Mike Norman Economics

[embedded content] When it comes to the division of wealth, many Americans believe that the country is split between the 1%, which possesses a significant share of the country’s money, and the 99%, or “the people.” In reality, The Atlantic writer Matthew Stewart argues, 9.9% of the population comprises America’s new aristocracy, which often “takes wealth out of productive activities and invests it in walls.” But this group of people is rich in more than mere money, and its constancy poses...

The article had a picture of the latest progressive political star – Alexandria Ocasio-Cortez with the caption that she: ... backs the view that restraints on a government’s spending are primarily set by the amount it can borrow without fuelling inflation. Progressive types then thought it was useful to retweet this incessantly for a few days.My response – I certainly hope that Alexandria Ocasio-Cortez does not back that construction of the limits on spending for a currency-issuing...

Must-read. Michael Hudson gives the background on Argentina's fall in terms of neoliberal capitalism. Michael Hudson: What really is at issue is whether all debts should be paid, or not? I think that there should be an international rule that no country should be obliged to pay its debts to the wealthy One Percent, especially to a creditor class that prefers to hold its domestic wealth offshore in foreign currencies. No country should be obliged to pay its bondholders if the price of...

The relentless flattening of the Treasury yield curve has been a topic of ongoing debate -- is this a signal that a recession is near? The key to interpreting the flattening is that bond market participants are not paid to to anticipate economic outcomes (outside the corner case of the inflation-linked market), rather to anticipate the path of short-term rates (and the term premium). The flattening yield curve tells us that market participants (on average) believe that we are near the end...

[embedded content] TYT Politics reporter Michael Tracey interviews a "paid protester" from George Soros at a Rep. Doug LaMalfa (R-CA) town hall. A pyramid scheme where this paid protester gets double the money for recruiting others. He says it has made him rich and if it wasn't for the money he would be skiing, or something.

Ever wondered about Ben Shapiro, well, it turns he is paid shill of the ruling elite? What about Dave Rubin, well, he became a libertarian overnight when the Koch brothers offered him big money? David Doel says all these people are interested in is money; that they are have been corrupted by the Corporatocracy. .Ben Shapiro is also a liar who distorts the facts. [embedded content] On Fox News, Ben Shapiro blasted new Democratic challenger Alexandria Ocasio-Cortez. But what’s really...

Putin Confronts The American Dystopia Paul Craig Roberts We have to hand it to Putin. He is the best that there is. Note the ease with which he mopped up the floor with that idiot Chris Wallace. https://www.rt.com/usa/433447-putin-interview-fox-wallace/ What is wrong with the US media that it cannot produce a second competent journalist as company for Tucker Carlson? Why are America’s remaining good journalists, such as Chris Hedges, now in the alternate media? All I can say, and Putin...

"In the Soviet Union, capitalism triumphed over communism. In this country, capitalism triumphed over democracy."—Fran Lebowitz In almost every way you examine it, capitalism – at least the relatively unconstrained, free- market variety practiced here in the US and supported by both parties -- has been an abysmal failure. Let’s take a close look some of its worst failings.  But first, it must be admitted that when it comes to exploiting people and the planet for the purpose of...

Pepe catches us up on the Trump-Putin summit and fallout. Asia TimesA walk on the wild side as Trump meets Putin at Finland station Pepe EscobarSee also Unbeknownst to most, World War III has been raging for very close to four decades now—ever since the collapse of the Berlin Wall. It was preceded by the Cold War, which ended when Mikhail Gorbachev capitulated to the West, causing the Warsaw Pact to dissolve in confusion. In spite of his capitulation, the West never abandoned its plan...

But since the West has been fighting World War III against itself, its victory will also be its defeat. Indeed, not only is it losing, but it is also being invaded—by mobs of migrants from the various countries it has destroyed, having used them as surrogate enemies in its notional battle against Russia. Give it a few more decades, and at this rate the West will be no more, its slow-breeding population replaced by the much more fecund newcomers. The countries that make it up will dissolve...