Sunday , April 5 2020
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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

Savages in the box!

24 hours ago

Starting to miss baseball a bit…Great highlight from last season where Aaron Boone speaks truth to incompetent power…We need a lot more of this type of thing out there in general… A LOT more…Epic rant from Boone… Great video…[embedded content]

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The thinking error at the root of science denial, by Jeremy P. Shapiro

1 day ago

How the denier mind works.I’ve been debating with deniers for weeks on Twitter and it can be soul destroying, but I’m sure some are sockpuppets, that is, they are professional, paid deniers.It got interesting the other day when we got onto politics where I agreed with deniers about Hillary Clinton, but after that the liberals went mad at me. It was strange because now the conservatives were on my side about Putin, Hillary, and Russia, although it didn’t last long.The liberals also started to attack China and as I don’t like the demonisation of China I defended them, but after that, both the conservatives and the liberals were at my throat. It’s a strange world because one conservative supported me about China. He was very anti-war and quite thoughtful.The liberals were hot-blooded and

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What if I can’t pay my mortgage? Steve Keen on the Coronavirus & Economic Crisis with Aaron Wissner

1 day ago

There’s a whole load of people on twitter, including some economists, who think we are going over the top about Covid-19. They even post articles by some top virologists who say it’s no worst than common flu.They are concerned about the effect the Lockdown will have on the economy, but I think Steve Keen is right: total isolation and the National Guard or the Post Office delivering food to people’s houses, and with testing kits, it should all be over in 8 weeks causing minimum harm to the economy.
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What if I can’t pay my mortgage? How can I pay my rent?  Will I get fired?  Can I file for unemployment?  What bills should I pay?  What bills should I delay?  
The world’s top economist, Dr Steve Keen, sits down with Aaron Wissner of Local Future to discuss what people

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Every Day 10,000 People Die Due To Air Pollution From Fossil Fuels, Roger Pielke

1 day ago

Roger Pielke has been the darling of the deniers as he thinks climate change won’t be that bad. The deniers often post his articles, but when I tweet this one they moan saying what has this to do with climate change?’Air pollution policies have in the past largely focused on making fossil fuel burning cleaner, but it may be time to include a focus on more rapidly phasing-out of fossil fuels.
Every Day 10,000 People Die Due To Air Pollution From Fossil Fuels, Roger Pielke The scientists at Watts Up With That

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Air Pollution Harms Every Part of Your Body, Research Shows

2 days ago

Nearly 8.8 million people die prematurely each year due to air pollution.

I was out cycling last week and it was sunny and I noticed how fresh the air was. I put it down to Spring but when I got home they said on the news the air was fresh because of the Lockdown.I worked on diesel vehicles for years and one day a colleague said he had seen a secret government report saying that diesal fumes were one of the most cancerous substances around. It turned out to be true. The researchers argue that the ultrafine particles that make up air pollution are absorbed by the bloodstream and travel throughout the body, potentially harming every cell in the body. Additionally, the presence of these particles in different organs could cause dangerous levels of inflammation as the body’s immune system

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US snatches masks from Germany in act of ‘modern piracy’ – Berlin senator

2 days ago

A delivery of 200,000 masks left a 3M factory in China this week and arrived in Bangkok, Thailand, from where they were supposed to be sent to the German capital. The masks never got to Berlin, and police in the city told Der Tagesspiegel that the shipment was instead bound for the US. Berlin’s Senator for the Interior Andreas Geisel confirmed on Friday that the masks had been “confiscated.”

“We consider this an act of modern piracy. This is not how you deal with transatlantic partners,” Geisel said.

US snatches masks from Germany in act of ‘modern piracy’ – Berlin senator

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Tom Mills Tweet

2 days ago

In light of all the deniers on twitter who are having a field day making light of COVID-19, I thought this was spot on.
Seeing reports from the BBC that everyone dies eventually. Huge if true.

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Walk the World – The Merits of MMT + MMT Is Now Official Policy!

2 days ago

I discuss MMT (Modern Monetary Theory) with Steven Hail from the University of Adelaide, who makes the case for a different way to think about public debt, and the potential benefits of running a (controlled) deficit. 

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A point by point critique of MMT which I found interesting.
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Links — 3 April 2020

2 days ago

Reminiscence of the Future
Trump’s World.Andrei Martyanov

Foreign AffairsMark Blyth: The U.S. Economy Is Uniquely Vulnerable to the Coronavirus

Intel TodayCIA Order of Succession 2019 — When Haspel Ripped a Page from Hoover BookLudwig De Braeckeleer

Moon of AlabamaThe Science Says #MaskUp – A Look At Two New Virus Studies

People’s DispatchOne year after launch, EU countries and Iran close first deal under INSTEX payment mechanism

The Grayzone
Ex UN anti-narcotics chief & mob expert says US Treasury running ‘mafia racket’ against VenezuelaAnya Parampil

Zero HedgePutin Responds To Trump Oil Gambit: 10MM Production Cut "Possible" But US Needs To JoinTyler Durden

MarketplaceHow a debt jubilee could help the U.S. avert economic depression

Michael Hudson | President of The Institute

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Moonetary Policy gone berserk!

2 days ago

Righteous rant from Mike here:[embedded content]
Here are the hockey stick graphs Mike produced from his data:

I’ll add the one from September 2008 that shows the SAME THING when they caused the GFC back then:
Checkmate… AGAIN…. for like the 1005th time…. except for morons…. just take the L….

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Links — 2 April 2020

2 days ago

ValdaiComing Political and Social Troubles from Coronavirus
Clifford Kupchan

Reminiscence of the FutureOO From OODA In Relation To GIGO.Andrei MartyanovFAIR (information war)
You Don’t Need to Believe China About China’s Coronavirus SuccessJim Naureckas

Fort Russ NewsUN Warns of Global Food Shortage Caused by Coronavirus Measures
Drago Bosnic

Russia ObserverRUSSIAN FEDERATION SITREP 2 APRIL 2020Patrick Armstrong

Caitlin Johnstone — Rogue JournalistSomeone’s Screwing You, And It Ain’t China: Notes From The Edge Of The Narrative MatrCaitlin Johnstone

The Vineyard of the SakerChina rolls out the Health Silk RoadPepe Escobar

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We Need Class, Race, and Gender Sensitive Policies to Fight the COVID-19 Crisis— Disproving the belief that the pandemic affects us all equally, data collected by New York City Department of Health and Mental Hygiene and a piece published today in the New York Times shows that the novel coronavirus is “hitting low-income neighborhoods the hardest.”[1] In a forthcoming policy brief, we share evidence that this pattern would be the case and provide a solid explanation as to why (Nassif-Pires et al., forthcoming). Moreover, as we argue, the death tolls are also likely to be higher among poor neighborhoods and majority-minority communities. This inequality in health costs is in addition to an unequal distribution of economic costs. In short, poor and minority individuals are disproportionately feeling the impacts of this crisis. A concise version of our evidence is presented here.Luiza Nassif-Pires, Laura de Lima Xavier, Thomas Masterson, Michalis Nikiforos, and Fernando Rios-Avila

3 days ago

Disproving the belief that the pandemic affects us all equally, data collected by New York City Department of Health and Mental Hygiene and a piece published today in the New York Times shows that the novel coronavirus is “hitting low-income neighborhoods the hardest.”[1] In a forthcoming policy brief, we share evidence that this pattern would be the case and provide a solid explanation as to why (Nassif-Pires et al., forthcoming). Moreover, as we argue, the death tolls are also likely to be higher among poor neighborhoods and majority-minority communities. This inequality in health costs is in addition to an unequal distribution of economic costs. In short, poor and minority individuals are disproportionately feeling the impacts of this crisis. A concise version of our evidence is

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Supply Chains Are Being Hit By Consumption Pattern Changes — Brian Romanchuk

3 days ago

Will Oremus has written an interesting article "What Everyone’s Getting Wrong About the Toilet Paper Shortage." The key takeaway is that it is not all about hoarding or even inventory building, it is also a consumption shift. His source from inside the industry gave a guesstimate that 40% of toilet paper is for commercial buildings. With the shutdown in activity, that commercial usage is moving to houses. The problem is straightforward: commercial toilet paper is a completely different product than residential, with different inputs*, produced at different plants, and use a completely different supply chain.…
Bond Economics
Supply Chains Are Being Hit By Consumption Pattern ChangesBrian Romanchuk

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We Are All MMTers Now — John Furlan

3 days ago

The U.S has potentially entered the Age of Modern Monetary Theory (MMT) with the deficit-busting stimulus bill, which would follow the two previous political/economic paradigm shifts, the Age of FDR/Keynes from 1932 to 1980, and the Age of Reagan/Friedman from 1980 to 2008. It’s just that most Americans haven’t even heard of MMT yet, but that could change very quickly if Sanders starts mentioning it,…

If Sanders does so, he may still have the very belated chance to lead the historic paradigm shift, even if he doesn’t get the nomination, should he choose in the next Democratic debate in April, using the stimulus bill as the consummate opportunity.

To do so, what Sanders must emphasize from this day on should be based on what Kelton wrote in her March 21 New York Times op-ed, which –

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How Can We Cooperate When the Pandemic Is Driving Us Apart? — Jill Suttie interviews Paul Atkins

3 days ago

JS: What are those concepts? What do we need for groups to be more kind, helpful, and cooperative?

PA: There are eight design principles in our book that help groups to act more cooperatively [for the common good].
Greater Good MagazineHow Can We Cooperate When the Pandemic Is Driving Us Apart?
Jill Suttie interviews Paul Atkins, coauthor of the new book Prosocial: Using Evolutionary Science to Build Productive, Equitable, and Collaborative Groups.

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We Must Spend Our Way to Recovery, Says Economist — Angelika Albaladejo

3 days ago

The recently passed $2.1 trillion stimulus proves that Congress has always had the power to fund big spending packages, without worrying about how to offset the costs. That is according to Modern Monetary Theory, an economic school of thought that’s been gaining prominence in recent years, including among rising progressive political stars like Congresswoman Alexandria Ocasio-Cortez.
Stephanie Kelton
Stephanie Kelton, Modern Monetary Theory’s most prominent advocate, spoke to Capital & Main about the federal government’s response to COVID-19 and the oncoming economic recession. Kelton is a professor of economics and public policy at New York’s Stony Brook University. She has served as a chief economist for Democrats on the U.S. Senate Budget Committee and as an advisor to Senator Bernie

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Michael Roberts — blogging from a marxist economist Engels on nature and humanity

3 days ago

Marx tends to get all the credit and garners of the opprobrium, too. But Engles also made significant contributions, both to Marx’s thinking and also in his own right. He did a lot more than pay Marx’s bills so he had freedom to do research and write.

Michael Roberts points out that Marx and Engels also were ecological economists and environmental economists as well as classical economists analyzing economic rent and rent-extraction as the basis of capitalism in a way similar to feudalism but also different from it owing to the difference in conditions of material production.

Worth a read now that alternatives are under discussion and options under consideration.

Michael Roberts Blog — blogging from a marxist economist
Engels on nature and humanity

Michael Roberts

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Inequality, morals & Marxism — Chris Dillow

3 days ago

Previously Marxian Chris Dillow goes full-on Marxist. Time to change the material conditions of production. This is a moral argument in addition to being an economic one.

Capital had its chance twice. The first time it failed was in the global financial crisis, which lead to obscene levels of "inequality" (read funneling ownership and control of real and financial resources to the top). Now, there is systemic failure that threatens civilizational collapse, with the current pandemic only one of the factors involved. Metaphorically, there are four horsemen of the apocalypse.

We need a new approach to power-sharing. TPTB not only aren’t cutting it but are also getting in the way. Time to make room for competence.Stumbling and MumblingInequality, morals & MarxismChris Dillow |

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Bill Mitchell — EMU Member States should ignore Brussels and do whatever it takes

3 days ago

Last Thursday (March 26, 2020), the European Council met to discuss the way in which the European Union would deal with the coronavirus crisis. Not much happened. Well that is not exactly true. A lot happened in the sense that even when faced with the worst health crisis in a century that is already devastating the populations in Italy and Spain and creating economic havoc throughout, the leadership split along familiar lines and failed to come up with any solution. There was a lot of talk about solidarity and all the buzz words that the European leadership frequently outputs in their wordy statements. But very little action and lots of acrimony, division and back to form behaviour. My view is that the Member States should now just do whatever they consider it takes to bolster their

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Michael Greger – Benefits of Flax Seeds for Inflammation

3 days ago

I thought this was excellent. Dr Michael Greger is a vegan and has no ties to any companies. Here he talks about the benefits of flax seeds.Apparently, one tablespoon of flax seed a day is all that is needed, but you should grind it or buy it split as it will just pass through the body otherwise. It seems to have powerful anti-inflammatory effects, and it can lower blood pressure as well as drugs do but without side effects.
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Should we be concerned about the cyanide in flax seed?
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Tom O’Connor – U.S. HAS SPENT SIX TRILLION DOLLARS ON WARS THAT KILLED HALF A MILLION PEOPLE SINCE 9/11, REPORT SAYS

3 days ago

The United States has spent nearly $6 trillion on wars that directly contributed to the deaths of around 500,000 peoplesince the 9/11 attacks of 2001.

"In sum, high costs in war and war-related spending pose a national security concern because they are unsustainable," the report concluded. "The public would be better served by increased transparency and by the development of a comprehensive strategy to end the wars and deal with other urgent national security priorities."

Newsweek
Tom O’Connor – U.S. HAS SPENT SIX TRILLION DOLLARS ON WARS THAT KILLED HALF A MILLION PEOPLE SINCE 9/11, REPORT SAYS

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Links — 1 April 2020

3 days ago

Reminiscence of the FutureNoblesse Oblige.
Andrei MartyanovThe Unz ReviewTrump Asks Putin for Help in Oil War
Mike WhitneyZero Hedge$81 Billion In Rent Is Due Today And No One Knows What Will HappenTyler DurdenZero HedgeHow Americans Are Responding To The Coronacrisis: A Gallup PollTyler DurdenZero Hedge (Russia isn’t saying, ZH speculates)Why Did Russia Just Halt Domestic Gold Purchases?Tyler Durden

Zero Hedge (uncertainty, no data or unreliable data)UBS: Does Anyone Know What Is Happening?Tyler Durden

Zero Hedge (real resource non-availability)Supplies Are Starting To Get Really Tight Nationwide As Food Distribution Systems Break DownTyler Durden

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War Footing…

4 days ago

US at hair trigger weapons free status.. and the whole country is in a very bad mood…“We’re at war with COVID-19, we’re at war with terrorists, and we are at war with the drug cartels . . . We’re the United States military and we will defend our country." —General Mark Milley, Chairman of the Joint Chiefs pic.twitter.com/hHDPBcgf6b— The White House (@WhiteHouse) April 1, 2020

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Sneak attack…

4 days ago

Here we go…..  this would be one way to get rid of a bunch of petroleum production….Upon information and belief, Iran or its proxies are planning a sneak attack on U.S. troops and/or assets in Iraq. If this happens, Iran will pay a very heavy price, indeed!— Donald J. Trump (@realDonaldTrump) April 1, 2020

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Economics After The Pandemic (Part I): Fighting The Last War — Brian Romanchuk

4 days ago

My plan was to write a MMT primer in between the publication of Volume I and Volume II of my text on recessions. The manuscript for Recessions: Volume I is still being edited, and I hope to do its final formatting (which will take away from writing time). I am considering pivoting the MMT primer to be a discussion of how MMT fits in with the challenges of the post-pandemic world….
To my way of thinking, the post-pandemic economy and its economics will be determined by the degree to which neoliberalism and neoliberal globalization survive. The good news is that the foundation is crumbling and there are alternatives on the table as options to select from.The bad news is that neoliberalism is entrenched with TPTB, so it won’t go quietly. All the pins are in place to further extend the

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Fed announces temporary change to its supplementary leverage ratio rule

4 days ago

Looks like it might be the game-changer we’ve (MNE) been looking for the last few years…  will have to look at it some more… looks good on surface…Prior to this the Fed was quickly bankrupting the Depositories in a similar way they caused the GFC back in September 2008… they have been adding 100s of $B of non-risk assets for the last few months and even have accelerated the rate over the last two weeks…It may have been so bad that the banks would not have even been able to originate the new SBA loans this week… they simply have had too many non-risk assets put on them by the Fed…We may have at least dodged this bullet of incompetence… now we just have to deal with the REAL Wuhan Virus…Need to see this new policy in a bit more detail but I’m optimistic at first look….

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DJ Sprite – Be Mine GF

4 days ago

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I came across this in an instruction video yesterday showing you how to put solid tyres on your bike. I thought I would never be able to find out who made it but Shazam bought it up. It’s rather nice!

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