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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

Taiwan’s COVID death rate climbs to 2.4%, higher than world average

2 days ago

People are dying in their homes. So far Taiwan has registered 286 COVID deaths, for a mortality rate of 2.4%. That’s higher than the world average of 2.15%. Experts say old age and chronic illnesses are factors at play.Taiwan officially becomes an aged society with people over 65 years old breaking the 14% mark[embedded content]Taiwan’s COVID death rate climbs to 2.4%, higher than world average

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Bill Mitchell — MMT and Power – Part 2

2 days ago

This is Part 2 of a series that is developing here on the topic of Modern Monetary Theory (MMT) and power. I often read that Modern Monetary Theory (MMT) is defective because it has no theory of power relations. Some critics link this in their narrative to their claim that MMT also has no theory of inflation. They then proceed to attack concepts such as employment buffers, on the grounds, that MMT cannot propose a solution to inflation if it has no understanding of how power relations cause inflation. These criticisms don’t come from the conservative side of the policy debate but rather from the so-called Left, although I wonder just how ‘left’ some of the commentators who cast these aspersions actually are. The problem with these criticisms is that they have clearly adopted a partial

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Charles Burress – Biased History Helps Feed US Fascination With Pearl Harbor

2 days ago

Originally published by The Japanese Times but it was behind a paywall, so I searched for it and found it at Rense.com. It’s a parallel to how the US is treating China today. Pearl Harbor didn’t just fall out of the sky. It followed a long chain of events that had filled many Japanese minds with resentment and hostility against the Western powers in general and the U.S. in particular. The first came in 1853 when U.S. Commodore Matthew Perry confronted Japan with a squadron of gunboats — the "Black Ships" — that eventually forced Japan to open its ports and accept unequal treaties. Japan deeply feared being colonized and was shocked by this gunboat diplomacy into rapid industrialization and a desire to join the club of imperial powers, including their feast on China and other weak,

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Embattled China seeks greater technological self-reliance Denis Simon

3 days ago

The imperatives motivating Chinese leaders towards greater technological self-reliance have the potential to drive China further outside of the mainstream of the global economy. Were China to succeed in achieving greater technological independence from the West, the global economy could fundamentally change. Whether or not China will feel compelled to go down this path remains uncertain as the world seems to be shifting away from techno-globalism towards techno-nationalism…."Whether or not China will feel compelled to go down this path remains uncertain"…. What is he talking about, "uncertain." China says it is certain in the article itself. "Xi has exhorted Chinese industry to focus on building ‘secure and controllable supply chains’ to overcome dependence on the West,.… "Exhorted"

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RT — El Salvador wants to power crypto mines with ‘100% cheap, renewable’ VOLCANO energy, after adopting bitcoin as legal tender

3 days ago

President Nayib Bukele of El Salvador is moving fast on his pledge to embrace bitcoin as another legal tender, already opening a new geothermal well that would use clean geothermal energy to power the cryptocurrency mines.On Wednesday, Bukele tweeted that he had instructed the state-owned geothermal electric company LAGeoSV to power bitcoin mines with “very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”.…Competing.RTEl Salvador wants to power crypto mines with ‘100% cheap, renewable’ VOLCANO energy, after adopting bitcoin as legal tender

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The Lewis Powell Court — Ken Melvin

3 days ago

Senator Sheldon Whitehouse, RI, has recently begun giving a series of speeches on the Senate floor in re dark money and the effect on the Supreme Court. The two so far have centered on Lewis Powell’s secret memo to the US Chamber of Commerce in 1971 just before his appointment to the US Supreme Court. The two speeches go a long way toward explaining the present makeup of the Court, how we got to this point, how capitalism works in America, southern aristocracy, our aristocracy, … . Herewith, for your perusal, are links to the videos of both the speeches along with copies of their transcripts.…Explains the slide toward reasserting elite control in reaction to the New Deal, spearheaded by Lewis Powell who was later rewarded by an appointment to the Supreme Court. Downhill from there.

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G7: Desperately Seeking Relevancy — Pepe Escobar

3 days ago

Chiefly about the global economy — and geopolitics/geostrategy.The Vineyard of the SakerG7: Desperately Seeking RelevancyPepe EscobarRelatedZero HedgeMore European Firms Onshoring In China Than Offshoring, Complicates Biden’s Decoupling PlanTyler DurdenECNSU.S. businesses getting anxious as Trump’s China tariffs remain: media

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‘Every deficit is good for someone’ — Stephanie Kelton interviewed

3 days ago

The question is, cui bono? Under the present system, the financial benefit flows to the top, although other derive some economic benefit as a result of the flow. Fiscal injection (government spending) eventually flows either to saving or taxation. When tax policy is progressive, the flow is largely to taxation. Otherwise, the stock of savings increases. This increase in the stock of savings increases distributional asymmetry aka "inequality." That is to say, in the later case there is a systemic bias owing to institutionalized asymmetry.IPS’Every deficit is good for someone’Stephanie Kelton interviewed

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Power Shifts, or Not? — Peter Radford

3 days ago

Power can flummox even the best economist. A typical explanation of events in an economy makes scant reference to the way in which power distorts the wondrous smooth motions that so obsess the discipline. It’s almost as if human relationships don’t exist in those wonderful models they are all so proud of. For the rest of us, power is central. It takes little time to realize that establishing an imbalance can have all sorts of advantages. They most notable being that it defeats or undermines the consequences of the classic impersonal marketplace. Fair is out. Asymmetry is in.Conventional economic models are based on economic liberalism (capitalism), a chief assumption of which parties produce for markets and consumers consume through markets in which quantities of scarce goods are

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How Tariffs Affect China’s Exports — Willem Thorbecke

3 days ago

Donald Trump launched a trade war with China. On 6 July 2018 he placed 25% tariffs on $34 billion of imports from China and on 23 August 2018 he placed 25% tariffs on an additional $16 billion of imports. On 24 September 2019 he added 10% tariffs on $200 billion of imports and in 2019 and 2020 added tariffs on an additional $300 billion of imports. Chad Bown and Melina Kolb provided a detailed timeline of the trade war (https://www.piie.com/blogs/trade-investment-policy-watch/trump-trade-war-china-date-guide ). President Biden has left the tariffs in place.How do tariffs affect China’s exports?EconbrowserGuest Contribution: “How Tariffs Affect China’s Exports”Willem Thorbecke, Senior Fellow at Japan’s Research Institute of Economy, Trade and Industry (RIETI)

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Bill Mitchell — Price rises should be short-lived – so let’s not resurrect inflation as a bogeyman

3 days ago

I had an Op Ed published in the UK Guardian today (my time) which analysed the latest inflation scares that have been dominating the popular media. More and more mainstream macroeconomists are coming out and asserting that economies will overheat. The usual gold bugs have been delighted by this shift in the narrative back to the obsessions and manias that keep them occupied on a daily basis. What was interesting to me was the responses of the commentators to the Guardian Op Ed. If the sentiments expressed represent the state of macroeconomic knowledge (presumably mostly in the UK) then we have a long way to go before Modern Monetary Theory (MMT) and the sensible policies that it might inform gain any serious traction. Given the GFC, the stagnation in the aftermath, 30 years of Japanese

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How Functional Finance differs from Modern Monetary Theory (MMT) — Dirk Ehnts

3 days ago

I have been re-reading the Functional Finance and the Federal Debt paper this afternoon. There are crucial differences between Functional Finance Theory (FFT) and Modern Monetary Theory (MMT). Therefore, it (MMT) was not all in Lerner. Let me comment on FTT from an MMT perspective….econoblog 101How Functional Finance differs from Modern Monetary Theory (MMT)Dirk Ehnts | Lecturer at Bard College Berlin, research assistant at the Technical University of Chemnitz, and spokesperson of the board of Pufendorf-Gesellschaft eV in Berlin

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Tough regulations are coming for the cryptocurrency sector

3 days ago

The growing cryptocurrency sector needs to be regulated to protect users from online scams and prevent it from being used in crime such as money laundering. The growing popularity of cryptocurrency is perceived as a danger to central banks, as they are concerned about the impact that a volatile decentralized currency can have on their economy.  Tough regulations are coming for the cryptocurrency sector

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China Mulls Unprecedented Legislation To Counter Western Sanctions — Tyler Durden

4 days ago

Preparing for decoupling, a stepping up of the arms race, and an even closer relationship of China and Russia economically and militarily, with the likelihood of technology-sharing increasing. They both know that if one goes down, the other will soon follow.This is now becoming pretty overtly a zero-sum fight to the finish as the dragon and bear react to the eagle and bull-dog as bridges are burned and positions hardened.This does not bode well for the global economy excepting weapons and related military goods manufacture.Zero HedgeSenate Passes Sweeping Bipartisan Legislation To Counter And Compete With ChinaChina Mulls Unprecedented Legislation To Counter Western SanctionsTyler Durden

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KV Tweet – Billionaires Net Worth

4 days ago

Jeff Bezos net worth – 186.2 billion USDElon Musk net worth – 151 Billion USD Bill Gates net worth – 126.7 Billion USDMark Zuckerberg net worth – 119.7 billion USDThe universe has been in existence for roughly 14 billion years.

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Bill Mitchell — The monetary and fiscal normality of Wolfgang Schäuble – stagnation and entrenched unemployment

4 days ago

I have been working on an article that will come out in the press soon on inflationary pressures. It is obvious that characters like Larry Summers and Olivia Blanchard are trying to stay at the centre of the debate by issuing various lurid threats about the likelihood of an inflation outbreak in the US and elsewhere. Last week, the Financial Times published an article (June 3, 2021) by the former German Finance Minister and now President of the Bundestag, Wolfgang Schäuble – Europe’s social peace requires a return to fiscal discipline. I was initially confronted with the juxtaposition of this author, who bullied all and sundry during to the GFC to ensure an austerity mindset was maintained at great cost to the millions who were deliberately forced to endure unemployment, with the photo of

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Scientists Find Cheap And Easy Way To Extract Lithium From Seawater — Mining

5 days ago

According to the researchers, the cell will probably need $5 of electricity to extract 1 kilogram of lithium from seawater. This means that the value of hydrogen and chlorine produced by the cell would end up offsetting the cost of power, and residual seawater could also be used in desalination plants to provide fresh water….OilpriceScientists Find Cheap And Easy Way To Extract Lithium From SeawaterMining

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The Global South has lost $152 trillion through unequal exchange since 1960 — Dylan Sullivan

5 days ago

Dependency and world-systems theorists have long argued that “unequal exchange” is a key driver of global inequality. Since wages and natural resource prices are much lower in the global South than the North, poor countries must export many more units of embodied labour and resources than they import in order to achieve a monetary balance of trade. This creates a constant transfer of labour and ecology from the periphery to the core, developing the latter but impoverishing the former.In a recent paper in New Political Economy that I co-authored with Jason Hickel from the University of London, and Huzaifa Zoomkawala, a data analyst based in Karachi, we quantify the value that has been appropriated from the South through unequal exchange since 1960. To do this, we use a method developed by

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Debunking Nicholas Wade’s Origin of COVID Conspiracy Theory

5 days ago

It seems that Nicholas Wade is playing politics and spreading propaganda rather than doing science. Despite Wade’s journalistic pedigree, close reading of his latest essay on the origins of COVID-19 reveals a poor adherence to reporting standards, investigatory lapses and major biases, and insistent mis-representation or outright falsehoods, leading to erroneous and unsupportable conclusions. Wade concocted a story of false improbabilities — he arbitrarily states conditions: “What if the bat viruses infected some intermediate host first? You would need a longstanding population of bats in frequent proximity with an intermediate host…”. No. Are there well-established conditions for spillover of virus from bats into other species? Where does Wade get the condition that a longstanding

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Scientists take a stand against “Wuhan lab” witch-hunt, by Andre Damon

5 days ago

In the coming days, the World Socialist Web Site will do everything in its power to warn working people all over the world about the right-wing witch-hunt against the world’s leading experts on infectious diseases. We stand ready to work with scientists in defending a scientific approach to the pandemic, which is critical to saving lives. Working people, who are the target of the ruling class’s herd immunity policies, must come to the defense of scientists who have sought to arm society with the knowledge necessary to stop the pandemic!WSWScientists take a stand against “Wuhan lab” witch-hunt, by Andre Damon

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The Antiscience Movement Is Escalating, Going Global and Killing Thousands

5 days ago

Rejection of mainstream science and medicine has become a key feature of the political right in the U.S. and increasingly around the worldAntiscience is the rejection of mainstream scientific views and methods or their replacement with unproven or deliberately misleading theories, often for nefarious and political gains. It targets prominent scientists and attempts to discredit them. The destructive potential of antiscience was fully realized in the U.S.S.R. under Joseph Stalin. Millions of Russian peasants died from starvation and famine during the 1930s and 1940s because Stalin embraced the pseudoscientific views of Trofim Lysenko that promoted catastrophic wheat and other harvest failures. Soviet scientists who did not share Lysenko’s “vernalization” theories lost their positions or,

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Sputnik — Russia Prepares to Transfer All Currency Liquidity From Dollar to Euro

5 days ago

De-dollarization continues owing to politicization of the USD by the US government as a foreign policy tool. US economic warfare is also driving a closer Sino-Russian alliance, including military and technology sharing, as well as renewing the arms race. Cold War 2.0 is on, and the parties are setting up for it to last.Sputnik International (Russian state-sponsored media)Russia Prepares to Transfer All Currency Liquidity From Dollar to EuroTransition From Dollar in Int’l Settlements Happens Naturally, Russian Finance Ministry SaysHead of Russia’s Roscosmos Believes US Could Introduce New Sanctions Later in 2021TASS (Russian state media)Russia is preparing for possible disconnection from payment systems — Foreign MinistrySanctions against Russia will remain forever — diplomaRussia ready

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Internationalist 360º — New Report by Corporate-Funded Think-Tank Reveals How Profit-Driven Motives Drive New Cold War against China

5 days ago

Neoliberalism: corporate profit as public purpose.The United States might learn from China’s success in investing in high-speed rail and try and emulate it; however, according to the ITIF, China’s high-speed rail policies damage “innovation” by privileging domestic market development and state-owned enterprises over the interests of private, foreign firms primarily residing in the West. China is accused of employing a form of “mercantilism” to manipulate the global market at the expense of the superior capabilities of Western, Japanese, and American investors.The term “mercantilism” has been used by big business interests in the U.S. and West to portray China’s policy of indigenous development as a high crime against the free market. In fact, the ITIF has been sounding the alarm about

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