Mike Norman Economics

The shot that ricocheted back. Europe hurt more than Russia.This is a fairly long post that looks at the Russian economy in some depth.Incidentally, if the US launches a trade war with China, as Bannon and the Trumpistas want, the same result is likely. China will turn its export-led industry toward domestic consumption, which it needs to do anyway. As China's growth takes off internally that will greatly accelerate China's perceived threat as China's domestic economy catches up the...

This official story was explosive for obvious reasons, and predictably triggered instant decrees – that of course went viral – declaring that the legitimacy of the outcome of the 2016 U.S. presidential election is now in doubt....They were one small step away from demanding that the election results be nullified, indulging the sentiment expressed by #Resistance icon Carl Reiner the other day: “Is there anything more exciting that the possibility of Trump’s election being invalidated &...

Analysts have been predicting payback for Russia whupping the US in Syria? Is this part of it?UNIAN News (Ukraine)RFE/RL: U.S. military chief says he recommends providing Ukraine with lethal defensive aid

The composition of the Committee to Investigate Russia disqualifies it from the job, not to mention the funding. It has propaganda machine written all over it. The name should be Committee to Demonize Russia.NEO“Meathead” is Running the Committee to Investigate Russia Phil Butler

It's no secret that the US runs the organization BBG - Broadcasting Board of Governors - which is responsible for coordinating the international American media abroad, and in Russia. For instance, these are well-known media "Voice of America" and "Radio Liberty". Also, a new project "Present Time" has recently appeared and it is designed for a new audience in social networks. However, it is worth paying attention to how these three media work. And mostly they work methodically and as a...

Bannon-backed Ray Moore defeated the  Trump-backed establishment candidate in the Alabama GOP rimary for senator. Fresh from victory, Bannon now smells blood in the water. Trump is now isolated between the GOP establishment he needs to get things done in Washington and his anti-establishment base that wants the "swamp" drained, which means the establishment of both parties. US business is bound at the hip to China as a result of Chinamerica policy. Since the GOP establishment is funded...

FRED now has 70 years of quarterly national accounts data for the United States, which is an opportunity to look back at how the U.S. economy may have changed since 1947. In the graph above, we look at the three main expenditure components of real gross national product: real consumption, real investment, and real government expenses. They’re normalized to 100 for the first quarter of 1947, to make them more comparable.... FRED BlogHow Y=C+I+G has evolved : 70 years of quarterly national...

Theresa May’s speech this morning was trailed as a defence of free market capitalism. If that’s what it was, it failed because she failed to answer the big questions.... Stumbling and MumblingDucking questions about capitalism Chris Dillow | Investors Chronicle

Charts.WCEG — The EquitablogAn update on the state of wealth inequality in the United StatesNick Bunker

A good example of this is the phrase, "the new normal." At first, economists and policy makers were surprised and perplexed when policy predictions of their models based on historical trends did not turn out. So then they dragged in the concept of "the new normal" in stead of admitting they didn't have a grip on what is actually going on. We see this recently in Janet Yellen's statement that the Fed didn't really understand inflation, like it's not doing what it is supposed to be doing. ...