Monday , May 27 2024
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Tax drain hit. What’s ahead now.

Summary:
2 bln drain so far. More to come.

Topics:
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$242 bln drain so far. More to come.
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

17 comments

  1. Appreciate you Mike, you're helping a lot of younger investors like myself get a strong grip on understanding macroeconomics. Nobody else seems to cover fiscal flows, tax drains, and other big macroeconomic factors like this

  2. @AmazianLinsation82

    Mike, missed ya man

  3. Another good video

  4. Thanks for the updates, Mike. I'm good if it keeps dropping as a good buying opportunity.

  5. @dannywindham3295

    The neoliberal economic paradigm is dominated us for the past 50 years. Deregulate. D supervise. Decriminalize and? Privatize. Thank you Mike always

  6. Thank you Mike!

  7. @bronzesolomon4453

    The tan looks good on you Mike. You look a little younger 👍

  8. As always much appreciated

  9. I agree:, the guys who keep saying there will be a recession "this year" (whatever that year may be) can be safely ignored.

    However MMT does acknowledge the existence of business cycles. That's what the Minsky cycle is all about. They're caused by private debt rather than public debt, and in particular by mortgage debt. Georgist economists have done a lot of empirical research into these cycles and have found that they tend to come up every 18 years or so. Given that the last big "Minsky moment" was in 2008/9, the next one will likely be in 2026/27, providing that there's no change in government policy on private debt levels. So no need to worry until then unless we get MMT or Georgist government policies in the next two years. Ha! Only joking about government policy changing.😀

    In fact the history of these cycles tends to suggest that 2024 and 2025 will be great years for investors.

  10. It's interesting that the timing of the US tax drain also hit the Australian market too.

  11. Great insights thanks

  12. 0:54 4 hours later, "the bounce" is canceled ( MINUS 0.6% ) 😮
    MMT zombies 🧟‍♂️, please buy the dip.

  13. The conflict in the Middle East and inflation caused this sell off

  14. Good question – Who are the real price setters?

  15. Thanks Mike for the update and have a wonderful trip

  16. Hi Micheal. Canada just raised capital gains tax on individuals (over 250,000.00) and corporations.

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