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Mike Norman Economics

Links — 30 June 2022 Part 1

1945Is NATO Membership for Finland and Sweden a Bad Idea? (Yes, it increases the probability of the US being nuked, with no corresponding benefit to either the US or NATO)Lt. Col. Daniel L. Davis (USA ret.), Senior Fellow and Military Expert for Defense Prioritieshttps://www.19fortyfive.com/2022/06/is-nato-membership-for-finland-and-sweden-a-bad-idea/A Son of the New American RevolutionAMERICANS DO NOT UNDERSTAND THEIR OWN MILITARY HISTORYLarry C. Johnson | CEO and co-founder of BERG...

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Bill Mitchell — Unaccountable central bankers once again out of controls

On August 27, 2020, the US Federal Reserve Chairman, Jerome Powell made a path breaking speech – New Economic Challenges and the Fed’s Monetary Policy Review. On the same day, the Federal Reserve Bank released a statement – Federal Open Market Committee announces approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy. I analysed that shift in this blog post – US Federal Reserve statement signals a new phase in the paradigm shift in macroeconomics (August 31,...

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FED’S MESTER: WE WANT TO SEE US RATES ABOVE 4% NEXT YEAR.

Banks have $3T of regulatory required reserve assets getting IOR and $4.5T of regulatory required HQLA govt securities... if they get this 4% minimum on this $7.5T of regulatory assets (QT will albeit reduce this slightly by then) that would be $300B annual in revenues to US banks for doing nothing other than complying with government regulations….  Up from 0 at ZIRP very recently…And Fed has over $2T in RRP paying about the same rate so that would be another $80B annual to somebody…. Then...

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Links — 29 June 2022 Part 2

Michael Roberts Blog — blogging from a marxist economistThe global solution: private or public?https://thenextrecession.wordpress.com/2022/06/29/the-global-solution-private-or-public/Gold Goats 'N GunsThe G-7 Squawks But They’ve Already Lost the War Against RussiaTom Luongohttps://tomluongo.me/2022/06/29/the-g-7-squawks-but-theyve-already-lost-the-war-against-russia/Zero HedgeDemand Destruction Emerges As Americans Cancel Road...

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Links — 29 June 2022 Part 1

A Son of the New American RevolutionNATO’S Meaningless Military Gestureshttps://sonar21.com/natos-meaningless-military-gestures/Why Russia Doubts NATO’s “Good” Intentionshttps://sonar21.com/why-russia-doubts-natos-good-intentions/Larry 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...

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A short essay on the differences between Marx and Keynes — As stimulated by Joan Robinson’s “Essay on Marxian Economics” — Branko Milanovic

Painted with a very broad brush, but an interesting summary. It's short and on point. Summary: Marx was focused on the long-term, historical nature of capitalism that gave capitalism its law-like behavior, making it predictable, while Keynes was focused on the short-term, political challenges of capitalism that he believed policy measures could overcome. However, their analysis of key issues is remarkably similar, at least in outline.Global Inequality And MoreA short essay on the differences...

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Bill Mitchell — New Keynesian inflation model is unfit for purpose

It’s Wednesday – a day for a few short comments and then relaxing to music. Today I consider some statements from the Bank of International Settlements, which suggest that the mainstream inflation approach, based on the New Keynesian Phillips curve is subjected to “serious practical shortcomings”. In other words, it is unfit for purpose, which means you should not be surprised that central banks are hiking rates to stifle a transient supply-side inflation burst. Quackery leads to quackery. I...

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Links — 28 June 2022 Part 1

Reminiscence of the FutureAnd That Is Important Exactly How?http://smoothiex12.blogspot.com/2022/06/and-that-is-important-exactly-how.htmlThey Ran From Lysichansk...http://smoothiex12.blogspot.com/2022/06/they-ran-from-lysichansk.htmlAndrei Martyanov, former USSR naval officer and expert on Russian military and naval issuesMoon of AlabamaAnother Zelensky Lie Debunked - White House Says Ukraine Must Give Up Territory (Zelenski is just the mouthpiece between the US and the Ukrainian right...

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