Mike Norman Economics

Should read. Goebbels present Nazism as a political form that combines nationalism, socialism, populism, and progressivism, and is opposed to internationalism, bourgeois liberalism, and capitalism, which Goebbels equates with "international Jewry."Grasping RealityJoseph Goebbels (1932): Those Damned Nazis!: Weekend ReadingBrad DeLong | Professor of Economics, UCAL Berkeley

According to NBER, the four longest expansions in U.S. history are: 1) From a trough in March 1991 to a peak in March 2001 (120 months). 2) From a trough in June 2009 to today, July 2018 (109 months and counting). 3) From a trough in February 1961 to a peak in December 1969 (106 months). 4) From a trough in November 1982 to a peak in July 1990 (92 months). So the current expansion is the second longest, and it seems very likely that the current expansion will surpass the '90s expansion...

Short review of FT’s former Mumbai bureau chief James Crabtree’s The Billionaire Raj. The theme of the book is corruption, and its co-evolution with the Indian economy as the ‘licence raj’ restrictions were progressively removed, and new sectors like telecoms grew dramatically. In this new world, the super-wealthy businessmen and the politicians found they needed each other: the deployment of legislation and contracts helped the former, the opportunity to take part in business helped the...

Some people think that because banks create fiat money out of thin air it is not real money, and they might call it funny money, but what is money?Money is work done or the promise to do work, i.e, you can buy a product that someone made (work done), or get someone to do work for you.So, do banks create money out of thin air? What they do is get you to sign a contract that you will promise to do the work necessary to pay money back, in other words, the borrower creates the money by doing...

Summary an all-star cast. The Next SystemMoney Matters— Why Monetary Theory and Policy Is a Critical Terrain For the Left ht Footsoldier in the comments

I had similar thoughts perusing Risen's article at The Intercept.Jesse's Café AméricainReal News: About That Russian Hacking Indictment And Its Willful Misuse Jesse

You may have seen these comments by Robert Solow before, but it is convenient to have them collected in one place. Economic Sociology and Political EconomyRobert Solow’s sarcastic economicsOleg Komlik | founder and editor-in-chief of the ES/PE, Chairman of the Junior Sociologists Network at the International Sociological Association, a PhD Candidate in Economic Sociology in the Department of Sociology and Anthropology at Ben-Gurion University, and a Lecturer in the School of Behavioral...

[embedded content] I quite like Putin, and so does PCR and Stephen lendman. Western politicians are loud, arrogant, and abrasive and full of ego. In the video below Putin comes over as relaxed and unassuming. Of course, I don't know what he is really like, but I have watched quite a few Putin videos over the years and he always comes across as a decent guy to me. But I'm not naive, you don't get to the top of Russia and take on the gangsters and the oligarchs - who want to hand Russia over...

Let's hope Jeremy Corbyn and his team cotton on to MMT soon. This will leave the Tories as the high taxation, austerity party with diminished public services. Pay more, get less.Bryan Gocke says that MMT would be difficult to implement as the elite have so much power and run the financial system and corporations and would stymie a Labour party which tried to implement it, but he thinks there's a chance it could win through. I might add, after all, who would have thought the NHS could have...

This is false for a fixed regulatory capital and when subjected to time domain analysis: Banks do not lend out reserves and a particular bank’s ability to expand its balance sheet by lending is not constrained by the quantity of reserves it holds or any fractional reserve requirements that might be imposed by the central bank. — Nathan Becker (@netbacker) July 14, 2018 Not taking issue with netbacker but perhaps the one who put this idea in his head...