Mike Norman Economics

Asia TimesUkraine – the situation (July 5, 2022)Uwe Parparthttps://asiatimes.com/2022/07/ukraine-the-situation-july-4-2022/A Son of the New American RevolutionLysychansk Bites the dustLarry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise combating terrorism and investigating money laundering, formerly Deputy Director in the U.S. State Department’s Office of Counter Terrorism (1989-1993, and CIA operations...

A few years ago, various policy makers, but mostly central bankers were keen to disabuse anyone of the notion that they were ‘doing’ Modern Monetary Theory (MMT). Some were aggressive in denial, such as US Federal Reserve boss Jerome Powell, who on February 26, 2019 announced to the US Senate Banking Committee that MMT was ‘just wrong’. There was a general pile on from other central bankers and commentators. No way, they were doing MMT. Okay, they were right, one doesn’t ‘do’ MMT, given it...

An appropriate American Independence Day message from Caitlin, even though she is Australian.I would add that American philosopher John Dewey explored the requirements for successful democracy, the chief necessity being an informed electorate, which requires an adequate educational system for citizenship.  A good place to start is Dewey's Democracy and Education.This discussion began in the West in ancient Greece, where a fundamental question was, "What does it mean to life a good life in a...

This post was picked up and reposted by the Wall Street Journal.It is interesting that Connor Morrell concedes the truth of the MMT claims about fiscal sustainability. His objection is that it leads to excesses that result in eventual contraction to purge the system.Short and to the point.Mises Wire — Mises InstituteWar Spending Gives MMTers and the Left a Strong Talking PointConnor Mortellhttps://mises.org/wire/war-spending-gives-mmters-and-left-strong-talking-point

It's not well-known that people pay into Social Security only on the first $147,000 they make. While most fall far below this level and pay year-round, those with high salaries only contribute for part of the year.The LensSocial Security Independence DayStephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator...

The Vineyard of the SakerLugansk PR liberated. 3M22 Zircon as strategic factorThe Saker Staffhttp://thesaker.is/lugansk-pr-liberated-3m22-zircon-as-strategic-factor/A Son of the New American RevolutionWestern Lies, Russian Success–It Ain’t the Flow of Weapons, It is the SoldiersLarry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise combating terrorism and investigating money laundering, formerly Deputy Director in the U.S....

A Son of the New American RevolutionRussia Grinds On and Ukraine Chases a SquirrelLarry C. Johnson | CEO and co-founder of BERG Associates, LLC, an international business-consulting firm with expertise combating terrorism and investigating money laundering, formerly Deputy Director in the U.S. State Department’s Office of Counter Terrorism (1989-1993, and CIA operations (1984-1989)https://sonar21.com/russia-grinds-on-and-ukraine-chases-a-squirrel/Moon of AlabamaLysichansk Is Under Control Of...

One of the major issues with the internal logic of neoclassical macro is the handling of credit risk. The problem of credit is acute for Dynamic Stochastic General Equilibrium models because they are allegedly based on “microfoundations.” However, the theoretical problems remain for any aggregated mathematical model. The advantage of heterodox economists is that they do not make a big deal about the alleged internal consistency of their mathematical models, and so they are more willing to...

To borrow a phrase from Gertrude Stein, “There is no there there.” The trust funds exist merely as accounting entities. We don’t need them to carry a positive balance—or any balance whatsoever—in order to preserve Social Security for future generations.The LensSave Social Security From its 'Saviors'Stephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser...

1945U.S. Generals Have Been Wrong on Ukraine. We Shouldn’t Be ShockedLt. Col. Daniel L. Davis (USA ret.), Senior Fellow and Military Expert for Defense Prioritieshttps://www.19fortyfive.com/2022/07/u-s-generals-have-been-wrong-on-ukraine-we-shouldnt-be-shocked/Reminiscence of the FutureAh, Olaf Scholz Got The MessageAndrei Martyanov, former USSR naval officer and expert on Russian military and naval issueshttp://smoothiex12.blogspot.com/2022/07/ah-olaf-scholz-got-message.htmlNotes from...