Mike Norman Economics

Amazing. A major player at the Fed and key voice in setting monetary policy didn't know how the monetary system works based on correct operational understanding — which MMT provides and which he also proves ignorant about. And this when he was also serving on the FOMC and deeply involved in setting monetary policy for the US, which also affects the entire world, during the crisis and aftermath. Bloomberg OpinionBudget Deficits Still Matter Bill Dudley William C. Dudley is an American...

More "criticism" of MMT for the record. Another rant by the clueless for the clueless. Handwringing.Cranach at Patheos“Modern Monetary Theory”: Deficits Don't Matter Gene Veith

Last week (February 14, 2019), Eurostat released its latest national accounts estimates – GDP up by 0.2% and employment up by 0.3% in the euro area – which confirmed that EU growth rates have declined significantly over the course of 2018. Moreover, the December-quarter data confirmed Italy is in official recession and Germany recorded zero growth (thereby avoiding the ‘technical recession’ category after contracting by 0.2 per cent in the September-quarter). Export expenditure accounts for...

Modern Monetary Theory (MMT) continues to advance rapidly. We are past the first phase of reaction (first they ignore you), deeply into the second phase (then they attack you), and expanding the ranks of the third phase (then you win). We are very early in the third phase, winning with increasing numbers of people, but still a minority view. One of the proofs of MMT’s advances is a nearly respectable treatment by the Wall Street Journal as the feature of a news article. The other major...

File under "behind the times."Another nutty rant "argument" against MMT for the record.Banyan HillWhy Modern Money Theory is Bad for the Economy Michael Carr, CMT, CFTe | Editor, Peak Velocity TraderHere's a few more that don't understand the operational reality.Hellenic Shipping NewsWorry About Debt? Not So Fast, Some Economists Say New American“Modern Monetary Theory” Will Pay for AOC's Green New Deal Bob Adelmann

But the U.S. and the U.K. aren't happy. They still support the head-choppers. [embedded content]

The Green New Deal unveiled last week by Sen. Ed Markey (D-Mass.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) is a powerful and ambitious statement. It’s more than just a delineation of the enormous changes that will be required to stave off the most cataclysmic impacts of climate warming. It offers a portrait of the better world we can create by doing so. It also has no chance of becoming law, not while Republicans control the Senate and climate change denier Donald Trump resides in the...

America Is Ready for a Genuine Peace Candidate Philip Geraldi, a staunch conservative, is ready for Tulsi Gabbard.  Tulsi’s own military experience notwithstanding, she gives every indication of being honestly anti-war. In the speech announcing her candidacy she pledged “focus on the issue of war and peace” to “end the regime-change wars that have taken far too many lives and undermined our security by strengthening terrorist groups like Al-Qaeda.” She referred to the danger posed by...

RT USA is one of my favorite sites, but I only go there because it publishes opinions similar to mine. It doesn't influence me in anyway, and sometimes it really disappoints me, but that will be on RT channels I never use.  The Russians don't want to get nuked anyone than I do, so we have a shared common interest at the moment.  “If CNN would like to hire me to present facts against destructive US wars and corporate ownership of our political system, I’ll gladly accept,” Khalek told me...

Rohan Grey is a legal scholar and the research director of the Digital Fiat Currency Institute. He joins the show today to make the case for digital legal tender. David and Rohan also discuss privacy issues related to digital currency, getting the public onboard with a digital currency proposal, modern monetary theory, and how it is different than mainstream economics.... Audio and transcript.Seeking AlphaMacro Musings Podcast: Rohan Grey On Digital Currency, Privacy, And Modern Monetary...