Mike Norman Economics

This is a paper presented to the Institute of Actuaries of Australia in May, 2010. It is s simplified introduction to MMT by someone that understands accounting and its institutional foundations.Now that MMT is going mainstream it is a good place for many who are curious about it to start. Pass it on. My particular interest in this particular theory is due to the very simple nature of its assumptions and the clarity of its logic – essentially looking at the consequences of a stock/flow...

One of the bankers was Prescott Bush, later senator from Connecticut, father of President G. W. H. Bush, and grandfather of President G. W. Bush. The whistleblower was Maj. Gen. Smedley Butler.Big ThinkRemembering when bankers tried to overthrow FDR and install a fascist dictator Matt Davis

Gerald Epstein and V. Ramanan bring up potential objections to the MMT position based on the international financial situation, an issue that Wynne Godley had pointed out previously.Ramanan has brought up questions around balance of payments issues in the past as well. Now this may sound as a pessimistic view for any individual nation or the world as a whole. The real problem is free trade – the most sacred tenet of the economics profession. Another paradox of (bourgeois) liberalism, where...

Throw a dart at the map of the world and chances are it will land in or near a territory in which the US and its allies have ‘promoted democracy’, made a ‘humanitarian intervention’, and/or  ‘defended western values’, leaving behind the stench of  JP Morgan, Standard Oil, Halliburton, and the Cheney and Clinton dynasties.   The politics of ‘left and right’ is a sideshow for the plebs – MarkGB examines how war has become a reliable profit centre for government cronies.  Renegade Inc. Mark GB...

Probably bullish over the long term.

This is NOT signaling recession

A mainstream summary of MMT that is actually pretty fair and balanced and reasonably accurate, too. The tide is turning.This is a good pice to share with others curious about MMT. I am bookmarking it as a reference to pass on in the future.In a media world of sloppy journalism and outright propaganda, this article stands out. Kudos to Bloomberg for putting it up. Bloomberg BusinessweekA Beginner’s Guide to MMT Peter Coy, Katia Dmitrieva, and Matthew Boesler, New Economy Forum

Richard Murphy has some issues about tax and MMT, which my essays on MMT that I posted here asked questions about.I have posted the Steve Keen video here before, but what's really interesting about this Richard Murphy article is the comments section underneath. Many people have trouble fully getting to grips with MMT.MMT is a fantastic system for producing a fairer and wealthier society. Social democracy and capitalism can work together, strengthening both. We end up with far less suffering,...

Watch oil. It could really surprise a lot of people, and the Fed.

Another excellent article about MMT. The reason the government doesn’t need to sell treasury securities, or levy taxes, to spend money is that the central bank, under the control of the treasury, can pay for everything by conjuring up electronic money. In MMT’s ideal world there would still be taxes, but their main purpose, aside from lessening inequality, would be as “offsets” to keep inflation under control. Taxes would drain just enough money from consumers and businesses so total...