Mike Norman Economics

In a previous article, I explained why I am complacent about the state of economic theory in Modern Monetary Theory (MMT). This matters for someone like myself, who is attempting to write primers explaining various economic concepts. However, for many followers of MMT, the more important question is how its theoretical concepts get translated into a new policy framework. This raises the question of political economy, which I largely shy away from. However, I will offer my eccentric...

Trump and his private equity crew will prefer the PPP institutional form going to their playbook for reconstruction finance over the Wall St. general obligation sovereign securities issuance form.They will not bail out the bondholders both to trash the appearance of their non-preferred institutional arrangements and to screw Wall St.Mulvaney says no bailout for Puerto Rico bondholders https://t.co/6h2nPWKacX pic.twitter.com/XQGU8eCfqN— Bloomberg (@business) October 4, 2017

hahahahahahha!!! Mulvaney recently said, according to Bloomberg. “If we simply look at this as being deficit-neutral, you’re never going to get the type of tax reform and tax reductions that you need to get to sustain 3 percent economic growth.” Now we need deficits! The ultimate charlatanism of Nick Mulvaney. https://t.co/lmKZ2xDODH — Tom Cooper (@NashvilleSpokes) October 4, 2017

Gold fever. Actually, the Central Bank of Russia injects roubles into the domestic economy by buying up domestic gold production. This is a monetary operation conducted on the books of the central bank and it therefore does not affect the government's fiscal balance. Zero HedgeRussian Gold Reserves Hit Putin-Era High, Buying Frenzy Accelerates Tyler Durden

Backgrounder.Sic Semper Tyrannis Hezbollah – Capabilities And Role In The Middle East - South Front Col. W. Patrick Lang, US Army (ret.), former military intelligence officer at the US Defense Intelligence Agency It's also noteworthy that SST has reposted Philip Giraldi's  How I Got Fired

Fascist Franco may have been dead for more than four decades, but Spain is still encumbered with his dictatorial corpse. A new paradigm has been coined right inside the lofty European Union, self-described home/patronizing dispenser of human rights to lesser regions across the planet: “In the name of democracy, refrain from voting, or else.” Call it democracy nano-Franco style. Nano-Franco is Spanish Prime Minister Mariano Rajoy, whose heroic shock troops were redeployed from a serious...

China perceives the status quo as American hegemony that stands in the way of its Chinese Dream. An irresistible force meeting an immovable object? Somethin's gotta give. A major problem is that America and to a great extent it Anglo allies assumes that its view of liberalism is descriptive of the natural order and other views are therefore simply wrong. This is one of the foundations of a series of paradoxes of liberalism that lead liberals to think and act illiberally.  China views...

Moody's goes all proactive. As various institutions continue to publish very detailed estimates of how Trump's tax plan will impact the federal budget, which is somewhat amazing since income brackets haven't even been assigned yet, Moody's published a note today threatening to finally strip the U.S. of its AAA credit rating if the tax plan is ultimately passed as currently contemplated.... The deficit would be too big. Gotta cut some welfare.Zero Hedge"Credit Negative For U.S. Government":...

PRESIDENT DONALD TRUMP’S administration is facing strong backlash from civil rights groups after voting against a U.N. resolution that condemns using death penalty to punish “consensual same-sex relations.” The U.N. Human Rights Council approved the measure on Friday with a 27-13 vote, with seven countries abstaining.... The InterceptThe U.S. Voted Against a U.N. Resolution Condemning Death Penalty for LGBTQ PeopleAlex Emmons

Could this be another Fight of the Century? Legendary boxer George Foreman, the two-time heavyweight world champion and an Olympic gold medalist, has just offered a faceoff to Hollywood star Steven Seagal from his Twitter account.... 10 rounds in Vegas. Foreman to use boxing and Seagal can use anything he chooses. (Sorta depends on who is still in shape.)Who wins?Sputnik InternationalPlace Your Bets! George Foreman (68) Wants to Fight Steven Seagal (65), Internet Goes Mad