Mike Norman Economics

Greece up big this year... continued benefit from the fiscal transfers thru the ESCB...The world's best performing stock market is... #Greece. Up 42% so far this year. But how much of the Greek people have actually benefited from it? pic.twitter.com/LJQPpRusu5— jeroen blokland (@jsblokland) November 13, 2019

With ECB asset purchases resuming, DB now having to liquidate risk assets to increase non-risk to maintain regulatory compliance... not good...Deutsche Bank recently sold securities tied to EM debt with a notional value of about £40 billion to Goldman Sachs: https://t.co/b7x8Woug7Y via @markets— Paul Dobson (@paul_dobson) November 27, 2019

Australia not wanting to be left out of the "pumping!" party... Not good:AUD drops as news of QE expected from the RBA hits https://t.co/FsO8NVoDDr— ForexLive (@ForexLive) November 27, 2019

It is Wednesday, so only some snippets, although as it turns out the blog post is quite long. I am also travelling a lot today. I have recently come across the complete archive of the PKT Discussion List, which was an E-mail listserv in the early 1990s that brought Warren Mosler, Randy Wray and myself together. In this blog post, I provide some of the interchanges that formed the basis of our subsequent partnership in developing MMT to where it is today. The discussion below is incomplete...

The Vineyard of the SakerIran’s ‘only crime is we decided not to fold’The road toward Greater Eurasia Pepe Escobar Zero HedgeChina Slams Ted Cruz's "Bare Provocation" In Taiwan Act, Threatens Disastrous War Tyler DurdenMoon of AlabamaThe House Will Not Vote On Impeachment. It Will Censure Trump. Activist PostIndependent Study Confirms: Americans Are Paying For The Trade War, NOT The Chinese Mac Slavo

It's the key to success.

Empirical study of global elites. Download PDF at link. Notice that the title assumes a social structure based on class and class differences. This is SOP in sociology; yet, the significance of class is denied in conventional economics, if not also the existence of class structure and even society as a meaningful concept. Cambridge UniversityWho Rules the World? A Portrait of the Global Leadership Class John Gerring, Erzen Oncel, Kevin Morrison, and Daniel Pemstein

Article linked to in German yesterday. Here is the English translation.Spiegel Online EnglishThe Case of Sergei Magnitsky: Questions Cloud Story Behind U.S. Sanctions Benjamin Bidder

Another way to look at this is a ratio of existing to new home sales. This ratio was fairly stable from 1994 through 2006, and then the flood of distressed sales kept the number of existing home sales elevated and depressed new home sales. (Note: This ratio was fairly stable back to the early '70s, but I only have annual data for the earlier years). In general the ratio has been trending down since the housing bust - and is getting close to the historical ratio - and I expect this ratio...

To protect their own futures, the people of Hong Kong must reflect carefully on the need to end violent protests and work together to address genuine grievances. The alternative is not some fantasy of an independent and thriving Hong Kong. It is a devastated economy, a divided society, and a lost generation. Project SyndicateCan Hong Kong Avoid Tragedy?Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on...