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Mike Norman Economics

UK Price Index

Let''s get a 3. handle on this and see how the monetarists react.  They have to start raising and asset reductions sooner or later, but these 2. handles on their "inflation!" have not been enough to lead them to significant action so far.UK inflation measured by Consumer Price Index rose to 2.9% in August, up from 2.6% in July, figures show https://t.co/gEgNb3BF4B— BBC Breaking News (@BBCBreaking) September 12, 2017

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Boeing’s Pension plan in red since the GFC

Yeah let's keep rates at permanent ZIRP good idea!Down $20 billion, Boeing stuffs pension fund with its own shares https://t.co/KvDDWYqGRm via @k_chiglinsky pic.twitter.com/QwaoCn0jIM— Bloomberg Markets (@markets) September 15, 2017 Help from higher risk free rates is on the way this effect of the moron ZIRP policy should start to go away soon.

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Xinhua — Russia to become world’s second largest gold producer after China

Russia will become world's second largest gold producer with the launch of a major mining and smelting facility in the Far East, said the press service of the Ministry for the Development of the Russian Far East Wednesday. After the facility was launched by Russia's gold producer Poluys to develop the Natalka gold deposit in the country's Magadan Region, the volume of ore processing will exceed 10 million tons per year, while the volume of gold production will be 13 tons per year, which...

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Mike Whitney — The Russian Hacking Story Continues to Unravel

A new report by a retired IT executive at IBM, debunks the claim that Russia interfered in the 2016 presidential campaign by hacking Democratic computers and circulating damaging information about Hillary Clinton. The report, which is titled “The Non-Existent Foundation for Russian Hacking Charge“, provides a rigorous examination of the wobbly allegations upon which the hacking theory is based, as well as a point by point rejection of the primary claims which, in the final analysis, fail...

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China, Venezuela decouple oil from US dollar

The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports. The crude oil futures will be the first commodity contract in China open to foreign investment funds, trading houses, and oil firms. The circumvention of U.S. dollar...

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James T. Kloppenberg — The three principles of democracy [excerpt]

Whether or not true democracy can ever be achieved remains uncertain. Historian James T. Kloppenberg argues that while democracy can be defined as an ethical ideal, the practical definition of democracy is too contentious to be adopted as a political system. The following shortened excerpt from Toward Democracy analyzes three contested principles of democracy: popular sovereignty, autonomy, and equality. OUPblog The three principles of democracy [excerpt]James T. Kloppenberg | Charles...

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Nick Bunker — Markups, macroeconomics, and the changing U.S. economy

The two authors [Jan De Loecker of Princeton University and Jan Eeckhout of University College London] find a large increase in the average markup from 1980 to 2014—specifically an increase by a factor of 3.65. In 1980, the average markup was 18 percent and by 2014, the average was 67 percent. But interestingly, the increase is concentrated at the top of the markup distribution: The firm at the 90th percentile in 2014 had a markup of about 160 percent, compared to a markup of 40 percent for...

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