Mike Norman Economics

There is a lot of talk about how MMT would lack a “model”. Some commentators on Twitter even claim that MMT would have “no model” and that they just created one themselves. Others believe that stock-flow consistent (SFC) models are basically SFC models. All of that is not quite right! I think that the only model that can really claim to be a “MMT model” is the one I published in a peer-reviewed journal in 2014. The article in the International Journal of Pluralism and Economics Education...

Milton Friedman was wrong. Capitalism doesn't foster freedom — it produces autocratic workplaces and tyrannical billionaires.... Another paradox of liberalism that arises from economic liberalism and affects social and political liberalism, too.JacobinCapitalist Freedom Is a Farce Rob Larson

I once believed in the EU as I loved its social democracy and I would argue in defence of it with everyone. But in the end I voted to leave the EU and my friends never forgave me because they still had an old fashioned view of Europe as the great social democracy.Ross Ashcroft was always pro the EU up to now but I think he has changed his mind after this interview with David Rose who says that the EU has been destroyed by neoliberalism. The left politicians gave up the fight and decided that...

Votes every day now. Market reaction.

A (successful) American politician who cries: “God is a white supremacist!”Neo-nazis in the Bundestag. The extreme right rising in Italy. Poland’s authoritarians purging its Supreme Court . How did we get here? To a world where the forces of intolerance and indecency are on the rise, and those of decency, wisdom, and civilization are waning? Is something like a new Dark Age falling? I think it has everything to do with predatory capitalism, and so I want to tell you a story. Of how it...

A resurgence in a popular economic theory might make it possible for Universal Child Care and other programs to actually see the light of day MMT makes a distinction between the issuer of the currency, which is the federal government, and the users of the currency, which is everybody else. States, municipalities, us, individuals, families, households, and companies, and the rest of the world. Once we look at that distinction, it becomes illogical to say the government needs to borrow...

I'm inspired! [embedded content] In Caracas, Ben Norton interviewed Venezuelan financial analyst Juan Carlos Peraza, who gave up a lucrative job as a Wall Street banker and returned home to support Hugo Chávez and the Bolivarian Revolution.

You can see that Gilad Atzman is under enormous pressure. Poor guy, he's only trying to do the right thing. But now Corbyn has capitulated too. [embedded content] In the last three years we saw the Labour party suspending and harassing its own party members for thought crimes. Now the purge is escalating, the party is now terrorising private citizens. I seem to be their prime target. My crime, I told the truth...

Even as the Venezuelan government blamed the power outage on U.S.-led ‘sabotage,’ the U.S. has long had a plan on the books for targeting the civilian power grid of adversarial nations. CARACAS, Venezuela—For nearly a week, much of Venezuela has been without power, bringing the country’s embattled economy to a near standstill. The outage saw U.S. officials and politicians blame the Venezuelan government for the crisis while officials in Caracas accusedthe U.S. of conducting “sabotage”...

How imperialism works.And as we are the good guys we can sleep soundly at night knowing our honourable leaders are making the world safe for is by getting the all bad guys, like Maduro - who is sitting on all that oil wasting it giving it to peasants. Information from local sources said that US army helicopters have already transported the gold bullions under cover of darkness on Sunday [February 24th], before transporting them to the United States.  The sources said that tens of tons...