Mike Norman Economics

This statement/tweet isn’t exclusively true:MAGA will do whatever, but tariffs are taxes we pay on imports. It's time media outlets called them that. https://t.co/OZnlnS5YvU— Dean Baker (@DeanBaker13) January 26, 2025 the foreign entities can simply lower their import prices in USD terms and access these foreign USD account balances as source of USDs to pay any new tariffs: 

In analysis, it’s helpful to simplify and focus on the core elements of a system. Today, we will identify the essential processes and structures required to create a functional bank, accompanied by diagrams to illustrate these key processes.New Wayland BlogA Framework for a Basic BankNeilW

It’s definitely not what most people think. 

Here we go.

I have been working in Manila this week as part of a ‘knowledge sharing forum’ at the House of Representatives which was termed ‘Pathways to Progress Transforming the Philippine Economy’ that was run by the Congressional Policy and Budget Research Department, attached to the Congress (Government). I am also giving a presentation at De La Salle University on rogue monetary policy. It has been a very interesting week and I came in contact with several senior government officials and learned a...

Trump‘s push for bitcoin may backfire in a big way. 

If things start turning bad, the dollar will give the signal. 

You’re gonna need to know!

I am back in New York after an extended trip to California. Before I left town, I joined Scarlet Fu on Bloomberg Markets. We talked about the GOP plan to pass “one big beautiful bill” as quickly as possible and how much of it they’re going to try to offset/“pay for” (versus adding to the deficit)....The LensWhat I've Been Up ToStephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget...

The Latest Epicycle in Interest Rate MythologyEvery so often, a new fad emerges to prop up the fantasy that interest rate targeting is some economic panacea. The latest contender? Reserve requirements.The premise is simple: if we stop paying interest on massive excess reserve quantities held by banks, we won’t have to hand over vast sums to them. The stunning amount of intellectual effort required to come to this conclusion is why economists earn the big money. Predictably, it has been...