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Mike Norman Economics

InsideSources — Top House Budget Dem: DC Can Spend All It Wants Because It’s ‘Like the Banker in Monopoly’

Representative John Yarmuth (D-Ky.) is Chairman of the House Budget Committee, which is playing a key role in crafting the $3.5 trillion reconciliation bill currently being debated in Congress. During a speech to the Louisville, Ky. Rotary Club in June, he explained why he believes the government can borrow and spend the trillions under discussion without any negative impact on the economy.…Not only would not have a negative impact, it would have a positive impact on people's lives by...

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Bill Mitchell — British Labour Conference seems to be going well

It’s Wednesday, and I have been following the British Labour Party conference and it seems they are conducting business as usual. That is, working out new and old ways to keep themselves unelectable even when the Tories are one of the worst British governments in history I would think. But so it goes. A split is the only way forward I guess. The Blairites can then hold conferences, stack votes to have unelectable leaders and design fiscal rules to their hearts content. At least they will be...

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More “coin” nonsense…

They should rather be talking about what they can reasonably get thru reconciliation…The Fed will not purchase “the coin” with reserves… The “coin” doesn’t pay a coupon where is the Fed going to get the USDs to pay the IOR or the RRP rate on the newly issued reserves?  Fed doesn’t operate under an appropriation… they factor the govt guaranteed interest bearing securities they buy when they add reserves…Quit whining and pass something via reconciliation…  this whole “the coin!”  thing is a...

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Luke Savage – Conspiracist Thinking Is the Result of 40 Years of Social Atomization

AN INTERVIEW With GEORGE MONBIOTGeorge Monbiot may have been wrong about Syria, and also the White Helmets, but he does remain a genuine socialist, in my opinion.What really opened my mind up about conspiracy theories was when I was debating with the climate change deniers on twitter, and I saw how their minds work, but to my alarm I began to wonder about many of my own precious beliefs, as I could see similar psychological patterns within myself. We all have them where we can get a belief...

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MMT and Embedded Marxian Value — Peter Cooper

Bill Mitchell has just posted the first instalment in a two-part series on Marx and MMT. I was unaware of that while preparing the body of this post, but some of what follows bears incidentally on the topic. Bill Mitchell’s series is in response to a Marxist in the audience of one of his presentations who apparently claimed Marx’s theory as proof that government, through its spending, is powerless to do anything about employment in a capitalist economy. The unfortunate phenomena of some...

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