Mike Norman Economics

A lot going on this week to make money.

Currently, banks are allowed to have accounts with the Federal Reserve that come with a lot of privileges: higher interest rates, instant clearing, and the security provided by being nondefaultable. Authors Morgan Ricks, John Crawford, and Lev Menand argue for ending these exclusive privileges by offering “FedAccounts” to everyone. FedAccounts would be a public option for the unbanked and underbanked while also providing substantial benefits to businesses and our economy as a whole....

More myth debunking.Ellis Winningham — MMT and Modern MacroeconomicsThe Bond Market Doesn’t Control Anything; the Currency-Issuing National Government DoesEllis Winningham

US-Canada relations and Canadian politics.  Dances with BearsDefecation in Public – Was It Soft or Hard When White House Officials Did It on the Canadian Prime Minister? Is Chrystia Freeland Also Aiming at Justin Trudeau? John HelmerSee also The G-7 summit once again made it clear that U.S. President Donald Trump is intent on treating America's allies worse than its enemies. Europe must draw the consequences and seek to isolate Trump on the international stage. Spiegel OnlineThe G-7...

Another crime against humanity soon to be added to those already committed against Yemenis. Moon of AlabamaU.S. Grants Approval For Genocide In Yemen b

Milton Friedman's PIH disconfirmed.Lars P. Syll’s BlogThe Permanent Income Hypothesis Lars P. Syll | Professor, Malmo UniversitySee alsoOn randomness and probability in economics

David Howdle posted a commenton this blog in which he said: Professor Murphy, thank you for your thoughts which I find most interesting. I share a lot of your blogs on pro Scottish independence Facebook group. I find that MMT resonates with many supporters. However, not with all by any means.In response to sharing this blog someone has said “Check his blog. Murphy is peddling a new-ish economic fad called Modern Monetary Theory. This controversial and untested approach is evangelised by...

"Money is going to drown our democracy, and if we don't start fighting back, and fighting back more aggressively, then we are part of the problem as well." Yep. Common DreamsElizabeth Warren: Democrats Will Keep Losing Until the Entire Party Is 'Willing to Take on the Billionaire Class'Jake Johnson, staff writer

Wow now Navarro invoking the Hell Doctrine (unspecific doom forecast) for Trudeau; now its getting really nasty...Trump's trade adviser, Peter Navarro: "There's a special place in hell" for Justin Trudeau https://t.co/lwa7gN9TgV— Axios (@axios) June 10, 2018

Great backgrounder. Apparently, Dennis Rodman was a lot more important in bringing the Trump-Kim summit about that most people realize or the media and establishment are willing to admit. The article also provides an inside view of North Korea that gives the lie to Western propaganda, as well as exposing the US media attempt to destroy Rodman personally.Zero Anthropology“One Day This Door is Going to Open”: A Review of “Dennis Rodman’s Big Bang in Pyongyang” (Documentary) Maximilian C....