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Khazbi Budunov

@foscaecon.bsky.social
132 followers 189 following 107 posts

Macroeconomist, MMTer t.me/politeconomics

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Khazbi Budunov @foscaecon.bsky.social · 27/10/2025
Argentina’s sovereign bonds surged after Milei’s party won the midterm elections. It’s amusing how persistent the market narrative remains that harsh fiscal consolidation can somehow put the economy back on a growth path.
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GDP Dynamics @gdpdynamics.com · 13/06/2025
"In a sense the budget deficit can be considered as an artificial export surplus." -Michał Kalecki
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GDP Dynamics @gdpdynamics.com · 20/05/2025
“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
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Nathan Tankus @nathantankus.bsky.social · 17/05/2025
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
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Khazbi Budunov @foscaecon.bsky.social · 18/05/2025
What we should truly be concerned about is deflation in China.
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Khazbi Budunov @foscaecon.bsky.social · 07/05/2025
Lenny Belardo must become the new Pope.
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Khazbi Budunov @foscaecon.bsky.social · 03/05/2025
Doctor, what’s the diagnosis here?
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Khazbi Budunov @foscaecon.bsky.social · 25/04/2025
Viva la Resistenza! Viva l'Italia antifascista! Buon 25 aprile a tutti! 🇮🇹
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Brian Romanchuk @brianromanchuk.bsky.social · 24/04/2025
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.
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Brian Romanchuk @brianromanchuk.bsky.social · 24/04/2025
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.
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Adam Tooze @adamtooze.bsky.social · 24/04/2025
US consumers are coming under increasing pressure.
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Khazbi Budunov @foscaecon.bsky.social · 24/04/2025
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…
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Brian Romanchuk @brianromanchuk.bsky.social · 22/04/2025
Latest article - quick comment on the situation in the Treasury market. open.substack.com/pub/bondecon...
open.substack.com
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.
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Adam Tooze @adamtooze.bsky.social · 21/04/2025
Tin’s surging relevance.
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Brian Romanchuk @brianromanchuk.bsky.social · 20/04/2025
Happy Easter to the haters and the losers.
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Adam Tooze @adamtooze.bsky.social · 20/04/2025
Learn more about Ferdinand Mount on the Siege of Malta in today’s Chartbook Top Link. Visit the link in the comment to read.
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Rohan Grey @rohangrey.bsky.social · 17/04/2025
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
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Adam Tooze @adamtooze.bsky.social · 17/04/2025
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!
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Khazbi Budunov @foscaecon.bsky.social · 17/04/2025
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.
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Khazbi Budunov @foscaecon.bsky.social · 08/04/2025
😩
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Khazbi Budunov @foscaecon.bsky.social · 04/04/2025
Trump made mainstream economists remember macroeconomic identities.
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Khazbi Budunov @foscaecon.bsky.social · 03/04/2025
😁
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Khazbi Budunov @foscaecon.bsky.social · 03/04/2025
- "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"
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Khazbi Budunov @foscaecon.bsky.social · 03/04/2025
😂😂😂
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Brian Romanchuk @brianromanchuk.bsky.social · 02/04/2025
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.)
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Khazbi Budunov @foscaecon.bsky.social · 28/03/2025
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-...
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Khazbi Budunov @foscaecon.bsky.social · 19/03/2025
Declassified documents suggest that if Trump had been president at the time, Kennedy wouldn’t have been killed!
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Khazbi Budunov @foscaecon.bsky.social · 19/03/2025
❤️
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Richard Banner @richardjbanner.bsky.social · 18/03/2025
Seems Musk has discovered MMT.... stephaniekelton.substack.com/p/elon-musk-... ... wish Reeves would do the same.
stephaniekelton.substack.com
Elon Musk Discovers the "Magic" of Modern Money
Yesterday, U.S.
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Khazbi Budunov @foscaecon.bsky.social · 18/03/2025
At the U.S. Embassy in Moscow, the ZVO signs were replaced with the hashtag #WeAreTogether immediately after the negotiations between Putin and Trump.
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Khazbi Budunov @foscaecon.bsky.social · 18/03/2025
How do we resist the eternal temptation to draw parallels with 1914, 1929, 1939, 1991, 2008?.. Simply acknowledge: it’s 2025.
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Khazbi Budunov @foscaecon.bsky.social · 17/03/2025
We’ve lived to see the day: Elon Musk is explaining the basics of MMT to Ted Cruz.
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Khazbi Budunov @foscaecon.bsky.social · 17/03/2025
4. 2014–2015 currency crash – Another financial shock. 5. COVID-19 (2020–2021) – A global catastrophe. 6. War & sanctions (2022–present) – A geopolitical rupture.
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Khazbi Budunov @foscaecon.bsky.social · 17/03/2025
My life – a crisis in six acts: 1. USSR collapse – I don’t remember it, but it shaped everything. 2. 1998 default – The first crisis I recall. 3. 2008 recession – Didn’t hit me, but reshaped the world.
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Khazbi Budunov @foscaecon.bsky.social · 17/03/2025
🔮 The full-year GDP growth forecast for 2025 has been slightly downgraded to +3.2% from the previously expected 3.5%. The economy remains on a positive track, but indicators of an impending slowdown are increasing. ecfor.ru/publication/...
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Khazbi Budunov @foscaecon.bsky.social · 17/03/2025
⚠️ Nevertheless, there are notable downside risks: the fiscal stimulus may weaken, oil and gas revenues are declining due to a stronger ruble and lower commodity prices, and household debt reduction is already limiting future consumer spending.
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Khazbi Budunov @foscaecon.bsky.social · 17/03/2025
💳 Consumer demand, however, remains robust thanks to a substantial increase in government spending (+30%) and rising salaries (nominal wages up by almost 19%, real wages by 8%), which has kept retail trade stable (+5.4%).
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Khazbi Budunov @foscaecon.bsky.social · 17/03/2025
🚗 Production declines were particularly noticeable in automobiles (-5.5%), furniture (-2.4%), and construction materials (-3.1%), signaling weaker business investment activity.
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Khazbi Budunov @foscaecon.bsky.social · 17/03/2025
Industrial output, which surged impressively by +8.2% in December 2024, moderated significantly to +2.2% in January. Key factors behind this include a decline in mineral extraction, notably natural gas (-3.9%), and a slowdown in manufacturing.
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Khazbi Budunov @foscaecon.bsky.social · 17/03/2025
📊 What’s happening with the Russian economy in early 2025? According to the latest forecast by INP RAS (ИНП РАН), Russia’s GDP growth in Q1 is projected at +3.1% year-on-year, though the growth rate is already showing signs of slowing down.
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Khazbi Budunov @foscaecon.bsky.social · 13/03/2025
“I want to put an end to all wars in the world,” Trump declared. “How, Mr. President?” “I’ll impose 200% tariffs and the toughest sanctions on everyone. Everyone must obey me – I am the greatest president! Putin called me a genius.”
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Khazbi Budunov @foscaecon.bsky.social · 10/03/2025
Twitter is down. The U.S. government is paralyzed.
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Khazbi Budunov @foscaecon.bsky.social · 10/03/2025
I now understand Europe’s concern about Russia. In November 1999, President Yeltsin asked President Clinton to give him Europe. clinton.presidentiallibraries.us/items/show/5...
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Adam Schwarz @adamjschwarz.bsky.social · 09/03/2025
Canadian Prime Minister–designate Mark Carney: "The Americans want our resources, our water, our land, our country. If they succeeded, they would destroy our way of life. In America, healthcare is big business. In Canada, it is a right."
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Khazbi Budunov @foscaecon.bsky.social · 09/03/2025
Many are puzzled: why is Trump abandoning Ukraine? For the same reason he refuses to support Europe. His policy is extremely simple: minimize expenses (on Ukraine, Europe, the American working class, etc.) and make everyone pay America (through tariffs). This is just basic business logic.
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Khazbi Budunov @foscaecon.bsky.social · 09/03/2025
It’s just that a recession is now being called an economic detox.
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Brian Romanchuk @brianromanchuk.bsky.social · 07/03/2025
President Deals is back. open.substack.com/pub/bondecon...
open.substack.com
Sigh, Chaos Continues (7)
Since my last article, President Deals partially caved in Canadian/Mexican tariffs, but has just announced new tariffs on Canadian products (dairy and lumber, from what I could tell).
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Adam Tooze @adamtooze.bsky.social · 24/02/2025
Today’s Chartbook explores zero-sum thinking in U.S. politics– the belief that gains for one individual or group come at the cost of others. The zero-sum mindset greatly impacts issues like government redistribution, affirmative action, immigration policies, and more: tinyurl.com/bdesb9ye.
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Khazbi Budunov @foscaecon.bsky.social · 24/01/2025
Does Trump even know that his tweets addressing Putin don’t reach their intended recipient because Twitter is blocked in Russia?
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