Mike Norman Economics

Through his purchase of influence over the daily flow of information to American media consumers, a dizzying array of connections to the national security state, and a media empire that shields him from critical scrutiny, Pierre Omidyar has become one of the world’s most politically sophisticated data monarchs. His boss is Pierre Omidyar, the ebay founder best known for his sponsorship of The Intercept, a flashy progressive publication that possesses the classified documents exfiltrated...

More numbers sleight of hand. It should perhaps come as no surprise that, as capitalism has been called into question and socialism generated increasing interest during the past decade, capitalism’s defenders have resorted to a long historical view. Look, they say, how capitalist growth has decreased poverty and led to improvements in people’s lives around the globe. Just stick with it and all will eventually be well. That’s why, as Jason Hickel points out, the above infographic, based on...

Just saying that AIPAC has too much influence in Washington is considered anti-Semitic, apparently. AIPAC will now sponsor politicians to run against Ilhan Omar to get her removed as they do to any politician that doesn't do as they say. And with enough money they are often successful.Ilhan Omar had the 'audacity' stand up to a very wealthy aristocrat, which is considered to be an outrage by many on the right. [embedded content] Here's the documentary series you MUST WATCH:...

 A good article.Based on my observation as a traveler years ago, many people in so-called "poor countries" as "happier" than most people in developed countries, but this is true most of those people that were rural and their lifestyle was close to the historically indigenous culture. They were "happier" in the sense that they had few wants and those wants were mostly needs that were met through "tribal" culture and simple technology."Happiness" is in the mind, and it is grounded in the...

I have read the articles that The Economist published on Modern Monetary Theory (MMT) in the current edition of the liberal-leaning magazine (hereand there). I am not happy with the reporting, which includes false statements in general and also misrepresentations of what MMT is.... The Economist just put the UK debate on progressive economic policy on a slippery slope, claiming that a particular school of economics science constitutes “doctrine” and then misrepresenting that school’s...

Steven Rattner’s opinion piece in the New York Times and [Jason] Furman’s interview on National Public Radio are perfect examples of the ideas that MMT wants to debunk:  Deficits are not normal; deficits crowd out private investment; the public debt is a burden on our grandchildren; our ability to respond to societal problems is limited by the fact that the US government does not have enough money to confront them. Below is an alternative interview to the Furman’s interview that reviews...

Interest payments are not a problem. They can always be made.

I said to buy the market correction in November and December. Many people cried and panicked out.

In this article, I draw attention to the similarities between the current economic situation and that of 1929, and the threat to today's unbacked currencies.There is the coincidence of trade protectionism with the top of the credit cycle, and there are the inflationary events that preceded it. The principal difference today is in modern macroeconomic delusions, which hold that regulating inflation of money and credit is the solution to all ills. I conclude that economic salvation can only...

Dean Baker looks at offsets. He doesn't see "taxing the rich" as a good offset. I don't think MMT economists do either, and as far as I know, they have not pushed this proposal. "Taxing the rich" through progressive taxation has another reason. That is, limiting the political power of wealth and reducing inequality. There are good reasons for this – social, political and economic.Some MMT economists have recommend preemption of rent extraction first, with the residual to be addressed...