Thursday , January 20 2022
Home / Mike Norman
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

Michal Kalecki and the Politics of Full Employment — Jan Toporowski

2 days ago

Polish economist Michal Kalecki is often linked with the “Keynesian revolution,” but Kalecki’s view of capitalism was much more radical than Keynes’s. His ideas are a vital tool for understanding how the system works, and how it might be overcome.…Good read.JacobinMichal Kalecki and the Politics of Full EmploymentJan Toporowski | professor of economics and finance at SOAS, University of Londonhttps://jacobinmag.com/2022/01/michal-kalecki-keynes-full-employment-political-economy/

Read More »

Links — 18 Jan 2022 AM

2 days ago

Bracing Views (follow the money)Stop the MADnessW. J. Astore, Lieutenant Colonel (USAF ret.), taught at the Air Force Academy, the Naval Postgraduate School, and currently at the Pennsylvania College of Technologyhttps://bracingviews.com/2022/01/18/stop-the-madness/Oriental ReviewWashington Refuses To Hear Russia And China – OrientalReview.orgThierry Messanhttps://orientalreview.org/2022/01/18/washington-refuses-to-hear-russia-and-china/Spiegel OnlineThe West and the Ukraine Crisis: It’s Time To Treat Putin Like an Adversary, Not a Partner – DER SPIEGELA DER SPIEGEL Editorial By Maximilian Popphttps://www.spiegel.de/international/world/the-west-and-the-ukraine-crisis-it-s-time-to-treat-putin-like-an-adversary-not-a-partner-a-f5658614-4d0e-43b9-8f3b-335789d0f497TASS (Russian

Read More »

Bill Mitchell — The European conservatives are organising while the progressives fight among themselves

2 days ago

I read an article in the Frankfurter Allgemeine Zeitung (FAZ) yesterday (January 16, 2022) – Ich hoffe auf Deutschland – which made me laugh really. Comedy in absurdity. It also told me that the forces in Europe are firmly against any major progressive change. I considered this issue last week in this blog post – German threats of exit rely on the ignorance of others reinforced by Europhile progressives (January 11, 2022). I know progressives thought that the invocation of the Stability and Growth Pact escape clause in 2020 as the pandemic took hold might have been a sign that things were changing in Europe after years of austerity bias. But as the days pass, more evidence mounts that there is a status quo that is being managed and it won’t be long before we see the familiar claims about

Read More »

Can We Contain the Dragon? — Daniel P. Goldman

3 days ago

Daniel P. Goldman reviews The Strategy of Denial by Elbridge A. Colby — and pans it as delusion. (The same applies to the neocons.)Law & LibertyCan We Contain the Dragon?Daniel P. Goldmanhttps://lawliberty.org/book-review/can-we-contain-the-dragon/

Read More »

Links — 17 Jan 2022

3 days ago

TurcopolierRUSSIA, UKRAINE ET AL: WHAT NEXT?Patrick Armstronghttps://turcopolier.com/russia-ukraine-et-al-what-next/Gilbert Doctorow — International relations, Russian affairs (dose of realism)Common sense and self-preservation go mainstream in Washington, D.C.: capitulation to Russian demands becomes discussableGilbert Doctorowhttps://gilbertdoctorow.com/2022/01/16/common-sense-and-self-preservation-go-mainstream-in-washington-d-c-capitulation-to-russian-demands-becomes-discussable/The National Interest (give up the idea of world domination)Biden’s Opportunity for Peace in EurasiaDavid T. Pynehttps://nationalinterest.org/feature/biden%E2%80%99s-opportunity-peace-eurasia-199344The American Conservative (imperial overreach)Knowing When To StopAndrew Bacevich, president of the Quincy

Read More »

Trump rally

3 days ago

Trump showing strong support as 2022 election year kicks off…  though still needs to get his own media thing going pronto…45 ARRIVES IN ARIZONA… pic.twitter.com/qbi65pBukI— Dan Scavino Jr.🇺🇸🦅 (@DanScavino) January 16, 2022

Read More »

Bill Mitchell — More evidence that the current inflation is ephemeral

4 days ago

When I am asked whether I still consider the recent bout of inflation to be transitory, I say that transitory means as long as the pandemic disrupts the balance between supply and demand. Note: demand. I have been getting lots of E-mails telling me that Modern Monetary Theory (MMT) is a fraud because of the inflation spike and our denial of the demand (spending) involvement. Apparently, the data shows that large fiscal deficits and central bank bond-buying programs are always inflationary. Good try. I last provided data and analysis of this issue in this blog post – Central banks are resisting the inflation panic hype from the financial markets – and we are better off as a result (December 13, 2021) – where I made it clear that the spikes are a unique coincidence between abnormal,

Read More »

Links — 16 Jan 2022

4 days ago

Global Times (China)Biden admin loses control over Taiwan policy, mirroring loss of control at homeInterview with Zheng Yongnianhttps://www.globaltimes.cn/page/202112/1243564.shtml?id=12Global InequalityCapital: The explosion of Delhi —The metaphor of global capitalism as told by Rana DasguptaBranko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank’s research department and senior associate at Carnegie Endowment for International Peacehttps://branko2f7.substack.com/p/capital-the-explosion-of-delhiInternationalist 360ºThe Settler Blindness to the U.S. Empire’s Internal ViolenceRanier

Read More »

Economist Michael Hudson Says the Fed “Broke the Law” with its Repo Loans to Wall Street Trading Houses

4 days ago

Why the conspiracy theory?  Why don’t these people just look at the regulatory position of the Depositories at that time?  Apply 8th grade algebra…Norton then asks Hudson “why was the Fed giving trillions of dollars to these large Wall Street banks. And why was there a liquidity crisis? That’s unexplained. LOL it’s been explained here at MNE a million times…. Wall Street on Parade BlogEconomist Michael Hudson Says the Fed “Broke the Law” with its Repo Loans to Wall Street Trading Houses

Read More »

Perry’s Pain Killing Poppies

5 days ago

An absolutely fascinating video, but it’s a taboo subject! Perry Hullah is making poppy tea from the red poppies in his back garden as a cure for his hangovers. If he sticks to red poppies, it’s not illegal. Perry Hullah seems to be pretty wealthy and has a very nice house in England, and his family seem to be a nice middleclass one, which all adds to the fascination. He has a lovely Northern English accent too. A very cheeky video![embedded content]https://youtu.be/Z7WO60unHww

Read More »

Video: Mussenden Temple, Downhill

5 days ago

I put out the wrong video in the other post. I’ve corrected it now, but in case you missed it, and would like to see it, here’s the correct one, which is much better. It’s beautiful! [embedded content]https://youtu.be/dhkIai7O-V8

Read More »

Updated: Mussenden Temple, Downhill, Castlerock, Northern Ireland

5 days ago

Mussenden Temple is located in the beautiful surroundings of Downhill Demesne near Castlerock in County Londonderry. It perches dramatically on a 120 ft cliff top, high above the Atlantic Ocean on the north-western coast of Northern Ireland, offering spectacular views westwards over Downhill Strand towards Magilligan Point and County Donegal and to the east Castlerock beach towards Portstewart, Portrush and Fair Head.[embedded content]https://youtu.be/dhkIai7O-V8

Read More »

CoV-2 Origin

5 days ago

Video from The Hill citing recently available documentary evidence pretty damming of the Darwinist NIH researchers:[embedded content]

Read More »

Book Review: The Case for a Job Guarantee (1) — Review by Martin Watts

6 days ago

Review of Pavlina R. Tcherneva (2020), The Case for a Job Guarantee, Cambridge: Polity PressNJFANBook Review: The Case for a Job Guarantee (1)Review by Martin Watts, University of New Castle, AustraliaReprinted with permission, Journal of Social Policy. (2021), 50, 4, 891-901https://njfac.org/index.php/2021/12/22/book-review-the-case-for-a-job-guarantee-1/

Read More »

Links — 14 Jan 2022 PM

6 days ago

The Vineyard of the SakerThe West’s ruling “elites” truly *are* stupid!The Saker http://thesaker.is/the-wests-ruling-elites-truly-are-stupid/TASSUS accusing Russia of helping North Korea develop its nuclear missile program — diplomathttps://tass.com/world/1388465China actively boosting trade cooperation with Russia, says customs administrationhttps://tass.com/economy/1388005Sputnik InternationalPentagon Says Does Not See Need for Hotline With Russia for Deconfliction on Ukrainehttps://sputniknews.com/20220114/pentagon-says-does-not-see-need-for-hotline-with-russia-for-deconfliction-on-ukraine-1092265965.htmlAxiosU.S. confirms Russia arrested REvil ransomware hackersJacob Knutsonhttps://www.axios.com/russia-arrest-revil-ransomware-group-baa5657e-840c-45ec-8705-c36b27bf2819.htmlVoltaire

Read More »

AP — White House: Russia prepping pretext for Ukraine invasion

6 days ago

On the brink.APWhite House: Russia prepping pretext for Ukraine invasionAamer Madhani, Nomaan Merchant and Vladimir Isachenkohttp://apnews.com/article/europe-russia-media-ukraine-vladimir-putin-f24e6bd400e20d7890daff371cd80eb2France 24’Be afraid’: Cyberattack targets Ukraine as Russia moves more troops (france24.com)

Read More »

EU’s Imports Of U.S. LNG Five Times Higher Than Russian Supply — Charles Kennedy

6 days ago

So far this month, the European Union has received U.S. natural gas volumes five times higher than Russia’s pipeline deliveries, according to Polish outlet rp.pl, the first time in history in which American LNG has surpassed Russian gas deliveries….OilpriceEU’s Imports Of U.S. LNG Five Times Higher Than Russian SupplyCharles Kennedyhttps://oilprice.com/Latest-Energy-News/World-News/EUs-Imports-Of-US-LNG-Five-Times-Higher-Than-Russian-Supply.htmlSee also at OilpriceU.S. Rig Count Jumps As Crude Rally ContinuesJulianne Geigerhttps://oilprice.com/Energy/Crude-Oil/US-Rig-Count-Jumps-As-Crude-Rally-Continues.html

Read More »

Links — 14 Jan 2022 AM

6 days ago

Dances with Bears ("Lavrov is announcing that Russia today knows the US intention is to go to war; and that Russia is prepared and is already on war footing on all fronts.")IS GENEVA 2022 MUNICH 1938 WITHOUT CHAMBERLAIN’S PIECE OF PAPER? HOW TO READ THE US PAPER FOR PEACE FOR OUR TIMEJohn Helmerhttp://johnhelmer.net/is-geneva-2022-munich-1938-without-chamberlains-piece-of-paper-how-to-read-the-us-paper-for-peace-for-our-time/UnherdWhat the West gets wrong about PutinHarald Malmgren, geopolitical strategist, negotiator and former aide to Presidents John F. Kennedy, Lyndon B. Johnson, Richard Nixon, and Gerald Fordhttps://unherd.com/2022/01/what-the-west-gets-wrong-about-putin/The National InterestHow Russia Views the Ukraine CrisisLawrence Korb is a Senior Fellow at the Center for American

Read More »

Biden deploying military medical staff to help overwhelmed hospitals — Oriana Gonzalez

7 days ago

All ICU beds filled in this vicinity (Southeastern Iowa).AxiosBiden deploying military medical staff to help overwhelmed hospitals Oriana Gonzalezhttps://www.axios.com/biden-military-medical-hospitals-covid-omicron-d7ad948e-d751-4ba9-a8a1-70325c86597f.htmlSee alsoNaked CapitalismMore on the Morbidity Risk of Omicron: “Like a Chess Grandmaster Playing Against Schoolboys”Yves Smith https://www.nakedcapitalism.com/2022/01/more-on-the-morbidity-risk-of-omicron-like-a-chess-grandmaster-playing-against-schoolboys.htmlCNBCWHO says omicron cases are ‘off the charts’ as global infections set new recordsLauren Feinerhttps://www.cnbc.com/2022/01/12/who-says-omicron-cases-are-off-the-charts-as-global-infections-set-new-records.htmlAl JazeeraLatest COVID updates: US blasts China over cancelled

Read More »

Future RRP rate

7 days ago

You knew this guy was going to have to change his view…#Zoltan pic.twitter.com/Izos8J7Wit— Randy Woodward (@TheBondFreak) January 12, 2022 This part here:RRP % has to be at or ABOVE any alternative to avoid a catastrophic flow of reserve balances into Depositories…. That’s why access to it had to be expanded in the first place…Fed gets a 👍 (so far)…But he says they are doing it to provide “structural support” (figurative language) to Money Market funds…  they are doing it to avoid creating a financial incentive for current RRP $1.5T of system reserve balances to flow into Depository asset accounts which would crash the whole thing again…  like they did in September 2008 and March 2020…Accordingly it would be best if Fed were to as quickly as possible reduce system reserve balances to a

Read More »

US budget deficit in December narrows sharply from a year earlier

8 days ago

Only $21b! Biden’s a genius!The U.S. government on Wednesday posted a roughly $21 billion budget deficit for December, the smallest monthly shortfall in nearly two years as the pandemic recovery fueled an increase in personal and corporate income tax receipts.DEFICIT DOOM: US budget MIGHT look better than it was a year ago — but DON’T BE FOOLEDhttps://t.co/wa4BRptxS1— FOX Business (@FoxBusiness) January 12, 2022 (Poor CRFB lady still looks sad though?)

Read More »

After Kazakhstan, the color revolution era is over — Pepe Escobar

8 days ago

Backgrounder.The Vineyard of the SakerAfter Kazakhstan, the color revolution era is overPepe EscobarCrossposted at The Cradlehttp://thesaker.is/after-kazakhstan-the-color-revolution-era-is-over/See alsoThe world is getting a lot more dangerous.Irrussianality (WWIII?)Why Russia Fears NATOPaul Robinson | Professor, Graduate School of Public and International Affairs at the University of Ottawa

Read More »

Sputnik — UK, US Media Fear Russia May ‘Outsmart’ EU With New Gas Mega Pipeline to China

16 days ago

What happens when you don’t think things through and ask, what could go wrong? What is wrong with these people? What did they think was going to happen.Sputnik InternationalYou Snooze, You Lose: UK, US Media Fear Russia May ‘Outsmart’ EU With New Gas Mega Pipeline to Chinahttps://sputniknews.com/20220104/you-snooze-you-lose-uk-us-media-fear-russia-may-outsmart-eu-with-new-gas-mega-pipeline-to-china-1092014841.htmlSee alsoTASSUkraine may have to siphon off Russian gas from transit pipelines – former Naftogaz chiefhttps://tass.com/economy/1383745RT‘Artificial Sun’ hits record temperaturehttps://www.rt.com/news/545120-china-sun-nuclear-energyCounterpunchAnother Nuclear Fusion Folly: Billions Already Spent on ‘Energy Pipedream’David Blackburn, chair of the Nuclear Free Local Authorities

Read More »

Brazil Stocks Sink 12% in Year

16 days ago

Interest rate increases….Brazil Stocks Sink 12% in Year for First Annual Drop Since 2015#politics #brazil #BrazilianPolitics #economy https://t.co/FH6iDjidYU by @andradevini3 via @Bloomberg— All The Brazilian Politics (@AllBrPolitics) December 31, 2021

Read More »

Schumpeter’s two theories of imperialism — Branko Milanovic

17 days ago

Imperialism as atavistic and imperialism as "normal capitalism"Global InequalitySchumpeter’s two theories of imperialismBranko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank’s research department and senior associate at Carnegie Endowment for International Peacehttps://branko2f7.substack.com/p/schumpeters-two-theories-of-imperialism

Read More »

Bill Mitchell —The Japanese denial story – Part 2

17 days ago

Here is Part 2 of my analysis of the claim that Japan is not a good demonstration of what happens when macroeconomic policies are pushed beyond their usual limits. I have long argued that trying to apply a mainstream macroeconomics (New Keynesian) framework to the Japanese situation yields nonsensical predictions about rising interest rates, accelerating inflation, rising bond yields and government insolvency. Nothing like that scenario has emerged since Japan has introduced economic policies that ran counter to the mainstream consensus since the 1990s. Japan demonstrates key Modern Monetary Theory (MMT) principles and those that seek to deny that are really forced to invent a parallel-universe version of MMT to make their case. That version is meaningless. In Part 2, we extend that

Read More »