Mike Norman Economics

First published Feb 2014. Quoted in Randall Wray's Modern Money Theory, pp289Oldie but goodie.New WaylandIt's the exporters stupidNeil W

Years ago, Marriner Eccles, chairman of the Federal Reserve from 1934 to 1948, explained that the Great Depression occurred because the buying power of Americans fell far short of what the economy could produce. He blamed the increasing concentration of wealth at the top. In his words:“A giant suction pump had by 1929-1930 drawn into a few hands an increasing portion of currently produced wealth. As in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows...

Capitalist economies are demand led in the sense that both output and growth tend to reflect the behavior of autonomous demand, especially in the long run. Prices, in contrast, tend to be supply determined, reflecting cost. Supply shocks can temporarily dominate demand effects on output (for instance, as the result of war, a pandemic, or an oil shock), just as variations in demand, especially if supply is constricted, can temporarily dominate cost effects on prices. But the normal situation...

 I came across these videos on Tik Tok recently and they are hilarious, but the new London working class accent is very interesting, even though I have trouble understanding it myself. London is now very multicultural, and the young West Indians, mainly from Jamaican descent, are now third generation, and their passed down Jamaican accent has combined with the white London working class accent to produce one of the harshest accent I've heard. English, when spoken properly, can be very...

The online survey, conducted June 11-25 by Momentive on behalf of Axios, found that 57% of U.S. adults view capitalism in a positive light, down from 61% in January 2019, when the news outlet first polled on these questions. Then and now, 36% are critical of the exploitation of the working class and the environment by the owning class.Perceptions of capitalism have remained consistent among adults ages 35 and older, meaning that the system’s dwindling popularity is driven by the nation’s...

During this year, China, in my experience, has changed its media coverage. About three years ago at the height of the Trump Trade War, I saw their media coverage change, and they started hitting back at the propaganda media about China. This gave rise to the description ‘Wolf Warrior Diplomacy’.We’ve had another change and this comes from the idea that they think they are losing the media wars. So, as we see so often, if you put an impediment in front of China, they find some way to go...

Backgrounder.Raeisi acknowledged the immense internal challenges he faces, in terms of putting the Iranian economy back on track, getting rid of the neoliberal drive of outgoing Team Rouhani, and fighting widespread corruption. The fact that election turnout was only 48.7%, compared to the average 70% in the prior three presidential contests will make it even more difficult.Yet in foreign policy Iran’s path ahead is unmistakable, centered on the “Look East” strategy, which means closer...

I don’t see it… they are supposed to have the TGA down to 450b area by end July and the deficit has been running about 150b to 200b per month… so they should be able to last 2 to 3 months till the TGA is zeroed… seems like rather Sept/Oct timeframe… which would coincide with regular order for a budget reconciliation…  unless there is an unforeseen fiscal increase then looks like extraordinary measures for a few months then a resuspension of the ceiling via reconciliation of FY22 budget with...

Looks like Bernie wants to take advantage of today’s low interest rate environment to borrow more munnie from China so we can have the munnie to maintain our own infrastructure….  What a f-ing uneducated douche bag unqualified commie idiot…Sanders: We’ll borrow money to fund ‘one time infrastructure programs’ due to low interest rates | Just The News https://t.co/tXaCjJWRcH— John Solomon (@jsolomonReports) June 25, 2021