Mike Norman Economics

Is the US morphing into its former arch-enemy that it believes to have vanquished and relegated to the trash can of history? In addition, Professor Cohen did not mention other similarities with totalitarian states, such as restriction of constitutional rights and civil liberties through legislation like the Patriot Act and the establishment of a Department of Homeland Security and the militarization of the national security force creating essentially a police state, especially  when...

Despite what proponents of modern monetary theory say, America’s current rate of deficit spending is already undermining faith in the dollar as a reserve currency. That is why so many nations are starting to slowly dump their dollar reserves and buy gold. As the dollar loses its reserve currency status, the U.S. will lose its ability to print and borrow money without experiencing runaway inflation. Decades of budgetary mismanagement will catch up with the nation, allowing other nations to...

Which is the cult and who are the cultists here?New StatesmanThe surprise cult of Modern Monetary Theory Hettie O'Brien

It is Wednesday – so just a few observations and then we get down a bit dirty (funky that is). Today, I consider the GND a bit, critics of MMT, Japan, and more. Never a dull moment really. I didn’t really intend writing much but when you piece together a few thoughts, the words flow and so it is. The main issue is the recurring one – the lets have a little, some or no MMT narrative. This misconception regularly crops up in social media (blog posts, Twitter etc) and tells me that people are...

Young people around the world are going on marches demanding action on climate change, but Russia gets the blame for it. [embedded content] Talking almost in one breath about Russia, “hybrid warfare” and widespread environmental protests among schoolchildren across Europe is not bizarre paranoia, but a deliberate tactic, RT has been told.

Ron Paul doesn't understand what money is because he thinks it has to be commodities, including gold and silver - that is, money has to have intrinsic value in itself.Money is a ledger system which helps us to pay each other for work done. If someone pays me money for work that I have done for them, then I can use that money to pay someone else to do work for me, and in this way we have exchanged work. Fiat money is the system we use to exchange work with each other.The system works on...

The money to buy government bonds comes from government spending itself. The head of the Treasury's own advisory committee doesn't understand this.

Richard Wolff says how many people were very disappointed when they got the tax cuts that the Republicans promised as many received hardly anything, and others received nothing at all, as the lion share of the tax cuts went to the very wealthy and the corporations.But what really got to Richard Wolff was the spin Fox and Friends put on the disappointing tax cuts trying to make it look better to their viewers. They also said that Mississippi and New Jersey were model states because they had...

This goes very well with the BadMouseProductions video.The professor of sociology, William I. Robinson, explains how the Latin America Pink Tide revolution went wrong when they relied too much on their resources for income while using Western corporations for their extraction. William I. Robinson says they should have diversified and nationalised their financial and banking sectors. To be fair to the socialists, though, I think they didn't want to upset Western interests too much as this...

How the advocates of capitalism twist logic. If the third world embraced more markets they would become richer, like us in the first world, they say, but the IMF and the World Bank have forced open free markets on them which has enslaved them into poverty, while also saddling them with loans they can never repay because their economies can't grow.Many Indian farmers have committed suicide over the last few decades when India opened up its markets to Western competition after pressure from...