Mike Norman Economics

I was sent two papers by Thomas Palley the other day. I have known him for decades. He continually disappoints. He has become one of those self-styled Post Keynesians who are trying to destroy the credibility of Modern Monetary Theory (MMT) for reasons that are not entirely clear although I know things I won’t write here. He thinks that if he drops a reference to Michał Kalecki, the Polish Marxist economist, into a paper, it qualifies one as being Post Keynesian. But, the reality is that...

Bill Binney knows quite a lot about the Deep State having worked for them. He says there is no democracy in the West as the Deep State controls everything from behind the scenes. They also feed presidents and Western leaders only what they want them to know.Who are the Deep State, they are the agents of the ruling class? Many are gangsters.I was naively hoping that the trail of Assange would actually put the U.S. on trail about its crimes against humanity. I wondered if the Chelsea Manning...

What your "deep state" has been up to. No good.Can Paul L. Williams be believed? On one hand, he has academic credentials. On the other hand, he has been criticized as a conspiracy theorist for alarmist writings on the threat of Islamic terrorism in the US. His book is available for download at Internet Archive here. He provides documentation for his claims, but I have not checked out the sources.Off GuardianOperation Gladio: The Unholy Alliance …… Between the Vatican, the CIA, and the...

Tax day and what follows has implications for the markets.

President Trump recently declared the Iranian Revolutionary Guard a terrorist group. Here is a backgrounder on the Guard, Quds (Quds), the leadership, and the religious philosophy behind it. Could this become a very big deal? Yes. So you may wish to catch up on it.SouthFrontThe Iranian Revolutionary Guard and the Qods Force

Jimmy Dore shows his anger here. The West is run by mega rich psychopaths and the media goes along with it. Western populations have no idea of the lies they are told.Neera Tanden says the US has a large deficit because of the wars it has fought to 'liberate' countries around the world and so the US should take their resources to pay for it. But that deficit money went straight into the pockets of the military-industrial complex which made a killing out of it. US companies take the resources...

Damned if you do, and damned if you don't. The cries about rampant corruption in Russia have been going on the West since the collapse of the USSR. A couple of years ago, President Putin appointed a special investigator prosecutor to put an end to it. Now that officials are being held to account, the West is crying, "purge."Same with China and President Xi.Look at the credentials of the author and go figure.Project SyndicatePutin’s Art of the Purge Andrei Kolesnikov | senior fellow and the...

Is the US trying to lock the barn door after the horse is gone left over offshoring jobs to China? A new paper suggests so.Marginal RevolutionNew results on the China shock, furthermore the China shock is largely overTyler Cowen | Holbert C. Harris Chair of Economics at George Mason University and serves as chairman and general director of the Mercatus Center

SummaryThe US budget deficit is $147 billion in March 2019; this is a net add to private domestic sector income. Dollars added to the economy by the federal government allow the private sector to post a $147 billion surplus and add to its stock of net financial assets. Private credit growth was again flat and added less than $1.8 billion to the money supply. A big drop from the January contribution of over $70B. Further, income flows from the national government impact investment markets...

Not every decision will turn out to be the right one. But in China, when mistakes are made, adjustments follow. While this form of accountability is not perfect, it has produced a track record that is exceptional by any standard. Interesting article coming from Andrew Sheng and Xiao Geng, who are not considered government mouthpieces and have often been critical of China's policies. Chinese people seem to understand Chinese behavior, whereas most Westerners transpose their own cultural bias...