Mike Norman Economics

I have been saying something like this for some time. The American Empire is overextended and the strategic need is to withdraw to the core, which is the Western Hemisphere. Owing to logistics, and war is largely determined by the parties with logistical advantage, the US is disadvantaged by operating away from the Western Hemisphere, but it can easily control its own hemisphere militarily owing to logistical advantage. This is especially the case now that both Russia and China have...

Everyone thinks the Fed caved to the bulls. They didn't. They actually did something quite negative.

Richard Murphy has always said that MMT supporters do not properly understand tax and Jonathan Portes seems to me, on the evidence of this article, to fall into the same category. What Jonathan Portes misses is that the ‘financial constraints’ are self-imposed. It’s bad enough – in reality – being short of teachers, nurses and doctors. But having bogus self imposed financial constraints is just – well – self imposed.Finance is man made. Jonathan Portes, as a former Treasury civil servant,...

An internal government document reveals tactics of “economic warfare” and “financial weapons” the US is using against Venezuela in the name of “furthering capitalism.” SOP (standard operating procedure). Told ya so.Mint Press NewsInternal US Gov’t Document Outlines Program of ‘Economic Warfare’ on Venezuela Ben NortonSee also One after another right-wing government in the region — including Colombia, Chile, and Brazil — affirmed their support for Guaidó. The wave of support in the hours...

In the blog post earlier this week – The conflicting concepts of cosmopolitan within Europe – Part 1 (January 29, 2019) – I juxtaposed two concepts of ‘cosmopolitanism’ which appeared to be part of the early moves to achieve European integration. On the one hand, there was a Kantian-style desire to create, through cooperation between previously warring states, a peaceful and prosperous future for a ‘one’ Europe. This construct would be welcoming to outsiders, progressive, and celebrate...

Col. Lawrence Wilkerson never gets interviewed by the mainstream media. [embedded content]

This will be similar to the Vanessa Beeley 21st Century Wire article that Tom put out, but if you want th video version, this is excellent and I couldn't stop watching it..Vanessa Beeley says how the French police are deliberately kettling and provoking the demonstrates to become violent so the media can display them as anarchists. A top policeman came out and said this was happening. 150 people have received serious head injuries and some people have lost hands. One young woman was standing...

Think of what currently passes as a “policy” of the US in Venezuela as a diagnostic tool.  Not just to diagnose the moral degeneracy and mental pathology of the leaders of the AngloZionist Empire, but also to diagnose the very real state of despair and chaos of the Empire itself. Under Obama, for all his faults and weaknesses, the US succeeded in subverting a list of crucial Latin American countries (like Brazil or Argentina) but now, with Mr MAGA, it can’t even do that. The kind of antics...

Poorly argued. Economics professor Jonathan Portes admits that the fundamentals of MMT about operations are correct, and that MMT economists recognize that the financial constraint on fiscal deficits is inflation. Then he concludes that it is obvious that MMT cannot work since the real constraint is available resources and government spending uses resources instead of creating them. So, over time, inflation cannot be avoided other than by increasing taxes, that is, limiting the deficit by...

Fed on hold so bond market is now on hold. But what about the Fed's balance sheet reduction?