Mike Norman Economics

The situation is more complicated than this but Alastair Crooke brings out some key factors. There were actually two big mistakes that he mentions. First is the mistake of overestimating finance and underestimating productive capacity. Andrei Martyanov had been writing about this for some years.The second, which is related to the first, is the abject failure of intelligence to properly access the strength of the Russian economy. This is seldom mentioned but it is a huge factor. Alastair...

The title should be, Why sanctions are backfiring. The hypotheticals are present realities.Interestingly, many have observed that when sanctions were used, war not long behind but they also perfunctorily say that this situation is likely different. Really? War is already raging and escalating along with increased sanctions that are having no noticeable effect on Russia' behavior.This is a policy mistake that is turning into a strategic blunder of major proportions. Iraq was a strategic...

The article is really about the economic "war" underway in the US between rural and urban areas rather than mostly political differences. So was the Civil War, which was about the abolition slavery, a political matter, but emancipation resulted in huge loss of capital. The Civil War was also about the urban-rurual divide, with the urban North dominated by factories and the rural South dominated by agriculture, chiefly cotton production.According to Bouie, slavery’s abolition was an...

"A consistent reduction of economic risks created by the use of foreign currencies and payment systems for mutual trade is seen as an urgent task. We believe that connecting partners to the Bank of Russia's financial messaging system and developing inter-system cooperation between national payment systems is an indispensable condition for stable settlements within the Union," he said in an address to heads of EAEU members on the occasion of Russia’s chairmanship in the integration in 2023,...

As President Joe Biden prepares to face off with House Republicans over the U.S. government’s debt ceiling, a majority of voters would rather have a government shutdown than to have Congress sign off on more spending.A new Rasmussen Reports national telephone and online survey finds that 56% of Likely U.S. Voters would rather have a partial government shutdown until Congress can agree to either cut spending or keep it the same. Just 34% would rather avoid a partial shutdown by authorizing...

The Federal Reserve Bank of St. Louis published a jaw-droppingly misleading graph that portrays China as spending more on its military than the US. In reality, the Pentagon’s budget is roughly three times larger....When the St. Louis Fed published the deceptive graph on Twitter, it went viral, garnering hundreds of negative responses.Michael P. McDonald, a professor of political science at the University of Florida, quipped, “If they’re willing to put this out, just imagine the internal...

 In collaboration with Godfree Roberts and his excellent Here Comes China weekly newsletter.  This selection is but a fraction of what is a rich, complete and interesting newsletter.Mostly finance and economics.Global SouthHere comes Chinaamarynth

Look how these Art degree morons describe the result of this rocket test by Musk… “humiliating explanation!”…SpaceX Falcon Heavy landing explosion forces Elon Musk into humiliating explanationhttps://t.co/PSYWlohkHI pic.twitter.com/nQsiq2mQZe— Daily Express (@Daily_Express) June 27, 2019 Here’s musk: "The South African entrepreneur posted: “High entry force & heat breached engine bay & centre engine TVC failed.”  No biggie… make some adjustments…That was a few years ago now...

Second greatest scene in motion picture history… up at 4am to train and fails:[embedded content]We need to default…Yet here he is a month later:[embedded content]We need to default you pussies…

Its been around 9 months since the central banks of the world (bar Japan) started to push up interest rates. And still there are no firms signs that a recession is impending. There are some signs of a growth slowdown but that is not uniform across the globe. The US seems to be continuing to grow. While that suggests that monetary policy is less effective than the mainstream economists claim – which is no surprise to non-mainstream economists who have long understood that fiscal policy is the...