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Mike Norman Economics

Tim Duy — Don’t Add To The Fire

I have had plenty of criticisms of the Fed over the years. I am concerned that their model of inflation isn't working, and that their estimate of the natural rate of interest is too high. But that type of criticism is a far cry from describing the institution as the "deep state." We have seen time and time again that fomenting that kind of thought only leads to bloodshed.... Tim Duy's Fed WatchDon't Add To The FireTim Duy

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Reporter and Press Freedom Advocate James Risen to Join The Intercept and First Look Media

James Risen, who, as a best-selling author and New York Times reporter, has broken some of the biggest stories of the post-9/11 period, is joining The Intercept as our senior national security correspondent, based in Washington, D.C. Risen will write a reported column on national security and other national issues, as well as help to lead The Intercept’s investigative reporting efforts. Risen will have a unique dual leadership position at First Look Media, because in addition to his...

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Cecchetti & Schoenholtz — Adverse Selection: A Primer

Information is the basis for our economic and financial decisions. As buyers, we collect information about products before entering into a transaction. As investors, the same goes for information about firms seeking our funds. This is information that sellers and fund-seeking firms typically have. But, when it is too difficult or too costly to collect information, markets function poorly or not at all. This form of asymmetric information―where two parties to a potential transaction have...

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ProMarket — The Rise of Market Power and the Decline of Labor’s Share

The two standard explanations for why labor’s share of output has fallen by 10 percent over the past 30 years are globalization (American workers are losing out to their counterparts in places like China and India) and automation (American workers are losing out to robots). Last year, however, a highly-cited Stigler Center paper by Simcha Barkai offered another explanation: an increase in markups. The capital share of GDP, which includes what companies spend on equipment like robots, is...

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Sandwichman on the Higgins Memo

Now that the US Civil War 2.0 has broken out in violence, it is good to be aware of this. The background is given in the links Sandwichman provides at the beginning of the first post. The AltRight is livid that Gen. McMaster is cleaning house, and it seems that Gen. Kelley is too, having sidelined Steve Bannon.EconospeakThe Higgins Memo, Anders Breivik and the Lyndon LaRouche Cult The “Narratives” of Higgins’s “Warfare” SandwichmanThe full text of the memo that Sandwichman links to at FP...

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Zero Hedge — Japan GDP Surges 4%, Most In Two Years, On Jump In Government Stimulus Spending

The unexpectedly strong GDP print was driven by a 9.9% jump in private non-residential investment as well as an striking 21.9% annualized surge in public investment as some of the public works spending included in last year’s economic stimulus package starting to emerge; meanwhile exports declined.... Zero HedgeJapan GDP Surges 4%, Most In Two Years, On Jump In Government Stimulus Spending Tyler Durden

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Adam Garrie — Julian Assange asks why the US said nothing when Obama supported Ukrainian neo-Nazis

In the above Tweet, Assange has juxtaposed a neo-Nazi torch march in Kiev with the far-right torch march in Charlottesville. Apart from the torches, it is clear that the Ukrainian fascists were far more equipped for violence as they were wearing bullet-proof combat gear and facial coverings. The DuranJulian Assange asks why the US said nothing when Obama supported Ukrainian neo-NazisAdam Garrie

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Bill Mitchell — Jacques Delors – a failed leader not a champion of a prosperous Europe

It is amazing how history is revised when it is convenient. It is also amazing how the same events, that from my perspective are rather clear, can be diametrically interpreted by others, who want to run a different agenda. A good example of these phenomena can be found in a recent UK Guardian article (August 11, 2017) – Jacques Delors foresaw the perils of austerity. How we need his wisdom now. When I saw the headline I thought it must have been an article seeking to elicit some sort of...

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