Mike Norman Economics

This is the last month for child tax credit payments and student loan repayments start in January.

It is a measure of our collective delusion that we are so ready to be proud of high achievers and so slow to detect the wound that powers them on.[embedded content]https://youtu.be/BmcM6InBjM4

These claims are wrong. They are either not what MMT says or the telling is distorted. For the record, MMT actually says is quite different....Tax Research UKA Guardian article on the threat from modern monetary theory was quite staggeringly wrong. This is the rebuttal.Richard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum

Sleepy Joe getting absolutely hammered by the “inflation!” schtick….WATCH: CBS reports on Bidenflation and how wages have been “wiped out by skyrocketing costs.”Expenses for the typical American family up $4,000 from last year. pic.twitter.com/Ae1HbMQfgA— RNC Research (@RNCResearch) December 11, 2021

Summers finally applying MMT….Obama and Clinton economist Larry Summers: Prices will be "higher in 2022 and 2023 with [Biden's] Build Back Better.” pic.twitter.com/golNm5m7ls— RNC Research (@RNCResearch) December 11, 2021

Chief Justice John Roberts cited two cases from early constitutional law with a dire warning as the U.S. Supreme Court on Friday delivered a ruling on the near-total ban on abortion passed by Republicans in Texas.In an opinion where he concurred in part and dissented in part, Roberts was joined by Justices Sonia Sotamayor and Elena Kagan."The clear purpose and actual effect of S. B. 8 has been to nullify this Court’s rulings," Roberts wrote, listing the legislative name of the Texas bill."It...

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...