Mike Norman Economics

Shrinking spare capacity.OilpriceThe Real Reason Why OPEC+ Won’t Open The TapsTsvetana Paraskovahttps://oilprice.com/Energy/Crude-Oil/The-Real-Reason-Why-OPEC-Wont-Open-The-Taps.html

The GrayzoneCorrupting science: in Syria probe, OPCW erased experts’ inconvenient findingsAaron Matéhttps://thegrayzone.com/2021/11/22/corrupting-science-in-syria-probe-opcw-erased-experts-inconvenient-findings/The Vineyard of the SakerVery telling admission from EU High Representative Josep BorrellThe Sakerhttp://thesaker.is/very-telling-admission-from-eu-high-representative-josep-borrell/SouthFrontU.S. Takes Another Step Towards Nuclear...

Why economists' talk about "inflation" is largely BS.Economics from the Top DownThe Truth About InflationBlair Fix

Free capital flow increases inequality. No surprise. That is what is supposed to happen with capital accumulation under capital, where capital is privileged over labor (people) and land (the environment).The Unassuming EconomistDani Rodrik’s Primer on Trade and InequalityPrakash Loungani | Assistant Director in the IMF's Independent Evaluation Office, Adjunct Professor at Johns Hopkins University (Carey School of Business), a Senior Fellow at Policy Center for the New South (a global think...

Some comments on David Graeber and David Wengrow's The Dawn of Everything: A New History of Humanity. This was Devid Graeber's last book. He since passed away.Think "economics profession" when reading it. It is a good demonstration of why the historical method is superior to the naturalistic one in social subjects.The Philosopher's StoneGRABER AND WENGROW YET AGAINRobert Paul Wolff | Professor Emeritus, University of Massachusetts Amherst

Playing politics?EconospeakPlaying With The Strategic Petroleum ReserveJ. Barkley Rosser | Professor of Economics and Business Administration James Madison University

When Apple began asking iPhone users whether they wanted to opt out of data tracking, 84% said yes – dealing a major blow to platforms whose business models depend on the collection and sale of user data. This is an ominous sign for Chinese tech companies, which now face the prospect of much tougher data regulations....China is passing legislation requiring opt-in rather than opt-out. This seriously affects the business model of Internet companies that collect user information and use it...

It’s Wednesday and only a few items today. It seems that the mainstream economists are emerging again and making all sorts of claims that fiscal policy has to target lower deficits and monetary policy needs to tighten (interest rates rise) to stop our governments going broke and inflation going wild. It really is like a tired broken record, isn’t it. They have sort of gone underground during the crisis and more are thinking it is time to reassert the nonsense of the past. And so it...

It’s as if the Fed did two 0.25% rate increases over the last two months:The Treasury yields making new 2021 highs today:2s3s5s7s pic.twitter.com/EUgvwtQBLV— Brian Chappatta (@BChappatta) November 22, 2021 MMT 101: “all prices are a function of what the government allows their banks to lend against things”; so it’s as if the Fed has delegated authority to the member institutions to increase the short term risk free rate by 0.5%So now of course the NPVs of the banks govt bond assets are...