Mike Norman Economics

Former Chinese central bank governor Zhou Xiaochuan suggested on Wednesday that the direct impact on China of the trade war with the US "appears limited," though it could quickly prompt China’s top exporters to pivot away from US markets. Xiaochuan, who left the bank in March after 15 years at the helm, told Reuters that China's economy would be stable in 2018, with an expected growth rate of 6.5%…. Reuters said Xiaochuan downplayed the idea that protectionism will severely affect economic...

Mariana Mazzucato’s new book is a detailed exposé of the parasitic character of modern capitalism, drawing on Karl Marx’s theory of the source of value creation. But understanding the law of value is only a first step to providing an alternative to a system that cannot overcome its inevitable tendency for periodic crises and which needs to be overthrown, argues Peter Taaffe. Socialism TodayParasitic capitalism exposed Peter Taaff | general secretary of the Socialist Party of England and...

Thirty Years After Manufacturing Consent, How Mass Media Still Keeps Thought Inbounds Noam Chomsky makes the point that free market libertarianism is private fascism. Libertarianism is the bosses party, as I call it, the party for the minority to rule without constraint over the majority. Some freedom and liberty, that is.  Excerpts -  Chomsky: Well, the first book we wrote had a very interesting history. It was called Counter-Revolutionary Violence. There was a small, but quite...

Tweet by Jonathon Tapper1) most major industries are now monopolies/oligopolies 2) top 10% own almost all stock in monopolies/oligopolies Most transactions in the economy send money from the have nots to the haves. AP News The Fed's report came on a day when a wave of buying on Wall Street sent U.S. stocks surging and lifted both the Dow Jones Industrial Average and the Standard & Poor's 500 stock index to all-time highs. The Dow has gained nearly 8 percent this year, the S&P...

Economics has never accepted the idea that the public sector creates wealth. But it does—and acknowledging that can lead to sweeping change.... Democracy — A Journal of IdeasYes, Government Creates Wealth Mariana Mazzucato | RM Phillips chair in the Economics of Innovation at SPRU in the University of Sussex

The US complains about foreign meddling in their elections while they continually meddle in other countries economies and politics all the time.  Peter Koenig says all these countries have a 5th column funded by the U.S. which is in their politics, finance, and the media. He says how the West is a sinking ship overrun with corruption and greed.  Second, and this is the real challenge – countries like Iran, Venezuela, Russia, China – and all those nations that resist the west’s attempts...

The US Treasury has slapped the Chinese Military Commission's Equipment Development Department with sanctions, accusing the agency of violating US sanctions against Moscow by buying ten Russian Sukhoi Su-35 4++ generation fighter jets and Russia's S-400 surface-to-air missile system.… Desperation play.Back to the Cold War with the US erecting an iron curtain economically.Sputnik InternationalUS Sanctions Chinese Entity Over Purchase of Russian Fighters, S-400s - TreasurySee alsoZero HedgeUS...

As I mentioned earlier, the vast bulk of broad money consists of bank deposits. These banking liabilities are created when an Australian household or business has funds credited to their deposit account at an Australian bank. One way this can occur, for example, is when a business deposits currency it has earned with its bank. Again, such transactions add to deposits but do not create money because the bank customer is simply exchanging one type of money (currency) for another (a deposit)....

The Bank of Russia not going to resume purchasing foreign currency on behalf of the Russian Finance Ministry even if the there is a decrease in volatility in the foreign exchange market, First Deputy Governor Ksenia Yudaeva said on Thursday.... De-dollarization continues. Sputnik International Bank of Russia Won't Buy Foreign Currency Until Year’s End – Deputy Governor

MMT works! When combined with mental game nothing can beat it.