Mike Norman is currency trader and economist who is a proponent of Modern Monetary Theory (MMT). He writes a blog at www.mikenormaneconomics.blogspot.com.

Growth requires the water level to constantly rise.
I would say it is the inflation story; let me tell you why.
Foreign interests receive dollars in return when they sell Treasuries, so they still have a net dollar position, just in a different form.
Meanwhile, we're seeing the stagflation I predicted.
This will be good for gold and commodities, but not for the dollar.
The Fed had to allow the level of reserves to rise to sustain its policy rate, which is at 75 basis points.
Both loan growth and gasoline demand have dropped off sharply; so what does it mean?
Rising demand and falling demand are cutting the price of oil and oil-based products.
The economic conditions aren't right for this to be happening.
Record number of net speculative longs, high inventories and weak demand mean oil is over-priced.

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Nice move in GPS today. The stock is up 2.7% late in the session and is holding above last month's peak($24.93...
I have read her book, 'Dare to Serve' and have seen her interviewed multiple times by Jim Cramer on Mad Money....

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