Mike Norman Economics

Jimmy Dore says that Jonathon Morgan, one founders of spooky outfit, New Knowledge, is the scum of the Earth. I agree.Where do all these fruitcakes come from, and there seems to be loads of them, like Rachel Maddow, Bill Maher, and others? All crazy!And then you have the Guardian, the BBC, and all the nice presenters on TV putting out pro-war propaganda. All these well educated, reasonable people stirring up war ever every day. No one would believe that these people are bold-faced lying.Then...

The talking is over. A legislative proposal is being prepared and will be put on the table "next week." Politically, the big news is demographics. The millennial generation is now the most populous and the boomers are beginning to die off. Young politicians are staking their claims to the future — AOC and Tulsi Gabbard, for example. How successful they will be how quickly is uncertain. What is certain is that they are going to be around for a long while and they will be joined by...

I told everyone to buy the market correction. People panicked, wet their pants. This is a game for strong tough minded individuals. It's all mental game.

We have discovered that Russia has been waging a secret, carefully concealed war for the past 7 years. It is a war against corruption and unfair income distribution. You find this hard to believe? We will tell you in detail immediately after the selection of positive news of the week.... The Vineyard of the SakerRussia’s secret warTime Forward! project and Evgeny SuperTranslated by Scott Humor and captioned by Leo

Using common terms to facilitate understanding with the general public, the dollars required to pay federal taxes do not come from the private sector. They do not come from the rich, the middle class, the working class, the poor, large corporations, medium-sized businesses, small businesses, nor do they come from foreign entities such as China. All dollars used by the US private sector to pay federal taxes come from the US federal government. In short, you do not fund the US government, the...

Thought experiment: Substitute the US UK where you see China, substitute the ownership class for the CCP, and substitute liberal democracy where you see communism or socialism.China is criticized for taking steps to isolate bourgeois liberalism and democracy controlled by ownership, just as the US and UK take similar steps to demonize communism, isolate socialism, and cement the bourgeois liberal order that gives the ownership class control in place.It is natural for those that control a...

Good one. Worth reading in full. Richard Murphy gives his summary of the state of the his argument with Jonathan Portes and Simon Wren Lewis. Tax Research UKThe political economy of Labour’s fiscal rule Richard Murphy

Is full employment sustainable? For me, this is one question posed by the row between Richard Murphy and Jonathan Portes and Simon Wren-Lewis over Labour’s proposed fiscal rule.... Disappointing for a someone that is sympathetic to Marx, as Chris Dillow identifies himself. Stumbling and MumblingObstacles to full employmentChris Dillow | Investors Chronicle

After two long and possibly turgid posts analysing Modern Monetary Theory, in this third post, I’m going to look at the practicalities – in other words, what are the policy proposals that MMTers put forward for the government to do in order to get more jobs at better wages and without provoking inflation? Michael Roberts does a decent job of stating the MMT position with quotes from MMT economists. He concludes: In this way, MMT acts as a backstop to capitalism – the state is the employer...

Another deficit hawk shocked, shocked, shocked by MMT. Summary Wake up America! It is only massive and unsustainable deficit spending that continues driving our economy forward. The budget deficit is set to widen significantly in the next few years and in 2020, is expected to top $1 trillion even with healthy economic growth, according to new projections from the nonpartisan Congressional Budget Office. The bottom line is that we are in the midst of a "false economy" and it is only by the...