free Time” radio lecture, he was presumably referring to the idols of stage, screen, television, or recording studio who are the staples of the supermarket tabloid personality cult. Oddly, though, his construction of the paragraph leaves open the interpretation that Adorno himself is “one of those  matadors” and...

The Central Asian Alphabet Issue  It remains too soon to comment in detail on the current upheaval in Kazakhstan as it is simply impossible to figure out what is happening, with multiple conflicting accounts and claims coming from many sources. Rather I want to comment on a deeper question that has been brought up in connection with this, although not central to it, but one that affects Kazakhstan’s Central Asian neighbors as well: what alphabet...

Politics as a Hobby* In a radio lecture he gave two and a half months before he died in 1969, Theodor Adorno explored the paradox that people do not know what to do with their free time and thus no longer even like it because “[t]hat state of freedom has been refused them and disparaged for so long.” People are generally more familiar with the Kris Kristofferson / Fred Foster version of the same idea from their song “Me and Bobby MeGee”:...

Commenter and Blogger RJS, MarketWatch 666 There has been good coverage on the two jobs reports on AB already. I will post my takes on the trade deficit and construction spending below, both of which I estimate 4th quarter GDP impacts. I have high confidence in my GDP estimate for trade in goods, since the release includes inflation adjusted figures, but much less confidence in my construction estimate (which i note) because I use the producer...

Prof. Joel Eissenberg, Biochemistry & Molecular Biology, Geneticist In 1998, I went to Moscow for the first time to speak at a summer course sponsored by the Russian Academy. The week before I went, we were on vacation and one morning, I heard the NPR reporter say: “Today, the Ruble lost 100% of its value.” That, of course, would mean that the Russian currency was completely worthless. The next day, she apologized and explained that the Ruble...