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Mike Norman Economics

Bill Mitchell — The EMU reform ruse – Part 2

This blog continues the discussion from yesterday’s blog – The EMU reform ruse – Part 1 – where I consider the reform proposals put forward by German academic Fritz Sharpf, which have been held out by Europhile Leftists as the progressive way out of the disaster that the Eurozone has become. Yesterday, I considered his first proposal – to continue with the enforced structural convergence to the Northern model – the current orthodoxy in Brussels. Like Sharpf I agree that the agenda outlined...

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Frances Langum — The GOP Tax Bill: A Stealth Attack On Medicare And Social Security

Last night Chris Hayes ended "All In" with a discussion of the GOP Tax Plan. Economists David Cay Johnston and Stephanie Kelton agreed that if Republicans get their long-awaited wich and this budget-busting tax plan is enacted, the huge deficits it will create might not lead to the promised "growth" Steve Mnuchin insists will result.What happens if Steve Mnuchin is wrong? Austerity budgets that cut into the heart of the biggest programs paid for out of the federal budget: Social Security...

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Ed Pilkington – Hookworm, a disease of extreme poverty, is thriving in the US south. Why?

Children playing feet away from open pools of raw sewage; drinking water pumped beside cracked pipes of untreated waste; human faeces flushed back into kitchen sinks and bathtubs whenever the rains come; people testing positive for hookworm, an intestinal parasite that thrives on extreme poverty. These are the findings of a new study into endemic tropical diseases, not in places usually associated with them in the developing world of sub-Saharan Africa and Asia, but in a corner of the...

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The Intercept — As John Conyers Departs From Judiciary Committee Spot, The First Battle of the Anti-Monopoly Era Begins — The Intercept As John Conyers Departs From Judiciary Committee Spot, The First Battle of the Anti-Monopoly Era Begins

Conyers on Sunday announced he is stepping down as the top-ranking Democrat on the Judiciary Committee, launching a battle for his successor that has pitted two Democratic rivals — Lofgren and Rep. Jerrold Nadler, D-N.Y. — against each other. On the one hand, his resignation comes in a politically fortuitous way for Lofgren, with Conyers felled not by age but by allegations of sexual harassment. The political logic of replacing him with a woman is obvious. But then there’s Google. The race...

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John T. Harvey — Dear President Trump: Your Tax Plan Needs Bigger Deficits!

What I want to highlight here is this: the private sector needs government deficit spending if it is going to recover properly from both the heart attack of the Financial Crisis and the decades of disease brought on by income redistribution and rising debt levels. This is so because government deficits are private-sector surpluses. The logic is really very simple. What number do you get when you add up every trade surplus and trade deficit on the planet? Zero, of course, because one...

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Stephen F. Cohen — Russia Is Not the ‘No. 1 Threat’—or Even Among the Top 5

By declaring Putin’s Russia to be the greatest danger to America, the political-media establishment itself is endangering US national security. The NationRussia Is Not the ‘No. 1 Threat’—or Even Among the Top 5 Stephen F. Cohen |  professor emeritus of Russian studies and politics at New York University and Princeton University, and a contributing editor of The Nation.See alsoCounterpunchSuddenly, I’m a ‘Russian Agent’! Dave Lindorff, investigative reporter, founding member of...

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Ted Galen Carpenter — The Duplicitous Superpower

For any country, the foundation of successful diplomacy is a reputation for credibility and reliability. Governments are wary of concluding agreements with a negotiating partner that violates existing commitments and has a record of duplicity. Recent U.S. administrations have ignored that principle, and their actions have backfired majorly, damaging American foreign policy in the process.… In some cases, the US is unable to keep its agreements or honor its word over time, and in other cases...

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