Mike Norman Economics

  I thought this was rather good, so I'll shall have to check them out. New Order's Blue Monday was released on 7 March 1983, and its cutting-edge electronic groove changed pop music forever. But what would it have sounded like if it had been made 50 years earlier? In a special film, using only instruments available in the 1930s - from the theremin and musical saw to the harmonium and prepared piano - the mysterious Orkestra Obsolete present this classic track as you've never heard it...

Russia rejects the US-led "rules-based order." Putting the West on notice.Ministry of Foreign Affairs of the Russian FederationArticle by Sergey Lavrov, Russian Minister of Foreign Affairs, “The Law, the Rights and the Rules”, Moscow, June 28, 2021

First published Feb 2014. Quoted in Randall Wray's Modern Money Theory, pp289Oldie but goodie.New WaylandIt's the exporters stupidNeil W

Years ago, Marriner Eccles, chairman of the Federal Reserve from 1934 to 1948, explained that the Great Depression occurred because the buying power of Americans fell far short of what the economy could produce. He blamed the increasing concentration of wealth at the top. In his words:“A giant suction pump had by 1929-1930 drawn into a few hands an increasing portion of currently produced wealth. As in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows...

Capitalist economies are demand led in the sense that both output and growth tend to reflect the behavior of autonomous demand, especially in the long run. Prices, in contrast, tend to be supply determined, reflecting cost. Supply shocks can temporarily dominate demand effects on output (for instance, as the result of war, a pandemic, or an oil shock), just as variations in demand, especially if supply is constricted, can temporarily dominate cost effects on prices. But the normal situation...

 I came across these videos on Tik Tok recently and they are hilarious, but the new London working class accent is very interesting, even though I have trouble understanding it myself. London is now very multicultural, and the young West Indians, mainly from Jamaican descent, are now third generation, and their passed down Jamaican accent has combined with the white London working class accent to produce one of the harshest accent I've heard. English, when spoken properly, can be very...

The online survey, conducted June 11-25 by Momentive on behalf of Axios, found that 57% of U.S. adults view capitalism in a positive light, down from 61% in January 2019, when the news outlet first polled on these questions. Then and now, 36% are critical of the exploitation of the working class and the environment by the owning class.Perceptions of capitalism have remained consistent among adults ages 35 and older, meaning that the system’s dwindling popularity is driven by the nation’s...

During this year, China, in my experience, has changed its media coverage. About three years ago at the height of the Trump Trade War, I saw their media coverage change, and they started hitting back at the propaganda media about China. This gave rise to the description ‘Wolf Warrior Diplomacy’.We’ve had another change and this comes from the idea that they think they are losing the media wars. So, as we see so often, if you put an impediment in front of China, they find some way to go...

Backgrounder.Raeisi acknowledged the immense internal challenges he faces, in terms of putting the Iranian economy back on track, getting rid of the neoliberal drive of outgoing Team Rouhani, and fighting widespread corruption. The fact that election turnout was only 48.7%, compared to the average 70% in the prior three presidential contests will make it even more difficult.Yet in foreign policy Iran’s path ahead is unmistakable, centered on the “Look East” strategy, which means closer...