Mike Norman Economics

Fort RussWar is looking imminent.Russia: New Ukrainian law is preparation for a new war President of Ukraine obtains full control of military - no parliamentary consent needed Russia issues global alarm concerning Law on Reintegration of Donbass This is war: Zakharchenko on new law on the Reintegration of Donbass Law on Reintegration of Donbass: Minsk negotiator advises to prepare for defense Ukraine adopts bill on Reintegration of the Donbass - equipped with US lethal weapons

Piketty's view on what the EU needs to do in order to seize the opportunity that is presented by the withdrawal of US leadership under the Trump administration that is creating a vacuum. Thomas Piketty's Blog at Le Monde 2018, the year of Europe Thomas Piketty | Professor at EHESS and at the Paris School of Economics

How did conventional economics survive the crisis? Handwaving.Criticism of Paul Krugman and New Keynesian economics, which is based on "rational behavior and market equilibrium as a baseline" (Krugman).Skidelsky concludes, "Macroeconomics still needs to come up with a big new idea."  I would rephrase that as "a new big idea." Theories are based on a "big idea" that constitutes the architecture of the framework. Rationality and equilibrium isn't it.Project SyndicateHow [Conventional]...

Useful commentary and links. real economicsThe decline and fall of neoliberalism in the Democratic PartyTony Wikrent

Dean Baker explains how international capital flow (capital flight and repatriation) is just a matter of switching account balances. There is no "cross-border" transfer of funds in "bringing back" dollars earned abroad. This is what bringing money back to the United States means. Under the old tax law companies often attributed legal control of profits to foreign subsidiaries, so that they could defer paying taxes on this money. However the money was often actually held in the United...

Out of paradigm with MMT but useful as an analysis of how the elite is likely to act when faced with the next recession based on core beliefs with respect to contractions. Could get ugly under this scenario. World Economic Forum The US is not ready for the next recession. Here's why Barry Eichengreen | Professor of Economics and Political Science, University of California, Berkeley

Good analysis of utopian versus utopianism. Short and important. The difference is that between ideal and real.  If the core assumptions are unrealistic and infeasible, then the consequent conceptual model will be "utopian" in the pejorative sense, and the project unachievable — "pie in the sky." If there is a disconnect between the ideal and the real, then it's utopianism. If the assumptions are realistic and feasible, then the conceptual model will be "utopian" in the positive...

Asymmetrical power. State capture by elites arises from asymmetrical power in societies rather than asymmetrical power being created by the state. "Might makes right." There are many factors involved in might other than physical force, but in the end, physical force is the ultimate enforcer. But in a cultured society, that is generally kept in the background and under liberalism, the elite has learned to be clever instead of brutal. But when push comes to shove.... Capitalism, like...

Is Bitcoin a Reaction to US Dollar Hegemony? Like Mike has been saying for some time. The DuranDe-dollarization and the rise of Bitcoin. Is there a connection between the two? Alex ChristoforouSee alsoThe iron fist of the US. As the launch of new ‘petro’ cryptocurrency draws near, a US government agency declared that this newcomer to the digital financial market may represent a violation of sanctions imposed against Venezuela, its issuer. Sputnik InternationalUS Treasury Warns About...

More potential $billions repatriation from fining the premier USD zombie nation:Trump tells @Reuters that he is looking at "big fine" against China in Section 301 case. “We’re talking about big damages. We’re talking about numbers that you haven’t even thought about." https://t.co/innCU3kINR— Shawn Donnan (@sdonnan) January 17, 2018