Mike Norman Economics

Float it already! No float, no currency sovereignty. East Asia ForumChina must release the renminbiYu Yongding is a Senior Fellow at the Chinese Academy of Social Sciences and former member of the monetary policy committee of the People’s Bank of China. This article is abridged from Yu Yonding, ‘The reform of China’s exchange rate regime’ in Ligang Song and Ross Garnaut (eds.), Forty Years of Chinese Reform, China Update, ANU Press, 2018.

I am back in Australia now and I don’t have to stand on my head to write (a reference to the hassles of trying to maintain some order while travelling to different destinations on an almost daily basis). Last week, the IMF released its so-called – Fiscal Monitor October 2018 – and the mainstream financial press had a ‘picnic’ claiming all sorts of disaster scenarios would follow from the sort of financial situations revealed in the publication. At the time of the publication I was in London...

Christopher Columbus was worst than Pol Pot by a long shot. He even sold under aged girls into the international child slave sex trade. Rape, pillage, and torture, yet Christopher Columbus considered himself to be a Christian. [embedded content] In this video below, George Monbiot describes the crimes of Christopher Columbus and also of the the European empires. [embedded content] The true legacy of Christopher Columbus: 'Western Civilisation' | George Monbiot

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...