Mike Norman Economics

MMT’s Fatal Flaw #1 – Measuring InflationThe first flaw is in the measurement of inflation. In the article mentioned above, we state:“Inflation is impossible to calculate. Inflation is impossible to calculate. No, that is not a typo. For emphasis, let us put it another way. Inflation is impossible to calculate.The point that inflation is impossible to calculate cannot be overstated.”…MMT’s Fatal Flaw #2 – Political WillpowerThe second and more vexing problem with inflation is politicians’...

The Eurozone continues to stumble on, held together by the vast bond-buying program of the ECB, which has saved several Member States from insolvency over the last several years. While all the talk at present has been about what to do about the punitive and unworkable fiscal rules in a post-pandemic (when will that be?) period, when the emergency waivers of the Excessive Deficit Mechanism procedures are withdrawn, the reality is that under the current architecture, the only thing that keeps...

Abstract: According to Modern Monetary Theory (MMT), the only constraint on public spending for a currency issuing authority like the United States government is inflation. This paper develops an alternative understanding and analysis of economic inflation through the lens of MMT in the aftermath of the Covid-19 public health crisis and consequential economic shutdown and reopening. It argues that conventional explanations of inflation remain ideologically constricted to an outdated social...

Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/

Gilbert Doctorow — International relations, Russian affairsPutin’s ‘Military-Technical’ Measures if Negotiations FailGilbert Doctorowhttps://www.antiwar.com/blog/2021/12/22/putins-military-technical-measures-if-negotiations-fail/Moon of AlabamaWhat Russia Says About Its Not-An-Ultimatum To The U.S. And NATOhttps://www.moonofalabama.org/2021/12/what-russia-says-about-its-not-an-ultimatum-to-the-us-and-nato-.htmlGeopolitikaEurasianist Putin V/s Atlanticist BidenAlexander...

It’s Wednesday and a shorter blog post, which includes the latest from Turkey and some music. The mainstream narrative against Modern Monetary Theory (MMT) has been ramped up significantly in recent weeks as a result of events in Turkey, where, up until yesterday, the currency had depreciated significantly. The screams for interest rate rises from bankers etc (of course! they profit or protect foreign debt exposure) have been deafening. But the most recent monetary policy decision was on...

Fiona Hill, former official at the U.S. National Security Council specializing in Russian and European affairs, is a "Russia expert." Natylie Baldwin explains why she finds that dubious based on reading Hill's book.AntiWarReview of There is Nothing for You Here: Finding Opportunity in the 21st Century by Fiona Hill, Mariner Books; 2021.Natylie...

Update.The Vineyard of the SakerWhat could happen next if the USA rejects the Russian ultimatum?The Sakerhttp://thesaker.is/what-could-happen-next-if-the-usa-rejects-the-russian-ultimatum/Reminiscence of the FutureReminiscence of the Future... : Patrick Armstrong Went All In. (smoothiex12.blogspot.com)Andrei Martyanov, former USSR naval officer and expert on Russian military and naval...

Is it possible to have an actual democracy as governance of, by, and for the people instead of an oligarchy?InterfluidityMass representative democracySteve Randy Waldman