Mike Norman Economics

Calling the beginning or end of a recession usually takes time. However, the economic decline in March was so severe that the National Bureau of Economic Research (NBER) has already called the end of the expansion in February.... Calculated RiskRecession Measures and NBERBill McBride

II. A Meditation upon two passages in Capital... To appreciate Marx as ironist — like Socrates contrasted to Aristotle, Professor Wolff might say — it is useful to recall that Marx was a thorough-going 19th century materialist who was quite aware that the world was still in the throes of the Renaissance transition from the medieval theological and philosophical age to the modern scientific age.That transition, while along, is not yet complete and is manifesting as the dialectic between the...

As [John Kenneth] Galbraith so clearly understood, that something so important [as "money"] can be so simple is repulsive to the mind seeking complex answers.That tax gives these records value, with an essential time component added as a consequence, which then means that this aspect of MMT necessarily contributes to a theory of inflation and provides an explanation as to how to address the issue, just adds insult to the injury. That is, I think why MMT cannot get traction with these...

This implies that Europe and Russia have different cultures, too. In fact, These are two different civilizations, just as China is civilizational, India is civilizational, and Iran (Persia) is civilizational. The US and the Latin American elite of European descent are part of Western civilization. One of the foremost issues today is the clash of civilizations owing to globalization resulting from innovation in communications and transportation technology. Previously, different...

Following half-dozen development tests between 2014-2016, the hypersonic weapon was recently tested at Jiuquan Space Launcher Center in Inner Mongolia in 2017. Testing has shown the DF-17 can fly at hypersonic speeds and evade existing missile defense systems, such as America's anti-ballistic missile defense system called: Terminal High Altitude Area Defense (THAAD) -- it becomes entirely evident the weapon was produced as a deterrent against the US.This weapon is China's first medium-range...

The looting of Africa. [embedded content]

Note: Some Americans apparently don't realize it, but the right to free speech only applies to government limiting free speech. Private parties like firms can however limit speech occurring in their area of control. So far at least, this control also applies to social media platforms. In fact, platforms may face civil liability for damages if they don't adequately control speech on their site. In fact, this has a name — "de-platforming." I had to explain this to friend this morning...

230% inflation since January and $90 billion in debt, equivalent to 170% of its GDP Demonstrators in Lebanon attempted to occupy the central bank in the capital Thursday after the country’s currency sank to a record low against the US dollar. As a result of the nation’s economic crisis, the dollar rose to 6,000 Lebanese pounds from 4,000 in the last two days, prompting protesters to take to the streets in Beirut and many other cities.... Amid the turmoil, an increasing number of Lebanese...

Essential workers. Anti-Empire Pentagon Starts Bailing Out Defense FirmsMarcus Weisgerber

Backgrounder.The Vineyard of the SakerSyria in Seattle: Commune Defies the U.S. Regime Pepe Escobar crossposted with Strategic Culture Foundation See alsoPepe Escobar gets around. Asia TimesRussia aiming to realize Greater Eurasia dream Pepe EscobarSee alsoCounterpunchThe Killing of George Floyd and the Final Fracturing of the Democratic Party, Labor, and Civil Rights CoalitionDavid Schulz