Mike Norman Economics

In my macro critique, I mentioned "meta-narratives" — what did I mean by that? Noah Smith has a nice concise description of one of them today in Bloomberg that helps illustrate what I mean: the wage-price spiral. The narrative of the 1960s and 70s was that the government fiscal and monetary policy started pushing unemployment below the "Non-Accelerating Inflation Rate of Unemployment" (NAIRU), causing inflation to explode. The meta-narrative is the wage-price spiral: unemployment that is...

The ever-vigilant Craig Murray catches out "Philip Cross." And exposes how how fake news is insidiously created on Wikipedia and why you need to be aware when you use it that it is not an objective source by any means.This doesn't mean that Wikipedia is worthless or a waste of time consulting. Rather, it is subject to manipulation and controversial areas and subjects are likely to be infected.But you probably knew that already.Craig Murray BlogThe Philip Cross AffairCraig Murray, formerly...

Another false flag? Fits the pattern.Moon of AlabamaSyria - Inconsistent, Incomplete And Implausible - The OPCW Report On Saraqib Is Another Disgrace

Forget the Deep State. There's talk of a military coup in the case of  a leftist leader being elected. No, we are not talking about Venezuela. Rather Britain.This is not a joke either. It's actually being floated seriously. This is the way that the unthinkable gets normalized. It's a tactic. Written by Paul Carter for the de facto house organ of the Conservative Party, the article makes clear that discussions on such a course of action in the event of a Labour victory under Corbyn are...

“The really fascinating battles in intellectual history tend to occur when some group or movement goes on the offensive and asserts that Something Big really doesn’t actually exist.”So says Philip Morowski in his book ‘Never Let a Serious Crisis Go To Waste: How Neoliberalism Survived the Financial Meltdown’. As Mirowski argues, neoliberalism is a particularly fascinating case in point. Just as Thatcher asserted there was ‘no such thing as society’, it’s common to find economics...

Austerity in the UK is being portrayed as a success, but for whom?   KV As the UK recorded its first current budget surplus in 16 years, the IMF was quick to use this development as sufficient proof to declare the austerity measures, imposed by the UK government in the aftermath of the financial crisis, a success. To the IMF, the UK case of eliminating its budget deficit, while avoiding a prolonged recession, and faring better than other European countries, supports the case for further...

A renewable energy revolution is on the way although they still haven't found a cost effective way to store the captured energy yet. KV The cost of solar power is decreasing so rapidly, it's now cheaper than coal, based on a new analysis. A recent report from Lazard shows how the costs of producing electricity from various sources are changing. Energy from utility-scale solar plants — plants that produce electricity that feeds into the grid — has seen the biggest price drop: an 86%...

An excellent report by David Pear which is pretty much the way I see things. A psychopathology unleashed upon the world.  If you want to know the untold history of the U.S.A., then a good place to start is with the history of US imperialism in Asia from the mid-19th century until today. Not only will that reveal the history of the criminality of US foreign policy, but it will also reveal the true nature of U.S. capitalism, imperialism, fascism and U.S. wars of aggression: past, present and...

1. Rising interest rates will put pressure on marginal players, domestic and foreign. 2. The geopolitical situation is volatile and a surprise (shock) could happen at any time. 3. In acting in its own self-interest without taking allies' interests into account, the US under the Trump administrations is straining alliances, especially with Europe, and also aggravating trading partners.Credit Writedowns Geopolitical (And Market) Risks Because Of US Policy And The Fed Powell To...

The prosecution of Mehmet Hakan Atilla has further strained relations between US and Turkey.… A US judge sentenced Mehmet Hakan Atilla, a banker at Turkey's state-controlled Halkbank, to 32 months in prison on Wednesday after he was convicted earlier this year of taking part in a scheme to help Iran evade US sanctions.... The case has further strained diplomatic relations between the United States and Turkey, and Turkish President Recep Tayyip Erdogan has condemned it as a political...