Mike Norman Economics

As [MMT] economists Yeva Nersisyan and L. Randall Wray of the nonpartisan Levy Economics Institute of Bard College conclude in a paper published this month ahead of the GDP report: “Most of the government’s income support has already disappeared, so going forward it is not an important contributor to demand in the economy.”The faucet has been turned off. Without all the extra money from Uncle Sam, U.S. households will have to live within their means once again. Demand will slow, and so too...

This article finishes off a sequence of articles on an ancient debate in economics: what limits bank lending? (Links to Part I, Part II.) My argument is that the usual ways of looking at this question are highly misleading. The mainstream Economics 101 description of banking is hopeless — and then heterodox critics got bogged down in attacking a hopeless description of banking. The key to understanding banking is that they are a financial firm that borrows to invest in assets (a “levered...

A Son of the New American RevolutionRussia Unable To Fight Another War After Catastrophic Military Losses?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 (1989-1993, and CIA operations...

The Vineyard of the SakerSitrep: Operation ZNightvisionhttp://thesaker.is/sitrep-operation-z-16/Reminiscence of the FutureMe Diving Into History.Andrei Martyanov, former USSR naval officer and expert on Russian military and naval issueshttp://smoothiex12.blogspot.com/2022/04/me-diving-into-history.htmlRussian and Eurasian PoliticsPutin’s War Decision and its ConsequencesGordon M. Hahn | Expert Analyst at Corr Analytics, http://www.canalyt.com and a Senior Researcher at the Center for...

[embedded content]Everything You Know About Ukraine Is WRONGBig Boyhttps://youtu.be/LL4eNy4FCs8

Gilbert Doctorow — International relations, Russian affairsRussian media today, 28 April 2022 ("the head of Russian External Intelligence (SVR), Sergei Naryshkin, has spoken out about Poland’s plans to take control of part of the territory of Ukraine")Gilbert Doctorowhttps://gilbertdoctorow.com/2022/04/28/russian-media-today-28-april-2022/A Son of the New American Revolution“Those who cannot remember the past are condemned to repeat it.” (Important because Russians have a completely...

With yesterday’s detail CPI analysis, I am transferring the news/music blog post that normally appears on a Wednesday to today. This morning, I read the newly published report from the UK-based – Institute for Public Policy Research – Health and prosperity: Introducing the Commission on Health and Prosperity (released April 27, 2022) – which provides a sobering (to say the least) evidence base for how the pandemic has impacted on Britain’s health system and labour market. As more evidence...

India PunchlinePutin warns the US to back off in UkraineM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassadorhttps://www.indianpunchline.com/putin-warns-the-us-to-back-off-in-ukraine/Naked CapitalismJaishankar Calls Out Europe’s Selective Concern on Rules-Based OrderJerri-Lynn Scofieldhttps://www.nakedcapitalism.com/2022/04/jaishankar-calls-out-european-selective-concern-on-rules-based-order.htmlConsortium NewsPATRICK LAWRENCE: Ukraine & the Strength...

Well, not exactly MMT-compliant, but close enough to be interesting. The basic idea, currency sovereignty, is OK. This means that a country that is sovereign in its currency doesn't need to obtain it because it issues it.Investorideas.comChina will be poster child for developing countries MMTRichard Mills

Interest rates are viewed as the be all end all for the economy. Is that true?