Mike Norman Economics

This is Part 3 (and final) of my mini-series analysing some of the challenges that the newly elected majority government in Timor-Leste faces. In Part 2, I discussed the progress of the Strategic Development Plan and the challenges ahead in terms of poverty, unemployment, and other indicators relating to the development process. In Part 2, I focused more on the currency debate – documenting how the IMF and World Bank had infused its ideological stance into the currency arrangements that...

Raising interest rates HURTS your currency. They just don’t get it!!

Fixing their potential (to them) bankruptcy problem due to having to potentially pay an IOR amount that would be higher than their portfolio income amount.  Looks like they are going to actually codify a new Fed policy whereby they must run the IOR at ALWAYS a rate somewhat below their FFR; insuring they will always have enough net portfolio income to both pay the IOR and operate their Federal Reserve System: Separately, Fed policy makers backed potentially making a “small technical...

Oh those crafty "banksters!" really killing here they are... the "neoliberal conspiracy!" looks ready to hatch its greatest success any day now!Checkmate.... again....Deutsche Bank says it will cut at least 7,000 jobs in restructuring movehttps://t.co/XAsSUGeSK8 pic.twitter.com/905jKpId8A— Hindustan Times (@htTweets) May 24, 2018

Correlation is not causation, inverse or otherwise:Just a reminder of how bank liquidity and the size of central banks' balance sheets have been unrelated (or maybe inversely correlated!) to the rate of inflation. pic.twitter.com/a8GPHrYFDD— Andrea Terzi (@ndrea_terzi) May 23, 2018

Giggling like teenage girls over the dollar.

The Syrian Foreign Ministry has accused the US-led international coalition of deliberately bombing Syrian oil wells so that the government loses crucial energy infrastructure. “They did it so that we have to pay tens of millions of dollars to restart work in these fields,” the Syrian Deputy Foreign Minister Faisal Mekdad stated.... Meanwhile, representatives of the Russian Center for Reconciliation and the Syrian military have found in the eastern part of Homs province warehouses with...

Interesting quote from Joan Robinson.The Case for Concerted ActionContrasting Joan Robinson And Paul Krugman’s Views On The Global Rules Of TradeV. Ramanan

Kudrin’s reversal reveals the degree to which the balance of power in Russian politics has changed decisively against the party of capitulation, and in favour of the Stavka, the combined forces of the Defence Ministry, General Staff, the intelligence services, and the military-industrial complex.… The Atlantic integrationists are out and Eurasian nationalists in. (While JH doesn't mention it, China is the big beneficiary.) Dances with BearsALEXEI KUDRIN MAKES PROSTRATION SPEECH FOR...

Chris Dillow is writing bout the dialectical approach in contrast to the categorical approach and apparently doesn't realize it even though he is a Marxian economist. What is is saying is to adopt the principle of rational inquiry in one's own thinking by critiquing oneself and becoming one's own interlocutor and devil's advocate. This is fundamental to critical thinking, in contrast to dogmatic thinking, for example.Stumbling and MumblingRationalism, rationality & reasonablenessChris...