Tuesday , November 19 2019
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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

Scott Fullwiler — Quick(?) MMT 101 lesson

1 day ago

From Twitter via AppThreadReader
https://threadreaderapp.com/thread/1133586537512341504.html

Note: material in brackets is added to the original by Tom Hickey for clarification.

Scott Fullwiler @stf18
1. Quick(?) MMT 101 lesson:From the very beginning in the 1990s, MMT has NEVER argued that ‘printing money’ was necessary. Anyone saying MMT = "print money," even if they (correctly) incorporate an inflation constraint, is getting MMT dead wrong.2. The argument from the earliest days–@wbmosler ‘s "Soft Currency Economics," Wray’s "Understanding Modern Money," or @StephanieKelton ‘s "Can Taxes & Bonds Finance Govt Spending?"–the MMT argument is that ALL govt deficits are ‘printing money’ ALREADY (!).[A currency issuer issues currency using its central bank as the government’s fiscal

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Will Hutton – How could it be that the Tories have turned their back on the best of British industry?

2 days ago

If Jeremy Corbyn’s party were not so averse to capitalism, this would be a great opportunity for Labour

40 leading economists recently put out a letter backing Labour. David Graeber says the best economists now advise Labour – which I doubt will get out wrong about markets.Will Hutton says Labour is far too adverse to capitalism, and I have tended to distrust it too, but it has to be enbraced because it is effective and is about freedom. Will Huton is right about the mixed economy – we can have the best of both.
Given that capitalism’s universal supremacy is justified because it works, how can it be shaped better to deliver the common good? Part of the answer lies in better and more public goods, tougher progressive taxation to address inequality and stronger social provision, all of

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Gary Younge – The Tories can’t win without the press. This isn’t how democracy works

2 days ago

The power of the rightwing press has corroded public debate. But we can do more than just complain about it
Corbyn has been misrepresented, as well as being falsely accused of being antisemitic. The vile media campaign against Corbyn has been disgraceful – all dirty tricks and outright lies – and so now Johnson leads in the polls, who doesn’t have the British people’s interest at heart, only that of the elite.Our media is not for for purpose.
In February 2016, a few months before the referendum, Donald Tusk published the European Council’s draft plans for renegotiating Britain’s relationship with the EU. David Cameron was prepared for the possibility that Tusk’s response would be less than he hoped for – it was a negotiation, after all. But what really shocked the then prime minister

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Rick Sanchez – Hillary Clinton wants ‘death sentence’ for Tulsi Gabbard

2 days ago

Retired Army officer and West Point instructor Maj. Danny Sjursen joins Rick Sanchez to discuss his experiences in war and how they turned him into a vocal critic of endless war, which he calls a "Constitutional crisis." We also weighs in on the "neo-McCarthyism" that has defamed presidential candidate Rep. Tulsi Gabbard (D-Hawaii).

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Winston Mok – China’s economic miracle has a secret ingredient hiding in plain sight: unbalanced growth

2 days ago

Winston Mok describes why the US can’t catch up. 
Like the US, China’s economic dynamism rests on the imbalance between the runaway successes of its coastal provinces and the laggards along its northern rust belt. The crucial difference? Beijing redistributes the fruits of economic successSCMPWinston Mok – China’s economic miracle has a secret ingredient hiding in plain sight: unbalanced growth

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Links — 16 Nov 2019 — Part 1

2 days ago

RealClearInvestigationsThe Brennan Dossier: All About a Prime Mover of Russiagate
Aaron MatéMcKinseyThe Asian Century has arrived

Oliver Tonby, senior partner in McKinsey’s Singapore office, interviews Parag Khanna, founder and managing partner of FutureMap and author of the recent book The Future Is Asian, and James Crabtree, associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, as well as a senior fellow at the school’s Centre on Asia and Globalisation and author of the 2018 bestseller The Billionaire Raj

Leap BlogEconomic Policy, by Vijay Kelkar and Ajay Shah

Craig Murray Blog“The Palace… Threatened Us a Million Different Ways”.Craig Murray, formerly British ambassador to Uzbekistan and Rector of the University of Dundee

Sputnik

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Chemical Weapons Watchdog Accused of Evidence-Tampering by Its Own Inspectors by JONATHAN STEELE

2 days ago

It was fixed.

Were the strikes justified? An inspector from the eight-member team sent to Douma has just come forward with disturbing allegations about the international watchdog, the Organisation for the Prohibition of Chemical Weapons, which was tasked with obtaining and examining evidence.

Involved in collecting samples as well as drafting the OPCW’s interim report, he claims his evidence was suppressed and a new report was written by senior managers with assertions that contradicted his findings.

Counterpunch 

Chemical Weapons Watchdog Accused of Evidence-Tampering by Its Own Inspectors by JONATHAN STEELE

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JA Smith – How to Survive the Death of Neoliberalism

3 days ago

JA Smith, author of Other People’s Politics, argues that the death of neoliberalism is already underway, and suggests that the social-democratic turn is the best way forward for the working class and for oppressed people everywhere.

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Links — 15 Nov 2019 — Part 2

3 days ago

Moon of AlabamaAuthor Of "Keep The Oil" Mission Already Distances Himself From Its Foreseeable Failure

Internationalist 360ºCELAG: OAS Presents No Evidence of Electoral Fraud in BoliviaBolivian Army Massacres Peaceful Protesters in Cochabamba

Common Dreams

Massive Anti-Coup Protests Explode Across Bolivia ‘Against the Many Violations to Democracy’
Eoin Higgins

Caitlin Johnstone — Rogue JournalistBolivia’s New Puppet Regime Wastes No Time Aligning With US Foreign PolicyCaitlin JohnstoneThe International ForecasterYour Guide to the Protests Flaring Up Around the GlobeJames Corbett

Zero HedgeKissinger: Coming Conflict Between US And China "Will Be Worse Than World Wars"
Tyler Durden

James Howard KunstlerThe Deep State’s Deep State Department

Reminiscence of the FutureThat Is What

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Capitalism(s), Alone — Branko Milanović

3 days ago

One economic system dominates the world. But there’s more than one kind of capitalism.

Excerpt from Branko Milanović forthcoming book.

EvonomicsCapitalism(s), Alone

Branko 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 Peace

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YouTube To Delete All Accounts That Aren’t “Commercially Viable” Starting Dec. 10th — Ethan Huff

3 days ago

What this means is that YouTube content creators who’ve built their entire livelihoods around the platform are going to need a backup option in the event that they end up being terminated. One such option is Brighteon.com, which you can sign up for here. [free]

It also means that YouTube has created for itself yet another legal loophole to continue targeting channels that disseminate politically incorrect content, which YouTube has been trying to silence from its platform for at least the past several years….

ALL YOUTUBE HAS TO DO NOW TO SILENCE FREE SPEECH IS DEMONETIZE CHANNELS IT DOESN’T LIKE AND FORCE THEM INTO COMMERCIAL NON-VIABILITY

It doesn’t take a rocket scientist to figure out what YouTube is planning to do once this policy change comes into full effect.
Zero HedgeYouTube

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Pew Research Center — Americans and Privacy: Concerned, Confused and Feeling Lack of Control Over Their Personal Information

3 days ago

Majorities think their personal data is less secure now, that data collection poses more risks than benefits, and believe it is not possible to go through daily life without being tracked.
Maybe the prevalent business model on the Internet is about to change? Into what though?Pew Research CenterAmericans and Privacy: Concerned, Confused and Feeling Lack of Control Over Their Personal Information

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Links — 15 Nov 2019 — Part 1

3 days ago

Strategic Culture Foundation

Bolivia: More Lessons From a Noble Experiment Gone Awry
Stephen Karganovic | President of the Srebrenica Historical ProjectSputnik InternationalMorales Calls on UN to Mediate Bolivian Crisis, Brands US as ‘Great Conspirator’ Behind the Coup

Strategic Culture FoundationWestern Media Whitewash US-Backed Coup in Bolivia
EditorialThe Greanville PostA Gangster for Capitalism: Next Up, Bolivia

Kathleen Wallace
The Vineyard of the SakerMilitarization of South America, Coup in Bolivia and Argentina’s rapprochement with the Eurasian powers
Fabio Reis Vianna
Fort Russ
The US Is Preparing Another Color Revolution In Georgia For Next Year
Andrew Korybko

Zero HedgeBridgewater’s Ray Dalio Warns Of US-China Capital War
Tyler Durden

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Southfront — Russia Clarified Its Position Towards Crisis In Bolivia

3 days ago

This week Russian Deputy Foreign Minister Sergei Ryabkov said that Russia recognizes the acting president of Bolivia, Senator Janine Agnes as head of state, but only until an election is organized. This decision was made due to the fact that it was she who was to take the place of the interim head of the republic in accordance with the law after the resignation of the leadership. At the same time, the events preceding the change of power in the country, the Russian side regards as a coup.

During the November 14 press birefing, a spokesperson for Russia’s Foreign Ministry Maria Zakharova further clarified the position of Russia towards the crisis (source):
Russia may be taking a cautious approach in that it is building a nuclear power station in Bolivia and doesn’t want to sour the

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The Foreign Policy Establishment Is Hijacking Impeachment — Jeet Heer

3 days ago

Trump should be impeached for using his office for corrupt purposes. Not for challenging the national security consensus.
In the US, the president sets foreign policy, not the Blob or the Borg (Deep State).The NationThe Foreign Policy Establishment Is Hijacking Impeachment
Jeet HeerSee alsoJohn Solomon ReportsThe 15 essential questions for Marie Yovanovitch, America’s former ambassador to Ukraine
John Roberts

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Behind the Racist Coup in Bolivia— Danny Shaw

3 days ago

Backgrounder.Council on Hemispheric AffairsBehind the Racist Coup in Bolivia
Danny Shaw, lecturer of Latin American and Caribbean Studies and Race, Ethnicity, Class and Gender courses at the City University of New YorkSee alsoMore background.TricontinentalBolivia Does Not Exist
Vijay Prashad, historianSee also

CounterpunchBolivia and the Loud Silence

Clark T. Scott

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Meet Ukraine: America’s Newest “Strategic Ally” — Melvin A. Goodman

3 days ago

When the dust settles in a month or two, the House of Representatives will have impeached President Donald Trump with a one-sided partisan vote and then the Senate will have exonerated Donald Trump with a similarly one-sided partisan vote. But at the end of the day, the United States will have acquired a new strategic ally in Central Europe: Ukraine. The very first day of the impeachment hearings in November has been responsible for an important national security decision that had no input from Trump’s national security team or from the congressional foreign policy committees. The implications of this decision are onerous.

The key statements on the first day of the impeachment hearing concluded that Ukraine was an “important” or “strategic” partner of the United States. Chairman Adam

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The 2019 UN Vote Against the US Blockade of Cuba — Ike Nahem

3 days ago

On November 7, 2019, for the 28th year in a row, the entire United Nations General Assembly, gathered in one room, voted overwhelmingly against “the Economic, Commercial, and Financial Embargo Imposed on Cuba by the United States.” The final tally was 187 in favor, 3 opposed (Brazil, Israel, US), 2 abstentions (Colombia, Ukraine), 1 not voting (Moldova)….
Dissident VoiceThe 2019 UN Vote Against the US Blockade of Cuba
Ike Nahem

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Book Review: Branko Milanovic, Capitalism, Alone: The Future of the System that Rules the World — Duncan Green

3 days ago

Did it live up to expectations? Yes and no. The starting point of the book is the ‘global victory of capitalism’ – ‘the entire globe now operates according to the same economic principles – production organized for profit using legally free wage labour and mostly privately owned capital, with decentralized coordination.’No credible alternatives currently exist out there in the real world. So far, so Fukuyama. But then he goes on to explore two broad branches of contemporary capitalism and the strengths and vulnerabilities of each. The two are ‘Liberal Capitalism’, epitomised by the USA, and ‘Political Capitalism’, aka China….
Oxfam Blogs — From Poverty to PowerBook Review: Branko Milanovic, Capitalism, Alone: The Future of the System that Rules the WorldDuncan Green, strategic adviser

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Economic warfare: Insights from Mançur Olson — Mark Harrison

3 days ago

Economic warfare was widely used in WWII. When one country blockaded another’s supply of essential goods or bombed the industries producing them, why did the adversary’s economy fail to collapse? This column, part of the Vox debate on the economics of WWII, reviews Mançur Olson’s insights, which arose from the elementary economic concept of substitution. He concluded that there are no essential goods; there are only essential uses, which can generally be supplied in many ways.
Also a reason that economic sanctions are not working as expected?
VOX.EUEconomic warfare: Insights from Mançur OlsonMark Harrison is Professor of Economics at the University of Warwick and a Research Fellow of Warwick’s Centre on Competitive Advantage in the Global Economy and the Centre for Russian and East

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Wikipedia’s Jimmy Wales has quietly launched a Facebook rival social network — Tap Team

3 days ago

Wikipedia co-founder Jimmy Wales has quietly rolled out a new social network that is intended to get right what Facebook and Twitter have so far been getting wrong.The new social network, WT:Social, which Wales announced had 25,000 members on November 6, now has about 78,000 members who are at least intrigued by the idea of a social network that combats fake news….
Check it out here. WT:Social.TechaPeekWikipedia’s Jimmy Wales has quietly launched a Facebook rival social networkTap Team

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Going Underground Tweet – UK Broadband

3 days ago

‘Private good, public bad’Proportion of properties connected to full fibre broadband:🇰🇷98%🇯🇵97%🇬🇧10%
South Korea has a state-owned broadband service. 
Doesn’t this illustrate the failure of the neoliberal market model to deliver public goods?

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Against Economics, by David Graeber

4 days ago

An excellent article, one of the best critiques of neoclassical economics I’ve read for a while.David Graeber says how finance crashed the economy, while at the same time Britain had one of the finest education systems in the world. So what did the government do, rather than reform finance along the lines of Britain’s university system, it financialised the education system instead?
Before long, the Bank of England (the British equivalent of the Federal Reserve, whose economists are most free to speak their minds since they are not formally part of the government) rolled out an elaborate official report called “Money Creation in the Modern Economy,” replete with videos and animations, making the same point: existing economics textbooks, and particularly the reigning monetarist orthodoxy,

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How Thatcher killed the UK’s superfast broadband before it even existed, by Jay McGregor

4 days ago

In 1990, a single decision by then-Prime Minister Margaret Thatcher had a devastating effect on the UK’s broadband infrastructure for the next 20 years and for the foreseeable future.

In a little known story about the UK’s broadband history, Dr Peter Cochrane, former Chief Technology Officer at BT and all round tech guru, tells TechRadar how the UK lost the broadband race way back in the 90s.

TechRader

How Thatcher killed the UK’s superfast broadband before it even existed, By Jay McGregor

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Labour looks at nationalising BT following proposal from Corbyn ally

4 days ago

On the table: Free super fast broadband for everyone in Britain if Labour gets in.The office of Labour leader Jeremy Corbyn is considering policy proposals detailing the nationalisation of BT (BT-A.L) drawn up by the Communication Workers’ Union (CWU), multiple sources have to 26ld Yahoo Finance UK.
Labour looks at nationalising BT following proposal from Corbyn

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Eric Ng – Why are investors offloading Hua Medicine stock which is close to launching a novel diabetes drug?

4 days ago

Since dorzagliatin is supposed to “repair” patients’ damaged insulin regulating function, it can potentially be a “cure” for some patients, who will not need the drug after certain period of intake. Existing drugs only lower3 blood sugar when the need arises.
SCMP
Eric Ng – Why are investors offloading Hua Medicine stock which is close to launching a novel diabetes drug?

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WHY SOME SCIENTISTS BELIEVE THE UNIVERSE IS CONSCIOUS

4 days ago

They’re not mystics. But materialism is not giving good answers so they are looking aroundMaybe the Buddhists were right after all, the world is an Illusion and there is an universal consciousness.Some prominent physicists and neuroscientists who cannot accept the idea of a separate immaterial reality (dualism) turn to the simplest alternative, that the whole universe participates in consciousness (panpsychism). Perry notes that this general approach is a staple of Hindu and Buddhist thought but a number of scientists whom one might expect to be materialists also favor it in various ways. Physicist Gregory Matloff even thinks that panpsychism might explain dark matter, the 95% of matter in our universe that must exist, on account of gravitational forces, but is otherwise unknown to us:WHY

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