Mike Norman Economics

Some setting the record straight on MMT.MMT is an economic framework for understanding how the macroeconomy works and the role of the currency-issuer in the monetary economy.It has a rich history and provides a novel way of generating that understanding.Its predictive capacity is excellent over 25 or more years. Many economists and observers keep saying they knew all this stuff but if you go back through the historical record, they were not rehearsing these ideas or conclusions until...

The loanable funds theory is in many regards nothing but an approach where the ruling rate of interest in society is — pure and simple — conceived as nothing else than the price of loans or credit, determined by supply and demand — as Bertil Ohlin put it — “in the same way as the price of eggs and strawberries on a village market.”In the traditional loanable funds theory — as presented in mainstream macroeconomics textbooks — the amount of loans and credit available for financing investment...

 AN SNP activist, a medical student and a retiree are to challenge the legality of UK Government subsidies for oil and gas in a landmark court case.The UK is an oligarchy run by the few for the benefit of themselves only. I live in a very Conservative area. I spoke to one of my neighbours recently, and she said the Tories look after the British more, while Labour panders to the immigrants. She said the Tories were strong on law and order, and on defence, standing up to our enemies like, Xi,...

 The Delta variant. It now makes up more than 80% of COVID cases in the US. Overall COVID cases, hospitalizations, and deaths are going up. According to the data from the US Department of Health and Human services, hospitalizations have been increasing for about three weeks, rising about 37% over the past week. This is what happens when we don’t have enough people getting vaccinated, we fail to reach herd immunity. Now we have the more contagious, and scarier delta variant going...

In a document on the future development of Pudong the central authorities issued on July 15, the Shanghai district is required to improve its financial market, financial products, financial agencies and financial infrastructure, and take full advantage of the central authorities' support, to develop offshore renminbi trading, cross-border trade settlement and overseas financing services.Judging from the development process of more than 40 years of reform and opening-up, Pudong has not only...

Not just oil. Everything, and that has vast economic implications. Climate change — think water shortage affecting agricultural production leading to mass migration — coupled with declining population rate will be game-changer. The first thing to be affected, however, is the standard of living. And that is not taking pandemic into account either. Not only is the population rate declining, but also a culling is underway. Those concerned at this point are mostly scientists, military and intel....

Neoliberalism, then, is much more than just a set of ideas about free markets. It’s a political project that aims not only to reduce the power of the state but, more concretely, to undermine the efforts of any collective actor — be it states, labor unions, political parties — to interfere with the decisions of private enterprises. This project to alter the balance of power is the key to its resilience.…Defend Democracy PressNeoliberalism Has Always Been a Threat to DemocracyAldo Madariaga,...

Xiaomi went from a startup smartphone company competing in China’s domestic markets in 2010, to entering global markets between 2014 and 2015, to this year surpassing Apple in global smartphone sales, with only Samsung selling more....NEOChina’s Xiaomi Passes US’ Apple Despite DC’s Dirty GamesUllson Gunnar

Fed adds 2 new repo facilities, but one is for foreigners. Selling dollars?

Today, my on-going inflation watch turns to Australia, given the release today (July 28, 2021) of the latest – Consumer Price Index, Australia – for the June-quarter 2021. The data is consistent with what we are seeing across many nations as supply chains are disrupted by the pandemic. Energy prices are adjusting back upwards and because the base from which we are judging these quarterly rises was lower as a result of price suppression during the downturn, the recovery in the pre-pandemic...