Mike Norman Economics

Paul Krugman has a couple of posts criticizing MMT. He tries to be polite, pointing out that at the zero bound their policy recommendations are less bad than those of advocates of austerity. But deep down he must know that this model is sheer madness. Stephanie Kelton responds, and continues the long MMTer tradition of being unable to provide a clear explanation of the ideas.... Bond vigilantes.The Money IllusionMagical Thinking Scott Sumner | Director of the Program on Monetary Policy at...

Now MMT has a bully pulpit, too. The table is still tipped though. But MMT is no longer reduced to rebutting Paul Krugman in his comments section. More progress!Bloomberg OpinionModern Monetary Theory Is Not a Recipe for DoomStephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

The problem with Venezuela was that Hugo Chavez wasn't socialist enough, says Paul Jay, and so he didn't come down hard enough on the elite, whose power structure he left largely in place.He says how Hugo Chavez and Nicolas Maduro are described as in the West as brutal dictators, but MBS is just described as the Crown Prince, although he ordered the death of an American citizen, as well as arrest many members of his family, murdered others, and some were tortured to death.When Hugo Chavez...

Jordan Peterson may be the one who really gets to you, but for me it's Stefan Molyneux. Here, Left Sphere dismantles his arguments. At 5:40 Noam Chomsky explains why libertarianism is about enslavement, not liberty, which he says is private tyrrany.  That's worth watching. [embedded content]

This has very important implications for the markets.

Richard Murphy reports another hit job on MMT and him as well along with the progressive wing of the Labour Party that supports MMT. The attack is stepping up. And, my friends, in this story you have a history of this entire movement. First they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you. And that, is what is going to happen to the Amalgamated Clothing Workers of America. — Nicholas Klein, 1914 (This quote or a...

The Democratic Party is experiencing a Tea Party-like moment that the GOP went through subsequent to the G. W. Bush administration fiasco, an improbable consequence of which was the election of Donald Trump as a "populist" candidate, surprising the pundits, sparking a soft coup attempt, and challenging the GOP establishment. This dynamic is still in play. Now the Democratic Party establishment aka "corporate Democrats." "Clinton Democrats." and "Third Way Democrats" is being similarly...

Hit job.Noting surprising here. It's right in line with the rest of the establishment propaganda masquerading as "news" and a "free press" in the US.The PhoenixModern Monetary Theory Isn't a Panacea Laura Wilcox

A new bill backed by MidAmerican Energy would devastate the ability of Iowans to install solar panels for their homes or businesses. House Study Bill 185 would undo a longstanding policy of net metering, which “allows residential and commercial customers who generate their own electricity from solar power to feed electricity they do not use back into the grid.”Iowans served by monopoly providers MidAmerican or Alliant Energy have been able to use net metering since the 1980s, under rules...

Double standard.FAIRWhen India Tries to Regulate Amazon, US Media Qualms About Monopoly Disappear John O'Day