Mike Norman Economics

How the advocates of capitalism twist logic. If the third world embraced more markets they would become richer, like us in the first world, they say, but the IMF and the World Bank have forced open free markets on them which has enslaved them into poverty, while also saddling them with loans they can never repay because their economies can't grow.Many Indian farmers have committed suicide over the last few decades when India opened up its markets to Western competition after pressure from...

De-globalization and the collapse of the Post WWII world order. Sailing into uncharted territory. Strategic Culture FoundationThe Dire, Unintended Consequences of Trump’s MAGA War on China Alastair Crooke | founder and director of the Conflicts Forum, and former British diplomat and senior figure in British intelligence and in European Union diplomacy See also Consortium NewsPATRICK LAWRENCE: Pompeo, Pence & the Alienation of Europe

I am reposting the article below by Wally Mooney (with permission) which was an indirect reply to Paul Mason’s recent article. I thought it was a very lucid and well-argued piece on why Modern Monetary Theory (MMT)’s conclusions as to how money is created is factually correct and that is the case whether you are a Marxist or a Capitalist or somewhere in between. For me it also illuminated Marxist ideas (with which I have to imagine, Paul Mason presumably agrees). Must-read, IMHO.Wally...

Quantitative Tightening is not a tightening at all, just like Quantitative Easing is not an easing.

I read Nick Shaxson's book years ago and it was excellent. Finance is an important part of society helping businesses to grow while earning interest on people's investments, but when it gets too large it can become parasitic harming growth.Also, the best brains are attracted to finance and so other vital sectors of the economy may suffer. The best engineers, scientists, and mathematicians will often go into finance when they could be designing state-of-the-art products to improve the...

The Spider's Web explores how London became the money-laundering capital of the world We released The Spider’s Web: Britain’s Second Empire for free download in mid-September and close to half a million people have viewed this film since its release.  Here’s why I think it is resonating with audiences across the world. The Spider’s Web is a documentary about how the City of London emerged from the demise of the British Empire in the 1950s and re-established itself as the leading global...

[embedded content] Chunky Mark - The Funny Tinge Group. Seven Labour MP's resign to form a centrist party for more wars, more neoliberalism, more privatisation [embedded content]

Big! We really need to be talking about this and examining assumptions and presuppositions that act as hidden assumptions. Yanis is a systems thinker. The Faculty of Medieval and Modern Languages, Oxford University, kindly invited me to deliver the 2019 Taylor Lecture on 12th February 2019. I chose the topic of Realistic Utopias versus Dystopic Realities – my aim being to highlight the manner in which really-existing capitalism is marketed as a utopian science fiction that has nothing to...

Backing into MMT. The point of all this is, IF higher inflation is desired (and I am by no means advocating any such policy), THEN why not keep the policy rate low and use "free lunch" fiscal policies as long as inflation remains below target? Why bother experimenting with the Neo-Fisherian prescription of raising the policy rate that's somehow supposed to make people magically expect higher inflation? The post is a just a bit wonkish (equations) but worth reading since this is coming up...

A new report on US policy toward China launched by the Asia Society in New York is another example of how supposedly bipartisan US intellectual elites, instead of offering impartial advice, do little more than parrot Washington’s talking points, failing to admit they know nothing of substance about the existential “threats” posed by Russia and China. The report ‘Course Correction: Toward an Effective and Sustainable China Policy‘ was written in collaboration with the 21st Century Chinese...