Mike Norman Economics

Engelbert Stockhammer joins Money on the Left to discuss the political and economic debates that shaped and ultimately devastated Weimar-era Germany. Professor Stockhammer is professor of political economy in the department of European and International Studies at King’s College London and has published widely on financial instability and Post-Keynesian economics. In this episode, we focus specifically on Stockhammer’s recent working paper, “Hilferding, Woytinsky, and the Fiscal Orthodoxy of...

Last week, I stumbled across an episode of a podcast that was advertised as the “Voice of Reason on MMT.” The show’s host turned to David Kelly—the Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management—for insight into Modern Monetary Theory. Apparently, the conversation was inspired by something Kelly had written on MMT. I searched around for something recent but was only able to find this short note from September 2020.In the note,...

Now that Putin is turning up the pressure, the European nations have a difficult choice ahead: either they can play ball and demonstrate to the world that their efforts to wean themselves off of their dependence on Russian energy have been mostly in vain. Or they can face a "catastrophic" economic crisis as energy prices soar, leading to rationing, blackouts and other measures that will make the 1970s oil crisis in the US look like child's play.Zero HedgeGazprom Halts Gas Shipments To Europe...

The Vineyard of the SakerDay 36 of the Russian SMO in the Ukraine – a look at Ukrainian militaryThe Sakerhttp://thesaker.is/day-36-of-the-russian-smo-in-the-ukraine-a-look-at-ukrainian-military/A Son of the New American RevolutionAttacking All Things Russian Rather Than Putin Is MoronicLarry 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...

More likely the ones who got fooled were the ones who sold.

 Martin Armstrong's model agrees that this is the onset another turning point of history. In other terms, it is a change in moments in the historical dialectic, one wave cresting and breaking and another rising behind it to take its place. In the Eastern view of cyclical time it is the end of one cycle and the onset of another cycle. Peter Turchin's cliodynamic model projects something similar for the US. And, of course, there is also Strauss and Howe's generational model and the cycle...

Yves examines this issue in detail. It's not the huge deal that many think it is. Most everything remains in place. But in this arrangement Russia, in this case Gazprom gets paid rather than the funds being frozen by sanctions.We listed a whole set of advantages in our post yesterday that Russia would nevertheless get from a minor-seeming, technical change. The main one was to require gas buyers to tender payments to Russian banks, since only Russian banks could get their hands on enough...

When the current Ukraine crisis began the U.S. announced that it had activated certain sanctions against Russia and told Europe to do the same. Europe then decide to deliver even more sanctions than it was told to do. With that done the U.S. has quietly buried or circumvented some of its own sanctions after it had used them to push the Europeans....The tried and true double-standard, if this is the case. There is some issue about honoring currently running contracts.But the overall point is...

Machine translation of video address.The Vineyard of the SakerPresident Putin’s Full Remarks at the Oil for Ruble announcementHere is the official decree (link provided by Neil in the comments)Putin's decree on Russian gas purchases in roubles

"A new reality is being formed:the unipolar world is irrevocably becoming a thing of the past,a multipolar one is taking shape." —Dmitri Medvedev, formerly President of the Russian FederationIt was something to behold. Dmitri Medvedev, former Russian President, unrepentant Atlanticist, current deputy chairman of the Russian Security Council, decided to go totally unplugged in an outburst matching the combat star turn of Mr. Khinzal that delivered palpable shock and awe all across...