Mike Norman Economics

The role of prices and inflation in neo-classical ("mainstream") economic theory is awkward for us non-mainstream inclined. The price level is simultaneously of critical important for explaining activity as well as being an outcome of other parts of the economy. This makes the subject of inflation extremely awkward for my planned book on business cycles -- as I am pushing the subject of inflation to a later book. Instead, I only aim to have a short chapter explaining the absence of...

Most theories of the firm within economics pick up the narrative with the existence of the corporation as a given. They then bend over backwards to retro-fit this highly centralized pseudo economy into the larger free market narrative preferred in all major textbooks. In so doing they blithely ignore Alfred Chandler’s famous explanation for the rise of modern business organization, which he argued became possible “only when the hand of management proved be more efficient than the invisible...

The real Jamal Khashoggi did not at all resemble the person he was represented in the US media as having been. Consortium NewsThe Strange Disappearance of Jamal Khashoggi As’ad AbuKhalil | Lebanese-American professor of political science at California State University, Stanislaus Pepe Escobar at FB: EXCLUSIVE: BUTCHER/KILLER/REFORMER MBS AND HIS PAL JAREDOne of my top House of Saud-related sources confirmed it - once again: Khashoggi was CIA - and no wonder the CIA WaPo is up in arms....

He's a religious faith that no one is allowed to question without forfeiting membership in Western civilization.  Churchill didn't care about British lives, or anyone's lives for that matter, all be cared about was the British Empire which had produced the magnificent wealth of the British aristocracy.  Unfortunately there was a lot in Churchill’s life that was not particularly heroic—it’s striking that our current conservative establishment is willing to “contextualize” away...

Not only does the U.S. fix other countries elections but they rig their own. Hilary Clinton said something about the US being a great democracy.  Today, The Palast Investigative Fund, is releasing the names of the 90,000 residents of Las Vegas and Reno (Clark and Washoe counties) purged from the voter rolls based on flawed evidence that indicates they have moved. Rather than face me in federal court, Nevada’s Republican Secretary of State, Barbara K. Cegavske, on Thursday turned over the...

On the whole the native Americans were a peaceful people. Steve Pinker got it wrong when he said that pre states societies were more far more violent than our own.This is a sad quote, and I'm sure you've all read it before. In two momentous early encounters, Native Americans greeted Europeans with kindness and generosity. Here is how Christopher Columbus described the Arawak, tribal people living in the Bahamas when he landed there in 1492: "They...brought us parrots and balls of cotton and...

The gents have been caught with their pants down again.Five years after we first reported on the "Goldman whistleblower" at the NY Fed, Carmen Segarra, the former bank examiner is out with a new book based on more than 46 hours of secret recordings.  "Noncompliant: A Lone Whistleblower Exposes the Giants of Wall Street" is a 340-page exposé which vastly expands on the breadcrumbs Segarra has been dropping since word of her recordings first came to light, according to the New York...

One of the loudest voices screaming "Russia is meddling in our democracy!" has been Rep. Marcy Kaptur (D-OH). Last year she signed a letter to the Speaker of the House demanding that Homeland Security and the FBI brief Congress on "the Russian attack on 21 states' voting systems" (a charge since disproven). The letter complained that "when a sovereign nation attempts to meddle in our elections, it is an attack on our country."This week Rep. Kaptur (and 22 Democrat colleagues) sent a...

[embedded content] Stephanie Kelton explains Modern Monetary Theory and how it works.

[embedded content] At the demise of empire, City of London financial interests created a web of offshore secrecy jurisdictions that captured wealth from across the globe and hid it behind obscure financial structures in a web of offshore islands. Today, up to half of global offshore wealth may be hidden in British offshore jurisdictions and Britain and its offshore jurisdictions are the largest global players in the world of international finance. How did this come about, and what impact...