Mike Norman Economics

Another dodgy writer from Veterans Today, but I thought this article was very informative and gives some idea of why the North Koreans are so terrified and behave the way they do. [Editor’s note: As Trump continues to ratchet up the tensions with North Korea, it is worth reminding ourselves of why the North Koreans are so scared of the US and why they have such a burning hatred for the Americans and their South Korean collaborators. Hundreds of thousands of Koreans were slaughtered by the...

The term moral hazard originated in the insurance business. It was a reference to the need for insurers to assess the integrity of their customers. When modern economists got ahold of the term, the meaning changed. Instead of making judgments about a person’s character, the focus shifted to incentives. For example, a fire insurance policy might limit the motivation to install sprinklers while a generous automobile insurance policy might encourage reckless driving. Then there is Kenneth...

I know some of you will view Gordon Duff as a conspiracy theorist but this article is very good. I gave up on Veteran's Today for years because it seemed mad and offbeat and I preferred instead reporters like Chris Hedges who were more measured and less forthright, but now, as the US has become more openly pro war and terrifying with its mask more revealed - to those of us who care to look - I find Veteran's frankness quite appropriate and to the point. It's full of horrible adverts, though,...

I guess Zero Hedge is another of those Russkie sites like Drudge.Zero Hedge Russia Releases Photos Showing US Special Ops At ISIS Positions In Syria Tyler Durden

[embedded content] The promotional video of the Committee to Investigate Russia features actor Morgan Freeman in what is 'probably his worst role since Driving Miss Daisy,' says AlterNet's Max Blumenthal This is chilling, the producer Robe Reiner has made this short film about the 'Russian Hack' and it's a complete load of rubbish from start to finish, just total propaganda with no facts.

The title may be alarmist but the post is worth reading. David Graeber points out that the sectoral balances don't actually balance and asks why, since it is an accounting identity. When I first saw this diagram I was startled and confused. Was I missing something? Was there something about the math I didn’t understand? I passed the image on to two different economists and asked just that: isn’t there something wrong with the numbers here? You’ll notice that towards the end of the graph,...

The major trends in the development of economics summarized. How the profession lost the plot and also its way.Real-World Economics Review BlogEconomics as science in the world of great power politics (1800-present) Robert Locke

In a sudden change of heart that kills senate Republicans’ effort to pass a bill to repeal and replace Obamacare before a rule allowing Republicans to circumvent a Democratic filibuster expires at the end of the month, Texas Sen. Ted Cruz is now saying he won’t support the Graham-Cassidy Obamacare repeal bill. Cruz, who revealed his position during a panel discussion at a Texas Tribune conference in Austin, suggested that the proposal also lacks the vote of Sen. Mike Lee, according to...

Hey, if "POTUS is a Kremlin stooge" is working for you, why not claim everyone that disagrees with you is, too? Russia InsiderClinton Attack Group: 2nd Largest US News Site (Drudge) is Kremlin Stooge Patrick FlemingOh, wait. Just when you thought it couldn't get any more bizarre.Zero HedgeFormer Congressman [Tancredo] Warns That Foreign Countries Could Bribe The Feds To "Regulate Drudge"Tyler Durden

Western leaders have still not gotten the message that the post-WWII unipolar order dominated by the West is now winding down and is coming to an end, possibly an ignominious one resulting in war. The resulting interim order not necessarily a "non-order," but rather a rising multi-polar one.  Western elite thinking broadcast by propaganda is that someone must be dominant; if it is not the West under the leadership of the US it will be some other country, meaning China.Asia TimesRisks...