Mike Norman Economics

A Quasi-Review of A Lie Too Big To Fail: The Real History of the Assassination of Robert F. Kennedy by Lisa Pease When Senator Robert Kennedy was assassinated on June 5, 1968, the American public fell into an hypnotic trance in which they have remained ever since. The overwhelming majority accepted what was presented by government authorities as an open and shut case that a young Palestinian American, Sirhan Sirhan, had murdered RFK because of his support for Israel, a false accusation...

Increasing asymmetry of income and wealth, which now goes by the name "inequality" as the buzzword, arises either from the function of perfect markets or from asymmetry of power. A perfect market is one in which there is no asymmetry, that is, the agents are homogenous.A perfect market could generate asymmetry through difference in ability that lead to differences in distribution owing based on merit and just deserts (as conventional economics assumes). However, perfect markets don't exist...

What is Tucker Carlson's game plan, defending the everyday guy, or protecting the elites? The right have been using False Consciousness for decades to get the middle and working classes to blame the lower classes for all of societies problems. [embedded content] Tucker Carlson has branded himself as a populist, condemning the “liberal elite” that he argues makes up the American “ruling class.” It’s a good shtick, and it’s helped him stand out from other Fox News hosts. But while Tucker...

Breaking a rule not to give the Times exposure for a variety of reasons since a pretty decent article on MMT appears in the "paper of record" in the Economy section. No doubt that many of the nay-sayers are upset by what amounts to Wall Street endorsement of the basic ideas of MMT, if not the all policy recommendations. But it's the basic ideas o MMT that make Wall Street money — Goldman's chief economist Jan Haztius uses them — not the policy proposals. Can't argue with success.New York...

"Modern money" is state money. Abba Lerner explains the "trick" by which a state creates its money.Imposing taxes and accepting its own liabilities in payment creates demand for the currency. In this sense, state money is "monopoly money" in the truest sense, since modern have a monopoly on the issuance of currency, regardless of whether or how they choose to exercise it. Monopolists are prices setters rather than price takers. Hence, the value of the currency is established based on what...

My 200k forecast was extremely close to the 196k actual number. Superior information. Superior analysis.

Ray Dalio's paper was linked to here yesterday. If you don't have time to read the whole thing, here's a summary.Even quicker summary, Dalio is calling for more emphasis on a mixed economy that a market economy (or a command economy). Sounds like a New New Deal?Business InsiderHedge-fund billionaire Ray Dalio says capitalism is failing America, and we need to take 5 specific actions to save it Richard Feloni

Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismUp in Arms Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University

Graham Gudgin has two recent fine articles on leaving the EU.... The Case for Concerted ActionGraham Gudgin On Exiting The EUV. Ramanan

LinkedIn Why and How Capitalism Needs to Be Reformed (Part 1) Ray Dalio See also by Ray Dalio Productivity and Structural Reform-Why Countries Succeed & Fail, and What Should Be Done So Failing Countries Succeed