Mike Norman Economics

More shooting oneself in the foot and wondering why one is having trouble standing. Europe is still living in fantasy land. And turning into a snake pit.Naked CapitalismEU Threatens Secondary Sanctions Against Turkey Amid Row Over NATO Bids, Russian TiesConor Gallagher

I have just finished a very useful collection of some of the papers of economist Gerald Epstein, entitled The Political Economy of Central Banking. Epstein is Professor of Economics and Co-Director in the Political Economy Research Institute (PERI) at the University of Massachusetts-Amherst in the US, which is known for the progressive research agendas of its members.Rather than write a lengthy review, this post sets out some of the key points made in the book and which stood out for me as...

What is the point of generating theoretical models that don't fit events that call for explanation? A classic example is the answer that Queen Elizabeth II received from when she asked her economists why they did not foresee the global financial crisis. The answer was the the conditions leading to it lay beyond the scope of the conventional model.Lars P. Syll’s BlogWhat’s the use of economics?Lars P. Syll | Professor, Malmo University

 Important for understanding some of the details of MMT. MMT is not about just government finance but the operations of the monetary system in general (general case) and in specific jurisdictions (special cases). Thus, the banking system and how it interfaces with the government needs to be understood from the institutional POV.For modern financial systems, the key distinguishing characteristic of banks is that they key managers of the liquidity of the system. Although one can find small...

Germany has become an economic satellite of America’s New Cold War with Russia, China and the rest of Eurasia.Germany and other NATO countries have been told to impose trade and investment sanctions upon themselves that will outlast today’s proxy war in Ukraine. U.S. President Biden and his State Department spokesmen have explained that Ukraine is just the opening arena in a much broader dynamic that is splitting the world into two opposing sets of economic alliances. This global fracture...

When all you have is a hammer....Bill Mitchell – billy blogRBA has crossed the line – it is now a danger to societyBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

 Cutting to the chase on "capitalism" in its present iteration. It's literally killing us.Pointing out the various flaws in historical attempts at communism does not address the problem that if we don’t move from competition-based models to collaboration-based ones we’re going to destroy all life on this planet in short order. We’ve still got to find a way to change.Have issues with Stalin and Mao? Okay. Cool. Our competition-based models are still destroying our biosphere and shoving us...

Using words like "bomb" or other misleading and emotionally charged language when talking about the monetary system is a form of gaslighting. It reeks of ignorance and does lots of self-harm. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.mmteconomics.com/ Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/ Understanding the Daily Treasury Statement video course....

US-Saudi relations are withering because their interests are diverging significantly. The article provides a historical backgrounder. The interplay of geopolitics and geo-economics is on display.RT (Russian state-sponsored media)Why the US-Saudi relationship is witheringTimur Fomenko

More "Putin did it." All we central bankers can do is raise interest rates."RT (Russian state-sponsored media)Inflation came from nowhere’ – Lagarde