…although incomplete data for 2022.
Figure 1: Geometric average of reserve holdings (expressed in USD) for reporting central banks. Very incomplete data for 2022. Source: Ito calculations on unpublished version of Ito-McCauley dataset.
Note these numbers, even if they were for the entire universe of central banks reporting to IMF COFER, would not match COFER averages because a geometric averages are reported above.
Watching Kudlow’s show is good for a lot of laughs. In his latest episode he claimed Trump’s policies going forward will keep inflation low. Now he did address tariffs which Kudlow claimed do not raise the price of imported goods because companies will gladly cut profit margins and the Chinese will pay. Seriously – he told his audience that!
But Kudlow also said it is all about the growth rate of money. Wait – has Kudlow seen this?
https://fred.stlouisfed.org/series/M2SL
It seems the money supply grew a lot under Trump and not so much under Biden. Ah Larry – your little macroeconomic theory and your constant Trump idol worship/Biden bad mouthing have a wee little contradiction there.
Tariffs – inflationary.
Tax cut – inflationary.
Loss of Fed independence – inflationary.
Weaker dollar – inflationary.
Move along. Nothing to see here.
Some of the Canadian dollar’s rise since 2011 is probably because it is AAA across ratings agencies and the C$ tracks the US$ pretty closely, the C$ is a proxy for the US$, for a small cost in yield. CNY’s rise is for geopolitical reasons.
These data end in 2022. Talk is that China is losing ground recently. Economic troubles make CNY a risk. Beyond that, Russia is a large holder of CNY reserves – holding 1/3 of the global total in 2022 – and runs a current account deficit with China. That’s what reserves are for, after all.
Fox Business viewers rush to buy $2 bill with Trump’s mugshot for $20
https://www.msn.com/en-us/money/markets/fox-business-viewers-rush-to-buy-2-bill-with-trumps-mugshot-for-20/ar-BB1pGtyD?ocid=BingNewsSerp&fbclid=IwZXh0bgNhZW0CMTEAAR2fe4EhughZIKyd62Hjf45_9DXTWVHWKiBSmQoIk2m9Lg0BxVFyer7Dacw_aem_Cr3TvV47tdrw5HqW_htA-w
A real $2 bill cost only $2 and has the picture of an actual President (Jefferson). Only a MAGA moron would shell out $20 for such an insulting piece of trash. MAGA = Make America Gross Again.
Layoff news from China – about what you’d expect:
https://www.scmp.com/economy/economic-indicators/article/3269641/lay-offs-chinas-top-firms-key-industries-show-unemployment-biting-through-economic-turmoil
Half of the top firms in China have reported layoffs in the latest quarter. In the construction sector, all of the five top firms have cut staff.
Good journalism by the SCMP. This is how you report on the economy when the government clamps down on data.
The article’s timing is driven by data availability, but also perhaps by the fact that the (delayed) Third Plenum (a big economic policy shindig) begins on July 15.
Menzie – when does the corporate media start documenting that Biden admin policies have produced the most sustained economic recovery in U.S. history from the Trump disaster (10% unemployment and wishful thinking on a pandemic that killed 1 million+ Americans) – Biden admin has had positive job growth for 42 consecutive months and the 25 to 54 years old participation rate increased in June to 83.7% – the highest level since 2001 and 4.1% unemployment.
The Republicans with tax cuts for rich people and cutting regulations – produce some kind of speculative bubble and/or disaster (housing bubble, disastrous pandemic response, cryptocurrency/NFTs).
Instead – I get horse race reporting on the election – Biden lost the debate??! and endless rounds from DC villager political pundits crapping on Dems (Hey pundits – alternative K. Harris is already on the ticket.)
Very little on Trump promising to punish women who try to cross state lines to get reproductive health care; Trump promising to withdraw U.S. from NATO and what that means for democracies around the world. Trump promising to do away with renewable energy initiatives and what that means for the next generation. (Hey journalists – I know it is hard to pick through the firehose of B.S. from Trump and the republicans – Trump’s fear of electric boats and low flow toilets – but your job is to be clear-headed and protect democracy – https://snyder.substack.com/p/fascist-froth )
Trump is an adjudicated rapist, proven business fraudster, and convicted felon who attempted a coup on Jan 6 and is promising to be a dictator on day one.
in the midst of a “second American Revolution” that will be bloodless “if the left allows it to be.”
Heritage Foundation President Kevin Roberts made the comments Tuesday on Steve Bannon’s “War Room” podcast, adding that Republicans are “in the process of taking this country back.”
https://www.politico.com/news/2024/07/04/leader-of-the-pro-trump-project-2025-suggests-there-will-be-a-new-american-revolution-00166583
Apparently conservative Republicans like violence now and enjoy making open threats to voters. If you’re Black or Hispanic and you vote for donald trump, when trump’s goons come to murder you, you’ll have no one to blame but yourself.
The funny thing is whites like Bruce Hall think they are “safe” under MAGA. After they kill off Hispanics and Blacks guess who MAGA are coming for Bruce?? White trash illiterates like you.
“Democrats are “apoplectic right now” because the right is winning, Roberts told former U.S. Rep. Dave Brat, one of the podcast’s guest hosts as Bannon is serving a four-month prison term.”
Don’t you love how these clowns use big fancy words. Angry? Look in a mirror buddy.
“These patriots are committed to peaceful revolution at the ballot box,” he said. “Unfortunately, it’s the Left that has a long history of violence, so it’s up to them to allow a peaceful transfer of power.”
I guess this lying a—hole thinks it was Antifa that tried to stop the counting of the delegates on 1/6/2021.
‘Roberts pointed to the protests after the killing of George Floyd by police in 2020, some of which erupted into crime, vandalism and violence.’
Roberts is the type who cheers rogue cops when they murder innocent blacks. MAGA!
Mark Robinson, GOP candidate for governor in North Carolina, thanks “Some people need killing.”
Kevin Roberts says the right us going to govern the U.S., and will spill bloodto do it.
So yeah, killing political adversaries is a Republican talking point. It seems new, but it isn’t reality. Just louder. Telling the Proud Boys to “stand by”. Saying there are “good people on both sides” after a member of the white supremacist side killed an opponent of white supremacy. Hang Mike Pence. Right-wing militias arm themselves with deadly weapons. Cliven Bundy’s thugs carry deadly weapons to prevent the law from being enforced.
There is a death cult in the U.S., and it’s on the right.
I forgot to mention bombing black churches, family planning clinics and the Oklahoma City Federal office building, shooting up synagogues and fetishizing executions. And calls to “bomb, bomb, bomb…bomb, bomb Iran.”
Whoever said that must have been a big fan of “Meet the Parents” and some people think politicians can’t wire into the zeitgeist.
trump will probably end up calling Timothy McVeigh “an American patriot” after he finds out about his KKK/white supremacy connections. End up naming a federal building in his honor. One of those “very fine people” on the racist side.
Fact Check: Video of Trump Shaking Hands with President of Group Behind Project 2025 Is Legit
https://www.msn.com/en-us/news/politics/fact-check-video-of-trump-shaking-hands-with-president-of-group-behind-project-2025-is-legit/ar-BB1pHseb?ocid=msedgdhp&pc=U531&cvid=29f015bcdbdc4395836793e85d9b9fbe&ei=10
“I know nothing about Project 2025. I have no idea who is behind it. I disagree with some of the things they’re saying and some of the things they’re saying are absolutely ridiculous and abysmal.” Trump on his dishonest version of the Twitter.
Another Trump lie BUSTED.
The picture of trump’s son shaking hands and smiling with a pedophile legislator in Oklahoma is also legit. “Conservative” Republicans still love him.
https://www.nbcnews.com/news/us-news/former-oklahoma-state-senator-sentenced-15-years-child-sex-trafficking-n910516
Republicans love pedophiles now:
https://www.yahoo.com/news/okla-senator-trump-supporter-caught-010700630.html
Got a kick out of this. Just hit the red colored play button after the link jump. 7 minutes audio:
https://www.wbur.org/hereandnow/2024/07/10/philadelphia-inquirer-trump
Thought I’d wander the site since they did that great editorial. Pretty well written story on local real estate.
https://www.inquirer.com/real-estate/jersey-shore-real-estate-rental-prices-vacancies-20240711.html
Good catch.
This is an “exchange rate/substitution” story, not a “slack demand” story. That said, this is also a story about how imports (foreign travel) cut into GDP.
https://www.bls.gov/news.release/cpi.nr0.htm
CONSUMER PRICE INDEX – JUNE 2024
The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1 percent on a seasonally adjusted basis, after being unchanged in May, the U.S. Bureau of Labor Statistics reported today.
Chairman Powell said he would wait until we saw inflation fall to 2% before lowering interest rate. OK – is negative inflation low enough dude? Cut interest rates now!
https://fred.stlouisfed.org/series/CPIAUCSL
Some nerd might whine about using m/m as opposed to the 3% yr/yr change. Hohum. Let’s take the q/q change which was a mere 0.25% or annualized a 1% increase. Now someone explain to Chairman Powell that 1% is less than 2%.
Three days later, still have a million people without power in houston. A few years ago, the whole state of texas lost power for a week. Exactly why cant abbott keep the power on in texas, the energy capital of the world? He should resign from his position if he is this incompetent.
I want to hear how FEMA is coming to their aid. Yes – the main responsibility is the governor who is an incompetent boob. But I would imagine FEMA is doing all it can.
Maybe we’ll get lucky and Abbot will roll his wheelchair underneath another rotting tree.
Abbott is out of the country, in japan. He is mia, kind of like when ted cruz vanished to cancun during the deep freeze. Cant make this shi!t up. When the going gets tough, texas republicans go out of the country. The state of texas could be better run by drunk monkeys than the good ol boys from the texas republican party.
Yes when you cut infrastructure to the bone you have to get rid of backups, redundancies and any excess in production ad transmission of energy. Result is lower, prices, bigger profits, less resilience and longer recovery times. Who could have predicted – unless they are one of those nerds who passed Econ101.
Just a reminder, the texas republican party basically owns the texas energy situation. The grid is isolated from the rest of the country. And the rules goverenergy production and distribution have been under republican control for decades. Any systematic failures of the energy grid in texas, and there are many, are failures entirely owned by texas republicans. Where is abbott? Why is japan more important than the safety and lives of texans. Abdication of leadership-he should resign. Total failure. And the negligence of centerpoint in maintaining power distribution is criminal. But you expect anything less from the Texas republican good ol boy network?
They don’t need power. They have ammo vending machines now.
But they do have ammo vending machines now.