Mike Norman Economics

 RADHIKA DESAI: Hi everyone, welcome to this eighth Geopolitical Economy Hour,…. And this will be the fourth and final show on de-dollarization....Video and transcript.Geopolitical Economy ReportDe-dollarization is about more than currencies: As dollar system declines, what comes next?Radhika Desai and Michael HudsonCrossposted at Michael Hudson's blog with the title "The QE Quandry"

Lars Syll expands on a quote of Dirk Ehnts, a German MMT economist.Lars P. Syll’s BlogWhy MMT is neededLars P. Syll | Professor, Malmo University

There is something deeply wrong with the world under Capitalism when the poorest countries in the world pay more out on debt servicing to loans that the wealthy countries have provided than they do on maintaining their health care services. I have been examining data derived from the World Bank WDI database and the IMF WEO database pertaining to the debt sustainability of the poorest nations in the world. Using 2019 data (most recent) 64 nations, for which coherent data is available, spend...

A geopolitical economic explanation of China's moves with respect to Ukraine and Russia.Strategic Culture Foundation (sanctioned by the US Treasury Department)What China is really playing at in UkrainePepe EscobarAlso at SCFA Russian view of what's coming.The Last Offensive of the Kiev RegimeDavor Slobodanovich VuyachichRT — Question More (Russian state-sponsored media)Zelensky’s top adviser issues threat to China

So [in conclusion], let me summarize: leftists are not anti-market.  They recognize that what is called a market by economists is a rigorously simplified idealization.  And that like all idealizations a lot is left out in order to render the idealization coherent.  It’s what’s left out, not what’s left in, that leftists object to.  And that is not trivial. Coase says so too.Methodological individualism versus institutionalism. MMT is institutional and rejects the assumption of methodological...

In part two, Michael Hudson discusses his new book “The Collapse of Antiquity.” Hudson challenges the traditional beliefs about the fall of the Roman Empire, arguing that it was caused by a financial crisis brought on by excessive debt, wealth inequality, and the concentration of economic power. Hudson draws parallels to modern-day economies and highlights the dangers of financialization and wealth concentration....Michael Hudson — On Finance, Real Estate And The Powers Of...

If you caan't beat 'em, sanction 'em..Asia Times US officials scramble to slow China’s advances David P. GoldmanSee alsoMoon of AlabamaU.S. Argues For More Protectionism And SubsidiesAlsoNaked CapitalismThe Rise of China (and the Fall of the U.S.?) Alfred McCoy, Fred Harvey Harrington Professor of History at the University of Wisconsin–Madison and author of To Govern the Globe: World Orders and Catastrophic Change. Originally published at TomDispatch

The “Demise of the Dollar” is a long-running story in hard money circles, and has gotten a recent push by the growth of transactions in the Chinese yuan in international transactions. Although it seems likely that the yuan will grow in importance, this is largely a nothingburger from the perspective of the United States.Emerging market investor Paul McNamara was recently interviewed by Tracy Alloway and Joe Weisenthal on this topic. His views are better thought out than mine, but I just want...

De-dollarization is a process that Pepe Escobar sees as not only underway but also the inevitable outcome of Western overreach in the form of imposition of neoliberalism, neo-imperialism, and neocoloniztion through hybrid warfare including economic. Weaponizing the dollar pushed the Global South and East over the edge. In terms of the world system, de-dollarization can be viewed as an extension of decolonization, which is the real meaning of multipolarism, and which is being led by China and...

Earlier this week (April 25, 2023), I saw a Twitter exchange that demonstrated to me two things: (a) some mainstream media commentators are now understanding some of the principles of Modern Monetary Theory (MMT) and relating that knowledge to practical matters that concern them (lens being applied to values); and (b) high profile financial market players still command a platform in the media but have little understanding of what MMT is and consistently issue false statements. A lot of...