Mike Norman Economics

As I provided a detailed analysis of the National Accounts release yesterday, today, I am writing less via the blog and am shifting the Wednesday music feature to Thursday. That makes sense. Today, I am bemoaning the creation of the Bank of Goldman Sachs, formerly known as the Bank of England. Groupthink seems to plague this institution. And then, to restore equanimity, we have a music tribute to Lee ‘Scratch’ Perry who died in Jamaica this week....Bill Mitchell – billy blogThe Bank of...

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Big miss on today's ADP payroll number. This could portend a weaker than expected job number on Friday and market reaction. 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/

Some scholars have argued that China’s economic opening-up was a result of Chinese leaders’ acceptance of neoliberalism. But unlike neoliberal economists who consider economic openness as a goal itself, Chinese leaders treated economic openness as a strategic means to achieve domestic goals.…East Asia ForumExplaining the globalist dimensions of Chinese nationalismZeying Wu, PhD candidate in Political Science at Boston University

In the future, China will continue to stick to the principle that a "house is for living, not speculating," said Wang....ECNSChina says it has built the world's largest housing guarantee systemCGTN

New American cases exceed the limit set earlier by the blocThe idea of letting covid run amok hasn't caught on in Europe yet.  The U.S. had 588 new Covid-19 cases per 100,000 inhabitants in the two weeks ending Aug. 22, according to the European Centre for Disease Prevention and Control, well above the limit of 75 set out in the EU guidelines.“The fastest path to reopening travel is for people to get vaccinated, to mask up and slow the spread of the deadly virus,” Psaki said at the White...

The US and its NATO partners did not understand the socio-economic system in sufficient depth and missed the boat. Now that boat will be floated by "others" with realistic appraisal and goals. (China and Russia).Project SyndicateThe Economic Roots of the Afghan DebacleDaniel Gros is a member of the board and a distinguished fellow at the Centre for European Policy Studies.

The most charitable interpretation of Soros’ position is that he suffers from a China version of the saying attributed to Charles Wilson, “What’s good for GM is good for America,” which here becomes, “What’s good for people like me of course is good for China.” Except as Michael Hudson explains, it isn’t....Naked CapitalismMichael Hudson v. George Soros on China’s Rejection of “Market” CapitalismYves Smith

Graham Hubbs speaks with Scott Ferguson and Andrés Bernal about the relationship between Modern Monetary Theory and philosophy. Associate Professor & Chair of the Department of Politics & Philosophy at the University of Idaho, Hubbs convened a conference panel on Modern Monetary Theory at the annual meeting of the American Philosophical Association in January 2021. He invited Editorial Collective members Bernal and Ferguson to join him on the panel, where they shared and discussed...