Mike Norman Economics

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...

There are conditions under which governments can create money—or debt—without fear of inflation or excessive debt burdens. There are other conditions under which debt or money creation can lead to inflation and balance sheet problems.This article is fairly positive towards MMT. As long as the new government money boosts the economy, MMT will work, says Michael Pettis. It is only when money is borrowed (or created) and spent in ways that do not cause GDP to rise that the debt burden rises....

 Today’s challenges demand radical action. The old orthodoxy of free markets and hands-off government won’t cut itThe Rentier economy and neoliberalism have failed to bring prosperity to our societies. Some of their ideas revive the economics of John Maynard Keynes, who saw that government spending is needed to stimulate demand for goods and services during a recession. More recently, most economists have recognised that in an era of ultra-low interest rates, fiscal policy – spending and...

 Simon Wren-Lewis is not yet an MMT convert but moving closer. He is still clinging to the illusion of monetary policy effectiveness and in this piece he does not address the MMT critique of monetary policy. Moreover, he thinks that a floating rate system requires monetary policy rather than freeing the need for it as under a fixed rate convertible system in which interest rate policy addresses demand for conversion. His answer to the question, Is it true that "anything we can actually do we...

Herd immunity will not comeYou don't need to get a vaccine now as the new Delta variant means everyone will get Covid, although the infected unvaccinated will become a burden to hospitals, taking up their valuable time and resources, as well as causing unnecessary expense I will be getting a third booster covid vaccine along with the flu shot when it's offered here in the UK.  Andrew Pollard, Oxford vaccine teamClear that the delta variant can infect people already vaccinatedMaking herd...

The daily flows data suddenly took a turn lower. 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/

 It's possible we could eliminate Covid eventually, except millions of people will probably refuse the vaccine. I never thought so many people would be influenced by that crack pot, David Icke. Aug.30 -- NRx Pharmaceuticals CEO Dr. Jonathan Javitt says they are working with Israel on a Covid-19 vaccine that targets Covid variants. He says vaccines from last year are becoming less effective. He's on "Bloomberg Markets."[embedded content]NRx and Israel Developing Covid-19 Vaccine to Attack...