Mike Norman Economics

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.

I’ve been meaning to write about this topic for some time, but a Tweet the other day reminded me that there was still major misunderstandings of what Modern Monetary Theory (MMT) represents and that it was time to clarify some of those errors in comprehension. Specifically, there is a current out there that considers MMT to be incorrectly labelled because according to the argument there is no theory involved. It’s hard to imagine why anyone would think that but the fact that they do tells...

This is a subject I have avoided here up to now -  the VIP pedophilia sex rings -as it is too full of conspiracy theories, but Anne Lucas is convincing. She says psychopaths rule the world.  Is this what Putin is up against, people that are crazy and completely evil?I don't know if what Aaneke Lucas says is true, but rather than just saying it's a conspiracy theory, as many of these things often turn out to be, it needs to be discussed so we can ascertain whether it's true or not.In the...

PCR and many people are criticising Putin for not standing to the Empire, but maybe he's more clever and astute than they realize. What about the Auvergne? Is Russia engaging in strategic disinfo to avoid being drawn into trap? Catte According to an a analysis offered by Joaquin Flores on Fort Russ the recent bizarre events unfolding over Syria may have been an attempt, not simply by Israel, but also by France to draw Russia into a renewed political/diplomatic confrontation with NATO....

Strategies Have Unintended Consequences Since posting my remarks — https://www.paulcraigroberts.org/2018/09/18/can-russia-survive-her-partnerships-has-putin-made-a-strategic-miscalculation/ — other comments on President Putin’s response to the loss of Russian lives have appeared. I am providing links to two of them as examples of the negative consequences for Putin: https://www.fort-russ.com/2018/09/the-overarching-strategic-logic-behind-provocations-against-russia-2014-2018/...

PCR says unless Putin stands up to Isreal, the US, and its puppets the U.S. will up the ante in the Ukraine too, and so in the end Putin will have to fight, which could destroy the world. I am concerned that Putin, by giving in to Turkey, by covering up for Israel, by calling off the liberation of Idlib province, and by his previous non-responses has set himself up for his next test, which could be in Ukraine. By his refusal to accept the breakaway Russian republics of Donetsk and Luhansk...

In a wide ranging interview with The Hill on Tuesday conducted in the Oval Office, President Trump was asked to give his take on the biggest mistake in American history.Considering just how open-ended a question that is, it's perhaps surprising that he merely went back less than a couple decades into the Bush presidency, though Trump's base will certainly welcome it as it hearkens back to his "America First" foreign policy vision of the campaign trail.“The worst single mistake ever made in...

Uncle Sam’s failure is unsurprising. As Lord Acton famously intoned: “Power tends to corrupt and absolute power corrupts absolutely.” It doesn’t matter whether the intentions of Washington policymakers are good. The consequences of American policies have been bad, often disastrous. "The road to hell is paved with good intentions." The American Conservative Washington’s Endless Sanctions Are Finally Backfiring Doug Bandow | senior fellow at the Cato Institute and former special assistant to...