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Mike Norman

Mike Norman

Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Articles by Mike Norman

US, EU capitals redouble efforts to contain Russia’s development – Sergey Lavrov

3 hours ago

"Unfortunately, we have to admit that recently, Washington and a number of EU capitals have redoubled their efforts to contain Russia’s development; they are trying to punish us for an independent foreign policy, for consistently upholding our national interests. So we have no other choice but to conclude we cannot count on a mutually respectful consideration of the emerging problems, because the West has made it a rule to talk with Russia based on the presumption of its guilt," Lavrov said.According to Lavrov, in order to justify their actions, including the introduction of new anti-Russia sanctions, Western states "throw in various accusations and insinuations" without showing any facts or evidence. "This rhetoric is always being kept at the ‘highly likely’ innuendo level; those claims

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The Economist – Covid-19: how to fix the economy | The Economist

5 hours ago

WW2 triggered governments in the Western world to make a bigger commitments to their citizens, eg, the New Deal in the US, the NHS in Britain, plus Social Security and Welfare etc. Since Thatcher, Reagan, and neoliberalism, this commitment became loosened, but could the Covid pandemic be another shock that will bring governments back in line to taking more responsibility for the well-being of all their citizens, not just the few?Governments will have to deal with the economic fallout from the pandemic for decades to come. If they get their response wrong, countries risk economic stagnation and political division.[embedded content]

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Modern, Pre-Modern, Or Post-Modern Money? A Brief Guide For The Perplexed — Robert Hockett

5 hours ago

History of economics. So where does this leave us? Milton Friedman and Richard Nixon are both said to have claimed that ‘we’re all Keynesians now.’ That sure beat Classicism, as that term was used in the ‘70s. But we can do better – in a way that recovers what’s true, but not false, in both ‘Austrian’ and ‘Post-Keynesian’ economics. What’s true in them all is endogeneity – money’s endogeneity. And this in turn means that, insofar as we’re right and not merely cranks, we’re all Wicksellians now.ForbesModern, Pre-Modern, Or Post-Modern Money? A Brief Guide For The PerplexedRobert Hockett | Edward Cornell Professor of Law and a Professor of Public Policy, Senior Counsel at Westwood Capital, and a Fellow of The Century Foundation.

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Biden’s Economic Edge — Jeffrey Frankel

7 hours ago

Contrary to widespread belief, post-war Democratic US presidents have been significantly better for the American economy than Republicans have. There is every reason to believe that trend will continue if Joe Biden wins on November 3.Project SyndicateBiden’s Economic EdgeJeffrey Frankel

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China Leads Again — Stephen S. Roach

7 hours ago

US President Donald Trump wears his recent experience with COVID-19 infection as some perverse badge of courage, rather than as a warning of what may lie ahead. And the adverse economic consequences of his administration’s approach to the pandemic could not contrast more sharply with the robust recovery in China.Project SyndicateChina Leads AgainStephen S. Roach, a faculty member at Yale University and former Chairman of Morgan Stanley Asia

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Endless Versions of You in Endless Parallel Universes? A Growing Number of Physicists Embrace the Idea.

7 hours ago

The Many Worlds Interpretation of quantum mechanics holds that reality is constantly splitting.Conventionally speaking, there is a single physicist named Sean Carroll at Caltech, busily puzzling over the nature of the quantum world. In the theoretical sense, though, he may be one of a multitude, each existing in its own world. And there’s nothing unique about him: Every person, rock, and particle in the universe participates in an endlessly branching reality, Carroll argues, splitting into alternate versions whenever an event occurs that has multiple possible outcomes.Endless Versions of You in Endless Parallel Universes? A Growing Number of Physicists Embrace the Idea.

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Modern Monetary Theory and the crisis of capitalism: Part two — Nick Beams

8 hours ago

Capitalist production, with the development of the credit system, Marx noted, “constantly strives to overcome this metallic barrier, which is both a material and imaginary barrier to wealth, while time and again breaking its head on it.” Money in the form of precious metal, he insisted, remains the foundation from which the credit system “can never break free.” [Marx, Capital Volume III, p. 708, p. 741]…It is said there is really nothing new under the sun, and MMT, as advanced by Kelton, is very much old wine in new bottles. It is the modern-day version of theories that have been advanced in previous periods of capitalist crisis to divert working people from the real tasks at hand. Not surprisingly, it has been seized on by sections of the pseudo-left such as Democratic Socialists of

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Sputnik — Maduro Says Venezuela Found 100% Effective Medicine Against COVID-19

9 hours ago

Maduro hopes that the World Health Organisation (WHO) will ratify the results obtained by the IVIC and Venezuela will be able to prepare the mass production of this molecule as a cure for COVID-19 and provide it worldwide with the necessary international collaboration….Sputnik InternationalMaduro Says Venezuela Found 100% Effective Medicine Against COVID-19See alsoRTMaduro says Venezuelan scientists developed medicine that ‘cancels 100% of Covid-19’ with no side-effects

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Bill Mitchell – US claimants recovery stalls

9 hours ago

Today, I celebrate – my home town of Melbourne has recorded zero new infections for the first time since June 9, 2020 and zero deaths. But things are not so hot elsewhere in the world. As the US labour market started to rebound over the summer, I stopped updating my analysis of the claimants data horror story that had earlier demonstrated how sharp the decline in March and April had been. But I have still been monitoring it on a weekly basis and the information we are now getting from the US Department of Labor’s weekly data releases are indicating that as the virus escalates, seemingly out of control, the labour market recovery has all but stalled and a reasonable prediction would be that it will deteriorate somewhat if the infection rate leads to tighter restrictions (which it should).

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The radical aristocrat who put kindness on a scientific footing — Lydia Syson

9 hours ago

The story of Russian Prince Peter Kropotkin, evolutionary biologist and revolutionary anarcho-socialist.Kropotkin was a forerunner of the theory of group selection based on group fitness as a necessary addition to individual selection based on individual selection in natural selection as the driver of biological evolution. A basis of this theory is synergy, that is, the whole is greater than the sum of its parts, so groups that are capable of cooperating and organizing are more successful in meeting environmental challenges and seizing opportunities than individuals alone or less coordinated groups. Coordination has an evolutionary premium.PyscheThe radical aristocrat who put kindness on a scientific footingLydia Syson

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RiskMonger – The Germination of Outrage: How Vandana Shiva Fabricates Conspiracy Theories

14 hours ago

Another conspiracist.  Vandana Shiva has made a lucrative business out of spreading conspiracy theories about agricultural technologies, sustainable farming, capitalism and industry. Her popularity has grown as she positions herself as a modern-day Gandhi, a social justice warrior, an ecological feminist and an agroecologist. The problem is that most everything that comes out of her much amplified mouth is complete nonsense: pure fabrications easily and often refuted.Which leads to the question: How does Vandana consistently get away with such ridiculous falsehoods and oral assaults on intelligent thought? How can she weave the absurd into a web of allegations willingly consumed by her followers? How does she relentlessly fabricate conspiracy theories and package them for consumption

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Craig Murray – Covid-19 and the Political Utility of Fear

14 hours ago

Craig Murray is in the at-risk group as he is over 60, obese, and has chronic illnesses, but he thinks society needs to return to normal because the risk to most people is small and the economy cannot cope with more restrictions. He doesn’t mention long-covid. He says the oligarchs are making a fortune out of the crisis. At the moment China’s spectacular economic recovery and its very low official coronavirus fatality rates is being questioned by the West. I am not a covid sceptic. But neither do I approve of fear-mongering. The risk to the large majority of the population is very low indeed, and it is wrong that anybody who states that fact is immediately vilified. The effect of fear on the general population, and the ability of politicians to manipulate that fear to advantage, should

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Reuters – Packed bars and mask-less catwalks: With Covid curbs fading, China set for consumption rebound

16 hours ago

The Guardian casts doubts over the extent of China’s economic recovery from covid, but the Chinese people don’t. Over the weekend, crowds packed a former industrial warehouse in Beijing as the China Fashion Week got underway, with models strutting mask-less on a square runway and guests oblivious to social distancing norms.Similarly vibrant scenes are being seen elsewhere in China as consumers return to cinemas, live performances and restaurants.To many, they indicate a late-summer recovery in Chinese household spending is broadening and propelling the next stage of the economic recovery.Reuters Reuters – Packed bars and mask-less catwalks: With Covid curbs fading, China set for consumption rebound

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Huawei Launches Stunning New Strike At Google To Beat Android

17 hours ago

Alongside the Mate 40, Huawei also announced its enhanced “Petal Search,” part of a new app family that includes the company’s long-awaited Google Maps replacement. This is a stunning strike at Google’s search dominance on Huawei devices—at least those that sell outside China. With Google now under scrutiny given its dominance of web search, it is unsurprising that Huawei—driven by the loss of Google—is getting in on the act. With hundreds of millions on its ecosystem, it’s a compelling opportunityAnd in that regard, the other news this week is the latest reported solution to restore Google Mobile Services to ineligible Huawei phones. According to XDA-Developers, “Googlefier” is a new way to use the LZPlay GMS recovery software that appeared last year before being withdrawn. “You’ll then

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New role for China and Russia – and how after a Biden victory? — Paul Schmutz Schaller

1 day ago

On the world stage, profound changes are under way. Obviously, China and Russia have lost the confidence that the West will contribute to the solution of the world’s problems in some constructive manner. China and Russia have now accepted their role as the leading forces with the responsibility of holding the world together. The West held this role for centuries, but this time is over. The West has essentially become destructive. The West has lost the power of solving problems and now use her resources mainly for creating problems. In my eyes, this is the central evolution of the last months and it is an epochal change….The Vineyard of the SakerNew role for China and Russia – and how after a Biden victory?Paul Schmutz Schaller for The Saker Blog

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Thomas Piketty — What to do with Covid debt?

1 day ago

According to Challenges, France’s 500 largest fortunes have thus risen from €210 to €730 billion between 2010 and 2020 (from 10% to 30% of GDP). Such a development is socially and politically unsustainable….The whole history of public debt shows this: money alone cannot offer a peaceful solution to a problem of this magnitude, because it leads in one way or another to uncontrolled distributive consequences. It was by resorting to exceptional levies on the better-off that the large public debts of the post-war period were extinguished and that the social and productive pact of the following decades was rebuilt. Let’s bet that the same will be true in the future.Le Monde — Le Blog de Thomas PikettyWhat to do with Covid debt?Thomas Piketty | Directeur d’études à l’Ecole des Hautes Etudes

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What Does Democracy Mean To The Chinese? [Street Interview] | ASIAN BOSS

1 day ago

In the West changing the government only makes a minor difference to policy. We have freedom of speech although it does not make a lot of difference. In China people like their government and are fairly happy with their freedoms. The Chinese people being interviewed in the video below seem to be very happy and relaxed. Despite a recent report that China is poised to overtake the U.S. economy by 2020, China still remains very much a mystery in the eyes of the Western world and is often portrayed by the Western media as a communist country where its citizens have no freedom. So, we hit the streets of Beijing, China to ask ordinary Chinese people what democracy and freedom mean to them. This is what they had to say.The opinions expressed in this video are those of individual interviewees

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Falling r* Is No Accident — Brian Romanchuk

1 day ago

A great deal of significance has been attached to the fall in r*, which is the current preferred term for what was known as the natural rate of interest. My belief is that this fall is not due to structural factors in the real economy, rather it is an artefact of the means of estimating r*, as well as the reaction function of New Keynesian central bankers….Bond Economics Falling r* Is No AccidentBrian Romanchuk

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It’s Official: Solar Is the Cheapest Electricity in History — Caroline Delbert

2 days ago

The International Energy Agency (IEA) says the cost per megawatt to build solar plants is below fossil fuels worldwide for the first time.Public success stories like Elon Musk’s solar and wind battery farm in Australia have helped move public sentiment.All four IEA scenarios include a mix of renewables as well as nuclear and the world’s remaining fossil fuel plants.Popular MechanicsIt’s Official: Solar Is the Cheapest Electricity in HistoryCaroline Delbert

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Why Do North Korean Defectors Keep Changing Their Stories

2 days ago

[embedded content]Some of the defectors’ stories seem downright unbelievable. And perhaps there’s evidence that they are, in fact, fabricated. Here’s what we know.Are the Defectors Telling the Truth? Why the Horrifying Stories of Life in North Korea May Be Fabricated

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KV – Toxic Individualism

2 days ago

Individualism vs Colectivism, is there a correct balance? Carl Jung was said to have had scintillating intelligence, but he found the works of Hegel impenetrable, despite this, professor Sean Kelly found a great deal of similarly between their works when it came to self-consciousness and individualism, where both believed mankind was further moving towards increased self consciousness. The word individual comes from the word indivisible, meaning we cannot be split any further. The collective has been divided into individual identities. Primitive man projected his soul onto the universe, so the trees, the sky, the Sun, the weather, the stars, ect, all had spirits. Man’s primitive consciousness was hardly separated from his surroundings, said Hegel and Jung. Both Hegel and Jung saw the West

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Stephanie Kelton Explains Taxes, Debunks National Debt Myth, Talks Dollar Depreciation — TheRealHeisenberg

2 days ago

Stephanie Kelton needs no introduction.The face of Modern Monetary Theory in a world suddenly awake to the realities of government finance in currency-issuing nations with high levels of monetary sovereignty, Kelton catapulted to near celebrity status in 2020, as the pandemic compelled policymakers to deliver trillions in stimulus virtually overnight to avert a global depression.Kelton’s The Deficit Myth became a New York Times bestseller over the summer. It’s a quick read, and the straightforward, at times colloquial, cadence makes it highly amenable to everyday people, no small feat for an economics volume.If The Deficit Myth reads like a prescription for policymakers suffering from a kind of self-inflicted psychosis, that’s probably because it is…. AlphaExchange — The Heisenberg

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The Tragedy of the ‘Tragedy of the Commons’ — Matto Mildenberger

2 days ago

The man who wrote one of environmentalism’s most-cited essays was a racist, eugenicist, nativist and Islamaphobe—plus his argument was wrong….Garrett Hardin argued for privatization of the commons to increase efficiency and effectiveness of use under pure capitalism. Scientific AmericanThe Tragedy of the ‘Tragedy of the Commons’Matto Mildenberger | assistant professor of environmental politics at the University of California, Santa BarbaraSee alsoMoon of AlabamaPutin On The Role Of The State In The EconomyRT‘Pragmatic conservative’ Putin rejects totalitarian rule, but won’t embrace Western liberal democracy as Russia goes its own way

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Contemporary inequality is a challenge to economics —Peter Radford

2 days ago

The challenge of contemporary inequality is not just to the cohesion of modern society it is also a challenge to economics, because it is economics and its values that sit squarely within the social framework that has allowed inequality to become so pervasive and debilitating. We have built a society resting on only one view of liberty and equality, that of the economic sphere, rather than on a more holistic view that allows the inclusion of other spheres. We persist in believing ourselves as free, but it is a harsh and hollow freedom built upon individuality and isolated action, rather than on solidarity and communal action.There are economists of a certain type who question whether there is any distortion produced by inequality. They often repeat the claim that inequality is a benign

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