Mike Norman Economics

Beat the PressChina's Economy Is Already More Than 25 Percent Larger Than the U.S. Economy Dean Baker | Co-director of the Center for Economic and Policy Research in Washington, D.C Sic Semper Tyrannis Saudi Arabia accepts cease fire in Yemen"Nasr min Allah! Nasr min Allah!" (a victory from God Almighty) Somebody show this to Trump!Col. W. Patrick Lang, US Army (ret.) American Journal of Sociology The Making of Neoliberal Globalization: Norm Substitution and the Politics of Clandestine...

Japan is about to walk the plank again when it follows through on a previous government decision to increase the consumption tax by a further 2 per cent on October 1, 2019. That means it rises from 8 per cent to 10 per cent. The latest fiscal documents suggest the government is hyper-sensitive to the historical experience, which tells us that each time they have fallen prey to the deficit terrorists who have bullied them into believing that their fiscal position is about to collapse,...

John McDonnell is right: a service economy needn’t be a servant economy At work we never got much training in the end, despite all the new technology that was coming in. This technology was overwhelming, and so I would go home at night and search the internet downloading loads of PDF manuals for free. I would then spend hours at home studying them and making them into hard-copy manuals.A little while later I found out online that many companies didn't train their staff anymore because...

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In the perfect neoclassical world everyone gets what they produce, or deserve, as some people say, but it's a fantasy world that can never exist. Distribution is unfairly lopsided all over the place. For instance, if you have the right accent and went to a public (private) school in Britain, climbing up the ladder is much easier. That means less work for more gain.  Neoclassical Robinson Crusoe When it comes to explaining resource distribution, neoclassical theory is missing...

Before Thatcher, capital and labour had an even share – Labour merely plans to rebalance a skewed relationship Another good article in the Guardian today. The British Labour Party is set to reverse Thatcherism. The first was that the state must be prepared to invest if the private sector is unable or reluctant to do so. Capital is plentiful, interest rates are at historic lows, Britain’s infrastructure is badly in need of modernisation. Yet, businesses would rather sit on piles of cash or...

An interesting look at China from a different perspective. China may become more free and open, but will be nothing like the failed democracies of the West. The west is no longer the great example for what China might become and the yardstick to measure progress. It is not surprising that a newly confident China has rediscovered its history and finds value in it. Change will come, but in ways that will build on principles that have underpinned Chinese politics for centuries. They include a...

Here is total proof that it was the utterly corrpt Biden, a gangster that the crazed Democrats want to elect as President of the United States, who threatened the President of Ukraine, Poroshenko, and released one billion dollars to Poroshenko  when he did Biden’s will and stopped the investigation of a firm in which Biden’s son had substantial interests.   It should scare every American that the presstitutes bury the real story and shrilly proclaim a false one.  Our country, what little...

Revealing paper from 5 years ago from these two authors who seem to be providing advice again recently.Their chart shows Depository system reserves ideally being reduced to zero in a few years from now; I'd like to know how that could happen if there is a Depository reserve requirement of 10% of deposits and system deposits are $13T right now?  Algebra anybody???  anybody????BTW you can also see the big spike up they did in Sept. 2008 flipping the leverage ratio and caused the GFC but I...

Mike charting Reserves at Depositories vs. risk asset prices in the form of an equity share price index in time domain... revealing...