Mike Norman Economics

Personally, I’d recommend Marxists to pay MMT closer attention. It has plenty to teach us. I would say the same to MMTers. Marxism is about emancipation of workers from wage-slavery, which Marx analyzes in terms of capitalism as concentrated private ownership of the means of production being based on rent seeking and rent extract. This is free riding on the system and is parasitical.  Under capitalism, workers are in a position similar to serfs and peasants under feudalism and the...

Good summary article on MMT.Here's a teaser: With a sovereign currency, what this nation chooses to spend money on should be removed from any discussion of how a program should be paid for. Congress can authorize such spending at any time. Inflation is never a concern, so long as sufficient goods and services are available to purchase with the money spent into the economy.In fact, government spending that invests in new infrastructure, more efficient buildings and transportation, and in...

Hyperinflation crank.Concord MonitorMy Turn: Money, wealth and balloon navigationChristopher Carley

I hate to break it to the MMTers, but fuddy-duddy economists already knew this. Indeed, among free-market economists it is a standard pedagogical device to tell the audience that the government has three ways of financing its spending, namely (1) taxes, (2) borrowing, or (3) inflation. So this notion that only the MMTers perceive the possibility of the printing press as a means of “paying for” government programs is silly.  For proof, consider the following excerpt from Austrian economist...

Deregulated banking in rich countries delivers more “investment” in speculative asset markets, not productive businesses. Deregulation of the financial sector has not improved growth as it was said it would, but rather the opposite has happened, as money went mainly into the speculation of assets instead.  I read years ago in the financial section of the Guardian, when it was still a decant paper, how the pension funds were just putting all their money into property creating house...

It's good to see Philip Geraldi sitting on the panel. [embedded content] Jason Hirthler, investigative journalist & author of The Sins of Empire: Unmasking American Imperialism What are the goals of US "regime change" in Syria? How does the U.S media narrative affect the crisis, and relate to U.S interventionism in the Middle East? What can we learn from the Western coverage of the recent chemical attacks on Syrian civilians, the role of the White Helmets, and other questionable aspects...

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The mask drops! [embedded content] French President Emmanuel Macron says he will seek to criminalize anti-Zionism. The announcement has already provoked intense opposition, and the controversy appears certain to take some of the focus away from the anti-government Yellow Vest movement.

This is an important issue and some background is needed. This is a fundamental issue in epistemology. As such it involves not only mathematics and science but also philosophy and logic. It is not an exaggeration to assert that this debate has been going on for millennia around the world and it remains undecided, which implies the need for further exploration. To claim certainty under such circumstances is premature. Furthermore, the certainty of models comes from the logic and math....