Mike Norman Economics

Who wants libertarianism when you can have this? All paid for with VAT, but the tax won't put prices up, says Andrew Lang, as the new automation and robotization will bring prices down.Andrew Yang is an entrepreneur who is running for president of the United States, with a long-shot campaign built primarily upon universal basic income. His new book, "The War on Normal People," argues that a massive loss of jobs within the next 10-15 years is unavoidable. He advocates for a $1,000 monthly...

Warren Mosler's slide pack for his presentation at the New School on March 25th.Taxation

All the forward driving conditions are positive.

The new Pentagon budget, which is called the Budget for a Better America, is going to be $760 Billion, and the idea is to keep up with China which is not increasing its military budget of $177 Billion. So, to keep up with the 'threat of China', the Pentagon budget needs to be six times more than China's even though China has not threatened anyone.Remember that Adam Ramsay article I put out here about how the British ruling class were divided into two groups, the industrialists who wanted...

Modern Monetary Theory, or MMT, is almost never mentioned specifically by members of Congress who negotiate budget and appropriations measures, but it is working its way into the mainstream political debate. Now, it’s gotten some Democratic lawmakers’ attention as the party considers big-ticket policy priorities. That includes House Budget Chairman John Yarmuth (D-Ky.), who will decide over the next few weeks whether to produce a fiscal 2020 budget resolution that maps out the caucus’s...

Backgrounder on Italy and BRI (and more). China marches (and sails) west.Asia TimesAll roads lead to Rome for Xi Pepe Escobar

While many mainstream economists have been coming out to defend their reputations against the growing awareness that Modern Monetary Theory (MMT) presents a direct challenge to their hegemony, some of the mainstream haven’t responded at all and continue to confirm what the standard mainstream macroeconomics is about and how far removed from MMT it really is. The MMT critics claim that there is nothing new in MMT (‘we knew it all along’) in one breathe, and then ‘MMT is crazy dangerous’ in...

Egg on face!  I wonder if the Guardian will still remove my posts when I tell them it was liberal conspiracy theory.  Russiagate is looking like this generation’s WMD - a catastrophe for the reputation of the news media: https://t.co/mHACNsK10b — Matt Taibbi (@mtaibbi) March 23, 2019 Caitlin Johnstone There is nothing more epic than a Youtube video by Jimmy Dore immediately after he has been proven right about something. It's thunderous. It's unequivocal. And it happens a lot. "Now,...

Now that MMT is going mainstream, the MMT version of a universal permanent job guarantee that pays a living wage is under scrutiny. Here is an April 2018 presentation on the MMT JG proposal by some of the American MMT economists that clarifies the MMT position.Key government spending for public purpose falls into important categories, including 1) public service employment, 2) public investment and 3) public welfare (different from "welfare" as transfers). The first and second are about...

Trump is a crook, says Bill Black, who conned so many American banks that they refused to deal with him anymore, and so he went to Deutsche Bank instead, the most crooked bank in the world.Bill Black says that the managers at Deutsche Bank were happy to deal with Trump even if he did run the risk of destroying their bank because they would have made off with massive bonuses by then. They also probably thought the German government would bail them out no matter what as they were TBTF. But now...