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Fed doesn't need Treasury "backstop" to lend. The funds transferred to the Fed back in March, as a backstop, were unnecessary as I said at the time. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman
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Fed doesn't need Treasury "backstop" to lend. The funds transferred to the Fed back in March, as a backstop, were unnecessary as I said at the time. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman
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Jodi Beggs writes Economists Do It With Models 1970-01-01 00:00:00
Mike Norman writes 24 per cent annual interest on time deposits: St Petersburg Travel Notes, installment three — Gilbert Doctorow
Lars Pålsson Syll writes Daniel Waldenströms rappakalja om ojämlikheten
Merijn T. Knibbe writes ´Fryslan boppe´. An in-depth inspirational analysis of work rewarded with the 2024 Riksbank prize in economic sciences.
| Fed doesn't need Treasury "backstop" to lend. The funds transferred to the Fed back in March, as a backstop, were unnecessary as I said at the time. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman |
Patrick Henry from a speech he made to the Second Virginia Convention on March 23, 1775 ———————————->
"Give me liberty or give me death , unless there's a virus with a 99% recovery rate in which strip me of my freedoms , my job , my constitutional rights , MMT and put me under house arrest"
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There will be a civil war if that happens!
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Mikey! I get the frustration about the gym! Here in Melbourne we were locked down for probz 7 months with a short 2 week break in between, mmmmgrrrrrrrrrruuuuuuu!! for frustration. But i dont really need a gym. trained at home. Used 2 small chairs to put a weighted up barbell on for 4 sets of floor bench presses, 4 sets standing shoulder dumbell presses, 4 sets pull ups -bugger your 700 push ups man, tell us how many pull ups u can do :)) 4 sets bent over barbell rows and 4 sets shrugs!! Thats the upper body done on day 1 and no gym needed. Day 2 id strap 2 weighted vests to myself stuffed with 25kgs each, so 50kgs (plus my 88kg body weight) and with that i would do high reps of single leg step ups (while balancing on one leg. I can tell u this made my quads SCREAM and the pump was awesome! This routine maintained my strength very well. First day back in the gym I needed to ensure I could still pull some decent weight so loaded up the trap bar (which is safer for my busted up L4-L5 disc) to 200KG after some warm ups and pulled it easily. I posted a video of the happy event under my screen name! So I commiserate with the loss of the gym, but I didnt have it at all. Its all about MINIMALISM Mikey. U can do everything u need with a barbell, dumbells and your own bodyweight! Go get 'em Mikey!
Yo Mikey! U see the XJO?? It's inching closer and closer to the 2 standard deviation barrier above the 200 day average! We are at 6539 currently and around 6900 will do it for me. I will sell a single SPI futures contract to hedge the juicy index funds portfolio then just wait for the inevitable mean reversion. Just like last time! WHen the inevitble happens at some point I'll take the profits on the short and churn it straight back into more index funds bought at the lower levels! Rinse and repeat Mikey! Bring on 6900!!
Will I love about ya Mike is u aint a sad old doommsayer like all the rest of em. Can u imagine being a billionaire like Ra RA Dollalio and STILL being a sad sack doomer, getting online and telling all and sundry about the oncoming doom that never actually materialises. And evry yr, TOO PROUD AND EGOTISTICAL TO SAY 3 EASY WORDS "I WAS WRONG" SO THEY DOUBLE DOWN AND PUSH D-DAY OUT YET ANOTHER 12 MONTHS! Sad sad sacks! Good onya mate for not being one of them! OF COURSE HAVING A LONG BIAS OVER THE YRS IS THE RIGHT TRADE!
Yer bugger going to the gym when it's crowded, that sux maybe buy some weights to hold you over
Some of the cases getting thrown out are individuals and local lawsuits. The administration only has three lawsuits going.
The probability of a civil war in America is, statistically, less likely than dying of Covid-19 by a long shot. For the moron trolls who think that can actually happen here.
GET OUT OF FANTASY LAND YOU DIMWITTED FOOLS!
Michael, I have enjoyed watching your report lately but today you disappoint me. I'm sorry but the state legislators don't have a choice. It is their job and duty to elect the winner of their state based on the vote count. Whether you voted for Trump or voted for Biden, Trump's actions of trying to bully the 2 state legislators of Michigan should worry every person. We are 1st Americans, before we are democrat or republican. We are nothing without our voting system. Our democracy is under attack when anyone suggests that someone in power should have the ability to intimidate two people into helping him stay in power. This is what dictators do.
You're right about not needing the Treasury backstop, but the Treasury did need to authorize the FED to create SPVs and CCFs to purchase corporate bonds. Under the Federal Reserve Act, the FED isn't allowed to buy corporate bonds…so, they created SPVs and CCFs to go around this. They wanted to save those "fallen angels". Lol Fallen angels, is that what you call them? I call them something else. Municipalities didn't take advantage of the municipal SPV because the population threshold was often too high to help smaller towns and cities. Larger municipalities could have applied for the loans to help surrounding smaller towns, but can you imagine the complexity of that arrangement? Plus, I can't imagine states wanting to take the chance of running into problems with their budgets, as most have mandated balanced budgets. Many states this fiscal year have drawn from rainy day funds to fill the gap in state tax revenues. It's going to get much uglier next year. 2022 initial budgets (usually released by governors) will be released in the first quarter of next year. It's not going to be good.
excerpt: Let us, then, hop to it. Enough with denunciations of Steve Mnuchin, who was never our friend on these programs in the first place. And enough with the squabbling over whether the Treasury really can really withdraw its faux ‘equity’ investment. Just do what you can and must do, Mr. Powell. Run Municipal Liquidity and Main Street Lending under your Section 14 authority, through all of the Regional Feds, over which a politicized Treasury has no say in any event.
https://www.forbes.com/sites/rhockett/2020/11/20/treasurys-gift-to-the-fed–and-to-our-states-cities-and-small-businesses/
Mike why are you not paying attention to Sidney Powell's claims… ? That is where the strategy is shifting. There could be some big market volatility that will not care about MMT for a short while….
" But they don't have to" is what you said…..Wow, suggesting that 2 republicans have the right to reject the will of the people in their state? Trump beat Clinton in Michigan by only 10,700 votes, but all 4 legislators (Democrat & Republican) did their job and cast the electoral votes, like in all states. This is democracy, it is the law, it serves the will of the people. Biden won in Michigan by 147,000 votes. Two legislators were then called to the white house for an intimidation session where they were surely pressured and likely theie future in politics was discussed in an attempt to overturn the will of the people in that state, that decided on a person by a huge margin (150X )what it was in 2016. Trump is a "want to be" dictator. He has put his personal self above the country and is destroying our democracy. Is this what we want? Maybe one guy is better for the economy than the other. Maybe we like one guy better. Maybe one guy supports our values more than the other – THIS IS WHY WE VOTE. Do the people that are supporting Trump want the next Dictator to be a Democrat? We all need to take a step back here and understand what is at stake- our country, the land we live in, which we called a democracy for well over 200 years is being aggressively attacked. Michael, I think you should seriously reconsider what you said when you commented "but they don't have to". If they "don't have to" then we live under a dictatorship.