Mike Norman Economics

President Nayib Bukele of El Salvador is moving fast on his pledge to embrace bitcoin as another legal tender, already opening a new geothermal well that would use clean geothermal energy to power the cryptocurrency mines.On Wednesday, Bukele tweeted that he had instructed the state-owned geothermal electric company LAGeoSV to power bitcoin mines with “very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”.…Competing.RTEl Salvador wants to power crypto mines with...

How property is institutionalized.Ownership can be traced to territoriality as an evolutionary trait. See Robert Ardrey, The Territorial Imperative, for instance.Naked CapitalismBook Review: “Mine! How the Hidden Rules of Ownership Control Our Lives”Lambert Strether

Senator Sheldon Whitehouse, RI, has recently begun giving a series of speeches on the Senate floor in re dark money and the effect on the Supreme Court. The two so far have centered on Lewis Powell’s secret memo to the US Chamber of Commerce in 1971 just before his appointment to the US Supreme Court. The two speeches go a long way toward explaining the present makeup of the Court, how we got to this point, how capitalism works in America, southern aristocracy, our aristocracy, … . Herewith,...

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Fiscal flows are strong, but benefits cuts are coming. 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/

Not exactly the way the title implies, but interesting anyway.OilpriceNatural Gas Is The Secret To Scaling Geothermal EnergyHaley Zaremba

Chiefly about the global economy — and geopolitics/geostrategy.The Vineyard of the SakerG7: Desperately Seeking RelevancyPepe EscobarRelatedZero HedgeMore European Firms Onshoring In China Than Offshoring, Complicates Biden's Decoupling PlanTyler DurdenECNSU.S. businesses getting anxious as Trump's China tariffs remain: media

The question is, cui bono? Under the present system, the financial benefit flows to the top, although other derive some economic benefit as a result of the flow. Fiscal injection (government spending) eventually flows either to saving or taxation. When tax policy is progressive, the flow is largely to taxation. Otherwise, the stock of savings increases. This increase in the stock of savings increases distributional asymmetry aka "inequality." That is to say, in the later case there is a...

Power can flummox even the best economist. A typical explanation of events in an economy makes scant reference to the way in which power distorts the wondrous smooth motions that so obsess the discipline. It’s almost as if human relationships don’t exist in those wonderful models they are all so proud of. For the rest of us, power is central. It takes little time to realize that establishing an imbalance can have all sorts of advantages. They most notable being that it defeats or...