Khazbi Budunov

"In a sense the budget deficit can be considered as an artificial export surplus."

-Michał Kalecki

“Uncle Sam’s red ink is our black ink! His deficit is our financial surplus. Just follow the money: $100 goes into our bucket; $90 goes back out to pay taxes; $10 is left in our bucket.”

-Stephanie Kelton

Probably the worst political/analytical instinct of progressives and some leftists is the belief that the solution to our political economy problems are new indices based on lower quality and lower frequency economic data without much methodological justification

What we should truly be concerned about is deflation in China.

Lenny Belardo must become the new Pope.

Doctor, what’s the diagnosis here?

Viva la Resistenza!
Viva l'Italia antifascista!
Buon 25 aprile a tutti! 🇮🇹

Not as effective as Trump providing a soundbite for the news, but the Tories are probably just getting the rye out for their lunch and muttering to themselves.

The problem with authoritarianism is that the authoritarians are dumber than a sack of bricks. The survival of American capitalism now relies on the nincompoop who started this mess finding a way out of it.

US consumers are coming under increasing pressure.

The first economic crisis I remember from my childhood was the Russian crash of 1998. Food prices soared by 100–200%. We couldn’t afford even the cheapest jar of coffee. I think many Russians still can’t shake off memories like that…

Whither Treasury Yields? Since I am allegedly writing about the intersection of the bond market and economics, I need to periodically check in with what is happening in the bond market itself.

Latest article - quick comment on the situation in the Treasury market.

open.substack.com/pub/bondecon...

Tin’s surging relevance.

Happy Easter to the haters and the losers.

Learn more about Ferdinand Mount on the Siege of Malta in today’s Chartbook Top Link. Visit the link in the comment to read.

With respect to my liberal finance law friends, if you think defending fed independence at this point is a winning hill for anti trump politics to die on I really hope you have a sense of what disproving that prior looks like and what you'd have to reassess if it ends up being

Learn more about the comparison of income inequality in the Roman and Chinese Han empires in Chartbook Top Link. Visit the link in the comment!

The Russian economy is in superposition: GDP is set to grow 3.1% in 2025, but signs of stagnation are mounting — credit and investment are slowing, retail is weakening. Growth is propped up by government spending, construction, and a tight labor market.

😩

Trump made mainstream economists remember macroeconomic identities.

😁

- "Sir, trade balance over imports does not make any sense"
- "Let's throw in some Greek letters like nerdy scientists would do!"
- "Ok, that'll do"

😂😂😂

Nothing would own me, a Liberal-adjacent Canadian, more than if Elon Musk devoted himself full time to supporting the Federal Conservatives in the upcoming election, particularly in eastern Canada.

(OK, I want to see how close Pierre can get to matching poor old Kim Campbell’s election result.)

Russian data debunk the money multiplier: from 2005 to 2019, banks created money not from reserves but through lending. As in the U.S., credit demand is the main constraint. The credit theory of money wins.

academic.oup.com/cje/article-...

Declassified documents suggest that if Trump had been president at the time, Kennedy wouldn’t have been killed!

❤️

Elon Musk Discovers the "Magic" of Modern Money Yesterday, U.S.

Seems Musk has discovered MMT....

stephaniekelton.substack.com/p/elon-musk-...

... wish Reeves would do the same.

At the U.S. Embassy in Moscow, the ZVO signs were replaced with the hashtag #WeAreTogether immediately after the negotiations between Putin and Trump.

How do we resist the eternal temptation to draw parallels with 1914, 1929, 1939, 1991, 2008?.. Simply acknowledge: it’s 2025.