Mike Norman Economics

Same flawed orthodoxy. Nothing learned.

Numbers.Dances with BearsCASH IS KING OF THE THIEVES IN THE UKRAINE, ACCORDING TO THE IMF, CHIEF ACCOUNTANT TO THE THIEVES’ DENJohn Helmer

One who is confident and certain of where he/she is heading.

Even though we have had a book called The Deficit Myth for years, the myth persists.New WaylandMMT Verify: How We Can Staff the NHS Without Tax RisesNeilW

Another example of hype versus reality.  An alternative payments system based on an alternative currency is just "an aspiration" at this point. The devil, as usual with anything complicated, is in the details. In addition, it won't be a simple matter to get agreement among all the parties. This doesn't mean it will not happen eventually, only that it won't happen in the time frame many are representing and hoping. For now, bilateral trade in the currency of the counterparties is the viable...

PPI too volatile to be a useful indicator of inflation or predictor of CPI.Bond Economics Random PPI ObservationsBrian Romanchuk

Plane got diverted to Albuquerque because we had a sick passenger on board. 

In recalling John Maynard Keynes’s revolutionary theory of interest, reviewing the doctrines Keynes sought to overthrow, and analyzing the structural transformations of the US economy, James K. Galbraith maintains there is no alternative to a policy of low interest rates. However, such a policy cannot be effective, he argues, without a radical restructuring of the US economy as a whole.Policy note. Levy Institute of Bard CollegeIn Defense of Low Interest RatesJames K. Galbraith | Lloyd M....

While the five original BRICS states have their geopolitical differences, they are finding enormous common ground on the geoeconomic front as trade volumes surge and trade routes multiply.Warming up but not yet ready for prime time. Progress is being made but much of the hype is premature. No new currency will be announced at the upcoming meeting, although it is being discussed. The issue now is an alternative payments system for settling trade among the BRICS nations.The CradleBRICS...

Edited by Zichen Wang and now hosted at the Center for China and Globalization (CCG), a leading non-government thinktank in Beijing that takes no position on issues raised in the newsletter. Check out The East is Read by CCG as well.Longish and fairly detailed.PekingnologyIt's the economy - July Politburo meeting readout — Full translation, context, and notesZichen WangAlso by Zichen WangKishore Mahbubani's speech on The Asian 21st Century at CCGSee alsoZero HedgeChina's Politburo Aims To...