Mike Norman Economics

The fallout from the Rudd article on inflation expectations (that I described here) is still percolating around the internet. Duncan Weldon just wrote “We Have No Theory of Inflation” which discusses the issues from the empirical side. In this article, I am re-writing and expanding on some points that I noted in my previous article. If inflation expectations do not behave as predicted by neoclassical models, that is a critical problem that cannot be easily dealt with by adding epicycles to...

Without addressing the points in JW Mason's post, these are my views based on MMT as I understand it.First off, taxes and borrowing don't "pay for" spending by a government that is a currency sovereign in the sense of issuing its own non-convertible floating rate currency without undertaking obligations in other currencies. It's logically impossible. Such a government does "fund" its spending in some manner on its accounting statements but this sense of "fund" is different from "pay for."...

Many China-watchers are pessimistic about its prospects, arguing that it remains overly reliant on Western technology. But thanks to a huge, interconnected market, and an exceptional capacity for learning, the entrepreneurial impulse driving China’s development remains strong....Don't discount China just yet.Project SyndicateThe Neglected Sources of China's Economic ResilienceZhang Jun | Dean of the School of Economics at Fudan University, and Director of the China Center for Economic...

Jeremy Rudd's paper, previously linked to.The Radford Free PressAnd Now For Something Completely Different …Peter Radford

Well, it's a start.Angry BearUSPS Small Banking Services Initiated

Video.Bill Mitchell – billy blogLive Stream on Currencies footage – Helsinki, October 2, 2021Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

"I read Joe Manchin's statement, I've listened to him. He has no understanding of how the federal government monetary system works when he compared it yesterday to his household income. That has no relevance to what we can do," Yarmuth, who represents Kentucky, told CNN Thursday evening....NewsweekManchin 'Has No Understanding' of How Monetary System Works: Democrat House Budget ChairJason LemonSee alsoSame syndrome in the UK.Condemned to mediocrity by stupidity.The Gower Initiative for...

Remember the Pandora Papers. A new database was released today. ICIJ ProjectsAbout Pandora PapersFergus Shiel Pandora Papers: An offshore data tsunamiEmilia Díaz-Struck

Longish, but worth a read in light of current conditions. Not just the pandemic effect.And shipping pretty much equals global trade given the bulk of goods involved. It is a weak link in the global system and that is showing up now.Zero HedgeIn Deep Ship: What's Really Driving The Supply-Chain CrisisMichael Every and Matteo Iagatti of Rabobank

Prepping for kinetic civil war in the US. This is not The Onion.Zero HedgeIn A Civil War The Authoritarian Left Would Be Easily Beaten – But It Won't End ThereBrandon Smith via Alt-Market.usRelatedOilprice (crypto is the corner stone of the revolution)Is China’s Digital Yuan The Death Knell For Crypto?SafehavenAlterNet (The Big Lie)The fascists are still winningChauncey DeVegaAmerican Thinker (bridle the rich and collapse)Inequality -- the Engine of ProsperityAlexander G. MarkovskyPolitico...