Mike Norman Economics

Despite reports of a healthy US labor market, millions of Americans remain unemployed and underemployed, or have simply given up looking for work. It is a problem that plagues our economy in good times and in bad—there are never enough jobs available for all who want to work. L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina R. Tcherneva, and Stephanie A. Kelton examine the impact of a new “job guarantee” proposal that would seek to eliminate involuntary unemployment by directly...

Imagine an end to Washington spending wars that leave filibustering senators blue in the face. Economist Stephanie Kelton does. She sees a world where the federal government can build a big, beautiful social safety net, strengthen the military and, for good measure, cut taxes on the rich. The government, in her eyes, can spend as much as it wants on anything without the bill coming due. Welcome to Modern Monetary Theory — a bizarro world that might not be as far-fetched as it sounds. The...

Calling the bluff. Sputnik InternationalPushback: Russia Has Answers to Possible SWIFT Cutoff, Debt Sale Ban by US See also This is not just a trade war from the US side. It is an economic war to deny China access to technology. China knows this. Zero HedgeChina Slaps 179% Tariff On US Sorghum Hours After US Bans Exports To China's ZTE Tyler Durden

So a tiny independent radio station in Ireland managed to interview Robert Fisk on the ground in Douma, but none of the British mainstream broadcast media today has him on, despite the political fallout from our Syria bombing attacks being the main news story everywhere? Meantime MSM propagandists including Richard Hall (BBC), Dan Hodges (Mail) and Brian Whitaker (Guardian) and many more queue up to denounce Fisk on twitter from their cosy armchairs. It bears repeating that the information...

Detailed. Disobedient MediaThe Southwestern Hemisphere Is Sliding Towards Its Own “Arab Spring” William Craddick, attorney, investigative journalist, and founder of Disobedient Media

Western airstrikes against President Assad were 'unjustified aggression' and a 'clear violation of the international laws', Syrian Church leaders have said. In a joint statement the heads of three major churches said they 'condemn and denounce the brutal aggression' and denied the Syrian army either owned or had used chemical weapons.... Christian Today (UK) Syrian church leaders blast 'brutal' and 'unjustified' airstrikesHarry Farley

So, I’ve changed the description of this blog’s perspective to socialist. I haven’t however, adopted the formulation “democratic socialist” which was used, in the 20th century, to emphasise a rejection of the Stalinist claim to have produced “actually existing socialism” in the Soviet Union and elsewhere. That’s no longer necessary. As has been true for most of the history of the modern world, the only serious threat to democracy is now coming from the right. So, it’s important to defend...

Now Goldman has killed it.... First-quarter revenue at the Wall Street firm rose 25% from a year ago to $10.04 billion. Profits of $2.83 billion, or $6.95 a share, were up 26%. Both figures beat analyst expectations. The $2.83B gets back already over half of the $5B hit they took due to the Jan 1 tax law changes... in just this one quarter.  They should get it all back and then some by end of June at this rate.That Jan 1 markdown was probably over $30B system wide but we have seen this...

Over the last few years, it is clear that Modern Monetary Theory (MMT) is achieving a higher profile and the attacks are starting to come thick and fast. I see these attacks as being a positive development because it demonstrates that recognition has been achieved and a threat to mainstream ideas is now perceived by those who desire to hang on to the status quo. Hostility and attack is a stage in the process of a new set of ideas becoming accepted, ultimately. Clearly, some new...

I would say the opposite... we need to keep an eye on this...Trump's currency tantrum dooms the dollar https://t.co/WWy1JUUDvo via @bv pic.twitter.com/RGDL1YLsl2— Bloomberg Economics (@economics) April 17, 2018