Mike Norman Economics

But these JPM people are not winning the Art Degree argument though:JUST IN: 🇺🇸 JPMorgan says high interest rates are driving inflation higher - Bloomberg pic.twitter.com/ui89mAh6RG— Radar🚨 (@RadarHits) April 10, 2024 This guy is winning the argument:.@lhsummers, former US Treasury Secretary and Wall Street Week contributor, says he's not surprised inflation rose again in March, but he says an interest rate cut in June by the Federal Reserve would be dangerous https://t.co/VVbO71W83N...

Next Fed move, another hike?

It’s Wednesday and we have discussion on a few topics today. The first relates to the new agreement between the European Parliament and the European Council that was announced on February 10, 2024, which purports to reform the fiscal rules structure that has crippled the Member States of the EMU since inception. The reality is that the changes are minimal and actually will make matters worse. I keep reading progressives who claim the EU fiscal rules are no longer operative. Well, sorry,...

This explains a lot.

Oil, producers have been steadily selling into the rally. 

Much hitting the markets now, but nothing of economic consequence. 

Today, I am fully engaged in work commitments and so we have a guest blogger in the guise of Professor Scott Baum from Griffith University, who has been one of my regular research colleagues over a long period of time. He indicated that he would like to contribute occasionally and that provides some diversity of voice although the focus remains on advancing our understanding of Modern Monetary Theory (MMT) and its applications. Today he is going to talk about what responsible government...

The turn away from expansion, production and trade toward lending and speculation has precipitated decline for centuriesIn the vein of Michael Hudson on the transition from industrial capitalism to financial capitalism, and the implications of this transition systemically. The article is a summary of the work of Giovanni Arrighi, one of a number of economists, economic sociologist and economic anthropologists that have explored the phenomenon of capitalism and its development in terms of the...

It’s Wednesday and I discuss a number of topics today. First, the ‘million simulations’ that Bloomberg apparently think show that there is an impending US bond market rout. Second, the way in which neoliberal-inspired legislation ensures the private energy providers can gouge prices and make huge profits in the face of a state-owned alternative. Third, my latest podcast with Real Progressives. Fourth, the crocodile tears from the Australian government concerning Gaza when they are effective...

Not MMT per se but it has to do with economic modeling that is pertinent to MMT's stock-flow modeling. When looking at Steve Keens's claim about continuous and discrete yesterday, it seemed to me to be a bit off given that economic data is discrete despite the fact that it is reported in terms of flows that are assumed continuous. Brian explains the details of the modeling math clearly and briefly without getting overly wonkish. Bond EconomicsIn Defence Of Discrete Time ModelsBrian...