Mike Norman Economics

For both Marx and MMTers, money is a social relationship. For Marx, the social relationship is fetishized in a commodity for reasons that stem from the nature of commodity production. Money only becomes necessary, for Marx, when it is impossible for a currency to represent social labor time directly, which is the case under commodity production in which concrete labors are converted into abstract labor (i.e. marxian value) only indirectly through the workings of the ‘law’ of value. For...

This “mainstreaming” of blockchain applications marks the end of the first stage of the technology’s development. Now, with the help of regulators in a range of countries, cryptocurrency is entering the next phase of its evolution: becoming an investable asset."Investable asset" implies a store of value. Hard to see crypto as anything more than a speculative vehicle at this stage owing to extreme volatility, crime, government opposition, etc.,  relative to other recognized stores of value....

MICIMATT (Military-Industrial-Congressional-Intelligence-Media-Academia-Think-Tank complex)The use of phony metrics to sell the war was not new to cynical enlisted men in Afghanistan. They considered it one of the main features of what they called a “self-licking ice cream cone” or “SLICC”, which a popular glossary of military slang defined as any program that “appears to exist in order to justify its existence and produces irrelevant indicators of success.” Responsible StatecraftHow the...

The updated and expanded 3rd edition of Super Imperialism: The Economic Strategy of American Empire is now available.This highly respected study of U.S. financial diplomacy explores the faults built into the core of the World Bank and the IMF at their inception. Forensic detail reveals how the world’s core economic functions were sculpted to preserve US financial hegemony. Difficult to detect at the time, these problems have since become explicit as the failure of the international economic...

45 indicating much concern about the present “inflation!”… BIG BIG trouble!“Unfortunately, when you look at what is happening now with Afghanistan, the Border, inflation, etc., our Country is not being saved. It is in big trouble!”Statement by Donald J. Trump, 45th President of the United States of America https://t.co/zk7SuRDfHH— John Fredericks (@jfradioshow) October 7, 2021

Not quite there yet…Over the Atlantic—2021, 2020, 2019.?? https://t.co/JSOM3HfrUM pic.twitter.com/DdlAoJD2kE— Flightradar24 (@flightradar24) October 8, 2021

Mnooch back and bullish “inflation!”…Steven Mnuchin Warns of Inflation Risk, 3.5% Treasury Yields https://t.co/kjpvjOVLuN— wayne davidson (@waynedavidson2) October 7, 2021

Perhaps the “Magazine Cover Indicator”?

Estimates for Q3 GDP growth now at 1.33%, and that does not take into account the current fiscal slowdown. Q4 may be near zero. Stocks are absolutely not reflecting this. 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/

 I was debating with the antivaxers on twitter and I asked them whether they ever travel in a vehicle because the odds of having a serious injury from a road accident is way much higher than the insignificant risk of getting an injury from a vaccine? So I looked up some statistics and when I saw them, I thought, WTF, I'm never travelling in a vehicle again! I also decided never to look up the odds of dying in a cycling accident. Okay, I wasn't really intending of never traveling in a vehicle...