Mike Norman Economics

Russia is adding warships to its navy faster than the US. The reason for that is simple, while the US is pouring $14 billion into the USS Gerald Ford carrier the Russians are building corvettes. A class of warships between 500 and 1,000 tons. Not only are they small, they are cheap. The newest class, Karakurt, sets back the Russian budget 2 billion rubles or just over $30 million at the exchange rates. These sound like puny vessels, except here is the thing: they can hit an enemy surface...

Die Zeit is somewhat similar to the NYT in the US in that it is centrist to left of center and intellectual. But it differs from the Time in not being considered the paper of record. It is published weekly rather than daily.Die Zeit is a major venue and their publishing this article by Warren Mosler is a big step forward for MMT in Germany.Die Zeit"Entweder wir glauben an die Demokratie oder nicht" Warren Mosler

Smackdown of US foreign and military policy and policymakers. Reminiscence of the FutureDaniel L. Davis Hits It Out Of The Ball Park.Andrei Martyanov

Some history of economics.Conversable EconomistOrigins of "Microeconomics" and "Macroeconomics"Timothy Taylor | Managing editor of the Journal of Economic Perspectives, based at Macalester College in St. Paul, Minnesota

Stephanie's new book is available for preorder. It should be a game-changer.The blurb reads, "Deficits can be used for good or evil." "Evil?" Probably few people know that German economic development post Weimar and rearmament in preparation for WWII was engineered under Adolph Hitler by Hjalmar Schacht, head of the Reichsbank (German central bank). Hitler is often associated with the Weimar Republic that destroyed the Deutsche mark (DM). Nothing could be further from the truth.  Under...

It is Wednesday today and a blog-lite day. An announcement and a few videos only. But plenty to occupy your time if so inclined. I have an important announcement to make, a video of our Birmingham event (May 11, 2019) and some music from one of the best guitar players. Thomas Fazi and I also have an article coming out in The Tribune magazine soon in response to a rather unsavoury and silly attack on Modern Monetary Theory (MMT) by an ex-advisor to the British Labour Party. There will also...

Chinese firm is a queen on tech chessboard, but Beijing will just tell its whiz-kids to reach the next level…. Asia Times Why capturing Huawei is no victory in tech war Pepe EscobarSee alsoZero HedgeWhite House Planned To Use Huawei As Trade 'Bargaining Chip'Xi Warns 'Prepare For New Long March' As Beijing Braces For Drawn-Out Trade FightBeijing Warns Of "Unwavering Resolve" In Huawei Fight, Accuses Washington Of "Bullying & Blackmail" "We Will Beat America Out Of Its Wits": China...

My, my. turns out that Huawei was not only making its own chips in anticipation of exclusion, but also preparing its own operating system. Obviously, native developers will create their own apps hosted in a Huawei store. This market is lost to US firms (think Google and Apple).The decoupling of the US from China and end of Chimerica is leading to a new division of the global economy into blocs, on one hand, and on the other, to a push for national self-sufficiency and control the commanding...

This is nothing new. India households have always been holders of gold. Chinese households also have a preference for gold.As India and China become more prosperous, this demand will likely increase.Checkpoint AsiaIndian Households Hold More Gold Than the World’s Top 10 Central Bank Holders CombinedBanikinkar Pattanayak

This is a big deal even though it won't be noticed by most people. However, precise measurement essential to science and measurement involves application of metrics defined by criteria. The units and their criteria are arbitrary. There was no such thing as a kilogram prior to the development and introduction of the metric system. Same with other measurement systems. The "trick" is to establish a constant criterion in a relative universe. That is as close to an absolute as human can...