Richard Werner discussed three different views of banking during his appearance on the Tucker Carlson show:

1. The financial intermediation theory;
2. The fractional reserve theory (which includes the “money multiplier”);
3. The credit creation theory

In 1867, the Russian empire sold Alaska to the US for $7.2 million. Perhaps the location of the upcoming summit between Donald Trump and Vladimir Putin is a nod and a wink to such a great deal? Maybe Putin will like Alaska so much he will have seller’s remorse? 

International Reading: Mark Cuban says companies should be taxed more for buying back their own shares – Business Insider The Trump family has raked in $3.4 billion over his two presidencies, new report says – The Independent Goldman stands by call that consumers will bear the brunt of tariffs after Trump blasts bank’s economist –

Asian share markets were dominated by Chinese data today with weakness across their domestic economy while Japanese GDP data came in slightly better than expected. Most markets are up as a result as Chinese traders expect more stimulus while the BOJ seems to be faring okay with its inflationary targets not pulling back growth. The

The post Macro Afternoon appeared first on MacroBusiness.

Federal energy minister says promised independent renewables developer rating scheme will swing into action in March 2026, after a period of design and testing.

Wind industry in crisis, with no new commitments, and the major utilities showing no interest in contracting any in the short term.

Hay Shire’s Alison McLean explains how the local community set the rules of engagement to renewable project developers. Plus: Why the big utilities are saying no to wind and solar.