Mike Norman Economics

Institute President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray contend that the prevailing approach to monetary policy and inflation is influenced by a set of concepts that are a poor guide to action. In this policy brief, they examine two previous cases in which the Federal Reserve misread the data and raised rates too soon, as well as the evolution of the Fed’s thought and practice over the past three decades—a period in which the central bank has increasingly turned to...

Watch what happens to gold next year as the Fed “tightens.”

Peter May goes through Satyajit Das's points one by one and finds them wanting.Progressive PulseA rebuttal to the Guardian monetary theory articlePeter Mayhttp://www.progressivepulse.org/economics/a-rebuttal-to-the-guardian-monetary-theory-article

China’s current role in the global economy might not be exactly what the United States envisioned when it supported the country’s accession to the World Trade Organization 20 years ago. But, in its own way, China is fulfilling the promise of that step, and it will most likely continue to do so, as long as the US lets it....Project SyndicateThe Decoupling ProphecyYu Yongding, a former president of the China Society of World Economics and director of the Institute of World Economics and...

Criticism of MMT by a finance professional. Some useful questions but his understanding is mostly off-base. The GuardianSpending without taxing: now we're all guinea pigs in an endless money experimentSatyjit Das, former bankerhttps://www.theguardian.com/commentisfree/2021/dec/10/spending-without-taxing-now-were-all-guinea-pigs-in-an-endless-money-experiment

I believe they also need Manchin vote to raise the debt ceiling…Democrat activists are ramping up pressure on Manchin and Arizona Democratic Sen. Kyrsten Sinema to support passage of the legislation in the Senate. "I'm not liberal," Manchin said on Tuesday evening. "I don't know what to tell you. I love you all. I'm just not. I don't try to change Bernie [Sanders]. Bernie is true to himself. I respect and appreciate that. Why do they want to change me?" Some in the business community,...

MAGA is losing their shit over this deal to bypass filibuster … I don’t see the problem it now allows all senate GOP to vote against it and forces all the senate Democrats to vote for it…It’s good politics from McConnell the sheeple hate all “the debt!”  …Minority Leader McConnell: "I believe we've reached here a solution to the debt ceiling issue that's consistent with Republican views of raising the debt ceiling for this amount at this particular time and allows the Democrats to proudly...

The Vineyard of the SakerHow not to win an Olympic gold medalPepe Escobarhttp://thesaker.is/how-not-to-win-an-olympic-gold-medal/Russia ObserverRUSSIAN FEDERATION SITREP 9 DECEMBER 2021Patrick Armstronghttps://patrickarmstrong.ca/2021/12/09/russian-federation-sitrep-9-december-2021/GeopolitikaUkraine could become re-rerun of Cuban missile crisis: Russiahttps://www.geopolitica.ru/en/news/ukraine-could-become-re-rerun-cuban-missile-crisis-russiaPeoples DispatchThe US gathers allies against...

People are freaking out because the Fed is going to accelerate taper. They're scared because they don't know what taper is or does.

Gabriel Zucman@gabriel_zucmanMore from the just-released World inequality Report 2022, available online at https://wir2022.wid.world (with complete data & methodology):The top 10% owns 76% of global wealth, the bottom 50% a mere 2%WORLD INEQUALITY REPORT 2022