• About

RealityChek

~ So Much Nonsense Out There, So Little Time….

Tag Archives: fossil fuels

Our So-Called Foreign Policy: A Wall Street Kingpin Lays a Grand Strategy Egg

11 Wednesday Jan 2023

Posted by Alan Tonelson in Our So-Called Foreign Policy

≈ Leave a comment

Tags

America First, China, climate change, ESG, fossil fuels, globalism, globalization, Immigration, industrial policy, Jamie Dimon, JPMorgan Chase, Our So-Called Foreign Policy, productivity, supply chains, The Wall Street Journal, Ukraine War, Wall Street, woke capitalism

In several senses, it’s not entirely surprising that The Wall Street Journal recently allowed Jamie Dimon to share his thoughts on the domestic and especially global grand strategies the United States should pursue in the post-Ukraine War world.

After all, Dimon heads JPMorgan Chase, the nation’s biggest and most important bank. As a result, he clearly needs to know a lot about the U.S. economy. And as Wall Street’s biggest poohbah, he surely must know a lot about the state of the world overall – in particular since he’s had extensive contacts with the heads of state, senior officials, and business leaders of many countries.

What is somewhat surprising, then, is how little of Dimon’s analysis and advice is new or even interesting, and how much of it could well put America ever further behind the eight-ball.

Dimon’s article wasn’t completely devoid of merit. Since he’s dabbled in some (symbolic) woke-ism himself, it was good to see him seemingly take a shot at what’s become mainstream liberal as well as radical lefty dogma by urging the education of “all Americans about the sacrifice of those who came before us for democracy at home and abroad.”

Given the strong support by the Biden administration and by some finance bigwigs for influential for encouraging and even requiring lenders to take climate change risks into account when extending credit, it was encouraging to read his pragmatic position that “Secure and reliable oil and gas production is compatible with reducing CO2 over the long run, and is far better than burning more coal.”

Dimon showed that, unlike many on Wall Street, he supports some forms of industrial policy to make sure that “we don’t rely on potential adversaries for critical goods and services.”

And he endorsed the larger point that the neoliberal globalization-based triumphalism that undergirded the policies of globalist pre-Trump Presidents needs to be buried for good:

“America and the West can no longer maintain a false sense of security based on the illusion that dictatorships and oppressive nations won’t use their economic and military powers to advance their aims—particularly against what they perceive as weak, incompetent and disorganized Western democracies. In a troubled world, we are reminded that national security is and always will be paramount, even if it seems to recede in tranquil times.”

But on most of the biggest issues and just about all specifics, Dimon either punted or retreated into the same globalist territory that proved as profitable for Big Finance as it was too often dangerously naive for the nation as a whole.

For example, he wants Washington to “fix the immigration policies that are tearing us apart, dramatically reducing illegal immigration and dramatically increasing legal immigration.” Completely ignored is the depressing impact the latter would have on wages that have already been falling recently in inflation-adjusted terms, and on desperately needed productivity growth – as a bigger supply of cheap labor is bound to kill many incentives for businesses to improve their efficiency by innovating technology-wise or devising better management approaches.

And on China, Dimon’s clearly determined to talk his company’s book, insisting that “We should acknowledge that we have common interests in combating nuclear proliferation, climate change and terrorism.” and blithely predicting that “Tough but thoughtful negotiations over strategic, military and economic concerns—including unfair competition—should yield a better situation for all.”

But most important, Dimon fully endorses the foundations of the very globalist strategy that for decades perversely ignored the distinctive and paramount advantages the United States brings to world affairs and has thereby created many of the dangers and vulnerabilities with which the nation has been struggling.

The way Dimon seems to see it, there’s no reason to pay any attention to the extraordinary degree of security the America enjoys merely by virtue of its geographic isolation and powerful military; or to its extraordinary degree of economic self-sufficiency thanks to its immense and diverse natural resource base, its technological prowess, and its dynamic free market-dominated economic system. And evidently, it’s just as pointless to concentrate foreign and economic policy on the nation’s equally formidable potential to build on these advantages.

Instead, like other globalists, Dimon flatly rejects the idea that “America can stand alone,” or should seek to maximize its ability to do so. Instead, it should keep defining nothing less than “global peace and order” as “a vital American interest” – the standard globalist recipe for yoking the country’s fate to an agenda of more open-ended military interventions, more hastily approved and usually wasteful foreign aid, and more nation-building in areas lacking any ingredients of nation-hood.

Asa result, it would anchor America’s safety and prosperity on efforts to shape foreign conditions (over which is has relatively little control), rather than on efforts to shape domestic conditions (over which is has much more control). (For a much fuller description of this America First strategy and its differences with globalism, see this 2018 article.) 

In fact, and revealingly, Dimon’s piece was titled “The West Needs America’s Leadership.” If only he and other globalists would start thinking seriously about what America really needs. 

(Full disclosure:  I own several JPMorgan bond and preferred stock issues.)    

 

Advertisement

Glad I Didn’t Say That! A New Low Point for Biden Energy Policy

11 Sunday Dec 2022

Posted by Alan Tonelson in Glad I Didn't Say That!

≈ 1 Comment

Tags

Amos Hochstein, Biden administration, clean energy, climate change, energy, fossil fuels, Glad I Didn't Say That!, green energy, natural gas, oil, Russia, sanctions, shale, Ukraine, Ukraine War

“The White House’s chief energy adviser has described as ‘un-American’ the refusal of US shale investors to ramp up drilling, even as Moscow’s invasion of Ukraine causes havoc on global oil and gas markets.”                                                      – — — —

Financial Times, December 11, 2022

 

“The longer-term solution, [he said] was not to invest in more natural gas supply but to cut consumption of fossil fuels themselves….”             

Financial Times, December 11, 2022

 

(Source: “Biden adviser calls Wall Street opposition to shale drilling ‘un-American’,” by Derek Brower, Financial Times, December 11, 2022, Biden adviser calls Wall Street opposition to shale drilling ‘un-American’ | Financial Times (ft.com))

Im-Politic: Biden Shows How Not to Spur Chinese Progress on Climate Change

21 Sunday Aug 2022

Posted by Alan Tonelson in Im-Politic

≈ Leave a comment

Tags

Biden, Biden administration, carbon emissions, carbon footprint, China, clean energy, climate change, Environmental Protecton Agency, EPA, fossil fuels, green energy, green hydrogen, greenhouse gas emissions, Im-Politic, Nicholas Burns, Rhodium Group, solar panels, Todd Stern

It seems that the Biden administration has come up with a novel strategy for competing against China in one dimension of what the President has called a campaign to “win the competition for the twenty-first century”: playing up Beijing’s record, and playing down America’s.

Glad I Didn’t Say That! Fake News About U.S. Gas Guzzling

29 Friday Jul 2022

Posted by Alan Tonelson in Glad I Didn't Say That!

≈ Leave a comment

Tags

conservation, energy, Financal Times, fossil fuels, fuel efficiency, gasoline, Glad I Didn't Say That!, Myles McCormick

“While Europeans learn energy frugality, Americans stick to petrol-guzzling.”

– Myles McCormick, Financial Times, July 27,2022

 

Post-1965 peak US gasoline consumption per person: 505 gallons (1978)

U.S. gasoline consumption per person, 2019*: 414 gallons

*Final pre-CCP full year

 

“While Europeans learn energy frugality, Americans stick to petrol-guzzling,” by Myles McCormick, Financial Times, July 27, 2022, https://www.ft.com/content/ed785094-ddc0-4e60-8ab4-fa244e0249a3 and “Gasoline consumption per capita in 2020 was on par with that in 1965,” by Michael Sivak, Green Car Congress, December 8, 2021, https://www.greencarcongress.com/2021/12/20211208-sivak.html)

Our So-Called Foreign Policy: Could the West Blink First on the Anti-Russia Sanctions?

27 Monday Jun 2022

Posted by Alan Tonelson in Our So-Called Foreign Policy

≈ Leave a comment

Tags

energy, fossil fuels, G7 Summit, Group of 7, inflation, NATO, North Atlantic treaty Organization, Our So-Called Foreign Policy, Russia, sanctions, Ukraine, Ukraine-Russia war, Vladimir Putin

Quite a few years ago, I fretted here that one big obstacle could appear before too long to any U.S. government ambitions to squelch cyber attacks from rogue states with cyber retaliation of its own: Some of the main rogue states (like Iran and North Korea) and larger aggressors (like Russia and China) were likely to have a higher pain threshhold than America’s because they were so much poorer and their populations so much more used to hardship. So in any prolonged cyber duel, Washington could well be forced to cry “Uncle” before its adversaries.

Fast forward to today, and this very problem seems to be plaguing the U.S. and  overall free world/western policy of punishing Russia for its invasion of Ukraine with various kinds of economic sanctions.

It’s not that Russia’s economy hasn’t suffered from these measures. But headlines and news developments like this have become awfully common in recent weeks:

>”U.S.-Led Alliance Faces Frustration, and Pain of its Own, Over Russia Sanctions”;

>”Pressed by domestic economic challenges and a desire to see European nations contribute more to Ukraine’s defense, U.S. lawmakers appear more wary of committing further military aid for Ukraine or slapping new sanctions on Russia”;

>”French energy giants tell households to ration supplies ahead of looming winter shortage”; and

>”Japan tells business and public to save power to avert Tokyo blackout”

And accompanying these reports have been news items and findings like:

>”Russia’s economy is weathering sanctions, but tough times are ahead”;

>“Why Russia’s Economy Is Holding On”;

>”Russia’s ruble hit its strongest level in 7 years despite massive sanctions”; and

>Revenue from Russia’s fossil fuel exports “exceeded the cost of the Ukraine war during the first 100 days….”

As indicated, Russian stoicism isn’t all that’s at work. The country’s immense fossil fuel deposits, the world economy’s continued crying need for them (preventing the sanctions from being global in scope), and the high prices oil in particular has been fetching ironically because sanctions have crimped overall global supply, have enabled Moscow to keep its economy a going concern. Russian dictator Vladimir Putin, clearly certain that he’d antagonize many foreign powers with his expansionism plans, has also been working for years to insulate his country from just these punitive measures. (See, e.g., here.)

But by the same token, for many years, Putin’s imperial ambitions, the massive amounts of resources they’ve commanded, the curbs on personal spending required to build a fortress economy, and the pervasive corruption he’s needed to tolerate (and even encourage) to keep potential rivals placated (and of course feather his own nest) have produced a dismal failure of an economy by virtually every important non-security-related measure. (See here and here for two especially insightful analyses.) And yet there’s absolutely no sign that conditions that western populations would find completely unacceptable have remotely immiserated the Russian people enough to spark any kind of revolt.

Moreover, considering this situation in light of the recent statement by Jens Stoltenberg, head of the North Atlantic Treaty Organization (NATO) that the Ukraine conflict could last for “years,” it’s easy to see why the mounting energy shortages and historic inflation they’ve helped feed could tip the odds surrounding the current economic conflict of wills in Moscow’s favor.

And it’s no discredit to the American character to venture that U.S. resolve seems particularly vulnerable precisely because economic sacrifices continue to be demanded on behalf of a country whose fate has never been and is not now a vital security or economic interest.

To me, there’s an obvious message being sent by these trends and circumstances – along with the steady transformation of Eastern Europe into a genuine powderkeg that could all too easily explode into a nuclear World War Three: It’s becoming more important than ever to end this conflict and its clearly unforeseen, tremendous collateral damage ASAP, even if the outcome isn’t ideal from Ukraine’s standpoint.

But that’s not what the heads of government of the Group of Seven (G7) major industrial powers think.  They’ve just declared at their current summit in Germany, “We will continue to provide financial, humanitarian, military and diplomatic support and stand with Ukraine for as long as it takes” – even though before too long these leaders may start running out of followers.   

Those Stubborn Facts: China Celebrates Earth Day

22 Friday Apr 2022

Posted by Alan Tonelson in Those Stubborn Facts

≈ Leave a comment

Tags

China, climate change, coal, Earth Day, energy, fossil fuels, Those Stubborn Facts

Coal production capacity China says it will add this year:   300 million tons

Increase from China’s new coal production capacity last year: 36.36%

China share of global coal production & consumption: c. 50 percent

 

(Source: “With coal surge, China puts energy security and growth before climate,” by Christian Shepherd, The Washington Post, April 22, 2022, https://www.washingtonpost.com/world/2022/04/22/china-coal-climate-change-xi-energy/)

(What’s Left of) Our Economy: #PutinPriceHike? Not Even Close – Yet

11 Friday Mar 2022

Posted by Alan Tonelson in (What's Left of) Our Economy

≈ Leave a comment

Tags

baseline effect, Biden administration, CCP Virus, coronvirus, COVID 19, energy, fossil fuels, gasoline, inflation, lockdowns, oil, Putin, sanctions, stay-at-home, Ukraine invasion, Ukraine-Russia war, Wuhan virus, {What's Left of) Our Economy

According to the Biden administration, it’s the #PutinPriceHike. That is, don’t blame anything Washington has or hasn’t done for the the bulk of the high gasoline prices Americans have been paying lately. Instead, blame Russian dictator Vladimir Putin, his aggression against Ukraine, and the global oil market turmoil it’s triggered.

The trouble is, if you look at these prices in a comprehensive, statistically legitimate way, scapegoating Putin in this case isn’t justified yet. But the same methodology shows that Mr. Biden and his aides are off the hook, too – at least until recently.

Critics (see, e.g., here) have countered the Biden claims by noting that strong U.S. gasoline inflation predates the Ukraine war and even Russian military buildup by many months, and they’re right. As known by RealityChek readers, however, that’s far from the whole story. In particular, they’re ignoring the impact on gasoline and other prices of the ongoing aftermath of the CCP Virus pandemic, the brief but sharp recession created by the disease and related lockdowns and voluntary behavioral changes, and ongoing stop-start U.S. economy that’s still resulting.

In other words, they’re ignoring the “baseline effect” caused by the economic shocks of the 2020 pandemic year in particular. These drove economic activity down to such low levels, and kept it there so long, that any major return to normal (and therefore normal prices) is going to produce unusually lofty inflation stemming from a catch-up effect. Therefore, it won’t be possible to determine the role of other contributors to inflation in gasoline or any other goods and services until this baseline effect fades significantly and finally disappears. And therefore, scapegoating Biden for soaring gasoline prices pre-Ukraine buildup isn’t justified, either.

RealityChek reported yesterday that the latest official U.S. figures show that the baseline effect has ended for headline inflation, and looks on the way out for core inflation (which strips out food and energy price. And roughly the same is true for gasoline prices.

The table below shows their monthly year-on-year percentage changes for last year (2020-21) in the middle column and for pandemic-dominated 2019-2020 (in the righthand colum). The numbers begin in March because March, 2020 was the first month in which the virus began significantly affecting the economy.

Gasoline price annual percentage changes      2020-21             2019-20

March:                                                               22.58                 -10.05

April:                                                                 49.68                 -32.03

May:                                                                  56.51                 -33.67

June:                                                                  45.42                 -23.41

July:                                                                   41.93                -20.12

Aug.:                                                                  42.76                -16.67

Sept.:                                                                  41.93                -15.43

Oct.:                                                                   49.52                -18.15

As is evident, starting in March, 2020, gasoline prices began nosediving from their levels of 2019, and steep annual drops continued (though at a slower pace) through October. It’s easy to understand why. The combination of lockdowns and stay-at-home behavior caused automotive travel to crater, and national demand for gasoline naturally plummeted as well. Further, that’s clearly a big part of the reason why during the following March-October period, gasoline prices prices skyrocketed on the same annual basis. They were returning to normal from an artificially low base. And as a result, it’s wrong to blame the Biden administration exclusively or even mainly for this hot gasoline inflation.

From that point, however, the Blame Biden case gets stronger. The above table stops in October, 2021 because November was when the Putin military buildup began – and according to the Biden argument, gasoline prices really began taking off. What happened to annual gasoline prices increases from then until the end of  2021, and how strong was the baseline effect? Here are the numbers for November and December, with the 2020-21 annual increases in the middle column and the 2019-20 increases in the righthand column:

Gasoline price annual percentage changes      2020-21             2019-20

Nov.:                                                                  57.76                 -19.53

Dec.:                                                                  49.34                 -15.34

The strong 2020-21 yearly price increases continued for these two months. But the baseline effect (from the big 2019-20 price drops) weakened. In fact, the December, 2019-20 annual 15.34 percent annual gasoline price decline was the smallest such figure since March, 2019-20’s 10.05 percent. And the annual increase for the following March (22.58 percent) was less than half December’s 49.34 percent.

What about this January and February? For these months, of course, the comparison years are 2021-22 (whose increases are presented in the middle column) and 2020-21 (in the right hand column).

Gasoline price annual percentage changes      2020-21             2019-20

Jan.:                                                                   40.02                  -8.90

Feb.:                                                                   38.01                   5.42

So the story for the first two months of this year – between the start of Putin’s buildup and the (late February) invasion – is that annual increases slowed, but the baseline effect vanished much faster. Indeed, between February, 2020 and February, 2021, gasoline prices actually rose. So the administration’s #PutinPriceHike claims hold much less water.

Blaming Putin will become more credible going forward, as sales of Russian oil worldwide are curbed by sanctions. Since the global oil market is so thoroughly integrated, U.S. oil supplies will be crimped and upward price pressures will strengthen. But this is also the point at which other major administration policies will rightly attract attention for their role in spurring torrid gasoline inflation. They include in particular measures and rhetoric that throughout the President’s term have convinced oil and other fossil fuel providers that their industries’ growth will keep facing ever greater policy obstacles, and whose cumulative effect has undercut their ability to ramp up output quickly to fill the Russia gap.(See, e.g., here and here.)

All of which means that, as is the almost always the case with major economic trends and developments, recent gasoline price inflation has many causes, not one. And they can change profoundly in their nature and respective importance with the kinds of changing circumstances that have shaken the global oil and U.S. energy policy landscapes since the CCP Virus pandemic began. Let’s all hope, therefore, that American leaders across the political spectrum begin spending more time developing effective responses to oil price inflation, and less on bombarding each other and the rest of us with facile talking points.

Following Up: Podcast On-Line of National Radio Interview on the Economics of the Ukraine War

09 Wednesday Mar 2022

Posted by Alan Tonelson in Following Up

≈ Leave a comment

Tags

Following Up, fossil fuels, Iran, Iran nuclear deal, JCPOA, Market Wrap with Moe Ansari, natural gas, oil, Russia, Ukraine, Ukraine-Russia war

I’m pleased to announce that the podcast is now on-line of my interview yesterday today with Moe Ansari on his nationally syndicated “Market Wrap” radio program.

Press the “play” button under “Current Market Wrap” at this link for a timely discussion of how the Ukraine war – and especially sanctions on Russian fossil fuel exports – will likely impact the U.S. and global economies. And we shine a special spotlight on how the recent burst of energy diplomacy is influencing the talks on curbing Iran’s nuclear weapons ambitions.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

Making News: Back on National Radio to Talk War and the Economy

08 Tuesday Mar 2022

Posted by Alan Tonelson in Making News

≈ Leave a comment

Tags

climate change, energy, European Union, fossil fuels, green energy, Green New Deal, Iran, Iran nuclear deal, JCPOA, Making News, Market Wrap with Moe Ansari, Moe Ansari, natural gas, oil, renewable fuels, Russia, Ukraine

I’m pleased to announce that tonight I’m scheduled to be back on the nationally syndicated “Market Wrap with Moe Ansari” radio program to discuss the economic – and especially energy – repercussions of the Ukraine-Russia war.

“Market Wrap” is broadcast nightly between 8 and 9 PM EST, the guest segments typically come in the second half-hour, and you can tune in by visiting Moe’s website and clicking on the “Listen Live” link on the right-hand side.

As usual, moreover, if you can’t tune in, the podcast will be posted as soon as it’s on-line.

And keep checking in with RealityChek for news of upcoming media appearances and other developments

(What’s Left of) Our Economy: How to Really Make Trade Fair

15 Wednesday Dec 2021

Posted by Alan Tonelson in (What's Left of) Our Economy

≈ 1 Comment

Tags

automotive, BBB, Biden administration, bubbles, Build Back Better, Canada, consumption, Donald Trump, electric vehicles, EVs, fossil fuels, manufacturing, Mexico, NAFTA, North America, production, tax breaks, Trade, U.S.-Mexico-Canada Agreement, USMCA, {What's Left of) Our Economy

There’s no doubt that the next few weeks will see a spate of (low-profile) news articles on how unhappy Canada and Mexico are about proposed new U.S. tax credits for purchasing electric vehicles (EVs) and how these measures could trigger a major new international trade dispute.

There’s also no doubt that any such disputes could be quickly resolved, and legitimate U.S. interests safeguarded, if only Washington would finally start basing U.S. trade policy on economic fundamentals and facts on the ground rather than on the abstract and downright childishly rigid notions of fairness that excessively influenced the approach taken by Donald Trump’s presidency.

The Canadian and Mexican complaints concern a provision in the Biden administration’s Build Back Better (BBB) bill that’s been passed by the House of Representatives but is stuck so far in the Senate. In order to encourage more EV sales, and help speed a transition away from fossil fuel use for climate change reasons, the latest version of BBB would award a refundable tax break of up to $12,500 for most purchases of these vehicles.

The idea is controversial because the administration and other BBB supporters see these rebates as a great opportunity to promote EV production and jobs in the United State by reserving his subsidy for vehicles Made in America. (As you’ll see here, the actual proposed rules get more complicated still – and could change some more.) And according to Canada and Mexico, this arrangement also violates the terms of the U.S.-Mexico-Canada-Agreement (USMCA) governing North American trade that replaced the old NAFTA during the Trump years in July, 2020.

Because USMCA largely reflects those prevailing concepts of global economic equity, Canada and Mexico probably have a strong case. But that’s only because this framework continues classifying all countries signing a trade agreement as economic equals. Even worse, there’s no better illustration of this position’s absurdity is the economy of North America.

After all, the United States has always accounted for vast majority of the continent’s total economic output and therefore market for traded goods. According for the latest (2020) World Bank figures, the the United States turned out 87.51 percent of North America’s gross product adjusted for inflation. And when it comes to new car and light truck sales, the U.S. share was 84.24 percent in 2019 (the last full pre-pandemic year, measured by units, and as calculated from here, here, and here).

But in 2019, the United States produced only 68.88 percent of all light vehicles made in North America (also measured by units and calculated from here, here, and here.) Moreover, more than 70 percent of all vehicles manufactured in Mexico were exported to the United States according to the latest U.S. government figures. And for Canada, the most recent data pegs this share at just under 54 percent (based on and calculated from here and here).

What this means is that, without the American market, there probably wouldn’t even be any Canadian and Mexican auto industries at all. They simply wouldn’t have enough customers to reach and maintain the production scale needed to make any economic sense.

So real fairness, stemming from the nature of the North American economy and the North American motor vehicle industry, leads to an obvious solution: Give vehicles from Canada and Mexico shares of the EV tax credits that match their shares of the continent’s light vehicle sales – just under 16 percent.

Therefore, using, say, 2019 as a baseline, from now on, the first just-under-16 percent of their combined light vehicle exports to the United States would be eligible for the credits for each successive year, and the rest would need to be offered at each manufacturer’s full price (a pretty plastic notion in the auto industry, I know, but a decision that would need to be left to whatever the manufacturers choose).

Nothing in this decision would force Canada or Mexico to subject themselves to these requirements; they would remain, as they always have been, completely free to try to sell as many EVs as they could to other markets (including each other’s).

What would change dramatically, though, is a situation that’s needlessly harmed the productive heart of the U.S. economy for far too long, resulting from trade agreements that lock America into an outsized consuming and importing role, but an undersized production and exporting role. In other words, what would change dramatically is a strategy bearing heavy responsibility for addicting the nation to bubble-ized growth. And forgive me for not being impressed by whatever legalistic arguments Mexico, Canada, any other country, or the global economics and trade policy establishments, are sure to raise in objection.

← Older posts

Blogs I Follow

  • Current Thoughts on Trade
  • Protecting U.S. Workers
  • Marc to Market
  • Alastair Winter
  • Smaulgld
  • Reclaim the American Dream
  • Mickey Kaus
  • David Stockman's Contra Corner
  • Washington Decoded
  • Upon Closer inspection
  • Keep America At Work
  • Sober Look
  • Credit Writedowns
  • GubbmintCheese
  • VoxEU.org: Recent Articles
  • Michael Pettis' CHINA FINANCIAL MARKETS
  • RSS
  • George Magnus

(What’s Left Of) Our Economy

  • (What's Left of) Our Economy
  • Following Up
  • Glad I Didn't Say That!
  • Golden Oldies
  • Guest Posts
  • Housekeeping
  • Housekeeping
  • Im-Politic
  • In the News
  • Making News
  • Our So-Called Foreign Policy
  • The Snide World of Sports
  • Those Stubborn Facts
  • Uncategorized

Our So-Called Foreign Policy

  • (What's Left of) Our Economy
  • Following Up
  • Glad I Didn't Say That!
  • Golden Oldies
  • Guest Posts
  • Housekeeping
  • Housekeeping
  • Im-Politic
  • In the News
  • Making News
  • Our So-Called Foreign Policy
  • The Snide World of Sports
  • Those Stubborn Facts
  • Uncategorized

Im-Politic

  • (What's Left of) Our Economy
  • Following Up
  • Glad I Didn't Say That!
  • Golden Oldies
  • Guest Posts
  • Housekeeping
  • Housekeeping
  • Im-Politic
  • In the News
  • Making News
  • Our So-Called Foreign Policy
  • The Snide World of Sports
  • Those Stubborn Facts
  • Uncategorized

Signs of the Apocalypse

  • (What's Left of) Our Economy
  • Following Up
  • Glad I Didn't Say That!
  • Golden Oldies
  • Guest Posts
  • Housekeeping
  • Housekeeping
  • Im-Politic
  • In the News
  • Making News
  • Our So-Called Foreign Policy
  • The Snide World of Sports
  • Those Stubborn Facts
  • Uncategorized

The Brighter Side

  • (What's Left of) Our Economy
  • Following Up
  • Glad I Didn't Say That!
  • Golden Oldies
  • Guest Posts
  • Housekeeping
  • Housekeeping
  • Im-Politic
  • In the News
  • Making News
  • Our So-Called Foreign Policy
  • The Snide World of Sports
  • Those Stubborn Facts
  • Uncategorized

Those Stubborn Facts

  • (What's Left of) Our Economy
  • Following Up
  • Glad I Didn't Say That!
  • Golden Oldies
  • Guest Posts
  • Housekeeping
  • Housekeeping
  • Im-Politic
  • In the News
  • Making News
  • Our So-Called Foreign Policy
  • The Snide World of Sports
  • Those Stubborn Facts
  • Uncategorized

The Snide World of Sports

  • (What's Left of) Our Economy
  • Following Up
  • Glad I Didn't Say That!
  • Golden Oldies
  • Guest Posts
  • Housekeeping
  • Housekeeping
  • Im-Politic
  • In the News
  • Making News
  • Our So-Called Foreign Policy
  • The Snide World of Sports
  • Those Stubborn Facts
  • Uncategorized

Guest Posts

  • (What's Left of) Our Economy
  • Following Up
  • Glad I Didn't Say That!
  • Golden Oldies
  • Guest Posts
  • Housekeeping
  • Housekeeping
  • Im-Politic
  • In the News
  • Making News
  • Our So-Called Foreign Policy
  • The Snide World of Sports
  • Those Stubborn Facts
  • Uncategorized

Blog at WordPress.com.

Current Thoughts on Trade

Terence P. Stewart

Protecting U.S. Workers

Marc to Market

So Much Nonsense Out There, So Little Time....

Alastair Winter

Chief Economist at Daniel Stewart & Co - Trying to make sense of Global Markets, Macroeconomics & Politics

Smaulgld

Real Estate + Economics + Gold + Silver

Reclaim the American Dream

So Much Nonsense Out There, So Little Time....

Mickey Kaus

Kausfiles

David Stockman's Contra Corner

Washington Decoded

So Much Nonsense Out There, So Little Time....

Upon Closer inspection

Keep America At Work

Sober Look

So Much Nonsense Out There, So Little Time....

Credit Writedowns

Finance, Economics and Markets

GubbmintCheese

So Much Nonsense Out There, So Little Time....

VoxEU.org: Recent Articles

So Much Nonsense Out There, So Little Time....

Michael Pettis' CHINA FINANCIAL MARKETS

RSS

So Much Nonsense Out There, So Little Time....

George Magnus

So Much Nonsense Out There, So Little Time....

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • RealityChek
    • Join 407 other followers
    • Already have a WordPress.com account? Log in now.
    • RealityChek
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Report this content
    • View site in Reader
    • Manage subscriptions
    • Collapse this bar