Mike Norman Economics

I came across this article by Kevin Warsh that appeared in the Wall Street Journal last August, 2016. The article was re-posted by GATA.ORG.As you may know, Warsh is the currently the favorite to take over as Fed Chair when Janet Yellen's term expires next February.If you read the article you will find that Warsh sort of understands that Fed policy is confused and focused on either the wrong things or, things which the Fed has no set of tools to accomplish. On the other hand he seems to lack...

I put this out in full because I thought you all would find it interesting. It seems Ellen is still making mistakes and hasn't taken on what MMTers say about government debt.                                                          ************ Japan has found a way to write off nearly half its national debt without creating inflation. We could do that too. Let’s face it. There is no way the US government is ever going to pay back a $20 trillion federal debt. The taxpayers will just...

The rules of the global economy are rigged against those who have to work to earn a living, and in favour of multinational corporations and the ultra-rich. It is no accident that, as Oxfam has revealed, the richest 1% own more wealth than the rest of humanity combined. This is inequality by design. The world is facing a huge decent work deficit, and the rules of the global economy need to change. The just-so story of economic liberalism is that economics is a natural science and economics...

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Article from a bit back in time from Psychology Today here.This is an interesting observation (looks true...): Envy occurs when we lack a desired attribute enjoyed by another.  Jealousy occurs when something we already possess (usually a special relationship) is threatened by a third person.  And so envy is a two-person situation whereas jealousy is a three-person situation.  Envy is a reaction to lacking something. Jealousy is a reaction to the threat of losing something (usually...

Saudi share declining, Russian and US share increasing.OilPriceWho Is Winning The Market Share War In China?Tsvetana Paraskova

I have presented to a diversity of participants at the various events we have attended in the US, UK and Europe over the last 2 weeks. One way of expressing this diversity is in terms of the type of audience. At many events, the audience has been comprised of people who would see themselves as activists on the progressive side of politics. Some have been students, others, members of Leftist political parties, local business people, and community organisations. They uniformly express concern...

I quite like the idea of a basic income although I admit there will be problems. On the good side it will free up time so that people will be able to pursue projects and careers that could turn out to be very productive and add value to the economy. On the other hand a lot of people might end being inactive and waste their lives which might make them even unhappy because people like having things to do. This is Ellen's Brown latest argument for the UBI. She even argues how the UBI could pay...

There was likely a collective gasp at OppenheimerFunds Inc. yesterday when President Donald Trump made another of those market-moving pronouncements, telling Fox News that Puerto Rico’s debt would have to be wiped out. The President’s remarks suggested he thought the losers would be Wall Street banks. The President stated: “You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out. That’s gonna have to be — you know, you can say goodbye to that. I...

As I said, Italy, is now experimenting with paying for public services with tax credits. Presumably, this is happening because Italy doesn’t possess enough Euros to pay its citizens to provide all the goods and services needed to maintain and run the public sector of its social economy. And Italy can’t “create” the additional Euros it needs because that prerogative is the exclusive right of the EU Central Bank which Italy, even as a sovereign member of the EU, has no control over. But, as...