Mike Norman Economics

I was asked to give a short presentation at the MMT conference. What follows is the text version of my remarks, some of which I had to skip over in the interests of time. Many readers might want to skip to the bullet points near the end, which summarize what I include in MMT.... Need I say that this is a must-read in full.Multiplier EffectModern Money Theory: How I Came to MMT and What I Include in MMT L. Randall Wray | Professor of Economics, Bard College

I've often said here that I don't like excessive immigration into the UK; I want England, the land I love, to say English, but does that make me a racist? I'm completely okay with the multiculturalism in London, but I also like to live in the familiar English surroundings that I was brought up in. This it's my home.Many working class and middle class people feel the same, but by ignoring their wishes and calling them racist will make them turn to the right, which maybe what the ruling elite...

It is calculated that in addition to the secret arsenal of up to 400 nuclear warheads, according to American Scientists, the Israeli state also reportedly possesses chemical and/or biological WMD, making it a dangerous nuclear hegemon that poses a potential threat not only to the Middle East but also to Europe.  Neither France nor Britain nor Germany can equal Israeli state nuclear weaponisation on both land and sea. This calculation is based on the fact that the state of Israel is the...

Brussels sets up a 'special purpose vehicle' to bypass the US dollar and allow financial transactions with Tehran to continue... This single initiative means Brussels is attempting to position itself as a serious geopolitical player, openly defying the US and essentially nullifying the Iran demonization campaign launched by the White House, CIA and State Department.... Asia TimesEU finally stands up to US ‘bullying’ over Iran sanctions Pepe Escobar

I thought this was really interesting. Trackless trams have no rails but look like standard trams. They have an advanced optical guidance system which means they can move around cities with the accuracy of standard trams, but they are much cheaper to put in place, and with less disruption, as no rails are needed. Trackless trams are neither a tram nor a bus, though they have rubber wheels and run on streets. The high-speed rail innovations have transformed a bus into something with all the...

Philosophers have been debating human nature for centuries, but in an era of increasing political vitriol and partisanship, the issues at stake are gaining new relevance. To understand what we should expect from our leaders, we must first consider what to expect of ourselves. The fact that is is appearing at Project Syndicate is an indication of recognition that the enduring question, What does it means to live a good life in a good society, continues to have relevance in practical affairs,...

Deregulation. Infinite growth. Self-correcting markets. All are hallmarks of neoliberal thinking. But they’re more than just assumptions about the economy. They undergird much of the most influential thinking about governance right now, and dominate political and economic thinking everywhere. The results, according to some, have been disastrous. Investigative journalist Bruce Livesey asks four experts about the rise and rule of neoliberal thought, and what it may mean for societies around...

Russia has its GRU in addition to its KGB (now FSB and SVR). The UK has its Defence Intelligence in addition to its MI6 and GCHQ. Much less high profile, Defence Intelligence is more analytical than operative – as indeed is GRU, Skripal was an analyst. Defence Intelligence had its proudest modern moment when it refused to endorse MI6’s pack of lies on Iraqi WMD, and earned the hatred of MI6 and of Blair and Straw as a result. This was confirmed by the Chilcot report which stated that...

Report says consumers could miss out if insurers deem them too risky Insurance companies are getting excited about the use of big data which new high technology can bring, but it will destroy the concept of pooled risk and many people could become unable to get insurance.  More sophisticated use of data could create an “underclass” of people who cannot afford insurance. According to a new report from the Chartered Institute of Insurance, consumers could miss out on some types of...

Those who’re eagerly awaiting the end of the “dollar hegemony,” or the end of the dollar as the top global reserve currency, well, they’ll need some patience, because it’s happening at a glacial pace – according to the IMF’s just released data on the “Currency Composition of Official Foreign Exchange Reserves” (COFER) for the second quarter 2018. What it confirms: Global central banks are ever so slowly losing their appetite for being over-exposed to US-dollar-denominated assets, though...