Mike Norman Economics

Graphic presentation. Keeper for future reference.EcnsXi's vision on shared future for humanity China Daily

Here are links to the full series of The EMU Reform RuseBill Mitchell – billy blogThe EMU reform ruse – Part 1 The EMU reform ruse – Part 2 The EMU reform ruse – Part 3 The EMU reform ruse – Part 4 and Final Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

SFC-based analysis.Seeking AlphaTax Reform: The Impact On Macro Fiscal Flows And Investment MarketsAlan Longbon

Robert McElvaine, premier historian of the first Great Depression (whose books we have used to teach A Tale of Two Depressions), argues that Republicans today are repeating the same mistakes as the Republicans who were in charge during the 1920s, whose trickledown policies led to the spectacular crash of 1929. As a historian of the Great Depression, I can say: I’ve seen this show before.In 1926, Calvin Coolidge’s treasury secretary, Andrew Mellon, one of the world’s richest men, pushed...

For Germany, the idea of Europeanism has provided the country’s elites with the perfect alibi to conceal their hegemonic project behind the ideological veil of 'European integration'. What Germany could not do militarily, it is managing economically.Open DemocracyGermany’s dystopian plans for Europe: from fantasy to reality? Thomas Fazi Thomas Fazi is the co-author (with William Mitchell) of Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (Pluto,...

Socialists should check out The American Conservative, it's has some superb articles.Lindsey Graham is warmongering as usual, this time on North Korea: The administration’s policy, he said, is “to deny North Korea the capability to hit America with a nuclear-tipped missile. Not to contain it."  “Denial means preemptive war as a last resort [bold mine-DL]. That preemption is becoming more likely as their technology matures. Every missile test, every underground test of a nuclear weapon,...

What’s really puzzling Claudio Borio, however, is that the market euphoria, or “ebullience” as he terms it, has continued as the Federal Reserve has proceeded with its tightening. While Borio acknowledges the BoJ has left its accommodative policy unchanged and the ECB may have “at least relative to expectations”, he notes that the Fed is the “issuer of the dominant international currency and its sway on markets remains unparalleled”. In Borio’s view this has led to a paradox, as he...

Ok, I can't resist a title like that. What we are witnessing in the US and indeed throughout the western world is the total failure of capitalism. Capitalism is now merely a looting machine. The financial sector no longer supplies capital for production. What the financial sector does is to turn discretionary consumer income into interest and fee payments to banks. Aggregate demand can only grow through debt expansion, and the consumers reach a point where they cannot expand their...

Retraining the displaced will be a major challenge for China’s government, as will preventing the major digital players from securing innovation-stifling monopolies. But the government’s readiness to embrace the emerging digital age, pursuing supportive policies and avoiding excessive regulation, has already placed the country at a significant advantage. Digitization also addresses the issue of the economic effect of China's aging population and the one-child policy's affect on replenishing...

I beg to differ with the usually astute Peter Dorman on this one. I also differ with Marx on it. Peter Dorman takes the liberal position that politics, which is concerned with power, is determinative. Marx posits that it is the economic and financial infrastructure that is determinative. Against such views, traditionalism holds that consciousness is determinative. While everyone agrees that change is complex and its quality, direction, and speed depends on many factors, some see...