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Mike Norman Economics

Xinhua — Direct China-Britain freight train likely to reshape trade, says logistics chief

The direct China-Britain freight train is likely to shake up traditional trade patterns as speed and reliability are the key in modern supply, said Nichola Silveira, general manager of Logistics of DP World London Gateway. The first China-bound freight train carrying British products left DP World London Gateway terminal on April 10 and arrived at eastern China's Yiwu city known as China's "world supermarket" after a 19-day journey. "This was the pilot run and now we are working to...

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Brian Romanchuk — Understanding Why Fiat Money Is A Liability Of The State

One of the topics I discussed in Abolish Money (From Economics)! returned to Twitter today, and I just want to give a long form version of my arguments. The debate was with Eric Lonergan (web site) regarding where money should show up on the government's balance sheet. I discussed this topic in Chapter (Section?) 14 of Abolish Money -- "Money as Debt." I am keeping the core of my argument short, since I am actually just applying boring mainstream logic to the question. As that section of...

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Pepe Escobar: The House of Saud bows to the House of Putin

Saudi Arabia pivots to Russia, the new sheriff in town What a difference a year – an eternity in geopolitics – makes. No one could see this coming; the ideological matrix of all strands of Salafi-jihadi terror – which Russia fights no holds barred, from ISIS/Daesh to the Caucasus Emirate – beating a path to the Kremlin and about to embrace Russia as a strategic ally. The House of Saud was horrified by Russia’s successful campaign to prevent regime change in Syria. Moscow was solidifying...

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Reuters Trump’s Iran plans driving EU toward Russia and China: German Foreign Minister

German Foreign Minister Sigmar Gabriel has spoken out repeatedly against Trump’s likely step, but his latest comments aimed to spell out the impact it would have in starker terms.“It’s imperative that Europe sticks together on this issue,” Gabriel, a Social Democrat, told the RND German newspaper group. “We also have to tell the Americans that their behavior on the Iran issue will drive us Europeans into a common position with Russia and China against the USA.” ReutersTrump's Iran plans...

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Patrick Honner — The Math Behind Gerrymandering and Wasted Votes

In 1986, the Supreme Court ruled extreme partisan gerrymanders unconstitutional. But without a reliable test for identifying unfair district maps, the court has yet to throw any out. Now, as the nation’s highest court hears arguments for and against a legal challenge to Wisconsin’s state assembly district map, mathematicians are on the front lines in the fight for electoral fairness. Simple math can help scheming politicians draw up districts that give their party outsize influence, but...

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Xinhua — Alibaba tops Amazon as biggest e-commerce company

Milestones Chinese e-commerce giant Alibaba surpassed its U.S. counterpart Amazon as the world's biggest e-commerce company Tuesday as the Hangzhou-based company reached the threshold of 470 billion U.S. dollars in market value.… Alibaba's net profit jumped 96 percent to more than 2.1 billion dollars year-on-year in the first fiscal quarter ending June, beating market expectations. Moreover, the number of active buyers on Alibaba's retail platform climbed to 466 million, accounting for...

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Rob Crilly — Justin Trudeau tells Donald Trump he will block Boeing contracts over Bombardier tariff row

The first trade war of the Trump administration is with — Canada! Not counting sanctions as trade war, of course. Sanctions are just war by non-military means. Justin Trudeau, the Canadian Prime Minister, told President Donald Trump on Wednesday he would block his country’s armed forces from buying Boeing aircraft if the US presses ahead with plans to slap import tariffs of 300 percent on Bombardier aeroplanes. The issue is threatening to ignite a trade war between the US, Canada and the...

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